- 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) | 28.18 | 28.44 | 18.35 | -12.13 | 69.94 | 33.86 | -15.94 | 46.17 | 18.47 | -13.72 | 52.64 | 31.06 | -1.15 | 40.72 | 21.77 | -1.03 | 41.14 | 20.16 | 0.08 | 33.33 | 33.33 | -11.11 | 55.56 | 22.25 | 11.64 | 5.82 | -2.68 | 71.43 | -47.62 | -28.57 | 28.57 | 178.57 | 128.57 | 35.92 | -35.49 | -1.88 |
| 23Q3 (19) | 21.94 | -15.91 | -30.42 | -40.35 | -57.19 | -347.34 | -29.61 | -32.72 | -791.87 | -28.97 | -33.93 | -650.52 | -1.94 | -30.2 | -487.88 | -1.75 | -29.63 | -548.15 | 0.06 | 0.0 | -14.29 | -25.00 | -58.33 | 0 | 11.00 | -1.26 | -30.64 | 136.36 | 9.09 | -31.82 | -36.36 | -190.91 | 75.76 | 55.68 | 23.76 | 62.57 |
| 23Q2 (18) | 26.09 | -24.46 | -9.82 | -25.67 | -113.56 | -788.2 | -22.31 | -102.45 | -491.4 | -21.63 | -124.61 | -700.83 | -1.49 | -106.94 | -438.64 | -1.35 | -107.69 | -475.0 | 0.06 | -14.29 | -40.0 | -15.79 | -231.72 | -286.86 | 11.14 | 10.52 | -55.69 | 125.00 | 25.0 | 66.67 | -12.50 | 0 | -150.0 | 44.99 | 6.08 | 86.06 |
| 23Q1 (17) | 34.54 | 45.07 | -2.24 | -12.02 | 34.46 | -250.44 | -11.02 | 43.63 | -195.25 | -9.63 | 51.61 | -223.94 | -0.72 | 51.02 | -174.23 | -0.65 | 49.61 | -180.25 | 0.07 | 16.67 | -30.0 | -4.76 | 66.69 | -132.03 | 10.08 | -15.72 | -45.28 | 100.00 | 0.0 | 50.0 | -0.00 | -100.0 | -100.0 | 42.41 | 15.84 | 66.71 |
| 22Q4 (16) | 23.81 | -24.48 | -37.9 | -18.34 | -103.33 | -222.59 | -19.55 | -488.86 | -224.92 | -19.90 | -415.54 | -293.96 | -1.47 | -345.45 | -185.47 | -1.29 | -377.78 | -192.81 | 0.06 | -14.29 | -57.14 | -14.29 | 0 | -182.36 | 11.96 | -24.59 | -40.79 | 100.00 | -50.0 | 0.0 | 12.50 | 108.33 | 87.5 | 36.61 | 6.89 | 54.6 |
| 22Q3 (15) | 31.53 | 8.99 | -17.91 | -9.02 | -341.82 | -145.21 | -3.32 | -158.25 | -116.46 | -3.86 | -207.22 | -127.89 | -0.33 | -175.0 | -111.54 | -0.27 | -175.0 | -111.89 | 0.07 | -30.0 | -56.25 | 0.00 | -100.0 | -100.0 | 15.86 | -36.91 | -42.12 | 200.00 | 166.67 | 108.7 | -150.00 | -700.0 | 0 | 34.25 | 41.65 | 117.88 |
| 22Q2 (14) | 28.93 | -18.11 | -21.68 | 3.73 | -53.32 | -79.72 | 5.70 | -50.73 | -64.79 | 3.60 | -53.67 | -64.43 | 0.44 | -54.64 | -78.85 | 0.36 | -55.56 | -78.7 | 0.10 | 0.0 | -41.18 | 8.45 | -43.14 | -53.31 | 25.14 | 36.48 | 0.04 | 75.00 | 12.5 | -32.14 | 25.00 | -25.0 | 258.33 | 24.18 | -4.95 | 53.72 |
| 22Q1 (13) | 35.33 | -7.85 | 14.82 | 7.99 | -46.59 | -36.59 | 11.57 | -26.07 | -15.92 | 7.77 | -24.27 | -19.65 | 0.97 | -43.6 | -46.11 | 0.81 | -41.73 | -44.52 | 0.10 | -28.57 | -33.33 | 14.86 | -14.35 | -2.49 | 18.42 | -8.81 | -15.54 | 66.67 | -33.33 | -23.08 | 33.33 | 400.0 | 400.0 | 25.44 | 7.43 | 41.1 |
| 21Q4 (12) | 38.34 | -0.18 | 15.97 | 14.96 | -25.01 | 9.6 | 15.65 | -22.41 | 45.99 | 10.26 | -25.87 | 52.68 | 1.72 | -39.86 | 30.3 | 1.39 | -38.77 | 29.91 | 0.14 | -12.5 | -12.5 | 17.35 | -21.24 | 45.43 | 20.20 | -26.28 | -15.02 | 100.00 | 4.35 | -20.0 | 6.67 | 0 | 126.67 | 23.68 | 50.64 | 23.4 |
| 21Q3 (11) | 38.41 | 3.98 | 20.29 | 19.95 | 8.48 | 9.5 | 20.17 | 24.58 | 5.0 | 13.84 | 36.76 | -6.99 | 2.86 | 37.5 | -24.54 | 2.27 | 34.32 | -23.83 | 0.16 | -5.88 | -20.0 | 22.03 | 21.71 | 8.58 | 27.40 | 9.03 | 18.1 | 95.83 | -13.29 | 3.5 | 0.00 | 100.0 | -100.0 | 15.72 | -0.06 | 9.32 |
| 21Q2 (10) | 36.94 | 20.05 | 23.38 | 18.39 | 45.95 | 30.15 | 16.19 | 17.66 | 51.03 | 10.12 | 4.65 | 54.5 | 2.08 | 15.56 | 24.55 | 1.69 | 15.75 | 27.07 | 0.17 | 13.33 | -15.0 | 18.10 | 18.77 | 65.3 | 25.13 | 15.22 | -19.09 | 110.53 | 27.53 | -12.74 | -15.79 | -336.84 | 52.63 | 15.73 | -12.76 | 0 |
| 21Q1 (9) | 30.77 | -6.93 | 16.29 | 12.60 | -7.69 | 269.5 | 13.76 | 28.36 | 199.78 | 9.67 | 43.9 | 205.05 | 1.80 | 36.36 | 275.0 | 1.46 | 36.45 | 265.0 | 0.15 | -6.25 | 15.38 | 15.24 | 27.75 | 216.18 | 21.81 | -8.25 | 7.39 | 86.67 | -30.67 | 15.56 | 6.67 | 126.67 | -73.33 | 18.03 | -6.04 | -15.9 |
| 20Q4 (8) | 33.06 | 3.54 | 18.11 | 13.65 | -25.08 | 146.39 | 10.72 | -44.2 | 394.01 | 6.72 | -54.84 | 540.0 | 1.32 | -65.17 | 594.74 | 1.07 | -64.09 | 568.75 | 0.16 | -20.0 | 6.67 | 11.93 | -41.2 | 289.87 | 23.77 | 2.46 | 19.51 | 125.00 | 35.0 | -50.0 | -25.00 | -775.0 | 83.33 | 19.19 | 33.45 | 4.12 |
| 20Q3 (7) | 31.93 | 6.65 | 17.82 | 18.22 | 28.95 | 25.31 | 19.21 | 79.2 | 51.74 | 14.88 | 127.18 | 43.91 | 3.79 | 126.95 | 65.5 | 2.98 | 124.06 | 57.67 | 0.20 | 0.0 | 11.11 | 20.29 | 85.3 | 48.32 | 23.20 | -25.31 | 2.7 | 92.59 | -26.9 | -18.3 | 3.70 | 111.11 | 127.78 | 14.38 | 0 | -8.35 |
| 20Q2 (6) | 29.94 | 13.15 | 16.27 | 14.13 | 314.37 | 3632.5 | 10.72 | 133.55 | -61.44 | 6.55 | 106.62 | -75.42 | 1.67 | 247.92 | -70.6 | 1.33 | 232.5 | -72.18 | 0.20 | 53.85 | 11.11 | 10.95 | 127.18 | -61.14 | 31.06 | 52.93 | 49.26 | 126.67 | 68.89 | 0 | -33.33 | -233.33 | -133.33 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 26.46 | -5.47 | 12.5 | 3.41 | -38.45 | 128.58 | 4.59 | 111.52 | -82.06 | 3.17 | 201.9 | -87.63 | 0.48 | 152.63 | -87.66 | 0.40 | 150.0 | -87.99 | 0.13 | -13.33 | 0.0 | 4.82 | 57.52 | -82.17 | 20.31 | 2.11 | 20.61 | 75.00 | -70.0 | 258.33 | 25.00 | 116.67 | -83.04 | 21.44 | 16.33 | -31.26 |
| 19Q4 (4) | 27.99 | 3.28 | 0.0 | 5.54 | -61.9 | 0.0 | 2.17 | -82.86 | 0.0 | 1.05 | -89.85 | 0.0 | 0.19 | -91.7 | 0.0 | 0.16 | -91.53 | 0.0 | 0.15 | -16.67 | 0.0 | 3.06 | -77.63 | 0.0 | 19.89 | -11.95 | 0.0 | 250.00 | 120.59 | 0.0 | -150.00 | -1025.0 | 0.0 | 18.43 | 17.46 | 0.0 |
| 19Q3 (3) | 27.10 | 5.24 | 0.0 | 14.54 | 3735.0 | 0.0 | 12.66 | -54.46 | 0.0 | 10.34 | -61.2 | 0.0 | 2.29 | -59.68 | 0.0 | 1.89 | -60.46 | 0.0 | 0.18 | 0.0 | 0.0 | 13.68 | -51.45 | 0.0 | 22.59 | 8.55 | 0.0 | 113.33 | 0 | 0.0 | -13.33 | -113.33 | 0.0 | 15.69 | -27.02 | 0.0 |
| 19Q2 (2) | 25.75 | 9.48 | 0.0 | -0.40 | 96.65 | 0.0 | 27.80 | 8.64 | 0.0 | 26.65 | 4.02 | 0.0 | 5.68 | 46.02 | 0.0 | 4.78 | 43.54 | 0.0 | 0.18 | 38.46 | 0.0 | 28.18 | 4.25 | 0.0 | 20.81 | 23.57 | 0.0 | -0.00 | 100.0 | 0.0 | 100.00 | -32.14 | 0.0 | 21.50 | -31.07 | 0.0 |
| 19Q1 (1) | 23.52 | 0.0 | 0.0 | -11.93 | 0.0 | 0.0 | 25.59 | 0.0 | 0.0 | 25.62 | 0.0 | 0.0 | 3.89 | 0.0 | 0.0 | 3.33 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 27.03 | 0.0 | 0.0 | 16.84 | 0.0 | 0.0 | -47.37 | 0.0 | 0.0 | 147.37 | 0.0 | 0.0 | 31.19 | 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) | 27.93 | -8.64 | -21.69 | 0 | 4.97 | 67.52 | -19.26 | 0 | -17.98 | 0 | -5.30 | 0 | -4.74 | 0 | 0.26 | -25.71 | -13.66 | 0 | 11.64 | -2.68 | 112.90 | 0 | -12.90 | 0 | 0.84 | 164.31 | 44.22 | 53.33 |
| 2022 (9) | 30.57 | -15.46 | -1.45 | 0 | 2.97 | 116.03 | 1.23 | -92.57 | -0.77 | 0 | -0.32 | 0 | -0.27 | 0 | 0.35 | -43.55 | 4.66 | -74.23 | 11.96 | -40.79 | -100.00 | 0 | 200.00 | 0 | 0.32 | -24.84 | 28.84 | 59.69 |
| 2021 (8) | 36.16 | 18.02 | 16.65 | 24.91 | 1.37 | 113.73 | 16.55 | 36.33 | 11.04 | 30.65 | 8.39 | 16.69 | 6.88 | 16.61 | 0.62 | -11.43 | 18.08 | 38.44 | 20.20 | -15.02 | 101.39 | -6.79 | 0.00 | 0 | 0.42 | -26.38 | 18.06 | 10.39 |
| 2020 (7) | 30.64 | 16.59 | 13.33 | 303.94 | 0.64 | 28.16 | 12.14 | -27.13 | 8.45 | -45.09 | 7.19 | -40.77 | 5.90 | -42.38 | 0.70 | 4.48 | 13.06 | -24.47 | 23.77 | 19.51 | 108.77 | 452.23 | -10.53 | 0 | 0.58 | 23.36 | 16.36 | -23.37 |
| 2019 (6) | 26.28 | -16.65 | 3.30 | -49.77 | 0.50 | -8.02 | 16.66 | 114.41 | 15.39 | 148.23 | 12.14 | 151.87 | 10.24 | 157.93 | 0.67 | 4.69 | 17.29 | 104.62 | 19.89 | 17.69 | 19.70 | -77.02 | 80.30 | 462.12 | 0.47 | -35.15 | 21.35 | -3.74 |
| 2018 (5) | 31.53 | 3.04 | 6.57 | -35.14 | 0.54 | 9.81 | 7.77 | -13.95 | 6.20 | -14.48 | 4.82 | -21.37 | 3.97 | -19.47 | 0.64 | -5.88 | 8.45 | -12.71 | 16.90 | -34.19 | 85.71 | -24.74 | 14.29 | 0 | 0.72 | 0 | 22.18 | 22.74 |
| 2017 (4) | 30.60 | -13.63 | 10.13 | -20.55 | 0.50 | -4.22 | 9.03 | -31.38 | 7.25 | -31.6 | 6.13 | -27.28 | 4.93 | -29.06 | 0.68 | 3.03 | 9.68 | -30.81 | 25.68 | 12.09 | 113.89 | 18.54 | -11.11 | 0 | 0.00 | 0 | 18.07 | -5.54 |
| 2016 (3) | 35.43 | -1.09 | 12.75 | 27.37 | 0.52 | -44.39 | 13.16 | 2.33 | 10.60 | -0.28 | 8.43 | 20.77 | 6.95 | 19.21 | 0.66 | 20.0 | 13.99 | 0.07 | 22.91 | 15.59 | 96.08 | 23.1 | 3.92 | -82.14 | 0.00 | 0 | 19.13 | -13.48 |
| 2015 (2) | 35.82 | 2.02 | 10.01 | -9.74 | 0.93 | -0.93 | 12.86 | -17.51 | 10.63 | -17.53 | 6.98 | -14.46 | 5.83 | -15.26 | 0.55 | 3.77 | 13.98 | -15.83 | 19.82 | 1.48 | 78.05 | 11.5 | 21.95 | -21.6 | 0.00 | 0 | 22.11 | 0.68 |
| 2014 (1) | 35.11 | 0 | 11.09 | 0 | 0.94 | 10.97 | 15.59 | 0 | 12.89 | 0 | 8.16 | 0 | 6.88 | 0 | 0.53 | -10.17 | 16.61 | 4.99 | 19.53 | 10.97 | 70.00 | -4.21 | 28.00 | 4.0 | 0.00 | 0 | 21.96 | -5.22 |
