- 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) | 29.56 | 11.17 | 76.9 | 17.43 | 61.24 | 307.24 | 6.00 | -76.81 | 216.28 | 8.31 | -59.89 | 83000.0 | 1.72 | -61.52 | 0 | 1.34 | -60.36 | 6600.0 | 0.16 | 0.0 | 33.33 | 10.52 | -65.55 | 640.85 | 28.88 | -3.12 | 6.8 | 288.10 | 589.91 | 442.97 | -188.10 | -422.96 | -200.05 | 18.00 | -1.8 | 2.21 |
| 23Q3 (19) | 26.59 | -9.16 | 51.68 | 10.81 | -20.28 | 1100.93 | 25.87 | 7.26 | 5.38 | 20.72 | 7.41 | 5.93 | 4.47 | 10.1 | 81.71 | 3.38 | 13.42 | 81.72 | 0.16 | 6.67 | 77.78 | 30.54 | 4.66 | -6.55 | 29.81 | -17.38 | 9.07 | 41.76 | -25.4 | 1154.4 | 58.24 | 32.29 | -43.98 | 18.33 | -2.4 | -27.66 |
| 23Q2 (18) | 29.27 | 38.13 | 1.39 | 13.56 | 666.1 | -17.11 | 24.12 | 827.69 | 12.24 | 19.29 | 831.88 | 13.01 | 4.06 | 1300.0 | 7.98 | 2.98 | 1141.67 | 11.19 | 0.15 | 36.36 | -6.25 | 29.18 | 193.86 | 10.53 | 36.08 | -5.18 | -8.82 | 55.97 | -16.04 | -26.35 | 44.03 | 32.08 | 83.44 | 18.78 | -17.88 | 12.46 |
| 23Q1 (17) | 21.19 | 26.81 | -9.13 | 1.77 | -58.64 | -85.01 | 2.60 | 150.39 | -83.67 | 2.07 | 20600.0 | -83.78 | 0.29 | 0 | -89.53 | 0.24 | 1100.0 | -88.18 | 0.11 | -8.33 | -31.25 | 9.93 | 599.3 | -52.6 | 38.05 | 40.72 | -11.55 | 66.67 | 179.37 | -10.57 | 33.33 | -82.27 | 30.95 | 22.87 | 29.87 | 36.13 |
| 22Q4 (16) | 16.71 | -4.68 | -27.35 | 4.28 | 496.3 | -59.47 | -5.16 | -121.02 | -150.24 | 0.01 | -99.95 | -99.89 | 0.00 | -100.0 | -100.0 | 0.02 | -98.92 | -98.79 | 0.12 | 33.33 | -33.33 | 1.42 | -95.65 | -90.38 | 27.04 | -1.06 | -14.92 | -84.00 | -2021.0 | -181.87 | 188.00 | 80.84 | 7338.0 | 17.61 | -30.51 | 18.03 |
| 22Q3 (15) | 17.53 | -39.28 | -29.09 | -1.08 | -106.6 | -108.57 | 24.55 | 14.24 | 86.13 | 19.56 | 14.59 | 86.29 | 2.46 | -34.57 | -4.28 | 1.86 | -30.6 | -3.63 | 0.09 | -43.75 | -50.0 | 32.68 | 23.79 | 78.97 | 27.33 | -30.93 | -12.35 | -3.96 | -105.21 | -104.16 | 103.96 | 333.17 | 2020.79 | 25.34 | 51.74 | 71.56 |
| 22Q2 (14) | 28.87 | 23.8 | 13.48 | 16.36 | 38.53 | 24.13 | 21.49 | 34.99 | 77.9 | 17.07 | 33.78 | 77.44 | 3.76 | 35.74 | 61.37 | 2.68 | 32.02 | 55.81 | 0.16 | 0.0 | -11.11 | 26.40 | 26.01 | 46.75 | 39.57 | -8.02 | 4.3 | 76.00 | 1.95 | -30.2 | 24.00 | -5.71 | 370.0 | 16.70 | -0.6 | 10.74 |
| 22Q1 (13) | 23.32 | 1.39 | -8.8 | 11.81 | 11.84 | -7.52 | 15.92 | 55.01 | 26.55 | 12.76 | 37.8 | 27.6 | 2.77 | 28.84 | 23.66 | 2.03 | 23.03 | 20.83 | 0.16 | -11.11 | -5.88 | 20.95 | 41.94 | 9.17 | 43.02 | 35.37 | 16.93 | 74.55 | -27.34 | -27.13 | 25.45 | 1080.0 | 2314.55 | 16.80 | 12.6 | 4.22 |
| 21Q4 (12) | 23.00 | -6.96 | -13.37 | 10.56 | -16.19 | -31.12 | 10.27 | -22.14 | -16.16 | 9.26 | -11.81 | -5.51 | 2.15 | -16.34 | -13.31 | 1.65 | -14.51 | -14.06 | 0.18 | 0.0 | -5.26 | 14.76 | -19.17 | -18.18 | 31.78 | 1.92 | -1.7 | 102.60 | 7.89 | -18.6 | -2.60 | -152.99 | 89.61 | 14.92 | 1.02 | 5.14 |
| 21Q3 (11) | 24.72 | -2.83 | 19.59 | 12.60 | -4.4 | 38.01 | 13.19 | 9.19 | 60.07 | 10.50 | 9.15 | 49.15 | 2.57 | 10.3 | 39.67 | 1.93 | 12.21 | 34.03 | 0.18 | 0.0 | -10.0 | 18.26 | 1.5 | 22.88 | 31.18 | -17.82 | 6.63 | 95.10 | -12.67 | -14.15 | 4.90 | 155.15 | 145.52 | 14.77 | -2.06 | 6.57 |
| 21Q2 (10) | 25.44 | -0.51 | 23.92 | 13.18 | 3.21 | 56.9 | 12.08 | -3.97 | 83.03 | 9.62 | -3.8 | 43.58 | 2.33 | 4.02 | 57.43 | 1.72 | 2.38 | 45.76 | 0.18 | 5.88 | 5.88 | 17.99 | -6.25 | 17.35 | 37.94 | 3.13 | 22.66 | 108.89 | 6.44 | -14.87 | -8.89 | -673.33 | 68.15 | 15.08 | -6.45 | 0 |
| 21Q1 (9) | 25.57 | -3.69 | 48.75 | 12.77 | -16.7 | 260.73 | 12.58 | 2.69 | 118.4 | 10.00 | 2.04 | 116.92 | 2.24 | -9.68 | 198.67 | 1.68 | -12.5 | 170.97 | 0.17 | -10.53 | 30.77 | 19.19 | 6.37 | 8.42 | 36.79 | 13.8 | 32.15 | 102.30 | -18.84 | 68.49 | -1.15 | 95.4 | -102.93 | 16.12 | 13.6 | 0 |
| 20Q4 (8) | 26.55 | 28.45 | 47.83 | 15.33 | 67.91 | 152.97 | 12.25 | 48.67 | 2600.0 | 9.80 | 39.2 | 2748.65 | 2.48 | 34.78 | 3642.86 | 1.92 | 33.33 | 4900.0 | 0.19 | -5.0 | 18.75 | 18.04 | 21.4 | 79.5 | 32.33 | 10.57 | 50.65 | 126.04 | 13.79 | 110.8 | -25.00 | -132.14 | -101.97 | 14.19 | 2.38 | 0 |
| 20Q3 (7) | 20.67 | 0.68 | 12.28 | 9.13 | 8.69 | 104.25 | 8.24 | 24.85 | 62.52 | 7.04 | 5.07 | 55.07 | 1.84 | 24.32 | 104.44 | 1.44 | 22.03 | 97.26 | 0.20 | 17.65 | 25.0 | 14.86 | -3.07 | -3.32 | 29.24 | -5.46 | 23.79 | 110.77 | -13.4 | 27.81 | -10.77 | 61.41 | -180.77 | 13.86 | 0 | -4.74 |
| 20Q2 (6) | 20.53 | 19.43 | 14.12 | 8.40 | 137.29 | 51.08 | 6.60 | 14.58 | -16.77 | 6.70 | 45.34 | 7.89 | 1.48 | 97.33 | 19.35 | 1.18 | 90.32 | 18.0 | 0.17 | 30.77 | 6.25 | 15.33 | -13.39 | -24.0 | 30.93 | 11.1 | 5.35 | 127.91 | 110.67 | 86.05 | -27.91 | -171.04 | -195.68 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 17.19 | -4.29 | 1.42 | 3.54 | -41.58 | -19.73 | 5.76 | 1275.51 | -12.46 | 4.61 | 1345.95 | -14.31 | 0.75 | 1171.43 | -27.18 | 0.62 | 1650.0 | -28.74 | 0.13 | -18.75 | -18.75 | 17.70 | 76.12 | -8.34 | 27.84 | 29.73 | 17.57 | 60.71 | 105.2 | -11.26 | 39.29 | -96.9 | 14.84 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 17.96 | -2.44 | 0.0 | 6.06 | 35.57 | 0.0 | -0.49 | -109.66 | 0.0 | -0.37 | -108.15 | 0.0 | -0.07 | -107.78 | 0.0 | -0.04 | -105.48 | 0.0 | 0.16 | 0.0 | 0.0 | 10.05 | -34.61 | 0.0 | 21.46 | -9.14 | 0.0 | -1166.67 | -1446.15 | 0.0 | 1266.67 | 9400.0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 18.41 | 2.33 | 0.0 | 4.47 | -19.6 | 0.0 | 5.07 | -36.07 | 0.0 | 4.54 | -26.89 | 0.0 | 0.90 | -27.42 | 0.0 | 0.73 | -27.0 | 0.0 | 0.16 | 0.0 | 0.0 | 15.37 | -23.8 | 0.0 | 23.62 | -19.55 | 0.0 | 86.67 | 26.06 | 0.0 | 13.33 | -54.29 | 0.0 | 14.55 | -5.52 | 0.0 |
| 19Q2 (2) | 17.99 | 6.14 | 0.0 | 5.56 | 26.08 | 0.0 | 7.93 | 20.52 | 0.0 | 6.21 | 15.43 | 0.0 | 1.24 | 20.39 | 0.0 | 1.00 | 14.94 | 0.0 | 0.16 | 0.0 | 0.0 | 20.17 | 4.45 | 0.0 | 29.36 | 23.99 | 0.0 | 68.75 | 0.48 | 0.0 | 29.17 | -14.74 | 0.0 | 15.40 | 1.18 | 0.0 |
| 19Q1 (1) | 16.95 | 0.0 | 0.0 | 4.41 | 0.0 | 0.0 | 6.58 | 0.0 | 0.0 | 5.38 | 0.0 | 0.0 | 1.03 | 0.0 | 0.0 | 0.87 | 0.0 | 0.0 | 0.16 | 0.0 | 0.0 | 19.31 | 0.0 | 0.0 | 23.68 | 0.0 | 0.0 | 68.42 | 0.0 | 0.0 | 34.21 | 0.0 | 0.0 | 15.22 | 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) | 27.17 | 20.49 | 11.77 | 26.97 | 4.96 | -12.48 | 15.77 | 7.87 | 13.59 | 8.37 | 10.19 | 16.32 | 8.03 | 17.4 | 0.59 | 9.26 | 20.94 | 2.1 | 28.88 | 6.8 | 74.62 | 17.91 | 25.38 | -30.87 | 0.09 | 284.18 | 19.16 | 3.74 |
| 2022 (9) | 22.55 | -8.56 | 9.27 | -24.45 | 5.67 | 7.01 | 14.62 | 21.53 | 12.54 | 27.31 | 8.76 | -3.52 | 6.84 | -1.58 | 0.54 | -22.86 | 20.51 | 17.07 | 27.04 | -14.92 | 63.28 | -37.94 | 36.72 | 0 | 0.02 | 3.4 | 18.47 | 21.51 |
| 2021 (8) | 24.66 | 13.59 | 12.27 | 25.98 | 5.30 | -30.56 | 12.03 | 40.54 | 9.85 | 34.56 | 9.08 | 40.12 | 6.95 | 33.91 | 0.70 | 0.0 | 17.52 | 6.57 | 31.78 | -1.7 | 101.97 | -10.68 | -1.97 | 0 | 0.02 | -51.81 | 15.20 | 2.43 |
| 2020 (7) | 21.71 | 21.76 | 9.74 | 90.23 | 7.63 | -31.83 | 8.56 | 77.96 | 7.32 | 84.38 | 6.48 | 109.03 | 5.19 | 93.66 | 0.70 | 6.06 | 16.44 | 1.36 | 32.33 | 50.65 | 114.16 | 7.5 | -13.73 | 0 | 0.05 | -41.5 | 14.84 | 5.47 |
| 2019 (6) | 17.83 | 8.59 | 5.12 | 24.57 | 11.20 | 14.66 | 4.81 | -16.64 | 3.97 | -24.38 | 3.10 | -33.33 | 2.68 | -33.5 | 0.66 | -14.29 | 16.22 | 3.84 | 21.46 | 39.62 | 106.19 | 49.46 | -6.19 | 0 | 0.08 | -52.46 | 14.07 | 0.64 |
| 2018 (5) | 16.42 | 3.66 | 4.11 | 18.79 | 9.76 | 0.65 | 5.77 | 465.69 | 5.25 | 400.0 | 4.65 | 384.38 | 4.03 | 397.53 | 0.77 | 0.0 | 15.62 | 44.9 | 15.37 | -0.26 | 71.05 | -79.37 | 28.95 | 0 | 0.17 | 0 | 13.98 | 13.29 |
| 2017 (4) | 15.84 | -8.12 | 3.46 | -41.65 | 9.70 | 21.85 | 1.02 | -82.91 | 1.05 | -79.37 | 0.96 | -83.42 | 0.81 | -80.48 | 0.77 | -4.94 | 10.78 | -23.05 | 15.41 | -21.18 | 344.44 | 246.18 | -244.44 | 0 | 0.00 | 0 | 12.34 | 10.57 |
| 2016 (3) | 17.24 | 31.1 | 5.93 | 48.25 | 7.96 | 27.64 | 5.97 | 17.75 | 5.09 | 18.65 | 5.79 | -3.98 | 4.15 | 3.23 | 0.81 | -7.95 | 14.01 | 19.74 | 19.55 | -68.53 | 99.50 | 26.07 | 0.50 | -97.62 | 0.00 | 0 | 11.16 | 12.39 |
| 2015 (2) | 13.15 | -24.03 | 4.00 | -46.45 | 6.24 | 1.32 | 5.07 | -35.82 | 4.29 | -31.58 | 6.03 | -27.7 | 4.02 | -25.69 | 0.88 | 7.32 | 11.70 | -19.2 | 62.13 | 6.97 | 78.92 | -16.55 | 21.08 | 288.63 | 0.00 | 0 | 9.93 | -4.98 |
| 2014 (1) | 17.31 | 0 | 7.47 | 0 | 6.16 | 40.74 | 7.90 | 0 | 6.27 | 0 | 8.34 | 0 | 5.41 | 0 | 0.82 | -14.58 | 14.48 | -22.98 | 58.08 | -11.92 | 94.58 | -3.23 | 5.42 | 121.12 | 0.00 | 0 | 10.45 | 18.48 |
