- 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) | 66.15 | -13.57 | 2.56 | -106.99 | -293.35 | -113.98 | 450.59 | 1516.76 | 1345.07 | 448.01 | 1599.58 | 1352.82 | 13.99 | 1271.57 | 1159.85 | 13.16 | 1256.7 | 1187.6 | 0.03 | -25.0 | 0.0 | 463.64 | 1158.52 | 1954.56 | 6.51 | 7.25 | -15.67 | -23.49 | 74.16 | -116.96 | 124.16 | -34.96 | 422.82 | 123.65 | 68.58 | 40.18 |
| 23Q3 (19) | 76.54 | 9.77 | 26.16 | -27.20 | 36.69 | 65.5 | 27.87 | -47.32 | 145.16 | 26.36 | -49.24 | 142.54 | 1.02 | -47.42 | 143.4 | 0.97 | -47.28 | 146.19 | 0.04 | 0.0 | 33.33 | 36.84 | -42.34 | 168.16 | 6.07 | 4.3 | -28.76 | -90.91 | -7.95 | -172.1 | 190.91 | 3.64 | 831.82 | 73.35 | -12.92 | -33.37 |
| 23Q2 (18) | 69.73 | 7.34 | 10.88 | -42.96 | 37.29 | -26.09 | 52.90 | 204.07 | 187.34 | 51.93 | 193.21 | 183.41 | 1.94 | 219.75 | 171.32 | 1.84 | 221.85 | 175.72 | 0.04 | 33.33 | 0.0 | 63.89 | 278.91 | 222.68 | 5.82 | -5.67 | -59.36 | -84.21 | -162.05 | -252.63 | 184.21 | 615.79 | 310.93 | 84.23 | -18.28 | 8.4 |
| 23Q1 (17) | 64.96 | 0.71 | -10.14 | -68.51 | -37.02 | -70.38 | -50.83 | -40.45 | -97.32 | -55.71 | -55.79 | -112.31 | -1.62 | -22.73 | -28.57 | -1.51 | -24.79 | -36.04 | 0.03 | 0.0 | -25.0 | -35.71 | -42.84 | -114.22 | 6.17 | -20.08 | -34.43 | 135.71 | -1.98 | -14.29 | -35.71 | 7.14 | 38.78 | 103.07 | 16.85 | 25.24 |
| 22Q4 (16) | 64.50 | 6.31 | 43.75 | -50.00 | 36.59 | 32.94 | -36.19 | 41.36 | -905.28 | -35.76 | 42.29 | 6.88 | -1.32 | 43.83 | 54.17 | -1.21 | 42.38 | 51.01 | 0.03 | 0.0 | -50.0 | -25.00 | 53.75 | -812.25 | 7.72 | -9.39 | -58.43 | 138.46 | 9.81 | -93.56 | -38.46 | -47.44 | 98.12 | 88.21 | -19.87 | 13.64 |
| 22Q3 (15) | 60.67 | -3.53 | -11.28 | -78.85 | -131.44 | -75.07 | -61.72 | -1.9 | -90.2 | -61.97 | 0.47 | -87.67 | -2.35 | 13.6 | -22.4 | -2.10 | 13.58 | -24.26 | 0.03 | -25.0 | -40.0 | -54.05 | -3.78 | -116.2 | 8.52 | -40.5 | -36.61 | 126.09 | 128.53 | -11.74 | -26.09 | -158.19 | 26.96 | 110.09 | 41.69 | 26.6 |
| 22Q2 (14) | 62.89 | -13.0 | -8.54 | -34.07 | 15.27 | 37.81 | -60.57 | -135.13 | -226.53 | -62.26 | -137.27 | -224.84 | -2.72 | -115.87 | -199.63 | -2.43 | -118.92 | -200.0 | 0.04 | 0.0 | -20.0 | -52.08 | -212.42 | -194.69 | 14.32 | 52.18 | 13.47 | 55.17 | -65.15 | 147.65 | 44.83 | 176.85 | -79.23 | 77.70 | -5.59 | -10.76 |
| 22Q1 (13) | 72.29 | 61.11 | 14.76 | -40.21 | 46.07 | 13.4 | -25.76 | -615.56 | -405.94 | -26.24 | 31.67 | -618.58 | -1.26 | 56.25 | -506.45 | -1.11 | 55.06 | -496.43 | 0.04 | -33.33 | -20.0 | -16.67 | -574.93 | -200.0 | 9.41 | -49.33 | -26.31 | 158.33 | -92.64 | 131.67 | -58.33 | 97.15 | -110.14 | 82.30 | 6.03 | -8.66 |
| 21Q4 (12) | 44.87 | -34.38 | -10.64 | -74.56 | -65.54 | -155.78 | -3.60 | 88.91 | -107.33 | -38.40 | -16.29 | -177.06 | -2.88 | -50.0 | -161.41 | -2.47 | -46.15 | -159.52 | 0.06 | 20.0 | -25.0 | 3.51 | 114.04 | -93.5 | 18.57 | 38.17 | 12.27 | 2150.00 | 1405.0 | 3802.78 | -2050.00 | -5640.0 | -1396.94 | 77.62 | -10.74 | 32.68 |
| 21Q3 (11) | 68.38 | -0.55 | 72.98 | -45.04 | 17.78 | -68.06 | -32.45 | -167.79 | -47.5 | -33.02 | -166.21 | -48.07 | -1.92 | -170.33 | 22.58 | -1.69 | -169.55 | 25.22 | 0.05 | 0.0 | -50.0 | -25.00 | -145.45 | -49.97 | 13.44 | 6.5 | 38.41 | 142.86 | 223.38 | 20.3 | -35.71 | -116.55 | -90.48 | 86.96 | -0.13 | 68.36 |
| 21Q2 (10) | 68.76 | 9.16 | -5.22 | -54.78 | -17.98 | -88.31 | 47.87 | 468.53 | 373.54 | 49.87 | 885.57 | 375.22 | 2.73 | 780.65 | 311.63 | 2.43 | 767.86 | 309.48 | 0.05 | 0.0 | -16.67 | 55.00 | 229.93 | 616.92 | 12.62 | -1.17 | 29.97 | -115.79 | 76.84 | -166.17 | 215.79 | -62.47 | 445.26 | 87.07 | -3.36 | 0 |
| 21Q1 (9) | 62.99 | 25.45 | 0.24 | -46.43 | -59.28 | 27.58 | 8.42 | -82.85 | 113.44 | 5.06 | -89.85 | 108.0 | 0.31 | -93.39 | 108.88 | 0.28 | -93.25 | 109.06 | 0.05 | -37.5 | 0.0 | 16.67 | -69.11 | 130.84 | 12.77 | -22.79 | 12.02 | -500.00 | -761.11 | -579.17 | 575.00 | 263.78 | 13325.0 | 90.10 | 54.02 | 0 |
| 20Q4 (8) | 50.21 | 27.02 | -25.42 | -29.15 | -8.77 | -451.04 | 49.09 | 323.14 | -12.1 | 49.83 | 323.45 | -9.45 | 4.69 | 289.11 | -31.93 | 4.15 | 283.63 | -32.3 | 0.08 | -20.0 | -27.27 | 53.97 | 423.76 | -9.32 | 16.54 | 70.34 | 16.23 | -58.06 | -148.9 | -582.26 | 158.06 | 943.01 | 42.87 | 58.50 | 13.26 | 18.76 |
| 20Q3 (7) | 39.53 | -45.51 | -46.16 | -26.80 | 7.87 | -18.11 | -22.00 | -25.71 | -24.15 | -22.30 | -23.07 | -22.87 | -2.48 | -92.25 | -77.14 | -2.26 | -94.83 | -83.74 | 0.10 | 66.67 | 42.86 | -16.67 | -56.67 | -70.1 | 9.71 | 0.0 | -11.08 | 118.75 | -32.14 | -10.94 | -18.75 | 70.0 | 43.75 | 51.65 | 0 | -12.29 |
| 20Q2 (6) | 72.55 | 15.45 | 15.21 | -29.09 | 54.62 | 12.01 | -17.50 | 72.08 | 44.97 | -18.12 | 71.36 | 43.09 | -1.29 | 63.04 | 43.42 | -1.16 | 62.46 | 42.57 | 0.06 | 20.0 | 0.0 | -10.64 | 80.31 | 55.67 | 9.71 | -14.82 | -35.61 | 175.00 | 67.71 | 75.0 | -62.50 | -1337.5 | -900.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 62.84 | -6.65 | 3.0 | -64.11 | -1111.91 | -186.72 | -62.67 | -212.21 | -198.14 | -63.27 | -214.97 | -196.49 | -3.49 | -150.65 | -105.29 | -3.09 | -150.41 | -101.96 | 0.05 | -54.55 | -28.57 | -54.05 | -190.81 | -284.97 | 11.40 | -19.89 | 10.68 | 104.35 | 1326.09 | -3.68 | -4.35 | -103.93 | 47.83 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 67.32 | -8.31 | 0.0 | -5.29 | 76.69 | 0.0 | 55.85 | 415.18 | 0.0 | 55.03 | 403.2 | 0.0 | 6.89 | 592.14 | 0.0 | 6.13 | 598.37 | 0.0 | 0.11 | 57.14 | 0.0 | 59.52 | 707.35 | 0.0 | 14.23 | 30.31 | 0.0 | -8.51 | -106.38 | 0.0 | 110.64 | 431.91 | 0.0 | 49.26 | -16.35 | 0.0 |
| 19Q3 (3) | 73.42 | 16.6 | 0.0 | -22.69 | 31.37 | 0.0 | -17.72 | 44.28 | 0.0 | -18.15 | 43.0 | 0.0 | -1.40 | 38.6 | 0.0 | -1.23 | 39.11 | 0.0 | 0.07 | 16.67 | 0.0 | -9.80 | 59.17 | 0.0 | 10.92 | -27.59 | 0.0 | 133.33 | 33.33 | 0.0 | -33.33 | -433.33 | 0.0 | 58.89 | -18.72 | 0.0 |
| 19Q2 (2) | 62.97 | 3.21 | 0.0 | -33.06 | -47.85 | 0.0 | -31.80 | -51.28 | 0.0 | -31.84 | -49.2 | 0.0 | -2.28 | -34.12 | 0.0 | -2.02 | -32.03 | 0.0 | 0.06 | -14.29 | 0.0 | -24.00 | -70.94 | 0.0 | 15.08 | 46.41 | 0.0 | 100.00 | -7.69 | 0.0 | -6.25 | 25.0 | 0.0 | 72.45 | 14.18 | 0.0 |
| 19Q1 (1) | 61.01 | 0.0 | 0.0 | -22.36 | 0.0 | 0.0 | -21.02 | 0.0 | 0.0 | -21.34 | 0.0 | 0.0 | -1.70 | 0.0 | 0.0 | -1.53 | 0.0 | 0.0 | 0.07 | 0.0 | 0.0 | -14.04 | 0.0 | 0.0 | 10.30 | 0.0 | 0.0 | 108.33 | 0.0 | 0.0 | -8.33 | 0.0 | 0.0 | 63.45 | 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) | 69.78 | 6.68 | -59.47 | 0 | 10.37 | 25.19 | 121.62 | 0 | 119.30 | 0 | 15.38 | 0 | 14.38 | 0 | 0.12 | -29.41 | 133.33 | 0 | 6.51 | -15.67 | -49.09 | 0 | 148.48 | 0 | 0.08 | -14.29 | 94.71 | 7.19 |
| 2022 (9) | 65.41 | 9.29 | -49.04 | 0 | 8.28 | 16.61 | -45.80 | 0 | -46.39 | 0 | -8.96 | 0 | -7.92 | 0 | 0.17 | -19.05 | -37.28 | 0 | 7.72 | -58.43 | 107.79 | 0 | -6.49 | 0 | 0.10 | -90.06 | 88.36 | 4.22 |
| 2021 (8) | 59.85 | 11.6 | -56.73 | 0 | 7.10 | 19.67 | 3.43 | 0 | -7.96 | 0 | -1.98 | 0 | -1.64 | 0 | 0.21 | -25.0 | 11.48 | 0 | 18.57 | 12.27 | -1733.33 | 0 | 1833.33 | 0 | 0.97 | -13.67 | 84.78 | 25.14 |
| 2020 (7) | 53.63 | -19.01 | -34.33 | 0 | 5.94 | 3.03 | -7.63 | 0 | -7.75 | 0 | -2.46 | 0 | -2.11 | 0 | 0.28 | -9.68 | -1.37 | 0 | 16.54 | 16.23 | 441.18 | 0 | -341.18 | 0 | 1.12 | -2.0 | 67.75 | 14.06 |
| 2019 (6) | 66.22 | -4.06 | -18.69 | 0 | 5.76 | 69.96 | 4.20 | -76.86 | 3.74 | -78.75 | 1.29 | -79.52 | 1.18 | -79.33 | 0.31 | -3.13 | 10.29 | -52.38 | 14.23 | 38.56 | -450.00 | 0 | 560.00 | 186.67 | 1.15 | 82.98 | 59.40 | -5.91 |
| 2018 (5) | 69.02 | -9.88 | -17.47 | 0 | 3.39 | -2.54 | 18.15 | 136.64 | 17.60 | 159.2 | 6.30 | 130.77 | 5.71 | 129.32 | 0.32 | -13.51 | 21.61 | 91.24 | 10.27 | -0.48 | -95.35 | 0 | 195.35 | -4.97 | 0.63 | 0 | 63.13 | 3.71 |
| 2017 (4) | 76.59 | 3.43 | -8.62 | 0 | 3.48 | 111.3 | 7.67 | 3.09 | 6.79 | 4.78 | 2.73 | -5.86 | 2.49 | -6.39 | 0.37 | -9.76 | 11.30 | 19.32 | 10.32 | 15.82 | -111.11 | 0 | 205.56 | 42.31 | 0.00 | 0 | 60.87 | 7.77 |
| 2016 (3) | 74.05 | 13.54 | -3.24 | 0 | 1.65 | -2.22 | 7.44 | -12.88 | 6.48 | -17.45 | 2.90 | -35.41 | 2.66 | -34.16 | 0.41 | -21.15 | 9.47 | -9.29 | 8.91 | -3.88 | -44.44 | 0 | 144.44 | 90.06 | 0.00 | 0 | 56.48 | 27.29 |
| 2015 (2) | 65.22 | -0.84 | 2.27 | 0 | 1.68 | -25.93 | 8.54 | 74.64 | 7.85 | 97.73 | 4.49 | 111.79 | 4.04 | 114.89 | 0.52 | 10.64 | 10.44 | 37.73 | 9.27 | -28.53 | 28.00 | 0 | 76.00 | -71.77 | 0.00 | 0 | 44.37 | -16.25 |
| 2014 (1) | 65.77 | 0 | -8.32 | 0 | 2.27 | 25.91 | 4.89 | 0 | 3.97 | 0 | 2.12 | 0 | 1.88 | 0 | 0.47 | 2.17 | 7.58 | 0 | 12.97 | -10.37 | -169.23 | 0 | 269.23 | 761.54 | 0.00 | 0 | 52.98 | -1.6 |
