- 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) | 26.03 | -29.65 | -14.09 | 3.58 | -71.34 | -57.73 | 7.10 | -46.25 | -25.65 | 6.22 | -40.02 | -21.56 | 1.98 | -48.97 | -22.66 | 1.37 | -46.06 | -24.73 | 0.21 | -12.5 | -8.7 | 11.17 | -32.22 | 4.49 | 52.75 | 14.13 | 28.13 | 50.52 | -46.73 | -43.01 | 49.48 | 778.35 | 335.46 | 13.50 | 10.47 | 4.17 |
| 23Q3 (19) | 37.00 | 4.91 | 15.41 | 12.49 | -12.54 | 14.8 | 13.21 | -13.49 | -11.82 | 10.37 | -17.04 | -14.79 | 3.88 | -35.55 | -22.86 | 2.54 | -32.98 | -24.63 | 0.24 | -20.0 | -14.29 | 16.48 | -7.98 | 3.78 | 46.22 | -26.08 | 16.31 | 94.84 | 1.56 | 30.21 | 5.63 | -10.45 | -79.55 | 12.22 | 21.11 | 5.89 |
| 23Q2 (18) | 35.27 | 2.23 | 1.67 | 14.28 | 132.2 | -1.79 | 15.27 | 105.24 | -12.54 | 12.50 | 124.82 | -11.91 | 6.02 | 260.48 | -11.73 | 3.79 | 226.72 | -10.19 | 0.30 | 50.0 | 0.0 | 17.91 | 54.26 | -4.89 | 62.53 | 8.56 | 4.32 | 93.38 | 13.04 | 11.92 | 6.29 | -63.82 | -62.69 | 10.09 | -29.09 | 7.11 |
| 23Q1 (17) | 34.50 | 13.86 | 17.63 | 6.15 | -27.39 | -26.17 | 7.44 | -22.09 | -27.63 | 5.56 | -29.89 | -32.93 | 1.67 | -34.77 | -54.25 | 1.16 | -36.26 | -50.43 | 0.20 | -13.04 | -28.57 | 11.61 | 8.61 | -1.02 | 57.60 | 39.91 | -9.65 | 82.61 | -6.8 | 1.85 | 17.39 | 53.04 | -7.93 | 14.23 | 9.8 | 33.49 |
| 22Q4 (16) | 30.30 | -5.49 | 1.2 | 8.47 | -22.15 | 14.3 | 9.55 | -36.25 | 7.42 | 7.93 | -34.84 | 6.87 | 2.56 | -49.11 | -6.91 | 1.82 | -45.99 | -1.62 | 0.23 | -17.86 | -8.0 | 10.69 | -32.68 | 1.62 | 41.17 | 3.6 | -15.95 | 88.64 | 21.7 | 6.68 | 11.36 | -58.75 | -32.81 | 12.96 | 12.31 | 22.38 |
| 22Q3 (15) | 32.06 | -7.58 | -17.96 | 10.88 | -25.17 | -27.61 | 14.98 | -14.2 | -7.64 | 12.17 | -14.24 | -10.25 | 5.03 | -26.25 | -10.97 | 3.37 | -20.14 | -4.53 | 0.28 | -6.67 | 7.69 | 15.88 | -15.67 | -10.38 | 39.74 | -33.7 | -18.01 | 72.83 | -12.71 | -21.5 | 27.55 | 63.35 | 281.53 | 11.54 | 22.51 | -5.18 |
| 22Q2 (14) | 34.69 | 18.27 | -8.13 | 14.54 | 74.55 | -5.52 | 17.46 | 69.84 | -3.38 | 14.19 | 71.17 | -5.96 | 6.82 | 86.85 | -4.88 | 4.22 | 80.34 | -1.4 | 0.30 | 7.14 | 7.14 | 18.83 | 60.53 | -2.94 | 59.94 | -5.98 | -17.34 | 83.43 | 2.86 | -2.07 | 16.86 | -10.72 | 13.92 | 9.42 | -11.63 | -4.37 |
| 22Q1 (13) | 29.33 | -2.04 | -22.43 | 8.33 | 12.42 | -42.59 | 10.28 | 15.64 | -36.54 | 8.29 | 11.73 | -32.33 | 3.65 | 32.73 | -12.89 | 2.34 | 26.49 | -14.6 | 0.28 | 12.0 | 27.27 | 11.73 | 11.5 | -35.12 | 63.75 | 30.16 | 2.59 | 81.11 | -2.38 | -9.4 | 18.89 | 11.69 | 80.3 | 10.66 | 0.66 | -15.19 |
| 21Q4 (12) | 29.94 | -23.39 | -23.45 | 7.41 | -50.7 | -40.62 | 8.89 | -45.19 | -39.85 | 7.42 | -45.28 | -36.53 | 2.75 | -51.33 | -23.61 | 1.85 | -47.59 | -26.88 | 0.25 | -3.85 | 13.64 | 10.52 | -40.63 | -37.08 | 48.98 | 1.05 | 9.8 | 83.09 | -10.45 | -1.5 | 16.91 | 134.23 | 8.11 | 10.59 | -12.98 | -26.66 |
| 21Q3 (11) | 39.08 | 3.5 | -3.32 | 15.03 | -2.34 | -31.87 | 16.22 | -10.24 | -30.27 | 13.56 | -10.14 | -26.54 | 5.65 | -21.2 | -39.77 | 3.53 | -17.52 | -43.43 | 0.26 | -7.14 | -23.53 | 17.72 | -8.66 | -27.58 | 48.47 | -33.15 | 21.17 | 92.78 | 8.9 | -2.02 | 7.22 | -51.23 | 41.89 | 12.17 | 23.55 | 24.69 |
| 21Q2 (10) | 37.76 | -0.13 | -3.23 | 15.39 | 6.06 | -19.84 | 18.07 | 11.54 | -9.65 | 15.09 | 23.18 | -8.04 | 7.17 | 71.12 | -6.64 | 4.28 | 56.2 | -13.54 | 0.28 | 27.27 | -6.67 | 19.40 | 7.3 | -9.05 | 72.51 | 16.69 | 17.12 | 85.20 | -4.83 | -11.12 | 14.80 | 41.31 | 284.89 | 9.85 | -21.64 | 0 |
| 21Q1 (9) | 37.81 | -3.32 | 2.22 | 14.51 | 16.27 | -10.6 | 16.20 | 9.61 | -6.36 | 12.25 | 4.79 | -10.39 | 4.19 | 16.39 | -5.63 | 2.74 | 8.3 | -9.27 | 0.22 | 0.0 | 0.0 | 18.08 | 8.13 | -5.98 | 62.14 | 39.3 | 28.2 | 89.52 | 6.12 | -4.48 | 10.48 | -33.03 | 66.81 | 12.57 | -12.95 | 2.11 |
| 20Q4 (8) | 39.11 | -3.24 | 14.06 | 12.48 | -43.43 | 19.31 | 14.78 | -36.46 | 34.24 | 11.69 | -36.67 | 26.38 | 3.60 | -61.62 | 22.87 | 2.53 | -59.46 | 22.82 | 0.22 | -35.29 | 0.0 | 16.72 | -31.67 | 29.31 | 44.61 | 11.52 | -2.81 | 84.36 | -10.91 | -11.72 | 15.64 | 207.41 | 201.68 | 14.44 | 47.95 | 0 |
| 20Q3 (7) | 40.42 | 3.59 | 7.3 | 22.06 | 14.9 | 21.41 | 23.26 | 16.3 | 22.61 | 18.46 | 12.49 | 23.64 | 9.38 | 22.14 | 42.34 | 6.24 | 26.06 | 48.22 | 0.34 | 13.33 | 21.43 | 24.47 | 14.72 | 20.07 | 40.00 | -35.39 | -2.91 | 94.69 | -1.22 | -1.01 | 5.09 | 32.3 | 17.04 | 9.76 | 0 | 5.06 |
| 20Q2 (6) | 39.02 | 5.49 | 4.03 | 19.20 | 18.3 | -6.98 | 20.00 | 15.61 | -2.15 | 16.41 | 20.04 | 2.31 | 7.68 | 72.97 | -1.29 | 4.95 | 63.91 | 5.32 | 0.30 | 36.36 | 3.45 | 21.33 | 10.92 | -2.6 | 61.91 | 27.73 | -15.71 | 95.86 | 2.28 | -5.24 | 3.85 | -38.76 | 541.03 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 36.99 | 7.87 | 8.67 | 16.23 | 55.16 | 18.04 | 17.30 | 57.13 | 19.39 | 13.67 | 47.78 | 17.24 | 4.44 | 51.54 | 2.3 | 3.02 | 46.6 | 8.63 | 0.22 | 0.0 | -8.33 | 19.23 | 48.72 | 13.99 | 48.47 | 5.6 | -17.23 | 93.72 | -1.92 | -1.04 | 6.28 | 21.12 | 18.63 | 12.31 | 0 | 1.32 |
| 19Q4 (4) | 34.29 | -8.97 | 0.0 | 10.46 | -42.43 | 0.0 | 11.01 | -41.96 | 0.0 | 9.25 | -38.04 | 0.0 | 2.93 | -55.54 | 0.0 | 2.06 | -51.07 | 0.0 | 0.22 | -21.43 | 0.0 | 12.93 | -36.56 | 0.0 | 45.90 | 11.41 | 0.0 | 95.56 | -0.1 | 0.0 | 5.19 | 19.26 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 37.67 | 0.43 | 0.0 | 18.17 | -11.97 | 0.0 | 18.97 | -7.19 | 0.0 | 14.93 | -6.92 | 0.0 | 6.59 | -15.3 | 0.0 | 4.21 | -10.43 | 0.0 | 0.28 | -3.45 | 0.0 | 20.38 | -6.94 | 0.0 | 41.20 | -43.91 | 0.0 | 95.65 | -5.45 | 0.0 | 4.35 | 598.55 | 0.0 | 9.29 | 9.04 | 0.0 |
| 19Q2 (2) | 37.51 | 10.19 | 0.0 | 20.64 | 50.11 | 0.0 | 20.44 | 41.06 | 0.0 | 16.04 | 37.56 | 0.0 | 7.78 | 79.26 | 0.0 | 4.70 | 69.06 | 0.0 | 0.29 | 20.83 | 0.0 | 21.90 | 29.82 | 0.0 | 73.45 | 25.43 | 0.0 | 101.16 | 6.82 | 0.0 | -0.87 | -116.47 | 0.0 | 8.52 | -29.88 | 0.0 |
| 19Q1 (1) | 34.04 | 0.0 | 0.0 | 13.75 | 0.0 | 0.0 | 14.49 | 0.0 | 0.0 | 11.66 | 0.0 | 0.0 | 4.34 | 0.0 | 0.0 | 2.78 | 0.0 | 0.0 | 0.24 | 0.0 | 0.0 | 16.87 | 0.0 | 0.0 | 58.56 | 0.0 | 0.0 | 94.71 | 0.0 | 0.0 | 5.29 | 0.0 | 0.0 | 12.15 | 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) | 33.52 | 5.57 | 9.83 | -8.81 | 3.04 | 188.44 | 11.37 | -15.02 | 9.17 | -15.79 | 13.53 | -25.12 | 9.35 | -25.08 | 1.00 | -12.28 | 14.81 | 1.37 | 52.75 | 28.13 | 86.36 | 7.22 | 13.49 | -30.63 | 0.16 | -38.18 | 12.22 | 11.09 |
| 2022 (9) | 31.75 | -12.39 | 10.78 | -18.33 | 1.05 | -24.74 | 13.38 | -10.74 | 10.89 | -11.17 | 18.07 | -8.6 | 12.48 | -7.42 | 1.14 | 3.64 | 14.61 | -11.72 | 41.17 | -15.95 | 80.55 | -8.52 | 19.45 | 62.8 | 0.25 | 69.11 | 11.00 | -1.79 |
| 2021 (8) | 36.24 | -7.29 | 13.20 | -27.43 | 1.40 | -1.88 | 14.99 | -23.01 | 12.26 | -21.31 | 19.77 | -19.73 | 13.48 | -20.57 | 1.10 | 0.92 | 16.55 | -21.27 | 48.98 | 9.8 | 88.05 | -5.69 | 11.95 | 82.35 | 0.15 | 3.91 | 11.20 | 2.85 |
| 2020 (7) | 39.09 | 8.07 | 18.19 | 11.25 | 1.43 | -8.36 | 19.47 | 15.89 | 15.58 | 16.44 | 24.63 | 9.27 | 16.97 | 13.13 | 1.09 | -1.8 | 21.02 | 13.44 | 44.61 | -2.81 | 93.36 | -4.07 | 6.55 | 144.99 | 0.14 | -0.79 | 10.89 | 5.73 |
| 2019 (6) | 36.17 | -1.79 | 16.35 | -10.12 | 1.56 | 206.83 | 16.80 | -12.64 | 13.38 | -12.03 | 22.54 | -18.86 | 15.00 | -17.13 | 1.11 | -5.93 | 18.53 | -6.98 | 45.90 | -20.22 | 97.33 | 2.85 | 2.67 | -50.2 | 0.14 | 40.93 | 10.30 | 0.39 |
| 2018 (5) | 36.83 | -15.24 | 18.19 | 7.82 | 0.51 | 105.35 | 19.23 | 11.54 | 15.21 | 10.06 | 27.78 | -13.35 | 18.10 | -13.48 | 1.18 | -21.85 | 19.92 | 12.61 | 57.53 | 12.78 | 94.63 | -3.29 | 5.37 | 150.14 | 0.10 | 0 | 10.26 | 20.85 |
| 2017 (4) | 43.45 | 6.13 | 16.87 | 25.52 | 0.25 | -37.43 | 17.24 | 27.61 | 13.82 | 24.5 | 32.06 | -3.58 | 20.92 | 2.5 | 1.51 | -17.49 | 17.69 | 25.64 | 51.01 | -12.38 | 97.85 | -1.49 | 2.15 | 304.75 | 0.00 | 0 | 8.49 | 8.15 |
| 2016 (3) | 40.94 | 7.82 | 13.44 | 36.17 | 0.39 | -26.77 | 13.51 | 34.7 | 11.10 | 32.78 | 33.25 | 22.74 | 20.41 | 29.67 | 1.83 | -1.61 | 14.08 | 29.89 | 58.22 | -18.36 | 99.34 | 0.86 | 0.53 | -64.76 | 0.00 | 0 | 7.85 | -9.87 |
| 2015 (2) | 37.97 | 4.98 | 9.87 | 26.54 | 0.54 | -9.94 | 10.03 | 25.22 | 8.36 | 19.09 | 27.09 | 8.71 | 15.74 | 12.59 | 1.86 | -4.62 | 10.84 | 21.8 | 71.31 | -8.74 | 98.49 | 1.21 | 1.51 | -43.97 | 0.00 | 0 | 8.71 | 9.56 |
| 2014 (1) | 36.17 | 0 | 7.80 | 0 | 0.60 | -15.01 | 8.01 | 0 | 7.02 | 0 | 24.92 | 0 | 13.98 | 0 | 1.95 | 5.41 | 8.90 | 210.1 | 78.14 | -9.74 | 97.31 | -15.16 | 2.69 | 0 | 0.00 | 0 | 7.95 | -2.33 |
