- 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) | 61.04 | 44.23 | 1.87 | 19.84 | 608.57 | 61.83 | 20.25 | 110.94 | 121.07 | 17.57 | 102.65 | 129.67 | 2.65 | 120.83 | 191.21 | 1.60 | 110.53 | 175.86 | 0.09 | 12.5 | 28.57 | 24.59 | 73.66 | 65.81 | 80.88 | 26.53 | 13.5 | 97.33 | 246.07 | -27.0 | 2.67 | -96.29 | 108.0 | 34.03 | 1.07 | -5.89 |
| 23Q3 (19) | 42.32 | -18.74 | -13.31 | 2.80 | 182.11 | -86.31 | 9.60 | -34.34 | -71.83 | 8.67 | -21.54 | -69.28 | 1.20 | -3.23 | -81.9 | 0.76 | -5.0 | -79.12 | 0.08 | 14.29 | -38.46 | 14.16 | -30.21 | -61.61 | 63.92 | -16.35 | -14.34 | 28.12 | 225.0 | -53.04 | 71.88 | -42.5 | 79.22 | 33.67 | -34.16 | 48.33 |
| 23Q2 (18) | 52.08 | 3.52 | 18.61 | -3.41 | -163.86 | -115.32 | 14.62 | 142.05 | -45.2 | 11.05 | 80.85 | -49.86 | 1.24 | 121.43 | -81.66 | 0.80 | 100.0 | -78.38 | 0.07 | 16.67 | -58.82 | 20.29 | 54.18 | -29.13 | 76.41 | 33.49 | -20.47 | -22.50 | -126.25 | -127.0 | 125.00 | 775.0 | 650.0 | 51.14 | 26.8 | 191.06 |
| 23Q1 (17) | 50.31 | -16.04 | 8.31 | 5.34 | -56.44 | -76.61 | 6.04 | -34.06 | -78.77 | 6.11 | -20.13 | -74.2 | 0.56 | -38.46 | -90.74 | 0.40 | -31.03 | -89.07 | 0.06 | -14.29 | -60.0 | 13.16 | -11.26 | -56.82 | 57.24 | -19.67 | -24.99 | 85.71 | -35.71 | 6.55 | 14.29 | 142.86 | -26.94 | 40.33 | 11.53 | 111.82 |
| 22Q4 (16) | 59.92 | 22.74 | 18.07 | 12.26 | -40.05 | -27.58 | 9.16 | -73.12 | -44.92 | 7.65 | -72.89 | -48.1 | 0.91 | -86.27 | -68.62 | 0.58 | -84.07 | -70.1 | 0.07 | -46.15 | -46.15 | 14.83 | -59.79 | -21.78 | 71.26 | -4.5 | 28.56 | 133.33 | 122.61 | 31.56 | -33.33 | -183.12 | -2366.67 | 36.16 | 59.3 | 58.74 |
| 22Q3 (15) | 48.82 | 11.18 | 11.36 | 20.45 | -8.13 | -18.88 | 34.08 | 27.74 | 24.24 | 28.22 | 28.04 | 23.77 | 6.63 | -1.92 | -18.05 | 3.64 | -1.62 | -32.72 | 0.13 | -23.53 | -45.83 | 36.88 | 28.82 | 28.37 | 74.62 | -22.34 | 68.44 | 59.90 | -28.12 | -34.79 | 40.10 | 140.63 | 392.39 | 22.70 | 29.2 | 40.73 |
| 22Q2 (14) | 43.91 | -5.47 | -2.18 | 22.26 | -2.5 | -12.5 | 26.68 | -6.22 | 8.19 | 22.04 | -6.93 | 8.46 | 6.76 | 11.74 | -3.57 | 3.70 | 1.09 | -20.6 | 0.17 | 13.33 | -26.09 | 28.63 | -6.07 | 10.29 | 96.08 | 25.91 | 75.55 | 83.33 | 3.59 | -19.18 | 16.67 | -14.76 | 636.11 | 17.57 | -7.72 | 10.23 |
| 22Q1 (13) | 46.45 | -8.47 | -7.51 | 22.83 | 34.85 | -17.49 | 28.45 | 71.08 | 1.46 | 23.68 | 60.65 | 1.85 | 6.05 | 108.62 | -6.92 | 3.66 | 88.66 | -19.21 | 0.15 | 15.38 | -21.05 | 30.48 | 60.76 | 2.9 | 76.31 | 37.67 | 66.47 | 80.45 | -20.63 | -18.54 | 19.55 | 1546.93 | 1474.02 | 19.04 | -16.42 | 0.26 |
| 21Q4 (12) | 50.75 | 15.76 | 17.15 | 16.93 | -32.84 | 15.64 | 16.63 | -39.37 | 24.76 | 14.74 | -35.35 | 41.46 | 2.90 | -64.15 | 22.36 | 1.94 | -64.14 | 12.79 | 0.13 | -45.83 | -18.75 | 18.96 | -34.01 | 23.12 | 55.43 | 25.12 | 34.87 | 101.35 | 10.34 | -8.46 | -1.35 | -116.59 | 87.39 | 22.78 | 41.23 | 8.89 |
| 21Q3 (11) | 43.84 | -2.34 | -13.02 | 25.21 | -0.9 | -1.06 | 27.43 | 11.23 | 5.54 | 22.80 | 12.2 | 3.45 | 8.09 | 15.41 | 43.44 | 5.41 | 16.09 | 34.91 | 0.24 | 4.35 | 33.33 | 28.73 | 10.67 | 3.23 | 44.30 | -19.06 | 24.44 | 91.86 | -10.91 | -6.52 | 8.14 | 361.99 | 368.33 | 16.13 | 1.19 | -25.39 |
| 21Q2 (10) | 44.89 | -10.61 | -11.51 | 25.44 | -8.06 | 11.29 | 24.66 | -12.05 | 17.93 | 20.32 | -12.6 | 14.41 | 7.01 | 7.85 | 69.32 | 4.66 | 2.87 | 54.82 | 0.23 | 21.05 | 35.29 | 25.96 | -12.36 | 12.19 | 54.73 | 19.39 | 16.57 | 103.11 | 4.41 | -6.16 | -3.11 | -350.26 | 68.52 | 15.94 | -16.06 | 0 |
| 21Q1 (9) | 50.22 | 15.93 | -6.32 | 27.67 | 89.0 | 85.46 | 28.04 | 110.35 | 64.07 | 23.25 | 123.13 | 62.02 | 6.50 | 174.26 | 200.93 | 4.53 | 163.37 | 169.64 | 0.19 | 18.75 | 58.33 | 29.62 | 92.34 | 44.7 | 45.84 | 11.53 | 59.67 | 98.76 | -10.8 | 11.75 | 1.24 | 111.59 | -91.1 | 18.99 | -9.23 | -40.08 |
| 20Q4 (8) | 43.32 | -14.05 | -1.01 | 14.64 | -42.54 | 7071.43 | 13.33 | -48.71 | 365.54 | 10.42 | -52.72 | 339.54 | 2.37 | -57.98 | 508.62 | 1.72 | -57.11 | 482.22 | 0.16 | -11.11 | 60.0 | 15.40 | -44.66 | 1266.67 | 41.10 | 15.45 | 44.41 | 110.71 | 12.67 | 0 | -10.71 | -716.07 | -110.71 | 20.92 | -3.24 | 11.22 |
| 20Q3 (7) | 50.40 | -0.65 | 13.54 | 25.48 | 11.46 | 159.47 | 25.99 | 24.29 | 88.61 | 22.04 | 24.1 | 82.6 | 5.64 | 36.23 | 190.72 | 4.01 | 33.22 | 184.4 | 0.18 | 5.88 | 50.0 | 27.83 | 20.27 | 64.58 | 35.60 | -24.17 | 24.61 | 98.26 | -10.57 | 38.29 | 1.74 | 117.61 | -93.99 | 21.62 | 0 | -28.46 |
| 20Q2 (6) | 50.73 | -5.37 | 15.14 | 22.86 | 53.22 | 129.29 | 20.91 | 22.35 | 76.46 | 17.76 | 23.76 | 53.24 | 4.14 | 91.67 | 128.73 | 3.01 | 79.17 | 128.03 | 0.17 | 41.67 | 54.55 | 23.14 | 13.04 | 54.27 | 46.95 | 63.53 | -1.51 | 109.88 | 24.33 | 29.5 | -9.88 | -170.78 | -165.19 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 53.61 | 22.51 | 10.74 | 14.92 | 7204.76 | 28.73 | 17.09 | 440.44 | 24.74 | 14.35 | 429.89 | 29.75 | 2.16 | 472.41 | 45.95 | 1.68 | 473.33 | 48.67 | 0.12 | 20.0 | 20.0 | 20.47 | 1650.76 | 17.71 | 28.71 | 0.88 | 1.41 | 88.37 | 0 | 6.66 | 13.95 | -86.05 | -2.33 | 31.69 | 68.47 | 8.45 |
| 19Q4 (4) | 43.76 | -1.42 | 0.0 | -0.21 | -102.14 | 0.0 | -5.02 | -136.43 | 0.0 | -4.35 | -136.04 | 0.0 | -0.58 | -129.9 | 0.0 | -0.45 | -131.91 | 0.0 | 0.10 | -16.67 | 0.0 | -1.32 | -107.81 | 0.0 | 28.46 | -0.39 | 0.0 | 0.00 | -100.0 | 0.0 | 100.00 | 245.45 | 0.0 | 18.81 | -37.76 | 0.0 |
| 19Q3 (3) | 44.39 | 0.75 | 0.0 | 9.82 | -1.5 | 0.0 | 13.78 | 16.29 | 0.0 | 12.07 | 4.14 | 0.0 | 1.94 | 7.18 | 0.0 | 1.41 | 6.82 | 0.0 | 0.12 | 9.09 | 0.0 | 16.91 | 12.73 | 0.0 | 28.57 | -40.07 | 0.0 | 71.05 | -16.26 | 0.0 | 28.95 | 91.05 | 0.0 | 30.22 | 15.61 | 0.0 |
| 19Q2 (2) | 44.06 | -8.99 | 0.0 | 9.97 | -13.98 | 0.0 | 11.85 | -13.5 | 0.0 | 11.59 | 4.79 | 0.0 | 1.81 | 22.3 | 0.0 | 1.32 | 16.81 | 0.0 | 0.11 | 10.0 | 0.0 | 15.00 | -13.74 | 0.0 | 47.67 | 68.39 | 0.0 | 84.85 | 2.4 | 0.0 | 15.15 | 6.06 | 0.0 | 26.14 | -10.54 | 0.0 |
| 19Q1 (1) | 48.41 | 0.0 | 0.0 | 11.59 | 0.0 | 0.0 | 13.70 | 0.0 | 0.0 | 11.06 | 0.0 | 0.0 | 1.48 | 0.0 | 0.0 | 1.13 | 0.0 | 0.0 | 0.10 | 0.0 | 0.0 | 17.39 | 0.0 | 0.0 | 28.31 | 0.0 | 0.0 | 82.86 | 0.0 | 0.0 | 14.29 | 0.0 | 0.0 | 29.22 | 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) | 51.81 | 8.12 | 7.09 | -65.7 | 3.57 | 82.4 | 13.34 | -50.17 | 11.46 | -48.36 | 5.62 | -73.34 | 3.40 | -74.07 | 0.28 | -51.72 | 18.51 | -37.13 | 80.88 | 13.5 | 52.80 | -31.65 | 46.58 | 104.7 | 0.60 | -10.51 | 39.04 | 80.16 |
| 2022 (9) | 47.92 | 2.52 | 20.67 | -15.32 | 1.96 | 41.51 | 26.77 | 7.55 | 22.19 | 6.79 | 21.08 | -18.1 | 13.11 | -24.18 | 0.58 | -30.12 | 29.44 | 11.43 | 71.26 | 28.56 | 77.24 | -21.3 | 22.76 | 1034.37 | 0.67 | 381.08 | 21.67 | 21.54 |
| 2021 (8) | 46.74 | -4.69 | 24.41 | 22.11 | 1.38 | -32.84 | 24.89 | 26.73 | 20.78 | 26.78 | 25.74 | 87.34 | 17.29 | 69.84 | 0.83 | 33.87 | 26.42 | 20.58 | 55.43 | 34.87 | 98.15 | -3.48 | 2.01 | 0 | 0.14 | -6.16 | 17.83 | -24.22 |
| 2020 (7) | 49.04 | 8.64 | 19.99 | 147.1 | 2.06 | -31.47 | 19.64 | 115.82 | 16.39 | 102.85 | 13.74 | 192.96 | 10.18 | 184.36 | 0.62 | 40.91 | 21.91 | 75.28 | 41.10 | 44.41 | 101.69 | 13.8 | -1.69 | 0 | 0.15 | -35.4 | 23.53 | -10.74 |
| 2019 (6) | 45.14 | 8.67 | 8.09 | -52.52 | 3.00 | 122.52 | 9.10 | -52.6 | 8.08 | -50.52 | 4.69 | -72.17 | 3.58 | -71.22 | 0.44 | -42.11 | 12.50 | -39.82 | 28.46 | -18.24 | 89.36 | 0.8 | 10.64 | -6.28 | 0.23 | -3.18 | 26.36 | 38.66 |
| 2018 (5) | 41.54 | -8.42 | 17.04 | -21.4 | 1.35 | -3.06 | 19.20 | -0.52 | 16.33 | 0.55 | 16.85 | 2.37 | 12.44 | 3.41 | 0.76 | 2.7 | 20.77 | -0.81 | 34.81 | -3.79 | 88.65 | -21.2 | 11.35 | 0 | 0.24 | 0 | 19.01 | 3.26 |
| 2017 (4) | 45.36 | 2.44 | 21.68 | 3.93 | 1.39 | 22.55 | 19.30 | -4.36 | 16.24 | -3.91 | 16.46 | -18.35 | 12.03 | -20.91 | 0.74 | -17.78 | 20.94 | -2.6 | 36.18 | -5.44 | 112.50 | 8.67 | -12.22 | 0 | 0.00 | 0 | 18.41 | 3.84 |
| 2016 (3) | 44.28 | 6.88 | 20.86 | 39.44 | 1.14 | -4.86 | 20.18 | 16.31 | 16.90 | 11.48 | 20.16 | 40.19 | 15.21 | 39.41 | 0.90 | 25.0 | 21.50 | 15.28 | 38.26 | 39.74 | 103.52 | 20.08 | -3.29 | 0 | 0.00 | 0 | 17.73 | -15.77 |
| 2015 (2) | 41.43 | 6.2 | 14.96 | 12.14 | 1.19 | 13.47 | 17.35 | 12.59 | 15.16 | 14.07 | 14.38 | -0.28 | 10.91 | -0.91 | 0.72 | -13.25 | 18.65 | 12.96 | 27.38 | -26.65 | 86.21 | -0.63 | 13.79 | 0.86 | 0.00 | 0 | 21.05 | 10.56 |
| 2014 (1) | 39.01 | 0 | 13.34 | 0 | 1.05 | -26.38 | 15.41 | 0 | 13.29 | 0 | 14.42 | 0 | 11.01 | 0 | 0.83 | 31.75 | 16.51 | 14.73 | 37.33 | 53.12 | 86.75 | -6.68 | 13.68 | 94.19 | 0.00 | 0 | 19.04 | -8.59 |
