- 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) | 22.98 | -25.46 | 17.07 | -5.41 | -167.54 | 36.28 | -0.82 | -110.83 | 87.42 | -1.42 | -121.19 | 74.13 | -0.48 | -115.89 | 74.33 | -0.14 | -108.81 | 84.27 | 0.17 | -22.73 | -5.56 | 12.08 | -31.67 | 93.28 | 101.30 | 3.18 | 8.09 | 700.00 | 565.85 | 430.3 | -600.00 | -11600.0 | -1775.0 | 34.75 | 21.55 | -1.11 |
| 23Q3 (19) | 30.83 | -4.82 | 36.24 | 8.01 | 20.81 | 456.0 | 7.57 | -42.56 | 452.55 | 6.70 | -47.45 | 1575.0 | 3.02 | -45.39 | 1787.5 | 1.59 | -45.36 | 960.0 | 0.22 | 0.0 | 10.0 | 17.68 | -27.27 | 48.82 | 98.18 | -4.61 | 3.91 | 105.13 | 110.26 | 163.08 | -5.13 | -110.26 | -101.81 | 28.59 | -12.35 | -7.02 |
| 23Q2 (18) | 32.39 | 39.19 | 5.71 | 6.63 | 247.01 | -9.3 | 13.18 | 416.83 | 22.15 | 12.75 | 525.0 | 23.91 | 5.53 | 621.7 | 8.43 | 2.91 | 732.61 | 23.31 | 0.22 | 15.79 | 0.0 | 24.31 | 161.96 | 28.15 | 102.92 | 14.58 | -15.68 | 50.00 | -55.56 | -26.25 | 50.00 | 900.0 | 55.26 | 32.62 | -7.98 | 5.4 |
| 23Q1 (17) | 23.27 | 18.54 | -11.28 | -4.51 | 46.88 | -181.26 | -4.16 | 36.2 | -175.23 | -3.00 | 45.36 | -162.24 | -1.06 | 43.32 | -140.46 | -0.46 | 48.31 | -138.33 | 0.19 | 5.56 | -20.83 | 9.28 | 48.48 | -30.07 | 89.82 | -4.16 | -25.75 | 112.50 | -14.77 | 12.5 | -6.25 | 80.47 | 0 | 35.45 | 0.88 | 25.93 |
| 22Q4 (16) | 19.63 | -13.26 | -25.87 | -8.49 | -277.33 | -355.72 | -6.52 | -575.91 | -347.91 | -5.49 | -1472.5 | -378.68 | -1.87 | -1268.75 | -285.15 | -0.89 | -693.33 | -285.42 | 0.18 | -10.0 | -18.18 | 6.25 | -47.39 | -44.4 | 93.72 | -0.81 | -31.54 | 132.00 | 179.2 | 0.94 | -32.00 | -111.29 | -38.67 | 35.14 | 14.28 | 30.78 |
| 22Q3 (15) | 22.63 | -26.14 | -22.74 | -2.25 | -130.78 | -128.88 | 1.37 | -87.3 | -83.47 | 0.40 | -96.11 | -94.41 | 0.16 | -96.86 | -95.97 | 0.15 | -93.64 | -91.33 | 0.20 | -9.09 | -13.04 | 11.88 | -37.37 | -27.52 | 94.49 | -22.59 | -29.63 | -166.67 | -345.83 | -274.42 | 283.33 | 779.82 | 4150.0 | 30.75 | -0.65 | 19.05 |
| 22Q2 (14) | 30.64 | 16.81 | -8.04 | 7.31 | 31.71 | -41.85 | 10.79 | 95.12 | -13.19 | 10.29 | 113.49 | -22.86 | 5.10 | 94.66 | -38.55 | 2.36 | 96.67 | -32.18 | 0.22 | -8.33 | -15.38 | 18.97 | 42.95 | -4.05 | 122.06 | 0.9 | -12.04 | 67.80 | -32.2 | -33.11 | 32.20 | 0 | 2483.05 | 30.95 | 9.95 | 24.2 |
| 22Q1 (13) | 26.23 | -0.94 | -3.5 | 5.55 | 67.17 | -13.01 | 5.53 | 110.27 | -20.2 | 4.82 | 144.67 | -20.72 | 2.62 | 159.41 | -27.82 | 1.20 | 150.0 | -18.92 | 0.24 | 9.09 | 0.0 | 13.27 | 18.06 | -9.79 | 120.97 | -11.64 | -17.64 | 100.00 | -23.53 | 8.57 | 0.00 | 100.0 | -100.0 | 28.15 | 4.76 | 19.69 |
| 21Q4 (12) | 26.48 | -9.59 | -6.36 | 3.32 | -57.38 | -60.1 | 2.63 | -68.28 | -54.66 | 1.97 | -72.45 | -59.8 | 1.01 | -74.56 | -67.73 | 0.48 | -72.25 | -61.6 | 0.22 | -4.35 | -8.33 | 11.24 | -31.42 | -10.08 | 136.90 | 1.95 | -14.86 | 130.77 | 36.85 | -10.97 | -23.08 | -446.15 | 47.25 | 26.87 | 4.03 | 34.01 |
| 21Q3 (11) | 29.29 | -12.09 | -1.97 | 7.79 | -38.03 | -34.81 | 8.29 | -33.31 | -24.98 | 7.15 | -46.4 | -30.92 | 3.97 | -52.17 | -48.37 | 1.73 | -50.29 | -42.72 | 0.23 | -11.54 | -20.69 | 16.39 | -17.1 | -0.55 | 134.28 | -3.24 | -17.47 | 95.56 | -5.72 | -10.99 | 6.67 | 593.33 | 175.56 | 25.83 | 3.65 | 26.06 |
| 21Q2 (10) | 33.32 | 22.59 | 2.43 | 12.57 | 97.02 | 3.8 | 12.43 | 79.37 | -2.74 | 13.34 | 119.41 | 5.12 | 8.30 | 128.65 | -0.36 | 3.48 | 135.14 | 2.65 | 0.26 | 8.33 | 0.0 | 19.77 | 34.4 | 5.78 | 138.77 | -5.52 | -10.8 | 101.35 | 10.04 | 6.18 | -1.35 | -117.12 | -122.3 | 24.92 | 5.95 | -33.33 |
| 21Q1 (9) | 27.18 | -3.89 | 26.18 | 6.38 | -23.32 | 189.99 | 6.93 | 19.48 | 214.17 | 6.08 | 24.08 | 200.0 | 3.63 | 15.97 | 239.08 | 1.48 | 18.4 | 252.58 | 0.24 | 0.0 | 41.18 | 14.71 | 17.68 | 403.77 | 146.88 | -8.65 | 0.13 | 92.11 | -37.29 | -19.41 | 7.89 | 118.05 | 155.26 | 23.52 | 17.31 | -46.07 |
| 20Q4 (8) | 28.28 | -5.35 | 2.99 | 8.32 | -30.38 | 716.3 | 5.80 | -47.51 | 652.38 | 4.90 | -52.66 | 697.56 | 3.13 | -59.3 | 945.95 | 1.25 | -58.61 | 2183.33 | 0.24 | -17.24 | 50.0 | 12.50 | -24.15 | 89.39 | 160.79 | -1.18 | 7.57 | 146.88 | 36.82 | 17.5 | -43.75 | -395.83 | -75.0 | 20.05 | -2.15 | -57.89 |
| 20Q3 (7) | 29.88 | -8.15 | 4.81 | 11.95 | -1.32 | 4020.69 | 11.05 | -13.54 | 119.68 | 10.35 | -18.44 | 193.2 | 7.69 | -7.68 | 496.12 | 3.02 | -10.91 | 492.16 | 0.29 | 11.54 | 123.08 | 16.48 | -11.82 | 44.56 | 162.71 | 4.58 | -23.3 | 107.35 | 12.46 | 2154.41 | -8.82 | -245.59 | -109.26 | 20.49 | -45.18 | -51.83 |
| 20Q2 (6) | 32.53 | 51.02 | 25.12 | 12.11 | 270.8 | 454.09 | 12.78 | 310.54 | 480.91 | 12.69 | 308.72 | 393.77 | 8.33 | 419.16 | 1533.33 | 3.39 | 449.48 | 993.55 | 0.26 | 52.94 | 136.36 | 18.69 | 540.07 | 124.37 | 155.58 | 6.06 | 2.15 | 95.45 | -16.48 | 158.74 | 6.06 | 142.42 | -97.8 | 37.38 | -14.29 | -15.83 |
| 20Q1 (5) | 21.54 | -21.56 | -35.41 | -7.09 | -425.19 | -436.02 | -6.07 | -478.1 | -280.12 | -6.08 | -641.46 | -290.6 | -2.61 | -605.41 | -601.92 | -0.97 | -1516.67 | -348.72 | 0.17 | 6.25 | 41.67 | 2.92 | -55.76 | -66.93 | 146.69 | -1.87 | 303.11 | 114.29 | -8.57 | 85.71 | -14.29 | 42.86 | -137.14 | 43.61 | -8.4 | -12.2 |
| 19Q4 (4) | 27.46 | -3.68 | 0.0 | -1.35 | -565.52 | 0.0 | -1.05 | -120.87 | 0.0 | -0.82 | -123.23 | 0.0 | -0.37 | -128.68 | 0.0 | -0.06 | -111.76 | 0.0 | 0.16 | 23.08 | 0.0 | 6.60 | -42.11 | 0.0 | 149.48 | -29.53 | 0.0 | 125.00 | 2525.0 | 0.0 | -25.00 | -126.25 | 0.0 | 47.61 | 11.92 | 0.0 |
| 19Q3 (3) | 28.51 | 9.65 | 0.0 | 0.29 | 108.48 | 0.0 | 5.03 | 128.64 | 0.0 | 3.53 | 37.35 | 0.0 | 1.29 | 152.94 | 0.0 | 0.51 | 64.52 | 0.0 | 0.13 | 18.18 | 0.0 | 11.40 | 36.85 | 0.0 | 212.13 | 39.28 | 0.0 | 4.76 | 102.93 | 0.0 | 95.24 | -65.37 | 0.0 | 42.54 | -4.21 | 0.0 |
| 19Q2 (2) | 26.00 | -22.04 | 0.0 | -3.42 | -262.09 | 0.0 | 2.20 | -34.72 | 0.0 | 2.57 | -19.44 | 0.0 | 0.51 | -1.92 | 0.0 | 0.31 | -20.51 | 0.0 | 0.11 | -8.33 | 0.0 | 8.33 | -5.66 | 0.0 | 152.31 | 318.55 | 0.0 | -162.50 | -364.06 | 0.0 | 275.00 | 615.0 | 0.0 | 44.41 | -10.59 | 0.0 |
| 19Q1 (1) | 33.35 | 0.0 | 0.0 | 2.11 | 0.0 | 0.0 | 3.37 | 0.0 | 0.0 | 3.19 | 0.0 | 0.0 | 0.52 | 0.0 | 0.0 | 0.39 | 0.0 | 0.0 | 0.12 | 0.0 | 0.0 | 8.83 | 0.0 | 0.0 | 36.39 | 0.0 | 0.0 | 61.54 | 0.0 | 0.0 | 38.46 | 0.0 | 0.0 | 49.67 | 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) | 27.83 | 10.0 | 1.89 | 32.17 | 10.82 | 21.57 | 4.61 | 26.65 | 4.37 | 34.05 | 6.99 | 14.22 | 3.92 | 25.64 | 0.81 | -7.95 | 16.29 | 23.41 | 101.30 | 8.09 | 40.74 | 3.31 | 59.26 | -2.15 | 0.32 | 124.36 | 32.55 | 5.27 |
| 2022 (9) | 25.30 | -13.42 | 1.43 | -81.45 | 8.90 | 26.15 | 3.64 | -53.15 | 3.26 | -55.77 | 6.12 | -64.38 | 3.12 | -56.3 | 0.88 | -6.38 | 13.20 | -15.71 | 93.72 | -31.54 | 39.44 | -60.1 | 60.56 | 10256.34 | 0.14 | 10.31 | 30.92 | 22.46 |
| 2021 (8) | 29.22 | 1.74 | 7.71 | -1.03 | 7.06 | 22.65 | 7.77 | 8.37 | 7.37 | 10.16 | 17.18 | 7.64 | 7.14 | 10.02 | 0.94 | 1.08 | 15.66 | 14.14 | 136.90 | -14.86 | 98.83 | -8.68 | 0.58 | 0 | 0.13 | -57.27 | 25.25 | 16.9 |
| 2020 (7) | 28.72 | -0.38 | 7.79 | 0 | 5.75 | 3.74 | 7.17 | 191.46 | 6.69 | 209.72 | 15.96 | 628.77 | 6.49 | 350.69 | 0.93 | 57.63 | 13.72 | 54.85 | 160.79 | 7.57 | 108.22 | 0 | -8.90 | 0 | 0.30 | -53.57 | 21.60 | -53.01 |
| 2019 (6) | 28.83 | -11.94 | -0.57 | 0 | 5.54 | 21.5 | 2.46 | -90.28 | 2.16 | -90.32 | 2.19 | -86.57 | 1.44 | -87.31 | 0.59 | 15.69 | 8.86 | -70.67 | 149.48 | 245.86 | -23.08 | 0 | 123.08 | 48.51 | 0.65 | 203.04 | 45.97 | 7.36 |
| 2018 (5) | 32.74 | 14.32 | 4.34 | 40.45 | 4.56 | -43.62 | 25.32 | 379.55 | 22.32 | 402.7 | 16.31 | 462.41 | 11.35 | 432.86 | 0.51 | 10.87 | 30.21 | 118.6 | 43.22 | -6.19 | 17.12 | -70.79 | 82.88 | 100.29 | 0.21 | 0 | 42.82 | 9.21 |
| 2017 (4) | 28.64 | 6.63 | 3.09 | -2.22 | 8.09 | -32.45 | 5.28 | -38.25 | 4.44 | -41.81 | 2.90 | -47.27 | 2.13 | -48.43 | 0.46 | -13.21 | 13.82 | -33.62 | 46.07 | 14.63 | 58.62 | 58.56 | 41.38 | -34.35 | 0.00 | 0 | 39.21 | -1.13 |
| 2016 (3) | 26.86 | 35.31 | 3.16 | 0 | 11.98 | -17.19 | 8.55 | 1235.94 | 7.63 | 1262.5 | 5.50 | 1122.22 | 4.13 | 742.86 | 0.53 | -7.02 | 20.82 | 33.89 | 40.19 | 26.9 | 36.97 | 0 | 63.03 | -88.69 | 0.00 | 0 | 39.66 | 2.61 |
| 2015 (2) | 19.85 | 45.21 | -2.87 | 0 | 14.47 | 4.4 | 0.64 | 0 | 0.56 | 0 | 0.45 | 0 | 0.49 | 0 | 0.57 | -16.18 | 15.55 | 159.17 | 31.67 | -35.33 | -457.14 | 0 | 557.14 | 0 | 0.00 | 0 | 38.65 | -8.24 |
| 2014 (1) | 13.67 | 0 | -9.84 | 0 | 13.86 | -12.7 | -8.28 | 0 | -7.54 | 0 | -7.72 | 0 | -4.93 | 0 | 0.68 | -8.11 | 6.00 | 2.21 | 48.97 | -9.5 | 118.75 | 13.35 | -18.75 | 0 | 0.00 | 0 | 42.12 | -0.75 |
