- 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) | 28.94 | -7.75 | -11.2 | -22.93 | 27.04 | 45.77 | -30.67 | 6.61 | 42.47 | -31.30 | 3.6 | 22.16 | -4.18 | -11.47 | 4.35 | -2.67 | -11.72 | 1.84 | 0.09 | 12.5 | 28.57 | -17.13 | 11.34 | 54.72 | 53.35 | 8.94 | -7.35 | 74.57 | -22.18 | -6.06 | 25.14 | 501.53 | 21.94 | 33.89 | -12.34 | -18.57 |
| 23Q3 (19) | 31.37 | 9.04 | -10.6 | -31.43 | 17.16 | 26.12 | -32.84 | -16.21 | 5.55 | -32.47 | -54.69 | -12.04 | -3.75 | -65.2 | -3.31 | -2.39 | -75.74 | -10.65 | 0.08 | 14.29 | 0.0 | -19.32 | -55.68 | 20.82 | 48.97 | -5.86 | -7.52 | 95.82 | -28.66 | -21.76 | 4.18 | 112.18 | 118.61 | 38.66 | -4.94 | -11.88 |
| 23Q2 (18) | 28.77 | -13.55 | -11.78 | -37.94 | -31.42 | -29.75 | -28.26 | -39.76 | -4.59 | -20.99 | -17.66 | 53.0 | -2.27 | -3.18 | 64.03 | -1.36 | -6.25 | 63.34 | 0.07 | -12.5 | -12.5 | -12.41 | -77.54 | 42.94 | 52.02 | -14.33 | -32.37 | 134.31 | -5.78 | 24.27 | -34.31 | 19.37 | -324.58 | 40.67 | 17.1 | 19.58 |
| 23Q1 (17) | 33.28 | 2.12 | -17.36 | -28.87 | 31.72 | -410.07 | -20.22 | 62.07 | -2917.91 | -17.84 | 55.63 | -2975.86 | -2.20 | 49.66 | -2344.44 | -1.28 | 52.94 | -4166.67 | 0.08 | 14.29 | -20.0 | -6.99 | 81.52 | -321.2 | 60.72 | 5.45 | 1.4 | 142.55 | 79.59 | -83.55 | -42.55 | -306.36 | 94.45 | 34.73 | -16.55 | 63.67 |
| 22Q4 (16) | 32.59 | -7.12 | -23.34 | -42.28 | 0.61 | -290.4 | -53.31 | -53.32 | -474.46 | -40.21 | -38.75 | -618.04 | -4.37 | -20.39 | -515.49 | -2.72 | -25.93 | -455.1 | 0.07 | -12.5 | -22.22 | -37.83 | -55.04 | -706.61 | 57.58 | 8.74 | 43.16 | 79.38 | -35.18 | -32.35 | 20.62 | 191.8 | 218.97 | 41.62 | -5.13 | 49.87 |
| 22Q3 (15) | 35.09 | 7.61 | -8.67 | -42.54 | -45.49 | -465.69 | -34.77 | -28.68 | -337.36 | -28.98 | 35.11 | -351.4 | -3.63 | 42.47 | -384.0 | -2.16 | 41.78 | -300.0 | 0.08 | 0.0 | -11.11 | -24.40 | -12.18 | -609.3 | 52.95 | -31.16 | 47.21 | 122.46 | 13.31 | 30.49 | -22.46 | -177.99 | -465.04 | 43.87 | 28.99 | 65.92 |
| 22Q2 (14) | 32.61 | -19.02 | -16.06 | -29.24 | -416.61 | -54.55 | -27.02 | -3932.84 | 19.85 | -44.66 | -7600.0 | -67.64 | -6.31 | -6911.11 | -147.45 | -3.71 | -12266.67 | -86.43 | 0.08 | -20.0 | 0.0 | -21.75 | -788.29 | 24.79 | 76.92 | 28.46 | 157.69 | 108.08 | -87.53 | 92.06 | -8.08 | 98.95 | -118.48 | 34.01 | 60.27 | 5.65 |
| 22Q1 (13) | 40.27 | -5.27 | 2.16 | -5.66 | 47.74 | -383.76 | -0.67 | 92.78 | -109.46 | -0.58 | 89.64 | -110.27 | -0.09 | 87.32 | -109.18 | -0.03 | 93.88 | -103.75 | 0.10 | 11.11 | -23.08 | 3.16 | 167.38 | -69.41 | 59.88 | 48.88 | 156.67 | 866.67 | 638.64 | 5233.33 | -766.67 | -4323.08 | -763.3 | 21.22 | -23.59 | 0.86 |
| 21Q4 (12) | 42.51 | 10.65 | 12.16 | -10.83 | -44.02 | -688.59 | -9.28 | -16.73 | -736.04 | -5.60 | 12.77 | -2534.78 | -0.71 | 5.33 | -1114.29 | -0.49 | 9.26 | -545.45 | 0.09 | 0.0 | -55.0 | -4.69 | -36.34 | -368.0 | 40.22 | 11.82 | -3.96 | 117.33 | 25.03 | 169.33 | -17.33 | -381.67 | -106.44 | 27.77 | 5.03 | 82.46 |
| 21Q3 (11) | 38.42 | -1.11 | -10.28 | -7.52 | 60.25 | -144.18 | -7.95 | 76.42 | -150.96 | -6.42 | 75.9 | -153.59 | -0.75 | 70.59 | -109.26 | -0.54 | 72.86 | -113.92 | 0.09 | 12.5 | -71.88 | -3.44 | 88.11 | -119.49 | 35.97 | 20.5 | -56.18 | 93.85 | 66.76 | -13.9 | 6.15 | -85.93 | 168.4 | 26.44 | -17.86 | 96.58 |
| 21Q2 (10) | 38.85 | -1.45 | -12.93 | -18.92 | -1517.09 | -218.62 | -33.71 | -576.13 | -391.86 | -26.64 | -571.5 | -337.86 | -2.55 | -360.2 | -142.64 | -1.99 | -348.75 | -167.69 | 0.08 | -38.46 | -69.23 | -28.92 | -379.96 | -310.63 | 29.85 | 27.95 | -80.1 | 56.28 | 433.32 | -59.31 | 43.72 | -62.17 | 214.21 | 32.19 | 52.99 | 0 |
| 21Q1 (9) | 39.42 | 4.01 | -14.82 | -1.17 | -163.59 | -107.15 | 7.08 | 737.84 | -60.97 | 5.65 | 2356.52 | -59.9 | 0.98 | 1300.0 | -87.69 | 0.80 | 627.27 | -81.98 | 0.13 | -35.0 | -58.06 | 10.33 | 490.29 | -48.89 | 23.33 | -44.29 | -67.16 | -16.88 | 90.02 | -118.68 | 115.58 | -57.07 | 1099.69 | 21.04 | 38.24 | 31.01 |
| 20Q4 (8) | 37.90 | -11.49 | -18.46 | 1.84 | -89.19 | -89.28 | -1.11 | -107.12 | -109.44 | 0.23 | -98.08 | -97.76 | 0.07 | -99.14 | -99.08 | 0.11 | -97.16 | -96.96 | 0.20 | -37.5 | -42.86 | 1.75 | -90.08 | -86.95 | 41.88 | -48.98 | -56.65 | -169.23 | -255.26 | -215.79 | 269.23 | 3092.6 | 688.79 | 15.22 | 13.16 | 20.41 |
| 20Q3 (7) | 42.82 | -4.03 | -2.7 | 17.02 | 6.71 | -5.23 | 15.60 | 35.06 | -15.13 | 11.98 | 6.96 | -15.34 | 8.10 | 35.45 | -34.25 | 3.88 | 31.97 | -26.93 | 0.32 | 23.08 | -13.51 | 17.65 | 28.55 | -11.31 | 82.08 | -45.28 | -38.64 | 109.00 | -21.18 | 11.33 | -9.00 | 76.5 | -480.85 | 13.45 | 0 | -0.96 |
| 20Q2 (6) | 44.62 | -3.59 | 17.17 | 15.95 | -2.57 | 29.67 | 11.55 | -36.33 | -18.49 | 11.20 | -20.51 | -6.59 | 5.98 | -24.87 | -37.64 | 2.94 | -33.78 | -36.64 | 0.26 | -16.13 | -31.58 | 13.73 | -32.06 | -12.83 | 149.99 | 111.1 | 8.74 | 138.29 | 53.03 | 58.97 | -38.29 | -497.38 | -386.08 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 46.28 | -0.43 | 12.09 | 16.37 | -4.6 | 47.48 | 18.14 | 54.25 | 50.92 | 14.09 | 37.2 | 55.01 | 7.96 | 4.6 | 55.17 | 4.44 | 22.65 | 54.17 | 0.31 | -11.43 | 0.0 | 20.21 | 50.71 | 43.64 | 71.05 | -26.46 | -16.48 | 90.37 | -38.17 | -2.64 | 9.63 | 121.07 | 23.77 | 16.06 | 27.06 | 9.7 |
| 19Q4 (4) | 46.48 | 5.61 | 0.0 | 17.16 | -4.45 | 0.0 | 11.76 | -36.02 | 0.0 | 10.27 | -27.42 | 0.0 | 7.61 | -38.23 | 0.0 | 3.62 | -31.83 | 0.0 | 0.35 | -5.41 | 0.0 | 13.41 | -32.61 | 0.0 | 96.61 | -27.77 | 0.0 | 146.15 | 49.29 | 0.0 | -45.73 | -2035.75 | 0.0 | 12.64 | -6.92 | 0.0 |
| 19Q3 (3) | 44.01 | 15.57 | 0.0 | 17.96 | 46.02 | 0.0 | 18.38 | 29.71 | 0.0 | 14.15 | 18.02 | 0.0 | 12.32 | 28.47 | 0.0 | 5.31 | 14.44 | 0.0 | 0.37 | -2.63 | 0.0 | 19.90 | 26.35 | 0.0 | 133.76 | -3.02 | 0.0 | 97.90 | 12.54 | 0.0 | 2.36 | -82.35 | 0.0 | 13.58 | 13.17 | 0.0 |
| 19Q2 (2) | 38.08 | -7.77 | 0.0 | 12.30 | 10.81 | 0.0 | 14.17 | 17.89 | 0.0 | 11.99 | 31.9 | 0.0 | 9.59 | 86.94 | 0.0 | 4.64 | 61.11 | 0.0 | 0.38 | 22.58 | 0.0 | 15.75 | 11.94 | 0.0 | 137.93 | 62.14 | 0.0 | 86.99 | -6.28 | 0.0 | 13.38 | 71.92 | 0.0 | 12.00 | -18.03 | 0.0 |
| 19Q1 (1) | 41.29 | 0.0 | 0.0 | 11.10 | 0.0 | 0.0 | 12.02 | 0.0 | 0.0 | 9.09 | 0.0 | 0.0 | 5.13 | 0.0 | 0.0 | 2.88 | 0.0 | 0.0 | 0.31 | 0.0 | 0.0 | 14.07 | 0.0 | 0.0 | 85.07 | 0.0 | 0.0 | 92.81 | 0.0 | 0.0 | 7.78 | 0.0 | 0.0 | 14.64 | 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) | 30.55 | -13.55 | -29.75 | 0 | 4.99 | 20.64 | -28.15 | 0 | -26.07 | 0 | -12.36 | 0 | -7.58 | 0 | 0.31 | 0.0 | -14.16 | 0 | 53.35 | -7.35 | 105.72 | 2.32 | -5.72 | 0 | 17.13 | 133.27 | 36.75 | 5.66 |
| 2022 (9) | 35.34 | -11.18 | -29.24 | 0 | 4.13 | 46.77 | -28.31 | 0 | -27.43 | 0 | -12.92 | 0 | -8.38 | 0 | 0.31 | -29.55 | -19.55 | 0 | 57.58 | 43.16 | 103.33 | 6.77 | -3.33 | 0 | 7.34 | 236.09 | 34.78 | 32.34 |
| 2021 (8) | 39.79 | -7.96 | -8.73 | 0 | 2.82 | 124.81 | -9.01 | 0 | -6.73 | 0 | -4.20 | 0 | -2.83 | 0 | 0.44 | -56.86 | -4.82 | 0 | 40.22 | -3.96 | 96.77 | -14.6 | 3.23 | 0 | 2.18 | -24.4 | 26.28 | 74.04 |
| 2020 (7) | 43.23 | 1.38 | 13.67 | -8.74 | 1.25 | 53.69 | 12.07 | -15.59 | 10.09 | -12.94 | 16.70 | -49.04 | 10.58 | -40.06 | 1.02 | -32.0 | 14.30 | -10.46 | 41.88 | -56.65 | 113.32 | 8.08 | -13.18 | 0 | 2.89 | -28.37 | 15.10 | 15.09 |
| 2019 (6) | 42.64 | 20.93 | 14.98 | 21.89 | 0.82 | 201.15 | 14.30 | -0.35 | 11.59 | 2.11 | 32.77 | 13.75 | 17.65 | 3.22 | 1.50 | 0.67 | 15.97 | 5.07 | 96.61 | 20.6 | 104.85 | 22.47 | -4.75 | 0 | 4.03 | -19.15 | 13.12 | 26.89 |
| 2018 (5) | 35.26 | -8.44 | 12.29 | -25.11 | 0.27 | -8.48 | 14.35 | -7.72 | 11.35 | -9.49 | 28.81 | -7.18 | 17.10 | -12.89 | 1.49 | -3.87 | 15.20 | -7.88 | 80.11 | 33.01 | 85.61 | -18.9 | 14.39 | 0 | 4.99 | 0 | 10.34 | 2.89 |
| 2017 (4) | 38.51 | -14.74 | 16.41 | 101.85 | 0.30 | -67.0 | 15.55 | 63.86 | 12.54 | 84.14 | 31.04 | 295.92 | 19.63 | 245.6 | 1.55 | 89.02 | 16.50 | 52.5 | 60.23 | 0.37 | 105.57 | 23.42 | -5.57 | 0 | 0.00 | 0 | 10.05 | -48.22 |
| 2016 (3) | 45.17 | -39.17 | 8.13 | 0 | 0.90 | -60.1 | 9.49 | 0 | 6.81 | 0 | 7.84 | 0 | 5.68 | 0 | 0.82 | 78.26 | 10.82 | 0 | 60.01 | 270.2 | 85.53 | -23.97 | 14.47 | 0 | 0.00 | 0 | 19.41 | -56.13 |
| 2015 (2) | 74.26 | 144.84 | -11.85 | 0 | 2.25 | -79.78 | -10.41 | 0 | -16.76 | 0 | -8.90 | 0 | -7.68 | 0 | 0.46 | 475.0 | -7.68 | 0 | 16.21 | 17.04 | 112.50 | 9.13 | -14.29 | 0 | 0.00 | 0 | 44.24 | -84.67 |
| 2014 (1) | 30.33 | 0 | -587.53 | 0 | 11.11 | 133.33 | -570.43 | 0 | -506.14 | 0 | -51.34 | 0 | -42.50 | 0 | 0.08 | -69.23 | -562.22 | 0 | 13.85 | -65.56 | 103.09 | -1.88 | -3.09 | 0 | 0.00 | 0 | 288.64 | 260.98 |
