- 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) | 38.89 | 17.14 | -6.09 | 11.11 | 314.55 | -48.11 | 9.23 | -41.4 | -58.74 | 7.07 | -48.84 | -59.81 | 0.88 | -41.72 | -74.86 | 0.67 | -43.7 | -74.72 | 0.09 | 0.0 | -40.0 | 14.42 | -33.21 | -42.57 | 45.99 | 133.22 | 39.96 | 120.69 | 624.14 | 26.66 | -20.69 | -124.83 | -538.62 | 19.52 | -19.6 | 26.42 |
| 23Q3 (19) | 33.20 | 1.5 | -6.85 | 2.68 | -54.03 | -81.71 | 15.75 | 35.78 | -33.32 | 13.82 | 115.94 | -27.98 | 1.51 | 93.59 | -59.95 | 1.19 | 112.5 | -57.35 | 0.09 | 0.0 | -35.71 | 21.59 | 26.85 | -17.31 | 19.72 | -44.53 | -38.01 | 16.67 | -65.63 | -72.98 | 83.33 | 71.88 | 122.92 | 24.28 | 9.47 | 39.94 |
| 23Q2 (18) | 32.71 | -21.8 | -6.99 | 5.83 | -74.42 | -66.72 | 11.60 | -49.01 | -46.1 | 6.40 | -64.33 | -62.57 | 0.78 | -80.05 | -77.19 | 0.56 | -80.28 | -77.87 | 0.09 | -43.75 | -40.0 | 17.02 | -33.33 | -28.7 | 35.55 | -18.07 | -10.18 | 48.48 | -51.52 | -40.87 | 48.48 | 0 | 155.18 | 22.18 | 40.29 | 58.54 |
| 23Q1 (17) | 41.83 | 1.01 | 28.27 | 22.79 | 6.45 | 45.34 | 22.75 | 1.7 | 18.8 | 17.94 | 1.99 | 19.68 | 3.91 | 11.71 | 27.78 | 2.84 | 7.17 | 20.85 | 0.16 | 6.67 | 0.0 | 25.53 | 1.67 | 20.65 | 43.39 | 32.05 | 36.79 | 100.00 | 4.95 | 21.05 | 0.00 | -100.0 | -100.0 | 15.81 | 2.4 | 11.89 |
| 22Q4 (16) | 41.41 | 16.19 | 36.4 | 21.41 | 46.14 | 60.13 | 22.37 | -5.29 | 73.95 | 17.59 | -8.34 | 68.33 | 3.50 | -7.16 | 69.9 | 2.65 | -5.02 | 75.5 | 0.15 | 7.14 | 7.14 | 25.11 | -3.83 | 60.34 | 32.86 | 3.3 | 9.06 | 95.28 | 54.47 | -8.18 | 4.72 | -87.38 | 225.0 | 15.44 | -11.01 | 1.05 |
| 22Q3 (15) | 35.64 | 1.34 | 17.74 | 14.65 | -16.38 | 30.11 | 23.62 | 9.76 | 60.79 | 19.19 | 12.22 | 64.16 | 3.77 | 10.23 | 45.0 | 2.79 | 10.28 | 55.87 | 0.14 | -6.67 | -6.67 | 26.11 | 9.38 | 49.63 | 31.81 | -19.63 | -34.76 | 61.68 | -24.78 | -20.33 | 37.38 | 96.75 | 54.52 | 17.35 | 24.02 | -0.97 |
| 22Q2 (14) | 35.17 | 7.85 | 27.34 | 17.52 | 11.73 | 86.58 | 21.52 | 12.38 | 164.7 | 17.10 | 14.08 | 132.34 | 3.42 | 11.76 | 109.82 | 2.53 | 7.66 | 120.0 | 0.15 | -6.25 | 0.0 | 23.87 | 12.81 | 115.82 | 39.58 | 24.78 | -16.71 | 82.00 | -0.74 | -28.25 | 19.00 | 2.82 | 233.0 | 13.99 | -0.99 | -16.53 |
| 22Q1 (13) | 32.61 | 7.41 | 13.27 | 15.68 | 17.28 | 81.48 | 19.15 | 48.91 | 108.38 | 14.99 | 43.44 | 134.95 | 3.06 | 48.54 | 166.09 | 2.35 | 55.63 | 186.59 | 0.16 | 14.29 | 33.33 | 21.16 | 35.12 | 61.53 | 31.72 | 5.28 | -30.12 | 82.61 | -20.4 | -11.69 | 18.48 | 589.67 | 186.41 | 14.13 | -7.53 | -14.62 |
| 21Q4 (12) | 30.36 | 0.3 | -7.35 | 13.37 | 18.74 | 14.47 | 12.86 | -12.46 | 10.67 | 10.45 | -10.61 | 25.45 | 2.06 | -20.77 | 46.1 | 1.51 | -15.64 | 43.81 | 0.14 | -6.67 | 16.67 | 15.66 | -10.26 | -0.82 | 30.13 | -38.21 | -37.32 | 103.77 | 34.04 | 0.89 | -3.77 | -115.6 | 0 | 15.28 | -12.79 | -16.59 |
| 21Q3 (11) | 30.27 | 9.59 | -21.74 | 11.26 | 19.91 | -13.98 | 14.69 | 80.69 | -1.54 | 11.69 | 58.83 | -2.5 | 2.60 | 59.51 | 12.07 | 1.79 | 55.65 | 2.87 | 0.15 | 0.0 | 7.14 | 17.45 | 57.78 | -5.16 | 48.76 | 2.61 | 67.79 | 77.42 | -32.26 | -12.02 | 24.19 | 269.35 | 101.61 | 17.52 | 4.53 | -13.74 |
| 21Q2 (10) | 27.62 | -4.06 | -20.84 | 9.39 | 8.68 | -45.79 | 8.13 | -11.53 | -51.95 | 7.36 | 15.36 | -46.2 | 1.63 | 41.74 | -53.3 | 1.15 | 40.24 | -56.27 | 0.15 | 25.0 | -21.05 | 11.06 | -15.57 | -42.69 | 47.52 | 4.69 | 20.36 | 114.29 | 22.17 | 12.74 | -14.29 | -321.43 | -421.43 | 16.76 | 1.27 | 5.74 |
| 21Q1 (9) | 28.79 | -12.15 | -3.1 | 8.64 | -26.03 | 19.83 | 9.19 | -20.91 | 20.29 | 6.38 | -23.41 | -3.77 | 1.15 | -18.44 | 12.75 | 0.82 | -21.9 | 1.23 | 0.12 | 0.0 | 0.0 | 13.10 | -17.04 | 11.58 | 45.39 | -5.58 | 70.19 | 93.55 | -9.05 | -1.53 | 6.45 | 0 | 29.03 | 16.55 | -9.66 | -10.35 |
| 20Q4 (8) | 32.77 | -15.28 | 2.7 | 11.68 | -10.77 | 37.41 | 11.62 | -22.12 | 61.39 | 8.33 | -30.53 | 119.21 | 1.41 | -39.22 | 138.98 | 1.05 | -39.66 | 118.75 | 0.12 | -14.29 | 0.0 | 15.79 | -14.18 | 48.12 | 48.07 | 65.42 | 71.49 | 102.86 | 16.88 | -10.56 | 0.00 | -100.0 | 100.0 | 18.32 | -9.8 | -0.81 |
| 20Q3 (7) | 38.68 | 10.86 | 39.34 | 13.09 | -24.42 | 263.61 | 14.92 | -11.82 | -29.59 | 11.99 | -12.35 | -38.51 | 2.32 | -33.52 | -28.17 | 1.74 | -33.84 | -29.55 | 0.14 | -26.32 | 7.69 | 18.40 | -4.66 | -27.16 | 29.06 | -26.39 | 6.68 | 88.00 | -13.19 | 428.0 | 12.00 | 538.0 | -85.6 | 20.31 | 28.14 | 1.25 |
| 20Q2 (6) | 34.89 | 17.44 | 25.55 | 17.32 | 140.22 | 143.26 | 16.92 | 121.47 | 105.09 | 13.68 | 106.33 | 131.47 | 3.49 | 242.16 | 252.53 | 2.63 | 224.69 | 246.05 | 0.19 | 58.33 | 46.15 | 19.30 | 64.4 | 57.68 | 39.48 | 48.03 | 12.41 | 101.37 | 6.71 | 15.85 | -2.74 | -154.79 | -121.92 | 15.85 | -14.14 | -13.72 |
| 20Q1 (5) | 29.71 | -6.89 | -1.46 | 7.21 | -15.18 | -27.97 | 7.64 | 6.11 | -36.28 | 6.63 | 74.47 | -25.67 | 1.02 | 72.88 | -39.29 | 0.81 | 68.75 | -37.21 | 0.12 | 0.0 | -14.29 | 11.74 | 10.13 | -23.22 | 26.67 | -4.85 | -13.07 | 95.00 | -17.39 | 12.27 | 5.00 | 125.0 | -67.5 | 18.46 | -0.05 | 6.52 |
| 19Q4 (4) | 31.91 | 14.95 | 0.0 | 8.50 | 136.11 | 0.0 | 7.20 | -66.02 | 0.0 | 3.80 | -80.51 | 0.0 | 0.59 | -81.73 | 0.0 | 0.48 | -80.57 | 0.0 | 0.12 | -7.69 | 0.0 | 10.66 | -57.8 | 0.0 | 28.03 | 2.9 | 0.0 | 115.00 | 590.0 | 0.0 | -20.00 | -124.0 | 0.0 | 18.47 | -7.93 | 0.0 |
| 19Q3 (3) | 27.76 | -0.11 | 0.0 | 3.60 | -49.44 | 0.0 | 21.19 | 156.85 | 0.0 | 19.50 | 229.95 | 0.0 | 3.23 | 226.26 | 0.0 | 2.47 | 225.0 | 0.0 | 0.13 | 0.0 | 0.0 | 25.26 | 106.37 | 0.0 | 27.24 | -22.44 | 0.0 | 16.67 | -80.95 | 0.0 | 83.33 | 566.67 | 0.0 | 20.06 | 9.2 | 0.0 |
| 19Q2 (2) | 27.79 | -7.83 | 0.0 | 7.12 | -28.87 | 0.0 | 8.25 | -31.19 | 0.0 | 5.91 | -33.74 | 0.0 | 0.99 | -41.07 | 0.0 | 0.76 | -41.09 | 0.0 | 0.13 | -7.14 | 0.0 | 12.24 | -19.95 | 0.0 | 35.12 | 14.47 | 0.0 | 87.50 | 3.41 | 0.0 | 12.50 | -18.75 | 0.0 | 18.37 | 6.0 | 0.0 |
| 19Q1 (1) | 30.15 | 0.0 | 0.0 | 10.01 | 0.0 | 0.0 | 11.99 | 0.0 | 0.0 | 8.92 | 0.0 | 0.0 | 1.68 | 0.0 | 0.0 | 1.29 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | 15.29 | 0.0 | 0.0 | 30.68 | 0.0 | 0.0 | 84.62 | 0.0 | 0.0 | 15.38 | 0.0 | 0.0 | 17.33 | 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) | 37.64 | 3.95 | 12.80 | -26.18 | 4.15 | 99.09 | 16.05 | -25.8 | 12.32 | -28.33 | 6.85 | -49.33 | 4.93 | -52.27 | 0.40 | -33.33 | 20.51 | -14.43 | 45.99 | 39.96 | 79.64 | -0.76 | 20.36 | 3.08 | 0.11 | -41.48 | 19.58 | 28.82 |
| 2022 (9) | 36.21 | 23.67 | 17.34 | 61.15 | 2.08 | -14.63 | 21.63 | 91.08 | 17.19 | 88.9 | 13.52 | 92.87 | 10.33 | 98.65 | 0.60 | 7.14 | 23.97 | 65.88 | 32.86 | 9.06 | 80.25 | -15.55 | 19.75 | 297.26 | 0.19 | 88.22 | 15.20 | -8.05 |
| 2021 (8) | 29.28 | -14.74 | 10.76 | -17.04 | 2.44 | -9.55 | 11.32 | -15.33 | 9.10 | -14.47 | 7.01 | -11.49 | 5.20 | -10.19 | 0.56 | 3.7 | 14.45 | -13.89 | 30.13 | -37.32 | 95.03 | -1.68 | 4.97 | 78.01 | 0.10 | -46.66 | 16.53 | -8.47 |
| 2020 (7) | 34.34 | 16.84 | 12.97 | 75.51 | 2.70 | -9.32 | 13.37 | 9.86 | 10.64 | 11.53 | 7.92 | 21.47 | 5.79 | 14.2 | 0.54 | 3.85 | 16.78 | 5.6 | 48.07 | 71.49 | 96.65 | 58.86 | 2.79 | -92.87 | 0.19 | -58.19 | 18.06 | -2.43 |
| 2019 (6) | 29.39 | -1.77 | 7.39 | -31.19 | 2.97 | 54.73 | 12.17 | -7.8 | 9.54 | 2.03 | 6.52 | -21.73 | 5.07 | -18.23 | 0.52 | -21.21 | 15.89 | 2.45 | 28.03 | -13.3 | 60.84 | -25.27 | 39.16 | 110.62 | 0.44 | -38.25 | 18.51 | 22.18 |
| 2018 (5) | 29.92 | -2.06 | 10.74 | 1.61 | 1.92 | -15.63 | 13.20 | 33.6 | 9.35 | 21.74 | 8.33 | 3.61 | 6.20 | 8.39 | 0.66 | -10.81 | 15.51 | 23.78 | 32.33 | -10.94 | 81.41 | -23.85 | 18.59 | 0 | 0.72 | 0 | 15.15 | -6.48 |
| 2017 (4) | 30.55 | -3.84 | 10.57 | 10.45 | 2.28 | 59.85 | 9.88 | -30.28 | 7.68 | -34.97 | 8.04 | -43.74 | 5.72 | -42.57 | 0.74 | -11.9 | 12.53 | -20.8 | 36.30 | -19.58 | 106.90 | 57.88 | -6.90 | 0 | 0.00 | 0 | 16.20 | -1.46 |
| 2016 (3) | 31.77 | 28.99 | 9.57 | 59.5 | 1.43 | 23.52 | 14.17 | 21.11 | 11.81 | 30.79 | 14.29 | 24.05 | 9.96 | 26.4 | 0.84 | -3.45 | 15.82 | 21.97 | 45.14 | 7.3 | 67.71 | 31.77 | 32.64 | -32.86 | 0.00 | 0 | 16.44 | 8.51 |
| 2015 (2) | 24.63 | 1.11 | 6.00 | -27.36 | 1.15 | -23.13 | 11.70 | -9.93 | 9.03 | -11.73 | 11.52 | -29.54 | 7.88 | -28.43 | 0.87 | -18.69 | 12.97 | -11.47 | 42.07 | -16.41 | 51.38 | -19.11 | 48.62 | 33.29 | 0.00 | 0 | 15.15 | 9.62 |
| 2014 (1) | 24.36 | 0 | 8.26 | 0 | 1.50 | -30.09 | 12.99 | 0 | 10.23 | 0 | 16.35 | 0 | 11.01 | 0 | 1.07 | 0.0 | 14.65 | 47.68 | 50.33 | 6.52 | 63.53 | -8.07 | 36.47 | 15.94 | 0.00 | 0 | 13.82 | -2.61 |
