- 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) | 14.88 | -39.9 | -26.41 | 1.67 | -78.08 | -77.25 | 3.34 | -60.71 | -56.62 | 2.43 | -70.72 | -62.9 | 1.72 | -66.6 | -76.21 | 0.87 | -66.54 | -71.0 | 0.35 | 12.9 | -22.22 | 5.05 | -51.63 | -43.07 | 115.05 | 21.14 | -14.94 | 49.12 | -45.07 | -48.63 | 49.12 | 364.78 | 898.83 | 16.23 | -8.97 | 41.75 |
| 23Q3 (19) | 24.76 | -2.44 | 33.05 | 7.62 | 153.32 | 107.07 | 8.50 | 170.48 | 98.6 | 8.30 | 172.74 | 91.24 | 5.15 | 244.26 | 38.07 | 2.60 | 268.83 | 73.33 | 0.31 | 121.43 | -6.06 | 10.44 | 231.16 | 77.55 | 94.97 | -11.7 | -39.41 | 89.43 | -24.33 | 3.4 | 10.57 | 158.13 | -21.79 | 17.83 | -48.98 | 34.06 |
| 23Q2 (18) | 25.38 | 27.6 | 2.22 | -14.29 | -833.99 | -253.71 | -12.06 | -698.68 | -374.8 | -11.41 | -655.63 | -363.82 | -3.57 | -301.12 | -218.75 | -1.54 | -381.25 | -305.26 | 0.14 | -44.0 | -22.22 | -7.96 | -1190.41 | -3718.18 | 107.55 | -22.19 | -32.66 | 118.18 | 18.18 | -26.54 | -18.18 | 0 | 70.13 | 34.95 | 83.27 | 35.1 |
| 23Q1 (17) | 19.89 | -1.63 | 10.01 | -1.53 | -120.84 | 80.61 | -1.51 | -119.61 | 77.29 | -1.51 | -123.05 | 77.29 | -0.89 | -112.31 | 73.35 | -0.32 | -110.67 | 74.4 | 0.25 | -44.44 | 25.0 | 0.73 | -91.77 | 117.18 | 138.22 | 2.19 | -11.92 | 100.00 | 4.57 | -16.67 | -0.00 | -100.0 | 100.0 | 19.07 | 66.55 | -11.63 |
| 22Q4 (16) | 20.22 | 8.65 | -9.29 | 7.34 | 99.46 | 223.35 | 7.70 | 79.91 | 233.33 | 6.55 | 50.92 | 265.92 | 7.23 | 93.83 | 439.55 | 3.00 | 100.0 | 455.56 | 0.45 | 36.36 | 66.67 | 8.87 | 50.85 | 123.99 | 135.26 | -13.7 | -13.79 | 95.63 | 10.57 | -1.64 | 4.92 | -63.61 | 77.05 | 11.45 | -13.91 | -31.8 |
| 22Q3 (15) | 18.61 | -25.05 | -10.66 | 3.68 | 191.09 | -58.61 | 4.28 | 268.5 | -51.53 | 4.34 | 276.42 | -40.63 | 3.73 | 433.04 | -63.89 | 1.50 | 494.74 | -59.46 | 0.33 | 83.33 | -34.0 | 5.88 | 2572.73 | -39.94 | 156.73 | -1.87 | -19.53 | 86.49 | -46.24 | -13.88 | 13.51 | 122.2 | 3262.16 | 13.30 | -48.59 | 28.88 |
| 22Q2 (14) | 24.83 | 37.33 | 21.95 | -4.04 | 48.8 | 8.18 | -2.54 | 61.8 | 38.94 | -2.46 | 63.01 | 42.39 | -1.12 | 66.47 | 55.38 | -0.38 | 69.6 | 56.82 | 0.18 | -10.0 | -18.18 | 0.22 | 105.18 | 112.02 | 159.72 | 1.78 | -7.0 | 160.87 | 34.06 | 50.38 | -60.87 | -227.76 | -772.46 | 25.87 | 19.88 | 28.26 |
| 22Q1 (13) | 18.08 | -18.89 | -34.21 | -7.89 | -447.58 | -463.57 | -6.65 | -387.88 | -1131.48 | -6.65 | -471.51 | -1131.48 | -3.34 | -349.25 | -1051.72 | -1.25 | -331.48 | -1983.33 | 0.20 | -25.93 | -4.76 | -4.25 | -207.32 | -356.02 | 156.93 | 0.03 | -2.5 | 120.00 | 23.43 | -57.14 | -18.57 | -768.57 | 88.39 | 21.58 | 28.53 | -8.79 |
| 21Q4 (12) | 22.29 | 7.01 | 1.09 | 2.27 | -74.47 | -72.65 | 2.31 | -73.84 | -67.09 | 1.79 | -75.51 | -72.63 | 1.34 | -87.03 | -79.29 | 0.54 | -85.41 | -78.49 | 0.27 | -46.0 | -28.95 | 3.96 | -59.55 | -51.47 | 156.89 | -19.45 | 0.51 | 97.22 | -3.19 | -17.47 | 2.78 | 750.0 | 114.9 | 16.79 | 62.69 | 26.53 |
| 21Q3 (11) | 20.83 | 2.31 | -4.89 | 8.89 | 302.05 | 250.93 | 8.83 | 312.26 | 288.27 | 7.31 | 271.19 | 255.86 | 10.33 | 511.55 | 447.81 | 3.70 | 520.45 | 459.22 | 0.50 | 127.27 | 117.39 | 9.79 | 634.97 | 442.31 | 194.77 | 13.41 | 13.68 | 100.43 | -6.12 | -19.66 | -0.43 | 93.87 | 98.29 | 10.32 | -48.83 | -51.25 |
| 21Q2 (10) | 20.36 | -25.91 | -8.04 | -4.40 | -214.29 | -42.39 | -4.16 | -670.37 | -593.33 | -4.27 | -690.74 | -1425.0 | -2.51 | -765.52 | -1573.33 | -0.88 | -1366.67 | 0 | 0.22 | 4.76 | 0.0 | -1.83 | -210.24 | -227.08 | 171.74 | 6.7 | 1.07 | 106.98 | -61.79 | -80.9 | -6.98 | 95.64 | 98.48 | 20.17 | -14.75 | 0 |
| 21Q1 (9) | 27.48 | 24.63 | 38.16 | -1.40 | -116.87 | 76.74 | -0.54 | -107.69 | 91.64 | -0.54 | -108.26 | 91.64 | -0.29 | -104.48 | 91.08 | -0.06 | -102.39 | 95.38 | 0.21 | -44.74 | 0.0 | 1.66 | -79.66 | 137.64 | 160.95 | 3.11 | 21.28 | 280.00 | 137.7 | 201.13 | -160.00 | -758.18 | -2380.0 | 23.66 | 78.3 | 0 |
| 20Q4 (8) | 22.05 | 0.68 | 0.46 | 8.30 | 240.92 | -0.48 | 7.02 | 249.68 | -9.07 | 6.54 | 239.45 | 5.65 | 6.47 | 317.85 | -4.01 | 2.51 | 343.69 | -12.54 | 0.38 | 65.22 | -15.56 | 8.16 | 385.31 | -5.99 | 156.09 | -8.9 | 8.66 | 117.80 | -5.76 | 8.91 | -18.64 | 25.42 | -128.39 | 13.27 | -37.32 | 14.89 |
| 20Q3 (7) | 21.90 | -1.08 | 1.67 | -5.89 | -90.61 | -461.35 | -4.69 | -681.67 | -328.78 | -4.69 | -1575.0 | -328.78 | -2.97 | -1880.0 | -299.33 | -1.03 | 0 | -247.14 | 0.23 | 4.55 | -25.81 | -2.86 | -298.61 | -177.09 | 171.33 | 0.83 | 25.45 | 125.00 | -77.68 | 59.72 | -25.00 | 94.57 | -215.0 | 21.17 | 0 | 30.76 |
| 20Q2 (6) | 22.14 | 11.31 | 0.18 | -3.09 | 48.67 | 56.54 | -0.60 | 90.71 | 91.04 | -0.28 | 95.67 | 96.03 | -0.15 | 95.38 | 95.68 | 0.00 | 100.0 | 100.0 | 0.22 | 4.76 | 0.0 | 1.44 | 132.65 | 133.1 | 169.92 | 28.04 | 25.19 | 560.00 | 502.26 | 427.06 | -460.00 | -6655.0 | -7260.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 19.89 | -9.38 | -17.54 | -6.02 | -172.18 | -452.29 | -6.46 | -183.68 | -572.92 | -6.46 | -204.36 | -572.92 | -3.25 | -148.22 | -550.0 | -1.30 | -145.3 | -828.57 | 0.21 | -53.33 | -8.7 | -4.41 | -150.81 | -483.48 | 132.71 | -7.62 | 9.67 | 92.98 | -14.04 | -17.35 | 7.02 | 185.96 | 156.14 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 21.95 | 1.9 | 0.0 | 8.34 | 411.66 | 0.0 | 7.72 | 276.59 | 0.0 | 6.19 | 201.95 | 0.0 | 6.74 | 352.35 | 0.0 | 2.87 | 310.0 | 0.0 | 0.45 | 45.16 | 0.0 | 8.68 | 133.96 | 0.0 | 143.65 | 5.18 | 0.0 | 108.16 | 38.21 | 0.0 | -8.16 | -137.55 | 0.0 | 11.55 | -28.66 | 0.0 |
| 19Q3 (3) | 21.54 | -2.53 | 0.0 | 1.63 | 122.93 | 0.0 | 2.05 | 130.6 | 0.0 | 2.05 | 129.04 | 0.0 | 1.49 | 142.94 | 0.0 | 0.70 | 147.95 | 0.0 | 0.31 | 40.91 | 0.0 | 3.71 | 185.29 | 0.0 | 136.57 | 0.62 | 0.0 | 78.26 | -26.34 | 0.0 | 21.74 | 447.83 | 0.0 | 16.19 | -32.46 | 0.0 |
| 19Q2 (2) | 22.10 | -8.37 | 0.0 | -7.11 | -552.29 | 0.0 | -6.70 | -597.92 | 0.0 | -7.06 | -635.42 | 0.0 | -3.47 | -594.0 | 0.0 | -1.46 | -942.86 | 0.0 | 0.22 | -4.35 | 0.0 | -4.35 | -478.26 | 0.0 | 135.73 | 12.16 | 0.0 | 106.25 | -5.56 | 0.0 | -6.25 | 50.0 | 0.0 | 23.97 | 15.19 | 0.0 |
| 19Q1 (1) | 24.12 | 0.0 | 0.0 | -1.09 | 0.0 | 0.0 | -0.96 | 0.0 | 0.0 | -0.96 | 0.0 | 0.0 | -0.50 | 0.0 | 0.0 | -0.14 | 0.0 | 0.0 | 0.23 | 0.0 | 0.0 | 1.15 | 0.0 | 0.0 | 121.01 | 0.0 | 0.0 | 112.50 | 0.0 | 0.0 | -12.50 | 0.0 | 0.0 | 20.81 | 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) | 20.37 | 1.39 | 0.26 | -86.53 | 1.52 | 28.9 | 1.35 | -49.63 | 1.10 | -51.54 | 2.46 | -60.58 | 1.28 | -53.45 | 1.00 | -10.71 | 3.60 | -18.74 | 115.05 | -14.94 | 19.72 | -72.59 | 80.28 | 186.22 | 0.81 | 87.5 | 20.01 | 25.69 |
| 2022 (9) | 20.09 | -9.3 | 1.93 | -43.4 | 1.18 | 12.57 | 2.68 | -24.93 | 2.27 | -18.05 | 6.24 | -27.61 | 2.75 | -23.4 | 1.12 | -7.44 | 4.43 | -13.14 | 135.26 | -13.79 | 71.95 | -24.64 | 28.05 | 519.88 | 0.43 | 14.15 | 15.92 | 1.6 |
| 2021 (8) | 22.15 | 2.5 | 3.41 | 0 | 1.05 | -16.0 | 3.57 | 2000.0 | 2.77 | 4516.67 | 8.62 | 6057.14 | 3.59 | 1096.67 | 1.21 | 22.22 | 5.10 | 178.69 | 156.89 | 0.51 | 95.48 | 0 | 4.52 | -95.98 | 0.38 | 46.92 | 15.67 | -14.32 |
| 2020 (7) | 21.61 | -2.88 | -0.04 | 0 | 1.25 | 13.15 | 0.17 | -93.28 | 0.06 | -96.72 | 0.14 | -97.22 | 0.30 | -87.23 | 0.99 | -13.16 | 1.83 | -55.26 | 156.09 | 8.66 | -25.00 | 0 | 112.50 | 0 | 0.26 | 40.64 | 18.29 | 12.48 |
| 2019 (6) | 22.25 | 6.71 | 2.60 | -18.5 | 1.10 | 59.86 | 2.53 | -17.32 | 1.83 | -23.43 | 5.04 | -27.9 | 2.35 | -23.7 | 1.14 | -4.2 | 4.09 | -2.85 | 143.65 | 5.1 | 102.61 | -1.11 | -2.61 | 0 | 0.18 | -41.05 | 16.26 | 15.57 |
| 2018 (5) | 20.85 | -1.09 | 3.19 | 2.9 | 0.69 | -12.76 | 3.06 | -16.62 | 2.39 | -20.07 | 6.99 | -17.28 | 3.08 | -6.1 | 1.19 | 14.42 | 4.21 | -14.08 | 136.68 | -13.09 | 103.76 | 23.48 | -3.76 | 0 | 0.31 | 0 | 14.07 | -3.1 |
| 2017 (4) | 21.08 | 28.22 | 3.10 | 1966.67 | 0.79 | -2.25 | 3.67 | 424.29 | 2.99 | 510.2 | 8.45 | 478.77 | 3.28 | 368.57 | 1.04 | -4.59 | 4.90 | 156.54 | 157.27 | -15.92 | 84.03 | 278.13 | 15.28 | -80.36 | 0.00 | 0 | 14.52 | 18.53 |
| 2016 (3) | 16.44 | 2.49 | 0.15 | 0 | 0.81 | -18.47 | 0.70 | 0 | 0.49 | 0 | 1.46 | 0 | 0.70 | 0 | 1.09 | 32.93 | 1.91 | 0 | 187.05 | 17.35 | 22.22 | -79.42 | 77.78 | 0 | 0.00 | 0 | 12.25 | -24.43 |
| 2015 (2) | 16.04 | -15.71 | -6.06 | 0 | 0.99 | 22.87 | -5.61 | 0 | -4.76 | 0 | -10.92 | 0 | -3.68 | 0 | 0.82 | 1.23 | -4.04 | 0 | 159.39 | -18.25 | 108.00 | 36.5 | -8.00 | 0 | 0.00 | 0 | 16.21 | 4.72 |
| 2014 (1) | 19.03 | 0 | -2.16 | 0 | 0.81 | 157.72 | -2.72 | 0 | -2.58 | 0 | -5.48 | 0 | -1.86 | 0 | 0.81 | -33.06 | -1.47 | 0 | 194.97 | 44.16 | 79.12 | -21.4 | 20.88 | 0 | 0.00 | 0 | 15.48 | 49.71 |
