- 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) | 25.34 | -3.83 | -6.84 | 14.72 | -4.29 | -2.84 | 13.21 | -27.5 | 4.18 | 10.57 | -25.72 | 4.14 | 3.77 | -27.22 | 14.24 | 2.84 | -25.85 | 13.15 | 0.27 | 0.0 | 8.0 | 14.81 | -25.39 | 1.86 | 34.32 | 10.75 | 17.53 | 111.72 | 32.38 | -6.75 | -11.72 | -175.09 | 40.85 | 14.47 | 0.98 | -2.49 |
| 23Q3 (19) | 26.35 | 4.27 | 14.97 | 15.38 | 16.87 | 59.88 | 18.22 | 5.44 | 11.17 | 14.23 | 2.08 | 9.71 | 5.18 | 15.37 | 30.81 | 3.83 | 18.21 | 34.39 | 0.27 | 17.39 | 22.73 | 19.85 | 3.39 | 7.65 | 30.99 | -21.96 | -9.04 | 84.39 | 10.67 | 43.35 | 15.61 | -34.26 | -62.05 | 14.33 | -14.19 | -20.57 |
| 23Q2 (18) | 25.27 | 3.78 | 20.97 | 13.16 | 18.03 | 60.29 | 17.28 | 61.34 | 38.57 | 13.94 | 49.73 | 41.52 | 4.49 | 80.32 | 55.36 | 3.24 | 72.34 | 62.81 | 0.23 | 15.0 | 15.0 | 19.20 | 46.68 | 31.06 | 39.71 | 5.16 | -9.79 | 76.26 | -26.75 | 15.7 | 23.74 | 677.7 | -30.36 | 16.70 | -4.52 | -10.41 |
| 23Q1 (17) | 24.35 | -10.48 | 22.79 | 11.15 | -26.4 | 80.42 | 10.71 | -15.54 | 10.41 | 9.31 | -8.28 | -17.1 | 2.49 | -24.55 | -23.62 | 1.88 | -25.1 | -17.54 | 0.20 | -20.0 | 0.0 | 13.09 | -9.97 | 10.84 | 37.76 | 29.32 | -18.87 | 104.11 | -13.11 | 63.26 | -4.11 | 79.26 | -111.34 | 17.49 | 17.86 | -6.27 |
| 22Q4 (16) | 27.20 | 18.67 | 43.01 | 15.15 | 57.48 | 80.79 | 12.68 | -22.64 | 62.98 | 10.15 | -21.74 | 62.92 | 3.30 | -16.67 | 44.74 | 2.51 | -11.93 | 53.05 | 0.25 | 13.64 | -3.85 | 14.54 | -21.15 | 54.85 | 29.20 | -14.29 | -25.87 | 119.81 | 103.52 | 10.48 | -19.81 | -148.17 | -134.43 | 14.84 | -17.74 | -3.51 |
| 22Q3 (15) | 22.92 | 9.72 | 2.0 | 9.62 | 17.17 | -25.71 | 16.39 | 31.44 | 24.07 | 12.97 | 31.68 | 23.06 | 3.96 | 37.02 | -14.84 | 2.85 | 43.22 | -9.81 | 0.22 | 10.0 | -26.67 | 18.44 | 25.87 | 26.04 | 34.07 | -22.6 | -12.39 | 58.87 | -10.68 | -39.85 | 41.13 | 20.65 | 1833.06 | 18.04 | -3.22 | 29.6 |
| 22Q2 (14) | 20.89 | 5.35 | 5.24 | 8.21 | 32.85 | -9.48 | 12.47 | 28.56 | 72.24 | 9.85 | -12.29 | 68.66 | 2.89 | -11.35 | 27.88 | 1.99 | -12.72 | 40.14 | 0.20 | 0.0 | -16.67 | 14.65 | 24.05 | 65.54 | 44.02 | -5.41 | -22.17 | 65.91 | 3.36 | -47.75 | 34.09 | -5.91 | 230.35 | 18.64 | -0.11 | 10.95 |
| 22Q1 (13) | 19.83 | 4.26 | 1.9 | 6.18 | -26.25 | -34.6 | 9.70 | 24.68 | 0.73 | 11.23 | 80.26 | 45.84 | 3.26 | 42.98 | -1.21 | 2.28 | 39.02 | 6.54 | 0.20 | -23.08 | -28.57 | 11.81 | 25.77 | 7.76 | 46.54 | 18.15 | -25.79 | 63.77 | -41.2 | -35.58 | 36.23 | 528.74 | 1693.48 | 18.66 | 21.33 | 14.69 |
| 21Q4 (12) | 19.02 | -15.35 | -11.82 | 8.38 | -35.29 | -33.75 | 7.78 | -41.11 | -22.66 | 6.23 | -40.89 | -22.9 | 2.28 | -50.97 | -35.41 | 1.64 | -48.1 | -32.23 | 0.26 | -13.33 | -13.33 | 9.39 | -35.82 | -16.9 | 39.39 | 1.29 | -15.24 | 108.45 | 10.81 | -13.88 | -8.45 | -497.18 | 67.4 | 15.38 | 10.49 | 5.13 |
| 21Q3 (11) | 22.47 | 13.2 | -6.02 | 12.95 | 42.78 | -16.67 | 13.21 | 82.46 | -5.64 | 10.54 | 80.48 | -6.89 | 4.65 | 105.75 | -14.36 | 3.16 | 122.54 | -14.59 | 0.30 | 25.0 | -9.09 | 14.63 | 65.31 | -3.05 | 38.89 | -31.24 | -14.4 | 97.87 | -22.42 | -11.69 | 2.13 | 108.14 | 119.65 | 13.92 | -17.14 | 11.81 |
| 21Q2 (10) | 19.85 | 2.0 | -11.78 | 9.07 | -4.02 | -3.82 | 7.24 | -24.82 | -33.46 | 5.84 | -24.16 | -34.89 | 2.26 | -31.52 | -26.38 | 1.42 | -33.64 | -33.02 | 0.24 | -14.29 | 0.0 | 8.85 | -19.25 | -28.63 | 56.56 | -9.81 | 17.17 | 126.15 | 27.44 | 45.43 | -26.15 | -1394.62 | -297.34 | 16.80 | 3.26 | 0 |
| 21Q1 (9) | 19.46 | -9.78 | 15.49 | 9.45 | -25.3 | 775.0 | 9.63 | -4.27 | 156.8 | 7.70 | -4.7 | 156.67 | 3.30 | -6.52 | 358.33 | 2.14 | -11.57 | 303.77 | 0.28 | -6.67 | 55.56 | 10.96 | -3.01 | 84.2 | 62.71 | 34.95 | 51.69 | 98.99 | -21.39 | 246.46 | 2.02 | 107.79 | -97.17 | 16.27 | 11.21 | -18.2 |
| 20Q4 (8) | 21.57 | -9.79 | -4.73 | 12.65 | -18.6 | 58.92 | 10.06 | -28.14 | 107.0 | 8.08 | -28.62 | 106.65 | 3.53 | -34.99 | 212.39 | 2.42 | -34.59 | 191.57 | 0.30 | -9.09 | 42.86 | 11.30 | -25.12 | 66.91 | 46.47 | 2.29 | 41.63 | 125.93 | 13.62 | -22.15 | -25.93 | -139.43 | 58.02 | 14.63 | 17.51 | -24.67 |
| 20Q3 (7) | 23.91 | 6.27 | 8.93 | 15.54 | 64.79 | 66.2 | 14.00 | 28.68 | 21.32 | 11.32 | 26.2 | 22.51 | 5.43 | 76.87 | 63.55 | 3.70 | 74.53 | 65.18 | 0.33 | 37.5 | 37.5 | 15.09 | 21.69 | 14.75 | 45.43 | -5.88 | 18.86 | 110.83 | 27.76 | 35.76 | -10.83 | -181.7 | -155.85 | 12.45 | 0 | -27.74 |
| 20Q2 (6) | 22.50 | 33.53 | 5.78 | 9.43 | 773.15 | -3.18 | 10.88 | 190.13 | -11.47 | 8.97 | 199.0 | -6.95 | 3.07 | 326.39 | -12.03 | 2.12 | 300.0 | -10.55 | 0.24 | 33.33 | -4.0 | 12.40 | 108.4 | -10.79 | 48.27 | 16.76 | -17.59 | 86.75 | 203.61 | 8.94 | 13.25 | -81.45 | -34.94 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 16.85 | -25.57 | -7.21 | 1.08 | -86.43 | -84.62 | 3.75 | -22.84 | -49.53 | 3.00 | -23.27 | -50.41 | 0.72 | -36.28 | -63.64 | 0.53 | -36.14 | -63.7 | 0.18 | -14.29 | -25.0 | 5.95 | -12.11 | -33.89 | 41.34 | 26.0 | 14.39 | 28.57 | -82.34 | -69.92 | 71.43 | 215.65 | 1328.57 | 19.89 | 2.42 | 49.44 |
| 19Q4 (4) | 22.64 | 3.14 | 0.0 | 7.96 | -14.87 | 0.0 | 4.86 | -57.89 | 0.0 | 3.91 | -57.68 | 0.0 | 1.13 | -65.96 | 0.0 | 0.83 | -62.95 | 0.0 | 0.21 | -12.5 | 0.0 | 6.77 | -48.52 | 0.0 | 32.81 | -14.15 | 0.0 | 161.76 | 98.16 | 0.0 | -61.76 | -418.58 | 0.0 | 19.42 | 12.71 | 0.0 |
| 19Q3 (3) | 21.95 | 3.2 | 0.0 | 9.35 | -4.0 | 0.0 | 11.54 | -6.1 | 0.0 | 9.24 | -4.15 | 0.0 | 3.32 | -4.87 | 0.0 | 2.24 | -5.49 | 0.0 | 0.24 | -4.0 | 0.0 | 13.15 | -5.4 | 0.0 | 38.22 | -34.74 | 0.0 | 81.63 | 2.52 | 0.0 | 19.39 | -4.82 | 0.0 | 17.23 | 18.01 | 0.0 |
| 19Q2 (2) | 21.27 | 17.13 | 0.0 | 9.74 | 38.75 | 0.0 | 12.29 | 65.41 | 0.0 | 9.64 | 59.34 | 0.0 | 3.49 | 76.26 | 0.0 | 2.37 | 62.33 | 0.0 | 0.25 | 4.17 | 0.0 | 13.90 | 54.44 | 0.0 | 58.57 | 62.06 | 0.0 | 79.63 | -16.18 | 0.0 | 20.37 | 307.41 | 0.0 | 14.60 | 9.69 | 0.0 |
| 19Q1 (1) | 18.16 | 0.0 | 0.0 | 7.02 | 0.0 | 0.0 | 7.43 | 0.0 | 0.0 | 6.05 | 0.0 | 0.0 | 1.98 | 0.0 | 0.0 | 1.46 | 0.0 | 0.0 | 0.24 | 0.0 | 0.0 | 9.00 | 0.0 | 0.0 | 36.14 | 0.0 | 0.0 | 95.00 | 0.0 | 0.0 | 5.00 | 0.0 | 0.0 | 13.31 | 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) | 25.41 | 10.91 | 13.83 | 38.02 | 1.76 | -11.69 | 15.07 | 17.19 | 12.14 | 9.96 | 15.32 | 19.31 | 11.63 | 21.4 | 0.96 | 10.34 | 16.91 | 13.26 | 34.32 | 17.53 | 91.81 | 18.05 | 8.19 | -62.72 | 0.05 | -53.92 | 15.56 | -10.73 |
| 2022 (9) | 22.91 | 13.02 | 10.02 | -0.4 | 1.99 | 39.52 | 12.86 | 33.68 | 11.04 | 43.38 | 12.84 | 7.36 | 9.58 | 14.32 | 0.87 | -20.18 | 14.93 | 34.38 | 29.20 | -25.87 | 77.78 | -25.58 | 21.96 | 0 | 0.12 | 107.03 | 17.43 | 12.16 |
| 2021 (8) | 20.27 | -6.89 | 10.06 | -8.88 | 1.43 | 6.83 | 9.62 | -8.38 | 7.70 | -9.52 | 11.96 | -1.4 | 8.38 | -3.46 | 1.09 | 6.86 | 11.11 | -6.64 | 39.39 | -15.24 | 104.51 | -0.61 | -4.77 | 0 | 0.06 | 3.91 | 15.54 | 0.26 |
| 2020 (7) | 21.77 | 3.86 | 11.04 | 28.82 | 1.34 | -15.11 | 10.50 | 13.15 | 8.51 | 15.0 | 12.13 | 23.15 | 8.68 | 18.26 | 1.02 | 3.03 | 11.90 | 8.78 | 46.47 | 41.63 | 105.15 | 13.88 | -5.15 | 0 | 0.05 | -56.23 | 15.50 | -3.12 |
| 2019 (6) | 20.96 | 16.64 | 8.57 | 54.41 | 1.58 | -8.2 | 9.28 | -10.25 | 7.40 | -8.42 | 9.85 | -9.88 | 7.34 | -8.02 | 0.99 | 0.0 | 10.94 | -9.44 | 32.81 | -7.79 | 92.33 | 71.91 | 7.67 | -83.44 | 0.12 | -31.28 | 16.00 | 21.4 |
| 2018 (5) | 17.97 | -7.94 | 5.55 | -15.65 | 1.72 | -27.25 | 10.34 | 20.23 | 8.08 | 20.06 | 10.93 | 28.74 | 7.98 | 31.47 | 0.99 | 10.0 | 12.08 | 10.02 | 35.58 | -6.79 | 53.71 | -29.99 | 46.29 | 95.62 | 0.18 | 0 | 13.18 | -1.86 |
| 2017 (4) | 19.52 | -9.5 | 6.58 | -28.01 | 2.36 | -9.7 | 8.60 | -19.4 | 6.73 | -22.55 | 8.49 | -31.97 | 6.07 | -32.78 | 0.90 | -13.46 | 10.98 | -17.44 | 38.17 | -8.82 | 76.72 | -10.25 | 23.66 | 66.1 | 0.00 | 0 | 13.43 | 7.87 |
| 2016 (3) | 21.57 | 7.31 | 9.14 | 60.92 | 2.61 | -24.79 | 10.67 | 31.08 | 8.69 | 36.42 | 12.48 | 49.1 | 9.03 | 47.79 | 1.04 | 8.33 | 13.30 | 13.97 | 41.86 | 21.65 | 85.48 | 22.46 | 14.25 | -52.82 | 0.00 | 0 | 12.45 | -13.06 |
| 2015 (2) | 20.10 | 17.68 | 5.68 | 33.33 | 3.48 | -6.08 | 8.14 | 49.36 | 6.37 | 46.1 | 8.37 | 28.77 | 6.11 | 31.12 | 0.96 | -10.28 | 11.67 | 26.16 | 34.41 | -13.56 | 69.80 | -10.45 | 30.20 | 40.2 | 0.00 | 0 | 14.32 | 14.19 |
| 2014 (1) | 17.08 | 0 | 4.26 | 0 | 3.70 | -2.31 | 5.45 | 0 | 4.36 | 0 | 6.50 | 0 | 4.66 | 0 | 1.07 | -0.93 | 9.25 | 22.52 | 39.81 | 0.05 | 77.95 | -0.1 | 21.54 | -1.96 | 0.00 | 0 | 12.54 | 3.38 |
