- 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) | 43.46 | -1.0 | 106.56 | 7.78 | -0.26 | 140.29 | 4.23 | -61.41 | 119.9 | 3.59 | -61.81 | 121.65 | 1.39 | -60.29 | 129.14 | 0.91 | -55.83 | 134.47 | 0.22 | 4.76 | 37.5 | 9.00 | -42.86 | 157.11 | 72.83 | -5.38 | -4.75 | 180.00 | 154.12 | 98.0 | -83.33 | -385.71 | -1016.67 | 26.53 | -2.78 | -6.85 |
| 23Q3 (19) | 43.90 | 4.3 | -7.46 | 7.80 | 40.79 | 304.15 | 10.96 | 55.02 | 112.82 | 9.40 | 53.59 | 118.6 | 3.50 | 55.56 | 184.55 | 2.06 | 57.25 | 174.67 | 0.21 | 10.53 | 31.25 | 15.75 | 28.05 | 52.47 | 76.97 | -7.43 | 3.59 | 70.83 | -10.95 | 86.74 | 29.17 | 28.33 | -53.01 | 27.29 | 2.75 | -21.54 |
| 23Q2 (18) | 42.09 | 8.17 | -13.22 | 5.54 | 199.28 | -65.2 | 7.07 | 211.34 | -60.1 | 6.12 | 213.75 | -59.52 | 2.25 | 241.51 | -67.2 | 1.31 | 274.67 | -61.81 | 0.19 | 18.75 | -13.64 | 12.30 | 3424.32 | -42.39 | 83.15 | -12.05 | 0.62 | 79.55 | -9.85 | -11.16 | 22.73 | 93.18 | 117.33 | 26.56 | -20.43 | 6.97 |
| 23Q1 (17) | 38.91 | 84.93 | -31.41 | -5.58 | 71.1 | -117.23 | -6.35 | 70.13 | -118.58 | -5.38 | 67.55 | -118.8 | -1.59 | 66.67 | -108.35 | -0.75 | 71.59 | -108.09 | 0.16 | 0.0 | -50.0 | -0.37 | 97.65 | -101.01 | 94.54 | 23.65 | -23.58 | 88.24 | -2.94 | -6.7 | 11.76 | 29.41 | 126.74 | 33.38 | 17.21 | 71.0 |
| 22Q4 (16) | 21.04 | -55.65 | -60.05 | -19.31 | -1100.52 | -175.08 | -21.26 | -512.82 | -184.03 | -16.58 | -485.58 | -176.48 | -4.77 | -487.8 | -137.41 | -2.64 | -452.0 | -139.17 | 0.16 | 0.0 | -48.39 | -15.76 | -252.57 | -156.05 | 76.46 | 2.91 | -14.29 | 90.91 | 139.67 | -10.45 | 9.09 | -85.35 | 700.0 | 28.48 | -18.11 | 37.12 |
| 22Q3 (15) | 47.44 | -2.19 | -8.31 | 1.93 | -87.88 | -91.83 | 5.15 | -70.94 | -78.18 | 4.30 | -71.56 | -78.78 | 1.23 | -82.07 | -89.08 | 0.75 | -78.13 | -87.24 | 0.16 | -27.27 | -44.83 | 10.33 | -51.62 | -61.71 | 74.30 | -10.09 | -18.9 | 37.93 | -57.64 | -62.25 | 62.07 | 493.53 | 0 | 34.78 | 40.07 | 60.65 |
| 22Q2 (14) | 48.50 | -14.51 | -3.92 | 15.92 | -50.85 | -22.53 | 17.72 | -48.16 | -8.04 | 15.12 | -47.15 | -10.69 | 6.86 | -63.99 | -23.69 | 3.43 | -63.0 | -25.92 | 0.22 | -31.25 | -18.52 | 21.35 | -41.68 | -7.46 | 82.64 | -33.2 | -12.41 | 89.54 | -5.32 | -15.69 | 10.46 | 101.54 | 251.63 | 24.83 | 27.2 | 11.25 |
| 22Q1 (13) | 56.73 | 7.71 | 24.54 | 32.39 | 25.93 | 238.45 | 34.18 | 35.1 | 269.51 | 28.61 | 31.96 | 260.78 | 19.05 | 49.41 | 502.85 | 9.27 | 37.54 | 423.73 | 0.32 | 3.23 | 45.45 | 36.61 | 30.19 | 153.18 | 123.71 | 38.67 | 26.91 | 94.58 | -6.84 | -8.8 | 5.19 | 442.45 | 240.09 | 19.52 | -6.02 | -28.42 |
| 21Q4 (12) | 52.67 | 1.8 | 22.32 | 25.72 | 8.89 | 155.41 | 25.30 | 7.2 | 195.22 | 21.68 | 7.01 | 193.37 | 12.75 | 13.23 | 318.03 | 6.74 | 14.63 | 258.51 | 0.31 | 6.9 | 24.0 | 28.12 | 4.23 | 113.84 | 89.21 | -2.62 | 33.15 | 101.52 | 1.02 | -12.76 | -1.52 | 0 | 91.67 | 20.77 | -4.06 | -20.42 |
| 21Q3 (11) | 51.74 | 2.5 | 16.06 | 23.62 | 14.94 | 59.27 | 23.60 | 22.47 | 69.78 | 20.26 | 19.67 | 37.64 | 11.26 | 25.25 | 65.83 | 5.88 | 27.0 | 43.07 | 0.29 | 7.41 | 3.57 | 26.98 | 16.95 | 53.82 | 91.61 | -2.9 | 44.88 | 100.49 | -5.38 | -6.41 | 0.00 | 100.0 | 100.0 | 21.65 | -3.0 | -6.88 |
| 21Q2 (10) | 50.48 | 10.82 | 7.66 | 20.55 | 114.73 | 3.74 | 19.27 | 108.32 | 2.07 | 16.93 | 113.49 | 3.11 | 8.99 | 184.49 | 6.26 | 4.63 | 161.58 | -5.12 | 0.27 | 22.73 | -10.0 | 23.07 | 59.54 | 5.44 | 94.35 | -3.21 | 34.77 | 106.21 | 2.41 | 1.69 | -6.90 | -86.21 | -33.0 | 22.32 | -18.15 | 0 |
| 21Q1 (9) | 45.55 | 5.78 | -6.08 | 9.57 | -4.97 | -29.16 | 9.25 | 7.93 | -34.72 | 7.93 | 7.31 | -35.05 | 3.16 | 3.61 | -33.89 | 1.77 | -5.85 | -39.59 | 0.22 | -12.0 | -8.33 | 14.46 | 9.96 | -18.81 | 97.48 | 45.49 | 23.6 | 103.70 | -10.88 | 7.97 | -3.70 | 79.63 | -170.37 | 27.27 | 4.48 | 0.96 |
| 20Q4 (8) | 43.06 | -3.41 | -6.9 | 10.07 | -32.1 | -19.38 | 8.57 | -38.35 | -19.53 | 7.39 | -49.8 | -19.32 | 3.05 | -55.08 | -12.86 | 1.88 | -54.26 | -17.54 | 0.25 | -10.71 | 0.0 | 13.15 | -25.03 | -9.12 | 67.00 | 5.96 | 29.79 | 116.36 | 8.38 | -1.0 | -18.18 | -187.88 | -3.64 | 26.10 | 12.26 | 1.91 |
| 20Q3 (7) | 44.58 | -4.93 | -10.64 | 14.83 | -25.14 | 5.63 | 13.90 | -26.38 | 0.14 | 14.72 | -10.35 | 23.28 | 6.79 | -19.74 | 40.58 | 4.11 | -15.78 | 41.72 | 0.28 | -6.67 | 16.67 | 17.54 | -19.84 | 1.39 | 63.23 | -9.68 | 9.15 | 107.37 | 2.8 | 5.97 | -6.32 | -21.8 | -380.0 | 23.25 | 0 | -13.38 |
| 20Q2 (6) | 46.89 | -3.32 | -5.86 | 19.81 | 46.63 | 49.4 | 18.88 | 33.24 | 31.48 | 16.42 | 34.48 | 33.6 | 8.46 | 76.99 | 108.37 | 4.88 | 66.55 | 104.18 | 0.30 | 25.0 | 57.89 | 21.88 | 22.85 | 19.96 | 70.01 | -11.23 | -10.69 | 104.44 | 8.74 | 12.87 | -5.19 | -198.52 | -169.48 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 48.50 | 4.86 | 0.08 | 13.51 | 8.17 | 109.13 | 14.17 | 33.05 | 83.55 | 12.21 | 33.3 | 85.28 | 4.78 | 36.57 | 162.64 | 2.93 | 28.51 | 166.36 | 0.24 | -4.0 | 50.0 | 17.81 | 23.08 | 44.21 | 78.87 | 52.79 | 16.46 | 96.05 | -18.28 | 14.52 | 5.26 | 130.0 | -67.37 | 27.01 | 5.47 | -13.9 |
| 19Q4 (4) | 46.25 | -7.3 | 0.0 | 12.49 | -11.04 | 0.0 | 10.65 | -23.27 | 0.0 | 9.16 | -23.28 | 0.0 | 3.50 | -27.54 | 0.0 | 2.28 | -21.38 | 0.0 | 0.25 | 4.17 | 0.0 | 14.47 | -16.36 | 0.0 | 51.62 | -10.89 | 0.0 | 117.54 | 16.02 | 0.0 | -17.54 | -1233.33 | 0.0 | 25.61 | -4.58 | 0.0 |
| 19Q3 (3) | 49.89 | 0.16 | 0.0 | 14.04 | 5.88 | 0.0 | 13.88 | -3.34 | 0.0 | 11.94 | -2.85 | 0.0 | 4.83 | 18.97 | 0.0 | 2.90 | 21.34 | 0.0 | 0.24 | 26.32 | 0.0 | 17.30 | -5.15 | 0.0 | 57.93 | -26.1 | 0.0 | 101.32 | 9.49 | 0.0 | -1.32 | -117.63 | 0.0 | 26.84 | -2.29 | 0.0 |
| 19Q2 (2) | 49.81 | 2.79 | 0.0 | 13.26 | 105.26 | 0.0 | 14.36 | 86.01 | 0.0 | 12.29 | 86.49 | 0.0 | 4.06 | 123.08 | 0.0 | 2.39 | 117.27 | 0.0 | 0.19 | 18.75 | 0.0 | 18.24 | 47.69 | 0.0 | 78.39 | 15.76 | 0.0 | 92.54 | 10.33 | 0.0 | 7.46 | -53.73 | 0.0 | 27.47 | -12.43 | 0.0 |
| 19Q1 (1) | 48.46 | 0.0 | 0.0 | 6.46 | 0.0 | 0.0 | 7.72 | 0.0 | 0.0 | 6.59 | 0.0 | 0.0 | 1.82 | 0.0 | 0.0 | 1.10 | 0.0 | 0.0 | 0.16 | 0.0 | 0.0 | 12.35 | 0.0 | 0.0 | 67.72 | 0.0 | 0.0 | 83.87 | 0.0 | 0.0 | 16.13 | 0.0 | 0.0 | 31.37 | 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) | 42.26 | -9.35 | 4.39 | -67.6 | 3.10 | 28.93 | 4.43 | -70.33 | 3.82 | -70.13 | 5.11 | -76.43 | 3.38 | -72.04 | 0.77 | -17.2 | 9.58 | -48.72 | 72.83 | -4.75 | 98.21 | 8.28 | 0.89 | -90.4 | 2.35 | 0.58 | 28.20 | 11.95 |
| 2022 (9) | 46.62 | -7.94 | 13.55 | -35.69 | 2.40 | -3.7 | 14.93 | -27.42 | 12.79 | -27.9 | 21.68 | -34.88 | 12.09 | -35.45 | 0.93 | -11.43 | 18.68 | -22.91 | 76.46 | -14.29 | 90.70 | -11.42 | 9.30 | 0 | 2.34 | -17.37 | 25.19 | 11.81 |
| 2021 (8) | 50.64 | 10.91 | 21.07 | 42.85 | 2.50 | -6.78 | 20.57 | 46.82 | 17.74 | 38.05 | 33.29 | 51.04 | 18.73 | 34.55 | 1.05 | -1.87 | 24.23 | 37.2 | 89.21 | 33.15 | 102.40 | -2.72 | -2.40 | 0 | 2.83 | -30.09 | 22.53 | -6.9 |
| 2020 (7) | 45.66 | -5.99 | 14.75 | 24.37 | 2.68 | 2.89 | 14.01 | 18.43 | 12.85 | 26.6 | 22.04 | 60.17 | 13.92 | 65.32 | 1.07 | 32.1 | 17.66 | 12.7 | 67.00 | 29.79 | 105.26 | 5.26 | -5.26 | 0 | 4.05 | 7.31 | 24.20 | -12.29 |
| 2019 (6) | 48.57 | 0.25 | 11.86 | -5.87 | 2.60 | -15.35 | 11.83 | -18.13 | 10.15 | -21.92 | 13.76 | -21.91 | 8.42 | -12.29 | 0.81 | 12.5 | 15.67 | -16.74 | 51.62 | -36.13 | 100.00 | 14.29 | -0.43 | 0 | 3.77 | 7.86 | 27.59 | 0.07 |
| 2018 (5) | 48.45 | -1.08 | 12.60 | 0.72 | 3.08 | 22.12 | 14.45 | 69.6 | 13.00 | 77.11 | 17.62 | 86.85 | 9.60 | 73.91 | 0.72 | 0.0 | 18.82 | 54.26 | 80.82 | -17.79 | 87.50 | -40.62 | 12.87 | 0 | 3.50 | 0 | 27.57 | 0.95 |
| 2017 (4) | 48.98 | -2.97 | 12.51 | -18.13 | 2.52 | 13.51 | 8.52 | -41.84 | 7.34 | -43.1 | 9.43 | -38.57 | 5.52 | -45.62 | 0.72 | -6.49 | 12.20 | -31.92 | 98.31 | 58.33 | 147.37 | 41.34 | -46.71 | 0 | 0.00 | 0 | 27.31 | 1.71 |
| 2016 (3) | 50.48 | 6.25 | 15.28 | -2.11 | 2.22 | 16.16 | 14.65 | -9.23 | 12.90 | -9.66 | 15.35 | -12.19 | 10.15 | -18.99 | 0.77 | -12.5 | 17.92 | -4.32 | 62.09 | 35.92 | 104.26 | 7.81 | -4.26 | 0 | 0.00 | 0 | 26.85 | 13.96 |
| 2015 (2) | 47.51 | 5.67 | 15.61 | -16.03 | 1.91 | -28.75 | 16.14 | -21.95 | 14.28 | -26.43 | 17.48 | -45.39 | 12.53 | -44.46 | 0.88 | -24.14 | 18.73 | -21.63 | 45.68 | 32.83 | 96.71 | 7.59 | 3.29 | -67.46 | 0.00 | 0 | 23.56 | 26.6 |
| 2014 (1) | 44.96 | 0 | 18.59 | 0 | 2.68 | -43.31 | 20.68 | 0 | 19.41 | 0 | 32.01 | 0 | 22.56 | 0 | 1.16 | 33.33 | 23.90 | 0 | 34.39 | -36.24 | 89.89 | -8.29 | 10.11 | 410.55 | 0.00 | 0 | 18.61 | -45.81 |
