- 毛利率代表著產品的競爭優勢, 要和同一個產業做比較. 如果毛利率很低的話, 就要看公司的營收規模是否夠大
- 毛利率從谷底回升, 或許就是開始反轉的訊號
- 營益率代表著公司的經營效率
- 在不大幅舉債的前提下, ROE可以看出公司的經營品質
- 穩定或持續提升的毛利率和營益率十分重要, 要當心持續下滑的毛利率和營益率
- 本業收入比高的公司, 才容易預估財測, 值得花心力去研究
- 無形資產佔總資產比高的公司, 可能代表這家公司是透過併購來成長. 但如果佔比高的不合理, 則要當心
- 併購後有沒有發揮1+1>2, 營益率是一個很好的觀察指標
- 要檢視ROE上升或下滑的原因, 根據杜邦分析不外乎是利潤率, 營收, 財務槓桿的增減
- 租賃業要觀察延滯率(在銀行稱為逾放比率)的變化. 如果越來越多客戶拖延還錢(延滯率上升), 就代表接下來放款的錢也會變少(放款率下降)
| 營業毛利率 QoQ YoY | 營業利益率 QoQ YoY | 稅前淨利率 QoQ YoY | 稅後淨利率 QoQ YoY | 股東權益報酬率 QoQ YoY | 資產報酬率 QoQ YoY | 總資產周轉率 QoQ YoY | EBITDA利潤率 QoQ YoY | 財務槓桿 QoQ YoY | 本業收入比 QoQ YoY | 業外獲益比 QoQ YoY | 用人費用率 QoQ YoY | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23Q4 (20) | 20.28 | 1.15 | 5.46 | 3.44 | -33.85 | -42.47 | 3.36 | -26.64 | -48.94 | 1.40 | -53.64 | -66.35 | 0.32 | -54.93 | -71.43 | 0.27 | -57.81 | -69.66 | 0.17 | 6.25 | -10.53 | 4.83 | -28.66 | -41.17 | 31.96 | -19.13 | -17.07 | 102.63 | -9.15 | 12.41 | -2.63 | 79.7 | -130.26 | 12.04 | 17.81 | 16.33 |
| 23Q3 (19) | 20.05 | -8.2 | 8.55 | 5.20 | -45.03 | -17.98 | 4.58 | -44.08 | -26.6 | 3.02 | -21.76 | -16.34 | 0.71 | -28.28 | -31.07 | 0.64 | -20.99 | -20.99 | 0.16 | -11.11 | -20.0 | 6.77 | -33.23 | -11.04 | 39.52 | -17.18 | -2.35 | 112.96 | -2.52 | 11.75 | -12.96 | 18.41 | -496.3 | 10.22 | 9.77 | 28.39 |
| 23Q2 (18) | 21.84 | 6.48 | 3.21 | 9.46 | 116.97 | 15.37 | 8.19 | 36.96 | -9.5 | 3.86 | -5.16 | -23.87 | 0.99 | 7.61 | -26.67 | 0.81 | 3.85 | -23.58 | 0.18 | 5.88 | -10.0 | 10.14 | 30.17 | -2.87 | 47.72 | 42.83 | 27.39 | 115.89 | 58.23 | 27.98 | -15.89 | -159.37 | -268.15 | 9.31 | -13.23 | 7.75 |
| 23Q1 (17) | 20.51 | 6.66 | 3.95 | 4.36 | -27.09 | -24.31 | 5.98 | -9.12 | 4.36 | 4.07 | -2.16 | 4.36 | 0.92 | -17.86 | -22.69 | 0.78 | -12.36 | -14.29 | 0.17 | -10.53 | -22.73 | 7.79 | -5.12 | 7.75 | 33.41 | -13.31 | 3.47 | 73.24 | -19.79 | -26.76 | 26.76 | 207.75 | 0 | 10.73 | 3.67 | 22.77 |
| 22Q4 (16) | 19.23 | 4.11 | -21.19 | 5.98 | -5.68 | -30.63 | 6.58 | 5.45 | -19.85 | 4.16 | 15.24 | -26.63 | 1.12 | 8.74 | -45.37 | 0.89 | 9.88 | -38.19 | 0.19 | -5.0 | -17.39 | 8.21 | 7.88 | -18.63 | 38.54 | -4.77 | -27.57 | 91.30 | -9.68 | -12.92 | 8.70 | 500.0 | 279.13 | 10.35 | 30.03 | -5.82 |
| 22Q3 (15) | 18.47 | -12.71 | -4.1 | 6.34 | -22.68 | -14.32 | 6.24 | -31.05 | -15.1 | 3.61 | -28.8 | 9.06 | 1.03 | -23.7 | -16.26 | 0.81 | -23.58 | -8.99 | 0.20 | 0.0 | -16.67 | 7.61 | -27.11 | -15.44 | 40.47 | 8.04 | -27.89 | 101.09 | 11.64 | 1.09 | -2.17 | -123.01 | -106.52 | 7.96 | -7.87 | 1.66 |
| 22Q2 (14) | 21.16 | 7.25 | 14.63 | 8.20 | 42.36 | 50.74 | 9.05 | 57.94 | 56.3 | 5.07 | 30.0 | 13.93 | 1.35 | 13.45 | -28.19 | 1.06 | 16.48 | -22.63 | 0.20 | -9.09 | -31.03 | 10.44 | 44.4 | 42.23 | 37.46 | 16.01 | -22.39 | 90.55 | -9.45 | -3.79 | 9.45 | 0 | 60.63 | 8.64 | -1.14 | 27.25 |
| 22Q1 (13) | 19.73 | -19.14 | -4.22 | 5.76 | -33.18 | 12.94 | 5.73 | -30.21 | 24.84 | 3.90 | -31.22 | 19.63 | 1.19 | -41.95 | 12.26 | 0.91 | -36.81 | 16.67 | 0.22 | -4.35 | 4.76 | 7.23 | -28.34 | 5.09 | 32.29 | -39.32 | -32.87 | 100.00 | -4.63 | -10.53 | 0.00 | 100.0 | 100.0 | 8.74 | -20.47 | 1.27 |
| 21Q4 (12) | 24.40 | 26.69 | 25.19 | 8.62 | 16.49 | 166.87 | 8.21 | 11.7 | 173.67 | 5.67 | 71.3 | 310.87 | 2.05 | 66.67 | 247.46 | 1.44 | 61.8 | 132.26 | 0.23 | -4.17 | -14.81 | 10.09 | 12.11 | 71.6 | 53.21 | -5.19 | -6.29 | 104.85 | 4.85 | -1.84 | -4.85 | -361.17 | 28.8 | 10.99 | 40.36 | 106.19 |
| 21Q3 (11) | 19.26 | 4.33 | -6.55 | 7.40 | 36.03 | 38.06 | 7.35 | 26.94 | 33.64 | 3.31 | -25.62 | 8.88 | 1.23 | -34.57 | 26.8 | 0.89 | -35.04 | 28.99 | 0.24 | -17.24 | 20.0 | 9.00 | 22.62 | -0.66 | 56.12 | 16.26 | -5.12 | 100.00 | 6.25 | 3.51 | -1.05 | -117.89 | -131.05 | 7.83 | 15.32 | 0 |
| 21Q2 (10) | 18.46 | -10.39 | -18.93 | 5.44 | 6.67 | -59.01 | 5.79 | 26.14 | -52.46 | 4.45 | 36.5 | -53.45 | 1.88 | 77.36 | -51.17 | 1.37 | 75.64 | -46.9 | 0.29 | 38.1 | 11.54 | 7.34 | 6.69 | -50.71 | 48.27 | 0.35 | -13.53 | 94.12 | -15.79 | -13.28 | 5.88 | 150.0 | 164.31 | 6.79 | -21.32 | 0 |
| 21Q1 (9) | 20.60 | 5.7 | -17.96 | 5.10 | 57.89 | -21.9 | 4.59 | 53.0 | -20.03 | 3.26 | 136.23 | -0.91 | 1.06 | 79.66 | 27.71 | 0.78 | 25.81 | 23.81 | 0.21 | -22.22 | 31.25 | 6.88 | 17.01 | -23.39 | 48.10 | -15.29 | -16.13 | 111.76 | 4.63 | -0.43 | -11.76 | -72.55 | 17.65 | 8.63 | 61.91 | 0 |
| 20Q4 (8) | 19.49 | -5.43 | -5.89 | 3.23 | -39.74 | -39.06 | 3.00 | -45.45 | -55.36 | 1.38 | -54.61 | -69.54 | 0.59 | -39.18 | -61.94 | 0.62 | -10.14 | -41.51 | 0.27 | 35.0 | 28.57 | 5.88 | -35.1 | -36.71 | 56.78 | -4.01 | -8.18 | 106.82 | 10.57 | 37.08 | -6.82 | -301.14 | -132.81 | 5.33 | 0 | 0 |
| 20Q3 (7) | 20.61 | -9.49 | -16.9 | 5.36 | -59.61 | -46.56 | 5.50 | -54.84 | -43.18 | 3.04 | -68.2 | -57.36 | 0.97 | -74.81 | -57.83 | 0.69 | -73.26 | -49.64 | 0.20 | -23.08 | 5.26 | 9.06 | -39.15 | -23.67 | 59.15 | 5.97 | -1.37 | 96.61 | -10.99 | -6.97 | 3.39 | 137.06 | 188.14 | 0.00 | 0 | -100.0 |
| 20Q2 (6) | 22.77 | -9.32 | -0.09 | 13.27 | 103.22 | 5.91 | 12.18 | 112.2 | 6.65 | 9.56 | 190.58 | -23.64 | 3.85 | 363.86 | -39.75 | 2.58 | 309.52 | -27.73 | 0.26 | 62.5 | 0.0 | 14.89 | 65.81 | 3.62 | 55.82 | -2.67 | -24.59 | 108.54 | -3.3 | -0.98 | -9.15 | 35.98 | 4.88 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 25.11 | 21.25 | 20.78 | 6.53 | 23.21 | 2.19 | 5.74 | -14.58 | 4.74 | 3.29 | -27.37 | -7.58 | 0.83 | -46.45 | -58.29 | 0.63 | -40.57 | -43.24 | 0.16 | -23.81 | -36.0 | 8.98 | -3.34 | 2.39 | 57.35 | -7.26 | -54.01 | 112.24 | 44.05 | -4.02 | -14.29 | -168.75 | 15.71 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 20.71 | -16.49 | 0.0 | 5.30 | -47.16 | 0.0 | 6.72 | -30.58 | 0.0 | 4.53 | -36.47 | 0.0 | 1.55 | -32.61 | 0.0 | 1.06 | -22.63 | 0.0 | 0.21 | 10.53 | 0.0 | 9.29 | -21.74 | 0.0 | 61.84 | 3.12 | 0.0 | 77.92 | -24.96 | 0.0 | 20.78 | 640.26 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 24.80 | 8.82 | 0.0 | 10.03 | -19.95 | 0.0 | 9.68 | -15.24 | 0.0 | 7.13 | -43.05 | 0.0 | 2.30 | -64.01 | 0.0 | 1.37 | -61.62 | 0.0 | 0.19 | -26.92 | 0.0 | 11.87 | -17.4 | 0.0 | 59.97 | -18.98 | 0.0 | 103.85 | -5.26 | 0.0 | -3.85 | 60.0 | 0.0 | 8.62 | 27.89 | 0.0 |
| 19Q2 (2) | 22.79 | 9.62 | 0.0 | 12.53 | 96.09 | 0.0 | 11.42 | 108.39 | 0.0 | 12.52 | 251.69 | 0.0 | 6.39 | 221.11 | 0.0 | 3.57 | 221.62 | 0.0 | 0.26 | 4.0 | 0.0 | 14.37 | 63.85 | 0.0 | 74.02 | -40.64 | 0.0 | 109.62 | -6.27 | 0.0 | -9.62 | 43.27 | 0.0 | 6.74 | -13.48 | 0.0 |
| 19Q1 (1) | 20.79 | 0.0 | 0.0 | 6.39 | 0.0 | 0.0 | 5.48 | 0.0 | 0.0 | 3.56 | 0.0 | 0.0 | 1.99 | 0.0 | 0.0 | 1.11 | 0.0 | 0.0 | 0.25 | 0.0 | 0.0 | 8.77 | 0.0 | 0.0 | 124.69 | 0.0 | 0.0 | 116.95 | 0.0 | 0.0 | -16.95 | 0.0 | 0.0 | 7.79 | 0.0 | 0.0 |
| 營業毛利率 YoY | 營業利益率 YoY | 折舊負擔比率 YoY | 稅前淨利率 YoY | 稅後淨利率 YoY | 股東權益報酬率 YoY | 資產報酬率 YoY | 總資產周轉率 YoY | EBITDA利潤率 YoY | 財務槓桿 YoY | 本業收入比 YoY | 業外獲益比 YoY | 無形資產佔總資產比 YoY | 用人費用率 YoY | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 (10) | 20.71 | 5.5 | 5.74 | -12.63 | 1.06 | 8.39 | 5.62 | -18.55 | 3.12 | -25.36 | 2.94 | -45.45 | 2.57 | -36.54 | 0.70 | -21.35 | 7.48 | -10.63 | 31.96 | -17.07 | 102.22 | 7.2 | -2.22 | 0 | 0.51 | 361.64 | 10.53 | 18.18 |
| 2022 (9) | 19.63 | -4.62 | 6.57 | -0.9 | 0.98 | -25.0 | 6.90 | 5.99 | 4.18 | -0.48 | 5.39 | -13.2 | 4.05 | -7.32 | 0.89 | -6.32 | 8.37 | 0.24 | 38.54 | -27.57 | 95.36 | -6.32 | 4.90 | 0 | 0.11 | 49.88 | 8.91 | 5.07 |
| 2021 (8) | 20.58 | -5.07 | 6.63 | -7.4 | 1.30 | -41.38 | 6.51 | -2.4 | 4.20 | -4.98 | 6.21 | 0.65 | 4.37 | -0.91 | 0.95 | 7.95 | 8.35 | -14.09 | 53.21 | -6.29 | 101.79 | -5.14 | -1.79 | 0 | 0.07 | -20.33 | 8.48 | 22.19 |
| 2020 (7) | 21.68 | -2.69 | 7.16 | -18.26 | 2.22 | 12.75 | 6.67 | -21.44 | 4.42 | -38.95 | 6.17 | -52.17 | 4.41 | -42.5 | 0.88 | -10.2 | 9.72 | -13.45 | 56.78 | -8.18 | 107.30 | 3.89 | -7.30 | 0 | 0.09 | -37.1 | 6.94 | -12.92 |
| 2019 (6) | 22.28 | -1.42 | 8.76 | -3.95 | 1.97 | -21.54 | 8.49 | -34.59 | 7.24 | -4.11 | 12.90 | -22.1 | 7.67 | -8.14 | 0.98 | -2.97 | 11.23 | -32.02 | 61.84 | -46.88 | 103.28 | 46.8 | -3.28 | 0 | 0.15 | -13.56 | 7.97 | -11.74 |
| 2018 (5) | 22.60 | -12.81 | 9.12 | 11.36 | 2.51 | -33.62 | 12.98 | 64.3 | 7.55 | 31.99 | 16.56 | 54.91 | 8.35 | 50.72 | 1.01 | 17.44 | 16.52 | 28.96 | 116.41 | -1.46 | 70.36 | -32.19 | 29.64 | 0 | 0.17 | 0 | 9.03 | -9.52 |
| 2017 (4) | 25.92 | -9.5 | 8.19 | -16.85 | 3.79 | 58.19 | 7.90 | -11.14 | 5.72 | -3.21 | 10.69 | 1.81 | 5.54 | 0.0 | 0.86 | 2.38 | 12.81 | 2.73 | 118.13 | 2.35 | 103.75 | -6.2 | -3.75 | 0 | 0.00 | 0 | 9.98 | 0.6 |
| 2016 (3) | 28.64 | 1.49 | 9.85 | 30.12 | 2.39 | 53.72 | 8.89 | -30.66 | 5.91 | -44.25 | 10.50 | -48.66 | 5.54 | -48.32 | 0.84 | -14.29 | 12.47 | -17.69 | 115.42 | 7.29 | 110.61 | 87.32 | -10.98 | 0 | 0.00 | 0 | 9.92 | -0.3 |
| 2015 (2) | 28.22 | -12.74 | 7.57 | -41.27 | 1.56 | 9.91 | 12.82 | -3.83 | 10.60 | 6.85 | 20.45 | -6.06 | 10.72 | -11.33 | 0.98 | -17.65 | 15.15 | -1.17 | 107.58 | 22.98 | 59.05 | -38.93 | 40.95 | 1137.35 | 0.00 | 0 | 9.95 | 4.3 |
| 2014 (1) | 32.34 | 0 | 12.89 | 0 | 1.42 | -3.8 | 13.33 | 0 | 9.92 | 0 | 21.77 | 0 | 12.09 | 0 | 1.19 | -4.03 | 15.33 | -4.49 | 87.48 | 9.46 | 96.69 | 8.89 | 3.31 | -70.45 | 0.00 | 0 | 9.54 | -10.0 |
