- 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) | 17.21 | -3.85 | -14.97 | 9.05 | -18.1 | -30.54 | 7.09 | -58.02 | -33.43 | 3.61 | -71.42 | -54.19 | 1.07 | -75.79 | -58.37 | 0.81 | -68.36 | -48.41 | 0.18 | -10.0 | -5.26 | 10.03 | -46.51 | -19.57 | 62.97 | -9.0 | -5.72 | 127.78 | 95.97 | 4.55 | -27.78 | -180.61 | -25.0 | 15.23 | 14.43 | 5.4 |
| 23Q3 (19) | 17.90 | 5.79 | 5.17 | 11.05 | 23.33 | 14.39 | 16.89 | 4.91 | -20.33 | 12.63 | 21.09 | -24.42 | 4.42 | 39.87 | -30.94 | 2.56 | 35.45 | -29.28 | 0.20 | 17.65 | -4.76 | 18.75 | 2.46 | -18.87 | 69.20 | -16.93 | -2.49 | 65.20 | 17.27 | 43.37 | 34.46 | -22.39 | -36.8 | 13.31 | -7.38 | -1.84 |
| 23Q2 (18) | 16.92 | 0.83 | -1.91 | 8.96 | 5.41 | -7.25 | 16.10 | 97.55 | -4.39 | 10.43 | 91.73 | -10.55 | 3.16 | 106.54 | -25.65 | 1.89 | 92.86 | -20.59 | 0.17 | 0.0 | -15.0 | 18.30 | 76.13 | -1.45 | 83.30 | 29.49 | -5.01 | 55.60 | -47.01 | -3.26 | 44.40 | 1183.36 | 4.41 | 14.37 | -12.0 | 1.7 |
| 23Q1 (17) | 16.78 | -17.09 | 26.07 | 8.50 | -34.77 | 41.9 | 8.15 | -23.47 | -18.5 | 5.44 | -30.96 | -28.23 | 1.53 | -40.47 | -47.06 | 0.98 | -37.58 | -41.32 | 0.17 | -10.53 | -22.73 | 10.39 | -16.68 | -10.51 | 64.33 | -3.68 | -13.28 | 104.92 | -14.16 | 74.86 | -4.10 | 81.56 | -110.25 | 16.33 | 13.01 | 19.11 |
| 22Q4 (16) | 20.24 | 18.92 | 38.82 | 13.03 | 34.89 | 49.08 | 10.65 | -49.76 | 20.2 | 7.88 | -52.84 | 18.32 | 2.57 | -59.84 | -13.47 | 1.57 | -56.63 | -5.99 | 0.19 | -9.52 | -24.0 | 12.47 | -46.04 | 20.95 | 66.79 | -5.89 | -16.72 | 122.22 | 168.75 | 24.23 | -22.22 | -140.76 | -1477.78 | 14.45 | 6.56 | 26.64 |
| 22Q3 (15) | 17.02 | -1.33 | 17.87 | 9.66 | 0.0 | 18.53 | 21.20 | 25.89 | 139.28 | 16.71 | 43.31 | 163.56 | 6.40 | 50.59 | 126.15 | 3.62 | 52.1 | 119.39 | 0.21 | 5.0 | -16.0 | 23.11 | 24.45 | 123.72 | 70.97 | -19.07 | -14.12 | 45.48 | -20.87 | -50.58 | 54.52 | 28.21 | 583.35 | 13.56 | -4.03 | 19.58 |
| 22Q2 (14) | 17.25 | 29.6 | 8.7 | 9.66 | 61.27 | 8.54 | 16.84 | 68.4 | 126.04 | 11.66 | 53.83 | 139.43 | 4.25 | 47.06 | 132.24 | 2.38 | 42.51 | 114.41 | 0.20 | -9.09 | -9.09 | 18.57 | 59.95 | 104.52 | 87.69 | 18.21 | 21.88 | 57.48 | -4.21 | -51.93 | 42.52 | 6.31 | 317.35 | 14.13 | 3.06 | 13.59 |
| 22Q1 (13) | 13.31 | -8.71 | -21.2 | 5.99 | -31.46 | -37.8 | 10.00 | 12.87 | -11.35 | 7.58 | 13.81 | -10.4 | 2.89 | -2.69 | -0.69 | 1.67 | 0.0 | -4.02 | 0.22 | -12.0 | 10.0 | 11.61 | 12.61 | -12.38 | 74.18 | -7.51 | 2.83 | 60.00 | -39.02 | -29.88 | 40.00 | 2380.0 | 177.04 | 13.71 | 20.16 | -5.64 |
| 21Q4 (12) | 14.58 | 0.97 | -29.22 | 8.74 | 7.24 | -37.35 | 8.86 | 0.0 | -25.04 | 6.66 | 5.05 | -20.9 | 2.97 | 4.95 | -7.19 | 1.67 | 1.21 | -12.11 | 0.25 | 0.0 | 13.64 | 10.31 | -0.19 | -31.86 | 80.20 | -2.95 | 8.26 | 98.39 | 6.92 | -16.41 | 1.61 | -79.78 | 108.87 | 11.41 | 0.62 | -8.79 |
| 21Q3 (11) | 14.44 | -9.01 | -34.9 | 8.15 | -8.43 | -45.52 | 8.86 | 18.93 | -33.18 | 6.34 | 30.18 | -13.98 | 2.83 | 54.64 | -5.03 | 1.65 | 48.65 | -1.2 | 0.25 | 13.64 | 13.64 | 10.33 | 13.77 | -31.32 | 82.64 | 14.86 | 6.45 | 92.02 | -23.04 | -18.24 | 7.98 | 140.78 | 161.51 | 11.34 | -8.84 | -23.64 |
| 21Q2 (10) | 15.87 | -6.04 | -38.68 | 8.90 | -7.58 | -50.61 | 7.45 | -33.95 | -48.62 | 4.87 | -42.43 | -46.6 | 1.83 | -37.11 | -40.78 | 1.11 | -36.21 | -38.67 | 0.22 | 10.0 | 15.79 | 9.08 | -31.47 | -44.57 | 71.95 | -0.26 | -17.64 | 119.57 | 39.74 | -3.75 | -19.57 | -235.51 | 19.25 | 12.44 | -14.38 | 0 |
| 21Q1 (9) | 16.89 | -18.01 | 5.63 | 9.63 | -30.97 | 100.21 | 11.28 | -4.57 | 17.38 | 8.46 | 0.48 | 54.1 | 2.91 | -9.06 | 146.61 | 1.74 | -8.42 | 132.0 | 0.20 | -9.09 | 53.85 | 13.25 | -12.43 | 3.35 | 72.14 | -2.62 | 14.0 | 85.56 | -27.31 | 71.12 | 14.44 | 179.41 | -71.12 | 14.53 | 16.15 | -16.92 |
| 20Q4 (8) | 20.60 | -7.12 | -3.15 | 13.95 | -6.75 | 12.59 | 11.82 | -10.86 | 23.9 | 8.42 | 14.25 | 26.81 | 3.20 | 7.38 | 37.34 | 1.90 | 13.77 | 31.03 | 0.22 | 0.0 | 4.76 | 15.13 | 0.6 | 29.76 | 74.08 | -4.57 | 13.83 | 117.70 | 4.58 | -9.33 | -18.18 | -40.18 | 39.02 | 12.51 | -15.76 | 0 |
| 20Q3 (7) | 22.18 | -14.3 | 9.91 | 14.96 | -16.98 | 20.65 | 13.26 | -8.55 | -19.2 | 7.37 | -19.19 | -32.57 | 2.98 | -3.56 | -20.11 | 1.67 | -7.73 | -23.74 | 0.22 | 15.79 | 10.0 | 15.04 | -8.18 | -19.44 | 77.63 | -11.14 | 16.97 | 112.55 | -9.4 | 48.95 | -12.97 | 46.47 | -153.08 | 14.85 | 0 | -2.94 |
| 20Q2 (6) | 25.88 | 61.85 | 44.1 | 18.02 | 274.64 | 70.97 | 14.50 | 50.88 | -7.88 | 9.12 | 66.12 | -15.08 | 3.09 | 161.86 | -15.34 | 1.81 | 141.33 | -16.2 | 0.19 | 46.15 | -5.0 | 16.38 | 27.77 | -8.9 | 87.36 | 38.05 | 8.55 | 124.23 | 148.46 | 85.29 | -24.23 | -148.46 | -173.52 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 15.99 | -24.82 | 1.2 | 4.81 | -61.18 | -27.67 | 9.61 | 0.73 | 5.37 | 5.49 | -17.32 | -17.94 | 1.18 | -49.36 | -42.72 | 0.75 | -48.28 | -41.41 | 0.13 | -38.1 | -31.58 | 12.82 | 9.95 | 10.9 | 63.28 | -2.77 | -2.38 | 50.00 | -61.48 | -31.55 | 50.00 | 267.71 | 85.53 | 17.49 | 0 | 14.09 |
| 19Q4 (4) | 21.27 | 5.4 | 0.0 | 12.39 | -0.08 | 0.0 | 9.54 | -41.86 | 0.0 | 6.64 | -39.25 | 0.0 | 2.33 | -37.53 | 0.0 | 1.45 | -33.79 | 0.0 | 0.21 | 5.0 | 0.0 | 11.66 | -37.55 | 0.0 | 65.08 | -1.94 | 0.0 | 129.81 | 71.79 | 0.0 | -29.81 | -222.01 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 20.18 | 12.36 | 0.0 | 12.40 | 17.65 | 0.0 | 16.41 | 4.26 | 0.0 | 10.93 | 1.77 | 0.0 | 3.73 | 2.19 | 0.0 | 2.19 | 1.39 | 0.0 | 0.20 | 0.0 | 0.0 | 18.67 | 3.84 | 0.0 | 66.37 | -17.53 | 0.0 | 75.56 | 12.71 | 0.0 | 24.44 | -25.85 | 0.0 | 15.30 | -2.17 | 0.0 |
| 19Q2 (2) | 17.96 | 13.67 | 0.0 | 10.54 | 58.5 | 0.0 | 15.74 | 72.59 | 0.0 | 10.74 | 60.54 | 0.0 | 3.65 | 77.18 | 0.0 | 2.16 | 68.75 | 0.0 | 0.20 | 5.26 | 0.0 | 17.98 | 55.54 | 0.0 | 80.48 | 24.16 | 0.0 | 67.05 | -8.22 | 0.0 | 32.95 | 22.28 | 0.0 | 15.64 | 2.02 | 0.0 |
| 19Q1 (1) | 15.80 | 0.0 | 0.0 | 6.65 | 0.0 | 0.0 | 9.12 | 0.0 | 0.0 | 6.69 | 0.0 | 0.0 | 2.06 | 0.0 | 0.0 | 1.28 | 0.0 | 0.0 | 0.19 | 0.0 | 0.0 | 11.56 | 0.0 | 0.0 | 64.82 | 0.0 | 0.0 | 73.05 | 0.0 | 0.0 | 26.95 | 0.0 | 0.0 | 15.33 | 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) | 17.23 | 2.19 | 9.45 | -0.42 | 1.67 | 12.48 | 12.26 | -16.82 | 8.21 | -25.5 | 9.98 | -36.76 | 6.39 | -31.07 | 0.74 | -10.84 | 14.54 | -11.88 | 62.97 | -5.72 | 77.06 | 19.74 | 22.94 | -35.64 | 0.02 | -29.9 | 14.75 | 5.73 |
| 2022 (9) | 16.86 | 9.84 | 9.49 | 7.72 | 1.49 | 13.9 | 14.74 | 63.05 | 11.02 | 68.76 | 15.78 | 50.14 | 9.27 | 51.47 | 0.83 | -8.79 | 16.50 | 54.93 | 66.79 | -16.72 | 64.36 | -33.84 | 35.64 | 1284.05 | 0.03 | -50.36 | 13.95 | 13.32 |
| 2021 (8) | 15.35 | -29.0 | 8.81 | -35.83 | 1.31 | -38.39 | 9.04 | -27.97 | 6.53 | -16.17 | 10.51 | 5.0 | 6.12 | 0.49 | 0.91 | 19.74 | 10.65 | -29.14 | 80.20 | 8.26 | 97.28 | -10.99 | 2.58 | 0 | 0.07 | -18.98 | 12.31 | -16.6 |
| 2020 (7) | 21.62 | 14.63 | 13.73 | 30.02 | 2.12 | 10.15 | 12.55 | -1.49 | 7.79 | -11.17 | 10.01 | -14.59 | 6.09 | -15.53 | 0.76 | -5.0 | 15.03 | 0.2 | 74.08 | 13.83 | 109.29 | 31.75 | -9.42 | 0 | 0.08 | -38.06 | 14.76 | -2.25 |
| 2019 (6) | 18.86 | 10.55 | 10.56 | 20.69 | 1.93 | 10.27 | 12.74 | 8.15 | 8.77 | 17.25 | 11.72 | 10.78 | 7.21 | 9.08 | 0.80 | -6.98 | 15.00 | 7.53 | 65.08 | -3.67 | 82.95 | 11.77 | 17.17 | -33.42 | 0.14 | -13.38 | 15.10 | 2.72 |
| 2018 (5) | 17.06 | -10.73 | 8.75 | -20.02 | 1.75 | 7.14 | 11.78 | 29.03 | 7.48 | 15.97 | 10.58 | 18.48 | 6.61 | 16.99 | 0.86 | 1.18 | 13.95 | 25.22 | 67.56 | 7.79 | 74.22 | -38.09 | 25.78 | 0 | 0.16 | -38.01 | 14.70 | 0.0 |
| 2017 (4) | 19.11 | -20.57 | 10.94 | -24.81 | 1.63 | -11.15 | 9.13 | -44.26 | 6.45 | -38.51 | 8.93 | -36.49 | 5.65 | -37.22 | 0.85 | 1.19 | 11.14 | -40.08 | 62.68 | -1.31 | 119.88 | 34.88 | -19.88 | 0 | 0.25 | 0 | 14.70 | -7.61 |
| 2016 (3) | 24.06 | 41.78 | 14.55 | 103.5 | 1.84 | -17.83 | 16.38 | 45.08 | 10.49 | 22.26 | 14.06 | 22.37 | 9.00 | 17.8 | 0.84 | -3.45 | 18.59 | 33.55 | 63.51 | 14.47 | 88.88 | 40.34 | 11.12 | -69.67 | 0.00 | 0 | 15.91 | -2.69 |
| 2015 (2) | 16.97 | 11.5 | 7.15 | -2.19 | 2.23 | 6.37 | 11.29 | 2.54 | 8.58 | 6.32 | 11.49 | -3.2 | 7.64 | -1.8 | 0.87 | -7.45 | 13.92 | 2.88 | 55.48 | 3.03 | 63.33 | -4.66 | 36.67 | 9.23 | 0.00 | 0 | 16.35 | 22.47 |
| 2014 (1) | 15.22 | 0 | 7.31 | 0 | 2.10 | 8.09 | 11.01 | 0 | 8.07 | 0 | 11.87 | 0 | 7.78 | 0 | 0.94 | -7.84 | 13.53 | 6.03 | 53.85 | -11.63 | 66.43 | -15.59 | 33.57 | 57.56 | 0.00 | 0 | 13.35 | 10.51 |
