- 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) | 33.93 | 2.41 | 27.65 | 16.82 | 5.26 | 71.11 | 16.64 | 0.91 | 96.0 | 11.93 | -5.02 | 95.89 | 4.56 | -6.75 | 113.08 | 2.87 | -5.59 | 97.93 | 0.23 | 0.0 | 4.55 | 20.32 | 0.79 | 78.25 | 62.68 | -3.44 | 7.72 | 101.09 | 4.34 | -12.56 | -1.09 | -134.98 | 93.12 | 12.67 | -1.55 | 4.54 |
| 23Q3 (19) | 33.13 | 10.4 | 36.62 | 15.98 | 22.55 | 75.8 | 16.49 | 20.36 | 63.92 | 12.56 | 32.07 | 82.29 | 4.89 | 42.98 | 94.05 | 3.04 | 40.74 | 83.13 | 0.23 | 4.55 | 0.0 | 20.16 | 16.6 | 58.74 | 64.91 | -2.99 | 11.93 | 96.89 | 1.85 | 7.25 | 3.11 | -36.15 | -67.76 | 12.87 | 0.23 | 14.1 |
| 23Q2 (18) | 30.01 | 5.59 | 31.16 | 13.04 | 17.48 | 73.87 | 13.70 | -29.53 | 60.42 | 9.51 | -41.76 | 55.39 | 3.42 | -30.06 | 62.09 | 2.16 | -30.77 | 55.4 | 0.22 | 15.79 | 0.0 | 17.29 | -25.7 | 55.91 | 66.91 | 4.79 | 8.66 | 95.12 | 66.42 | 8.23 | 4.88 | -88.64 | -59.71 | 12.84 | -7.49 | 14.54 |
| 23Q1 (17) | 28.42 | 6.92 | 28.08 | 11.10 | 12.92 | 70.77 | 19.44 | 128.98 | 14.15 | 16.33 | 168.14 | 4.21 | 4.89 | 128.5 | 3.16 | 3.12 | 115.17 | 1.63 | 0.19 | -13.64 | 0.0 | 23.27 | 104.12 | 17.58 | 63.85 | 9.73 | 18.33 | 57.16 | -50.56 | 49.64 | 42.95 | 371.47 | -30.5 | 13.88 | 14.52 | 13.49 |
| 22Q4 (16) | 26.58 | 9.61 | 32.97 | 9.83 | 8.14 | 138.01 | 8.49 | -15.61 | 75.78 | 6.09 | -11.61 | 80.71 | 2.14 | -15.08 | 103.81 | 1.45 | -12.65 | 104.23 | 0.22 | -4.35 | 10.0 | 11.40 | -10.24 | 51.19 | 58.19 | 0.34 | -1.97 | 115.61 | 27.98 | 35.74 | -15.82 | -263.78 | -209.83 | 12.12 | 7.45 | 3.77 |
| 22Q3 (15) | 24.25 | 5.99 | 11.34 | 9.09 | 21.2 | 129.55 | 10.06 | 17.8 | 123.56 | 6.89 | 12.58 | 129.67 | 2.52 | 19.43 | 193.02 | 1.66 | 19.42 | 186.21 | 0.23 | 4.55 | 27.78 | 12.70 | 14.52 | 65.36 | 57.99 | -5.83 | -4.1 | 90.34 | 2.78 | 2.24 | 9.66 | -20.21 | -17.0 | 11.28 | 0.62 | -17.3 |
| 22Q2 (14) | 22.88 | 3.11 | -2.35 | 7.50 | 15.38 | 12.44 | 8.54 | -49.85 | 5.96 | 6.12 | -60.94 | -12.94 | 2.11 | -55.49 | -12.81 | 1.39 | -54.72 | -7.95 | 0.22 | 15.79 | 4.76 | 11.09 | -43.96 | 1.19 | 61.58 | 14.12 | -3.57 | 87.89 | 130.1 | 6.21 | 12.11 | -80.41 | -29.81 | 11.21 | -8.34 | -14.82 |
| 22Q1 (13) | 22.19 | 11.01 | -15.88 | 6.50 | 57.38 | -26.05 | 17.03 | 252.59 | 79.64 | 15.67 | 364.99 | 113.2 | 4.74 | 351.43 | 76.87 | 3.07 | 332.39 | 88.34 | 0.19 | -5.0 | -13.64 | 19.79 | 162.47 | 59.34 | 53.96 | -9.1 | -18.59 | 38.20 | -55.15 | -58.76 | 61.80 | 328.99 | 738.46 | 12.23 | 4.71 | -6.64 |
| 21Q4 (12) | 19.99 | -8.22 | -30.08 | 4.13 | 4.29 | -62.79 | 4.83 | 7.33 | -57.07 | 3.37 | 12.33 | -58.6 | 1.05 | 22.09 | -68.75 | 0.71 | 22.41 | -64.5 | 0.20 | 11.11 | -16.67 | 7.54 | -1.82 | -46.52 | 59.36 | -1.84 | -18.45 | 85.17 | -3.61 | -13.63 | 14.41 | 23.77 | 933.17 | 11.68 | -14.37 | -9.88 |
| 21Q3 (11) | 21.78 | -7.04 | -26.84 | 3.96 | -40.63 | -66.67 | 4.50 | -44.17 | -63.56 | 3.00 | -57.33 | -71.43 | 0.86 | -64.46 | -79.18 | 0.58 | -61.59 | -75.83 | 0.18 | -14.29 | -18.18 | 7.68 | -29.93 | -50.32 | 60.47 | -5.31 | -17.73 | 88.36 | 6.78 | -8.11 | 11.64 | -32.52 | 203.26 | 13.64 | 3.65 | -1.73 |
| 21Q2 (10) | 23.43 | -11.18 | -9.64 | 6.67 | -24.12 | 1.68 | 8.06 | -14.98 | -3.7 | 7.03 | -4.35 | -0.71 | 2.42 | -9.7 | 4.76 | 1.51 | -7.36 | 8.63 | 0.21 | -4.55 | 10.53 | 10.96 | -11.76 | -7.43 | 63.86 | -3.65 | -19.46 | 82.75 | -10.67 | 5.32 | 17.25 | 134.03 | -19.5 | 13.16 | 0.46 | 0 |
| 21Q1 (9) | 26.38 | -7.73 | -4.66 | 8.79 | -20.81 | 5.65 | 9.48 | -15.73 | 7.73 | 7.35 | -9.71 | 11.36 | 2.68 | -20.24 | 14.53 | 1.63 | -18.5 | 13.99 | 0.22 | -8.33 | 4.76 | 12.42 | -11.91 | 4.19 | 66.28 | -8.94 | -6.92 | 92.63 | -6.06 | -2.01 | 7.37 | 428.61 | 34.73 | 13.10 | 1.08 | -10.7 |
| 20Q4 (8) | 28.59 | -3.96 | 3.74 | 11.10 | -6.57 | 8.08 | 11.25 | -8.91 | 13.98 | 8.14 | -22.48 | 1.75 | 3.36 | -18.64 | -2.04 | 2.00 | -16.67 | -2.44 | 0.24 | 9.09 | -4.0 | 14.10 | -8.8 | 12.89 | 72.79 | -0.97 | -2.01 | 98.61 | 2.54 | -5.42 | 1.39 | -63.67 | 134.55 | 12.96 | -6.63 | 0 |
| 20Q3 (7) | 29.77 | 14.81 | 4.2 | 11.88 | 81.1 | 11.24 | 12.35 | 47.55 | 5.11 | 10.50 | 48.31 | 28.68 | 4.13 | 78.79 | 17.66 | 2.40 | 72.66 | 15.38 | 0.22 | 15.79 | -12.0 | 15.46 | 30.57 | 7.96 | 73.50 | -7.3 | -0.01 | 96.16 | 22.39 | 5.78 | 3.84 | -82.09 | -57.78 | 13.88 | 0 | 8.61 |
| 20Q2 (6) | 25.93 | -6.29 | -7.72 | 6.56 | -21.15 | -39.93 | 8.37 | -4.89 | -34.4 | 7.08 | 7.27 | -26.48 | 2.31 | -1.28 | -42.54 | 1.39 | -2.8 | -42.32 | 0.19 | -9.52 | -20.83 | 11.84 | -0.67 | -22.87 | 79.29 | 11.35 | 3.67 | 78.57 | -16.88 | -8.2 | 21.43 | 291.67 | 48.66 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 27.67 | 0.4 | 7.46 | 8.32 | -18.99 | 18.69 | 8.80 | -10.84 | 25.18 | 6.60 | -17.5 | 47.32 | 2.34 | -31.78 | 45.34 | 1.43 | -30.24 | 37.5 | 0.21 | -16.0 | 0.0 | 11.92 | -4.56 | 19.8 | 71.21 | -4.13 | 3.88 | 94.53 | -9.33 | -5.11 | 5.47 | 235.56 | 1344.38 | 14.67 | 0 | 4.56 |
| 19Q4 (4) | 27.56 | -3.54 | 0.0 | 10.27 | -3.84 | 0.0 | 9.87 | -16.0 | 0.0 | 8.00 | -1.96 | 0.0 | 3.43 | -2.28 | 0.0 | 2.05 | -1.44 | 0.0 | 0.25 | 0.0 | 0.0 | 12.49 | -12.78 | 0.0 | 74.28 | 1.05 | 0.0 | 104.26 | 14.69 | 0.0 | -4.04 | -144.39 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 28.57 | 1.67 | 0.0 | 10.68 | -2.2 | 0.0 | 11.75 | -7.92 | 0.0 | 8.16 | -15.26 | 0.0 | 3.51 | -12.69 | 0.0 | 2.08 | -13.69 | 0.0 | 0.25 | 4.17 | 0.0 | 14.32 | -6.71 | 0.0 | 73.51 | -3.88 | 0.0 | 90.91 | 6.22 | 0.0 | 9.09 | -36.93 | 0.0 | 12.78 | 0.63 | 0.0 |
| 19Q2 (2) | 28.10 | 9.13 | 0.0 | 10.92 | 55.78 | 0.0 | 12.76 | 81.51 | 0.0 | 9.63 | 114.96 | 0.0 | 4.02 | 149.69 | 0.0 | 2.41 | 131.73 | 0.0 | 0.24 | 14.29 | 0.0 | 15.35 | 54.27 | 0.0 | 76.48 | 11.57 | 0.0 | 85.59 | -14.09 | 0.0 | 14.41 | 3705.41 | 0.0 | 12.70 | -9.48 | 0.0 |
| 19Q1 (1) | 25.75 | 0.0 | 0.0 | 7.01 | 0.0 | 0.0 | 7.03 | 0.0 | 0.0 | 4.48 | 0.0 | 0.0 | 1.61 | 0.0 | 0.0 | 1.04 | 0.0 | 0.0 | 0.21 | 0.0 | 0.0 | 9.95 | 0.0 | 0.0 | 68.55 | 0.0 | 0.0 | 99.62 | 0.0 | 0.0 | 0.38 | 0.0 | 0.0 | 14.03 | 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) | 31.54 | 31.25 | 14.40 | 73.7 | 2.85 | 30.2 | 16.49 | 52.12 | 12.47 | 47.23 | 17.00 | 45.67 | 10.95 | 43.7 | 0.85 | -2.3 | 20.18 | 48.82 | 62.68 | 7.72 | 87.33 | 14.19 | 12.64 | -46.26 | 3.42 | 129.27 | 13.03 | 11.46 |
| 2022 (9) | 24.03 | 5.35 | 8.29 | 41.71 | 2.19 | -10.49 | 10.84 | 62.03 | 8.47 | 63.83 | 11.67 | 72.38 | 7.62 | 77.21 | 0.87 | 10.13 | 13.56 | 41.1 | 58.19 | -1.97 | 76.48 | -12.54 | 23.52 | 88.65 | 1.49 | 2.55 | 11.69 | -9.1 |
| 2021 (8) | 22.81 | -18.83 | 5.85 | -39.44 | 2.45 | -6.03 | 6.69 | -35.24 | 5.17 | -36.56 | 6.77 | -41.89 | 4.30 | -38.22 | 0.79 | -3.66 | 9.61 | -28.5 | 59.36 | -18.45 | 87.45 | -6.5 | 12.47 | 92.55 | 1.45 | 47.28 | 12.86 | -8.21 |
| 2020 (7) | 28.10 | 1.92 | 9.66 | -1.73 | 2.60 | 20.14 | 10.33 | -1.43 | 8.15 | 5.98 | 11.65 | -7.39 | 6.96 | -9.26 | 0.82 | -14.58 | 13.44 | 2.28 | 72.79 | -2.01 | 93.52 | -0.3 | 6.48 | 4.6 | 0.99 | -6.37 | 14.01 | 9.97 |
| 2019 (6) | 27.57 | 16.04 | 9.83 | 74.91 | 2.17 | 24.05 | 10.48 | 62.23 | 7.69 | 72.04 | 12.58 | 62.11 | 7.67 | 63.19 | 0.96 | -2.04 | 13.14 | 49.66 | 74.28 | 9.75 | 93.81 | 7.87 | 6.19 | -52.49 | 1.05 | 39.76 | 12.74 | -2.08 |
| 2018 (5) | 23.76 | -11.48 | 5.62 | -31.13 | 1.75 | 6.87 | 6.46 | -18.64 | 4.47 | -28.71 | 7.76 | -35.49 | 4.70 | -28.68 | 0.98 | -2.97 | 8.78 | -12.98 | 67.68 | -22.46 | 86.97 | -15.36 | 13.03 | 0 | 0.75 | -18.67 | 13.01 | -2.47 |
| 2017 (4) | 26.84 | -15.7 | 8.16 | -36.35 | 1.64 | 3.81 | 7.94 | -38.97 | 6.27 | -34.76 | 12.03 | -44.18 | 6.59 | -40.68 | 1.01 | -10.62 | 10.09 | -32.82 | 87.28 | -7.75 | 102.76 | 4.2 | -2.76 | 0 | 0.93 | 0 | 13.34 | -1.77 |
| 2016 (3) | 31.84 | 7.28 | 12.82 | 14.06 | 1.58 | 9.22 | 13.01 | 21.25 | 9.61 | 27.12 | 21.55 | 5.79 | 11.11 | 12.79 | 1.13 | -10.32 | 15.02 | 19.3 | 94.61 | -9.5 | 98.62 | -5.83 | 1.38 | 0 | 0.00 | 0 | 13.58 | 6.85 |
| 2015 (2) | 29.68 | 22.34 | 11.24 | 91.81 | 1.44 | 5.12 | 10.73 | 67.92 | 7.56 | 56.85 | 20.37 | 32.88 | 9.85 | 34.01 | 1.26 | -11.89 | 12.59 | 51.14 | 104.54 | -15.5 | 104.72 | 14.22 | -4.72 | 0 | 0.00 | 0 | 12.71 | 2.67 |
| 2014 (1) | 24.26 | 0 | 5.86 | 0 | 1.37 | 0 | 6.39 | 0 | 4.82 | 0 | 15.33 | 0 | 7.35 | 0 | 1.43 | 9.16 | 8.33 | 0 | 123.71 | 2.44 | 91.68 | -12.0 | 8.32 | 0 | 0.00 | 0 | 12.38 | 0 |
