- 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) | 27.67 | 20.72 | -17.5 | 16.56 | 73.04 | -28.68 | 17.47 | 31.16 | -2.94 | 15.33 | 46.14 | 8.88 | 2.01 | 71.79 | 5.79 | 1.51 | 71.59 | 3.42 | 0.09 | 12.5 | -10.0 | 29.80 | 7.12 | 10.78 | 37.73 | -3.7 | -4.99 | 94.95 | 32.18 | -26.43 | 5.23 | -81.42 | 118.02 | 22.29 | -12.52 | -7.78 |
| 23Q3 (19) | 22.92 | 34.35 | -37.9 | 9.57 | 63.31 | -65.61 | 13.32 | 1981.25 | -49.47 | 10.49 | 2339.53 | -49.57 | 1.17 | 2240.0 | -63.89 | 0.88 | 877.78 | -65.08 | 0.08 | 0.0 | -33.33 | 27.82 | 94.41 | -24.32 | 39.18 | -17.69 | 41.96 | 71.83 | -92.26 | -31.99 | 28.17 | 103.43 | 600.9 | 25.48 | -19.09 | 15.03 |
| 23Q2 (18) | 17.06 | -39.14 | -54.82 | 5.86 | -63.89 | -79.23 | 0.64 | -96.02 | -98.09 | 0.43 | -96.65 | -98.45 | 0.05 | -96.69 | -98.82 | 0.09 | -92.04 | -97.33 | 0.08 | 0.0 | -33.33 | 14.31 | -49.4 | -67.77 | 47.60 | 14.75 | 54.29 | 927.78 | 819.9 | 1003.85 | -822.22 | -95894.44 | -5254.86 | 31.49 | 19.82 | 30.72 |
| 23Q1 (17) | 28.03 | -16.43 | -17.05 | 16.23 | -30.1 | -34.0 | 16.10 | -10.56 | -49.7 | 12.83 | -8.88 | -51.03 | 1.51 | -20.53 | -60.98 | 1.13 | -22.6 | -65.12 | 0.08 | -20.0 | -33.33 | 28.28 | 5.13 | -35.12 | 41.48 | 4.46 | 112.17 | 100.86 | -21.85 | 31.28 | -0.86 | 97.05 | -103.7 | 26.28 | 8.73 | -0.98 |
| 22Q4 (16) | 33.54 | -9.13 | -7.65 | 23.22 | -16.56 | -11.64 | 18.00 | -31.71 | -31.95 | 14.08 | -32.31 | -32.57 | 1.90 | -41.36 | -41.36 | 1.46 | -42.06 | -46.32 | 0.10 | -16.67 | -23.08 | 26.90 | -26.82 | -28.72 | 39.71 | 43.88 | 100.35 | 129.05 | 22.18 | 29.89 | -29.05 | -416.63 | -4593.69 | 24.17 | 9.12 | 15.7 |
| 22Q3 (15) | 36.91 | -2.25 | -1.68 | 27.83 | -1.35 | -5.15 | 26.36 | -21.45 | -14.64 | 20.80 | -24.86 | -15.07 | 3.24 | -23.22 | -21.93 | 2.52 | -25.22 | -28.0 | 0.12 | 0.0 | -14.29 | 36.76 | -17.21 | -11.16 | 27.60 | -10.53 | 46.11 | 105.62 | 25.67 | 11.15 | -5.62 | -135.26 | -213.06 | 22.15 | -8.05 | 3.26 |
| 22Q2 (14) | 37.76 | 11.75 | 19.04 | 28.21 | 14.72 | 19.84 | 33.56 | 4.84 | 64.03 | 27.68 | 5.65 | 51.34 | 4.22 | 9.04 | 47.55 | 3.37 | 4.01 | 40.42 | 0.12 | 0.0 | -7.69 | 44.40 | 1.86 | 38.15 | 30.85 | 57.8 | 68.03 | 84.05 | 9.4 | -26.87 | 15.95 | -31.17 | 205.78 | 24.09 | -9.23 | 12.78 |
| 22Q1 (13) | 33.79 | -6.97 | 27.37 | 24.59 | -6.43 | 38.38 | 32.01 | 21.02 | 71.82 | 26.20 | 25.48 | 71.8 | 3.87 | 19.44 | 73.54 | 3.24 | 19.12 | 73.26 | 0.12 | -7.69 | 0.0 | 43.59 | 15.5 | 39.0 | 19.55 | -1.36 | 0.05 | 76.83 | -22.67 | -19.46 | 23.17 | 3484.25 | 402.1 | 26.54 | 27.05 | 13.03 |
| 21Q4 (12) | 36.32 | -3.25 | 21.31 | 26.28 | -10.43 | 20.38 | 26.45 | -14.35 | 40.02 | 20.88 | -14.74 | 39.85 | 3.24 | -21.93 | 38.46 | 2.72 | -22.29 | 40.21 | 0.13 | -7.14 | 0.0 | 37.74 | -8.8 | 25.26 | 19.82 | 4.92 | -0.55 | 99.35 | 4.55 | -13.95 | 0.65 | -87.0 | 104.14 | 20.89 | -2.61 | -5.99 |
| 21Q3 (11) | 37.54 | 18.35 | 26.65 | 29.34 | 24.64 | 45.25 | 30.88 | 50.93 | 75.26 | 24.49 | 33.9 | 80.6 | 4.15 | 45.1 | 121.93 | 3.50 | 45.83 | 127.27 | 0.14 | 7.69 | 27.27 | 41.38 | 28.75 | 52.19 | 18.89 | 2.89 | -14.6 | 95.03 | -17.32 | -17.08 | 4.97 | 132.99 | 134.08 | 21.45 | 0.42 | -10.21 |
| 21Q2 (10) | 31.72 | 19.56 | 13.25 | 23.54 | 32.47 | 22.16 | 20.46 | 9.82 | 11.74 | 18.29 | 19.93 | 26.66 | 2.86 | 28.25 | 50.53 | 2.40 | 28.34 | 53.85 | 0.13 | 8.33 | 18.18 | 32.14 | 2.49 | 12.77 | 18.36 | -6.04 | -15.7 | 114.94 | 20.5 | 9.44 | -15.08 | -426.7 | -184.98 | 21.36 | -9.03 | -16.85 |
| 21Q1 (9) | 26.53 | -11.39 | 7.58 | 17.77 | -18.6 | 12.04 | 18.63 | -1.38 | 5.85 | 15.25 | 2.14 | 9.4 | 2.23 | -4.7 | -15.53 | 1.87 | -3.61 | -13.43 | 0.12 | -7.69 | -25.0 | 31.36 | 4.08 | 15.76 | 19.54 | -1.96 | -12.02 | 95.38 | -17.39 | 5.85 | 4.62 | 129.55 | -53.3 | 23.48 | 5.67 | -7.56 |
| 20Q4 (8) | 29.94 | 1.01 | 23.67 | 21.83 | 8.07 | 35.34 | 18.89 | 7.21 | 25.93 | 14.93 | 10.1 | 26.31 | 2.34 | 25.13 | -4.49 | 1.94 | 25.97 | -3.96 | 0.13 | 18.18 | -23.53 | 30.13 | 10.81 | 26.7 | 19.93 | -9.9 | -9.7 | 115.46 | 0.75 | 7.56 | -15.62 | -7.02 | -103.71 | 22.22 | -6.99 | 14.54 |
| 20Q3 (7) | 29.64 | 5.82 | 37.03 | 20.20 | 4.83 | 69.75 | 17.62 | -3.77 | 39.84 | 13.56 | -6.09 | 37.66 | 1.87 | -1.58 | -1.58 | 1.54 | -1.28 | 1.32 | 0.11 | 0.0 | -26.67 | 27.19 | -4.6 | 19.73 | 22.12 | 1.56 | 4.39 | 114.60 | 9.11 | 21.16 | -14.60 | -175.86 | -369.46 | 23.89 | -7.01 | -0.95 |
| 20Q2 (6) | 28.01 | 13.58 | 30.28 | 19.27 | 21.5 | 60.85 | 18.31 | 4.03 | 37.15 | 14.44 | 3.59 | 36.87 | 1.90 | -28.03 | 0.53 | 1.56 | -27.78 | 1.3 | 0.11 | -31.25 | -21.43 | 28.50 | 5.2 | 19.65 | 21.78 | -1.94 | -29.4 | 105.03 | 16.55 | 17.07 | -5.29 | -153.53 | -151.43 | 25.69 | 1.14 | 5.89 |
| 20Q1 (5) | 24.66 | 1.86 | 37.23 | 15.86 | -1.67 | 97.02 | 17.60 | 17.33 | 94.91 | 13.94 | 17.94 | 95.51 | 2.64 | 7.76 | 140.0 | 2.16 | 6.93 | 129.79 | 0.16 | -5.88 | 23.08 | 27.09 | 13.92 | 29.8 | 22.21 | 0.63 | 24.64 | 90.12 | -16.05 | 1.21 | 9.88 | 228.9 | -9.81 | 25.40 | 30.93 | -2.61 |
| 19Q4 (4) | 24.21 | 11.93 | 0.0 | 16.13 | 35.55 | 0.0 | 15.00 | 19.05 | 0.0 | 11.82 | 20.0 | 0.0 | 2.45 | 28.95 | 0.0 | 2.02 | 32.89 | 0.0 | 0.17 | 13.33 | 0.0 | 23.78 | 4.71 | 0.0 | 22.07 | 4.15 | 0.0 | 107.35 | 13.5 | 0.0 | -7.67 | -241.56 | 0.0 | 19.40 | -19.57 | 0.0 |
| 19Q3 (3) | 21.63 | 0.6 | 0.0 | 11.90 | -0.67 | 0.0 | 12.60 | -5.62 | 0.0 | 9.85 | -6.64 | 0.0 | 1.90 | 0.53 | 0.0 | 1.52 | -1.3 | 0.0 | 0.15 | 7.14 | 0.0 | 22.71 | -4.66 | 0.0 | 21.19 | -31.31 | 0.0 | 94.58 | 5.43 | 0.0 | 5.42 | -47.35 | 0.0 | 24.12 | -0.58 | 0.0 |
| 19Q2 (2) | 21.50 | 19.64 | 0.0 | 11.98 | 48.82 | 0.0 | 13.35 | 47.84 | 0.0 | 10.55 | 47.97 | 0.0 | 1.89 | 71.82 | 0.0 | 1.54 | 63.83 | 0.0 | 0.14 | 7.69 | 0.0 | 23.82 | 14.14 | 0.0 | 30.85 | 73.12 | 0.0 | 89.71 | 0.75 | 0.0 | 10.29 | -6.12 | 0.0 | 24.26 | -6.98 | 0.0 |
| 19Q1 (1) | 17.97 | 0.0 | 0.0 | 8.05 | 0.0 | 0.0 | 9.03 | 0.0 | 0.0 | 7.13 | 0.0 | 0.0 | 1.10 | 0.0 | 0.0 | 0.94 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 20.87 | 0.0 | 0.0 | 17.82 | 0.0 | 0.0 | 89.04 | 0.0 | 0.0 | 10.96 | 0.0 | 0.0 | 26.08 | 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) | 24.06 | -32.36 | 12.24 | -53.01 | 11.11 | 18.07 | 12.04 | -56.44 | 9.93 | -55.51 | 4.70 | -64.45 | 3.63 | -64.48 | 0.34 | -26.09 | 25.16 | -33.96 | 37.73 | -4.99 | 101.65 | 7.83 | -1.65 | 0 | 24.59 | -0.26 | 26.28 | 8.6 |
| 2022 (9) | 35.57 | 6.82 | 26.05 | 6.33 | 9.41 | -11.53 | 27.64 | 13.28 | 22.32 | 11.88 | 13.22 | 5.68 | 10.22 | -2.2 | 0.46 | -11.54 | 38.10 | 6.13 | 39.71 | 100.35 | 94.27 | -6.12 | 5.76 | 0 | 24.65 | -20.16 | 24.20 | 11.26 |
| 2021 (8) | 33.30 | 17.05 | 24.50 | 24.37 | 10.63 | 11.82 | 24.40 | 34.36 | 19.95 | 40.0 | 12.51 | 35.39 | 10.45 | 35.89 | 0.52 | -3.7 | 35.90 | 26.45 | 19.82 | -0.55 | 100.41 | -7.4 | -0.41 | 0 | 30.87 | -8.83 | 21.75 | -9.38 |
| 2020 (7) | 28.45 | 32.14 | 19.70 | 60.55 | 9.51 | -4.62 | 18.16 | 43.22 | 14.25 | 42.64 | 9.24 | 28.51 | 7.69 | 27.95 | 0.54 | -10.0 | 28.39 | 24.08 | 19.93 | -9.7 | 108.44 | 12.0 | -8.49 | 0 | 33.86 | 5997.0 | 24.00 | 3.23 |
| 2019 (6) | 21.53 | -16.06 | 12.27 | -20.12 | 9.97 | -15.6 | 12.68 | -24.52 | 9.99 | -26.92 | 7.19 | -26.03 | 6.01 | -25.16 | 0.60 | 3.45 | 22.88 | -20.5 | 22.07 | 14.47 | 96.82 | 5.83 | 3.18 | -62.94 | 0.56 | 6.5 | 23.25 | 1.09 |
| 2018 (5) | 25.65 | 4.69 | 15.36 | 2.4 | 11.82 | -9.29 | 16.80 | 18.31 | 13.67 | 8.75 | 9.72 | 2.64 | 8.03 | 13.9 | 0.58 | 5.45 | 28.78 | 4.24 | 19.28 | -21.27 | 91.49 | -13.4 | 8.59 | 0 | 0.52 | 0 | 23.00 | 8.03 |
| 2017 (4) | 24.50 | -1.05 | 15.00 | -2.02 | 13.03 | -5.69 | 14.20 | -6.46 | 12.57 | -1.18 | 9.47 | -6.33 | 7.05 | 1.44 | 0.55 | 3.77 | 27.61 | -7.22 | 24.49 | -51.77 | 105.64 | 4.69 | -5.64 | 0 | 0.00 | 0 | 21.29 | 4.26 |
| 2016 (3) | 24.76 | 0.53 | 15.31 | -1.8 | 13.81 | -0.33 | 15.18 | -8.06 | 12.72 | -5.07 | 10.11 | -2.13 | 6.95 | -0.86 | 0.53 | 6.0 | 29.76 | -4.89 | 50.78 | -0.8 | 100.90 | 6.81 | -0.90 | 0 | 0.00 | 0 | 20.42 | -3.22 |
| 2015 (2) | 24.63 | -17.49 | 15.59 | -24.21 | 13.86 | 15.43 | 16.51 | -23.53 | 13.40 | -26.05 | 10.33 | -33.18 | 7.01 | -37.52 | 0.50 | -18.03 | 31.29 | -8.75 | 51.19 | -7.78 | 94.47 | -0.85 | 5.53 | 17.19 | 0.00 | 0 | 21.10 | 8.32 |
| 2014 (1) | 29.85 | 0 | 20.57 | 0 | 12.01 | 9.41 | 21.59 | 0 | 18.12 | 0 | 15.46 | 0 | 11.22 | 0 | 0.61 | -14.08 | 34.29 | -1.64 | 55.51 | 123.65 | 95.28 | 0.06 | 4.72 | -1.1 | 0.00 | 0 | 19.48 | 2.04 |
