- 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) | 26.27 | -12.64 | 91.61 | 4.71 | -63.85 | 234.04 | 17.64 | 30.47 | 489.4 | 14.01 | 36.68 | 1021.71 | 2.54 | 30.93 | 786.49 | 1.51 | 26.89 | 2057.14 | 0.09 | 0.0 | -10.0 | 31.51 | 23.38 | 412.36 | 103.69 | 0.79 | -27.97 | 26.69 | -72.4 | 184.73 | 73.31 | 1816.4 | -44.26 | 24.92 | 8.96 | 78.25 |
| 23Q3 (19) | 30.07 | 51.72 | 100.6 | 13.03 | 407.0 | 266.01 | 13.52 | 59.43 | 39.81 | 10.25 | 86.36 | 1.69 | 1.94 | 106.38 | -21.14 | 1.19 | 70.0 | -5.56 | 0.09 | 12.5 | -18.18 | 25.54 | 14.84 | 26.81 | 102.88 | -6.67 | -17.18 | 96.72 | 215.12 | 164.71 | 3.83 | -94.56 | -93.97 | 22.87 | 0.57 | 45.02 |
| 23Q2 (18) | 19.82 | 16.31 | 53.52 | 2.57 | 149.51 | 456.94 | 8.48 | 142.29 | 48.25 | 5.50 | -3.68 | -52.42 | 0.94 | -13.76 | -57.47 | 0.70 | 1.45 | -37.5 | 0.08 | -11.11 | 0.0 | 22.24 | 44.42 | 24.38 | 110.23 | 4.4 | -17.82 | 30.69 | 0.85 | 348.95 | 70.30 | -2.01 | -37.42 | 22.74 | 18.81 | 21.02 |
| 23Q1 (17) | 17.04 | 24.29 | 524.18 | 1.03 | -26.95 | 105.54 | 3.50 | 177.26 | 120.5 | 5.71 | 475.66 | 145.35 | 1.09 | 394.59 | 170.78 | 0.69 | 885.71 | 221.05 | 0.09 | -10.0 | 80.0 | 15.40 | 150.41 | 3042.86 | 105.58 | -26.66 | -10.73 | 30.43 | 196.6 | -71.97 | 71.74 | -45.45 | 936.96 | 19.14 | 36.91 | -23.93 |
| 22Q4 (16) | 13.71 | -8.54 | -7.74 | 1.41 | -60.39 | 123.58 | -4.53 | -146.85 | 34.63 | -1.52 | -115.08 | 74.24 | -0.37 | -115.04 | 63.73 | 0.07 | -94.44 | 120.59 | 0.10 | -9.09 | 25.0 | 6.15 | -69.46 | 51.48 | 143.96 | 15.89 | 11.34 | -31.51 | -186.23 | -136.76 | 131.51 | 107.22 | 820.55 | 13.98 | -11.35 | -37.08 |
| 22Q3 (15) | 14.99 | 16.11 | 175.55 | 3.56 | 594.44 | 125.63 | 9.67 | 69.06 | 226.57 | 10.08 | -12.8 | -5.62 | 2.46 | 11.31 | 57.69 | 1.26 | 12.5 | 57.5 | 0.11 | 37.5 | 83.33 | 20.14 | 12.64 | 180.89 | 124.22 | -7.39 | -2.5 | 36.54 | 396.37 | -79.99 | 63.46 | -43.5 | 176.82 | 15.77 | -16.07 | -35.37 |
| 22Q2 (14) | 12.91 | 372.89 | -52.48 | -0.72 | 96.13 | -116.0 | 5.72 | 133.51 | -43.92 | 11.56 | 191.82 | 14.91 | 2.21 | 243.51 | 16.32 | 1.12 | 296.49 | 13.13 | 0.08 | 60.0 | -11.11 | 17.88 | 3548.98 | -27.26 | 134.13 | 13.41 | 8.7 | -12.33 | -111.36 | -128.15 | 112.33 | 1410.5 | 99.88 | 18.79 | -25.32 | -21.05 |
| 22Q1 (13) | 2.73 | -81.63 | -92.43 | -18.60 | -211.04 | -200.92 | -17.07 | -146.32 | -179.17 | -12.59 | -113.39 | -159.22 | -1.54 | -50.98 | -142.78 | -0.57 | -67.65 | -132.95 | 0.05 | -37.5 | -37.5 | 0.49 | -87.93 | -98.65 | 118.27 | -8.53 | 9.23 | 108.57 | 26.67 | 26.67 | -8.57 | -160.0 | -158.24 | 25.16 | 13.23 | -6.19 |
| 21Q4 (12) | 14.86 | 173.16 | -61.69 | -5.98 | 56.95 | -124.37 | -6.93 | 9.29 | -124.32 | -5.90 | -155.24 | -132.89 | -1.02 | -165.38 | -124.23 | -0.34 | -142.5 | -117.17 | 0.08 | 33.33 | -20.0 | 4.06 | -43.38 | -89.58 | 129.30 | 1.48 | -4.5 | 85.71 | -53.06 | -0.41 | 14.29 | 117.29 | 2.55 | 22.22 | -8.93 | -9.78 |
| 21Q3 (11) | 5.44 | -79.98 | -85.01 | -13.89 | -408.67 | -154.22 | -7.64 | -174.9 | -129.84 | 10.68 | 6.16 | -48.68 | 1.56 | -17.89 | -68.61 | 0.80 | -19.19 | -67.61 | 0.06 | -33.33 | -45.45 | 7.17 | -70.83 | -80.11 | 127.41 | 3.25 | 14.45 | 182.61 | 316.9 | 82.61 | -82.61 | -246.99 | 0 | 24.40 | 2.52 | 33.33 |
| 21Q2 (10) | 27.17 | -24.63 | 2.53 | 4.50 | -75.58 | -69.37 | 10.20 | -52.69 | -40.49 | 10.06 | -52.68 | -22.73 | 1.90 | -47.22 | -30.66 | 0.99 | -42.77 | -30.28 | 0.09 | 12.5 | -10.0 | 24.58 | -32.19 | -16.17 | 123.40 | 13.96 | 13.31 | 43.80 | -48.9 | -48.67 | 56.20 | 281.82 | 297.55 | 23.80 | -11.26 | 0 |
| 21Q1 (9) | 36.05 | -7.06 | 39.89 | 18.43 | -24.9 | 63.24 | 21.56 | -24.35 | 186.7 | 21.26 | 18.51 | 358.19 | 3.60 | -14.49 | 323.53 | 1.73 | -12.63 | 220.37 | 0.08 | -20.0 | -11.11 | 36.25 | -6.96 | 68.68 | 108.28 | -20.02 | -2.03 | 85.71 | -0.41 | -42.35 | 14.72 | 5.66 | 129.44 | 26.82 | 8.89 | 24.98 |
| 20Q4 (8) | 38.79 | 6.92 | 4.7 | 24.54 | -4.22 | 31.94 | 28.50 | 11.33 | 21.38 | 17.94 | -13.79 | 25.89 | 4.21 | -15.29 | 19.26 | 1.98 | -19.84 | 3.66 | 0.10 | -9.09 | -23.08 | 38.96 | 8.07 | 13.85 | 135.39 | 21.62 | 32.74 | 86.07 | -13.93 | 8.67 | 13.93 | 0 | -33.01 | 24.63 | 34.59 | 29.56 |
| 20Q3 (7) | 36.28 | 36.91 | 31.21 | 25.62 | 74.4 | 69.11 | 25.60 | 49.36 | 17.49 | 20.81 | 59.83 | 8.44 | 4.97 | 81.39 | 2.26 | 2.47 | 73.94 | -5.0 | 0.11 | 10.0 | -15.38 | 36.05 | 22.95 | 6.91 | 111.32 | 2.22 | 18.78 | 100.00 | 17.18 | 43.6 | 0.00 | -100.0 | -100.0 | 18.30 | 0 | 15.97 |
| 20Q2 (6) | 26.50 | 2.83 | 41.26 | 14.69 | 30.12 | 113.83 | 17.14 | 127.93 | 170.77 | 13.02 | 180.6 | 68.22 | 2.74 | 222.35 | 27.44 | 1.42 | 162.96 | 14.52 | 0.10 | 11.11 | -28.57 | 29.32 | 36.44 | 66.21 | 108.90 | -1.47 | 8.41 | 85.34 | -42.6 | -21.91 | 14.14 | 128.27 | 271.4 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 25.77 | -30.45 | 85.4 | 11.29 | -39.3 | 233.04 | 7.52 | -67.97 | 74.88 | 4.64 | -67.44 | 46.84 | 0.85 | -75.92 | 6.25 | 0.54 | -71.73 | 5.88 | 0.09 | -30.77 | -30.77 | 21.49 | -37.2 | 33.89 | 110.52 | 8.35 | 28.24 | 148.68 | 87.72 | 88.95 | -50.00 | -340.44 | -334.62 | 21.46 | 12.89 | 56.99 |
| 19Q4 (4) | 37.05 | 34.0 | 0.0 | 18.60 | 22.77 | 0.0 | 23.48 | 7.76 | 0.0 | 14.25 | -25.74 | 0.0 | 3.53 | -27.37 | 0.0 | 1.91 | -26.54 | 0.0 | 0.13 | 0.0 | 0.0 | 34.22 | 1.48 | 0.0 | 102.00 | 8.83 | 0.0 | 79.20 | 13.74 | 0.0 | 20.80 | -31.51 | 0.0 | 19.01 | 20.47 | 0.0 |
| 19Q3 (3) | 27.65 | 47.39 | 0.0 | 15.15 | 120.52 | 0.0 | 21.79 | 244.23 | 0.0 | 19.19 | 147.93 | 0.0 | 4.86 | 126.05 | 0.0 | 2.60 | 109.68 | 0.0 | 0.13 | -7.14 | 0.0 | 33.72 | 91.16 | 0.0 | 93.72 | -6.7 | 0.0 | 69.64 | -36.28 | 0.0 | 30.36 | 468.15 | 0.0 | 15.78 | 1.02 | 0.0 |
| 19Q2 (2) | 18.76 | 34.96 | 0.0 | 6.87 | 102.65 | 0.0 | 6.33 | 47.21 | 0.0 | 7.74 | 144.94 | 0.0 | 2.15 | 168.75 | 0.0 | 1.24 | 143.14 | 0.0 | 0.14 | 7.69 | 0.0 | 17.64 | 9.91 | 0.0 | 100.45 | 16.56 | 0.0 | 109.28 | 38.87 | 0.0 | -8.25 | -138.7 | 0.0 | 15.62 | 14.26 | 0.0 |
| 19Q1 (1) | 13.90 | 0.0 | 0.0 | 3.39 | 0.0 | 0.0 | 4.30 | 0.0 | 0.0 | 3.16 | 0.0 | 0.0 | 0.80 | 0.0 | 0.0 | 0.51 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 16.05 | 0.0 | 0.0 | 86.18 | 0.0 | 0.0 | 78.69 | 0.0 | 0.0 | 21.31 | 0.0 | 0.0 | 13.67 | 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) | 23.43 | 91.73 | 5.45 | 0 | 9.46 | -1.75 | 10.87 | 3406.45 | 8.97 | 160.76 | 6.72 | 142.6 | 3.93 | 115.93 | 0.34 | 0.0 | 23.75 | 92.46 | 103.69 | -27.97 | 50.09 | 0 | 49.91 | -91.85 | 0.01 | -44.78 | 22.42 | 28.92 |
| 2022 (9) | 12.22 | -43.43 | -1.52 | 0 | 9.63 | -17.78 | 0.31 | -93.58 | 3.44 | -61.22 | 2.77 | -53.29 | 1.82 | -38.31 | 0.34 | 17.24 | 12.34 | -33.3 | 143.96 | 11.34 | -506.25 | 0 | 612.50 | 758.33 | 0.01 | 83.75 | 17.39 | -28.38 |
| 2021 (8) | 21.60 | -33.72 | 1.38 | -93.04 | 11.71 | 15.2 | 4.83 | -76.72 | 8.87 | -40.23 | 5.93 | -50.95 | 2.95 | -50.08 | 0.29 | -21.62 | 18.50 | -42.74 | 129.30 | -4.5 | 28.64 | -70.05 | 71.36 | 1495.28 | 0.01 | -91.08 | 24.28 | 15.51 |
| 2020 (7) | 32.59 | 35.06 | 19.83 | 82.76 | 10.16 | -0.85 | 20.75 | 51.24 | 14.84 | 35.53 | 12.09 | 8.72 | 5.91 | -3.59 | 0.37 | -28.85 | 32.31 | 28.57 | 135.39 | 32.74 | 95.63 | 20.95 | 4.47 | -78.64 | 0.07 | 185.89 | 21.02 | 31.37 |
| 2019 (6) | 24.13 | 28.08 | 10.85 | 253.42 | 10.25 | 42.2 | 13.72 | 81.0 | 10.95 | 68.2 | 11.12 | 111.81 | 6.13 | 86.32 | 0.52 | 13.04 | 25.13 | 59.45 | 102.00 | 13.14 | 79.06 | 95.06 | 20.94 | -64.96 | 0.03 | -53.11 | 16.00 | -16.14 |
| 2018 (5) | 18.84 | -1.52 | 3.07 | -60.18 | 7.21 | -13.34 | 7.58 | 226.72 | 6.51 | 90.35 | 5.25 | 177.78 | 3.29 | 138.41 | 0.46 | 24.32 | 15.76 | 41.35 | 90.15 | 44.96 | 40.53 | -87.82 | 59.76 | 0 | 0.06 | 0 | 19.08 | 20.38 |
| 2017 (4) | 19.13 | -31.04 | 7.71 | -56.27 | 8.32 | -12.28 | 2.32 | -91.58 | 3.42 | -85.3 | 1.89 | -88.08 | 1.38 | -88.6 | 0.37 | -28.85 | 11.15 | -70.08 | 62.19 | 58.45 | 332.88 | 420.09 | -232.88 | 0 | 0.00 | 0 | 15.85 | 30.56 |
| 2016 (3) | 27.74 | 15.15 | 17.63 | 3.16 | 9.48 | 21.37 | 27.55 | 23.6 | 23.26 | 24.92 | 15.85 | -24.49 | 12.11 | -21.47 | 0.52 | -37.35 | 37.26 | 23.42 | 39.25 | 59.94 | 64.00 | -16.56 | 36.00 | 54.54 | 0.00 | 0 | 12.14 | 26.46 |
| 2015 (2) | 24.09 | -6.95 | 17.09 | 1.48 | 7.81 | 15.73 | 22.29 | 27.15 | 18.62 | 8.38 | 20.99 | -14.33 | 15.42 | -4.04 | 0.83 | -10.75 | 30.19 | 23.88 | 24.54 | -53.98 | 76.71 | -20.24 | 23.29 | 493.02 | 0.00 | 0 | 9.60 | -4.76 |
| 2014 (1) | 25.89 | 0 | 16.84 | 0 | 6.75 | -19.08 | 17.53 | 0 | 17.18 | 0 | 24.50 | 0 | 16.07 | 0 | 0.93 | 34.78 | 24.37 | -37.43 | 53.33 | 1.89 | 96.18 | -9.18 | 3.93 | 0 | 0.00 | 0 | 10.08 | -22.82 |
