- 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) | 35.05 | 8.51 | 18.53 | 22.21 | 3.45 | 32.68 | 8.47 | -72.54 | -18.32 | 8.28 | -64.86 | -15.34 | 1.91 | -76.68 | -26.82 | 1.31 | -72.71 | -24.28 | 0.15 | -25.0 | -11.76 | 10.32 | -67.9 | -15.48 | 39.14 | -36.26 | -14.19 | 262.71 | 277.26 | 61.67 | -162.71 | -635.89 | -166.26 | 8.27 | -0.24 | 3.89 |
| 23Q3 (19) | 32.30 | -7.1 | 2.02 | 21.47 | -10.95 | 47.56 | 30.84 | 15.9 | -9.24 | 23.56 | 12.73 | -12.19 | 8.19 | 15.03 | 42.93 | 4.80 | 10.6 | 43.28 | 0.20 | -4.76 | 66.67 | 32.15 | 15.15 | -11.8 | 61.41 | -27.1 | -5.51 | 69.64 | -23.18 | 62.49 | 30.36 | 224.75 | -46.86 | 8.29 | 3.62 | -25.05 |
| 23Q2 (18) | 34.77 | -1.28 | 7.22 | 24.11 | 2.38 | 19.42 | 26.61 | 11.15 | 8.52 | 20.90 | 15.02 | 46.46 | 7.12 | 45.6 | 88.36 | 4.34 | 28.78 | 93.75 | 0.21 | 16.67 | 40.0 | 27.92 | 8.68 | 5.52 | 84.24 | 74.16 | 2.95 | 90.65 | -8.3 | 10.36 | 9.35 | 442.28 | -47.64 | 8.00 | -6.87 | -13.51 |
| 23Q1 (17) | 35.22 | 19.11 | 25.34 | 23.55 | 40.68 | 54.02 | 23.94 | 130.86 | -14.38 | 18.17 | 85.79 | -17.56 | 4.89 | 87.36 | -7.91 | 3.37 | 94.8 | 3.37 | 0.18 | 5.88 | 20.0 | 25.69 | 110.4 | -14.37 | 48.37 | 6.05 | -23.36 | 98.85 | -39.17 | 80.55 | 1.72 | 102.82 | -96.19 | 8.59 | 7.91 | -8.71 |
| 22Q4 (16) | 29.57 | -6.6 | 10.62 | 16.74 | 15.05 | 31.6 | 10.37 | -69.48 | -9.11 | 9.78 | -63.55 | -0.61 | 2.61 | -54.45 | -38.44 | 1.73 | -48.36 | -28.51 | 0.17 | 41.67 | -29.17 | 12.21 | -66.5 | -3.55 | 45.61 | -29.82 | -31.77 | 162.50 | 279.17 | 44.96 | -61.11 | -206.94 | -441.27 | 7.96 | -28.03 | 26.35 |
| 22Q3 (15) | 31.66 | -2.37 | 9.7 | 14.55 | -27.93 | -25.8 | 33.98 | 38.58 | 76.61 | 26.83 | 88.02 | 83.64 | 5.73 | 51.59 | -20.97 | 3.35 | 49.55 | -15.4 | 0.12 | -20.0 | -55.56 | 36.45 | 37.76 | 80.53 | 64.99 | -20.58 | -29.14 | 42.86 | -47.83 | -58.01 | 57.14 | 220.0 | 2865.71 | 11.06 | 19.57 | 54.69 |
| 22Q2 (14) | 32.43 | 15.41 | 2.01 | 20.19 | 32.05 | -15.98 | 24.52 | -12.3 | 15.17 | 14.27 | -35.25 | -14.04 | 3.78 | -28.81 | -58.09 | 2.24 | -31.29 | -56.59 | 0.15 | 0.0 | -51.61 | 26.46 | -11.8 | 19.62 | 81.83 | 29.66 | 6.54 | 82.14 | 50.04 | -27.21 | 17.86 | -60.54 | 239.0 | 9.25 | -1.7 | 36.63 |
| 22Q1 (13) | 28.10 | 5.13 | -9.12 | 15.29 | 20.2 | -34.04 | 27.96 | 145.05 | 19.13 | 22.04 | 123.98 | 22.31 | 5.31 | 25.24 | -49.43 | 3.26 | 34.71 | -44.18 | 0.15 | -37.5 | -53.12 | 30.00 | 136.97 | 23.56 | 63.11 | -5.59 | -14.1 | 54.75 | -51.16 | -44.53 | 45.25 | 500.8 | 3395.67 | 9.41 | 49.37 | 54.01 |
| 21Q4 (12) | 26.73 | -7.38 | -11.23 | 12.72 | -35.14 | -41.25 | 11.41 | -40.7 | -35.32 | 9.84 | -32.65 | -27.54 | 4.24 | -41.52 | -51.65 | 2.42 | -38.89 | -49.27 | 0.24 | -11.11 | -31.43 | 12.66 | -37.3 | -31.31 | 66.85 | -27.12 | -23.95 | 112.10 | 9.83 | -8.6 | -11.29 | -446.45 | 50.15 | 6.30 | -11.89 | 1.78 |
| 21Q3 (11) | 28.86 | -9.22 | -12.99 | 19.61 | -18.39 | -19.73 | 19.24 | -9.63 | -6.96 | 14.61 | -11.99 | -18.06 | 7.25 | -19.62 | -27.64 | 3.96 | -23.26 | -30.65 | 0.27 | -12.9 | -15.62 | 20.19 | -8.73 | -6.35 | 91.72 | 19.41 | 12.97 | 102.07 | -9.55 | -13.48 | -2.07 | 83.92 | 88.5 | 7.15 | 5.61 | -0.14 |
| 21Q2 (10) | 31.79 | 2.81 | 5.93 | 24.03 | 3.67 | 14.05 | 21.29 | -9.29 | 9.57 | 16.60 | -7.88 | 12.93 | 9.02 | -14.1 | 24.76 | 5.16 | -11.64 | 10.97 | 0.31 | -3.13 | 0.0 | 22.12 | -8.9 | 8.64 | 76.81 | 4.55 | 8.24 | 112.85 | 14.33 | 4.4 | -12.85 | -1092.45 | -48.17 | 6.77 | 10.8 | 0 |
| 21Q1 (9) | 30.92 | 2.69 | -11.53 | 23.18 | 7.07 | -1.7 | 23.47 | 33.05 | -0.13 | 18.02 | 32.7 | 0.0 | 10.50 | 19.73 | 64.84 | 5.84 | 22.43 | 33.33 | 0.32 | -8.57 | 33.33 | 24.28 | 31.74 | -2.41 | 73.47 | -16.42 | 74.55 | 98.71 | -19.52 | -1.96 | 1.29 | 105.72 | 291.59 | 6.11 | -1.29 | 0 |
| 20Q4 (8) | 30.11 | -9.23 | -7.35 | 21.65 | -11.38 | 21.97 | 17.64 | -14.7 | 63.33 | 13.58 | -23.84 | 54.32 | 8.77 | -12.48 | 181.99 | 4.77 | -16.46 | 119.82 | 0.35 | 9.37 | 45.83 | 18.43 | -14.52 | 50.45 | 87.90 | 8.26 | 71.91 | 122.65 | 3.96 | -25.49 | -22.65 | -26.02 | 64.95 | 6.19 | -13.55 | -36.9 |
| 20Q3 (7) | 33.17 | 10.53 | 3.95 | 24.43 | 15.95 | 29.05 | 20.68 | 6.43 | 14.51 | 17.83 | 21.29 | 27.54 | 10.02 | 38.59 | 87.29 | 5.71 | 22.8 | 53.91 | 0.32 | 3.23 | 23.08 | 21.56 | 5.89 | 10.79 | 81.19 | 14.42 | 105.49 | 117.97 | 9.14 | 12.02 | -17.97 | -107.28 | -306.18 | 7.16 | 0 | -30.42 |
| 20Q2 (6) | 30.01 | -14.13 | -2.88 | 21.07 | -10.64 | 29.26 | 19.43 | -17.32 | -0.82 | 14.70 | -18.42 | -4.98 | 7.23 | 13.5 | 37.19 | 4.65 | 6.16 | 27.05 | 0.31 | 29.17 | 34.78 | 20.36 | -18.17 | -4.32 | 70.96 | 68.59 | 38.14 | 108.09 | 7.37 | 30.42 | -8.67 | -1183.24 | -150.65 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 34.95 | 7.54 | 12.81 | 23.58 | 32.85 | 64.66 | 23.50 | 117.59 | 26.96 | 18.02 | 104.77 | 19.42 | 6.37 | 104.82 | 58.46 | 4.38 | 101.84 | 50.52 | 0.24 | 0.0 | 26.32 | 24.88 | 103.1 | 20.89 | 42.09 | -17.68 | 5.78 | 100.68 | -38.84 | 30.56 | -0.68 | 98.95 | -102.95 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 32.50 | 1.85 | 0.0 | 17.75 | -6.23 | 0.0 | 10.80 | -40.2 | 0.0 | 8.80 | -37.05 | 0.0 | 3.11 | -41.87 | 0.0 | 2.17 | -41.51 | 0.0 | 0.24 | -7.69 | 0.0 | 12.25 | -37.05 | 0.0 | 51.13 | 29.41 | 0.0 | 164.62 | 56.32 | 0.0 | -64.62 | -1360.31 | 0.0 | 9.81 | -4.66 | 0.0 |
| 19Q3 (3) | 31.91 | 3.27 | 0.0 | 18.93 | 16.13 | 0.0 | 18.06 | -7.81 | 0.0 | 13.98 | -9.63 | 0.0 | 5.35 | 1.52 | 0.0 | 3.71 | 1.37 | 0.0 | 0.26 | 13.04 | 0.0 | 19.46 | -8.55 | 0.0 | 39.51 | -23.09 | 0.0 | 105.31 | 27.06 | 0.0 | -4.42 | -125.85 | 0.0 | 10.29 | 9.82 | 0.0 |
| 19Q2 (2) | 30.90 | -0.26 | 0.0 | 16.30 | 13.83 | 0.0 | 19.59 | 5.83 | 0.0 | 15.47 | 2.52 | 0.0 | 5.27 | 31.09 | 0.0 | 3.66 | 25.77 | 0.0 | 0.23 | 21.05 | 0.0 | 21.28 | 3.4 | 0.0 | 51.37 | 29.1 | 0.0 | 82.88 | 7.49 | 0.0 | 17.12 | -25.23 | 0.0 | 9.37 | -21.79 | 0.0 |
| 19Q1 (1) | 30.98 | 0.0 | 0.0 | 14.32 | 0.0 | 0.0 | 18.51 | 0.0 | 0.0 | 15.09 | 0.0 | 0.0 | 4.02 | 0.0 | 0.0 | 2.91 | 0.0 | 0.0 | 0.19 | 0.0 | 0.0 | 20.58 | 0.0 | 0.0 | 39.79 | 0.0 | 0.0 | 77.11 | 0.0 | 0.0 | 22.89 | 0.0 | 0.0 | 11.98 | 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) | 34.20 | 12.5 | 22.81 | 35.45 | 1.05 | -29.39 | 23.47 | -0.13 | 18.44 | 4.65 | 21.58 | 25.25 | 15.37 | 36.74 | 0.82 | 30.16 | 24.96 | -2.35 | 39.14 | -14.19 | 97.19 | 35.61 | 2.81 | -90.07 | 0.68 | 162.51 | 8.27 | -11.17 |
| 2022 (9) | 30.40 | 2.25 | 16.84 | -16.8 | 1.49 | 101.67 | 23.50 | 22.4 | 17.62 | 17.47 | 17.23 | -45.92 | 11.24 | -38.14 | 0.63 | -47.5 | 25.56 | 26.97 | 45.61 | -31.77 | 71.67 | -32.07 | 28.33 | 0 | 0.26 | 0 | 9.31 | 41.27 |
| 2021 (8) | 29.73 | -6.21 | 20.24 | -10.36 | 0.74 | -7.41 | 19.20 | -3.13 | 15.00 | -4.46 | 31.86 | 0.98 | 18.17 | -1.68 | 1.20 | 2.56 | 20.13 | -3.03 | 66.85 | -23.95 | 105.50 | -7.46 | -5.40 | 0 | 0.00 | 0 | 6.59 | -6.26 |
| 2020 (7) | 31.70 | 0.22 | 22.58 | 32.59 | 0.80 | -40.47 | 19.82 | 19.54 | 15.70 | 19.12 | 31.55 | 79.98 | 18.48 | 51.85 | 1.17 | 28.57 | 20.76 | 14.38 | 87.90 | 71.91 | 114.01 | 11.02 | -13.88 | 0 | 0.00 | 0 | 7.03 | -31.55 |
| 2019 (6) | 31.63 | 4.87 | 17.03 | 7.17 | 1.34 | 89.51 | 16.58 | -6.7 | 13.18 | -0.68 | 17.53 | -10.19 | 12.17 | -8.22 | 0.91 | -9.0 | 18.15 | -2.52 | 51.13 | 28.86 | 102.69 | 14.95 | -2.69 | 0 | 0.00 | 0 | 10.27 | -6.38 |
| 2018 (5) | 30.16 | 5.97 | 15.89 | 42.9 | 0.71 | -27.94 | 17.77 | 137.57 | 13.27 | 119.7 | 19.52 | 173.77 | 13.26 | 173.97 | 1.00 | 26.58 | 18.62 | 115.26 | 39.68 | -30.48 | 89.33 | -39.83 | 10.67 | 0 | 0.00 | 0 | 10.97 | -20.91 |
| 2017 (4) | 28.46 | -7.54 | 11.12 | -26.36 | 0.98 | 37.5 | 7.48 | -48.52 | 6.04 | -49.5 | 7.13 | -47.42 | 4.84 | -50.15 | 0.79 | -2.47 | 8.65 | -43.98 | 57.08 | 40.25 | 148.46 | 43.2 | -48.46 | 0 | 0.00 | 0 | 13.87 | 2.21 |
| 2016 (3) | 30.78 | 15.89 | 15.10 | 37.02 | 0.71 | 3.68 | 14.53 | 5.14 | 11.96 | 6.03 | 13.56 | 4.07 | 9.71 | 3.41 | 0.81 | -2.41 | 15.44 | 5.32 | 40.70 | 4.23 | 103.67 | 30.13 | -4.08 | 0 | 0.00 | 0 | 13.57 | 11.5 |
| 2015 (2) | 26.56 | -3.21 | 11.02 | -29.27 | 0.69 | 47.54 | 13.82 | -16.44 | 11.28 | -17.12 | 13.03 | -44.39 | 9.39 | -41.28 | 0.83 | -29.06 | 14.66 | -14.17 | 39.05 | -0.23 | 79.67 | -15.37 | 20.33 | 246.46 | 0.00 | 0 | 12.17 | 10.74 |
| 2014 (1) | 27.44 | 0 | 15.58 | 0 | 0.47 | -14.5 | 16.54 | 0 | 13.61 | 0 | 23.43 | 0 | 15.99 | 0 | 1.17 | 7.34 | 17.08 | 16.43 | 39.14 | -28.75 | 94.13 | -1.13 | 5.87 | 22.51 | 0.00 | 0 | 10.99 | 2.42 |
