- 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) | 38.83 | 43.6 | 23.58 | 1.38 | 103.28 | 104.82 | -1.98 | 93.97 | -102.7 | -6.43 | 81.02 | -108.63 | -2.32 | 66.71 | -116.29 | -0.84 | 72.09 | -109.62 | 0.15 | 66.67 | 25.0 | 5.22 | 121.88 | -93.41 | 138.50 | 6.32 | 120.96 | -68.18 | -153.17 | -74.42 | 168.18 | 695.76 | 20.92 | 15.53 | -63.23 | -83.07 |
| 23Q3 (19) | 27.04 | -15.21 | -14.05 | -42.08 | -1470.68 | -173.6 | -32.85 | -1497.87 | -365.96 | -33.87 | -1720.97 | -270.57 | -6.97 | -1144.64 | -300.57 | -3.01 | -1906.67 | -234.44 | 0.09 | -35.71 | -18.18 | -23.86 | -421.13 | -4318.52 | 130.27 | 10.43 | 94.75 | 128.23 | -1.69 | -41.85 | -28.23 | 7.25 | 76.58 | 42.23 | 136.32 | 199.72 |
| 23Q2 (18) | 31.89 | -1.09 | -18.85 | 3.07 | 127.1 | 498.7 | 2.35 | 117.12 | -46.95 | -1.86 | 86.17 | -183.41 | -0.56 | 75.86 | -191.8 | -0.15 | 86.61 | -136.59 | 0.14 | 55.56 | -6.67 | 7.43 | 220.03 | -20.02 | 117.97 | 4.06 | 26.13 | 130.43 | 58.97 | 908.7 | -30.43 | -269.57 | -126.21 | 17.87 | -28.97 | 35.69 |
| 23Q1 (17) | 32.24 | 2.61 | -49.12 | -11.33 | 60.43 | -133.84 | -13.73 | -118.72 | -131.54 | -13.45 | -118.05 | -138.57 | -2.32 | -116.29 | -135.91 | -1.12 | -112.83 | -126.48 | 0.09 | -25.0 | -25.0 | -6.19 | -107.82 | -113.09 | 113.37 | 80.87 | 69.26 | 82.05 | 309.9 | 6.97 | 17.95 | -87.1 | -22.95 | 25.16 | -72.57 | 46.36 |
| 22Q4 (16) | 31.42 | -0.13 | -18.71 | -28.63 | -86.15 | 20.8 | 73.35 | 1140.43 | -87.86 | 74.50 | 915.1 | -83.19 | 14.24 | 918.39 | -67.5 | 8.73 | 1070.0 | -65.53 | 0.12 | 9.09 | 100.0 | 79.17 | 14761.11 | -87.07 | 62.68 | -6.29 | 53.93 | -39.09 | -117.73 | -558.24 | 139.09 | 215.42 | 31.18 | 91.73 | 551.03 | 64.95 |
| 22Q3 (15) | 31.46 | -19.95 | -52.36 | -15.38 | -1897.4 | -224.47 | -7.05 | -259.14 | -29.83 | -9.14 | -509.87 | -368.72 | -1.74 | -385.25 | -770.0 | -0.90 | -319.51 | -1185.71 | 0.11 | -26.67 | 120.0 | -0.54 | -105.81 | -120.0 | 66.89 | -28.48 | -46.98 | 220.51 | 1467.18 | 164.62 | -120.51 | -203.77 | -823.08 | 14.09 | 6.99 | -67.2 |
| 22Q2 (14) | 39.30 | -37.98 | -57.55 | -0.77 | -102.3 | -101.82 | 4.43 | -89.82 | -71.46 | 2.23 | -93.6 | -47.9 | 0.61 | -90.56 | -24.69 | 0.41 | -90.31 | -33.87 | 0.15 | 25.0 | 15.38 | 9.29 | -80.35 | -51.74 | 93.53 | 39.64 | 125.48 | -16.13 | -121.03 | -105.93 | 116.13 | 398.51 | 167.52 | 13.17 | -23.39 | -48.99 |
| 22Q1 (13) | 63.37 | 63.96 | -30.12 | 33.48 | 192.61 | 202.44 | 43.53 | -92.8 | 334.03 | 34.87 | -92.13 | 236.21 | 6.46 | -85.25 | 288.89 | 4.23 | -83.3 | 281.55 | 0.12 | 100.0 | 33.33 | 47.28 | -92.28 | 488.5 | 66.98 | 64.49 | 45.01 | 76.70 | 1391.61 | 223.91 | 23.30 | -78.03 | -85.61 | 17.19 | -69.09 | -60.05 |
| 21Q4 (12) | 38.65 | -41.47 | -52.19 | -36.15 | -662.66 | -1285.06 | 604.19 | 11226.89 | 2212.25 | 443.09 | 22822.56 | 1849.36 | 43.81 | 22005.0 | 1029.12 | 25.33 | 36285.71 | 791.9 | 0.06 | 20.0 | -50.0 | 612.14 | 22571.85 | 1842.68 | 40.72 | -67.73 | 3.27 | -5.94 | -107.13 | 43.58 | 106.03 | 536.21 | -4.06 | 55.61 | 29.45 | 111.85 |
| 21Q3 (11) | 66.04 | -28.66 | -17.86 | -4.74 | -111.23 | -129.24 | -5.43 | -134.99 | 51.78 | -1.95 | -145.56 | 89.28 | -0.20 | -124.69 | 91.3 | -0.07 | -111.29 | 95.68 | 0.05 | -61.54 | -44.44 | 2.70 | -85.97 | 387.23 | 126.17 | 204.17 | 237.26 | 83.33 | -69.36 | 158.82 | 16.67 | 109.69 | -93.1 | 42.96 | 66.38 | 5.35 |
| 21Q2 (10) | 92.57 | 2.07 | 7.66 | 42.22 | 281.39 | 28.17 | 15.52 | 183.44 | 31.19 | 4.28 | 116.72 | -37.52 | 0.81 | 123.68 | -30.77 | 0.62 | 126.61 | -27.06 | 0.13 | 44.44 | 8.33 | 19.25 | 258.18 | -7.59 | 41.48 | -10.2 | 4.62 | 272.00 | 539.38 | -1.62 | -172.00 | -206.24 | 2.53 | 25.82 | -40.0 | 0 |
| 21Q1 (9) | 90.69 | 12.18 | 5.53 | 11.07 | 524.14 | -78.6 | -18.60 | -171.18 | -154.85 | -25.60 | -212.63 | -216.68 | -3.42 | -188.14 | -185.93 | -2.33 | -182.04 | -186.94 | 0.09 | -25.0 | -25.0 | -12.17 | -138.62 | -129.73 | 46.19 | 17.14 | -7.04 | -61.90 | -488.1 | -141.0 | 161.90 | 46.49 | 405.82 | 43.03 | 63.92 | 0 |
| 20Q4 (8) | 80.84 | 0.55 | -10.0 | -2.61 | -116.1 | 85.54 | 26.13 | 332.06 | 195.85 | 22.73 | 224.96 | 179.84 | 3.88 | 268.7 | 179.84 | 2.84 | 275.31 | 194.67 | 0.12 | 33.33 | 9.09 | 31.51 | 3452.13 | 261.92 | 39.43 | 5.4 | -26.87 | -10.53 | 92.57 | -115.98 | 110.53 | -54.26 | 223.68 | 26.25 | -35.63 | -27.04 |
| 20Q3 (7) | 80.40 | -6.49 | 23.69 | 16.21 | -50.79 | 119.03 | -11.26 | -195.18 | 92.87 | -18.19 | -365.55 | 87.69 | -2.30 | -296.58 | 78.38 | -1.62 | -290.59 | 75.6 | 0.09 | -25.0 | 80.0 | -0.94 | -104.51 | 99.35 | 37.41 | -5.65 | -40.02 | -141.67 | -151.24 | -360.11 | 241.67 | 236.94 | 420.51 | 40.78 | 0 | -40.98 |
| 20Q2 (6) | 85.98 | 0.05 | 23.84 | 32.94 | -36.34 | 125.57 | 11.83 | -65.11 | -97.16 | 6.85 | -68.78 | -98.34 | 1.17 | -70.6 | -98.02 | 0.85 | -68.28 | -97.35 | 0.12 | 0.0 | 50.0 | 20.83 | -49.12 | -95.17 | 39.65 | -20.21 | -28.31 | 276.47 | 83.12 | 995.69 | -176.47 | -233.33 | -234.85 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 85.94 | -4.32 | -7.6 | 51.74 | 386.65 | 643.39 | 33.91 | 224.39 | 377.61 | 21.94 | 177.06 | 1713.22 | 3.98 | 181.89 | 637.04 | 2.68 | 189.33 | 688.24 | 0.12 | 9.09 | -36.84 | 40.94 | 310.38 | 206.44 | 49.69 | -7.84 | -64.24 | 150.98 | 129.27 | 50.98 | -52.94 | -255.04 | 0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 89.82 | 38.18 | 0.0 | -18.05 | 78.8 | 0.0 | -27.26 | 82.73 | 0.0 | -28.47 | 80.73 | 0.0 | -4.86 | 54.32 | 0.0 | -3.00 | 54.82 | 0.0 | 0.11 | 120.0 | 0.0 | -19.46 | 86.45 | 0.0 | 53.92 | -13.55 | 0.0 | 65.85 | 20.91 | 0.0 | 34.15 | -26.45 | 0.0 | 35.98 | -47.92 | 0.0 |
| 19Q3 (3) | 65.00 | -6.38 | 0.0 | -85.16 | 33.88 | 0.0 | -157.88 | -137.91 | 0.0 | -147.76 | -135.77 | 0.0 | -10.64 | -118.05 | 0.0 | -6.64 | -120.71 | 0.0 | 0.05 | -37.5 | 0.0 | -143.66 | -133.33 | 0.0 | 62.37 | 12.76 | 0.0 | 54.46 | 276.45 | 0.0 | 46.43 | -64.52 | 0.0 | 69.09 | -40.2 | 0.0 |
| 19Q2 (2) | 69.43 | -25.35 | 0.0 | -128.80 | -1950.57 | 0.0 | 416.41 | 5764.93 | 0.0 | 413.07 | 34038.02 | 0.0 | 58.96 | 10818.52 | 0.0 | 32.06 | 9329.41 | 0.0 | 0.08 | -57.89 | 0.0 | 430.97 | 3125.82 | 0.0 | 55.31 | -60.2 | 0.0 | -30.87 | -130.87 | 0.0 | 130.87 | 0 | 0.0 | 115.54 | 81.32 | 0.0 |
| 19Q1 (1) | 93.01 | 0.0 | 0.0 | 6.96 | 0.0 | 0.0 | 7.10 | 0.0 | 0.0 | 1.21 | 0.0 | 0.0 | 0.54 | 0.0 | 0.0 | 0.34 | 0.0 | 0.0 | 0.19 | 0.0 | 0.0 | 13.36 | 0.0 | 0.0 | 138.96 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 63.72 | 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) | 33.33 | -15.79 | -8.80 | 0 | 3.31 | 22.23 | -8.76 | 0 | -11.65 | 0 | -12.14 | 0 | -5.57 | 0 | 0.52 | -3.7 | -1.78 | 0 | 138.50 | 120.96 | 100.35 | 0 | -0.70 | 0 | 21.37 | 33.5 | 23.11 | -34.07 |
| 2022 (9) | 39.58 | -43.67 | -5.67 | 0 | 2.71 | -41.76 | 26.97 | -85.52 | 24.53 | -81.48 | 20.31 | -58.32 | 13.49 | -61.31 | 0.54 | 107.69 | 32.33 | -83.25 | 62.68 | 53.93 | -21.09 | 0 | 121.09 | 22.62 | 16.01 | 223.51 | 35.05 | -16.49 |
| 2021 (8) | 70.27 | -15.85 | 2.29 | -90.96 | 4.65 | 5.62 | 186.24 | 983.42 | 132.48 | 1181.24 | 48.73 | 625.15 | 34.87 | 631.03 | 0.26 | -40.91 | 193.02 | 673.63 | 40.72 | 3.27 | 1.25 | -99.15 | 98.75 | 0 | 4.95 | 1104.24 | 41.97 | 21.3 |
| 2020 (7) | 83.51 | -0.49 | 25.32 | 0 | 4.40 | -32.64 | 17.19 | -71.04 | 10.34 | -81.93 | 6.72 | -86.6 | 4.77 | -83.13 | 0.44 | -10.2 | 24.95 | -63.51 | 39.43 | -26.87 | 146.81 | 0 | -46.81 | 0 | 0.41 | -36.37 | 34.60 | -48.73 |
| 2019 (6) | 83.92 | -7.24 | -38.45 | 0 | 6.54 | 299.7 | 59.36 | 266.65 | 57.23 | 473.45 | 50.15 | 187.39 | 28.28 | 221.73 | 0.49 | -43.68 | 68.37 | 252.6 | 53.92 | -56.04 | -64.88 | 0 | 164.58 | 0 | 0.65 | -46.21 | 67.48 | 65.55 |
| 2018 (5) | 90.47 | 7.29 | 17.11 | 269.55 | 1.64 | 43.38 | 16.19 | 409.12 | 9.98 | 724.79 | 17.45 | 823.28 | 8.79 | 638.66 | 0.87 | 1.16 | 19.39 | 264.47 | 122.65 | 51.64 | 105.04 | -29.03 | -5.76 | 0 | 1.20 | 0 | 40.76 | -12.34 |
| 2017 (4) | 84.32 | 2.16 | 4.63 | 0 | 1.14 | 0.24 | 3.18 | 0 | 1.21 | 0 | 1.89 | 0 | 1.19 | 0 | 0.86 | 1.18 | 5.32 | 0 | 80.88 | -0.04 | 148.00 | 97.33 | -44.00 | 0 | 0.00 | 0 | 46.50 | -14.13 |
| 2016 (3) | 82.54 | -1.48 | -13.28 | 0 | 1.14 | 23.06 | -17.70 | 0 | -20.11 | 0 | -28.58 | 0 | -16.99 | 0 | 0.85 | -22.02 | -14.08 | 0 | 80.91 | 53.35 | 75.00 | 55.65 | 25.00 | -51.75 | 0.00 | 0 | 54.15 | 33.97 |
| 2015 (2) | 83.78 | -0.31 | 12.28 | 0 | 0.92 | -56.01 | 25.50 | 0 | 23.31 | 0 | 46.32 | 0 | 25.51 | 0 | 1.09 | 87.93 | 30.52 | 0 | 52.76 | -59.83 | 48.19 | -39.24 | 51.81 | 150.43 | 0.00 | 0 | 40.42 | -27.92 |
| 2014 (1) | 84.04 | 0 | -6.93 | 0 | 2.10 | -9.61 | -8.76 | 0 | -10.16 | 0 | -11.54 | 0 | -5.69 | 0 | 0.58 | -3.33 | -4.20 | 0 | 131.33 | 109.62 | 79.31 | -44.02 | 20.69 | 0 | 0.00 | 0 | 56.08 | -6.69 |
