- 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) | 33.85 | 27.21 | 23.59 | 23.94 | 86.16 | 115.68 | 19.91 | -2.31 | 112.71 | 16.62 | -18.53 | 138.45 | 2.85 | 13.55 | 206.45 | 2.42 | 16.91 | 206.33 | 0.14 | 40.0 | 27.27 | 34.30 | -10.84 | 34.04 | 20.13 | 8.23 | -13.79 | 120.09 | 90.32 | 1.43 | -20.09 | -154.43 | -9.21 | 28.82 | -18.36 | -11.89 |
| 23Q3 (19) | 26.61 | 5.43 | -9.52 | 12.86 | 33.82 | -21.97 | 20.38 | 139.2 | -14.66 | 20.40 | 190.18 | 9.15 | 2.51 | 185.23 | -12.54 | 2.07 | 162.03 | -5.91 | 0.10 | 0.0 | -16.67 | 38.47 | 42.11 | 3.86 | 18.60 | -33.17 | -22.44 | 63.10 | -43.75 | -8.98 | 36.90 | 403.44 | 18.76 | 35.30 | 5.78 | 13.0 |
| 23Q2 (18) | 25.24 | 0.36 | -34.58 | 9.61 | -4.47 | -65.05 | 8.52 | -18.93 | -72.82 | 7.03 | -40.37 | -72.05 | 0.88 | -36.69 | -81.51 | 0.79 | -33.05 | -77.75 | 0.10 | 0.0 | -28.57 | 27.07 | 1.08 | -36.5 | 27.83 | 40.7 | -30.65 | 112.16 | 17.44 | 27.96 | -12.16 | -370.61 | -198.49 | 33.37 | 1.52 | 8.59 |
| 23Q1 (17) | 25.15 | -8.18 | -40.47 | 10.06 | -9.37 | -67.68 | 10.51 | 12.29 | -65.48 | 11.79 | 69.15 | -48.43 | 1.39 | 49.46 | -67.22 | 1.18 | 49.37 | -64.02 | 0.10 | -9.09 | -28.57 | 26.78 | 4.65 | -33.81 | 19.78 | -15.29 | -34.52 | 95.51 | -19.33 | -6.62 | 4.49 | 124.44 | 297.75 | 32.87 | 0.49 | 15.25 |
| 22Q4 (16) | 27.39 | -6.87 | -12.01 | 11.10 | -32.65 | -43.34 | 9.36 | -60.8 | -56.44 | 6.97 | -62.71 | -58.81 | 0.93 | -67.6 | -70.1 | 0.79 | -64.09 | -67.36 | 0.11 | -8.33 | -21.43 | 25.59 | -30.91 | -31.43 | 23.35 | -2.63 | -20.87 | 118.39 | 70.78 | 29.6 | -18.39 | -159.18 | -312.69 | 32.71 | 4.71 | 31.74 |
| 22Q3 (15) | 29.41 | -23.77 | -26.42 | 16.48 | -40.07 | -39.68 | 23.88 | -23.83 | -18.16 | 18.69 | -25.69 | -20.2 | 2.87 | -39.71 | -41.43 | 2.20 | -38.03 | -42.56 | 0.12 | -14.29 | -25.0 | 37.04 | -13.11 | -2.45 | 23.98 | -40.24 | -16.33 | 69.32 | -20.91 | -25.97 | 31.08 | 151.65 | 388.84 | 31.24 | 1.66 | 23.09 |
| 22Q2 (14) | 38.58 | -8.69 | -10.9 | 27.50 | -11.66 | -13.17 | 31.35 | 2.96 | 17.9 | 25.15 | 10.02 | 26.26 | 4.76 | 12.26 | 10.19 | 3.55 | 8.23 | 5.65 | 0.14 | 0.0 | -12.5 | 42.63 | 5.36 | 25.35 | 40.13 | 32.84 | 40.02 | 87.65 | -14.3 | -26.41 | 12.35 | 643.34 | 164.62 | 30.73 | 7.75 | 23.12 |
| 22Q1 (13) | 42.25 | 35.72 | 5.73 | 31.13 | 58.91 | 13.9 | 30.45 | 41.69 | 4.46 | 22.86 | 35.11 | -1.47 | 4.24 | 36.33 | 1.19 | 3.28 | 35.54 | 0.0 | 0.14 | 0.0 | 0.0 | 40.46 | 8.41 | 1.73 | 30.21 | 2.37 | 2.44 | 102.27 | 11.95 | 8.81 | -2.27 | -126.28 | -136.04 | 28.52 | 14.86 | -0.7 |
| 21Q4 (12) | 31.13 | -22.12 | 4.43 | 19.59 | -28.29 | 17.17 | 21.49 | -26.35 | 91.53 | 16.92 | -27.75 | 96.74 | 3.11 | -36.53 | 133.83 | 2.42 | -36.81 | 128.3 | 0.14 | -12.5 | 16.67 | 37.32 | -1.71 | 33.86 | 29.51 | 2.97 | 7.5 | 91.35 | -2.45 | -38.71 | 8.65 | 36.02 | 117.63 | 24.83 | -2.17 | -8.91 |
| 21Q3 (11) | 39.97 | -7.69 | 25.53 | 27.32 | -13.74 | 15.86 | 29.18 | 9.74 | 2.67 | 23.42 | 17.57 | -0.09 | 4.90 | 13.43 | 52.65 | 3.83 | 13.99 | 53.82 | 0.16 | 0.0 | 45.45 | 37.97 | 11.64 | -16.07 | 28.66 | 0.0 | 9.1 | 93.64 | -21.38 | 12.76 | 6.36 | 133.27 | -62.51 | 25.38 | 1.68 | -30.71 |
| 21Q2 (10) | 43.30 | 8.36 | 38.03 | 31.67 | 15.88 | 103.27 | 26.59 | -8.78 | 89.79 | 19.92 | -14.14 | 94.53 | 4.32 | 3.1 | 202.1 | 3.36 | 2.44 | 192.17 | 0.16 | 14.29 | 45.45 | 34.01 | -14.48 | 16.23 | 28.66 | -2.81 | -12.97 | 119.11 | 26.72 | 7.11 | -19.11 | -403.03 | -70.52 | 24.96 | -13.09 | 0 |
| 21Q1 (9) | 39.96 | 34.05 | 12.44 | 27.33 | 63.46 | 18.57 | 29.15 | 159.8 | 22.58 | 23.20 | 169.77 | 29.54 | 4.19 | 215.04 | 52.92 | 3.28 | 209.43 | 43.23 | 0.14 | 16.67 | 7.69 | 39.77 | 42.65 | 7.54 | 29.49 | 7.43 | 29.23 | 93.99 | -36.94 | -2.9 | 6.31 | 112.86 | 97.3 | 28.72 | 5.36 | 0 |
| 20Q4 (8) | 29.81 | -6.38 | 5.0 | 16.72 | -29.09 | -24.45 | 11.22 | -60.52 | -45.61 | 8.60 | -63.31 | -45.36 | 1.33 | -58.57 | -47.22 | 1.06 | -57.43 | -50.47 | 0.12 | 9.09 | -7.69 | 27.88 | -38.37 | -20.25 | 27.45 | 4.49 | 34.23 | 149.06 | 79.49 | 39.07 | -49.06 | -389.31 | -583.29 | 27.26 | -25.58 | 12.0 |
| 20Q3 (7) | 31.84 | 1.5 | 11.8 | 23.58 | 51.35 | 77.43 | 28.42 | 102.86 | 12.29 | 23.44 | 128.91 | 8.17 | 3.21 | 124.48 | 13.83 | 2.49 | 116.52 | 8.26 | 0.11 | 0.0 | 10.0 | 45.24 | 54.61 | 4.17 | 26.27 | -20.22 | 32.41 | 83.04 | -25.33 | 58.61 | 16.96 | 251.3 | -64.41 | 36.63 | 0 | 3.42 |
| 20Q2 (6) | 31.37 | -11.73 | 27.57 | 15.58 | -32.41 | 57.53 | 14.01 | -41.08 | 33.68 | 10.24 | -42.83 | 52.15 | 1.43 | -47.81 | 52.13 | 1.15 | -49.78 | 38.55 | 0.11 | -15.38 | 0.0 | 29.26 | -20.88 | 5.14 | 32.93 | 44.3 | 9.22 | 111.21 | 14.88 | 18.07 | -11.21 | -450.62 | -292.76 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 35.54 | 25.18 | 76.9 | 23.05 | 4.16 | 398.92 | 23.78 | 15.27 | 137.56 | 17.91 | 13.79 | 131.4 | 2.74 | 8.73 | 197.83 | 2.29 | 7.01 | 193.59 | 0.13 | 0.0 | 44.44 | 36.98 | 5.78 | 20.57 | 22.82 | 11.59 | -4.84 | 96.80 | -9.68 | 108.27 | 3.20 | 144.52 | -94.03 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 28.39 | -0.32 | 0.0 | 22.13 | 66.52 | 0.0 | 20.63 | -18.49 | 0.0 | 15.74 | -27.37 | 0.0 | 2.52 | -10.64 | 0.0 | 2.14 | -6.96 | 0.0 | 0.13 | 30.0 | 0.0 | 34.96 | -19.5 | 0.0 | 20.45 | 3.07 | 0.0 | 107.18 | 104.71 | 0.0 | -7.18 | -115.07 | 0.0 | 24.34 | -31.28 | 0.0 |
| 19Q3 (3) | 28.48 | 15.82 | 0.0 | 13.29 | 34.38 | 0.0 | 25.31 | 141.51 | 0.0 | 21.67 | 221.99 | 0.0 | 2.82 | 200.0 | 0.0 | 2.30 | 177.11 | 0.0 | 0.10 | -9.09 | 0.0 | 43.43 | 56.05 | 0.0 | 19.84 | -34.2 | 0.0 | 52.36 | -44.41 | 0.0 | 47.64 | 719.48 | 0.0 | 35.42 | 19.34 | 0.0 |
| 19Q2 (2) | 24.59 | 22.4 | 0.0 | 9.89 | 114.07 | 0.0 | 10.48 | 4.7 | 0.0 | 6.73 | -13.05 | 0.0 | 0.94 | 2.17 | 0.0 | 0.83 | 6.41 | 0.0 | 0.11 | 22.22 | 0.0 | 27.83 | -9.26 | 0.0 | 30.15 | 25.73 | 0.0 | 94.19 | 102.64 | 0.0 | 5.81 | -89.14 | 0.0 | 29.68 | -18.1 | 0.0 |
| 19Q1 (1) | 20.09 | 0.0 | 0.0 | 4.62 | 0.0 | 0.0 | 10.01 | 0.0 | 0.0 | 7.74 | 0.0 | 0.0 | 0.92 | 0.0 | 0.0 | 0.78 | 0.0 | 0.0 | 0.09 | 0.0 | 0.0 | 30.67 | 0.0 | 0.0 | 23.98 | 0.0 | 0.0 | 46.48 | 0.0 | 0.0 | 53.52 | 0.0 | 0.0 | 36.24 | 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) | 28.25 | -19.86 | 14.97 | -34.02 | 15.82 | 33.02 | 15.21 | -39.01 | 14.12 | -27.03 | 7.51 | -41.28 | 6.34 | -38.03 | 0.44 | -15.38 | 31.82 | -14.65 | 20.13 | -13.79 | 98.58 | 8.31 | 1.60 | -82.4 | 0.36 | 1.11 | 32.24 | 5.29 |
| 2022 (9) | 35.25 | -9.13 | 22.69 | -14.99 | 11.89 | 16.7 | 24.94 | -6.38 | 19.35 | -7.28 | 12.79 | -23.37 | 10.23 | -21.55 | 0.52 | -16.13 | 37.28 | 0.38 | 23.35 | -20.87 | 91.02 | -9.11 | 9.07 | 0 | 0.36 | -3.63 | 30.62 | 18.36 |
| 2021 (8) | 38.79 | 20.65 | 26.69 | 35.48 | 10.19 | -31.86 | 26.64 | 39.11 | 20.87 | 40.44 | 16.69 | 94.75 | 13.04 | 86.02 | 0.62 | 31.91 | 37.14 | 7.28 | 29.51 | 7.5 | 100.14 | -2.61 | -0.22 | 0 | 0.37 | -25.1 | 25.87 | -17.98 |
| 2020 (7) | 32.15 | 25.54 | 19.70 | 50.5 | 14.95 | -8.95 | 19.15 | 14.06 | 14.86 | 13.78 | 8.57 | 21.22 | 7.01 | 18.41 | 0.47 | 6.82 | 34.62 | 1.29 | 27.45 | 34.23 | 102.83 | 32.0 | -2.83 | 0 | 0.49 | -21.04 | 31.54 | 2.07 |
| 2019 (6) | 25.61 | -3.14 | 13.09 | -7.29 | 16.42 | -0.11 | 16.79 | -0.65 | 13.06 | 3.73 | 7.07 | -2.62 | 5.92 | 0.17 | 0.44 | -2.22 | 34.18 | -0.15 | 20.45 | -27.51 | 77.90 | -6.77 | 22.10 | 34.42 | 0.63 | -7.7 | 30.90 | -6.05 |
| 2018 (5) | 26.44 | -2.69 | 14.12 | -15.7 | 16.44 | -10.87 | 16.90 | 4.32 | 12.59 | -4.98 | 7.26 | -11.14 | 5.91 | -8.23 | 0.45 | -4.26 | 34.23 | -3.31 | 28.21 | 2.99 | 83.56 | -19.29 | 16.44 | 0 | 0.68 | 0 | 32.89 | 6.27 |
| 2017 (4) | 27.17 | 2.41 | 16.75 | 2.45 | 18.45 | -13.26 | 16.20 | 14.16 | 13.25 | 23.37 | 8.17 | 23.41 | 6.44 | 23.85 | 0.47 | 2.17 | 35.40 | -2.43 | 27.39 | -21.38 | 103.54 | -10.13 | -3.37 | 0 | 0.00 | 0 | 30.95 | -1.59 |
| 2016 (3) | 26.53 | -0.75 | 16.35 | 13.38 | 21.27 | -1.73 | 14.19 | -0.21 | 10.74 | -7.25 | 6.62 | -5.7 | 5.20 | -3.7 | 0.46 | 2.22 | 36.28 | -0.98 | 34.84 | 10.64 | 115.20 | 13.49 | -15.20 | 0 | 0.00 | 0 | 31.45 | 6.18 |
| 2015 (2) | 26.73 | -12.36 | 14.42 | -18.53 | 21.64 | 20.13 | 14.22 | -30.7 | 11.58 | -34.65 | 7.02 | -43.2 | 5.40 | -40.98 | 0.45 | -10.0 | 36.64 | -6.84 | 31.49 | -17.15 | 101.52 | 17.78 | -1.33 | 0 | 0.00 | 0 | 29.62 | 32.88 |
| 2014 (1) | 30.50 | 0 | 17.70 | 0 | 18.02 | -3.84 | 20.52 | 0 | 17.72 | 0 | 12.36 | 0 | 9.15 | 0 | 0.50 | -1.96 | 39.33 | 13.25 | 38.01 | -4.98 | 86.19 | -12.89 | 13.69 | 1191.47 | 0.00 | 0 | 22.29 | -1.02 |
