- 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) | 18.53 | -12.8 | -0.11 | 5.60 | -29.47 | -36.72 | 5.63 | -31.34 | -24.12 | 3.11 | -39.61 | -45.44 | 1.12 | -41.36 | -64.89 | 0.83 | -36.64 | -56.08 | 0.22 | -4.35 | -29.03 | 11.61 | -17.37 | -6.37 | 61.81 | 2.2 | -16.77 | 99.34 | 2.55 | -16.58 | 0.66 | -78.95 | 103.45 | 15.58 | 0.78 | 6.13 |
| 23Q3 (19) | 21.25 | 13.45 | 43.68 | 7.94 | 5.44 | 50.95 | 8.20 | -17.67 | -8.58 | 5.15 | -23.13 | -23.36 | 1.91 | -34.81 | -55.37 | 1.31 | -31.77 | -46.09 | 0.23 | -11.54 | -34.29 | 14.05 | -6.33 | 13.77 | 60.48 | -5.87 | -30.04 | 96.88 | 27.94 | 65.18 | 3.12 | -87.13 | -92.44 | 15.46 | 1.24 | 9.1 |
| 23Q2 (18) | 18.73 | -10.17 | 40.4 | 7.53 | -13.35 | 99.21 | 9.96 | 36.81 | 40.68 | 6.70 | 23.39 | 37.58 | 2.93 | 26.84 | 19.59 | 1.92 | 27.15 | 31.51 | 0.26 | 4.0 | -10.34 | 15.00 | 11.61 | 24.48 | 64.25 | -6.83 | -17.48 | 75.72 | -36.51 | 41.34 | 24.28 | 226.03 | -48.2 | 15.27 | -9.16 | -6.32 |
| 23Q1 (17) | 20.85 | 12.4 | 23.37 | 8.69 | -1.81 | 56.29 | 7.28 | -1.89 | 14.83 | 5.43 | -4.74 | 4.42 | 2.31 | -27.59 | -6.48 | 1.51 | -20.11 | 1.34 | 0.25 | -19.35 | -10.71 | 13.44 | 8.39 | 33.73 | 68.96 | -7.14 | 4.18 | 119.27 | 0.16 | 36.2 | -19.27 | -0.97 | -254.97 | 16.81 | 14.51 | -5.72 |
| 22Q4 (16) | 18.55 | 25.42 | 16.89 | 8.85 | 68.25 | 55.54 | 7.42 | -17.28 | 52.67 | 5.70 | -15.18 | 86.89 | 3.19 | -25.47 | 87.65 | 1.89 | -22.22 | 87.13 | 0.31 | -11.43 | -3.13 | 12.40 | 0.4 | 16.98 | 74.26 | -14.1 | 6.93 | 119.08 | 103.04 | 1.35 | -19.08 | -146.14 | -9.04 | 14.68 | 3.6 | -7.61 |
| 22Q3 (15) | 14.79 | 10.87 | 28.16 | 5.26 | 39.15 | 41.78 | 8.97 | 26.69 | 125.38 | 6.72 | 37.99 | 89.3 | 4.28 | 74.69 | 117.26 | 2.43 | 66.44 | 105.93 | 0.35 | 20.69 | 6.06 | 12.35 | 2.49 | 85.16 | 86.45 | 11.03 | 13.12 | 58.65 | 9.48 | -37.02 | 41.35 | -11.78 | 501.89 | 14.17 | -13.07 | -21.37 |
| 22Q2 (14) | 13.34 | -21.07 | -17.86 | 3.78 | -32.01 | -35.82 | 7.08 | 11.67 | 47.19 | 4.87 | -6.35 | 22.98 | 2.45 | -0.81 | 35.36 | 1.46 | -2.01 | 30.36 | 0.29 | 3.57 | 3.57 | 12.05 | 19.9 | 50.81 | 77.86 | 17.63 | 24.1 | 53.57 | -38.82 | -56.29 | 46.88 | 277.04 | 307.81 | 16.30 | -8.58 | -19.86 |
| 22Q1 (13) | 16.90 | 6.49 | -0.65 | 5.56 | -2.28 | -12.3 | 6.34 | 30.45 | -7.45 | 5.20 | 70.49 | 1.96 | 2.47 | 45.29 | 8.33 | 1.49 | 47.52 | 6.43 | 0.28 | -12.5 | 3.7 | 10.05 | -5.19 | -1.08 | 66.19 | -4.69 | 0.03 | 87.57 | -25.47 | -5.74 | 12.43 | 171.04 | 62.51 | 17.83 | 12.21 | -4.35 |
| 21Q4 (12) | 15.87 | 37.52 | -6.92 | 5.69 | 53.37 | -19.18 | 4.86 | 22.11 | -2.02 | 3.05 | -14.08 | -20.98 | 1.70 | -13.71 | -17.87 | 1.01 | -14.41 | -19.2 | 0.32 | -3.03 | 0.0 | 10.60 | 58.92 | 23.26 | 69.45 | -9.12 | 6.83 | 117.50 | 26.17 | -17.0 | -17.50 | -354.72 | 57.89 | 15.89 | -11.82 | -14.06 |
| 21Q3 (11) | 11.54 | -28.94 | -38.52 | 3.71 | -37.01 | -57.84 | 3.98 | -17.26 | -37.91 | 3.55 | -10.35 | -31.73 | 1.97 | 8.84 | -28.1 | 1.18 | 5.36 | -29.34 | 0.33 | 17.86 | 3.13 | 6.67 | -16.52 | -29.64 | 76.42 | 21.8 | 11.73 | 93.13 | -24.01 | -32.24 | 6.87 | 130.46 | 118.35 | 18.02 | -11.41 | 0 |
| 21Q2 (10) | 16.24 | -4.53 | 6.07 | 5.89 | -7.1 | 7.48 | 4.81 | -29.78 | -17.78 | 3.96 | -22.35 | 2.86 | 1.81 | -20.61 | 31.16 | 1.12 | -20.0 | 25.84 | 0.28 | 3.7 | 21.74 | 7.99 | -21.36 | -21.28 | 62.74 | -5.18 | -0.06 | 122.56 | 31.93 | 30.29 | -22.56 | -394.84 | -480.24 | 20.34 | 9.12 | 0 |
| 21Q1 (9) | 17.01 | -0.23 | -6.64 | 6.34 | -9.94 | 33.19 | 6.85 | 38.1 | -17.17 | 5.10 | 32.12 | -15.42 | 2.28 | 10.14 | 19.37 | 1.40 | 12.0 | 9.37 | 0.27 | -15.62 | 28.57 | 10.16 | 18.14 | -22.21 | 66.17 | 1.78 | 26.04 | 92.90 | -34.38 | 61.51 | 7.65 | 118.41 | -81.99 | 18.64 | 0.81 | -2.2 |
| 20Q4 (8) | 17.05 | -9.16 | 0.41 | 7.04 | -20.0 | 19.32 | 4.96 | -22.62 | -7.81 | 3.86 | -25.77 | -5.39 | 2.07 | -24.45 | 23.21 | 1.25 | -25.15 | 13.64 | 0.32 | 0.0 | 18.52 | 8.60 | -9.28 | -11.7 | 65.01 | -4.96 | 23.55 | 141.56 | 3.0 | 28.69 | -41.56 | -11.02 | -315.58 | 18.49 | 0 | 14.7 |
| 20Q3 (7) | 18.77 | 22.6 | 27.86 | 8.80 | 60.58 | 45.7 | 6.41 | 9.57 | -13.84 | 5.20 | 35.06 | -6.98 | 2.74 | 98.55 | 11.84 | 1.67 | 87.64 | 7.74 | 0.32 | 39.13 | 18.52 | 9.48 | -6.6 | -19.8 | 68.40 | 8.95 | 17.02 | 137.43 | 46.1 | 70.03 | -37.43 | -731.02 | -300.68 | 0.00 | 0 | -100.0 |
| 20Q2 (6) | 15.31 | -15.97 | -13.01 | 5.48 | 15.13 | -32.84 | 5.85 | -29.26 | -27.51 | 3.85 | -36.15 | -30.0 | 1.38 | -27.75 | -44.8 | 0.89 | -30.47 | -44.03 | 0.23 | 9.52 | -17.86 | 10.15 | -22.28 | -19.89 | 62.78 | 19.58 | 0.98 | 94.07 | 63.55 | -7.2 | 5.93 | -86.04 | 533.05 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 18.22 | 7.3 | 10.36 | 4.76 | -19.32 | -14.54 | 8.27 | 53.72 | 62.8 | 6.03 | 47.79 | 34.3 | 1.91 | 13.69 | 6.11 | 1.28 | 16.36 | 9.4 | 0.21 | -22.22 | -12.5 | 13.06 | 34.09 | 23.56 | 52.50 | -0.23 | -12.67 | 57.52 | -47.71 | -47.28 | 42.48 | 524.84 | 528.38 | 19.06 | 18.24 | 9.35 |
| 19Q4 (4) | 16.98 | 15.67 | 0.0 | 5.90 | -2.32 | 0.0 | 5.38 | -27.69 | 0.0 | 4.08 | -27.01 | 0.0 | 1.68 | -31.43 | 0.0 | 1.10 | -29.03 | 0.0 | 0.27 | 0.0 | 0.0 | 9.74 | -17.6 | 0.0 | 52.62 | -9.97 | 0.0 | 110.00 | 36.09 | 0.0 | -10.00 | -153.61 | 0.0 | 16.12 | 2.09 | 0.0 |
| 19Q3 (3) | 14.68 | -16.59 | 0.0 | 6.04 | -25.98 | 0.0 | 7.44 | -7.81 | 0.0 | 5.59 | 1.64 | 0.0 | 2.45 | -2.0 | 0.0 | 1.55 | -2.52 | 0.0 | 0.27 | -3.57 | 0.0 | 11.82 | -6.71 | 0.0 | 58.45 | -5.98 | 0.0 | 80.83 | -20.26 | 0.0 | 18.65 | 1461.66 | 0.0 | 15.79 | 1.28 | 0.0 |
| 19Q2 (2) | 17.60 | 6.6 | 0.0 | 8.16 | 46.5 | 0.0 | 8.07 | 58.86 | 0.0 | 5.50 | 22.49 | 0.0 | 2.50 | 38.89 | 0.0 | 1.59 | 35.9 | 0.0 | 0.28 | 16.67 | 0.0 | 12.67 | 19.87 | 0.0 | 62.17 | 3.41 | 0.0 | 101.37 | -7.08 | 0.0 | -1.37 | 86.19 | 0.0 | 15.59 | -10.56 | 0.0 |
| 19Q1 (1) | 16.51 | 0.0 | 0.0 | 5.57 | 0.0 | 0.0 | 5.08 | 0.0 | 0.0 | 4.49 | 0.0 | 0.0 | 1.80 | 0.0 | 0.0 | 1.17 | 0.0 | 0.0 | 0.24 | 0.0 | 0.0 | 10.57 | 0.0 | 0.0 | 60.12 | 0.0 | 0.0 | 109.09 | 0.0 | 0.0 | -9.92 | 0.0 | 0.0 | 17.43 | 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) | 19.83 | 24.56 | 7.48 | 25.5 | 4.92 | 26.48 | 7.84 | 3.57 | 5.17 | -9.46 | 8.38 | -32.74 | 5.58 | -25.8 | 0.97 | -23.62 | 13.58 | 14.89 | 61.81 | -16.77 | 95.26 | 20.98 | 4.63 | -78.22 | 0.04 | -37.21 | 15.79 | 1.54 |
| 2022 (9) | 15.92 | 5.99 | 5.96 | 11.61 | 3.89 | 8.21 | 7.57 | 49.9 | 5.71 | 48.31 | 12.46 | 59.95 | 7.52 | 58.99 | 1.27 | 4.96 | 11.82 | 33.71 | 74.26 | 6.93 | 78.74 | -25.55 | 21.26 | 0 | 0.07 | -48.02 | 15.55 | -14.14 |
| 2021 (8) | 15.02 | -13.78 | 5.34 | -21.7 | 3.60 | -2.03 | 5.05 | -18.42 | 3.85 | -17.38 | 7.79 | -0.26 | 4.73 | -5.02 | 1.21 | 14.15 | 8.84 | -11.69 | 69.45 | 6.83 | 105.76 | -3.97 | -5.76 | 0 | 0.13 | -37.2 | 18.11 | 0.11 |
| 2020 (7) | 17.42 | 5.9 | 6.82 | 5.41 | 3.67 | -17.6 | 6.19 | -5.64 | 4.66 | -5.86 | 7.81 | -8.44 | 4.98 | -8.46 | 1.06 | -0.93 | 10.01 | -11.1 | 65.01 | 23.55 | 110.13 | 11.82 | -10.13 | 0 | 0.20 | 510.38 | 18.09 | 11.67 |
| 2019 (6) | 16.45 | 17.08 | 6.47 | 56.28 | 4.45 | 9.23 | 6.56 | 38.69 | 4.95 | 35.99 | 8.53 | 34.12 | 5.44 | 38.78 | 1.07 | 2.88 | 11.26 | 24.15 | 52.62 | -25.6 | 98.49 | 12.59 | 1.36 | -89.16 | 0.03 | -44.32 | 16.20 | -8.53 |
| 2018 (5) | 14.05 | -8.65 | 4.14 | -20.99 | 4.08 | 2.69 | 4.73 | 4.88 | 3.64 | -8.31 | 6.36 | -12.15 | 3.92 | -8.2 | 1.04 | -0.95 | 9.07 | 4.25 | 70.73 | 7.35 | 87.47 | -24.8 | 12.53 | 0 | 0.06 | 0 | 17.71 | 1.26 |
| 2017 (4) | 15.38 | 16.96 | 5.24 | 48.02 | 3.97 | -9.19 | 4.51 | 11.91 | 3.97 | 20.3 | 7.24 | 23.97 | 4.27 | 20.96 | 1.05 | 0.0 | 8.70 | 1.28 | 65.89 | -17.24 | 116.33 | 32.34 | -16.33 | 0 | 0.00 | 0 | 17.49 | -8.86 |
| 2016 (3) | 13.15 | 0.46 | 3.54 | 31.6 | 4.37 | -24.87 | 4.03 | 6.33 | 3.30 | -2.08 | 5.84 | 33.94 | 3.53 | 24.73 | 1.05 | 28.05 | 8.59 | -12.44 | 79.62 | 35.94 | 87.90 | 23.75 | 12.10 | -58.23 | 0.00 | 0 | 19.19 | -11.16 |
| 2015 (2) | 13.09 | -15.87 | 2.69 | -53.46 | 5.82 | 33.59 | 3.79 | -35.43 | 3.37 | -37.71 | 4.36 | -46.76 | 2.83 | -48.36 | 0.82 | -18.0 | 9.81 | -6.48 | 58.57 | 4.42 | 71.03 | -27.85 | 28.97 | 1574.58 | 0.00 | 0 | 21.60 | 14.77 |
| 2014 (1) | 15.56 | 0 | 5.78 | 0 | 4.36 | -15.5 | 5.87 | 0 | 5.41 | 0 | 8.19 | 0 | 5.48 | 0 | 1.00 | 0.0 | 10.49 | 4.38 | 56.09 | 22.17 | 98.44 | 4.6 | 1.73 | -70.59 | 0.00 | 0 | 18.82 | -10.21 |
