- 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 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 20Q1 (20) | 39.53 | -3.09 | -1.54 | 26.27 | 5.88 | 8.51 | 16.90 | -35.45 | -36.89 | 12.28 | -29.3 | -45.06 | 1.69 | -44.77 | -47.35 | 1.40 | -41.91 | -44.0 | 0.11 | -15.38 | 0.0 | 24.22 | -24.22 | -28.55 | 30.18 | -1.79 | -8.66 | 155.43 | 64.04 | 72.19 | -55.43 | -1156.18 | -669.64 | 6.88 | 0.44 | -4.58 |
| 19Q4 (19) | 40.79 | -1.64 | -0.32 | 24.81 | -10.59 | -6.27 | 26.18 | 31.62 | -4.66 | 17.37 | 32.8 | -39.69 | 3.06 | 38.46 | -45.26 | 2.41 | 30.98 | -41.93 | 0.13 | 0.0 | -7.14 | 31.96 | 20.29 | 1.95 | 30.73 | -8.95 | -16.13 | 94.75 | -32.1 | -1.7 | 5.25 | 113.27 | 45.46 | 6.85 | 26.85 | 43.91 |
| 19Q3 (18) | 41.47 | 1.47 | 0.56 | 27.75 | -1.21 | 2.78 | 19.89 | -15.97 | -24.37 | 13.08 | -31.45 | -30.09 | 2.21 | -28.01 | -38.27 | 1.84 | -30.3 | -32.85 | 0.13 | 8.33 | -7.14 | 26.57 | -17.77 | -13.73 | 33.75 | -4.31 | -10.88 | 139.54 | 17.65 | 36.08 | -39.54 | -112.55 | -1455.39 | 5.40 | -12.62 | -15.76 |
| 19Q2 (17) | 40.87 | 1.79 | 1.16 | 28.09 | 16.03 | 3.88 | 23.67 | -11.61 | -1.95 | 19.08 | -14.63 | 13.71 | 3.07 | -4.36 | 2.33 | 2.64 | 5.6 | 9.54 | 0.12 | 9.09 | -14.29 | 32.31 | -4.69 | 13.89 | 35.27 | 6.75 | -2.78 | 118.60 | 31.39 | 5.76 | -18.60 | -291.18 | -53.24 | 6.18 | -14.29 | -9.78 |
| 19Q1 (16) | 40.15 | -1.88 | 1.34 | 24.21 | -8.54 | -7.03 | 26.78 | -2.48 | -1.83 | 22.35 | -22.4 | 12.09 | 3.21 | -42.58 | 5.25 | 2.50 | -39.76 | -2.34 | 0.11 | -21.43 | -15.38 | 33.90 | 8.13 | 6.04 | 33.04 | -9.83 | 61.25 | 90.27 | -6.35 | -5.4 | 9.73 | 169.7 | 112.7 | 7.21 | 51.47 | -5.75 |
| 18Q4 (15) | 40.92 | -0.78 | 8.45 | 26.47 | -1.96 | 18.28 | 27.46 | 4.41 | 19.44 | 28.80 | 53.93 | 51.18 | 5.59 | 56.15 | 50.67 | 4.15 | 51.46 | 42.61 | 0.14 | 0.0 | -6.67 | 31.35 | 1.79 | 15.3 | 36.64 | -3.25 | 62.7 | 96.39 | -6.0 | -0.88 | 3.61 | 241.92 | 31.25 | 4.76 | -25.74 | -38.02 |
| 18Q3 (14) | 41.24 | 2.08 | 5.2 | 27.00 | -0.15 | 10.07 | 26.30 | 8.95 | -1.09 | 18.71 | 11.5 | -17.18 | 3.58 | 19.33 | -19.0 | 2.74 | 13.69 | -11.9 | 0.14 | 0.0 | 7.69 | 30.80 | 8.57 | 0.29 | 37.87 | 4.38 | -15.68 | 102.54 | -8.56 | 11.25 | -2.54 | 79.06 | -132.5 | 6.41 | -6.42 | -22.21 |
| 18Q2 (13) | 40.40 | 1.97 | 0.15 | 27.04 | 3.84 | 5.17 | 24.14 | -11.51 | -11.9 | 16.78 | -15.85 | -27.23 | 3.00 | -1.64 | -29.91 | 2.41 | -5.86 | -23.97 | 0.14 | 7.69 | 7.69 | 28.37 | -11.26 | -10.67 | 36.28 | 77.06 | -25.23 | 112.14 | 17.52 | 19.73 | -12.14 | -365.36 | -291.55 | 6.85 | -10.46 | -5.91 |
| 18Q1 (12) | 39.62 | 5.01 | -4.0 | 26.04 | 16.35 | -5.17 | 27.28 | 18.66 | -1.02 | 19.94 | 4.67 | -13.49 | 3.05 | -17.79 | -17.34 | 2.56 | -12.03 | -10.49 | 0.13 | -13.33 | 8.33 | 31.97 | 17.58 | 0.85 | 20.49 | -9.01 | -31.33 | 95.42 | -1.88 | -4.19 | 4.58 | 66.42 | 1034.64 | 7.65 | -0.39 | -13.46 |
| 17Q4 (11) | 37.73 | -3.75 | -9.3 | 22.38 | -8.76 | -19.53 | 22.99 | -13.54 | -12.82 | 19.05 | -15.67 | -12.97 | 3.71 | -16.06 | -20.73 | 2.91 | -6.43 | -16.62 | 0.15 | 15.38 | -6.25 | 27.19 | -11.46 | -7.11 | 22.52 | -49.86 | -41.25 | 97.25 | 5.5 | -7.66 | 2.75 | -64.86 | 151.72 | 7.68 | -6.8 | 66.59 |
| 17Q3 (10) | 39.20 | -2.83 | -2.85 | 24.53 | -4.59 | -3.01 | 26.59 | -2.96 | 10.15 | 22.59 | -2.04 | 13.01 | 4.42 | 3.27 | 4.74 | 3.11 | -1.89 | -7.44 | 0.13 | 0.0 | -23.53 | 30.71 | -3.31 | 12.82 | 44.91 | -7.44 | 37.89 | 92.18 | -1.59 | -11.87 | 7.82 | 23.43 | 270.15 | 8.24 | 13.19 | -8.24 |
| 17Q2 (9) | 40.34 | -2.25 | 2.44 | 25.71 | -6.37 | 8.62 | 27.40 | -0.58 | 16.45 | 23.06 | 0.04 | 18.14 | 4.28 | 15.99 | 5.42 | 3.17 | 10.84 | -10.2 | 0.13 | 8.33 | -27.78 | 31.76 | 0.19 | 20.53 | 48.52 | 62.6 | 121.25 | 93.66 | -5.96 | -6.69 | 6.34 | 1471.83 | 930.28 | 7.28 | -17.65 | -12.92 |
| 17Q1 (8) | 41.27 | -0.79 | 0 | 27.46 | -1.26 | 0 | 27.56 | 4.51 | 0 | 23.05 | 5.3 | 0 | 3.69 | -21.15 | 0 | 2.86 | -18.05 | 0 | 0.12 | -25.0 | 0 | 31.70 | 8.3 | 7.57 | 29.84 | -22.15 | 0 | 99.60 | -5.43 | 0 | 0.40 | 107.59 | 0 | 8.84 | 91.76 | 0 |
| 16Q4 (7) | 41.60 | 3.1 | 0 | 27.81 | 9.96 | 0 | 26.37 | 9.24 | 0 | 21.89 | 9.5 | 0 | 4.68 | 10.9 | 0 | 3.49 | 3.87 | 0 | 0.16 | -5.88 | 0 | 29.27 | 7.53 | 10.58 | 38.33 | 17.68 | 0 | 105.32 | 0.69 | 0 | -5.32 | -15.61 | 0 | 4.61 | -48.66 | 0 |
| 16Q3 (6) | 40.35 | 2.46 | 0 | 25.29 | 6.84 | 0 | 24.14 | 2.59 | 0 | 19.99 | 2.41 | 0 | 4.22 | 3.94 | 0 | 3.36 | -4.82 | 0 | 0.17 | -5.56 | 0 | 27.22 | 3.3 | -17.54 | 32.57 | 48.52 | 0 | 104.60 | 4.2 | 0 | -4.60 | -502.3 | 0 | 8.98 | 7.42 | 0 |
| 16Q2 (5) | 39.38 | 0 | 0 | 23.67 | 0 | 0 | 23.53 | 0 | 0 | 19.52 | 0 | 0 | 4.06 | 0 | 0 | 3.53 | 0 | 0 | 0.18 | 0 | 0 | 26.35 | -10.59 | 0 | 21.93 | 0 | 0 | 100.38 | 0 | 0 | -0.76 | 0 | 0 | 8.36 | 0 | 0 |
| 16Q1 (4) | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 29.47 | 11.33 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 |
| 15Q4 (3) | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 26.47 | -19.81 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 |
| 15Q3 (2) | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 33.01 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 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 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2019 (10) | 40.85 | 0.64 | 26.26 | -1.8 | 5.03 | 42.34 | 24.05 | -8.52 | 17.77 | -16.38 | 11.71 | -21.62 | 9.55 | -19.82 | 0.49 | -9.26 | 31.07 | 1.11 | 30.73 | -16.13 | 109.15 | 7.34 | -9.23 | 0 | 1.32 | -4.37 | 6.38 | 0.63 |
| 2018 (9) | 40.59 | 2.81 | 26.74 | 7.87 | 3.53 | 2.13 | 26.29 | 1.39 | 21.25 | -2.34 | 14.94 | 1.63 | 11.91 | 2.06 | 0.54 | 3.85 | 30.73 | 1.99 | 36.64 | 62.7 | 101.69 | 6.36 | -1.69 | 0 | 1.38 | -14.65 | 6.34 | -20.45 |
| 2017 (8) | 39.48 | -1.72 | 24.79 | -2.9 | 3.46 | 25.0 | 25.93 | 3.35 | 21.76 | 4.21 | 14.70 | -11.07 | 11.67 | -12.78 | 0.52 | -18.75 | 30.13 | 7.57 | 22.52 | -41.25 | 95.61 | -6.03 | 4.39 | 0 | 1.62 | 0 | 7.97 | 4.59 |
| 2016 (7) | 40.17 | -0.54 | 25.53 | -2.48 | 2.77 | 6.18 | 25.09 | -8.83 | 20.88 | -10.62 | 16.53 | -31.35 | 13.38 | -37.12 | 0.64 | -29.67 | 28.01 | -7.19 | 38.33 | 293.13 | 101.75 | 6.94 | -1.75 | 0 | 0.00 | 0 | 7.62 | -4.99 |
| 2015 (6) | 40.39 | -1.13 | 26.18 | -0.65 | 2.61 | -15.0 | 27.52 | 4.01 | 23.36 | 20.29 | 24.08 | -14.85 | 21.28 | -8.12 | 0.91 | -22.88 | 30.18 | 1.38 | 9.75 | -48.47 | 95.14 | -4.49 | 4.86 | 1167.24 | 0.00 | 0 | 8.02 | 0.5 |
| 2014 (5) | 40.85 | 7.22 | 26.35 | 7.82 | 3.07 | -13.4 | 26.46 | 8.93 | 19.42 | 7.23 | 28.28 | -8.0 | 23.16 | -2.93 | 1.18 | -8.53 | 29.77 | 5.05 | 18.92 | -34.21 | 99.62 | -0.99 | 0.38 | 0 | 0.00 | 0 | 7.98 | 17.53 |
| 2013 (4) | 38.10 | 1.46 | 24.44 | 0.08 | 3.54 | 3.76 | 24.29 | 1.0 | 18.11 | 1.57 | 30.74 | -7.05 | 23.86 | 6.95 | 1.29 | 6.61 | 28.34 | 0.39 | 28.76 | -17.26 | 100.61 | -0.98 | -0.61 | 0 | 0.00 | 0 | 6.79 | 2.41 |
| 2012 (3) | 37.55 | 0 | 24.42 | 0 | 3.41 | 0 | 24.05 | 0 | 17.83 | 0 | 33.07 | 0 | 22.31 | 0 | 1.21 | 0 | 28.23 | 0 | 34.76 | 0 | 101.61 | 0 | -1.46 | 0 | 0.00 | 0 | 6.63 | 0 |
