- 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) | 35.56 | -4.33 | -8.28 | 5.38 | -38.02 | -27.79 | 3.77 | -65.94 | -37.69 | 3.13 | -65.94 | -36.9 | 0.74 | -71.54 | -23.71 | 0.60 | -67.03 | -17.81 | 0.18 | -5.26 | 20.0 | 8.23 | -47.41 | -29.42 | 32.15 | -1.14 | -0.37 | 142.11 | 81.11 | 18.42 | -42.11 | -295.49 | -80.45 | 22.34 | 0.59 | -1.59 |
| 23Q3 (19) | 37.17 | -4.55 | -16.58 | 8.68 | -19.33 | -47.43 | 11.07 | -13.52 | -46.0 | 9.19 | -13.63 | -45.59 | 2.60 | -10.65 | -45.83 | 1.82 | -12.92 | -41.48 | 0.19 | 0.0 | 5.56 | 15.65 | -11.88 | -36.1 | 32.52 | -49.3 | -15.33 | 78.46 | -6.31 | -2.96 | 21.54 | 32.54 | 8.46 | 22.21 | 3.79 | -2.59 |
| 23Q2 (18) | 38.94 | -3.09 | -16.28 | 10.76 | 117.37 | -54.54 | 12.80 | 156.0 | -51.0 | 10.64 | 52.44 | -50.19 | 2.91 | 129.13 | -65.89 | 2.09 | 102.91 | -62.48 | 0.19 | 35.71 | -26.92 | 17.76 | 55.79 | -38.03 | 64.14 | 147.45 | -11.24 | 83.75 | -16.25 | -7.56 | 16.25 | 0 | 72.9 | 21.40 | -18.97 | 12.1 |
| 23Q1 (17) | 40.18 | 3.64 | -17.65 | 4.95 | -33.56 | -79.89 | 5.00 | -17.36 | -81.1 | 6.98 | 40.73 | -69.32 | 1.27 | 30.93 | -84.93 | 1.03 | 41.1 | -82.6 | 0.14 | -6.67 | -46.15 | 11.40 | -2.23 | -60.61 | 25.92 | -19.68 | -30.21 | 100.00 | -16.67 | 7.53 | 0.00 | 100.0 | -100.0 | 26.41 | 16.34 | 31.66 |
| 22Q4 (16) | 38.77 | -12.99 | -19.46 | 7.45 | -54.88 | -67.2 | 6.05 | -70.49 | -73.81 | 4.96 | -70.63 | -73.16 | 0.97 | -79.79 | -85.86 | 0.73 | -76.53 | -84.53 | 0.15 | -16.67 | -40.0 | 11.66 | -52.39 | -54.88 | 32.27 | -15.99 | -33.74 | 120.00 | 48.42 | 21.76 | -23.33 | -217.5 | -1710.0 | 22.70 | -0.44 | 10.25 |
| 22Q3 (15) | 44.56 | -4.19 | -8.39 | 16.51 | -30.25 | -36.03 | 20.50 | -21.52 | -21.99 | 16.89 | -20.93 | -22.66 | 4.80 | -43.73 | -48.83 | 3.11 | -44.17 | -52.95 | 0.18 | -30.77 | -40.0 | 24.49 | -14.55 | -14.34 | 38.41 | -46.84 | -9.79 | 80.85 | -10.76 | -17.6 | 19.86 | 111.29 | 956.45 | 22.80 | 19.43 | 16.98 |
| 22Q2 (14) | 46.51 | -4.67 | 5.56 | 23.67 | -3.82 | 6.24 | 26.12 | -1.25 | 16.82 | 21.36 | -6.11 | 15.46 | 8.53 | 1.19 | 11.36 | 5.57 | -5.91 | 0.54 | 0.26 | 0.0 | -13.33 | 28.66 | -0.97 | 16.13 | 72.26 | 94.56 | 72.38 | 90.60 | -2.57 | -8.97 | 9.40 | 34.19 | 1892.48 | 19.09 | -4.84 | 4.77 |
| 22Q1 (13) | 48.79 | 1.35 | 23.71 | 24.61 | 8.37 | 55.56 | 26.45 | 14.5 | 64.39 | 22.75 | 23.11 | 70.41 | 8.43 | 22.89 | 87.75 | 5.92 | 25.42 | 78.31 | 0.26 | 4.0 | 4.0 | 28.94 | 12.0 | 49.87 | 37.14 | -23.74 | 5.24 | 93.00 | -5.64 | -5.39 | 7.00 | 383.27 | 309.73 | 20.06 | -2.57 | 4.81 |
| 21Q4 (12) | 48.14 | -1.03 | 40.47 | 22.71 | -12.01 | 76.59 | 23.10 | -12.1 | 89.97 | 18.48 | -15.38 | 82.79 | 6.86 | -26.87 | 68.97 | 4.72 | -28.59 | 57.86 | 0.25 | -16.67 | -13.79 | 25.84 | -9.62 | 71.35 | 48.70 | 14.37 | 34.94 | 98.55 | 0.44 | -6.98 | 1.45 | -22.9 | 124.4 | 20.59 | 5.64 | 28.61 |
| 21Q3 (11) | 48.64 | 10.39 | 44.03 | 25.81 | 15.84 | 101.96 | 26.28 | 17.53 | 105.47 | 21.84 | 18.05 | 88.6 | 9.38 | 22.45 | 85.74 | 6.61 | 19.31 | 87.78 | 0.30 | 0.0 | 0.0 | 28.59 | 15.84 | 83.74 | 42.58 | 1.57 | 12.85 | 98.12 | -1.41 | -1.88 | 1.88 | 298.5 | 0 | 19.49 | 6.97 | 19.5 |
| 21Q2 (10) | 44.06 | 11.71 | 30.2 | 22.28 | 40.83 | 88.97 | 22.36 | 38.97 | 72.93 | 18.50 | 38.58 | 72.09 | 7.66 | 70.6 | 88.67 | 5.54 | 66.87 | 89.73 | 0.30 | 20.0 | 11.11 | 24.68 | 27.81 | 49.3 | 41.92 | 18.79 | -17.84 | 99.53 | 1.26 | 8.58 | 0.47 | -72.41 | -94.34 | 18.22 | -4.81 | 7.87 |
| 21Q1 (9) | 39.44 | 15.09 | 12.81 | 15.82 | 23.02 | 277.57 | 16.09 | 32.32 | 227.03 | 13.35 | 32.05 | 227.21 | 4.49 | 10.59 | 372.63 | 3.32 | 11.04 | 342.67 | 0.25 | -13.79 | 38.89 | 19.31 | 28.05 | 93.88 | 35.29 | -2.22 | 16.55 | 98.29 | -7.22 | 13.03 | 1.71 | 128.77 | -86.89 | 19.14 | 19.55 | -15.35 |
| 20Q4 (8) | 34.27 | 1.48 | 12.73 | 12.86 | 0.63 | 159.8 | 12.16 | -4.93 | 121.49 | 10.11 | -12.69 | 122.2 | 4.06 | -19.6 | 205.26 | 2.99 | -15.06 | 190.29 | 0.29 | -3.33 | 31.82 | 15.08 | -3.08 | 54.98 | 36.09 | -4.35 | 4.64 | 105.94 | 5.94 | 16.9 | -5.94 | 0 | -163.37 | 16.01 | -1.84 | -13.79 |
| 20Q3 (7) | 33.77 | -0.21 | 1.32 | 12.78 | 8.4 | 35.52 | 12.79 | -1.08 | 14.09 | 11.58 | 7.72 | 24.12 | 5.05 | 24.38 | 49.85 | 3.52 | 20.55 | 48.52 | 0.30 | 11.11 | 20.0 | 15.56 | -5.87 | 4.64 | 37.73 | -26.05 | 5.33 | 100.00 | 9.09 | 19.4 | 0.00 | -100.0 | -100.0 | 16.31 | -3.43 | -10.04 |
| 20Q2 (6) | 33.84 | -3.2 | -3.64 | 11.79 | 181.38 | -5.0 | 12.93 | 162.8 | 0.78 | 10.75 | 163.48 | -11.6 | 4.06 | 327.37 | -15.59 | 2.92 | 289.33 | -14.87 | 0.27 | 50.0 | -3.57 | 16.53 | 65.96 | 2.48 | 51.02 | 68.49 | -9.73 | 91.67 | 5.42 | -5.58 | 8.33 | -36.11 | 186.11 | 16.89 | -25.3 | -4.03 |
| 20Q1 (5) | 34.96 | 15.0 | 0.17 | 4.19 | -15.35 | -16.87 | 4.92 | -10.38 | -14.88 | 4.08 | -10.33 | -33.22 | 0.95 | -28.57 | -37.91 | 0.75 | -27.18 | -38.02 | 0.18 | -18.18 | -5.26 | 9.96 | 2.36 | -4.23 | 30.28 | -12.21 | 3.66 | 86.96 | -4.05 | -0.16 | 13.04 | 39.13 | 1.09 | 22.61 | 21.76 | 2.87 |
| 19Q4 (4) | 30.40 | -8.79 | 0.0 | 4.95 | -47.51 | 0.0 | 5.49 | -51.03 | 0.0 | 4.55 | -51.23 | 0.0 | 1.33 | -60.53 | 0.0 | 1.03 | -56.54 | 0.0 | 0.22 | -12.0 | 0.0 | 9.73 | -34.57 | 0.0 | 34.49 | -3.71 | 0.0 | 90.62 | 8.21 | 0.0 | 9.38 | -42.31 | 0.0 | 18.57 | 2.43 | 0.0 |
| 19Q3 (3) | 33.33 | -5.1 | 0.0 | 9.43 | -24.01 | 0.0 | 11.21 | -12.63 | 0.0 | 9.33 | -23.27 | 0.0 | 3.37 | -29.94 | 0.0 | 2.37 | -30.9 | 0.0 | 0.25 | -10.71 | 0.0 | 14.87 | -7.81 | 0.0 | 35.82 | -36.62 | 0.0 | 83.75 | -13.74 | 0.0 | 16.25 | 457.92 | 0.0 | 18.13 | 3.01 | 0.0 |
| 19Q2 (2) | 35.12 | 0.63 | 0.0 | 12.41 | 146.23 | 0.0 | 12.83 | 121.97 | 0.0 | 12.16 | 99.02 | 0.0 | 4.81 | 214.38 | 0.0 | 3.43 | 183.47 | 0.0 | 0.28 | 47.37 | 0.0 | 16.13 | 55.1 | 0.0 | 56.52 | 93.5 | 0.0 | 97.09 | 11.47 | 0.0 | 2.91 | -77.43 | 0.0 | 17.60 | -19.93 | 0.0 |
| 19Q1 (1) | 34.90 | 0.0 | 0.0 | 5.04 | 0.0 | 0.0 | 5.78 | 0.0 | 0.0 | 6.11 | 0.0 | 0.0 | 1.53 | 0.0 | 0.0 | 1.21 | 0.0 | 0.0 | 0.19 | 0.0 | 0.0 | 10.40 | 0.0 | 0.0 | 29.21 | 0.0 | 0.0 | 87.10 | 0.0 | 0.0 | 12.90 | 0.0 | 0.0 | 21.98 | 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) | 37.94 | -16.78 | 7.74 | -61.11 | 3.37 | 56.99 | 8.61 | -60.68 | 7.75 | -57.6 | 7.28 | -68.58 | 5.72 | -65.4 | 0.71 | -21.11 | 13.66 | -45.82 | 32.15 | -0.37 | 89.84 | -1.19 | 10.16 | 11.93 | 0.39 | -23.41 | 22.89 | 10.31 |
| 2022 (9) | 45.59 | 0.33 | 19.90 | -9.87 | 2.15 | 25.97 | 21.90 | -2.14 | 18.28 | -0.65 | 23.17 | -18.9 | 16.53 | -17.51 | 0.90 | -17.43 | 25.21 | 0.96 | 32.27 | -33.74 | 90.92 | -7.81 | 9.08 | 561.03 | 0.51 | -36.27 | 20.75 | 7.18 |
| 2021 (8) | 45.44 | 33.18 | 22.08 | 98.03 | 1.70 | -28.41 | 22.38 | 97.01 | 18.40 | 89.11 | 28.57 | 109.0 | 20.04 | 96.28 | 1.09 | 4.81 | 24.97 | 68.83 | 48.70 | 34.94 | 98.63 | 0.76 | 1.37 | -24.47 | 0.81 | -3.5 | 19.36 | 11.26 |
| 2020 (7) | 34.12 | 1.73 | 11.15 | 31.8 | 2.38 | -10.47 | 11.36 | 21.63 | 9.73 | 14.61 | 13.67 | 25.41 | 10.21 | 23.01 | 1.04 | 9.47 | 14.79 | 11.96 | 36.09 | 4.64 | 97.88 | 7.97 | 1.82 | -80.55 | 0.84 | -19.0 | 17.40 | -7.64 |
| 2019 (6) | 33.54 | -2.98 | 8.46 | -19.89 | 2.66 | 6.49 | 9.34 | -17.93 | 8.49 | -15.1 | 10.90 | -19.08 | 8.30 | -17.33 | 0.95 | -4.04 | 13.21 | -10.92 | 34.49 | -1.37 | 90.65 | -2.42 | 9.35 | 31.71 | 1.03 | 7.53 | 18.84 | 4.15 |
| 2018 (5) | 34.57 | -2.21 | 10.56 | -20.72 | 2.50 | 33.32 | 11.38 | -14.63 | 10.00 | -12.28 | 13.47 | -19.34 | 10.04 | -18.84 | 0.99 | -8.33 | 14.83 | -8.0 | 34.97 | -4.71 | 92.90 | -7.1 | 7.10 | 2881.48 | 0.96 | 0 | 18.09 | 7.49 |
| 2017 (4) | 35.35 | -5.46 | 13.32 | -6.2 | 1.87 | -5.86 | 13.33 | -9.87 | 11.40 | -9.88 | 16.70 | -13.11 | 12.37 | -13.13 | 1.08 | -3.57 | 16.12 | -9.13 | 36.70 | 3.94 | 100.00 | 4.31 | 0.24 | -93.93 | 0.00 | 0 | 16.83 | -1.35 |
| 2016 (3) | 37.39 | -0.51 | 14.20 | 2.53 | 1.99 | -12.48 | 14.79 | 0.61 | 12.65 | 0.4 | 19.22 | 4.0 | 14.24 | 0.56 | 1.12 | 0.0 | 17.74 | -1.88 | 35.31 | -0.68 | 95.87 | 1.71 | 3.93 | -31.6 | 0.00 | 0 | 17.06 | -2.74 |
| 2015 (2) | 37.58 | 1.1 | 13.85 | 20.54 | 2.27 | -20.14 | 14.70 | 15.75 | 12.60 | 15.17 | 18.48 | 20.71 | 14.16 | 16.54 | 1.12 | 0.9 | 18.08 | 6.54 | 35.55 | 36.31 | 94.26 | 4.35 | 5.74 | -40.64 | 0.00 | 0 | 17.54 | 0.34 |
| 2014 (1) | 37.17 | 0 | 11.49 | 0 | 2.85 | 20.44 | 12.70 | 0 | 10.94 | 0 | 15.31 | 0 | 12.15 | 0 | 1.11 | -14.62 | 16.97 | 3.04 | 26.08 | -2.5 | 90.33 | -5.96 | 9.67 | 145.17 | 0.00 | 0 | 17.48 | 7.83 |
