- 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) | 32.37 | 21.1 | 0.06 | 25.82 | 60.47 | 8.99 | 26.13 | 61.5 | 9.88 | 19.91 | 63.6 | 1.74 | 4.51 | 224.46 | 25.28 | 2.09 | 216.67 | 22.94 | 0.10 | 100.0 | 25.0 | 26.78 | 47.96 | 6.52 | 111.45 | -9.09 | -1.65 | 98.82 | -0.68 | -0.82 | 1.18 | 136.81 | 224.73 | 3.44 | -5.75 | -12.69 |
| 23Q3 (19) | 26.73 | 14.08 | -25.48 | 16.09 | 6536.0 | -41.72 | 16.18 | 171.93 | -40.21 | 12.17 | 1460.26 | -43.18 | 1.39 | 6850.0 | -58.13 | 0.66 | 2100.0 | -57.14 | 0.05 | 400.0 | -28.57 | 18.10 | 28.37 | -37.91 | 122.59 | 3.62 | 1.27 | 99.50 | 2090.04 | -2.49 | 0.50 | -99.53 | 124.41 | 3.65 | -77.77 | 16.99 |
| 23Q2 (18) | 23.43 | -22.44 | -34.19 | -0.25 | -101.11 | -100.93 | 5.95 | -73.26 | -78.56 | 0.78 | -95.89 | -96.25 | 0.02 | -99.2 | -99.16 | 0.03 | -97.5 | -97.27 | 0.01 | -83.33 | -80.0 | 14.10 | -41.1 | -53.3 | 118.31 | 0.58 | -6.94 | -5.00 | -104.95 | -105.14 | 105.00 | 10527.31 | 3649.61 | 16.42 | 356.11 | 488.53 |
| 23Q1 (17) | 30.21 | -6.62 | -15.87 | 22.48 | -5.11 | -16.12 | 22.25 | -6.43 | -17.22 | 18.99 | -2.96 | -10.89 | 2.49 | -30.83 | -26.55 | 1.20 | -29.41 | -24.05 | 0.06 | -25.0 | -14.29 | 23.94 | -4.77 | -15.97 | 117.63 | 3.8 | -7.76 | 101.01 | 1.38 | 1.34 | -1.01 | -377.2 | -472.98 | 3.60 | -8.63 | 18.42 |
| 22Q4 (16) | 32.35 | -9.81 | -3.75 | 23.69 | -14.2 | -5.54 | 23.78 | -12.12 | -4.61 | 19.57 | -8.64 | -1.41 | 3.60 | 8.43 | -48.13 | 1.70 | 10.39 | -46.54 | 0.08 | 14.29 | -50.0 | 25.14 | -13.76 | -2.6 | 113.32 | -6.39 | -0.95 | 99.64 | -2.36 | -0.95 | 0.36 | 117.8 | 161.64 | 3.94 | 26.28 | 39.72 |
| 22Q3 (15) | 35.87 | 0.76 | 12.06 | 27.61 | 2.34 | 19.78 | 27.06 | -2.49 | 23.17 | 21.42 | 2.98 | 37.66 | 3.32 | 40.08 | -4.32 | 1.54 | 40.0 | -1.28 | 0.07 | 40.0 | -30.0 | 29.15 | -3.44 | 24.31 | 121.05 | -4.78 | -7.59 | 102.04 | 4.98 | -2.75 | -2.04 | -172.88 | 58.61 | 3.12 | 11.83 | 69.57 |
| 22Q2 (14) | 35.60 | -0.86 | 3.13 | 26.98 | 0.67 | 8.31 | 27.75 | 3.24 | 17.98 | 20.80 | -2.39 | 13.66 | 2.37 | -30.09 | 3.04 | 1.10 | -30.38 | 7.84 | 0.05 | -28.57 | 0.0 | 30.19 | 5.97 | 18.44 | 127.13 | -0.31 | -4.69 | 97.20 | -2.48 | -8.21 | 2.80 | 937.23 | 147.53 | 2.79 | -8.22 | -7.0 |
| 22Q1 (13) | 35.91 | 6.84 | -2.37 | 26.80 | 6.86 | 0.53 | 26.88 | 7.82 | 4.15 | 21.31 | 7.36 | 11.28 | 3.39 | -51.15 | 82.26 | 1.58 | -50.31 | 83.72 | 0.07 | -56.25 | 75.0 | 28.49 | 10.38 | 0.6 | 127.52 | 11.46 | -5.92 | 99.68 | -0.91 | -3.52 | 0.27 | 145.81 | 108.14 | 3.04 | 7.8 | -16.94 |
| 21Q4 (12) | 33.61 | 5.0 | 9.51 | 25.08 | 8.81 | 11.12 | 24.93 | 13.47 | 11.15 | 19.85 | 27.57 | 14.61 | 6.94 | 100.0 | 66.43 | 3.18 | 103.85 | 67.37 | 0.16 | 60.0 | 45.45 | 25.81 | 10.06 | 9.69 | 114.41 | -12.66 | -4.4 | 100.59 | -4.14 | -0.0 | -0.59 | 88.05 | 7.47 | 2.82 | 53.26 | -3.75 |
| 21Q3 (11) | 32.01 | -7.27 | 5.5 | 23.05 | -7.47 | 4.3 | 21.97 | -6.59 | 0.14 | 15.56 | -14.97 | -14.22 | 3.47 | 50.87 | 9.46 | 1.56 | 52.94 | 9.86 | 0.10 | 100.0 | 25.0 | 23.45 | -8.0 | -0.68 | 130.99 | -1.79 | -0.98 | 104.93 | -0.91 | 4.17 | -4.93 | 16.33 | -572.76 | 1.84 | -38.67 | -10.68 |
| 21Q2 (10) | 34.52 | -6.14 | 18.83 | 24.91 | -6.56 | 20.63 | 23.52 | -8.87 | 24.05 | 18.30 | -4.44 | 24.66 | 2.30 | 23.66 | 30.68 | 1.02 | 18.6 | 22.89 | 0.05 | 25.0 | 0.0 | 25.49 | -9.99 | 20.58 | 133.38 | -1.59 | 0.05 | 105.89 | 2.49 | -2.72 | -5.89 | -77.63 | 33.45 | 3.00 | -18.03 | 0 |
| 21Q1 (9) | 36.78 | 19.84 | 175.3 | 26.66 | 18.12 | 254.99 | 25.81 | 15.07 | 325.91 | 19.15 | 10.57 | 388.52 | 1.86 | -55.4 | 244.44 | 0.86 | -54.74 | 168.75 | 0.04 | -63.64 | -33.33 | 28.32 | 20.36 | 249.2 | 135.54 | 13.25 | 12.72 | 103.32 | 2.71 | -16.5 | -3.32 | -420.78 | 86.03 | 3.66 | 24.91 | 75.96 |
| 20Q4 (8) | 30.69 | 1.15 | -4.09 | 22.57 | 2.13 | -4.81 | 22.43 | 2.23 | 6.4 | 17.32 | -4.52 | -0.97 | 4.17 | 31.55 | 62.89 | 1.90 | 33.8 | 39.71 | 0.11 | 37.5 | 57.14 | 23.53 | -0.34 | -1.92 | 119.68 | -9.53 | 9.95 | 100.59 | -0.14 | -10.56 | -0.64 | 13.09 | 94.89 | 2.93 | 42.23 | -22.07 |
| 20Q3 (7) | 30.34 | 4.44 | -4.65 | 22.10 | 7.02 | -6.12 | 21.94 | 15.72 | 0.09 | 18.14 | 23.57 | 4.01 | 3.17 | 80.11 | 27.82 | 1.42 | 71.08 | 9.23 | 0.08 | 60.0 | 14.29 | 23.61 | 11.68 | -3.95 | 132.28 | -0.78 | 27.45 | 100.73 | -7.46 | -6.17 | -0.73 | 91.72 | 90.04 | 2.06 | 0 | 1.48 |
| 20Q2 (6) | 29.05 | 117.44 | 8.23 | 20.65 | 174.97 | 30.37 | 18.96 | 212.87 | 19.4 | 14.68 | 274.49 | 34.06 | 1.76 | 225.93 | 131.58 | 0.83 | 159.38 | 84.44 | 0.05 | -16.67 | 25.0 | 21.14 | 160.67 | 8.35 | 133.32 | 10.87 | 22.07 | 108.85 | -12.03 | 9.1 | -8.85 | 62.7 | -4066.4 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 13.36 | -58.25 | -43.0 | 7.51 | -68.33 | -53.12 | 6.06 | -71.25 | -61.05 | 3.92 | -77.59 | -69.33 | 0.54 | -78.91 | -71.58 | 0.32 | -76.47 | -70.09 | 0.06 | -14.29 | -25.0 | 8.11 | -66.19 | -52.6 | 120.25 | 10.47 | 43.74 | 123.74 | 10.02 | 20.22 | -23.74 | -90.36 | -710.51 | 2.08 | -44.68 | 5.05 |
| 19Q4 (4) | 32.00 | 0.57 | 0.0 | 23.71 | 0.72 | 0.0 | 21.08 | -3.83 | 0.0 | 17.49 | 0.29 | 0.0 | 2.56 | 3.23 | 0.0 | 1.36 | 4.62 | 0.0 | 0.07 | 0.0 | 0.0 | 23.99 | -2.4 | 0.0 | 108.85 | 4.88 | 0.0 | 112.47 | 4.76 | 0.0 | -12.47 | -69.43 | 0.0 | 3.76 | 85.22 | 0.0 |
| 19Q3 (3) | 31.82 | 18.55 | 0.0 | 23.54 | 48.61 | 0.0 | 21.92 | 38.04 | 0.0 | 17.44 | 59.27 | 0.0 | 2.48 | 226.32 | 0.0 | 1.30 | 188.89 | 0.0 | 0.07 | 75.0 | 0.0 | 24.58 | 25.99 | 0.0 | 103.79 | -4.97 | 0.0 | 107.36 | 7.6 | 0.0 | -7.36 | -3397.28 | 0.0 | 2.03 | -40.64 | 0.0 |
| 19Q2 (2) | 26.84 | 14.51 | 0.0 | 15.84 | -1.12 | 0.0 | 15.88 | 2.06 | 0.0 | 10.95 | -14.32 | 0.0 | 0.76 | -60.0 | 0.0 | 0.45 | -57.94 | 0.0 | 0.04 | -50.0 | 0.0 | 19.51 | 14.03 | 0.0 | 109.22 | 30.55 | 0.0 | 99.78 | -3.06 | 0.0 | 0.22 | 107.62 | 0.0 | 3.42 | 72.73 | 0.0 |
| 19Q1 (1) | 23.44 | 0.0 | 0.0 | 16.02 | 0.0 | 0.0 | 15.56 | 0.0 | 0.0 | 12.78 | 0.0 | 0.0 | 1.90 | 0.0 | 0.0 | 1.07 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 17.11 | 0.0 | 0.0 | 83.66 | 0.0 | 0.0 | 102.93 | 0.0 | 0.0 | -2.93 | 0.0 | 0.0 | 1.98 | 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) | 30.10 | -13.41 | 21.51 | -17.55 | 0.78 | 19.59 | 21.90 | -16.22 | 17.02 | -17.82 | 8.24 | -33.28 | 3.98 | -33.44 | 0.23 | -17.86 | 23.46 | -16.06 | 111.45 | -1.65 | 98.22 | -1.58 | 1.78 | 849.94 | 0.22 | -2.0 | 4.13 | 25.53 |
| 2022 (9) | 34.76 | 3.18 | 26.09 | 5.71 | 0.65 | 42.83 | 26.14 | 8.92 | 20.71 | 12.86 | 12.35 | -12.6 | 5.98 | -11.14 | 0.28 | -20.0 | 27.95 | 10.0 | 113.32 | -0.95 | 99.80 | -2.95 | 0.19 | 0 | 0.22 | -7.12 | 3.29 | 22.76 |
| 2021 (8) | 33.69 | 26.04 | 24.68 | 29.89 | 0.46 | -16.21 | 24.00 | 31.0 | 18.35 | 28.32 | 14.13 | 53.42 | 6.73 | 48.57 | 0.35 | 16.67 | 25.41 | 27.43 | 114.41 | -4.4 | 102.83 | -0.86 | -2.83 | 0 | 0.24 | -12.22 | 2.68 | 8.94 |
| 2020 (7) | 26.73 | -6.86 | 19.00 | -6.4 | 0.54 | -24.54 | 18.32 | -3.38 | 14.30 | -5.86 | 9.21 | 21.18 | 4.53 | 8.89 | 0.30 | 20.0 | 19.94 | -7.26 | 119.68 | 9.95 | 103.72 | -3.12 | -3.72 | 0 | 0.27 | 29.45 | 2.46 | -9.23 |
| 2019 (6) | 28.70 | 37.98 | 20.30 | 54.37 | 0.72 | 196.14 | 18.96 | 52.41 | 15.19 | 83.68 | 7.60 | 58.0 | 4.16 | 55.81 | 0.25 | -16.67 | 21.50 | 56.93 | 108.85 | 23.04 | 107.07 | 1.26 | -7.07 | 0 | 0.21 | 0 | 2.71 | 48.9 |
| 2018 (5) | 20.80 | -8.17 | 13.15 | -2.01 | 0.24 | -7.45 | 12.44 | -3.86 | 8.27 | -23.35 | 4.81 | 2.78 | 2.67 | 4.3 | 0.30 | 42.86 | 13.70 | -7.56 | 88.47 | -15.31 | 105.74 | 1.97 | -5.74 | 0 | 0.00 | 0 | 1.82 | -25.1 |
| 2017 (4) | 22.65 | -21.73 | 13.42 | -32.19 | 0.26 | 45.77 | 12.94 | -26.01 | 10.79 | -14.7 | 4.68 | -41.86 | 2.56 | -37.41 | 0.21 | -30.0 | 14.82 | -22.12 | 104.46 | 0.65 | 103.69 | -8.35 | -3.69 | 0 | 0.00 | 0 | 2.43 | 36.52 |
| 2016 (3) | 28.94 | -14.96 | 19.79 | -27.14 | 0.18 | 9.02 | 17.49 | -40.49 | 12.65 | -46.83 | 8.05 | -48.23 | 4.09 | -40.98 | 0.30 | 7.14 | 19.03 | -37.89 | 103.79 | -16.53 | 113.14 | 22.44 | -13.14 | 0 | 0.00 | 0 | 1.78 | -19.82 |
| 2015 (2) | 34.03 | -10.75 | 27.16 | -17.4 | 0.17 | -32.97 | 29.39 | -14.14 | 23.79 | -14.79 | 15.55 | 19.07 | 6.93 | 23.31 | 0.28 | 40.0 | 30.64 | -13.13 | 124.34 | -12.4 | 92.41 | -3.78 | 7.59 | 92.28 | 0.00 | 0 | 2.22 | -16.23 |
| 2014 (1) | 38.13 | 0 | 32.88 | 0 | 0.25 | 55.01 | 34.23 | 0 | 27.92 | 0 | 13.06 | 0 | 5.62 | 0 | 0.20 | -37.5 | 35.27 | 12.32 | 141.94 | 7.38 | 96.03 | -6.31 | 3.95 | 0 | 0.00 | 0 | 2.65 | 20.45 |
