- 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) | 28.54 | 3.86 | -1.04 | 5.16 | 6.61 | -8.67 | 5.45 | 8.78 | -2.33 | 4.26 | 5.45 | -4.05 | 5.64 | -4.57 | -15.7 | 1.80 | 5.26 | 0.56 | 0.40 | 2.56 | 5.26 | 10.19 | 4.3 | -0.88 | 221.46 | -9.95 | -22.43 | 94.76 | -1.86 | -6.57 | 5.24 | 51.97 | 468.56 | 8.77 | -0.45 | 5.54 |
| 23Q3 (19) | 27.48 | -0.43 | 1.33 | 4.84 | -3.97 | -15.97 | 5.01 | -3.65 | -15.37 | 4.04 | -1.46 | -13.86 | 5.91 | -12.96 | -20.46 | 1.71 | -3.39 | -10.0 | 0.39 | -2.5 | 2.63 | 9.77 | -0.2 | -7.31 | 245.93 | -18.19 | -21.97 | 96.55 | -0.15 | -0.66 | 3.45 | 21.84 | 22.99 | 8.81 | 3.65 | 11.52 |
| 23Q2 (18) | 27.60 | 0.44 | -0.18 | 5.04 | 2.65 | -33.42 | 5.20 | 0.19 | -32.99 | 4.10 | -0.24 | -33.55 | 6.79 | 8.12 | -43.84 | 1.77 | 5.36 | -42.35 | 0.40 | 5.26 | -16.67 | 9.79 | -1.21 | -16.54 | 300.60 | -6.12 | -3.36 | 96.70 | 2.39 | -0.72 | 2.83 | -49.06 | 8.96 | 8.50 | -2.19 | 10.25 |
| 23Q1 (17) | 27.48 | -4.72 | 4.33 | 4.91 | -13.1 | 12.61 | 5.19 | -6.99 | 11.13 | 4.11 | -7.43 | 11.08 | 6.28 | -6.13 | 2.45 | 1.68 | -6.15 | 0.0 | 0.38 | 0.0 | -11.63 | 9.91 | -3.6 | 5.88 | 320.20 | 12.15 | 6.71 | 94.44 | -6.88 | 1.24 | 5.56 | 490.74 | -17.22 | 8.69 | 4.57 | 8.76 |
| 22Q4 (16) | 28.84 | 6.34 | 10.8 | 5.65 | -1.91 | 20.73 | 5.58 | -5.74 | 20.26 | 4.44 | -5.33 | 20.65 | 6.69 | -9.96 | 11.87 | 1.79 | -5.79 | 8.48 | 0.38 | 0.0 | -9.52 | 10.28 | -2.47 | 10.54 | 285.50 | -9.42 | 2.52 | 101.42 | 4.35 | 0.71 | -1.42 | -150.71 | -101.9 | 8.31 | 5.19 | 3.75 |
| 22Q3 (15) | 27.12 | -1.92 | 3.91 | 5.76 | -23.91 | 30.32 | 5.92 | -23.71 | 29.82 | 4.69 | -23.99 | 29.92 | 7.43 | -38.54 | 25.93 | 1.90 | -38.11 | 18.01 | 0.38 | -20.83 | -9.52 | 10.54 | -10.14 | 14.07 | 315.19 | 1.33 | 6.99 | 97.20 | -0.21 | 0.21 | 2.80 | 7.94 | -6.78 | 7.90 | 2.46 | 0.0 |
| 22Q2 (14) | 27.65 | 4.97 | 5.21 | 7.57 | 73.62 | 50.5 | 7.76 | 66.17 | 51.56 | 6.17 | 66.76 | 47.61 | 12.09 | 97.23 | 71.0 | 3.07 | 82.74 | 58.25 | 0.48 | 11.63 | 14.29 | 11.73 | 25.32 | 20.93 | 311.05 | 3.66 | 5.58 | 97.40 | 4.41 | -0.54 | 2.60 | -61.3 | 25.54 | 7.71 | -3.5 | -2.41 |
| 22Q1 (13) | 26.34 | 1.19 | 1.58 | 4.36 | -6.84 | 38.41 | 4.67 | 0.65 | 28.65 | 3.70 | 0.54 | 27.59 | 6.13 | 2.51 | 32.97 | 1.68 | 1.82 | 29.23 | 0.43 | 2.38 | 4.88 | 9.36 | 0.65 | 8.08 | 300.07 | 7.75 | 6.29 | 93.29 | -7.36 | 7.64 | 6.71 | 1053.02 | -49.66 | 7.99 | -0.25 | -6.11 |
| 21Q4 (12) | 26.03 | -0.27 | 1.96 | 4.68 | 5.88 | 57.05 | 4.64 | 1.75 | 49.2 | 3.68 | 1.94 | 48.99 | 5.98 | 1.36 | 50.25 | 1.65 | 2.48 | 47.32 | 0.42 | 0.0 | 2.44 | 9.30 | 0.65 | 12.32 | 278.48 | -5.48 | -5.75 | 100.70 | 3.83 | 4.96 | -0.70 | -123.42 | -117.37 | 8.01 | 1.39 | -8.77 |
| 21Q3 (11) | 26.10 | -0.68 | 4.78 | 4.42 | -12.13 | 87.29 | 4.56 | -10.94 | 82.4 | 3.61 | -13.64 | 82.32 | 5.90 | -16.55 | 84.38 | 1.61 | -17.01 | 75.0 | 0.42 | 0.0 | 5.0 | 9.24 | -4.74 | 18.01 | 294.61 | 0.0 | -0.61 | 96.99 | -0.96 | 2.48 | 3.01 | 45.36 | -43.86 | 7.90 | 0.0 | -8.99 |
| 21Q2 (10) | 26.28 | 1.35 | 0.84 | 5.03 | 59.68 | 110.46 | 5.12 | 41.05 | 84.84 | 4.18 | 44.14 | 90.87 | 7.07 | 53.36 | 113.6 | 1.94 | 49.23 | 110.87 | 0.42 | 2.44 | 13.51 | 9.70 | 12.01 | 16.17 | 294.61 | 4.36 | -5.52 | 97.93 | 13.0 | 12.21 | 2.07 | -84.48 | -85.78 | 7.90 | -7.17 | 0 |
| 21Q1 (9) | 25.93 | 1.57 | 5.28 | 3.15 | 5.7 | 18.42 | 3.63 | 16.72 | 26.92 | 2.90 | 17.41 | 27.75 | 4.61 | 15.83 | 26.65 | 1.30 | 16.07 | 26.21 | 0.41 | 0.0 | 2.5 | 8.66 | 4.59 | 6.39 | 282.30 | -4.46 | -10.04 | 86.67 | -9.67 | -6.91 | 13.33 | 228.89 | 93.33 | 8.51 | -3.08 | 2.9 |
| 20Q4 (8) | 25.53 | 2.49 | 0.59 | 2.98 | 26.27 | 52.82 | 3.11 | 24.4 | 25.4 | 2.47 | 24.75 | 31.38 | 3.98 | 24.37 | 37.24 | 1.12 | 21.74 | 27.27 | 0.41 | 2.5 | 2.5 | 8.28 | 5.75 | 1.6 | 295.48 | -0.32 | 4.53 | 95.95 | 1.38 | 19.93 | 4.05 | -24.32 | -81.76 | 8.78 | 1.15 | 1.97 |
| 20Q3 (7) | 24.91 | -4.41 | 2.09 | 2.36 | -1.26 | -9.92 | 2.50 | -9.75 | -9.09 | 1.98 | -9.59 | -9.17 | 3.20 | -3.32 | -6.43 | 0.92 | 0.0 | -6.12 | 0.40 | 8.11 | 2.56 | 7.83 | -6.23 | -3.69 | 296.42 | -4.94 | 1.16 | 94.64 | 8.44 | -1.15 | 5.36 | -63.17 | 25.89 | 8.68 | 0 | 6.11 |
| 20Q2 (6) | 26.06 | 5.81 | 10.33 | 2.39 | -10.15 | -6.64 | 2.77 | -3.15 | -4.81 | 2.19 | -3.52 | -5.6 | 3.31 | -9.07 | -6.23 | 0.92 | -10.68 | -11.54 | 0.37 | -7.5 | -5.13 | 8.35 | 2.58 | 1.83 | 311.82 | -0.63 | 2.83 | 87.27 | -6.26 | -2.08 | 14.55 | 110.91 | 11.52 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 24.63 | -2.96 | 7.13 | 2.66 | 36.41 | 82.19 | 2.86 | 15.32 | 29.41 | 2.27 | 20.74 | 30.46 | 3.64 | 25.52 | 50.41 | 1.03 | 17.05 | 5.1 | 0.40 | 0.0 | -16.67 | 8.14 | -0.12 | 10.45 | 313.79 | 11.01 | 14.48 | 93.10 | 16.38 | 39.66 | 6.90 | -68.97 | -79.31 | 8.27 | -3.95 | 0.85 |
| 19Q4 (4) | 25.38 | 4.02 | 0.0 | 1.95 | -25.57 | 0.0 | 2.48 | -9.82 | 0.0 | 1.88 | -13.76 | 0.0 | 2.90 | -15.2 | 0.0 | 0.88 | -10.2 | 0.0 | 0.40 | 2.56 | 0.0 | 8.15 | 0.25 | 0.0 | 282.67 | -3.54 | 0.0 | 80.00 | -16.44 | 0.0 | 22.22 | 422.22 | 0.0 | 8.61 | 5.26 | 0.0 |
| 19Q3 (3) | 24.40 | 3.3 | 0.0 | 2.62 | 2.34 | 0.0 | 2.75 | -5.5 | 0.0 | 2.18 | -6.03 | 0.0 | 3.42 | -3.12 | 0.0 | 0.98 | -5.77 | 0.0 | 0.39 | 0.0 | 0.0 | 8.13 | -0.85 | 0.0 | 293.03 | -3.37 | 0.0 | 95.74 | 7.42 | 0.0 | 4.26 | -67.38 | 0.0 | 8.18 | 1.36 | 0.0 |
| 19Q2 (2) | 23.62 | 2.74 | 0.0 | 2.56 | 75.34 | 0.0 | 2.91 | 31.67 | 0.0 | 2.32 | 33.33 | 0.0 | 3.53 | 45.87 | 0.0 | 1.04 | 6.12 | 0.0 | 0.39 | -18.75 | 0.0 | 8.20 | 11.26 | 0.0 | 303.25 | 10.63 | 0.0 | 89.13 | 33.7 | 0.0 | 13.04 | -60.87 | 0.0 | 8.07 | -1.59 | 0.0 |
| 19Q1 (1) | 22.99 | 0.0 | 0.0 | 1.46 | 0.0 | 0.0 | 2.21 | 0.0 | 0.0 | 1.74 | 0.0 | 0.0 | 2.42 | 0.0 | 0.0 | 0.98 | 0.0 | 0.0 | 0.48 | 0.0 | 0.0 | 7.37 | 0.0 | 0.0 | 274.10 | 0.0 | 0.0 | 66.67 | 0.0 | 0.0 | 33.33 | 0.0 | 0.0 | 8.20 | 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) | 27.79 | 0.91 | 4.99 | -15.71 | 4.26 | 3.13 | 5.21 | -14.03 | 4.13 | -14.14 | 22.31 | -27.12 | 6.82 | -19.0 | 1.55 | -6.63 | 9.91 | -5.98 | 221.46 | -22.43 | 95.72 | -2.05 | 4.28 | 88.55 | 0.41 | 47.59 | 8.69 | 9.03 |
| 2022 (9) | 27.54 | 5.56 | 5.92 | 35.78 | 4.13 | -5.96 | 6.06 | 34.07 | 4.81 | 33.24 | 30.61 | 30.31 | 8.42 | 29.34 | 1.66 | -1.19 | 10.54 | 13.95 | 285.50 | 2.52 | 97.73 | 1.31 | 2.27 | -31.97 | 0.28 | -2.62 | 7.97 | -2.33 |
| 2021 (8) | 26.09 | 3.2 | 4.36 | 67.05 | 4.39 | -9.72 | 4.52 | 60.28 | 3.61 | 61.88 | 23.49 | 67.19 | 6.51 | 58.78 | 1.68 | 3.7 | 9.25 | 13.64 | 278.48 | -5.75 | 96.47 | 4.19 | 3.33 | -55.0 | 0.28 | -5.14 | 8.16 | -6.85 |
| 2020 (7) | 25.28 | 4.59 | 2.61 | 20.83 | 4.86 | -0.03 | 2.82 | 8.88 | 2.23 | 9.85 | 14.05 | 20.5 | 4.10 | -7.87 | 1.62 | -14.29 | 8.14 | 1.75 | 295.48 | 4.53 | 92.59 | 11.5 | 7.41 | -56.32 | 0.30 | -33.27 | 8.76 | 5.8 |
| 2019 (6) | 24.17 | -1.75 | 2.16 | -14.96 | 4.86 | 284.35 | 2.59 | -5.82 | 2.03 | -6.02 | 11.66 | 3.55 | 4.45 | -21.38 | 1.89 | -25.88 | 8.00 | 90.48 | 282.67 | 147.18 | 83.04 | -10.32 | 16.96 | 128.95 | 0.45 | 245.06 | 8.28 | -4.06 |
| 2018 (5) | 24.60 | -3.11 | 2.54 | -15.05 | 1.27 | -0.34 | 2.75 | -19.59 | 2.16 | -23.4 | 11.26 | -15.15 | 5.66 | -22.25 | 2.55 | -0.78 | 4.20 | -11.58 | 114.36 | 26.29 | 92.59 | 6.31 | 7.41 | -42.59 | 0.13 | 0 | 8.63 | -5.16 |
| 2017 (4) | 25.39 | 4.87 | 2.99 | -16.94 | 1.27 | 1.62 | 3.42 | -15.56 | 2.82 | -14.8 | 13.27 | -8.73 | 7.28 | -15.74 | 2.57 | -1.53 | 4.75 | -10.71 | 90.55 | 22.7 | 87.10 | -1.69 | 12.90 | 13.15 | 0.00 | 0 | 9.10 | 6.56 |
| 2016 (3) | 24.21 | -2.77 | 3.60 | -1.64 | 1.25 | -0.07 | 4.05 | -11.57 | 3.31 | -7.8 | 14.54 | -3.84 | 8.64 | -8.09 | 2.61 | -0.38 | 5.32 | -9.52 | 73.80 | 21.96 | 88.60 | 11.03 | 11.40 | -43.55 | 0.00 | 0 | 8.54 | -6.97 |
| 2015 (2) | 24.90 | -13.33 | 3.66 | -25.76 | 1.25 | -1.07 | 4.58 | -35.22 | 3.59 | -37.78 | 15.12 | -39.23 | 9.40 | -40.2 | 2.62 | -4.03 | 5.88 | -29.67 | 60.51 | -1.03 | 79.80 | 14.83 | 20.20 | -33.78 | 0.00 | 0 | 9.18 | -34.71 |
| 2014 (1) | 28.73 | 0 | 4.93 | 0 | 1.26 | 26.47 | 7.07 | 0 | 5.77 | 0 | 24.88 | 0 | 15.72 | 0 | 2.73 | -7.77 | 8.36 | 0.0 | 61.14 | 14.17 | 69.49 | 6.91 | 30.51 | -12.83 | 0.00 | 0 | 14.06 | 26.55 |
