- 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) | 6.50 | 3.01 | -26.22 | -0.41 | -24.24 | -111.92 | 0.46 | -90.0 | -87.6 | 0.18 | -96.19 | -93.81 | 0.06 | -97.24 | -97.04 | 0.10 | -92.31 | -91.53 | 0.20 | -23.08 | -48.72 | 1.33 | -74.91 | -67.87 | 51.40 | -29.93 | -24.03 | -100.00 | -1100.0 | -205.41 | 200.00 | 84.62 | 2500.0 | 5.07 | -4.16 | 20.43 |
| 23Q3 (19) | 6.31 | -17.73 | -17.41 | -0.33 | -146.48 | -112.04 | 4.60 | 277.05 | -5.74 | 4.73 | 425.56 | 10.77 | 2.17 | 404.65 | -41.19 | 1.30 | 333.33 | -36.27 | 0.26 | 0.0 | -44.68 | 5.30 | 197.75 | 3.31 | 73.36 | -9.4 | -22.35 | -8.33 | -113.89 | -114.95 | 108.33 | 170.83 | 144.75 | 5.29 | 0.95 | 43.75 |
| 23Q2 (18) | 7.67 | 5.94 | -21.17 | 0.71 | -70.29 | -84.53 | 1.22 | -53.96 | -73.54 | 0.90 | -56.94 | -75.74 | 0.43 | -69.72 | -83.52 | 0.30 | -65.12 | -81.48 | 0.26 | -31.58 | -39.53 | 1.78 | -40.67 | -63.75 | 80.97 | -5.53 | 10.57 | 60.00 | -33.08 | -40.0 | 40.00 | 286.67 | 0 | 5.24 | 38.99 | 25.66 |
| 23Q1 (17) | 7.24 | -17.82 | -19.47 | 2.39 | -30.52 | -42.82 | 2.65 | -28.57 | -37.65 | 2.09 | -28.18 | -40.11 | 1.42 | -30.05 | -47.6 | 0.86 | -27.12 | -50.57 | 0.38 | -2.56 | -22.45 | 3.00 | -27.54 | -32.58 | 85.71 | 26.68 | 58.75 | 89.66 | -5.5 | -8.59 | 10.34 | 34.48 | 437.93 | 3.77 | -10.45 | -1.31 |
| 22Q4 (16) | 8.81 | 15.31 | 10.4 | 3.44 | 25.55 | 37.6 | 3.71 | -23.98 | 23.67 | 2.91 | -31.85 | 7.78 | 2.03 | -44.99 | 4.1 | 1.18 | -42.16 | -4.07 | 0.39 | -17.02 | -11.36 | 4.14 | -19.3 | 24.7 | 67.66 | -28.38 | 10.54 | 94.87 | 70.21 | 13.12 | 7.69 | -82.62 | -52.31 | 4.21 | 14.4 | 0.96 |
| 22Q3 (15) | 7.64 | -21.48 | -18.9 | 2.74 | -40.31 | -37.59 | 4.88 | 5.86 | -25.5 | 4.27 | 15.09 | -26.88 | 3.69 | 41.38 | -20.13 | 2.04 | 25.93 | -30.85 | 0.47 | 9.3 | -6.0 | 5.13 | 4.48 | -24.56 | 94.47 | 29.0 | 46.31 | 55.74 | -44.26 | -16.96 | 44.26 | 0 | 34.63 | 3.68 | -11.75 | -12.17 |
| 22Q2 (14) | 9.73 | 8.23 | -2.01 | 4.59 | 9.81 | 2.91 | 4.61 | 8.47 | -5.92 | 3.71 | 6.3 | -16.44 | 2.61 | -3.69 | -19.94 | 1.62 | -6.9 | -28.63 | 0.43 | -12.24 | -15.69 | 4.91 | 10.34 | -4.47 | 73.23 | 35.64 | 39.59 | 100.00 | 1.96 | 8.33 | 0.00 | -100.0 | -100.0 | 4.17 | 9.16 | -1.42 |
| 22Q1 (13) | 8.99 | 12.66 | -5.37 | 4.18 | 67.2 | 13.28 | 4.25 | 41.67 | 14.86 | 3.49 | 29.26 | 12.94 | 2.71 | 38.97 | 34.83 | 1.74 | 41.46 | 17.57 | 0.49 | 11.36 | 2.08 | 4.45 | 34.04 | 11.53 | 53.99 | -11.8 | 41.48 | 98.08 | 16.94 | -1.92 | 1.92 | -88.08 | 0 | 3.82 | -8.39 | -14.35 |
| 21Q4 (12) | 7.98 | -15.29 | 6.26 | 2.50 | -43.05 | 43.68 | 3.00 | -54.2 | 75.44 | 2.70 | -53.77 | 88.81 | 1.95 | -57.79 | 119.1 | 1.23 | -58.31 | 86.36 | 0.44 | -12.0 | -4.35 | 3.32 | -51.18 | 61.95 | 61.21 | -5.2 | 77.11 | 83.87 | 24.95 | -16.13 | 16.13 | -50.94 | 0 | 4.17 | -0.48 | -6.92 |
| 21Q3 (11) | 9.42 | -5.14 | 21.55 | 4.39 | -1.57 | 65.04 | 6.55 | 33.67 | 72.82 | 5.84 | 31.53 | 99.32 | 4.62 | 41.72 | 125.37 | 2.95 | 29.96 | 103.45 | 0.50 | -1.96 | 0.0 | 6.80 | 32.3 | 67.08 | 64.57 | 23.08 | 63.3 | 67.12 | -27.28 | -5.53 | 32.88 | 241.92 | 13.57 | 4.19 | -0.95 | 13.86 |
| 21Q2 (10) | 9.93 | 4.53 | 14.27 | 4.46 | 20.87 | 30.79 | 4.90 | 32.43 | 40.4 | 4.44 | 43.69 | 50.51 | 3.26 | 62.19 | 44.25 | 2.27 | 53.38 | 36.75 | 0.51 | 6.25 | -8.93 | 5.14 | 28.82 | 37.07 | 52.46 | 37.47 | 20.24 | 92.31 | -7.69 | -5.05 | 9.62 | 0 | 246.15 | 4.23 | -5.16 | 0 |
| 21Q1 (9) | 9.50 | 26.5 | 2.37 | 3.69 | 112.07 | 34.67 | 3.70 | 116.37 | 25.42 | 3.09 | 116.08 | 18.85 | 2.01 | 125.84 | 41.55 | 1.48 | 124.24 | 35.78 | 0.48 | 4.35 | 14.29 | 3.99 | 94.63 | 19.82 | 38.16 | 10.42 | 30.51 | 100.00 | 0.0 | 5.0 | 0.00 | 0 | -100.0 | 4.46 | -0.45 | -14.07 |
| 20Q4 (8) | 7.51 | -3.1 | -9.41 | 1.74 | -34.59 | -2.79 | 1.71 | -54.88 | -11.4 | 1.43 | -51.19 | 7.52 | 0.89 | -56.59 | 7.23 | 0.66 | -54.48 | 8.2 | 0.46 | -8.0 | 2.22 | 2.05 | -49.63 | -10.09 | 34.56 | -12.59 | 0.2 | 100.00 | 40.74 | 6.67 | 0.00 | -100.0 | -100.0 | 4.48 | 21.74 | -8.38 |
| 20Q3 (7) | 7.75 | -10.82 | -15.58 | 2.66 | -21.99 | 58.33 | 3.79 | 8.6 | 34.88 | 2.93 | -0.68 | 21.07 | 2.05 | -9.29 | 21.3 | 1.45 | -12.65 | 21.85 | 0.50 | -10.71 | 2.04 | 4.07 | 8.53 | 28.39 | 39.54 | -9.37 | -6.39 | 71.05 | -26.92 | 18.42 | 28.95 | 942.11 | -27.63 | 3.68 | 0 | -36.66 |
| 20Q2 (6) | 8.69 | -6.36 | -11.6 | 3.41 | 24.45 | 31.66 | 3.49 | 18.31 | 21.18 | 2.95 | 13.46 | 10.9 | 2.26 | 59.15 | 40.37 | 1.66 | 52.29 | 41.88 | 0.56 | 33.33 | 27.27 | 3.75 | 12.61 | 14.33 | 43.63 | 49.21 | -1.67 | 97.22 | 2.08 | 6.94 | 2.78 | -70.83 | -69.44 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 9.28 | 11.94 | -11.7 | 2.74 | 53.07 | 19.13 | 2.95 | 52.85 | -11.68 | 2.60 | 95.49 | 1.96 | 1.42 | 71.08 | 4.41 | 1.09 | 78.69 | 5.83 | 0.42 | -6.67 | 5.0 | 3.33 | 46.05 | -14.4 | 29.24 | -15.22 | -15.73 | 95.24 | 1.59 | 39.68 | 9.52 | 52.38 | -70.07 | 5.19 | 6.13 | -18.91 |
| 19Q4 (4) | 8.29 | -9.69 | 0.0 | 1.79 | 6.55 | 0.0 | 1.93 | -31.32 | 0.0 | 1.33 | -45.04 | 0.0 | 0.83 | -50.89 | 0.0 | 0.61 | -48.74 | 0.0 | 0.45 | -8.16 | 0.0 | 2.28 | -28.08 | 0.0 | 34.49 | -18.35 | 0.0 | 93.75 | 56.25 | 0.0 | 6.25 | -84.38 | 0.0 | 4.89 | -15.83 | 0.0 |
| 19Q3 (3) | 9.18 | -6.61 | 0.0 | 1.68 | -35.14 | 0.0 | 2.81 | -2.43 | 0.0 | 2.42 | -9.02 | 0.0 | 1.69 | 4.97 | 0.0 | 1.19 | 1.71 | 0.0 | 0.49 | 11.36 | 0.0 | 3.17 | -3.35 | 0.0 | 42.24 | -4.8 | 0.0 | 60.00 | -34.0 | 0.0 | 40.00 | 340.0 | 0.0 | 5.81 | 7.39 | 0.0 |
| 19Q2 (2) | 9.83 | -6.47 | 0.0 | 2.59 | 12.61 | 0.0 | 2.88 | -13.77 | 0.0 | 2.66 | 4.31 | 0.0 | 1.61 | 18.38 | 0.0 | 1.17 | 13.59 | 0.0 | 0.44 | 10.0 | 0.0 | 3.28 | -15.68 | 0.0 | 44.37 | 27.87 | 0.0 | 90.91 | 33.33 | 0.0 | 9.09 | -71.43 | 0.0 | 5.41 | -15.47 | 0.0 |
| 19Q1 (1) | 10.51 | 0.0 | 0.0 | 2.30 | 0.0 | 0.0 | 3.34 | 0.0 | 0.0 | 2.55 | 0.0 | 0.0 | 1.36 | 0.0 | 0.0 | 1.03 | 0.0 | 0.0 | 0.40 | 0.0 | 0.0 | 3.89 | 0.0 | 0.0 | 34.70 | 0.0 | 0.0 | 68.18 | 0.0 | 0.0 | 31.82 | 0.0 | 0.0 | 6.40 | 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) | 6.97 | -20.43 | 0.79 | -78.76 | 0.21 | 37.36 | 2.33 | -46.8 | 2.05 | -43.37 | 3.50 | -68.21 | 2.47 | -63.84 | 1.08 | -41.62 | 2.92 | -37.47 | 51.40 | -24.03 | 33.33 | -60.62 | 66.67 | 334.41 | 0.00 | 0 | 4.74 | 20.0 |
| 2022 (9) | 8.76 | -4.99 | 3.72 | -1.59 | 0.15 | -9.12 | 4.38 | -4.58 | 3.62 | -11.06 | 11.01 | -3.76 | 6.83 | -12.99 | 1.85 | -2.63 | 4.67 | -3.71 | 67.66 | 10.54 | 84.65 | 2.87 | 15.35 | -13.34 | 0.00 | 0 | 3.95 | -7.28 |
| 2021 (8) | 9.22 | 11.76 | 3.78 | 42.64 | 0.17 | -31.31 | 4.59 | 51.99 | 4.07 | 63.45 | 11.44 | 78.19 | 7.85 | 63.54 | 1.90 | -0.52 | 4.85 | 45.65 | 61.21 | 77.11 | 82.29 | -5.95 | 17.71 | 52.56 | 0.00 | 0 | 4.26 | -0.7 |
| 2020 (7) | 8.25 | -12.05 | 2.65 | 28.64 | 0.24 | -23.34 | 3.02 | 11.44 | 2.49 | 12.16 | 6.42 | 18.23 | 4.80 | 16.5 | 1.91 | 3.8 | 3.33 | 7.07 | 34.56 | 0.2 | 87.50 | 14.42 | 11.61 | -50.67 | 0.00 | 0 | 4.29 | -23.26 |
| 2019 (6) | 9.38 | 1.63 | 2.06 | 11.35 | 0.32 | 95.3 | 2.71 | 22.07 | 2.22 | -3.06 | 5.43 | -4.06 | 4.12 | -1.67 | 1.84 | 0.55 | 3.11 | 29.05 | 34.49 | 7.05 | 76.47 | -8.77 | 23.53 | 45.45 | 0.00 | 0 | 5.59 | -0.71 |
| 2018 (5) | 9.23 | 11.34 | 1.85 | 640.0 | 0.16 | 9.84 | 2.22 | 167.47 | 2.29 | 157.3 | 5.66 | 191.75 | 4.19 | 199.29 | 1.83 | 16.56 | 2.41 | 131.73 | 32.22 | -15.46 | 83.82 | 163.45 | 16.18 | -77.76 | 0.00 | 0 | 5.63 | -8.46 |
| 2017 (4) | 8.29 | -7.99 | 0.25 | -30.56 | 0.15 | 16.36 | 0.83 | -9.78 | 0.89 | -18.35 | 1.94 | -6.73 | 1.40 | -7.89 | 1.57 | 12.14 | 1.04 | -1.89 | 38.11 | -2.76 | 31.82 | -12.5 | 72.73 | 23.08 | 0.00 | 0 | 6.15 | -8.21 |
| 2016 (3) | 9.01 | -12.78 | 0.36 | -20.0 | 0.13 | -5.13 | 0.92 | -14.81 | 1.09 | 1.87 | 2.08 | 14.29 | 1.52 | 12.59 | 1.40 | 11.11 | 1.06 | -15.2 | 39.19 | 14.52 | 36.36 | -12.73 | 59.09 | 1.3 | 0.00 | 0 | 6.70 | -11.61 |
| 2015 (2) | 10.33 | -5.66 | 0.45 | -63.71 | 0.13 | -21.11 | 1.08 | -42.55 | 1.07 | -44.56 | 1.82 | -45.99 | 1.35 | -46.0 | 1.26 | -2.33 | 1.25 | -39.9 | 34.22 | -4.76 | 41.67 | -36.78 | 58.33 | 71.11 | 0.00 | 0 | 7.58 | 7.98 |
| 2014 (1) | 10.95 | 0 | 1.24 | 0 | 0.17 | 22.29 | 1.88 | 0 | 1.93 | 0 | 3.37 | 0 | 2.50 | 0 | 1.29 | 7.5 | 2.08 | 181.08 | 35.93 | 6.14 | 65.91 | 0 | 34.09 | -88.64 | 0.00 | 0 | 7.02 | -17.12 |
