- 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 | 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 | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23Q3 (20) | 11.19 | 14.65 | 47.24 | 10.19 | 65.69 | 111.41 | 11.50 | 52.93 | 133.27 | 8.86 | 57.37 | 135.64 | 9.52 | 118.85 | 221.62 | 2.46 | 121.62 | 134.29 | 12.03 | 45.11 | 118.73 | 272.77 | -12.86 | 25.34 | 88.60 | 8.3 | -9.3 | 11.40 | -37.33 | 392.4 | 6.51 | -27.1 | -11.55 |
| 23Q2 (19) | 9.76 | 9.54 | 33.15 | 6.15 | 53.37 | 17.14 | 7.52 | 40.82 | 58.32 | 5.63 | 24.28 | 73.23 | 4.35 | 52.1 | 110.14 | 1.11 | 44.16 | 32.14 | 8.29 | 32.01 | 51.28 | 313.02 | 8.5 | 92.28 | 81.81 | 9.07 | -25.97 | 18.19 | -27.22 | 273.32 | 8.93 | -11.76 | 38.88 |
| 23Q1 (18) | 8.91 | 13.79 | 13.94 | 4.01 | 3.89 | -8.45 | 5.34 | 8.54 | 22.76 | 4.53 | 17.36 | 36.04 | 2.86 | -14.63 | 33.02 | 0.77 | -22.22 | -8.33 | 6.28 | 13.77 | 24.36 | 288.51 | 2.09 | 87.27 | 75.00 | -4.48 | -25.68 | 25.00 | 16.38 | 2825.0 | 10.12 | 43.14 | 37.69 |
| 22Q4 (17) | 7.83 | 3.03 | 31.16 | 3.86 | -19.92 | 43.49 | 4.92 | -0.2 | 67.35 | 3.86 | 2.66 | 67.83 | 3.35 | 13.18 | 92.53 | 0.99 | -5.71 | 43.48 | 5.52 | 0.36 | 52.91 | 282.59 | 29.85 | 54.43 | 78.52 | -19.62 | -14.28 | 21.48 | 827.61 | 155.73 | 7.07 | -3.94 | 39.17 |
| 22Q3 (16) | 7.60 | 3.68 | 43.67 | 4.82 | -8.19 | 1009.43 | 4.93 | 3.79 | 1073.81 | 3.76 | 15.69 | 571.43 | 2.96 | 43.0 | 1038.46 | 1.05 | 25.0 | 556.25 | 5.50 | 0.36 | 257.14 | 217.63 | 33.69 | 33.74 | 97.68 | -11.6 | 179.59 | 2.32 | 122.06 | -98.96 | 7.36 | 14.46 | -1.34 |
| 22Q2 (15) | 7.33 | -6.27 | 5.92 | 5.25 | 19.86 | 207.02 | 4.75 | 9.2 | 121.96 | 3.25 | -2.4 | 95.78 | 2.07 | -3.72 | 137.93 | 0.84 | 0.0 | 104.88 | 5.48 | 8.51 | 76.21 | 162.79 | 5.67 | 9.79 | 110.50 | 9.49 | 38.94 | -10.50 | -1044.2 | -151.27 | 6.43 | -12.52 | -6.54 |
| 22Q1 (14) | 7.82 | 30.99 | 52.73 | 4.38 | 62.83 | 942.31 | 4.35 | 47.96 | 6114.29 | 3.33 | 44.78 | 8225.0 | 2.15 | 23.56 | 21400.0 | 0.84 | 21.74 | 1300.0 | 5.05 | 39.89 | 258.16 | 154.06 | -15.81 | 6.32 | 100.92 | 10.17 | 113.76 | -0.92 | -110.92 | -100.11 | 7.35 | 44.69 | -29.33 |
| 21Q4 (13) | 5.97 | 12.85 | 22.59 | 2.69 | 607.55 | 232.51 | 2.94 | 600.0 | 712.5 | 2.30 | 310.71 | 1542.86 | 1.74 | 569.23 | 2800.0 | 0.69 | 331.25 | 666.67 | 3.61 | 134.42 | 329.76 | 182.99 | 12.45 | 20.77 | 91.60 | 174.64 | -78.1 | 8.40 | -96.23 | 102.64 | 5.08 | -31.9 | -36.34 |
| 21Q3 (12) | 5.29 | -23.55 | -28.71 | -0.53 | -130.99 | -145.3 | 0.42 | -80.37 | -84.33 | 0.56 | -66.27 | -76.86 | 0.26 | -70.11 | -62.32 | 0.16 | -60.98 | -50.0 | 1.54 | -50.48 | -65.24 | 162.73 | 9.75 | -0.19 | -122.73 | -254.32 | -381.94 | 222.73 | 987.94 | 294.41 | 7.46 | 8.43 | -43.23 |
| 21Q2 (11) | 6.92 | 35.16 | 6.63 | 1.71 | 428.85 | 223.91 | 2.14 | 2957.14 | -72.77 | 1.66 | 4050.0 | -70.04 | 0.87 | 8600.0 | -47.59 | 0.41 | 583.33 | -43.84 | 3.11 | 120.57 | -67.47 | 148.27 | 2.33 | -4.02 | 79.53 | 110.84 | 556.42 | 20.47 | -97.54 | -82.57 | 6.88 | -33.85 | -35.16 |
| 21Q1 (10) | 5.12 | 5.13 | 11.3 | -0.52 | 74.38 | 48.51 | 0.07 | 114.58 | 103.61 | 0.04 | -71.43 | 101.91 | 0.01 | -83.33 | 101.92 | 0.06 | -33.33 | 135.29 | 1.41 | 67.86 | 1181.82 | 144.90 | -4.37 | 5.02 | -733.33 | -275.36 | -1490.8 | 833.33 | 361.9 | 1662.82 | 10.40 | 30.33 | -20.43 |
| 20Q4 (9) | 4.87 | -34.37 | -14.71 | -2.03 | -273.5 | -223.78 | -0.48 | -117.91 | -123.88 | 0.14 | -94.21 | -92.0 | 0.06 | -91.3 | -92.5 | 0.09 | -71.88 | -77.5 | 0.84 | -81.04 | -74.15 | 151.52 | -7.07 | 6.96 | 418.18 | 860.69 | 409.51 | -318.18 | -663.45 | -1875.12 | 7.98 | -39.27 | 0 |
| 20Q3 (8) | 7.42 | 14.33 | 54.58 | 1.17 | 184.78 | -20.95 | 2.68 | -65.9 | -84.76 | 2.42 | -56.32 | -81.64 | 0.69 | -58.43 | -80.23 | 0.32 | -56.16 | -79.08 | 4.43 | -53.66 | -77.61 | 163.04 | 5.54 | 16.27 | 43.53 | 349.82 | 419.45 | 56.47 | -51.91 | -38.36 | 13.14 | 23.85 | 6.05 |
| 20Q2 (7) | 6.49 | 41.09 | -23.01 | -1.38 | -36.63 | -195.17 | 7.86 | 505.15 | 219.51 | 5.54 | 365.07 | 252.87 | 1.66 | 419.23 | 245.83 | 0.73 | 529.41 | 180.77 | 9.56 | 8590.91 | 120.79 | 154.48 | 11.97 | 11.9 | -17.42 | -133.05 | -129.49 | 117.42 | 148.4 | 187.04 | 10.61 | -18.82 | 4.43 |
| 20Q1 (6) | 4.60 | -19.44 | -37.07 | -1.01 | -161.59 | -130.42 | -1.94 | -196.52 | -152.57 | -2.09 | -219.43 | -174.64 | -0.52 | -165.0 | -146.43 | -0.17 | -142.5 | -132.08 | 0.11 | -96.62 | -97.8 | 137.97 | -2.6 | 9.81 | 52.73 | -35.76 | -41.53 | 47.27 | 163.73 | 381.07 | 13.07 | 0 | 72.88 |
| 19Q4 (5) | 5.71 | 18.96 | -41.5 | 1.64 | 10.81 | -58.38 | 2.01 | -88.57 | -61.86 | 1.75 | -86.72 | -57.0 | 0.80 | -77.08 | -49.37 | 0.40 | -73.86 | -45.95 | 3.25 | -83.58 | -51.64 | 141.66 | 1.02 | 7.17 | 82.08 | 879.43 | 10.06 | 17.92 | -80.44 | -29.5 | 0.00 | -100.0 | -100.0 |
| 19Q3 (4) | 4.80 | -43.06 | 0.0 | 1.48 | 2.07 | 0.0 | 17.59 | 615.04 | 0.0 | 13.18 | 739.49 | 0.0 | 3.49 | 627.08 | 0.0 | 1.53 | 488.46 | 0.0 | 19.79 | 357.04 | 0.0 | 140.23 | 1.58 | 0.0 | 8.38 | -85.82 | 0.0 | 91.62 | 123.96 | 0.0 | 12.39 | 21.95 | 0.0 |
| 19Q2 (3) | 8.43 | 15.32 | 0.0 | 1.45 | -56.33 | 0.0 | 2.46 | -33.33 | 0.0 | 1.57 | -43.93 | 0.0 | 0.48 | -57.14 | 0.0 | 0.26 | -50.94 | 0.0 | 4.33 | -13.57 | 0.0 | 138.05 | 9.87 | 0.0 | 59.09 | -34.47 | 0.0 | 40.91 | 316.31 | 0.0 | 10.16 | 34.39 | 0.0 |
| 19Q1 (2) | 7.31 | -25.1 | 0.0 | 3.32 | -15.74 | 0.0 | 3.69 | -29.98 | 0.0 | 2.80 | -31.2 | 0.0 | 1.12 | -29.11 | 0.0 | 0.53 | -28.38 | 0.0 | 5.01 | -25.45 | 0.0 | 125.65 | -4.94 | 0.0 | 90.17 | 20.91 | 0.0 | 9.83 | -61.35 | 0.0 | 7.56 | -21.58 | 0.0 |
| 18Q4 (1) | 9.76 | 0.0 | 0.0 | 3.94 | 0.0 | 0.0 | 5.27 | 0.0 | 0.0 | 4.07 | 0.0 | 0.0 | 1.58 | 0.0 | 0.0 | 0.74 | 0.0 | 0.0 | 6.72 | 0.0 | 0.0 | 132.18 | 0.0 | 0.0 | 74.58 | 0.0 | 0.0 | 25.42 | 0.0 | 0.0 | 9.64 | 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 | 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 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 (10) | 7.66 | 29.61 | 4.52 | 283.05 | 0.44 | -26.52 | 4.77 | 182.25 | 3.59 | 163.97 | 10.61 | 270.98 | 3.28 | 156.25 | 5.41 | 104.92 | 282.59 | 54.43 | 94.89 | 35.76 | 5.11 | -83.04 | 0.06 | 1.95 | 7.07 | 1.29 |
| 2021 (9) | 5.91 | 2.07 | 1.18 | 0 | 0.60 | -42.22 | 1.69 | -13.78 | 1.36 | -9.93 | 2.86 | 55.43 | 1.28 | 31.96 | 2.64 | -26.87 | 182.99 | 20.77 | 69.90 | 0 | 30.10 | -79.63 | 0.06 | -12.34 | 6.98 | -35.61 |
| 2020 (8) | 5.79 | -12.01 | -0.93 | 0 | 1.03 | -0.19 | 1.96 | -64.04 | 1.51 | -63.26 | 1.84 | -68.65 | 0.97 | -64.34 | 3.61 | -48.65 | 151.52 | 6.96 | -47.79 | 0 | 147.79 | 136.89 | 0.07 | 10.22 | 10.84 | 17.83 |
| 2019 (7) | 6.58 | -20.53 | 2.05 | -58.08 | 1.04 | 62.32 | 5.45 | 5.01 | 4.11 | 9.89 | 5.87 | -18.81 | 2.72 | -18.81 | 7.03 | 7.99 | 141.66 | 7.17 | 37.61 | -60.11 | 62.39 | 990.87 | 0.06 | -21.21 | 9.20 | 30.13 |
| 2018 (6) | 8.28 | 0.49 | 4.89 | 21.04 | 0.64 | -27.25 | 5.19 | 5.27 | 3.74 | -2.6 | 7.23 | -0.82 | 3.35 | -3.46 | 6.51 | 0.0 | 132.18 | -3.83 | 94.28 | 14.99 | 5.72 | -68.41 | 0.08 | 5.02 | 7.07 | -3.02 |
| 2017 (5) | 8.24 | -4.52 | 4.04 | -21.86 | 0.88 | 12.61 | 4.93 | -4.27 | 3.84 | 6.67 | 7.29 | -13.21 | 3.47 | -11.25 | 6.51 | -1.96 | 137.44 | 14.1 | 81.99 | -18.21 | 18.10 | 0 | 0.08 | 0 | 7.29 | 2.39 |
| 2016 (4) | 8.63 | 53.01 | 5.17 | 167.88 | 0.78 | -21.61 | 5.15 | 89.34 | 3.60 | 125.0 | 8.40 | 176.32 | 3.91 | 141.36 | 6.64 | 40.68 | 120.46 | -19.72 | 100.25 | 41.6 | -0.25 | 0 | 0.00 | 0 | 7.12 | -12.85 |
| 2015 (3) | 5.64 | -14.8 | 1.93 | -10.23 | 0.99 | -4.49 | 2.72 | -3.55 | 1.60 | -20.4 | 3.04 | -6.17 | 1.62 | -8.47 | 4.72 | -1.87 | 150.05 | 24.67 | 70.80 | -6.96 | 29.20 | 23.43 | 0.00 | 0 | 8.17 | -2.62 |
| 2014 (2) | 6.62 | -34.19 | 2.15 | -52.33 | 1.04 | 34.46 | 2.82 | -44.81 | 2.01 | -45.82 | 3.24 | -39.44 | 1.77 | -36.33 | 4.81 | -28.21 | 120.36 | 13.22 | 76.10 | -13.88 | 23.66 | 100.46 | 0.00 | 0 | 8.39 | -4.0 |
| 2013 (1) | 10.06 | 0 | 4.51 | 0 | 0.77 | 87.86 | 5.11 | 0 | 3.71 | 0 | 5.35 | 0 | 2.78 | 0 | 6.70 | -4.69 | 106.31 | 2.86 | 88.36 | 7.46 | 11.80 | -33.6 | 0.00 | 0 | 8.74 | -4.38 |
