- 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) | 15.25 | 4.88 | 10.67 | 5.56 | -34.28 | 79.35 | 16.04 | 10.47 | 196.49 | 14.00 | 2.41 | 240.63 | 5.52 | 2.6 | 222.81 | 3.05 | 2.01 | 231.52 | 0.21 | 0.0 | 0.0 | 19.52 | 7.73 | 123.85 | 86.49 | 1.86 | -13.91 | 34.52 | -40.94 | -38.75 | 65.48 | 57.59 | 56.57 | 12.74 | 39.23 | 11.07 |
| 23Q3 (19) | 14.54 | -4.28 | -7.68 | 8.46 | 24.96 | 24.96 | 14.52 | 73.27 | 49.54 | 13.67 | 117.68 | 75.03 | 5.38 | 141.26 | 67.08 | 2.99 | 137.3 | 75.88 | 0.21 | 10.53 | 0.0 | 18.12 | 48.77 | 40.47 | 84.91 | -1.64 | -11.69 | 58.45 | -27.44 | -15.87 | 41.55 | 113.68 | 36.11 | 9.15 | -24.38 | -18.88 |
| 23Q2 (18) | 15.19 | 4.47 | -18.73 | 6.77 | 20.68 | -40.51 | 8.38 | -34.43 | -52.22 | 6.28 | -41.96 | -57.34 | 2.23 | -38.74 | -63.02 | 1.26 | -34.72 | -61.93 | 0.19 | 11.76 | -13.64 | 12.18 | -27.2 | -41.24 | 86.33 | -5.39 | -6.97 | 80.56 | 83.88 | 24.16 | 19.44 | -65.4 | -44.63 | 12.10 | -7.14 | 24.23 |
| 23Q1 (17) | 14.54 | 5.52 | -28.3 | 5.61 | 80.97 | -57.79 | 12.78 | 136.23 | -21.21 | 10.82 | 163.26 | -15.93 | 3.64 | 112.87 | -22.88 | 1.93 | 109.78 | -29.3 | 0.17 | -19.05 | -19.05 | 16.73 | 91.86 | -15.68 | 91.25 | -9.18 | 20.65 | 43.81 | -22.27 | -46.83 | 56.19 | 34.37 | 206.89 | 13.03 | 13.6 | 19.76 |
| 22Q4 (16) | 13.78 | -12.51 | -32.02 | 3.10 | -54.21 | -72.37 | 5.41 | -44.28 | -69.12 | 4.11 | -47.38 | -72.14 | 1.71 | -46.89 | -68.85 | 0.92 | -45.88 | -71.43 | 0.21 | 0.0 | -4.55 | 8.72 | -32.4 | -58.77 | 100.47 | 4.49 | 34.28 | 56.36 | -18.87 | -12.0 | 41.82 | 36.99 | 16.33 | 11.47 | 1.68 | -4.89 |
| 22Q3 (15) | 15.75 | -15.73 | -11.72 | 6.77 | -40.51 | -34.21 | 9.71 | -44.64 | -13.84 | 7.81 | -46.94 | -11.25 | 3.22 | -46.6 | 4.89 | 1.70 | -48.64 | -7.1 | 0.21 | -4.55 | 5.0 | 12.90 | -37.77 | -16.02 | 96.15 | 3.61 | 37.59 | 69.47 | 7.08 | -23.58 | 30.53 | -13.08 | 235.79 | 11.28 | 15.81 | 1.44 |
| 22Q2 (14) | 18.69 | -7.84 | 21.28 | 11.38 | -14.37 | 52.96 | 17.54 | 8.14 | 20.8 | 14.72 | 14.37 | 14.73 | 6.03 | 27.75 | 39.58 | 3.31 | 21.25 | 25.86 | 0.22 | 4.76 | 10.0 | 20.73 | 4.49 | 4.49 | 92.80 | 22.7 | 30.1 | 64.88 | -21.26 | 27.44 | 35.12 | 91.8 | -28.46 | 9.74 | -10.48 | -13.96 |
| 22Q1 (13) | 20.28 | 0.05 | 28.11 | 13.29 | 18.45 | 62.47 | 16.22 | -7.42 | 42.03 | 12.87 | -12.75 | 39.89 | 4.72 | -14.03 | 64.46 | 2.73 | -15.22 | 51.67 | 0.21 | -4.55 | 10.53 | 19.84 | -6.19 | 32.35 | 75.63 | 1.08 | 21.59 | 82.39 | 28.64 | 16.49 | 18.31 | -49.07 | -34.72 | 10.88 | -9.78 | -3.46 |
| 21Q4 (12) | 20.27 | 13.62 | 17.58 | 11.22 | 9.04 | 21.82 | 17.52 | 55.46 | 34.77 | 14.75 | 67.61 | 38.76 | 5.49 | 78.83 | 47.98 | 3.22 | 75.96 | 40.0 | 0.22 | 10.0 | 4.76 | 21.15 | 37.7 | 30.15 | 74.82 | 7.07 | 17.53 | 64.05 | -29.54 | -9.79 | 35.95 | 295.42 | 23.96 | 12.06 | 8.45 | 21.82 |
| 21Q3 (11) | 17.84 | 15.77 | 3.72 | 10.29 | 38.31 | 19.93 | 11.27 | -22.38 | -10.63 | 8.80 | -31.41 | -13.04 | 3.07 | -28.94 | -8.9 | 1.83 | -30.42 | -12.02 | 0.20 | 0.0 | 0.0 | 15.36 | -22.58 | -5.94 | 69.88 | -2.03 | 11.03 | 90.91 | 78.57 | 34.05 | 9.09 | -81.48 | -71.75 | 11.12 | -1.77 | -4.96 |
| 21Q2 (10) | 15.41 | -2.65 | -5.17 | 7.44 | -9.05 | -4.98 | 14.52 | 27.15 | -35.64 | 12.83 | 39.46 | -36.58 | 4.32 | 50.52 | -37.57 | 2.63 | 46.11 | -36.63 | 0.20 | 5.26 | 0.0 | 19.84 | 32.35 | -24.82 | 71.33 | 14.68 | 6.48 | 50.91 | -28.03 | 47.92 | 49.09 | 75.02 | -24.4 | 11.32 | 0.44 | 0 |
| 21Q1 (9) | 15.83 | -8.18 | -2.58 | 8.18 | -11.18 | 40.55 | 11.42 | -12.15 | 470.78 | 9.20 | -13.45 | 287.76 | 2.87 | -22.64 | 296.58 | 1.80 | -21.74 | 311.76 | 0.19 | -9.52 | 5.56 | 14.99 | -7.75 | 1044.27 | 62.20 | -2.29 | -10.15 | 70.73 | -0.38 | 138.4 | 28.05 | -3.28 | -90.13 | 11.27 | 13.84 | -4.97 |
| 20Q4 (8) | 17.24 | 0.23 | 1.11 | 9.21 | 7.34 | 157.98 | 13.00 | 3.09 | -15.69 | 10.63 | 5.04 | -26.44 | 3.71 | 10.09 | -25.35 | 2.30 | 10.58 | -26.98 | 0.21 | 5.0 | -4.55 | 16.25 | -0.49 | -15.5 | 63.66 | 1.14 | 4.76 | 71.00 | 4.69 | 203.12 | 29.00 | -9.89 | -62.57 | 9.90 | -15.38 | 0 |
| 20Q3 (7) | 17.20 | 5.85 | -5.02 | 8.58 | 9.58 | -3.49 | 12.61 | -44.1 | -0.16 | 10.12 | -49.98 | -2.13 | 3.37 | -51.3 | 6.65 | 2.08 | -49.88 | 1.46 | 0.20 | 0.0 | 5.26 | 16.33 | -38.12 | -3.71 | 62.94 | -6.05 | 6.35 | 67.82 | 97.05 | -3.12 | 32.18 | -50.44 | 7.28 | 11.70 | 0 | -3.39 |
| 20Q2 (6) | 16.25 | 0.0 | 2.78 | 7.83 | 34.54 | 3.3 | 22.56 | 832.47 | 41.89 | 20.23 | 512.86 | 43.99 | 6.92 | 573.97 | 72.14 | 4.15 | 588.24 | 55.43 | 0.20 | 11.11 | 5.26 | 26.39 | 1914.5 | 28.17 | 66.99 | -3.24 | 20.83 | 34.42 | 118.68 | -28.18 | 64.94 | -77.15 | 24.68 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 16.25 | -4.69 | -10.27 | 5.82 | 63.03 | -36.11 | -3.08 | -119.97 | -127.77 | -4.90 | -133.91 | -157.44 | -1.46 | -129.38 | -166.67 | -0.85 | -126.98 | -158.62 | 0.18 | -18.18 | 5.88 | 1.31 | -93.19 | -92.01 | 69.23 | 13.92 | 36.31 | -184.21 | -886.44 | -325.56 | 284.21 | 266.83 | 1450.24 | 11.86 | 0 | -13.75 |
| 19Q4 (4) | 17.05 | -5.85 | 0.0 | 3.57 | -59.84 | 0.0 | 15.42 | 22.09 | 0.0 | 14.45 | 39.75 | 0.0 | 4.97 | 57.28 | 0.0 | 3.15 | 53.66 | 0.0 | 0.22 | 15.79 | 0.0 | 19.23 | 13.38 | 0.0 | 60.77 | 2.69 | 0.0 | 23.42 | -66.54 | 0.0 | 77.48 | 158.26 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 18.11 | 14.55 | 0.0 | 8.89 | 17.28 | 0.0 | 12.63 | -20.57 | 0.0 | 10.34 | -26.41 | 0.0 | 3.16 | -21.39 | 0.0 | 2.05 | -23.22 | 0.0 | 0.19 | 0.0 | 0.0 | 16.96 | -17.63 | 0.0 | 59.18 | 6.75 | 0.0 | 70.00 | 46.09 | 0.0 | 30.00 | -42.4 | 0.0 | 12.11 | 14.46 | 0.0 |
| 19Q2 (2) | 15.81 | -12.7 | 0.0 | 7.58 | -16.79 | 0.0 | 15.90 | 43.37 | 0.0 | 14.05 | 64.71 | 0.0 | 4.02 | 83.56 | 0.0 | 2.67 | 84.14 | 0.0 | 0.19 | 11.76 | 0.0 | 20.59 | 25.63 | 0.0 | 55.44 | 9.16 | 0.0 | 47.92 | -41.33 | 0.0 | 52.08 | 184.09 | 0.0 | 10.58 | -23.05 | 0.0 |
| 19Q1 (1) | 18.11 | 0.0 | 0.0 | 9.11 | 0.0 | 0.0 | 11.09 | 0.0 | 0.0 | 8.53 | 0.0 | 0.0 | 2.19 | 0.0 | 0.0 | 1.45 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 16.39 | 0.0 | 0.0 | 50.79 | 0.0 | 0.0 | 81.67 | 0.0 | 0.0 | 18.33 | 0.0 | 0.0 | 13.75 | 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) | 14.89 | -12.46 | 6.62 | -21.66 | 3.05 | 2.36 | 13.13 | 9.05 | 11.41 | 17.27 | 16.34 | 6.17 | 8.77 | 4.65 | 0.74 | -11.9 | 16.83 | 9.64 | 86.49 | -13.91 | 50.41 | -28.21 | 49.59 | 66.5 | 0.53 | -1.23 | 11.71 | 7.93 |
| 2022 (9) | 17.01 | -2.63 | 8.45 | -9.91 | 2.98 | -23.09 | 12.04 | -13.01 | 9.73 | -15.61 | 15.39 | 0.46 | 8.38 | -8.62 | 0.84 | 7.69 | 15.35 | -14.63 | 100.47 | 34.28 | 70.22 | 3.53 | 29.78 | -7.44 | 0.53 | 18.2 | 10.85 | -5.32 |
| 2021 (8) | 17.47 | 4.17 | 9.38 | 17.84 | 3.88 | 11.18 | 13.84 | 18.29 | 11.53 | 22.14 | 15.32 | 31.28 | 9.17 | 25.27 | 0.78 | 2.63 | 17.98 | 16.45 | 74.82 | 17.53 | 67.82 | -0.28 | 32.18 | 0.59 | 0.45 | -10.77 | 11.46 | -0.17 |
| 2020 (7) | 16.77 | -2.73 | 7.96 | 12.43 | 3.49 | -15.43 | 11.70 | -15.83 | 9.44 | -21.59 | 11.67 | -18.45 | 7.32 | -19.65 | 0.76 | 2.7 | 15.44 | -15.77 | 63.66 | 4.76 | 68.01 | 33.34 | 31.99 | -34.71 | 0.51 | -7.46 | 11.48 | -8.74 |
| 2019 (6) | 17.24 | -11.13 | 7.08 | -14.7 | 4.12 | 3.95 | 13.90 | 21.72 | 12.04 | 29.74 | 14.31 | 24.65 | 9.11 | 22.12 | 0.74 | -6.33 | 18.33 | 16.45 | 60.77 | 3.14 | 51.01 | -29.77 | 48.99 | 78.98 | 0.55 | -6.48 | 12.58 | -1.18 |
| 2018 (5) | 19.40 | 7.24 | 8.30 | -3.49 | 3.97 | 26.87 | 11.42 | 8.87 | 9.28 | 8.41 | 11.48 | 9.23 | 7.46 | 7.34 | 0.79 | 0.0 | 15.74 | 11.87 | 58.92 | 7.87 | 72.63 | -11.11 | 27.37 | 53.15 | 0.59 | 0 | 12.73 | 2.09 |
| 2017 (4) | 18.09 | -4.08 | 8.60 | -1.15 | 3.13 | -0.24 | 10.49 | -19.49 | 8.56 | -22.6 | 10.51 | -18.9 | 6.95 | -19.37 | 0.79 | 3.95 | 14.07 | -15.5 | 54.62 | -0.31 | 81.70 | 22.55 | 17.87 | -46.38 | 0.00 | 0 | 12.47 | -3.56 |
| 2016 (3) | 18.86 | -14.04 | 8.70 | -14.62 | 3.13 | 9.49 | 13.03 | 1.88 | 11.06 | -3.66 | 12.96 | -11.17 | 8.62 | -7.01 | 0.76 | -3.8 | 16.65 | 3.29 | 54.79 | 5.65 | 66.67 | -16.31 | 33.33 | 63.84 | 0.00 | 0 | 12.93 | 7.66 |
| 2015 (2) | 21.94 | -7.19 | 10.19 | -7.45 | 2.86 | -14.37 | 12.79 | -6.09 | 11.48 | -4.97 | 14.59 | 14.97 | 9.27 | 19.15 | 0.79 | 27.42 | 16.12 | -7.78 | 51.86 | -27.45 | 79.66 | -1.32 | 20.34 | 5.54 | 0.00 | 0 | 12.01 | -12.34 |
| 2014 (1) | 23.64 | 0 | 11.01 | 0 | 3.34 | 17.67 | 13.62 | 0 | 12.08 | 0 | 12.69 | 0 | 7.78 | 0 | 0.62 | -7.46 | 17.48 | 4.8 | 71.48 | 10.41 | 80.72 | 5.69 | 19.28 | -18.39 | 0.00 | 0 | 13.70 | 10.13 |
