- 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) | 26.56 | -4.18 | -4.46 | 5.47 | -39.22 | -34.8 | 9.24 | -4.94 | 33.91 | 8.54 | 9.91 | 44.26 | 1.19 | -36.7 | -52.96 | 0.87 | -26.27 | -31.5 | 0.09 | -35.71 | -55.0 | 16.02 | 8.17 | 25.06 | 50.19 | -1.43 | -53.33 | 59.46 | -35.64 | -51.13 | 40.54 | 432.82 | 287.11 | 17.30 | 0.12 | -0.8 |
| 23Q3 (19) | 27.72 | 3.66 | 11.64 | 9.00 | -0.99 | 6.01 | 9.72 | -0.31 | -12.67 | 7.77 | 15.8 | -0.13 | 1.88 | -34.72 | -53.81 | 1.18 | -18.06 | -40.1 | 0.14 | -30.0 | -44.0 | 14.81 | -2.82 | -8.47 | 50.92 | -58.64 | -55.63 | 92.39 | -0.68 | 21.46 | 7.61 | 9.06 | -68.21 | 17.28 | -0.29 | 9.3 |
| 23Q2 (18) | 26.74 | -7.25 | 3.4 | 9.09 | -16.91 | 4.72 | 9.75 | -1.12 | -20.99 | 6.71 | -11.36 | -26.02 | 2.88 | -3.36 | -34.84 | 1.44 | -5.88 | -33.64 | 0.20 | 5.26 | -16.67 | 15.24 | -4.39 | -15.29 | 123.10 | 23.88 | 14.62 | 93.02 | -16.28 | 31.78 | 6.98 | 162.79 | -76.28 | 17.33 | -5.82 | 10.52 |
| 23Q1 (17) | 28.83 | 3.71 | 10.5 | 10.94 | 30.39 | 17.38 | 9.86 | 42.9 | -6.36 | 7.57 | 27.87 | 1.2 | 2.98 | 17.79 | -20.53 | 1.53 | 20.47 | -17.74 | 0.19 | -5.0 | -20.83 | 15.94 | 24.43 | -0.87 | 99.37 | -7.61 | -6.33 | 111.11 | -8.68 | 25.45 | -11.11 | 48.72 | -197.22 | 18.40 | 5.5 | 12.54 |
| 22Q4 (16) | 27.80 | 11.96 | -2.35 | 8.39 | -1.18 | -26.47 | 6.90 | -38.01 | -35.69 | 5.92 | -23.91 | -29.86 | 2.53 | -37.84 | -44.15 | 1.27 | -35.53 | -43.3 | 0.20 | -20.0 | -23.08 | 12.81 | -20.83 | -20.43 | 107.55 | -6.29 | 3.68 | 121.67 | 59.94 | 14.57 | -21.67 | -190.54 | -249.76 | 17.44 | 10.31 | 20.44 |
| 22Q3 (15) | 24.83 | -3.98 | -4.98 | 8.49 | -2.19 | -17.81 | 11.13 | -9.81 | -3.64 | 7.78 | -14.22 | -14.79 | 4.07 | -7.92 | -20.51 | 1.97 | -9.22 | -19.92 | 0.25 | 4.17 | -7.41 | 16.18 | -10.06 | -1.82 | 114.77 | 6.86 | 8.42 | 76.07 | 7.76 | -14.94 | 23.93 | -18.63 | 126.43 | 15.81 | 0.83 | -1.06 |
| 22Q2 (14) | 25.86 | -0.88 | -4.08 | 8.68 | -6.87 | -14.99 | 12.34 | 17.19 | 23.15 | 9.07 | 21.26 | 27.03 | 4.42 | 17.87 | 14.21 | 2.17 | 16.67 | 20.56 | 0.24 | 0.0 | -4.0 | 17.99 | 11.88 | 19.61 | 107.40 | 1.24 | -6.77 | 70.59 | -20.3 | -30.76 | 29.41 | 157.35 | 1614.71 | 15.68 | -4.1 | 6.74 |
| 22Q1 (13) | 26.09 | -8.36 | -2.72 | 9.32 | -18.32 | -0.43 | 10.53 | -1.86 | 3.13 | 7.48 | -11.37 | 10.98 | 3.75 | -17.22 | 3.88 | 1.86 | -16.96 | 8.14 | 0.24 | -7.69 | -4.0 | 16.08 | -0.12 | 8.21 | 106.08 | 2.27 | -12.58 | 88.57 | -16.6 | -4.2 | 11.43 | 284.49 | 34.6 | 16.35 | 12.91 | -0.97 |
| 21Q4 (12) | 28.47 | 8.96 | -9.24 | 11.41 | 10.45 | -15.73 | 10.73 | -7.1 | -2.45 | 8.44 | -7.56 | 4.33 | 4.53 | -11.52 | 2.49 | 2.24 | -8.94 | 2.75 | 0.26 | -3.7 | -3.7 | 16.10 | -2.31 | 3.54 | 103.73 | -2.01 | -1.35 | 106.19 | 18.74 | -13.72 | -6.19 | -158.61 | 73.16 | 14.48 | -9.39 | -2.62 |
| 21Q3 (11) | 26.13 | -3.08 | -14.36 | 10.33 | 1.18 | -24.27 | 11.55 | 15.27 | 3.49 | 9.13 | 27.87 | 13.56 | 5.12 | 32.3 | 4.7 | 2.46 | 36.67 | 6.03 | 0.27 | 8.0 | -3.57 | 16.48 | 9.57 | 7.22 | 105.86 | -8.11 | 1.3 | 89.43 | -12.27 | -26.6 | 10.57 | 644.31 | 148.37 | 15.98 | 8.78 | 19.52 |
| 21Q2 (10) | 26.96 | 0.52 | -14.36 | 10.21 | 9.08 | -30.21 | 10.02 | -1.86 | -32.07 | 7.14 | 5.93 | -34.5 | 3.87 | 7.2 | -45.18 | 1.80 | 4.65 | -46.59 | 0.25 | 0.0 | -19.35 | 15.04 | 1.21 | -19.83 | 115.20 | -5.06 | -7.52 | 101.94 | 10.26 | 3.26 | -1.94 | -122.87 | -404.85 | 14.69 | -11.02 | 0 |
| 21Q1 (9) | 26.82 | -14.5 | 0.68 | 9.36 | -30.87 | 94.59 | 10.21 | -7.18 | 26.67 | 6.74 | -16.69 | 16.21 | 3.61 | -18.33 | 70.28 | 1.72 | -21.1 | 54.95 | 0.25 | -7.41 | 38.89 | 14.86 | -4.44 | -2.56 | 121.34 | 15.4 | 22.21 | 92.45 | -24.88 | 56.21 | 8.49 | 136.79 | -79.2 | 16.51 | 11.03 | -17.08 |
| 20Q4 (8) | 31.37 | 2.82 | 5.27 | 13.54 | -0.73 | 29.08 | 11.00 | -1.43 | 28.21 | 8.09 | 0.62 | 26.01 | 4.42 | -9.61 | 36.84 | 2.18 | -6.03 | 30.54 | 0.27 | -3.57 | 8.0 | 15.55 | 1.17 | 11.31 | 105.15 | 0.62 | 0.98 | 123.08 | 1.01 | 1.2 | -23.08 | -5.62 | -6.73 | 14.87 | 11.22 | -6.77 |
| 20Q3 (7) | 30.51 | -3.08 | 7.28 | 13.64 | -6.77 | 47.78 | 11.16 | -24.34 | -1.67 | 8.04 | -26.24 | 2.29 | 4.89 | -30.74 | 15.06 | 2.32 | -31.16 | 3.11 | 0.28 | -9.68 | 0.0 | 15.37 | -18.07 | -6.96 | 104.50 | -16.11 | 7.68 | 121.85 | 23.42 | 50.52 | -21.85 | -3530.25 | -214.71 | 13.37 | 0 | -19.12 |
| 20Q2 (6) | 31.48 | 18.17 | 27.81 | 14.63 | 204.16 | 195.56 | 14.75 | 83.0 | 97.72 | 10.90 | 87.93 | 112.06 | 7.06 | 233.02 | 180.16 | 3.37 | 203.6 | 142.45 | 0.31 | 72.22 | 24.0 | 18.76 | 23.02 | 36.73 | 124.57 | 25.46 | 40.27 | 98.73 | 66.81 | 49.29 | 0.64 | -98.44 | -98.12 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 26.64 | -10.6 | 18.61 | 4.81 | -54.15 | 109.13 | 8.06 | -6.06 | 120.82 | 5.80 | -9.66 | 49.1 | 2.12 | -34.37 | 33.33 | 1.11 | -33.53 | 24.72 | 0.18 | -28.0 | -14.29 | 15.25 | 9.16 | 33.77 | 99.29 | -4.65 | 1.03 | 59.18 | -51.34 | -7.53 | 40.82 | 288.78 | 13.38 | 19.91 | 24.83 | 5.57 |
| 19Q4 (4) | 29.80 | 4.78 | 0.0 | 10.49 | 13.65 | 0.0 | 8.58 | -24.41 | 0.0 | 6.42 | -18.32 | 0.0 | 3.23 | -24.0 | 0.0 | 1.67 | -25.78 | 0.0 | 0.25 | -10.71 | 0.0 | 13.97 | -15.44 | 0.0 | 104.13 | 7.3 | 0.0 | 121.62 | 50.24 | 0.0 | -21.62 | -213.51 | 0.0 | 15.95 | -3.51 | 0.0 |
| 19Q3 (3) | 28.44 | 15.47 | 0.0 | 9.23 | 86.46 | 0.0 | 11.35 | 52.14 | 0.0 | 7.86 | 52.92 | 0.0 | 4.25 | 68.65 | 0.0 | 2.25 | 61.87 | 0.0 | 0.28 | 12.0 | 0.0 | 16.52 | 20.41 | 0.0 | 97.05 | 9.28 | 0.0 | 80.95 | 22.42 | 0.0 | 19.05 | -43.76 | 0.0 | 16.53 | -7.81 | 0.0 |
| 19Q2 (2) | 24.63 | 9.66 | 0.0 | 4.95 | 115.22 | 0.0 | 7.46 | 104.38 | 0.0 | 5.14 | 32.13 | 0.0 | 2.52 | 58.49 | 0.0 | 1.39 | 56.18 | 0.0 | 0.25 | 19.05 | 0.0 | 13.72 | 20.35 | 0.0 | 88.81 | -9.64 | 0.0 | 66.13 | 3.33 | 0.0 | 33.87 | -5.91 | 0.0 | 17.93 | -4.93 | 0.0 |
| 19Q1 (1) | 22.46 | 0.0 | 0.0 | 2.30 | 0.0 | 0.0 | 3.65 | 0.0 | 0.0 | 3.89 | 0.0 | 0.0 | 1.59 | 0.0 | 0.0 | 0.89 | 0.0 | 0.0 | 0.21 | 0.0 | 0.0 | 11.40 | 0.0 | 0.0 | 98.28 | 0.0 | 0.0 | 64.00 | 0.0 | 0.0 | 36.00 | 0.0 | 0.0 | 18.86 | 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) | 27.46 | 5.29 | 8.66 | -0.8 | 4.95 | -4.06 | 9.65 | -6.58 | 7.63 | 0.39 | 6.77 | -53.76 | 4.36 | -40.19 | 0.54 | -42.55 | 15.47 | -2.4 | 50.19 | -53.33 | 89.79 | 6.16 | 10.21 | -33.8 | 0.37 | 5.3 | 17.56 | 7.86 |
| 2022 (9) | 26.08 | -3.73 | 8.73 | -15.49 | 5.16 | 10.22 | 10.33 | -2.82 | 7.60 | -3.43 | 14.64 | -11.17 | 7.29 | -10.77 | 0.94 | -7.84 | 15.85 | 1.54 | 107.55 | 3.68 | 84.58 | -12.88 | 15.42 | 427.94 | 0.35 | 43.33 | 16.28 | 5.58 |
| 2021 (8) | 27.09 | -10.89 | 10.33 | -17.16 | 4.68 | 6.57 | 10.63 | -8.52 | 7.87 | -7.41 | 16.48 | -5.77 | 8.17 | -5.88 | 1.02 | 0.99 | 15.61 | -4.53 | 103.73 | -1.35 | 97.08 | -9.68 | 2.92 | 0 | 0.25 | 1.11 | 15.42 | 2.46 |
| 2020 (7) | 30.40 | 14.37 | 12.47 | 77.38 | 4.40 | -19.93 | 11.62 | 44.53 | 8.50 | 42.38 | 17.49 | 48.72 | 8.68 | 40.91 | 1.01 | 3.06 | 16.35 | 16.29 | 105.15 | 0.98 | 107.48 | 23.17 | -7.26 | 0 | 0.24 | -16.11 | 15.05 | -12.6 |
| 2019 (6) | 26.58 | 7.09 | 7.03 | 43.76 | 5.49 | -18.08 | 8.04 | 61.45 | 5.97 | 133.2 | 11.76 | 143.48 | 6.16 | 124.0 | 0.98 | 5.38 | 14.06 | 13.57 | 104.13 | 8.34 | 87.27 | -10.97 | 12.73 | 540.95 | 0.29 | -31.87 | 17.22 | -3.96 |
| 2018 (5) | 24.82 | -9.12 | 4.89 | -45.91 | 6.70 | 9.17 | 4.98 | -33.78 | 2.56 | -52.42 | 4.83 | -57.26 | 2.75 | -50.09 | 0.93 | -1.06 | 12.38 | -14.33 | 96.11 | -13.26 | 98.01 | -18.38 | 1.99 | 0 | 0.43 | 0 | 17.93 | 2.11 |
| 2017 (4) | 27.31 | 13.23 | 9.04 | 115.24 | 6.14 | -10.18 | 7.52 | 28.77 | 5.38 | 25.41 | 11.30 | 22.16 | 5.51 | 28.74 | 0.94 | 6.82 | 14.45 | 6.02 | 110.80 | -20.96 | 120.09 | 66.35 | -20.09 | 0 | 0.00 | 0 | 17.56 | -17.29 |
| 2016 (3) | 24.12 | 75.93 | 4.20 | 0 | 6.83 | -47.36 | 5.84 | 0 | 4.29 | 0 | 9.25 | 0 | 4.28 | 0 | 0.88 | 12.82 | 13.63 | 0 | 140.18 | -8.19 | 72.19 | 17.07 | 28.40 | -25.91 | 0.00 | 0 | 21.23 | -2.79 |
| 2015 (2) | 13.71 | -30.16 | -10.62 | 0 | 12.98 | 19.76 | -17.20 | 0 | -15.11 | 0 | -27.84 | 0 | -11.19 | 0 | 0.78 | -7.14 | -3.04 | 0 | 152.69 | 21.71 | 61.66 | -58.89 | 38.34 | 0 | 0.00 | 0 | 21.84 | 18.05 |
| 2014 (1) | 19.63 | 0 | -2.76 | 0 | 10.84 | 11.87 | -1.84 | 0 | -1.11 | 0 | -2.19 | 0 | -0.27 | 0 | 0.84 | 0.0 | 10.20 | -4.67 | 125.45 | -11.32 | 150.00 | -97.41 | -50.00 | 0 | 0.00 | 0 | 18.50 | -18.54 |
