- 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) | 29.73 | -7.93 | -17.37 | 20.43 | -9.08 | -20.66 | 22.31 | 21.18 | -5.86 | 20.14 | 42.74 | 0.1 | 11.54 | 31.14 | -21.92 | 6.50 | 58.92 | -12.16 | 0.32 | 14.29 | -11.11 | 24.60 | 18.44 | -3.61 | 76.55 | -8.17 | -17.51 | 91.61 | -24.92 | -15.7 | 8.39 | 138.1 | 196.81 | 14.52 | 2.04 | -12.11 |
| 23Q3 (19) | 32.29 | 1.57 | -4.89 | 22.47 | 1.03 | -15.46 | 18.41 | -39.62 | -37.27 | 14.11 | -44.51 | -39.98 | 8.80 | -47.18 | -62.79 | 4.09 | -48.42 | -55.15 | 0.28 | -9.68 | -26.32 | 20.77 | -36.19 | -33.09 | 83.36 | -48.05 | -26.42 | 122.02 | 67.3 | 34.78 | -22.02 | -181.35 | -333.88 | 14.23 | 1.93 | 16.16 |
| 23Q2 (18) | 31.79 | -1.09 | 9.66 | 22.24 | 0.41 | 1.04 | 30.49 | 50.64 | 25.68 | 25.43 | 60.04 | 26.08 | 16.66 | 96.23 | -21.97 | 7.93 | 69.44 | 4.07 | 0.31 | 6.9 | -16.22 | 32.55 | 44.35 | 26.11 | 160.47 | 107.33 | -28.95 | 72.93 | -33.31 | -19.6 | 27.07 | 386.0 | 191.48 | 13.96 | -4.58 | 15.56 |
| 23Q1 (17) | 32.14 | -10.67 | 28.15 | 22.15 | -13.98 | 31.22 | 20.24 | -14.6 | 36.57 | 15.89 | -21.02 | 35.7 | 8.49 | -42.56 | 2.91 | 4.68 | -36.76 | 34.48 | 0.29 | -19.44 | 0.0 | 22.55 | -11.64 | 33.27 | 77.40 | -16.59 | -47.6 | 109.36 | 0.64 | -3.99 | -9.46 | -9.2 | 31.93 | 14.63 | -11.44 | 6.71 |
| 22Q4 (16) | 35.98 | 5.98 | 45.96 | 25.75 | -3.12 | 51.03 | 23.70 | -19.25 | 47.39 | 20.12 | -14.42 | 56.45 | 14.78 | -37.51 | 25.36 | 7.40 | -18.86 | 50.41 | 0.36 | -5.26 | -5.26 | 25.52 | -17.78 | 42.81 | 92.80 | -18.09 | -31.0 | 108.67 | 20.03 | 2.44 | -8.67 | -192.05 | -42.64 | 16.52 | 34.86 | 27.17 |
| 22Q3 (15) | 33.95 | 17.11 | 31.49 | 26.58 | 20.76 | 44.3 | 29.35 | 20.98 | 55.54 | 23.51 | 16.56 | 54.47 | 23.65 | 10.77 | 61.43 | 9.12 | 19.69 | 73.71 | 0.38 | 2.7 | 26.67 | 31.04 | 20.26 | 49.45 | 113.29 | -49.84 | -47.84 | 90.53 | -0.2 | -7.29 | 9.41 | 1.39 | 301.55 | 12.25 | 1.41 | -14.1 |
| 22Q2 (14) | 28.99 | 15.59 | 8.7 | 22.01 | 30.39 | 22.48 | 24.26 | 63.7 | 37.22 | 20.17 | 72.25 | 32.78 | 21.35 | 158.79 | 76.74 | 7.62 | 118.97 | 63.17 | 0.37 | 27.59 | 23.33 | 25.81 | 52.54 | 30.62 | 225.84 | 52.88 | 3.99 | 90.71 | -20.36 | -10.65 | 9.29 | 166.79 | 655.6 | 12.08 | -11.89 | -15.29 |
| 22Q1 (13) | 25.08 | 1.74 | 2.2 | 16.88 | -1.0 | 11.35 | 14.82 | -7.84 | -3.14 | 11.71 | -8.94 | -4.1 | 8.25 | -30.03 | 8.84 | 3.48 | -29.27 | 0.0 | 0.29 | -23.68 | 3.57 | 16.92 | -5.32 | -4.08 | 147.72 | 9.84 | 22.69 | 113.90 | 7.38 | 14.99 | -13.90 | -128.8 | -1573.62 | 13.71 | 5.54 | -8.54 |
| 21Q4 (12) | 24.65 | -4.53 | 0.0 | 17.05 | -7.44 | 3.08 | 16.08 | -14.79 | 7.99 | 12.86 | -15.51 | 1.98 | 11.79 | -19.52 | 31.29 | 4.92 | -6.29 | 31.55 | 0.38 | 26.67 | 31.03 | 17.87 | -13.96 | 4.56 | 134.49 | -38.07 | 9.08 | 106.08 | 8.62 | -4.39 | -6.08 | -359.14 | 44.49 | 12.99 | -8.91 | -7.54 |
| 21Q3 (11) | 25.82 | -3.19 | -13.73 | 18.42 | 2.5 | -12.87 | 18.87 | 6.73 | -1.41 | 15.22 | 0.2 | 0.59 | 14.65 | 21.27 | 19.4 | 5.25 | 12.42 | 13.15 | 0.30 | 0.0 | 0.0 | 20.77 | 5.11 | -2.07 | 217.18 | 0.0 | 30.24 | 97.66 | -3.82 | -11.51 | 2.34 | 240.29 | 122.32 | 14.26 | 0.0 | 12.55 |
| 21Q2 (10) | 26.67 | 8.68 | -18.54 | 17.97 | 18.54 | -23.5 | 17.68 | 15.56 | -25.27 | 15.19 | 24.41 | -25.94 | 12.08 | 59.37 | -27.88 | 4.67 | 34.2 | -37.06 | 0.30 | 7.14 | -16.67 | 19.76 | 12.02 | -21.9 | 217.18 | 80.38 | 27.83 | 101.53 | 2.5 | 2.2 | -1.67 | -277.16 | -354.04 | 14.26 | -4.87 | 6.42 |
| 21Q1 (9) | 24.54 | -0.45 | -19.54 | 15.16 | -8.34 | -15.78 | 15.30 | 2.75 | -22.57 | 12.21 | -3.17 | -22.33 | 7.58 | -15.59 | -3.68 | 3.48 | -6.95 | -12.12 | 0.28 | -3.45 | 12.0 | 17.64 | 3.22 | -20.54 | 120.40 | -2.35 | 25.78 | 99.06 | -10.72 | 8.77 | 0.94 | 108.62 | -89.43 | 14.99 | 6.69 | -9.97 |
| 20Q4 (8) | 24.65 | -17.64 | -14.97 | 16.54 | -21.76 | -8.47 | 14.89 | -22.2 | -16.77 | 12.61 | -16.66 | -19.58 | 8.98 | -26.81 | -20.04 | 3.74 | -19.4 | -26.09 | 0.29 | -3.33 | -9.38 | 17.09 | -19.42 | -12.94 | 123.30 | -26.06 | 10.2 | 110.95 | 0.53 | 10.02 | -10.95 | -4.21 | -983.67 | 14.05 | 10.89 | -2.84 |
| 20Q3 (7) | 29.93 | -8.58 | -2.89 | 21.14 | -10.0 | -1.45 | 19.14 | -19.1 | -19.07 | 15.13 | -26.23 | -20.74 | 12.27 | -26.75 | -20.53 | 4.64 | -37.47 | -26.7 | 0.30 | -16.67 | -9.09 | 21.21 | -16.17 | -16.3 | 166.75 | -1.85 | 18.32 | 110.36 | 11.09 | 21.66 | -10.50 | -1696.55 | -213.09 | 12.67 | -5.45 | -1.09 |
| 20Q2 (6) | 32.74 | 7.34 | 11.06 | 23.49 | 30.5 | 13.2 | 23.66 | 19.74 | 9.18 | 20.51 | 30.47 | 18.28 | 16.75 | 112.83 | 22.8 | 7.42 | 87.37 | 18.72 | 0.36 | 44.0 | 2.86 | 25.30 | 13.96 | 8.26 | 169.90 | 77.5 | 9.92 | 99.34 | 9.08 | 3.79 | 0.66 | -92.63 | -84.66 | 13.40 | -19.52 | 3.16 |
| 20Q1 (5) | 30.50 | 5.21 | 10.99 | 18.00 | -0.39 | -3.23 | 19.76 | 10.45 | 14.95 | 15.72 | 0.26 | 18.28 | 7.87 | -29.92 | -2.84 | 3.96 | -21.74 | -9.38 | 0.25 | -21.88 | -21.88 | 22.20 | 13.09 | 15.69 | 95.72 | -14.45 | -1.09 | 91.07 | -9.69 | -15.79 | 8.93 | 983.93 | 209.6 | 16.65 | 15.15 | 14.04 |
| 19Q4 (4) | 28.99 | -5.94 | 0.0 | 18.07 | -15.76 | 0.0 | 17.89 | -24.36 | 0.0 | 15.68 | -17.86 | 0.0 | 11.23 | -27.27 | 0.0 | 5.06 | -20.06 | 0.0 | 0.32 | -3.03 | 0.0 | 19.63 | -22.53 | 0.0 | 111.89 | -20.61 | 0.0 | 100.84 | 11.17 | 0.0 | -1.01 | -110.88 | 0.0 | 14.46 | 12.88 | 0.0 |
| 19Q3 (3) | 30.82 | 4.55 | 0.0 | 21.45 | 3.37 | 0.0 | 23.65 | 9.14 | 0.0 | 19.09 | 10.09 | 0.0 | 15.44 | 13.2 | 0.0 | 6.33 | 1.28 | 0.0 | 0.33 | -5.71 | 0.0 | 25.34 | 8.43 | 0.0 | 140.93 | -8.82 | 0.0 | 90.71 | -5.22 | 0.0 | 9.29 | 116.52 | 0.0 | 12.81 | -1.39 | 0.0 |
| 19Q2 (2) | 29.48 | 7.28 | 0.0 | 20.75 | 11.56 | 0.0 | 21.67 | 26.06 | 0.0 | 17.34 | 30.47 | 0.0 | 13.64 | 68.4 | 0.0 | 6.25 | 43.02 | 0.0 | 0.35 | 9.37 | 0.0 | 23.37 | 21.78 | 0.0 | 154.56 | 59.72 | 0.0 | 95.71 | -11.5 | 0.0 | 4.29 | 152.65 | 0.0 | 12.99 | -11.03 | 0.0 |
| 19Q1 (1) | 27.48 | 0.0 | 0.0 | 18.60 | 0.0 | 0.0 | 17.19 | 0.0 | 0.0 | 13.29 | 0.0 | 0.0 | 8.10 | 0.0 | 0.0 | 4.37 | 0.0 | 0.0 | 0.32 | 0.0 | 0.0 | 19.19 | 0.0 | 0.0 | 96.77 | 0.0 | 0.0 | 108.15 | 0.0 | 0.0 | -8.15 | 0.0 | 0.0 | 14.60 | 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) | 31.49 | 0.25 | 21.83 | -6.19 | 1.82 | 33.5 | 23.12 | -2.78 | 19.12 | -2.0 | 43.38 | -31.25 | 23.82 | -21.88 | 1.23 | -20.13 | 25.37 | -0.67 | 76.55 | -17.51 | 94.43 | -3.51 | 5.59 | 162.68 | 0.13 | -17.16 | 14.33 | 5.76 |
| 2022 (9) | 31.41 | 23.56 | 23.27 | 34.9 | 1.36 | -19.38 | 23.78 | 39.47 | 19.51 | 40.26 | 63.10 | 47.71 | 30.49 | 61.24 | 1.54 | 14.93 | 25.54 | 34.07 | 92.80 | -31.0 | 97.87 | -3.3 | 2.13 | 0 | 0.16 | -28.27 | 13.55 | 0.3 |
| 2021 (8) | 25.42 | -13.63 | 17.25 | -13.75 | 1.69 | -0.74 | 17.05 | -12.16 | 13.91 | -13.55 | 42.72 | -0.65 | 18.91 | -5.64 | 1.34 | 8.94 | 19.05 | -11.19 | 134.49 | 9.08 | 101.21 | -1.75 | -1.18 | 0 | 0.22 | -0.65 | 13.51 | -3.43 |
| 2020 (7) | 29.43 | 0.58 | 20.00 | 1.16 | 1.70 | 27.06 | 19.41 | -4.01 | 16.09 | -2.31 | 43.00 | -5.87 | 20.04 | -14.07 | 1.23 | -11.51 | 21.45 | -2.46 | 123.30 | 10.2 | 103.02 | 5.4 | -3.06 | 0 | 0.22 | 73.48 | 13.99 | 2.27 |
| 2019 (6) | 29.26 | 7.49 | 19.77 | 6.86 | 1.34 | 103.42 | 20.22 | 2.22 | 16.47 | 3.58 | 45.68 | 8.66 | 23.32 | -0.93 | 1.39 | -5.44 | 21.99 | 6.7 | 111.89 | 29.8 | 97.74 | 4.46 | 2.26 | -64.91 | 0.13 | 108.35 | 13.68 | 4.03 |
| 2018 (5) | 27.22 | -0.37 | 18.50 | -0.22 | 0.66 | 6.29 | 19.78 | 17.88 | 15.90 | 14.97 | 42.04 | 30.52 | 23.54 | 22.86 | 1.47 | 6.52 | 20.61 | 17.57 | 86.20 | 17.78 | 93.57 | -15.33 | 6.43 | 0 | 0.06 | 0 | 13.15 | -5.19 |
| 2017 (4) | 27.32 | -10.75 | 18.54 | -10.35 | 0.62 | -8.68 | 16.78 | -20.89 | 13.83 | -21.38 | 32.21 | -5.76 | 19.16 | -10.17 | 1.38 | 14.05 | 17.53 | -20.39 | 73.19 | 12.46 | 110.51 | 13.34 | -10.45 | 0 | 0.00 | 0 | 13.87 | 3.58 |
| 2016 (3) | 30.61 | 0.99 | 20.68 | -0.96 | 0.68 | -4.47 | 21.21 | -3.15 | 17.59 | -0.17 | 34.18 | -9.84 | 21.33 | -11.31 | 1.21 | -11.03 | 22.02 | -3.12 | 65.08 | 15.12 | 97.50 | 2.33 | 2.50 | -46.37 | 0.00 | 0 | 13.39 | 8.42 |
| 2015 (2) | 30.31 | 15.73 | 20.88 | 23.7 | 0.71 | -8.33 | 21.90 | 19.54 | 17.62 | 18.97 | 37.91 | 2.51 | 24.05 | 8.97 | 1.36 | -8.11 | 22.73 | 18.2 | 56.53 | -6.03 | 95.29 | 3.43 | 4.66 | -40.86 | 0.00 | 0 | 12.35 | 10.17 |
| 2014 (1) | 26.19 | 0 | 16.88 | 0 | 0.77 | -7.67 | 18.32 | 0 | 14.81 | 0 | 36.98 | 0 | 22.07 | 0 | 1.48 | -13.45 | 19.23 | 30.73 | 60.16 | -26.8 | 92.13 | -9.08 | 7.87 | 0 | 0.00 | 0 | 11.21 | 3.32 |
