- 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) | 38.57 | -3.55 | -8.17 | 12.77 | -20.19 | -22.75 | 14.40 | -3.36 | -13.31 | 11.39 | -1.89 | -13.32 | 1.08 | -21.17 | -49.77 | 0.94 | -15.32 | -48.63 | 0.08 | -11.11 | -42.86 | 18.71 | -7.7 | -9.04 | 19.20 | -15.31 | -0.1 | 90.91 | -16.67 | -9.09 | 13.64 | 250.0 | 0 | 29.51 | 16.46 | 21.39 |
| 23Q3 (19) | 39.99 | -4.08 | -8.8 | 16.00 | -8.68 | -15.61 | 14.90 | -18.8 | -21.74 | 11.61 | -19.99 | -23.62 | 1.37 | -44.98 | -40.17 | 1.11 | -37.99 | -41.58 | 0.09 | -25.0 | -25.0 | 20.27 | -7.61 | -11.21 | 22.67 | -66.19 | 19.44 | 109.09 | 13.13 | 9.09 | -9.09 | -354.55 | 0 | 25.34 | -8.88 | 2.05 |
| 23Q2 (18) | 41.69 | 1.58 | 7.92 | 17.52 | -7.59 | 12.96 | 18.35 | -2.81 | 19.16 | 14.51 | -3.52 | 17.87 | 2.49 | -1.58 | 46.47 | 1.79 | -16.74 | 24.31 | 0.12 | -14.29 | 9.09 | 21.94 | -3.86 | 11.6 | 67.06 | 269.27 | 174.5 | 96.43 | -3.57 | -3.57 | 3.57 | 0 | 0 | 27.81 | 17.59 | 15.11 |
| 23Q1 (17) | 41.04 | -2.29 | 1.63 | 18.96 | 14.7 | 27.85 | 18.88 | 13.67 | 29.94 | 15.04 | 14.46 | 30.67 | 2.53 | 17.67 | 69.8 | 2.15 | 17.49 | 69.29 | 0.14 | 0.0 | 27.27 | 22.82 | 10.94 | 19.54 | 18.16 | -5.52 | 8.61 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0 | 23.65 | -2.71 | -10.14 |
| 22Q4 (16) | 42.00 | -4.22 | 2.97 | 16.53 | -12.82 | 9.18 | 16.61 | -12.76 | 12.61 | 13.14 | -13.55 | 11.93 | 2.15 | -6.11 | 45.27 | 1.83 | -3.68 | 47.58 | 0.14 | 16.67 | 40.0 | 20.57 | -9.9 | 10.06 | 19.22 | 1.26 | -8.87 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0 | 24.31 | -2.09 | -11.31 |
| 22Q3 (15) | 43.85 | 13.51 | 1.79 | 18.96 | 22.24 | 13.06 | 19.04 | 23.64 | 14.15 | 15.20 | 23.48 | 14.89 | 2.29 | 34.71 | 44.03 | 1.90 | 31.94 | 42.86 | 0.12 | 9.09 | 20.0 | 22.83 | 16.12 | 8.71 | 18.98 | -22.31 | -11.06 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0 | 24.83 | 2.77 | -18.24 |
| 22Q2 (14) | 38.63 | -4.33 | -10.6 | 15.51 | 4.59 | -5.37 | 15.40 | 5.99 | -6.15 | 12.31 | 6.95 | -5.45 | 1.70 | 14.09 | 12.58 | 1.44 | 13.39 | 13.39 | 0.11 | 0.0 | 10.0 | 19.66 | 2.99 | -2.67 | 24.43 | 46.11 | 21.18 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0 | 24.16 | -8.21 | -21.51 |
| 22Q1 (13) | 40.38 | -1.01 | 0.42 | 14.83 | -2.05 | 19.5 | 14.53 | -1.49 | 15.87 | 11.51 | -1.96 | 16.5 | 1.49 | 0.68 | 23.14 | 1.27 | 2.42 | 27.0 | 0.11 | 10.0 | 10.0 | 19.09 | 2.14 | 19.01 | 16.72 | -20.72 | -21.47 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0 | 26.32 | -3.98 | -11.62 |
| 21Q4 (12) | 40.79 | -5.32 | -10.55 | 15.14 | -9.72 | -8.35 | 14.75 | -11.57 | -9.51 | 11.74 | -11.26 | -8.64 | 1.48 | -6.92 | -5.13 | 1.24 | -6.77 | -0.8 | 0.10 | 0.0 | 11.11 | 18.69 | -11.0 | -8.34 | 21.09 | -1.17 | -24.68 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0 | 27.41 | -9.75 | -11.78 |
| 21Q3 (11) | 43.08 | -0.3 | -5.26 | 16.77 | 2.32 | -1.24 | 16.68 | 1.65 | -1.77 | 13.23 | 1.61 | -1.93 | 1.59 | 5.3 | -5.92 | 1.33 | 4.72 | -2.21 | 0.10 | 0.0 | 0.0 | 21.00 | 3.96 | 5.0 | 21.34 | 5.85 | -26.97 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0 | 30.37 | -1.33 | 1.95 |
| 21Q2 (10) | 43.21 | 7.46 | -8.63 | 16.39 | 32.07 | -12.87 | 16.41 | 30.86 | -14.75 | 13.02 | 31.78 | -28.42 | 1.51 | 24.79 | -27.4 | 1.27 | 27.0 | -28.65 | 0.10 | 0.0 | 0.0 | 20.20 | 25.94 | -10.93 | 20.16 | -5.31 | -10.2 | 100.00 | 0.0 | 5.56 | 0.00 | 0 | 0 | 30.78 | 3.36 | 0 |
| 21Q1 (9) | 40.21 | -11.82 | -7.2 | 12.41 | -24.88 | -35.63 | 12.54 | -23.07 | -35.92 | 9.88 | -23.11 | -36.54 | 1.21 | -22.44 | -43.46 | 1.00 | -20.0 | -47.64 | 0.10 | 11.11 | -16.67 | 16.04 | -21.33 | -27.19 | 21.29 | -23.96 | 77.27 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0 | 29.78 | -4.15 | 0 |
| 20Q4 (8) | 45.60 | 0.29 | -0.15 | 16.52 | -2.71 | -23.09 | 16.30 | -4.0 | -25.6 | 12.85 | -4.74 | -25.94 | 1.56 | -7.69 | -39.3 | 1.25 | -8.09 | -45.65 | 0.09 | -10.0 | -30.77 | 20.39 | 1.95 | -15.71 | 28.00 | -4.18 | 128.76 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | -100.0 | 31.07 | 4.3 | 29.46 |
| 20Q3 (7) | 45.47 | -3.85 | 3.13 | 16.98 | -9.73 | -0.53 | 16.98 | -11.79 | -2.92 | 13.49 | -25.84 | -2.6 | 1.69 | -18.75 | 1.81 | 1.36 | -23.6 | -5.56 | 0.10 | 0.0 | 0.0 | 20.00 | -11.82 | -2.01 | 29.22 | 30.16 | 156.32 | 100.00 | 5.56 | 0.0 | 0.00 | 0 | 0 | 29.79 | 0 | 0.85 |
| 20Q2 (6) | 47.29 | 9.14 | 4.6 | 18.81 | -2.44 | 11.63 | 19.25 | -1.64 | 6.41 | 18.19 | 16.83 | 26.94 | 2.08 | -2.8 | 19.54 | 1.78 | -6.81 | 17.88 | 0.10 | -16.67 | -9.09 | 22.68 | 2.95 | 9.09 | 22.45 | 86.93 | 24.1 | 94.74 | -5.26 | 0.31 | 0.00 | 0 | -100.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 43.33 | -5.12 | -3.5 | 19.28 | -10.24 | 6.93 | 19.57 | -10.68 | 6.24 | 15.57 | -10.26 | 6.79 | 2.14 | -16.73 | 22.29 | 1.91 | -16.96 | 22.44 | 0.12 | -7.69 | 9.09 | 22.03 | -8.93 | 1.15 | 12.01 | -1.88 | -4.53 | 100.00 | 0.0 | 5.56 | 0.00 | -100.0 | 0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 45.67 | 3.58 | 0.0 | 21.48 | 25.83 | 0.0 | 21.91 | 25.27 | 0.0 | 17.35 | 25.27 | 0.0 | 2.57 | 54.82 | 0.0 | 2.30 | 59.72 | 0.0 | 0.13 | 30.0 | 0.0 | 24.19 | 18.52 | 0.0 | 12.24 | 7.37 | 0.0 | 100.00 | 0.0 | 0.0 | 3.70 | 0 | 0.0 | 24.00 | -18.75 | 0.0 |
| 19Q3 (3) | 44.09 | -2.48 | 0.0 | 17.07 | 1.31 | 0.0 | 17.49 | -3.32 | 0.0 | 13.85 | -3.35 | 0.0 | 1.66 | -4.6 | 0.0 | 1.44 | -4.64 | 0.0 | 0.10 | -9.09 | 0.0 | 20.41 | -1.83 | 0.0 | 11.40 | -36.98 | 0.0 | 100.00 | 5.88 | 0.0 | 0.00 | -100.0 | 0.0 | 29.54 | 6.07 | 0.0 |
| 19Q2 (2) | 45.21 | 0.69 | 0.0 | 16.85 | -6.54 | 0.0 | 18.09 | -1.79 | 0.0 | 14.33 | -1.71 | 0.0 | 1.74 | -0.57 | 0.0 | 1.51 | -3.21 | 0.0 | 0.11 | 0.0 | 0.0 | 20.79 | -4.55 | 0.0 | 18.09 | 43.8 | 0.0 | 94.44 | -0.31 | 0.0 | 5.56 | 0 | 0.0 | 27.85 | -0.75 | 0.0 |
| 19Q1 (1) | 44.90 | 0.0 | 0.0 | 18.03 | 0.0 | 0.0 | 18.42 | 0.0 | 0.0 | 14.58 | 0.0 | 0.0 | 1.75 | 0.0 | 0.0 | 1.56 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 21.78 | 0.0 | 0.0 | 12.58 | 0.0 | 0.0 | 94.74 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 28.06 | 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) | 40.32 | -2.42 | 16.29 | -1.51 | 3.29 | -4.06 | 16.63 | 0.91 | 13.14 | 0.23 | 6.27 | -16.84 | 5.50 | -13.52 | 0.40 | -16.67 | 20.92 | 2.55 | 19.20 | -0.1 | 98.02 | -1.98 | 1.98 | 0 | 0.15 | -60.9 | 26.62 | 7.12 |
| 2022 (9) | 41.32 | -1.1 | 16.54 | 9.25 | 3.43 | 0.82 | 16.48 | 9.5 | 13.11 | 9.89 | 7.54 | 31.13 | 6.36 | 35.32 | 0.48 | 23.08 | 20.40 | 7.48 | 19.22 | -8.87 | 100.00 | 0.0 | 0.00 | 0 | 0.38 | -34.1 | 24.85 | -15.91 |
| 2021 (8) | 41.78 | -7.81 | 15.14 | -15.56 | 3.41 | 20.36 | 15.05 | -16.62 | 11.93 | -20.41 | 5.75 | -22.82 | 4.70 | -24.92 | 0.39 | -4.88 | 18.98 | -11.56 | 21.09 | -24.68 | 100.00 | 1.32 | 0.00 | 0 | 0.58 | -8.28 | 29.55 | 1.58 |
| 2020 (7) | 45.32 | 0.69 | 17.93 | -3.24 | 2.83 | 9.35 | 18.05 | -5.74 | 14.99 | -1.12 | 7.45 | -2.61 | 6.26 | -8.35 | 0.41 | -8.89 | 21.46 | -2.98 | 28.00 | 128.76 | 98.70 | 1.2 | 1.30 | -64.94 | 0.64 | -24.2 | 29.09 | 7.07 |
| 2019 (6) | 45.01 | 4.85 | 18.53 | 11.02 | 2.59 | 6.64 | 19.15 | 11.27 | 15.16 | 8.99 | 7.65 | 11.68 | 6.83 | 11.42 | 0.45 | 2.27 | 22.12 | 12.51 | 12.24 | 2.09 | 97.53 | 0.36 | 3.70 | 31.48 | 0.84 | 0 | 27.17 | -0.59 |
| 2018 (5) | 42.93 | 0.14 | 16.69 | -0.83 | 2.43 | -4.13 | 17.21 | -5.54 | 13.91 | -8.55 | 6.85 | -4.86 | 6.13 | -3.62 | 0.44 | 4.76 | 19.66 | -5.3 | 11.99 | 4.72 | 97.18 | 6.02 | 2.82 | -59.44 | 0.00 | 0 | 27.33 | 0.15 |
| 2017 (4) | 42.87 | -6.23 | 16.83 | -8.98 | 2.53 | -0.76 | 18.22 | -4.05 | 15.21 | -5.94 | 7.20 | -6.13 | 6.36 | -6.06 | 0.42 | 0.0 | 20.76 | -4.24 | 11.45 | -22.58 | 91.67 | -5.82 | 6.94 | 160.42 | 0.00 | 0 | 27.29 | -3.4 |
| 2016 (3) | 45.72 | -5.63 | 18.49 | -1.33 | 2.55 | -3.06 | 18.99 | -3.41 | 16.17 | -1.04 | 7.67 | -10.08 | 6.77 | -9.01 | 0.42 | -8.7 | 21.68 | -3.08 | 14.79 | 26.63 | 97.33 | 2.82 | 2.67 | -50.0 | 0.00 | 0 | 28.25 | -3.22 |
| 2015 (2) | 48.45 | -8.79 | 18.74 | -18.24 | 2.63 | 5.85 | 19.66 | -17.01 | 16.34 | -17.31 | 8.53 | -27.34 | 7.44 | -25.38 | 0.46 | -8.0 | 22.37 | -14.75 | 11.68 | -36.59 | 94.67 | -1.91 | 5.33 | 52.89 | 0.00 | 0 | 29.19 | 1.85 |
| 2014 (1) | 53.12 | 0 | 22.92 | 0 | 2.49 | -2.42 | 23.69 | 0 | 19.76 | 0 | 11.74 | 0 | 9.97 | 0 | 0.50 | -9.09 | 26.24 | -7.41 | 18.42 | 7.41 | 96.51 | -3.49 | 3.49 | 0 | 0.00 | 0 | 28.66 | 1.88 |
