- 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) | 13.52 | -10.64 | -11.52 | 6.66 | -31.76 | -26.49 | 4.98 | -49.8 | -36.48 | 4.20 | -43.4 | -30.35 | 1.83 | -45.86 | -33.45 | 1.17 | -41.79 | -28.66 | 0.24 | -4.0 | -4.0 | 9.53 | -33.31 | -22.01 | 78.72 | -1.72 | 0.55 | 133.98 | 35.92 | 15.84 | -33.98 | -2478.64 | -116.95 | 8.70 | 16.62 | 8.48 |
| 23Q3 (19) | 15.13 | 9.32 | -0.33 | 9.76 | 27.25 | -1.81 | 9.92 | 34.24 | -4.25 | 7.42 | 54.58 | -8.28 | 3.38 | 88.83 | -20.09 | 2.01 | 71.79 | -12.61 | 0.25 | 19.05 | -7.41 | 14.29 | 12.08 | -0.14 | 80.10 | -3.33 | -11.04 | 98.57 | -4.42 | 2.38 | 1.43 | 136.57 | -65.43 | 7.46 | -13.36 | -1.84 |
| 23Q2 (18) | 13.84 | 20.77 | -15.2 | 7.67 | 32.7 | -28.05 | 7.39 | 49.9 | -29.95 | 4.80 | 22.76 | -36.93 | 1.79 | 29.71 | -53.51 | 1.17 | 24.47 | -43.75 | 0.21 | 5.0 | -19.23 | 12.75 | 19.61 | -12.79 | 82.86 | 10.45 | -19.19 | 103.12 | -11.91 | 2.26 | -3.91 | 77.12 | -362.89 | 8.61 | 7.76 | 9.68 |
| 23Q1 (17) | 11.46 | -25.0 | -32.59 | 5.78 | -36.2 | -49.7 | 4.93 | -37.12 | -57.24 | 3.91 | -35.16 | -56.6 | 1.38 | -49.82 | -71.19 | 0.94 | -42.68 | -62.99 | 0.20 | -20.0 | -25.93 | 10.66 | -12.77 | -29.64 | 75.02 | -4.18 | -20.06 | 117.07 | 1.22 | 17.51 | -17.07 | -9.01 | -4692.68 | 7.99 | -0.37 | 19.43 |
| 22Q4 (16) | 15.28 | 0.66 | -5.33 | 9.06 | -8.85 | -13.96 | 7.84 | -24.32 | -21.91 | 6.03 | -25.46 | -24.06 | 2.75 | -34.99 | -38.75 | 1.64 | -28.7 | -29.91 | 0.25 | -7.41 | -10.71 | 12.22 | -14.61 | -10.28 | 78.29 | -13.05 | -23.43 | 115.66 | 20.13 | 10.09 | -15.66 | -479.04 | -209.34 | 8.02 | 5.53 | 10.32 |
| 22Q3 (15) | 15.18 | -6.99 | -19.47 | 9.94 | -6.75 | -22.71 | 10.36 | -1.8 | -15.57 | 8.09 | 6.31 | -13.48 | 4.23 | 9.87 | -18.18 | 2.30 | 10.58 | -14.18 | 0.27 | 3.85 | 0.0 | 14.31 | -2.12 | -10.95 | 90.04 | -12.19 | -12.95 | 96.28 | -4.52 | -8.11 | 4.13 | 589.67 | 186.46 | 7.60 | -3.18 | 2.43 |
| 22Q2 (14) | 16.32 | -4.0 | -11.74 | 10.66 | -7.22 | -18.63 | 10.55 | -8.5 | -14.92 | 7.61 | -15.54 | -23.21 | 3.85 | -19.62 | -32.34 | 2.08 | -18.11 | -29.49 | 0.26 | -3.7 | -7.14 | 14.62 | -3.5 | -10.25 | 102.54 | 9.26 | -1.14 | 100.84 | 1.22 | -4.76 | -0.84 | -327.0 | 84.7 | 7.85 | 17.34 | 15.78 |
| 22Q1 (13) | 17.00 | 5.33 | 4.68 | 11.49 | 9.12 | 3.05 | 11.53 | 14.84 | 10.65 | 9.01 | 13.48 | 10.42 | 4.79 | 6.68 | 15.42 | 2.54 | 8.55 | 14.41 | 0.27 | -3.57 | 8.0 | 15.15 | 11.23 | 2.36 | 93.85 | -8.21 | -8.01 | 99.63 | -5.17 | -7.08 | 0.37 | 107.34 | 105.15 | 6.69 | -7.98 | -4.15 |
| 21Q4 (12) | 16.14 | -14.38 | 4.13 | 10.53 | -18.12 | 3.03 | 10.04 | -18.17 | 6.58 | 7.94 | -15.08 | 8.77 | 4.49 | -13.15 | 26.84 | 2.34 | -12.69 | 22.51 | 0.28 | 3.7 | 16.67 | 13.62 | -15.25 | -3.13 | 102.24 | -1.15 | 4.9 | 105.06 | 0.27 | -3.34 | -5.06 | -5.94 | 41.77 | 7.27 | -2.02 | 0.55 |
| 21Q3 (11) | 18.85 | 1.95 | 27.11 | 12.86 | -1.83 | 43.69 | 12.27 | -1.05 | 35.73 | 9.35 | -5.65 | 24.5 | 5.17 | -9.14 | 48.99 | 2.68 | -9.15 | 46.45 | 0.27 | -3.57 | 17.39 | 16.07 | -1.35 | 15.36 | 103.43 | -0.28 | -0.53 | 104.78 | -1.04 | 6.28 | -4.78 | 13.33 | -778.68 | 7.42 | 9.44 | 1.37 |
| 21Q2 (10) | 18.49 | 13.85 | 55.12 | 13.10 | 17.49 | 133.1 | 12.40 | 19.0 | 193.14 | 9.91 | 21.45 | 179.15 | 5.69 | 37.11 | 334.35 | 2.95 | 32.88 | 283.12 | 0.28 | 12.0 | 55.56 | 16.29 | 10.07 | 54.41 | 103.72 | 1.67 | -2.31 | 105.88 | -1.24 | -20.2 | -5.51 | 23.58 | 83.13 | 6.78 | -2.87 | -17.01 |
| 21Q1 (9) | 16.24 | 4.77 | 67.94 | 11.15 | 9.1 | 194.2 | 10.42 | 10.62 | 221.6 | 8.16 | 11.78 | 227.71 | 4.15 | 17.23 | 346.24 | 2.22 | 16.23 | 263.93 | 0.25 | 4.17 | 38.89 | 14.80 | 5.26 | 52.11 | 102.02 | 4.68 | -7.32 | 107.22 | -1.36 | -8.42 | -7.22 | 17.01 | 57.73 | 6.98 | -3.46 | 0 |
| 20Q4 (8) | 15.50 | 4.52 | 23.8 | 10.22 | 14.19 | 40.0 | 9.42 | 4.2 | 53.92 | 7.30 | -2.8 | 45.42 | 3.54 | 2.02 | 35.63 | 1.91 | 4.37 | 36.43 | 0.24 | 4.35 | -4.0 | 14.06 | 0.93 | 29.7 | 97.46 | -6.27 | -12.03 | 108.70 | 10.25 | -9.28 | -8.70 | -1334.78 | 53.91 | 7.23 | -1.23 | 22.96 |
| 20Q3 (7) | 14.83 | 24.41 | 24.41 | 8.95 | 59.25 | 38.54 | 9.04 | 113.71 | 67.72 | 7.51 | 111.55 | 75.06 | 3.47 | 164.89 | 70.1 | 1.83 | 137.66 | 56.41 | 0.23 | 27.78 | 0.0 | 13.93 | 32.04 | 30.31 | 103.98 | -2.06 | -5.14 | 98.59 | -25.7 | -17.84 | 0.70 | 102.15 | 103.52 | 7.32 | -10.4 | -0.41 |
| 20Q2 (6) | 11.92 | 23.27 | 23.91 | 5.62 | 48.28 | 36.74 | 4.23 | 30.56 | 26.65 | 3.55 | 42.57 | 7.25 | 1.31 | 40.86 | -8.39 | 0.77 | 26.23 | -9.41 | 0.18 | 0.0 | -10.0 | 10.55 | 8.43 | 18.54 | 106.17 | -3.55 | -4.71 | 132.69 | 13.34 | 7.95 | -32.69 | -91.48 | -42.66 | 8.17 | 0 | 6.52 |
| 20Q1 (5) | 9.67 | -22.76 | -7.99 | 3.79 | -48.08 | -24.65 | 3.24 | -47.06 | -28.16 | 2.49 | -50.4 | -26.11 | 0.93 | -64.37 | -40.0 | 0.61 | -56.43 | -32.22 | 0.18 | -28.0 | -14.29 | 9.73 | -10.24 | -1.42 | 110.08 | -0.64 | -4.56 | 117.07 | -2.29 | 4.75 | -17.07 | 9.51 | -45.12 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 12.52 | 5.03 | 0.0 | 7.30 | 13.0 | 0.0 | 6.12 | 13.54 | 0.0 | 5.02 | 17.02 | 0.0 | 2.61 | 27.94 | 0.0 | 1.40 | 19.66 | 0.0 | 0.25 | 8.7 | 0.0 | 10.84 | 1.4 | 0.0 | 110.79 | 1.08 | 0.0 | 119.81 | -0.16 | 0.0 | -18.87 | 5.66 | 0.0 | 5.88 | -20.0 | 0.0 |
| 19Q3 (3) | 11.92 | 23.91 | 0.0 | 6.46 | 57.18 | 0.0 | 5.39 | 61.38 | 0.0 | 4.29 | 29.61 | 0.0 | 2.04 | 42.66 | 0.0 | 1.17 | 37.65 | 0.0 | 0.23 | 15.0 | 0.0 | 10.69 | 20.11 | 0.0 | 109.61 | -1.62 | 0.0 | 120.00 | -2.37 | 0.0 | -20.00 | 12.73 | 0.0 | 7.35 | -4.17 | 0.0 |
| 19Q2 (2) | 9.62 | -8.47 | 0.0 | 4.11 | -18.29 | 0.0 | 3.34 | -25.94 | 0.0 | 3.31 | -1.78 | 0.0 | 1.43 | -7.74 | 0.0 | 0.85 | -5.56 | 0.0 | 0.20 | -4.76 | 0.0 | 8.90 | -9.83 | 0.0 | 111.42 | -3.4 | 0.0 | 122.92 | 9.98 | 0.0 | -22.92 | -94.79 | 0.0 | 7.67 | -2.17 | 0.0 |
| 19Q1 (1) | 10.51 | 0.0 | 0.0 | 5.03 | 0.0 | 0.0 | 4.51 | 0.0 | 0.0 | 3.37 | 0.0 | 0.0 | 1.55 | 0.0 | 0.0 | 0.90 | 0.0 | 0.0 | 0.21 | 0.0 | 0.0 | 9.87 | 0.0 | 0.0 | 115.34 | 0.0 | 0.0 | 111.76 | 0.0 | 0.0 | -11.76 | 0.0 | 0.0 | 7.84 | 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) | 13.59 | -14.8 | 7.57 | -26.58 | 4.05 | 21.48 | 6.90 | -31.82 | 5.17 | -33.03 | 8.29 | -46.72 | 5.27 | -39.84 | 0.90 | -15.09 | 11.84 | -16.15 | 78.72 | 0.55 | 109.75 | 7.63 | -9.75 | 0 | 0.05 | 30.45 | 8.18 | 8.63 |
| 2022 (9) | 15.95 | -8.6 | 10.31 | -13.43 | 3.33 | 2.84 | 10.12 | -10.36 | 7.72 | -12.77 | 15.56 | -19.63 | 8.76 | -14.45 | 1.06 | -2.75 | 14.12 | -6.98 | 78.29 | -23.43 | 101.97 | -3.38 | -1.97 | 0 | 0.04 | 55.33 | 7.53 | 5.76 |
| 2021 (8) | 17.45 | 31.3 | 11.91 | 59.01 | 3.24 | -28.97 | 11.29 | 64.58 | 8.85 | 60.62 | 19.36 | 112.75 | 10.24 | 102.77 | 1.09 | 34.57 | 15.18 | 22.91 | 102.24 | 4.9 | 105.53 | -3.26 | -5.53 | 0 | 0.02 | -44.91 | 7.12 | -7.41 |
| 2020 (7) | 13.29 | 18.45 | 7.49 | 28.92 | 4.56 | 9.49 | 6.86 | 39.71 | 5.51 | 36.05 | 9.10 | 19.42 | 5.05 | 19.1 | 0.81 | -6.9 | 12.35 | 22.16 | 97.46 | -12.03 | 109.09 | -7.74 | -9.09 | 0 | 0.04 | 197.44 | 7.69 | 7.85 |
| 2019 (6) | 11.22 | -17.01 | 5.81 | -28.36 | 4.17 | 41.46 | 4.91 | -31.04 | 4.05 | -16.15 | 7.62 | -35.09 | 4.24 | -32.27 | 0.87 | -23.01 | 10.11 | -7.84 | 110.79 | -8.81 | 118.24 | 3.79 | -18.24 | 0 | 0.01 | 2.0 | 7.13 | 5.63 |
| 2018 (5) | 13.52 | -1.17 | 8.11 | -5.7 | 2.95 | -1.08 | 7.12 | -10.44 | 4.83 | -18.0 | 11.74 | -15.72 | 6.26 | -16.2 | 1.13 | -0.88 | 10.97 | -6.64 | 121.50 | 12.29 | 113.92 | 5.23 | -13.92 | 0 | 0.01 | 0 | 6.75 | -2.03 |
| 2017 (4) | 13.68 | -12.7 | 8.60 | -17.47 | 2.98 | -4.55 | 7.95 | -16.14 | 5.89 | -14.14 | 13.93 | -10.3 | 7.47 | -12.43 | 1.14 | 0.0 | 11.75 | -11.85 | 108.20 | 0.57 | 108.26 | -1.51 | -8.26 | 0 | 0.00 | 0 | 6.89 | -7.76 |
| 2016 (3) | 15.67 | 27.5 | 10.42 | 43.92 | 3.12 | -0.11 | 9.48 | 51.44 | 6.86 | 44.42 | 15.53 | 51.96 | 8.53 | 45.32 | 1.14 | 2.7 | 13.33 | 32.24 | 107.59 | 23.06 | 109.91 | -4.92 | -9.91 | 0 | 0.00 | 0 | 7.47 | 11.66 |
| 2015 (2) | 12.29 | -2.46 | 7.24 | -7.77 | 3.12 | 37.22 | 6.26 | -11.33 | 4.75 | -8.83 | 10.22 | -23.73 | 5.87 | -20.68 | 1.11 | -11.2 | 10.08 | -1.08 | 87.43 | -14.64 | 115.60 | 3.83 | -15.60 | 0 | 0.00 | 0 | 6.69 | 12.25 |
| 2014 (1) | 12.60 | 0 | 7.85 | 0 | 2.28 | -10.84 | 7.06 | 0 | 5.21 | 0 | 13.40 | 0 | 7.40 | 0 | 1.25 | -0.79 | 10.19 | 6.26 | 102.42 | -5.55 | 111.34 | 4.57 | -11.08 | 0 | 0.00 | 0 | 5.96 | 5.67 |
