- 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) | 18.79 | 3.75 | -17.08 | -0.92 | 26.4 | -110.77 | -3.83 | -749.15 | -160.03 | -3.04 | -879.49 | -159.03 | -0.70 | -877.78 | -143.48 | -0.43 | -577.78 | -139.45 | 0.16 | 0.0 | -23.81 | 3.95 | -47.26 | -64.67 | 53.20 | 17.93 | 19.44 | 22.22 | 107.41 | -83.33 | 77.78 | -80.56 | 333.33 | 24.07 | -4.86 | 28.92 |
| 23Q3 (19) | 18.11 | -14.54 | -29.78 | -1.25 | -136.44 | -109.01 | 0.59 | -89.46 | -96.63 | 0.39 | -88.18 | -97.23 | 0.09 | -87.84 | -98.36 | 0.09 | -82.35 | -97.35 | 0.16 | 6.67 | -33.33 | 7.49 | -41.44 | -65.24 | 45.11 | -4.35 | -18.69 | -300.00 | -550.0 | -481.82 | 400.00 | 860.0 | 1900.0 | 25.30 | 1.81 | 41.82 |
| 23Q2 (18) | 21.19 | -5.86 | -19.06 | 3.43 | -44.68 | -78.81 | 5.60 | 6.67 | -69.09 | 3.30 | -21.62 | -76.07 | 0.74 | -33.93 | -87.91 | 0.51 | -33.77 | -85.67 | 0.15 | -16.67 | -42.31 | 12.79 | 15.96 | -41.54 | 47.16 | -10.1 | -30.34 | 66.67 | -45.1 | -25.6 | 41.67 | 294.44 | 301.04 | 24.85 | 10.35 | 55.02 |
| 23Q1 (17) | 22.51 | -0.66 | -4.33 | 6.20 | -27.4 | -50.12 | 5.25 | -17.71 | -63.67 | 4.21 | -18.25 | -63.64 | 1.12 | -30.43 | -77.0 | 0.77 | -29.36 | -72.6 | 0.18 | -14.29 | -25.0 | 11.03 | -1.34 | -40.92 | 52.46 | 17.78 | -33.24 | 121.43 | -8.93 | 41.25 | -21.43 | 35.71 | -252.68 | 22.52 | 20.62 | 24.63 |
| 22Q4 (16) | 22.66 | -12.14 | -1.86 | 8.54 | -38.47 | -19.28 | 6.38 | -63.56 | -40.15 | 5.15 | -63.48 | -45.62 | 1.61 | -70.62 | -59.45 | 1.09 | -67.94 | -52.4 | 0.21 | -12.5 | -12.5 | 11.18 | -48.12 | -23.69 | 44.54 | -19.72 | -37.32 | 133.33 | 69.7 | 36.59 | -33.33 | -266.67 | 0 | 18.67 | 4.65 | -3.16 |
| 22Q3 (15) | 25.79 | -1.49 | 13.01 | 13.88 | -14.27 | 7.51 | 17.51 | -3.37 | 23.4 | 14.10 | 2.25 | 26.68 | 5.48 | -10.46 | 10.93 | 3.40 | -4.49 | 20.14 | 0.24 | -7.69 | -4.0 | 21.55 | -1.51 | 20.59 | 55.48 | -18.05 | -30.38 | 78.57 | -12.32 | -13.87 | 20.00 | 92.5 | 128.0 | 17.84 | 11.29 | 16.3 |
| 22Q2 (14) | 26.18 | 11.26 | 5.48 | 16.19 | 30.25 | 3.38 | 18.12 | 25.4 | 25.75 | 13.79 | 19.08 | 19.6 | 6.12 | 25.67 | 6.62 | 3.56 | 26.69 | 5.01 | 0.26 | 8.33 | -10.34 | 21.88 | 17.19 | 24.18 | 67.70 | -13.85 | -5.54 | 89.61 | 4.24 | -16.98 | 10.39 | -25.97 | 230.91 | 16.03 | -11.29 | 1.97 |
| 22Q1 (13) | 23.53 | 1.91 | -0.21 | 12.43 | 17.49 | -4.16 | 14.45 | 35.55 | 23.08 | 11.58 | 22.28 | 24.12 | 4.87 | 22.67 | 31.62 | 2.81 | 22.71 | 30.09 | 0.24 | 0.0 | 4.35 | 18.67 | 27.44 | 17.79 | 78.58 | 10.58 | 14.75 | 85.96 | -11.94 | -24.03 | 14.04 | 0 | 233.33 | 18.07 | -6.28 | -2.9 |
| 21Q4 (12) | 23.09 | 1.18 | 10.43 | 10.58 | -18.05 | 6.33 | 10.66 | -24.88 | 48.68 | 9.47 | -14.91 | 71.25 | 3.97 | -19.64 | 71.12 | 2.29 | -19.08 | 65.94 | 0.24 | -4.0 | 0.0 | 14.65 | -18.02 | 29.88 | 71.06 | -10.83 | -7.75 | 97.62 | 7.01 | -29.0 | 0.00 | -100.0 | 100.0 | 19.28 | 25.68 | 17.27 |
| 21Q3 (11) | 22.82 | -8.06 | 26.22 | 12.91 | -17.56 | 78.07 | 14.19 | -1.53 | 163.27 | 11.13 | -3.47 | 154.11 | 4.94 | -13.94 | 185.55 | 2.83 | -16.52 | 169.52 | 0.25 | -13.79 | 8.7 | 17.87 | 1.42 | 87.12 | 79.69 | 11.19 | 21.05 | 91.23 | -15.48 | -32.57 | 8.77 | 210.53 | 124.85 | 15.34 | -2.42 | -15.99 |
| 21Q2 (10) | 24.82 | 5.26 | 34.74 | 15.66 | 20.74 | 150.56 | 14.41 | 22.74 | 27.86 | 11.53 | 23.58 | 26.7 | 5.74 | 55.14 | 82.22 | 3.39 | 56.94 | 78.42 | 0.29 | 26.09 | 38.1 | 17.62 | 11.17 | 10.96 | 71.67 | 4.66 | 0.67 | 107.94 | -4.61 | 96.83 | -7.94 | 24.6 | -117.57 | 15.72 | -15.53 | -20.49 |
| 21Q1 (9) | 23.58 | 12.77 | 28.36 | 12.97 | 30.35 | 151.84 | 11.74 | 63.74 | 161.47 | 9.33 | 68.72 | 93.97 | 3.70 | 59.48 | 126.99 | 2.16 | 56.52 | 111.76 | 0.23 | -4.17 | 9.52 | 15.85 | 40.51 | 71.72 | 68.48 | -11.1 | 7.0 | 113.16 | -17.7 | -3.01 | -10.53 | 71.93 | 36.84 | 18.61 | 13.2 | -11.04 |
| 20Q4 (8) | 20.91 | 15.65 | 11.52 | 9.95 | 37.24 | 59.2 | 7.17 | 33.02 | 68.71 | 5.53 | 26.26 | 84.33 | 2.32 | 34.1 | 110.91 | 1.38 | 31.43 | 100.0 | 0.24 | 4.35 | 9.09 | 11.28 | 18.12 | 33.49 | 77.03 | 17.01 | 23.82 | 137.50 | 1.63 | -8.33 | -37.50 | -6.25 | 25.0 | 16.44 | -9.97 | -12.6 |
| 20Q3 (7) | 18.08 | -1.85 | -17.93 | 7.25 | 16.0 | -30.22 | 5.39 | -52.17 | -49.2 | 4.38 | -51.87 | -48.65 | 1.73 | -45.08 | -55.64 | 1.05 | -44.74 | -52.05 | 0.23 | 9.52 | -8.0 | 9.55 | -39.86 | -34.18 | 65.83 | -7.53 | -9.71 | 135.29 | 146.71 | 35.29 | -35.29 | -178.15 | -1300.0 | 18.26 | -7.64 | 4.4 |
| 20Q2 (6) | 18.42 | 0.27 | -13.68 | 6.25 | 21.36 | -28.98 | 11.27 | 151.0 | 37.1 | 9.10 | 89.19 | 45.6 | 3.15 | 93.25 | 17.1 | 1.90 | 86.27 | 30.14 | 0.21 | 0.0 | -8.7 | 15.88 | 72.05 | 28.38 | 71.19 | 11.23 | -22.21 | 54.84 | -53.0 | -49.38 | 45.16 | 370.97 | 641.94 | 19.77 | -5.5 | 5.27 |
| 20Q1 (5) | 18.37 | -2.03 | -10.87 | 5.15 | -17.6 | -37.5 | 4.49 | 5.65 | -34.93 | 4.81 | 60.33 | -2.24 | 1.63 | 48.18 | -25.57 | 1.02 | 47.83 | -16.39 | 0.21 | -4.55 | -12.5 | 9.23 | 9.23 | -16.09 | 64.00 | 2.88 | -27.97 | 116.67 | -22.22 | -2.0 | -16.67 | 66.67 | 12.5 | 20.92 | 11.22 | 12.41 |
| 19Q4 (4) | 18.75 | -14.89 | 0.0 | 6.25 | -39.85 | 0.0 | 4.25 | -59.94 | 0.0 | 3.00 | -64.83 | 0.0 | 1.10 | -71.79 | 0.0 | 0.69 | -68.49 | 0.0 | 0.22 | -12.0 | 0.0 | 8.45 | -41.76 | 0.0 | 62.21 | -14.68 | 0.0 | 150.00 | 50.0 | 0.0 | -50.00 | -1800.0 | 0.0 | 18.81 | 7.55 | 0.0 |
| 19Q3 (3) | 22.03 | 3.23 | 0.0 | 10.39 | 18.07 | 0.0 | 10.61 | 29.08 | 0.0 | 8.53 | 36.48 | 0.0 | 3.90 | 44.98 | 0.0 | 2.19 | 50.0 | 0.0 | 0.25 | 8.7 | 0.0 | 14.51 | 17.3 | 0.0 | 72.91 | -20.33 | 0.0 | 100.00 | -7.69 | 0.0 | 2.94 | 135.29 | 0.0 | 17.49 | -6.87 | 0.0 |
| 19Q2 (2) | 21.34 | 3.54 | 0.0 | 8.80 | 6.8 | 0.0 | 8.22 | 19.13 | 0.0 | 6.25 | 27.03 | 0.0 | 2.69 | 22.83 | 0.0 | 1.46 | 19.67 | 0.0 | 0.23 | -4.17 | 0.0 | 12.37 | 12.45 | 0.0 | 91.52 | 3.01 | 0.0 | 108.33 | -9.0 | 0.0 | -8.33 | 56.25 | 0.0 | 18.78 | 0.91 | 0.0 |
| 19Q1 (1) | 20.61 | 0.0 | 0.0 | 8.24 | 0.0 | 0.0 | 6.90 | 0.0 | 0.0 | 4.92 | 0.0 | 0.0 | 2.19 | 0.0 | 0.0 | 1.22 | 0.0 | 0.0 | 0.24 | 0.0 | 0.0 | 11.00 | 0.0 | 0.0 | 88.85 | 0.0 | 0.0 | 119.05 | 0.0 | 0.0 | -19.05 | 0.0 | 0.0 | 18.61 | 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) | 20.25 | -17.88 | 2.06 | -84.15 | 6.24 | 60.87 | 2.02 | -86.09 | 1.34 | -88.31 | 1.22 | -93.05 | 0.92 | -91.81 | 0.62 | -36.73 | 8.89 | -52.28 | 53.20 | 19.44 | 100.00 | 11.44 | 0.00 | 0 | 1.65 | 536.93 | 24.10 | 37.09 |
| 2022 (9) | 24.66 | 4.45 | 13.00 | -0.84 | 3.88 | 11.97 | 14.52 | 13.0 | 11.46 | 9.67 | 17.55 | -5.34 | 11.24 | 4.66 | 0.98 | -3.92 | 18.63 | 12.91 | 44.54 | -37.32 | 89.73 | -12.03 | 10.27 | 0 | 0.26 | 0 | 17.58 | 2.69 |
| 2021 (8) | 23.61 | 24.13 | 13.11 | 79.59 | 3.47 | -15.26 | 12.85 | 82.53 | 10.45 | 77.42 | 18.54 | 109.73 | 10.74 | 102.64 | 1.02 | 15.91 | 16.50 | 45.37 | 71.06 | -7.75 | 102.00 | -2.64 | -2.00 | 0 | 0.00 | 0 | 17.12 | -8.45 |
| 2020 (7) | 19.02 | -8.25 | 7.30 | -14.02 | 4.09 | 8.98 | 7.04 | -7.37 | 5.89 | 2.08 | 8.84 | -6.75 | 5.30 | -6.03 | 0.88 | -7.37 | 11.35 | -2.83 | 77.03 | 23.82 | 104.76 | -6.54 | -3.57 | 0 | 0.00 | 0 | 18.70 | 2.75 |
| 2019 (6) | 20.73 | 21.02 | 8.49 | 102.63 | 3.75 | -11.89 | 7.60 | 51.09 | 5.77 | 52.65 | 9.48 | 57.21 | 5.64 | 68.36 | 0.95 | 17.28 | 11.68 | 18.34 | 62.21 | -28.16 | 112.09 | 35.55 | -12.09 | 0 | 0.00 | 0 | 18.20 | -11.05 |
| 2018 (5) | 17.13 | 22.97 | 4.19 | 0 | 4.26 | 1.8 | 5.03 | 0 | 3.78 | 0 | 6.03 | 0 | 3.35 | 0 | 0.81 | 6.58 | 9.87 | 528.66 | 86.60 | -19.88 | 82.69 | 90.83 | 17.31 | -69.46 | 0.00 | 0 | 20.46 | 1.34 |
| 2017 (4) | 13.93 | 3.72 | -1.32 | 0 | 4.18 | 23.73 | -3.11 | 0 | -2.65 | 0 | -3.96 | 0 | -1.80 | 0 | 0.76 | -11.63 | 1.57 | -39.85 | 108.09 | 28.6 | 43.33 | 376.67 | 56.67 | -37.67 | 0.00 | 0 | 20.19 | 15.11 |
| 2016 (3) | 13.43 | 4.76 | -0.07 | 0 | 3.38 | 1.25 | -1.02 | 0 | -1.19 | 0 | -1.83 | 0 | -0.94 | 0 | 0.86 | 6.17 | 2.61 | -51.67 | 84.05 | 16.24 | 9.09 | 0 | 90.91 | -51.52 | 0.00 | 0 | 17.54 | -7.44 |
| 2015 (2) | 12.82 | -29.13 | -1.33 | 0 | 3.34 | 39.16 | 1.60 | -80.3 | 1.12 | -81.21 | 1.60 | -88.6 | 1.06 | -85.11 | 0.81 | -30.77 | 5.40 | -50.32 | 72.31 | -9.79 | -87.50 | 0 | 187.50 | 1329.69 | 0.00 | 0 | 18.95 | 34.4 |
| 2014 (1) | 18.09 | 0 | 7.03 | 0 | 2.40 | -10.24 | 8.12 | 0 | 5.96 | 0 | 14.03 | 0 | 7.12 | 0 | 1.17 | -0.85 | 10.87 | 0.37 | 80.16 | -38.77 | 86.07 | -12.41 | 13.11 | 654.1 | 0.00 | 0 | 14.10 | 21.97 |
