- 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) | 24.65 | 4.58 | 2.49 | 0.81 | 154.36 | 115.73 | 0.01 | -99.45 | 100.14 | -0.48 | -177.42 | 91.61 | -0.18 | -181.82 | 91.93 | 0.06 | -75.0 | 106.98 | 0.18 | 5.88 | -5.26 | 5.91 | -26.49 | 637.27 | 105.86 | -2.61 | -3.66 | 0.00 | 100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 24.13 | 12.6 | -10.2 |
| 23Q3 (19) | 23.57 | -6.99 | -16.48 | -1.49 | -198.68 | -124.19 | 1.81 | -52.49 | -82.73 | 0.62 | -61.01 | -92.75 | 0.22 | -64.52 | -94.55 | 0.24 | -42.86 | -88.24 | 0.17 | -5.56 | -22.73 | 8.04 | -14.56 | -47.59 | 108.70 | -3.63 | -0.95 | -90.00 | -325.0 | -251.28 | 190.00 | 216.67 | 354.85 | 21.43 | -4.46 | 1.76 |
| 23Q2 (18) | 25.34 | -5.27 | -7.38 | 1.51 | -31.05 | -81.76 | 3.81 | 343.02 | -63.05 | 1.59 | 488.89 | -84.21 | 0.62 | 520.0 | -88.91 | 0.42 | 75.0 | -84.27 | 0.18 | 12.5 | -28.0 | 9.41 | 21.89 | -34.97 | 112.80 | -13.4 | -7.97 | 40.00 | -84.62 | -49.86 | 60.00 | 137.5 | 196.67 | 22.43 | -3.11 | 18.87 |
| 23Q1 (17) | 26.75 | 11.23 | 1.67 | 2.19 | 142.52 | -67.02 | 0.86 | 112.06 | -89.69 | 0.27 | 104.72 | -96.44 | 0.10 | 104.48 | -97.6 | 0.24 | 127.91 | -87.82 | 0.16 | -15.79 | -33.33 | 7.72 | 801.82 | -37.54 | 130.26 | 18.55 | 4.39 | 260.00 | 262.42 | 226.18 | -160.00 | -666.15 | -888.57 | 23.15 | -13.84 | 20.38 |
| 22Q4 (16) | 24.05 | -14.78 | -5.76 | -5.15 | -183.6 | -200.0 | -7.13 | -168.03 | -256.02 | -5.72 | -166.9 | -248.57 | -2.23 | -155.2 | -188.84 | -0.86 | -142.16 | -170.49 | 0.19 | -13.64 | -29.63 | -1.10 | -107.17 | -113.14 | 109.88 | 0.13 | -19.65 | 71.74 | 20.58 | -37.42 | 28.26 | -32.35 | 331.74 | 26.87 | 27.59 | 32.63 |
| 22Q3 (15) | 28.22 | 3.14 | 5.81 | 6.16 | -25.6 | -10.85 | 10.48 | 1.65 | 39.73 | 8.55 | -15.09 | 35.93 | 4.04 | -27.73 | -3.58 | 2.04 | -23.6 | 7.37 | 0.22 | -12.0 | -18.52 | 15.34 | 6.01 | 37.58 | 109.74 | -10.47 | -23.48 | 59.49 | -25.42 | -35.55 | 41.77 | 106.54 | 443.04 | 21.06 | 11.61 | 14.02 |
| 22Q2 (14) | 27.36 | 3.99 | 3.6 | 8.28 | 24.7 | 27.78 | 10.31 | 23.62 | 115.24 | 10.07 | 32.85 | 131.49 | 5.59 | 34.05 | 96.83 | 2.67 | 35.53 | 96.32 | 0.25 | 4.17 | -7.41 | 14.47 | 17.07 | 68.06 | 122.57 | -1.77 | -14.3 | 79.78 | 0.08 | -41.3 | 20.22 | -0.32 | 156.34 | 18.87 | -1.87 | -1.2 |
| 22Q1 (13) | 26.31 | 3.1 | 4.28 | 6.64 | 28.93 | 63.55 | 8.34 | 82.49 | 110.61 | 7.58 | 96.88 | 131.8 | 4.17 | 66.14 | 109.55 | 1.97 | 61.48 | 97.0 | 0.24 | -11.11 | -4.0 | 12.36 | 47.67 | 52.78 | 124.78 | -8.75 | -9.06 | 79.71 | -30.47 | -22.86 | 20.29 | 266.38 | 708.7 | 19.23 | -5.08 | -3.46 |
| 21Q4 (12) | 25.52 | -4.31 | 1.96 | 5.15 | -25.47 | -6.87 | 4.57 | -39.07 | 14.25 | 3.85 | -38.79 | -10.47 | 2.51 | -40.1 | -3.09 | 1.22 | -35.79 | -3.17 | 0.27 | 0.0 | 12.5 | 8.37 | -24.93 | 0.97 | 136.75 | -4.65 | -3.76 | 114.63 | 24.19 | -16.89 | -12.20 | -258.54 | 67.85 | 20.26 | 9.69 | 2.07 |
| 21Q3 (11) | 26.67 | 0.98 | 9.12 | 6.91 | 6.64 | 127.3 | 7.50 | 56.58 | 234.82 | 6.29 | 44.6 | 383.85 | 4.19 | 47.54 | 481.94 | 1.90 | 39.71 | 313.04 | 0.27 | 0.0 | 22.73 | 11.15 | 29.5 | 63.97 | 143.42 | 0.27 | -5.14 | 92.31 | -32.08 | -35.38 | 7.69 | 121.43 | 121.54 | 18.47 | -3.3 | -10.86 |
| 21Q2 (10) | 26.41 | 4.68 | -3.33 | 6.48 | 59.61 | -10.87 | 4.79 | 20.96 | -8.41 | 4.35 | 33.03 | 19.83 | 2.84 | 42.71 | 27.93 | 1.36 | 36.0 | 24.77 | 0.27 | 8.0 | 12.5 | 8.61 | 6.43 | -12.5 | 143.03 | 4.24 | -6.34 | 135.90 | 31.51 | -1.41 | -35.90 | -976.92 | 5.13 | 19.10 | -4.12 | 0 |
| 21Q1 (9) | 25.23 | 0.8 | 4.56 | 4.06 | -26.58 | 782.61 | 3.96 | -1.0 | 219.35 | 3.27 | -23.95 | 1262.5 | 1.99 | -23.17 | 1430.77 | 1.00 | -20.63 | 334.78 | 0.25 | 4.17 | 19.05 | 8.09 | -2.41 | 28.41 | 137.21 | -3.44 | -7.11 | 103.33 | -25.08 | 141.11 | -3.33 | 91.21 | -104.67 | 19.92 | 0.35 | 0 |
| 20Q4 (8) | 25.03 | 2.41 | -4.94 | 5.53 | 81.91 | 3.75 | 4.00 | 78.57 | 327.27 | 4.30 | 230.77 | 247.26 | 2.59 | 259.72 | 240.0 | 1.26 | 173.91 | 313.56 | 0.24 | 9.09 | -7.69 | 8.29 | 21.91 | 260.43 | 142.10 | -6.01 | -3.37 | 137.93 | -3.45 | 145.98 | -37.93 | -6.21 | -109.48 | 19.85 | -4.2 | 1.07 |
| 20Q3 (7) | 24.44 | -10.54 | -3.51 | 3.04 | -58.18 | -32.14 | 2.24 | -57.17 | -52.54 | 1.30 | -64.19 | -61.54 | 0.72 | -67.57 | -63.64 | 0.46 | -57.8 | -53.06 | 0.22 | -8.33 | -8.33 | 6.80 | -30.89 | -20.0 | 151.19 | -1.0 | 8.91 | 142.86 | 3.64 | 52.07 | -35.71 | 5.61 | -689.29 | 20.72 | 0 | -3.22 |
| 20Q2 (6) | 27.32 | 13.22 | 4.88 | 7.27 | 1480.43 | 7.23 | 5.23 | 321.77 | -37.51 | 3.63 | 1412.5 | -44.15 | 2.22 | 1607.69 | -49.66 | 1.09 | 373.91 | -45.23 | 0.24 | 14.29 | -14.29 | 9.84 | 56.19 | -15.54 | 152.71 | 3.39 | 9.6 | 137.84 | 221.62 | 68.47 | -37.84 | -152.97 | -292.1 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 24.13 | -8.36 | -3.71 | 0.46 | -91.37 | -87.19 | 1.24 | 170.45 | -69.9 | 0.24 | 108.22 | -90.66 | 0.13 | 107.03 | -91.72 | 0.23 | 138.98 | -70.89 | 0.21 | -19.23 | -19.23 | 6.30 | 173.91 | -16.33 | 147.71 | 0.45 | 6.92 | 42.86 | 114.29 | -50.29 | 71.43 | -82.14 | 417.86 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 26.33 | 3.95 | 0.0 | 5.33 | 18.97 | 0.0 | -1.76 | -137.29 | 0.0 | -2.92 | -186.39 | 0.0 | -1.85 | -193.43 | 0.0 | -0.59 | -160.2 | 0.0 | 0.26 | 8.33 | 0.0 | 2.30 | -72.94 | 0.0 | 147.05 | 5.93 | 0.0 | -300.00 | -419.35 | 0.0 | 400.00 | 6500.0 | 0.0 | 19.64 | -8.27 | 0.0 |
| 19Q3 (3) | 25.33 | -2.76 | 0.0 | 4.48 | -33.92 | 0.0 | 4.72 | -43.61 | 0.0 | 3.38 | -48.0 | 0.0 | 1.98 | -55.1 | 0.0 | 0.98 | -50.75 | 0.0 | 0.24 | -14.29 | 0.0 | 8.50 | -27.04 | 0.0 | 138.82 | -0.37 | 0.0 | 93.94 | 14.81 | 0.0 | 6.06 | -69.23 | 0.0 | 21.41 | 10.36 | 0.0 |
| 19Q2 (2) | 26.05 | 3.95 | 0.0 | 6.78 | 88.86 | 0.0 | 8.37 | 103.16 | 0.0 | 6.50 | 152.92 | 0.0 | 4.41 | 180.89 | 0.0 | 1.99 | 151.9 | 0.0 | 0.28 | 7.69 | 0.0 | 11.65 | 54.71 | 0.0 | 139.34 | 0.86 | 0.0 | 81.82 | -5.09 | 0.0 | 19.70 | 42.8 | 0.0 | 19.40 | -15.02 | 0.0 |
| 19Q1 (1) | 25.06 | 0.0 | 0.0 | 3.59 | 0.0 | 0.0 | 4.12 | 0.0 | 0.0 | 2.57 | 0.0 | 0.0 | 1.57 | 0.0 | 0.0 | 0.79 | 0.0 | 0.0 | 0.26 | 0.0 | 0.0 | 7.53 | 0.0 | 0.0 | 138.15 | 0.0 | 0.0 | 86.21 | 0.0 | 0.0 | 13.79 | 0.0 | 0.0 | 22.83 | 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) | 25.09 | -5.71 | 0.79 | -82.6 | 4.98 | 35.69 | 1.67 | -73.11 | 0.52 | -90.97 | 0.76 | -93.39 | 1.00 | -82.99 | 0.70 | -22.22 | 7.79 | -28.53 | 105.86 | -3.66 | 47.50 | -35.2 | 52.50 | 92.84 | 2.74 | 1.49 | 22.80 | 7.75 |
| 2022 (9) | 26.61 | 2.46 | 4.54 | -20.21 | 3.67 | 23.08 | 6.21 | 18.29 | 5.76 | 28.57 | 11.50 | 2.5 | 5.88 | 9.5 | 0.90 | -14.29 | 10.90 | 20.31 | 109.88 | -19.65 | 73.30 | -32.46 | 27.23 | 0 | 2.70 | 0.85 | 21.16 | 8.9 |
| 2021 (8) | 25.97 | 2.73 | 5.69 | 34.2 | 2.98 | -16.09 | 5.25 | 60.55 | 4.48 | 80.65 | 11.22 | 100.72 | 5.37 | 75.49 | 1.05 | 14.13 | 9.06 | 14.39 | 136.75 | -3.76 | 108.52 | -15.49 | -8.52 | 0 | 2.68 | -13.29 | 19.43 | -5.54 |
| 2020 (7) | 25.28 | -1.67 | 4.24 | -17.03 | 3.55 | 24.64 | 3.27 | -16.58 | 2.48 | 2.06 | 5.59 | -10.99 | 3.06 | -4.08 | 0.92 | -13.21 | 7.92 | 4.9 | 142.10 | -3.37 | 128.41 | -1.75 | -29.55 | 0 | 3.09 | -5.83 | 20.57 | -0.87 |
| 2019 (6) | 25.71 | 9.82 | 5.11 | 25.86 | 2.85 | 36.58 | 3.92 | -16.06 | 2.43 | -18.18 | 6.28 | -42.01 | 3.19 | -43.44 | 1.06 | -34.57 | 7.55 | 1.34 | 147.05 | 4.55 | 130.70 | 50.47 | -30.70 | 0 | 3.28 | -32.38 | 20.75 | 3.13 |
| 2018 (5) | 23.41 | -23.77 | 4.06 | 27.67 | 2.09 | -19.13 | 4.67 | 65.02 | 2.97 | 0 | 10.83 | 0 | 5.64 | 1424.32 | 1.62 | 110.39 | 7.45 | 18.25 | 140.65 | 58.8 | 86.86 | -21.04 | 13.14 | 0 | 4.85 | 0 | 20.12 | -16.51 |
| 2017 (4) | 30.71 | 8.82 | 3.18 | 128.78 | 2.58 | 2.07 | 2.83 | -16.27 | -0.02 | 0 | -0.03 | 0 | 0.37 | -57.47 | 0.77 | -6.1 | 6.30 | -5.26 | 88.57 | 8.3 | 110.00 | 175.0 | -10.00 | 0 | 0.00 | 0 | 24.10 | -2.19 |
| 2016 (3) | 28.22 | 31.68 | 1.39 | 0 | 2.53 | 1.46 | 3.38 | 0 | 0.67 | 0 | 1.03 | 0 | 0.87 | 0 | 0.82 | 3.8 | 6.65 | 0 | 81.78 | -9.43 | 40.00 | -77.36 | 60.00 | 0 | 0.00 | 0 | 24.64 | -0.24 |
| 2015 (2) | 21.43 | 4.38 | -6.98 | 0 | 2.49 | 89.25 | -3.94 | 0 | -5.67 | 0 | -8.41 | 0 | -4.22 | 0 | 0.79 | -12.22 | -0.79 | 0 | 90.29 | 6.47 | 176.67 | 43.16 | -76.67 | 0 | 0.00 | 0 | 24.70 | 30.14 |
| 2014 (1) | 20.53 | 0 | -6.88 | 0 | 1.32 | -3.8 | -5.65 | 0 | -7.82 | 0 | -11.51 | 0 | -6.93 | 0 | 0.90 | 8.43 | -4.07 | 0 | 84.80 | 98.73 | 123.40 | -32.13 | -21.28 | 0 | 0.00 | 0 | 18.98 | 3.26 |
