- 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) | 49.64 | -9.99 | 14.62 | 13.41 | -40.64 | 41.31 | 13.77 | -44.39 | 34.08 | 11.29 | -44.74 | 20.23 | 7.92 | -30.95 | 16.13 | 4.99 | -34.34 | 16.05 | 0.44 | 18.92 | -2.22 | 15.75 | -42.03 | 31.47 | 68.10 | 30.53 | -2.3 | 98.00 | 7.8 | 6.65 | 2.00 | -78.0 | -75.33 | 48.28 | 9.93 | 7.05 |
| 23Q3 (19) | 55.15 | 16.42 | 11.17 | 22.59 | 52.84 | 5.36 | 24.76 | 62.68 | 19.21 | 20.43 | 58.99 | 18.37 | 11.47 | 69.17 | 19.48 | 7.60 | 79.67 | 21.6 | 0.37 | 12.12 | 2.78 | 27.17 | 51.11 | 16.06 | 52.17 | 1.2 | 5.12 | 90.91 | -6.42 | -12.46 | 9.09 | 218.18 | 336.36 | 43.92 | -6.17 | -0.2 |
| 23Q2 (18) | 47.37 | -5.34 | 7.29 | 14.78 | 726.27 | 19.1 | 15.22 | 486.29 | 20.89 | 12.85 | 504.09 | 20.21 | 6.78 | 771.29 | 48.68 | 4.23 | 869.09 | 37.79 | 0.33 | 73.68 | 17.86 | 17.98 | 0 | 14.81 | 51.55 | -29.98 | -14.37 | 97.14 | 45.71 | -2.86 | 2.86 | -91.43 | 0 | 46.81 | -32.56 | -9.19 |
| 23Q1 (17) | 50.04 | 15.54 | 1.09 | -2.36 | -124.87 | -177.89 | -3.94 | -138.36 | -350.96 | -3.18 | -133.87 | -711.54 | -1.01 | -114.81 | -661.11 | -0.55 | -112.79 | -492.86 | 0.19 | -57.78 | -13.64 | 0.00 | -100.0 | -100.0 | 73.62 | 5.62 | 79.78 | 66.67 | -27.45 | -60.0 | 33.33 | 311.11 | 150.0 | 69.41 | 53.9 | 11.61 |
| 22Q4 (16) | 43.31 | -12.7 | -5.17 | 9.49 | -55.74 | -19.51 | 10.27 | -50.55 | -15.12 | 9.39 | -45.6 | -15.56 | 6.82 | -28.96 | -12.34 | 4.30 | -31.2 | -15.19 | 0.45 | 25.0 | 0.0 | 11.98 | -48.83 | -15.4 | 69.70 | 40.44 | 8.91 | 91.89 | -11.51 | -5.75 | 8.11 | 310.81 | 224.32 | 45.10 | 2.48 | -4.35 |
| 22Q3 (15) | 49.61 | 12.37 | 9.83 | 21.44 | 72.76 | 29.55 | 20.77 | 64.97 | 23.41 | 17.26 | 61.46 | 25.8 | 9.60 | 110.53 | 39.13 | 6.25 | 103.58 | 26.52 | 0.36 | 28.57 | 0.0 | 23.41 | 49.49 | 18.47 | 49.63 | -17.56 | 14.17 | 103.85 | 3.85 | 6.38 | -3.85 | 0 | -261.54 | 44.01 | -14.63 | -4.7 |
| 22Q2 (14) | 44.15 | -10.81 | 6.82 | 12.41 | 309.57 | 101.79 | 12.59 | 701.91 | 122.83 | 10.69 | 1955.77 | 126.0 | 4.56 | 2433.33 | 133.85 | 3.07 | 2092.86 | 122.46 | 0.28 | 27.27 | -3.45 | 15.66 | 188.93 | 78.77 | 60.20 | 47.01 | 55.8 | 100.00 | -40.0 | -7.69 | 0.00 | 100.0 | 100.0 | 51.55 | -17.11 | -4.0 |
| 22Q1 (13) | 49.50 | 8.39 | 6.64 | 3.03 | -74.3 | -65.65 | 1.57 | -87.02 | -82.2 | 0.52 | -95.32 | -91.76 | 0.18 | -97.69 | -92.89 | 0.14 | -97.24 | -91.36 | 0.22 | -51.11 | -12.0 | 5.42 | -61.72 | -55.13 | 40.95 | -36.02 | -16.62 | 166.67 | 70.94 | 66.67 | -66.67 | -2766.67 | 0 | 62.19 | 31.9 | 10.74 |
| 21Q4 (12) | 45.67 | 1.11 | 2.98 | 11.79 | -28.76 | -17.84 | 12.10 | -28.1 | -16.15 | 11.12 | -18.95 | -15.37 | 7.78 | 12.75 | -15.71 | 5.07 | 2.63 | -7.48 | 0.45 | 25.0 | 9.76 | 14.16 | -28.34 | -13.5 | 64.00 | 47.23 | -6.77 | 97.50 | -0.12 | -2.5 | 2.50 | 5.0 | 0 | 47.15 | 2.1 | 10.73 |
| 21Q3 (11) | 45.17 | 9.29 | -4.0 | 16.55 | 169.11 | -20.62 | 16.83 | 197.88 | -21.68 | 13.72 | 190.06 | -23.01 | 6.90 | 253.85 | -40.77 | 4.94 | 257.97 | -27.03 | 0.36 | 24.14 | -5.26 | 19.76 | 125.57 | -18.11 | 43.47 | 12.5 | -38.28 | 97.62 | -9.89 | -0.75 | 2.38 | 128.57 | -27.38 | 46.18 | -14.0 | 0.98 |
| 21Q2 (10) | 41.33 | -10.97 | -3.55 | 6.15 | -30.27 | -30.82 | 5.65 | -35.94 | -34.0 | 4.73 | -25.04 | -34.94 | 1.95 | -22.92 | -43.97 | 1.38 | -14.81 | -36.41 | 0.29 | 16.0 | 0.0 | 8.76 | -27.48 | -28.55 | 38.64 | -21.32 | -49.3 | 108.33 | 8.33 | 2.63 | -8.33 | 0 | -50.0 | 53.70 | -4.38 | 0 |
| 21Q1 (9) | 46.42 | 4.67 | -9.53 | 8.82 | -38.54 | 262.96 | 8.82 | -38.88 | 276.92 | 6.31 | -51.98 | 220.3 | 2.53 | -72.59 | 261.43 | 1.62 | -70.44 | 244.68 | 0.25 | -39.02 | 13.64 | 12.08 | -26.21 | 85.56 | 49.11 | -28.46 | -3.42 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0 | 56.16 | 31.89 | -15.11 |
| 20Q4 (8) | 44.35 | -5.74 | 2.88 | 14.35 | -31.18 | 46.73 | 14.43 | -32.85 | 48.46 | 13.14 | -26.26 | 41.9 | 9.23 | -20.77 | 39.22 | 5.48 | -19.05 | 39.44 | 0.41 | 7.89 | -2.38 | 16.37 | -32.16 | 34.62 | 68.65 | -2.53 | -12.11 | 100.00 | 1.67 | 0.0 | 0.00 | -100.0 | 0 | 42.58 | -6.89 | -4.55 |
| 20Q3 (7) | 47.05 | 9.8 | -13.37 | 20.85 | 134.53 | 22.43 | 21.49 | 151.05 | 27.76 | 17.82 | 145.12 | 22.31 | 11.65 | 234.77 | 50.71 | 6.77 | 211.98 | 44.04 | 0.38 | 31.03 | 18.75 | 24.13 | 96.82 | 19.57 | 70.43 | -7.6 | 12.15 | 98.36 | -6.82 | -4.16 | 3.28 | 159.02 | 0 | 45.73 | 0 | -9.23 |
| 20Q2 (6) | 42.85 | -16.49 | -11.94 | 8.89 | 265.84 | -19.18 | 8.56 | 265.81 | -18.94 | 7.27 | 269.04 | -8.32 | 3.48 | 397.14 | -5.18 | 2.17 | 361.7 | -7.26 | 0.29 | 31.82 | 0.0 | 12.26 | 88.33 | -12.43 | 76.22 | 49.89 | 8.01 | 105.56 | 5.56 | 0.76 | -5.56 | 0 | -16.67 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 51.31 | 19.02 | 3.07 | 2.43 | -75.15 | -70.4 | 2.34 | -75.93 | -65.84 | 1.97 | -78.73 | -61.97 | 0.70 | -89.44 | -66.51 | 0.47 | -88.04 | -66.19 | 0.22 | -47.62 | -15.38 | 6.51 | -46.46 | -38.35 | 50.85 | -34.9 | 0.18 | 100.00 | 0.0 | -20.0 | -0.00 | 0 | 100.0 | 66.16 | 48.31 | 24.76 |
| 19Q4 (4) | 43.11 | -20.62 | 0.0 | 9.78 | -42.57 | 0.0 | 9.72 | -42.21 | 0.0 | 9.26 | -36.44 | 0.0 | 6.63 | -14.23 | 0.0 | 3.93 | -16.38 | 0.0 | 0.42 | 31.25 | 0.0 | 12.16 | -39.74 | 0.0 | 78.11 | 24.38 | 0.0 | 100.00 | -2.56 | 0.0 | -0.00 | 0 | 0.0 | 44.61 | -11.45 | 0.0 |
| 19Q3 (3) | 54.31 | 11.61 | 0.0 | 17.03 | 54.82 | 0.0 | 16.82 | 59.28 | 0.0 | 14.57 | 83.73 | 0.0 | 7.73 | 110.63 | 0.0 | 4.70 | 100.85 | 0.0 | 0.32 | 10.34 | 0.0 | 20.18 | 44.14 | 0.0 | 62.80 | -11.01 | 0.0 | 102.63 | -2.03 | 0.0 | -0.00 | 100.0 | 0.0 | 50.38 | -4.47 | 0.0 |
| 19Q2 (2) | 48.66 | -2.25 | 0.0 | 11.00 | 33.98 | 0.0 | 10.56 | 54.16 | 0.0 | 7.93 | 53.09 | 0.0 | 3.67 | 75.6 | 0.0 | 2.34 | 68.35 | 0.0 | 0.29 | 11.54 | 0.0 | 14.00 | 32.58 | 0.0 | 70.57 | 39.03 | 0.0 | 104.76 | -16.19 | 0.0 | -4.76 | 71.43 | 0.0 | 52.74 | -0.55 | 0.0 |
| 19Q1 (1) | 49.78 | 0.0 | 0.0 | 8.21 | 0.0 | 0.0 | 6.85 | 0.0 | 0.0 | 5.18 | 0.0 | 0.0 | 2.09 | 0.0 | 0.0 | 1.39 | 0.0 | 0.0 | 0.26 | 0.0 | 0.0 | 10.56 | 0.0 | 0.0 | 50.76 | 0.0 | 0.0 | 125.00 | 0.0 | 0.0 | -16.67 | 0.0 | 0.0 | 53.03 | 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) | 50.64 | 9.71 | 13.81 | 14.42 | 1.89 | -7.65 | 14.38 | 20.13 | 11.92 | 17.21 | 22.77 | 15.64 | 13.65 | 14.51 | 1.13 | -2.59 | 16.93 | 16.36 | 68.10 | -2.3 | 96.53 | -4.29 | 4.17 | 0 | 2.77 | 15.35 | 49.92 | 1.79 |
| 2022 (9) | 46.16 | 3.13 | 12.07 | 8.45 | 2.05 | -10.55 | 11.97 | 6.97 | 10.17 | 8.31 | 19.69 | 4.79 | 11.92 | 4.56 | 1.16 | -3.33 | 14.55 | 4.38 | 69.70 | 8.91 | 100.85 | 0.85 | -0.85 | 0 | 2.41 | 8.38 | 49.04 | -2.29 |
| 2021 (8) | 44.76 | -2.63 | 11.13 | -14.71 | 2.29 | -3.69 | 11.19 | -15.03 | 9.39 | -17.34 | 18.79 | -19.36 | 11.40 | -16.11 | 1.20 | 1.69 | 13.94 | -13.2 | 64.00 | -6.77 | 100.00 | 0.76 | 0.89 | 18.75 | 2.22 | 138.32 | 50.19 | 2.12 |
| 2020 (7) | 45.97 | -4.82 | 13.05 | 13.48 | 2.38 | -2.99 | 13.17 | 18.97 | 11.36 | 19.83 | 23.30 | 20.1 | 13.59 | 17.05 | 1.18 | -1.67 | 16.06 | 13.26 | 68.65 | -12.11 | 99.25 | -4.43 | 0.75 | 0 | 0.93 | 12.42 | 49.15 | -0.87 |
| 2019 (6) | 48.30 | -4.77 | 11.50 | 30.24 | 2.45 | 175.33 | 11.07 | 19.93 | 9.48 | 16.89 | 19.40 | 29.42 | 11.61 | 25.79 | 1.20 | 7.14 | 14.18 | 28.09 | 78.11 | 27.55 | 103.85 | 9.87 | -3.85 | 0 | 0.83 | -46.3 | 49.58 | -9.33 |
| 2018 (5) | 50.72 | -2.87 | 8.83 | 24.19 | 0.89 | 4.05 | 9.23 | 59.14 | 8.11 | 64.84 | 14.99 | 73.29 | 9.23 | 72.52 | 1.12 | 6.67 | 11.07 | 46.43 | 61.24 | -12.44 | 94.52 | -22.49 | 4.11 | 0 | 1.54 | 0 | 54.68 | -6.19 |
| 2017 (4) | 52.22 | 2.84 | 7.11 | 20.92 | 0.86 | 15.38 | 5.80 | 8.61 | 4.92 | 13.36 | 8.65 | 15.49 | 5.35 | 11.0 | 1.05 | -0.94 | 7.56 | -0.13 | 69.94 | 6.49 | 121.95 | 9.76 | -21.95 | 0 | 0.00 | 0 | 58.29 | 0.34 |
| 2016 (3) | 50.78 | -4.1 | 5.88 | -24.03 | 0.74 | -2.37 | 5.34 | -6.64 | 4.34 | -8.44 | 7.49 | -8.32 | 4.82 | -10.58 | 1.06 | -3.64 | 7.57 | -0.39 | 65.68 | 12.06 | 111.11 | -17.21 | -11.11 | 0 | 0.00 | 0 | 58.09 | 1.48 |
| 2015 (2) | 52.95 | 2.0 | 7.74 | 61.59 | 0.76 | -8.97 | 5.72 | 25.99 | 4.74 | 32.77 | 8.17 | 36.85 | 5.39 | 35.43 | 1.10 | 3.77 | 7.60 | 13.77 | 58.61 | 6.08 | 134.21 | 24.95 | -34.21 | 0 | 0.00 | 0 | 57.24 | 0.46 |
| 2014 (1) | 51.91 | 0 | 4.79 | 0 | 0.83 | -23.07 | 4.54 | 0 | 3.57 | 0 | 5.97 | 0 | 3.98 | 0 | 1.06 | 1.92 | 6.68 | 0 | 55.25 | -10.18 | 107.41 | 20.83 | -7.41 | 0 | 0.00 | 0 | 56.98 | -5.51 |
