- 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) | 34.53 | 6.64 | -4.43 | 15.52 | 23.76 | 38.7 | 13.79 | -10.69 | 31.96 | 11.38 | -11.58 | 36.12 | 4.34 | -14.57 | 106.67 | 2.93 | -6.69 | 107.8 | 0.25 | 4.17 | 47.06 | 17.20 | -8.8 | 16.77 | 47.87 | -7.87 | 0.72 | 112.98 | 39.24 | 5.05 | -12.50 | -166.28 | -89.29 | 12.66 | -2.84 | -19.0 |
| 23Q3 (19) | 32.38 | 3.42 | -21.2 | 12.54 | 12.47 | -36.67 | 15.44 | 11.97 | -33.85 | 12.87 | 18.62 | -30.88 | 5.08 | 26.37 | -23.03 | 3.14 | 35.34 | -20.1 | 0.24 | 14.29 | 14.29 | 18.86 | 8.58 | -28.07 | 51.96 | -30.17 | -2.91 | 81.14 | 0.46 | -4.54 | 18.86 | -1.93 | 23.17 | 13.03 | -1.29 | -17.37 |
| 23Q2 (18) | 31.31 | 3.33 | -27.69 | 11.15 | 19.25 | -57.3 | 13.79 | 52.54 | -51.66 | 10.85 | 40.18 | -52.52 | 4.02 | 77.88 | -70.11 | 2.32 | 62.24 | -67.23 | 0.21 | 16.67 | -32.26 | 17.37 | 31.79 | -42.64 | 74.41 | -1.22 | -12.25 | 80.77 | -22.34 | -11.85 | 19.23 | 741.03 | 125.0 | 13.20 | -4.0 | -9.22 |
| 23Q1 (17) | 30.30 | -16.14 | -27.08 | 9.35 | -16.44 | -60.47 | 9.04 | -13.49 | -65.76 | 7.74 | -7.42 | -63.2 | 2.26 | 7.62 | -81.06 | 1.43 | 1.42 | -78.91 | 0.18 | 5.88 | -43.75 | 13.18 | -10.52 | -53.35 | 75.33 | 58.49 | -21.8 | 104.00 | -3.3 | 16.01 | -3.00 | 54.57 | -128.98 | 13.75 | -12.03 | -8.76 |
| 22Q4 (16) | 36.13 | -12.07 | -12.18 | 11.19 | -43.48 | -52.48 | 10.45 | -55.23 | -57.05 | 8.36 | -55.1 | -57.26 | 2.10 | -68.18 | -79.71 | 1.41 | -64.12 | -79.23 | 0.17 | -19.05 | -51.43 | 14.73 | -43.82 | -43.93 | 47.53 | -11.19 | -17.83 | 107.55 | 26.53 | 11.08 | -6.60 | -143.13 | -307.55 | 15.63 | -0.89 | 13.43 |
| 22Q3 (15) | 41.09 | -5.1 | 1.23 | 19.80 | -24.17 | -14.88 | 23.34 | -18.19 | -4.58 | 18.62 | -18.51 | -4.81 | 6.60 | -50.93 | -44.16 | 3.93 | -44.49 | -48.36 | 0.21 | -32.26 | -46.15 | 26.22 | -13.41 | -0.83 | 53.52 | -36.89 | 14.53 | 85.00 | -7.23 | -10.41 | 15.31 | 79.16 | 212.51 | 15.77 | 8.46 | 6.34 |
| 22Q2 (14) | 43.30 | 4.21 | 19.94 | 26.11 | 10.4 | 37.78 | 28.53 | 8.07 | 45.26 | 22.85 | 8.65 | 42.9 | 13.45 | 12.74 | 41.13 | 7.08 | 4.42 | 24.21 | 0.31 | -3.13 | -13.89 | 30.28 | 7.19 | 38.9 | 84.80 | -11.97 | 29.33 | 91.62 | 2.2 | -5.07 | 8.55 | -17.43 | 145.53 | 14.54 | -3.52 | 6.52 |
| 22Q1 (13) | 41.55 | 1.0 | 34.12 | 23.65 | 0.42 | 54.58 | 26.40 | 8.51 | 61.07 | 21.03 | 7.52 | 55.66 | 11.93 | 15.27 | 56.97 | 6.78 | -0.15 | 38.93 | 0.32 | -8.57 | -11.11 | 28.25 | 7.54 | 51.39 | 96.33 | 66.55 | 37.63 | 89.65 | -7.41 | -3.75 | 10.35 | 225.33 | 60.45 | 15.07 | 9.36 | 28.8 |
| 21Q4 (12) | 41.14 | 1.36 | 32.07 | 23.55 | 1.25 | 58.05 | 24.33 | -0.53 | 62.74 | 19.56 | 0.0 | 60.46 | 10.35 | -12.44 | 55.87 | 6.79 | -10.78 | 47.29 | 0.35 | -10.26 | -7.89 | 26.27 | -0.64 | 50.8 | 57.84 | 23.77 | 33.86 | 96.82 | 2.05 | -3.18 | 3.18 | -35.06 | 603.18 | 13.78 | -7.08 | 8.42 |
| 21Q3 (11) | 40.59 | 12.44 | 39.25 | 23.26 | 22.74 | 85.19 | 24.46 | 24.54 | 89.32 | 19.56 | 22.33 | 73.1 | 11.82 | 24.03 | 79.09 | 7.61 | 33.51 | 77.8 | 0.39 | 8.33 | 2.63 | 26.44 | 21.28 | 72.02 | 46.73 | -28.73 | 1.06 | 94.88 | -1.7 | -2.54 | 4.90 | 40.76 | 85.21 | 14.83 | 8.64 | 19.31 |
| 21Q2 (10) | 36.10 | 16.53 | 21.39 | 18.95 | 23.86 | 62.38 | 19.64 | 19.83 | 65.18 | 15.99 | 18.36 | 56.0 | 9.53 | 25.39 | 68.08 | 5.70 | 16.8 | 66.67 | 0.36 | 0.0 | 9.09 | 21.80 | 16.83 | 48.81 | 65.57 | -6.32 | 1.99 | 96.52 | 3.62 | -2.2 | 3.48 | -46.04 | 77.53 | 13.65 | 16.67 | 0 |
| 21Q1 (9) | 30.98 | -0.55 | 6.5 | 15.30 | 2.68 | 65.41 | 16.39 | 9.63 | 48.59 | 13.51 | 10.83 | 44.96 | 7.60 | 14.46 | 70.79 | 4.88 | 5.86 | 73.05 | 0.36 | -5.26 | 20.0 | 18.66 | 7.12 | 33.0 | 69.99 | 61.98 | 2.09 | 93.15 | -6.85 | 10.56 | 6.45 | 1325.81 | -60.98 | 11.70 | -7.95 | -13.14 |
| 20Q4 (8) | 31.15 | 6.86 | 5.63 | 14.90 | 18.63 | 42.45 | 14.95 | 15.71 | 48.31 | 12.19 | 7.88 | 38.37 | 6.64 | 0.61 | 46.9 | 4.61 | 7.71 | 52.65 | 0.38 | 0.0 | 11.76 | 17.42 | 13.34 | 36.52 | 43.21 | -6.55 | -13.23 | 100.00 | 2.72 | -3.73 | 0.45 | -82.9 | 111.67 | 12.71 | 2.25 | 2.42 |
| 20Q3 (7) | 29.15 | -1.98 | -4.17 | 12.56 | 7.63 | 21.47 | 12.92 | 8.66 | 10.33 | 11.30 | 10.24 | 3.57 | 6.60 | 16.4 | 18.28 | 4.28 | 25.15 | 24.06 | 0.38 | 15.15 | 22.58 | 15.37 | 4.91 | 5.27 | 46.24 | -28.08 | -9.92 | 97.35 | -1.36 | 10.23 | 2.65 | 34.92 | -77.35 | 12.43 | 0 | -9.8 |
| 20Q2 (6) | 29.74 | 2.23 | -3.5 | 11.67 | 26.16 | 27.26 | 11.89 | 7.8 | 11.12 | 10.25 | 9.98 | 6.55 | 5.67 | 27.42 | 35.32 | 3.42 | 21.28 | 30.53 | 0.33 | 10.0 | 22.22 | 14.65 | 4.42 | 5.4 | 64.29 | -6.23 | -14.34 | 98.69 | 17.14 | 15.86 | 1.96 | -88.14 | -85.88 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 29.09 | -1.36 | -4.62 | 9.25 | -11.57 | -14.67 | 11.03 | 9.42 | -8.39 | 9.32 | 5.79 | -11.66 | 4.45 | -1.55 | -6.71 | 2.82 | -6.62 | -12.42 | 0.30 | -11.76 | 0.0 | 14.03 | 9.95 | -6.65 | 68.56 | 37.67 | 42.27 | 84.25 | -18.89 | -6.47 | 16.54 | 526.61 | 66.63 | 13.47 | 8.54 | -4.4 |
| 19Q4 (4) | 29.49 | -3.06 | 0.0 | 10.46 | 1.16 | 0.0 | 10.08 | -13.92 | 0.0 | 8.81 | -19.25 | 0.0 | 4.52 | -19.0 | 0.0 | 3.02 | -12.46 | 0.0 | 0.34 | 9.68 | 0.0 | 12.76 | -12.6 | 0.0 | 49.80 | -2.98 | 0.0 | 103.88 | 17.61 | 0.0 | -3.88 | -133.19 | 0.0 | 12.41 | -9.94 | 0.0 |
| 19Q3 (3) | 30.42 | -1.3 | 0.0 | 10.34 | 12.76 | 0.0 | 11.71 | 9.44 | 0.0 | 10.91 | 13.41 | 0.0 | 5.58 | 33.17 | 0.0 | 3.45 | 31.68 | 0.0 | 0.31 | 14.81 | 0.0 | 14.60 | 5.04 | 0.0 | 51.33 | -31.61 | 0.0 | 88.32 | 3.68 | 0.0 | 11.68 | -15.91 | 0.0 | 13.78 | -4.7 | 0.0 |
| 19Q2 (2) | 30.82 | 1.05 | 0.0 | 9.17 | -15.41 | 0.0 | 10.70 | -11.13 | 0.0 | 9.62 | -8.82 | 0.0 | 4.19 | -12.16 | 0.0 | 2.62 | -18.63 | 0.0 | 0.27 | -10.0 | 0.0 | 13.90 | -7.52 | 0.0 | 75.05 | 55.74 | 0.0 | 85.19 | -5.43 | 0.0 | 13.89 | 39.96 | 0.0 | 14.46 | 2.63 | 0.0 |
| 19Q1 (1) | 30.50 | 0.0 | 0.0 | 10.84 | 0.0 | 0.0 | 12.04 | 0.0 | 0.0 | 10.55 | 0.0 | 0.0 | 4.77 | 0.0 | 0.0 | 3.22 | 0.0 | 0.0 | 0.30 | 0.0 | 0.0 | 15.03 | 0.0 | 0.0 | 48.19 | 0.0 | 0.0 | 90.08 | 0.0 | 0.0 | 9.92 | 0.0 | 0.0 | 14.09 | 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) | 32.29 | -21.53 | 12.38 | -42.74 | 3.01 | 37.19 | 13.27 | -44.43 | 10.91 | -42.82 | 14.48 | -54.12 | 9.90 | -52.31 | 0.90 | -17.43 | 16.88 | -35.79 | 47.87 | 0.72 | 93.18 | 2.91 | 6.68 | -29.35 | 0.65 | 35.96 | 13.12 | -13.34 |
| 2022 (9) | 41.15 | 9.67 | 21.62 | 5.31 | 2.19 | 14.99 | 23.88 | 11.22 | 19.08 | 9.91 | 31.56 | -13.77 | 20.76 | -14.25 | 1.09 | -21.58 | 26.29 | 11.59 | 47.53 | -17.83 | 90.55 | -5.34 | 9.45 | 114.37 | 0.48 | 109.21 | 15.14 | 11.57 |
| 2021 (8) | 37.52 | 25.78 | 20.53 | 67.18 | 1.91 | -20.29 | 21.47 | 67.47 | 17.36 | 59.71 | 36.60 | 67.66 | 24.21 | 61.62 | 1.39 | 1.46 | 23.56 | 52.49 | 57.84 | 33.86 | 95.66 | -0.15 | 4.41 | 5.03 | 0.23 | -51.57 | 13.57 | 6.02 |
| 2020 (7) | 29.83 | -1.45 | 12.28 | 19.92 | 2.39 | -10.82 | 12.82 | 15.39 | 10.87 | 9.25 | 21.83 | 18.64 | 14.98 | 21.1 | 1.37 | 10.48 | 15.45 | 10.28 | 43.21 | -13.23 | 95.80 | 4.04 | 4.20 | -47.02 | 0.47 | -27.7 | 12.80 | -6.02 |
| 2019 (6) | 30.27 | -2.83 | 10.24 | -19.62 | 2.68 | 25.07 | 11.11 | -21.26 | 9.95 | -14.81 | 18.40 | -20.59 | 12.37 | -23.22 | 1.24 | -10.14 | 14.01 | -14.15 | 49.80 | 1.22 | 92.08 | 2.08 | 7.92 | -19.14 | 0.65 | 64.16 | 13.62 | 3.34 |
| 2018 (5) | 31.15 | 5.09 | 12.74 | 24.78 | 2.15 | -10.26 | 14.11 | 37.39 | 11.68 | 37.09 | 23.17 | 51.14 | 16.11 | 48.21 | 1.38 | 7.81 | 16.32 | 28.4 | 49.20 | 26.71 | 90.20 | -9.17 | 9.80 | 2025.58 | 0.40 | 0 | 13.18 | -1.42 |
| 2017 (4) | 29.64 | 0.2 | 10.21 | 8.73 | 2.39 | -24.25 | 10.27 | 26.63 | 8.52 | 23.48 | 15.33 | 23.53 | 10.87 | 21.18 | 1.28 | -1.54 | 12.71 | 11.49 | 38.83 | -10.86 | 99.31 | -14.27 | 0.46 | 0 | 0.00 | 0 | 13.37 | 0.3 |
| 2016 (3) | 29.58 | 3.61 | 9.39 | 63.59 | 3.16 | -24.89 | 8.11 | 19.62 | 6.90 | 16.16 | 12.41 | 34.31 | 8.97 | 28.69 | 1.30 | 11.11 | 11.40 | 2.24 | 43.56 | 33.7 | 115.84 | 36.67 | -15.84 | 0 | 0.00 | 0 | 13.33 | -8.13 |
| 2015 (2) | 28.55 | 0.28 | 5.74 | -18.58 | 4.20 | 6.95 | 6.78 | -25.33 | 5.94 | -24.23 | 9.24 | -31.66 | 6.97 | -32.98 | 1.17 | -12.03 | 11.15 | -15.34 | 32.58 | 0.28 | 84.76 | 9.23 | 15.24 | -31.97 | 0.00 | 0 | 14.51 | 2.91 |
| 2014 (1) | 28.47 | 0 | 7.05 | 0 | 3.93 | -15.16 | 9.08 | 0 | 7.84 | 0 | 13.52 | 0 | 10.40 | 0 | 1.33 | 12.71 | 13.17 | 18.65 | 32.49 | 17.29 | 77.60 | -3.25 | 22.40 | 13.17 | 0.00 | 0 | 14.10 | -7.05 |
