- 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) | 18.11 | 19.22 | -15.26 | 7.54 | 77.83 | 29.11 | 6.09 | -29.35 | 8.94 | 4.36 | -49.42 | -2.46 | 1.82 | -52.85 | 29.08 | 1.20 | -47.83 | 41.18 | 0.26 | 0.0 | 36.84 | 7.70 | -24.44 | 1.58 | 55.31 | -15.53 | -14.65 | 123.81 | 147.62 | 19.39 | -23.81 | -147.62 | -542.86 | 5.93 | -3.1 | -31.21 |
| 23Q3 (19) | 15.19 | -5.53 | -40.64 | 4.24 | -12.76 | -66.11 | 8.62 | 26.76 | -45.65 | 8.62 | 58.46 | -32.07 | 3.86 | 61.51 | -24.17 | 2.30 | 65.47 | -17.56 | 0.26 | 4.0 | 18.18 | 10.19 | 21.89 | -41.06 | 65.48 | -15.95 | -8.01 | 50.00 | -29.69 | -36.49 | 50.00 | 73.08 | 135.0 | 6.12 | -4.38 | -28.84 |
| 23Q2 (18) | 16.08 | -8.38 | -49.72 | 4.86 | -17.21 | -77.54 | 6.80 | 42.26 | -71.32 | 5.44 | 42.41 | -71.32 | 2.39 | 52.23 | -81.8 | 1.39 | 46.32 | -78.94 | 0.25 | 4.17 | -28.57 | 8.36 | 31.65 | -65.89 | 77.91 | 3.62 | -18.14 | 71.11 | -42.72 | -22.12 | 28.89 | 219.68 | 232.22 | 6.40 | -9.73 | -25.49 |
| 23Q1 (17) | 17.55 | -17.88 | -42.27 | 5.87 | 0.51 | -71.07 | 4.78 | -14.49 | -78.93 | 3.82 | -14.54 | -78.95 | 1.57 | 11.35 | -87.49 | 0.95 | 11.76 | -85.88 | 0.24 | 26.32 | -35.14 | 6.35 | -16.23 | -72.9 | 75.19 | 16.03 | -27.09 | 124.14 | 19.7 | 38.63 | -24.14 | -551.72 | -330.88 | 7.09 | -17.75 | -22.34 |
| 22Q4 (16) | 21.37 | -16.49 | -26.51 | 5.84 | -53.32 | -68.47 | 5.59 | -64.75 | -71.14 | 4.47 | -64.78 | -71.03 | 1.41 | -72.3 | -85.34 | 0.85 | -69.53 | -85.86 | 0.19 | -13.64 | -51.28 | 7.58 | -56.16 | -62.46 | 64.80 | -8.96 | -8.46 | 103.70 | 31.73 | 8.45 | -3.70 | -117.41 | -184.66 | 8.62 | 0.23 | 6.68 |
| 22Q3 (15) | 25.59 | -19.98 | -10.37 | 12.51 | -42.19 | -33.39 | 15.86 | -33.11 | -23.42 | 12.69 | -33.1 | -26.18 | 5.09 | -61.23 | -59.41 | 2.79 | -57.73 | -65.17 | 0.22 | -37.14 | -53.19 | 17.29 | -29.46 | -20.03 | 71.18 | -25.21 | 50.07 | 78.72 | -13.78 | -13.15 | 21.28 | 144.68 | 127.39 | 8.60 | 0.12 | 9.28 |
| 22Q2 (14) | 31.98 | 5.2 | 32.92 | 21.64 | 6.65 | 42.74 | 23.71 | 4.5 | 48.28 | 18.97 | 4.52 | 42.95 | 13.13 | 4.62 | 35.36 | 6.60 | -1.93 | 15.59 | 0.35 | -5.41 | -18.6 | 24.51 | 4.61 | 45.12 | 95.17 | -7.72 | 42.34 | 91.30 | 1.96 | -3.76 | 8.70 | -16.82 | 69.57 | 8.59 | -5.91 | 23.24 |
| 22Q1 (13) | 30.40 | 4.54 | 62.48 | 20.29 | 9.56 | 92.87 | 22.69 | 17.14 | 95.94 | 18.15 | 17.63 | 88.87 | 12.55 | 30.46 | 74.31 | 6.73 | 11.98 | 49.56 | 0.37 | -5.13 | -21.28 | 23.43 | 16.05 | 87.14 | 103.13 | 45.68 | 40.01 | 89.55 | -6.36 | -1.03 | 10.45 | 138.96 | 9.77 | 9.13 | 13.0 | 49.67 |
| 21Q4 (12) | 29.08 | 1.86 | 46.72 | 18.52 | -1.38 | 55.63 | 19.37 | -6.47 | 64.15 | 15.43 | -10.24 | 66.81 | 9.62 | -23.29 | 40.03 | 6.01 | -24.97 | 33.56 | 0.39 | -17.02 | -20.41 | 20.19 | -6.61 | 59.23 | 70.79 | 49.25 | 50.46 | 95.62 | 5.5 | -4.37 | 4.38 | -53.24 | 467.5 | 8.08 | 2.67 | 26.05 |
| 21Q3 (11) | 28.55 | 18.66 | 55.16 | 18.78 | 23.88 | 83.76 | 20.71 | 29.52 | 85.91 | 17.19 | 29.54 | 64.18 | 12.54 | 29.28 | 40.74 | 8.01 | 40.28 | 48.61 | 0.47 | 9.3 | -7.84 | 21.62 | 28.0 | 80.77 | 47.43 | -29.06 | -19.77 | 90.64 | -4.46 | -1.01 | 9.36 | 82.46 | 10.94 | 7.87 | 12.91 | 42.31 |
| 21Q2 (10) | 24.06 | 28.59 | 37.02 | 15.16 | 44.11 | 84.65 | 15.99 | 38.08 | 85.5 | 13.27 | 38.09 | 63.63 | 9.70 | 34.72 | 60.07 | 5.71 | 26.89 | 68.93 | 0.43 | -8.51 | 2.38 | 16.89 | 34.9 | 76.67 | 66.86 | -9.23 | -7.82 | 94.87 | 4.86 | -1.26 | 5.13 | -46.15 | 30.77 | 6.97 | 14.26 | 0 |
| 21Q1 (9) | 18.71 | -5.6 | 9.42 | 10.52 | -11.6 | 52.24 | 11.58 | -1.86 | 34.97 | 9.61 | 3.89 | 27.28 | 7.20 | 4.8 | 42.01 | 4.50 | 0.0 | 55.71 | 0.47 | -4.08 | 23.68 | 12.52 | -1.26 | 30.15 | 73.66 | 56.56 | -16.42 | 90.48 | -9.52 | 11.9 | 9.52 | 900.0 | -50.26 | 6.10 | -4.84 | -3.33 |
| 20Q4 (8) | 19.82 | 7.72 | 31.69 | 11.90 | 16.44 | 111.37 | 11.80 | 5.92 | 97.99 | 9.25 | -11.65 | 54.94 | 6.87 | -22.9 | 76.15 | 4.50 | -16.51 | 92.31 | 0.49 | -3.92 | 25.64 | 12.68 | 6.02 | 81.4 | 47.05 | -20.42 | -28.33 | 100.00 | 9.21 | 6.45 | -1.19 | -114.12 | -119.64 | 6.41 | 15.91 | 22.1 |
| 20Q3 (7) | 18.40 | 4.78 | 11.99 | 10.22 | 24.48 | 50.96 | 11.14 | 29.23 | 29.84 | 10.47 | 29.1 | 38.68 | 8.91 | 47.03 | 86.4 | 5.39 | 59.47 | 104.94 | 0.51 | 21.43 | 45.71 | 11.96 | 25.1 | 22.54 | 59.12 | -18.49 | -17.71 | 91.57 | -4.7 | 15.8 | 8.43 | 115.06 | -59.71 | 5.53 | 0 | -13.86 |
| 20Q2 (6) | 17.56 | 2.69 | -9.72 | 8.21 | 18.81 | -19.19 | 8.62 | 0.47 | -26.01 | 8.11 | 7.42 | -20.88 | 6.06 | 19.53 | 3.95 | 3.38 | 16.96 | 0.6 | 0.42 | 10.53 | 27.27 | 9.56 | -0.62 | -25.37 | 72.53 | -17.7 | -23.12 | 96.08 | 18.83 | 9.8 | 3.92 | -79.52 | -68.63 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 17.10 | 13.62 | -22.87 | 6.91 | 22.74 | -50.54 | 8.58 | 43.96 | -43.63 | 7.55 | 26.47 | -43.66 | 5.07 | 30.0 | -43.54 | 2.89 | 23.5 | -48.3 | 0.38 | -2.56 | -9.52 | 9.62 | 37.63 | -40.32 | 88.13 | 34.24 | 53.56 | 80.85 | -13.93 | -11.54 | 19.15 | 215.96 | 122.61 | 6.31 | 20.19 | -3.81 |
| 19Q4 (4) | 15.05 | -8.4 | 0.0 | 5.63 | -16.84 | 0.0 | 5.96 | -30.54 | 0.0 | 5.97 | -20.93 | 0.0 | 3.90 | -18.41 | 0.0 | 2.34 | -11.03 | 0.0 | 0.39 | 11.43 | 0.0 | 6.99 | -28.38 | 0.0 | 65.65 | -8.62 | 0.0 | 93.94 | 18.81 | 0.0 | 6.06 | -71.04 | 0.0 | 5.25 | -18.22 | 0.0 |
| 19Q3 (3) | 16.43 | -15.53 | 0.0 | 6.77 | -33.37 | 0.0 | 8.58 | -26.35 | 0.0 | 7.55 | -26.34 | 0.0 | 4.78 | -18.01 | 0.0 | 2.63 | -21.73 | 0.0 | 0.35 | 6.06 | 0.0 | 9.76 | -23.81 | 0.0 | 71.84 | -23.85 | 0.0 | 79.07 | -9.63 | 0.0 | 20.93 | 67.44 | 0.0 | 6.42 | -4.61 | 0.0 |
| 19Q2 (2) | 19.45 | -12.27 | 0.0 | 10.16 | -27.27 | 0.0 | 11.65 | -23.46 | 0.0 | 10.25 | -23.51 | 0.0 | 5.83 | -35.08 | 0.0 | 3.36 | -39.89 | 0.0 | 0.33 | -21.43 | 0.0 | 12.81 | -20.53 | 0.0 | 94.34 | 64.38 | 0.0 | 87.50 | -4.26 | 0.0 | 12.50 | 45.31 | 0.0 | 6.73 | 2.59 | 0.0 |
| 19Q1 (1) | 22.17 | 0.0 | 0.0 | 13.97 | 0.0 | 0.0 | 15.22 | 0.0 | 0.0 | 13.40 | 0.0 | 0.0 | 8.98 | 0.0 | 0.0 | 5.59 | 0.0 | 0.0 | 0.42 | 0.0 | 0.0 | 16.12 | 0.0 | 0.0 | 57.39 | 0.0 | 0.0 | 91.40 | 0.0 | 0.0 | 8.60 | 0.0 | 0.0 | 6.56 | 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) | 16.71 | -41.45 | 5.63 | -66.71 | 1.24 | 24.41 | 6.62 | -65.12 | 5.62 | -62.98 | 9.30 | -69.81 | 5.99 | -67.43 | 1.04 | -14.05 | 8.17 | -59.21 | 55.31 | -14.65 | 84.66 | -5.01 | 14.77 | 35.81 | 0.19 | -32.07 | 6.36 | -27.48 |
| 2022 (9) | 28.54 | 12.63 | 16.91 | 6.15 | 1.00 | 19.65 | 18.98 | 10.93 | 15.18 | 8.2 | 30.81 | -14.2 | 18.39 | -17.5 | 1.21 | -23.9 | 20.03 | 11.28 | 64.80 | -8.46 | 89.12 | -4.23 | 10.88 | 56.69 | 0.28 | 589.92 | 8.77 | 20.14 |
| 2021 (8) | 25.34 | 38.32 | 15.93 | 67.33 | 0.83 | -5.64 | 17.11 | 67.75 | 14.03 | 56.24 | 35.91 | 43.81 | 22.29 | 38.71 | 1.59 | -10.67 | 18.00 | 61.43 | 70.79 | 50.46 | 93.06 | -0.56 | 6.94 | 2.2 | 0.04 | -70.41 | 7.30 | 20.46 |
| 2020 (7) | 18.32 | -0.27 | 9.52 | 2.7 | 0.88 | -9.38 | 10.20 | -2.58 | 8.98 | -4.47 | 24.97 | 7.82 | 16.07 | 14.21 | 1.78 | 19.46 | 11.15 | -3.21 | 47.05 | -28.33 | 93.58 | 5.81 | 6.79 | -41.22 | 0.14 | -33.52 | 6.06 | -2.73 |
| 2019 (6) | 18.37 | -18.46 | 9.27 | -32.87 | 0.98 | 104.36 | 10.47 | -31.43 | 9.40 | -26.73 | 23.16 | -44.0 | 14.07 | -44.82 | 1.49 | -25.13 | 11.52 | -27.09 | 65.65 | 1.66 | 88.44 | -2.12 | 11.56 | 19.93 | 0.21 | -1.72 | 6.23 | -9.84 |
| 2018 (5) | 22.53 | 23.59 | 13.81 | 47.86 | 0.48 | -38.91 | 15.27 | 59.23 | 12.83 | 57.42 | 41.36 | 74.96 | 25.50 | 69.77 | 1.99 | 8.15 | 15.80 | 52.36 | 64.58 | 9.11 | 90.36 | -7.11 | 9.64 | 254.58 | 0.21 | 0 | 6.91 | 12.54 |
| 2017 (4) | 18.23 | -1.88 | 9.34 | 18.53 | 0.78 | -29.6 | 9.59 | 8.61 | 8.15 | 5.3 | 23.64 | 17.26 | 15.02 | 14.48 | 1.84 | 8.24 | 10.37 | 4.43 | 59.19 | 7.09 | 97.28 | 8.54 | 2.72 | -75.54 | 0.00 | 0 | 6.14 | -9.31 |
| 2016 (3) | 18.58 | -0.11 | 7.88 | 24.49 | 1.11 | -21.22 | 8.83 | 15.73 | 7.74 | 12.5 | 20.16 | 21.3 | 13.12 | 17.88 | 1.70 | 4.94 | 9.93 | 10.21 | 55.27 | 6.58 | 89.63 | 7.33 | 11.11 | -36.6 | 0.00 | 0 | 6.77 | -12.53 |
| 2015 (2) | 18.60 | -4.37 | 6.33 | -9.57 | 1.41 | 5.3 | 7.63 | -13.98 | 6.88 | -9.71 | 16.62 | -15.25 | 11.13 | -16.75 | 1.62 | -7.43 | 9.01 | -12.01 | 51.86 | 11.14 | 83.51 | 6.02 | 17.53 | -17.48 | 0.00 | 0 | 7.74 | 6.32 |
| 2014 (1) | 19.45 | 0 | 7.00 | 0 | 1.34 | 14.54 | 8.87 | 0 | 7.62 | 0 | 19.61 | 0 | 13.37 | 0 | 1.75 | -7.41 | 10.24 | -7.08 | 46.66 | -0.21 | 78.76 | -4.19 | 21.24 | 19.34 | 0.00 | 0 | 7.28 | 0.28 |
