- 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) | 32.13 | -7.94 | 55.97 | 6.35 | -34.27 | 391.28 | 3.27 | -73.15 | 145.54 | 2.91 | -71.53 | 151.78 | 0.91 | -74.86 | 157.96 | 0.72 | -72.62 | 164.86 | 0.25 | -3.85 | 25.0 | 9.39 | -48.58 | 3337.93 | 24.83 | -15.31 | -26.71 | 190.91 | 145.45 | 581.82 | -90.91 | -554.55 | -233.69 | 17.95 | -4.57 | 18.09 |
| 23Q3 (19) | 34.90 | 17.11 | -18.48 | 9.66 | 111.38 | 24.01 | 12.18 | 72.52 | -38.79 | 10.22 | -1.06 | -34.65 | 3.62 | 9.04 | -22.15 | 2.63 | 9.13 | -13.49 | 0.26 | 13.04 | 36.84 | 18.26 | 31.94 | -31.2 | 29.32 | -38.07 | -34.08 | 77.78 | 21.53 | 97.22 | 20.00 | -44.44 | -66.98 | 18.81 | 7.61 | -33.58 |
| 23Q2 (18) | 29.80 | -0.03 | -42.34 | 4.57 | 149.14 | -78.85 | 7.06 | 163.89 | -74.28 | 10.33 | 208.05 | -47.46 | 3.32 | 248.21 | -59.06 | 2.41 | 242.6 | -55.29 | 0.23 | 27.78 | -14.81 | 13.84 | 655.82 | -56.63 | 47.34 | 60.31 | -24.64 | 64.00 | -23.69 | -18.86 | 36.00 | 123.2 | 70.4 | 17.48 | -34.46 | -33.46 |
| 23Q1 (17) | 29.81 | 44.71 | -45.57 | -9.30 | -326.61 | -130.56 | -11.05 | -53.9 | -131.95 | -9.56 | -70.11 | -132.84 | -2.24 | -42.68 | -117.18 | -1.69 | -52.25 | -119.16 | 0.18 | -10.0 | -40.0 | -2.49 | -758.62 | -106.44 | 29.53 | -12.84 | -25.69 | 83.87 | 199.54 | -4.78 | 16.13 | -76.28 | 35.34 | 26.67 | 75.46 | 29.91 |
| 22Q4 (16) | 20.60 | -51.88 | -66.56 | -2.18 | -127.98 | -106.54 | -7.18 | -136.08 | -121.91 | -5.62 | -135.93 | -121.31 | -1.57 | -133.76 | -109.66 | -1.11 | -136.51 | -110.35 | 0.20 | 5.26 | -51.22 | -0.29 | -101.09 | -100.8 | 33.88 | -23.83 | -40.64 | 28.00 | -29.0 | -72.5 | 68.00 | 12.28 | 3806.0 | 15.20 | -46.33 | -39.49 |
| 22Q3 (15) | 42.81 | -17.16 | -26.83 | 7.79 | -63.95 | -76.95 | 19.90 | -27.5 | -41.3 | 15.64 | -20.45 | -43.04 | 4.65 | -42.66 | -73.4 | 3.04 | -43.6 | -75.58 | 0.19 | -29.63 | -57.78 | 26.54 | -16.83 | -28.75 | 44.48 | -29.19 | -2.0 | 39.44 | -50.0 | -60.37 | 60.56 | 186.67 | 12497.18 | 28.32 | 7.8 | 27.17 |
| 22Q2 (14) | 51.68 | -5.64 | 2.87 | 21.61 | -28.98 | -28.8 | 27.45 | -20.62 | -6.66 | 19.66 | -32.46 | -16.05 | 8.11 | -37.81 | -50.15 | 5.39 | -38.89 | -55.08 | 0.27 | -10.0 | -47.06 | 31.91 | -17.42 | -1.48 | 62.82 | 58.08 | 78.21 | 78.87 | -10.46 | -23.73 | 21.13 | 77.28 | 719.72 | 26.27 | 27.96 | 55.44 |
| 22Q1 (13) | 54.77 | -11.1 | 31.6 | 30.43 | -8.67 | 67.29 | 34.58 | 5.52 | 81.33 | 29.11 | 10.39 | 91.89 | 13.04 | -19.8 | 66.54 | 8.82 | -17.72 | 53.39 | 0.30 | -26.83 | -21.05 | 38.64 | 7.07 | 62.42 | 39.74 | -30.38 | 10.45 | 88.08 | -13.5 | -6.95 | 11.92 | 749.48 | 197.93 | 20.53 | -18.27 | 8.91 |
| 21Q4 (12) | 61.61 | 5.3 | 51.97 | 33.32 | -1.39 | 88.04 | 32.77 | -3.33 | 102.28 | 26.37 | -3.97 | 91.64 | 16.26 | -6.98 | 109.54 | 10.72 | -13.9 | 84.51 | 0.41 | -8.89 | -2.38 | 36.09 | -3.11 | 70.48 | 57.08 | 25.75 | 56.47 | 101.83 | 2.33 | -5.54 | -1.83 | -481.65 | 80.43 | 25.12 | 12.8 | 40.1 |
| 21Q3 (11) | 58.51 | 16.46 | 44.08 | 33.79 | 11.33 | 123.33 | 33.90 | 15.27 | 144.59 | 27.46 | 17.25 | 149.18 | 17.48 | 7.44 | 243.42 | 12.45 | 3.75 | 228.5 | 0.45 | -11.76 | 32.35 | 37.25 | 15.0 | 82.6 | 45.39 | 28.77 | 48.33 | 99.52 | -3.76 | -9.33 | 0.48 | 114.1 | 104.93 | 22.27 | 31.78 | 15.57 |
| 21Q2 (10) | 50.24 | 20.71 | 22.42 | 30.35 | 66.85 | 105.07 | 29.41 | 54.22 | 109.17 | 23.42 | 54.38 | 110.99 | 16.27 | 107.79 | 232.04 | 12.00 | 108.7 | 223.45 | 0.51 | 34.21 | 54.55 | 32.39 | 36.15 | 56.47 | 35.25 | -2.03 | -9.85 | 103.41 | 9.23 | -1.52 | -3.41 | -185.23 | 31.82 | 16.90 | -10.34 | 0 |
| 21Q1 (9) | 41.62 | 2.66 | 3.51 | 18.19 | 2.65 | 734.4 | 19.07 | 17.72 | 490.4 | 15.17 | 10.25 | 504.38 | 7.83 | 0.9 | 1018.57 | 5.75 | -1.03 | 926.79 | 0.38 | -9.52 | 72.73 | 23.79 | 12.38 | 75.06 | 35.98 | -1.37 | 40.05 | 94.67 | -12.19 | 42.0 | 4.00 | 142.67 | -88.0 | 18.85 | 5.13 | -31.7 |
| 20Q4 (8) | 40.54 | -0.17 | 8.83 | 17.72 | 17.12 | 85.74 | 16.20 | 16.88 | 105.84 | 13.76 | 24.86 | 120.87 | 7.76 | 52.46 | 214.17 | 5.81 | 53.3 | 205.79 | 0.42 | 23.53 | 40.0 | 21.17 | 3.77 | 39.46 | 36.48 | 19.22 | 22.17 | 107.81 | -1.77 | -13.75 | -9.38 | 3.91 | 53.12 | 17.93 | -6.95 | -12.19 |
| 20Q3 (7) | 40.61 | -1.05 | 3.33 | 15.13 | 2.23 | 16.74 | 13.86 | -1.42 | 5.56 | 11.02 | -0.72 | -12.54 | 5.09 | 3.88 | -8.62 | 3.79 | 2.16 | -4.77 | 0.34 | 3.03 | 6.25 | 20.40 | -1.45 | 0.54 | 30.60 | -21.74 | -5.0 | 109.76 | 4.53 | 9.76 | -9.76 | -95.12 | 0 | 19.27 | 0 | 2.23 |
| 20Q2 (6) | 41.04 | 2.06 | 4.72 | 14.80 | 578.9 | -8.25 | 14.06 | 335.29 | -14.16 | 11.10 | 342.23 | -15.14 | 4.90 | 600.0 | -27.62 | 3.71 | 562.5 | -23.19 | 0.33 | 50.0 | -10.81 | 20.70 | 52.32 | -9.25 | 39.10 | 52.2 | -20.4 | 105.00 | 57.5 | 5.0 | -5.00 | -115.0 | -360.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 40.21 | 7.95 | 34.17 | 2.18 | -77.15 | 132.54 | 3.23 | -58.96 | 151.76 | 2.51 | -59.71 | 147.72 | 0.70 | -71.66 | 144.59 | 0.56 | -70.53 | 147.06 | 0.22 | -26.67 | -4.35 | 13.59 | -10.47 | 188.54 | 25.69 | -13.97 | -20.71 | 66.67 | -46.67 | -38.46 | 33.33 | 266.67 | 500.0 | 27.60 | 35.16 | 6.69 |
| 19Q4 (4) | 37.25 | -5.22 | 0.0 | 9.54 | -26.39 | 0.0 | 7.87 | -40.06 | 0.0 | 6.23 | -50.56 | 0.0 | 2.47 | -55.66 | 0.0 | 1.90 | -52.26 | 0.0 | 0.30 | -6.25 | 0.0 | 15.18 | -25.18 | 0.0 | 29.86 | -7.3 | 0.0 | 125.00 | 25.0 | 0.0 | -20.00 | 0 | 0.0 | 20.42 | 8.33 | 0.0 |
| 19Q3 (3) | 39.30 | 0.28 | 0.0 | 12.96 | -19.65 | 0.0 | 13.13 | -19.84 | 0.0 | 12.60 | -3.67 | 0.0 | 5.57 | -17.73 | 0.0 | 3.98 | -17.6 | 0.0 | 0.32 | -13.51 | 0.0 | 20.29 | -11.05 | 0.0 | 32.21 | -34.43 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | -100.0 | 0.0 | 18.85 | 13.83 | 0.0 |
| 19Q2 (2) | 39.19 | 30.76 | 0.0 | 16.13 | 340.75 | 0.0 | 16.38 | 362.5 | 0.0 | 13.08 | 348.67 | 0.0 | 6.77 | 531.21 | 0.0 | 4.83 | 505.88 | 0.0 | 0.37 | 60.87 | 0.0 | 22.81 | 384.29 | 0.0 | 49.12 | 51.6 | 0.0 | 100.00 | -7.69 | 0.0 | 1.92 | 123.08 | 0.0 | 16.56 | -35.99 | 0.0 |
| 19Q1 (1) | 29.97 | 0.0 | 0.0 | -6.70 | 0.0 | 0.0 | -6.24 | 0.0 | 0.0 | -5.26 | 0.0 | 0.0 | -1.57 | 0.0 | 0.0 | -1.19 | 0.0 | 0.0 | 0.23 | 0.0 | 0.0 | 4.71 | 0.0 | 0.0 | 32.40 | 0.0 | 0.0 | 108.33 | 0.0 | 0.0 | -8.33 | 0.0 | 0.0 | 25.87 | 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) | 31.79 | -29.15 | 3.49 | -79.48 | 6.15 | 33.31 | 3.71 | -82.74 | 4.27 | -74.81 | 4.99 | -80.28 | 3.88 | -77.78 | 0.90 | -12.62 | 10.58 | -60.51 | 24.83 | -26.71 | 93.88 | 18.75 | 6.12 | -70.77 | 0.60 | -34.84 | 19.90 | -12.49 |
| 2022 (9) | 44.87 | -17.4 | 17.01 | -43.39 | 4.61 | 66.05 | 21.49 | -27.93 | 16.95 | -29.23 | 25.31 | -55.88 | 17.46 | -54.61 | 1.03 | -36.02 | 26.79 | -19.55 | 33.88 | -40.64 | 79.06 | -21.52 | 20.94 | 0 | 0.92 | -26.47 | 22.74 | 7.77 |
| 2021 (8) | 54.32 | 33.69 | 30.05 | 116.65 | 2.78 | -47.15 | 29.82 | 129.21 | 23.95 | 125.52 | 57.37 | 222.12 | 38.47 | 187.3 | 1.61 | 27.78 | 33.30 | 70.16 | 57.08 | 56.47 | 100.74 | -5.52 | -0.74 | 0 | 1.26 | -62.26 | 21.10 | 3.99 |
| 2020 (7) | 40.63 | 9.66 | 13.87 | 46.15 | 5.26 | -16.74 | 13.01 | 40.04 | 10.62 | 34.26 | 17.81 | 40.13 | 13.39 | 36.22 | 1.26 | 1.61 | 19.57 | 14.91 | 36.48 | 22.17 | 106.62 | 4.47 | -6.62 | 0 | 3.33 | 89.17 | 20.29 | 2.37 |
| 2019 (6) | 37.05 | -2.55 | 9.49 | 16.44 | 6.32 | 5.63 | 9.29 | -0.96 | 7.91 | -0.25 | 12.71 | -6.89 | 9.83 | -3.63 | 1.24 | -3.13 | 17.03 | -0.47 | 29.86 | -0.07 | 102.06 | 17.56 | -2.06 | 0 | 1.76 | -36.01 | 19.82 | -3.13 |
| 2018 (5) | 38.02 | -6.29 | 8.15 | -36.87 | 5.98 | 11.62 | 9.38 | -22.8 | 7.93 | -23.16 | 13.65 | -38.21 | 10.20 | -36.61 | 1.28 | -17.95 | 17.11 | -10.18 | 29.88 | -24.1 | 86.81 | -18.53 | 13.19 | 0 | 2.75 | 0 | 20.46 | 2.87 |
| 2017 (4) | 40.57 | -0.78 | 12.91 | 3.12 | 5.36 | -11.31 | 12.15 | -1.86 | 10.32 | -0.58 | 22.09 | -3.49 | 16.09 | -2.66 | 1.56 | -1.89 | 19.05 | -2.66 | 39.37 | 12.07 | 106.56 | 5.61 | -6.56 | 0 | 0.00 | 0 | 19.89 | -4.56 |
| 2016 (3) | 40.89 | 1.77 | 12.52 | 47.64 | 6.04 | -29.5 | 12.38 | 34.13 | 10.38 | 38.58 | 22.89 | 43.24 | 16.53 | 45.25 | 1.59 | 4.61 | 19.57 | 2.95 | 35.13 | -17.98 | 100.90 | 10.51 | -0.90 | 0 | 0.00 | 0 | 20.84 | -4.49 |
| 2015 (2) | 40.18 | 4.17 | 8.48 | -9.5 | 8.57 | -6.98 | 9.23 | -12.35 | 7.49 | -11.99 | 15.98 | -22.28 | 11.38 | -22.0 | 1.52 | -11.11 | 19.01 | -7.99 | 42.83 | 12.71 | 91.30 | 2.88 | 8.70 | -22.71 | 0.00 | 0 | 21.82 | 14.06 |
| 2014 (1) | 38.57 | 0 | 9.37 | 0 | 9.21 | -0.95 | 10.53 | 0 | 8.51 | 0 | 20.56 | 0 | 14.59 | 0 | 1.71 | -9.04 | 20.66 | 6.17 | 38.00 | -14.97 | 88.75 | 0.39 | 11.25 | 10.89 | 0.00 | 0 | 19.13 | 7.96 |
