- 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) | 13.17 | -24.53 | -28.35 | 8.56 | -23.64 | -38.81 | 8.34 | -47.51 | -31.64 | 7.25 | -44.4 | -26.25 | 1.94 | -47.71 | -48.4 | 1.48 | -42.41 | -45.59 | 0.20 | 0.0 | -28.57 | 11.82 | -37.85 | -18.6 | 28.79 | -12.28 | -18.44 | 102.94 | 46.75 | -10.4 | -2.94 | -110.11 | 80.25 | 9.96 | -8.79 | 22.21 |
| 23Q3 (19) | 17.45 | -2.35 | -6.23 | 11.21 | -12.15 | -14.17 | 15.89 | -15.25 | -22.3 | 13.04 | -14.66 | -17.26 | 3.71 | -32.91 | -37.44 | 2.57 | -26.78 | -36.07 | 0.20 | -13.04 | -20.0 | 19.02 | -10.91 | -17.23 | 32.82 | -42.22 | -20.07 | 70.15 | 2.78 | 9.95 | 29.10 | -8.32 | -19.6 | 10.92 | 2.06 | 5.41 |
| 23Q2 (18) | 17.87 | 9.36 | -3.92 | 12.76 | 13.22 | -0.31 | 18.75 | 46.26 | -13.83 | 15.28 | 55.44 | -5.91 | 5.53 | 84.95 | -8.29 | 3.51 | 71.22 | -14.6 | 0.23 | 9.52 | -8.0 | 21.35 | 35.04 | -12.18 | 56.80 | -3.09 | 3.8 | 68.25 | -22.09 | 15.62 | 31.75 | 156.24 | -23.34 | 10.70 | 1.13 | -4.97 |
| 23Q1 (17) | 16.34 | -11.1 | 7.08 | 11.27 | -19.44 | 9.31 | 12.82 | 5.08 | -17.18 | 9.83 | 0.0 | -20.53 | 2.99 | -20.48 | -33.7 | 2.05 | -24.63 | -35.94 | 0.21 | -25.0 | -19.23 | 15.81 | 8.88 | -15.77 | 58.61 | 66.03 | 48.38 | 87.61 | -23.75 | 32.26 | 12.39 | 183.19 | -62.59 | 10.58 | 29.82 | 12.91 |
| 22Q4 (16) | 18.38 | -1.24 | 13.46 | 13.99 | 7.12 | 24.02 | 12.20 | -40.34 | 5.08 | 9.83 | -37.63 | 4.69 | 3.76 | -36.59 | 13.94 | 2.72 | -32.34 | 20.35 | 0.28 | 12.0 | 16.67 | 14.52 | -36.81 | 1.18 | 35.30 | -14.03 | -16.73 | 114.89 | 80.08 | 18.21 | -14.89 | -141.14 | -631.21 | 8.15 | -21.33 | -28.26 |
| 22Q3 (15) | 18.61 | 0.05 | 10.84 | 13.06 | 2.03 | 7.67 | 20.45 | -6.02 | 57.31 | 15.76 | -2.96 | 51.54 | 5.93 | -1.66 | 26.98 | 4.02 | -2.19 | 26.81 | 0.25 | 0.0 | -16.67 | 22.98 | -5.47 | 51.98 | 41.06 | -24.96 | -18.55 | 63.80 | 8.08 | -31.77 | 36.20 | -12.58 | 457.47 | 10.36 | -7.99 | 14.35 |
| 22Q2 (14) | 18.60 | 21.89 | -3.83 | 12.80 | 24.15 | -10.36 | 21.76 | 40.57 | 65.85 | 16.24 | 31.29 | 40.73 | 6.03 | 33.7 | 30.24 | 4.11 | 28.44 | 28.84 | 0.25 | -3.85 | -10.71 | 24.31 | 29.52 | 59.1 | 54.72 | 38.53 | 22.09 | 59.03 | -10.89 | -45.63 | 41.41 | 25.03 | 583.11 | 11.26 | 20.17 | 4.26 |
| 22Q1 (13) | 15.26 | -5.8 | 1.26 | 10.31 | -8.6 | -6.53 | 15.48 | 33.33 | 34.84 | 12.37 | 31.74 | 35.93 | 4.51 | 36.67 | 24.93 | 3.20 | 41.59 | 28.51 | 0.26 | 8.33 | -3.7 | 18.77 | 30.8 | 37.71 | 39.50 | -6.82 | -12.18 | 66.24 | -31.85 | -31.41 | 33.12 | 1081.32 | 675.03 | 9.37 | -17.52 | -3.0 |
| 21Q4 (12) | 16.20 | -3.51 | -9.45 | 11.28 | -7.01 | -18.38 | 11.61 | -10.69 | 27.86 | 9.39 | -9.71 | 24.87 | 3.30 | -29.34 | -1.49 | 2.26 | -28.71 | -2.59 | 0.24 | -20.0 | -22.58 | 14.35 | -5.09 | 31.89 | 42.39 | -15.91 | -5.8 | 97.20 | 3.95 | -36.06 | 2.80 | -56.82 | 105.39 | 11.36 | 25.39 | 30.13 |
| 21Q3 (11) | 16.79 | -13.19 | -12.28 | 12.13 | -15.06 | -17.37 | 13.00 | -0.91 | 15.97 | 10.40 | -9.88 | 11.71 | 4.67 | 0.86 | 10.14 | 3.17 | -0.63 | 12.01 | 0.30 | 7.14 | 0.0 | 15.12 | -1.05 | 16.67 | 50.41 | 12.47 | 14.54 | 93.51 | -13.88 | -28.84 | 6.49 | 175.76 | 121.24 | 9.06 | -16.11 | 7.86 |
| 21Q2 (10) | 19.34 | 28.33 | 7.62 | 14.28 | 29.47 | 4.69 | 13.12 | 14.29 | -0.91 | 11.54 | 26.81 | 15.17 | 4.63 | 28.25 | 9.46 | 3.19 | 28.11 | 10.0 | 0.28 | 3.7 | -3.45 | 15.28 | 12.11 | 0.53 | 44.82 | -0.36 | -19.62 | 108.57 | 12.41 | 5.42 | -8.57 | -300.57 | -187.14 | 10.80 | 11.8 | 0 |
| 21Q1 (9) | 15.07 | -15.76 | -1.12 | 11.03 | -20.19 | 6.06 | 11.48 | 26.43 | -16.81 | 9.10 | 21.01 | -19.04 | 3.61 | 7.76 | -0.82 | 2.49 | 7.33 | -7.78 | 0.27 | -12.9 | 12.5 | 13.63 | 25.28 | -16.84 | 44.98 | -0.04 | 23.44 | 96.58 | -36.46 | 26.84 | 4.27 | 108.22 | -82.75 | 9.66 | 10.65 | 0 |
| 20Q4 (8) | 17.89 | -6.53 | 23.29 | 13.82 | -5.86 | 29.64 | 9.08 | -19.0 | 13.64 | 7.52 | -19.23 | 16.77 | 3.35 | -20.99 | 41.95 | 2.32 | -18.02 | 34.88 | 0.31 | 3.33 | 14.81 | 10.88 | -16.05 | 3.92 | 45.00 | 2.25 | 33.73 | 152.00 | 15.67 | 13.19 | -52.00 | -70.05 | -58.26 | 8.73 | 3.93 | 0 |
| 20Q3 (7) | 19.14 | 6.51 | 3.91 | 14.68 | 7.62 | 12.58 | 11.21 | -15.33 | -29.19 | 9.31 | -7.09 | -23.31 | 4.24 | 0.24 | -21.34 | 2.83 | -2.41 | -24.13 | 0.30 | 3.45 | -3.23 | 12.96 | -14.74 | -27.52 | 44.01 | -21.07 | 9.34 | 131.40 | 27.6 | 60.39 | -30.58 | -924.38 | -275.04 | 8.40 | 0 | -11.11 |
| 20Q2 (6) | 17.97 | 17.91 | 19.32 | 13.64 | 31.15 | 28.08 | 13.24 | -4.06 | 1.69 | 10.02 | -10.85 | -8.66 | 4.23 | 16.21 | -15.74 | 2.90 | 7.41 | -18.08 | 0.29 | 20.83 | -9.38 | 15.20 | -7.26 | 1.0 | 55.76 | 53.02 | 12.56 | 102.99 | 35.25 | 26.27 | -2.99 | -112.05 | -116.19 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 15.24 | 5.03 | 21.14 | 10.40 | -2.44 | 18.59 | 13.80 | 72.72 | 59.17 | 11.24 | 74.53 | 62.19 | 3.64 | 54.24 | 56.22 | 2.70 | 56.98 | 56.98 | 0.24 | -11.11 | -4.0 | 16.39 | 56.54 | 41.05 | 36.44 | 8.29 | 5.84 | 76.15 | -43.29 | -24.94 | 24.77 | 175.39 | 1809.17 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 14.51 | -21.23 | 0.0 | 10.66 | -18.25 | 0.0 | 7.99 | -49.53 | 0.0 | 6.44 | -46.95 | 0.0 | 2.36 | -56.22 | 0.0 | 1.72 | -53.89 | 0.0 | 0.27 | -12.9 | 0.0 | 10.47 | -41.44 | 0.0 | 33.65 | -16.4 | 0.0 | 134.29 | 63.91 | 0.0 | -32.86 | -288.08 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 18.42 | 22.31 | 0.0 | 13.04 | 22.44 | 0.0 | 15.83 | 21.58 | 0.0 | 12.14 | 10.67 | 0.0 | 5.39 | 7.37 | 0.0 | 3.73 | 5.37 | 0.0 | 0.31 | -3.13 | 0.0 | 17.88 | 18.8 | 0.0 | 40.25 | -18.75 | 0.0 | 81.93 | 0.45 | 0.0 | 17.47 | -5.26 | 0.0 | 9.45 | 9.12 | 0.0 |
| 19Q2 (2) | 15.06 | 19.71 | 0.0 | 10.65 | 21.44 | 0.0 | 13.02 | 50.17 | 0.0 | 10.97 | 58.3 | 0.0 | 5.02 | 115.45 | 0.0 | 3.54 | 105.81 | 0.0 | 0.32 | 28.0 | 0.0 | 15.05 | 29.52 | 0.0 | 49.54 | 43.89 | 0.0 | 81.56 | -19.6 | 0.0 | 18.44 | 1372.34 | 0.0 | 8.66 | -10.91 | 0.0 |
| 19Q1 (1) | 12.58 | 0.0 | 0.0 | 8.77 | 0.0 | 0.0 | 8.67 | 0.0 | 0.0 | 6.93 | 0.0 | 0.0 | 2.33 | 0.0 | 0.0 | 1.72 | 0.0 | 0.0 | 0.25 | 0.0 | 0.0 | 11.62 | 0.0 | 0.0 | 34.43 | 0.0 | 0.0 | 101.45 | 0.0 | 0.0 | -1.45 | 0.0 | 0.0 | 9.72 | 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) | 16.31 | -8.16 | 11.06 | -12.22 | 3.00 | 12.79 | 14.21 | -18.19 | 11.55 | -14.32 | 13.48 | -33.4 | 10.22 | -30.0 | 0.88 | -18.52 | 17.21 | -14.21 | 28.79 | -18.44 | 77.73 | 7.19 | 22.07 | -19.7 | 0.03 | 6.5 | 10.55 | 8.21 |
| 2022 (9) | 17.76 | 5.15 | 12.60 | 3.11 | 2.66 | 18.4 | 17.37 | 40.65 | 13.48 | 32.81 | 20.24 | 23.49 | 14.60 | 27.96 | 1.08 | -3.57 | 20.06 | 37.4 | 35.30 | -16.73 | 72.52 | -26.63 | 27.48 | 2746.92 | 0.02 | -8.06 | 9.75 | -3.94 |
| 2021 (8) | 16.89 | -4.68 | 12.22 | -8.33 | 2.24 | 13.25 | 12.35 | 6.01 | 10.15 | 8.21 | 16.39 | 7.97 | 11.41 | 4.78 | 1.12 | -3.45 | 14.60 | 7.04 | 42.39 | -5.8 | 98.84 | -13.61 | 0.97 | 0 | 0.03 | -3.55 | 10.15 | 18.85 |
| 2020 (7) | 17.72 | 15.51 | 13.33 | 22.18 | 1.98 | -13.32 | 11.65 | -0.6 | 9.38 | -0.21 | 15.18 | 0.66 | 10.89 | -2.33 | 1.16 | -2.52 | 13.64 | -2.71 | 45.00 | 33.73 | 114.41 | 22.66 | -14.41 | 0 | 0.03 | 0 | 8.54 | -6.15 |
| 2019 (6) | 15.34 | 10.76 | 10.91 | 16.81 | 2.28 | -10.68 | 11.72 | 1.74 | 9.40 | 2.29 | 15.08 | 1.69 | 11.15 | 4.79 | 1.19 | 2.59 | 14.02 | -0.57 | 33.65 | -9.35 | 93.27 | 15.03 | 6.95 | -63.25 | 0.00 | 0 | 9.10 | 4.72 |
| 2018 (5) | 13.85 | -9.48 | 9.34 | -16.68 | 2.56 | -20.14 | 11.52 | 19.63 | 9.19 | 11.66 | 14.83 | -3.26 | 10.64 | 7.8 | 1.16 | -2.52 | 14.10 | 9.56 | 37.12 | -11.07 | 81.09 | -30.21 | 18.91 | 0 | 0.03 | 0 | 8.69 | 0.23 |
| 2017 (4) | 15.30 | 10.07 | 11.21 | 19.51 | 3.20 | -25.7 | 9.63 | -12.37 | 8.23 | -4.19 | 15.33 | -4.01 | 9.87 | 0.61 | 1.19 | 7.21 | 12.87 | -17.39 | 41.74 | -43.78 | 116.19 | 36.08 | -16.19 | 0 | 0.00 | 0 | 8.67 | -6.87 |
| 2016 (3) | 13.90 | 11.11 | 9.38 | 18.28 | 4.31 | 1.18 | 10.99 | 22.93 | 8.59 | 23.78 | 15.97 | 6.89 | 9.81 | 7.57 | 1.11 | -13.28 | 15.58 | 15.84 | 74.25 | 22.81 | 85.39 | -3.83 | 14.61 | 26.78 | 0.00 | 0 | 9.31 | -4.32 |
| 2015 (2) | 12.51 | -12.03 | 7.93 | -15.1 | 4.26 | 10.44 | 8.94 | -12.18 | 6.94 | -9.4 | 14.94 | -8.9 | 9.12 | -8.71 | 1.28 | 0.0 | 13.45 | -5.61 | 60.46 | -22.06 | 88.79 | -3.12 | 11.53 | 37.91 | 0.00 | 0 | 9.73 | -3.18 |
| 2014 (1) | 14.22 | 0 | 9.34 | 0 | 3.86 | 4.7 | 10.18 | 0 | 7.66 | 0 | 16.40 | 0 | 9.99 | 0 | 1.28 | -21.47 | 14.25 | 15.38 | 77.57 | 38.72 | 91.64 | 0.4 | 8.36 | -4.2 | 0.00 | 0 | 10.05 | 7.37 |
