- 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) | 17.39 | -6.91 | -30.22 | 0.72 | -76.32 | -88.99 | -12.67 | -211.43 | -189.27 | -8.87 | -191.63 | -454.37 | -0.84 | -150.0 | -394.12 | -0.66 | -149.25 | -560.0 | 0.08 | -42.86 | 0.0 | -6.06 | -141.06 | -641.07 | 22.81 | 0.26 | -18.24 | -6.90 | -125.46 | 95.13 | 106.90 | 46.6 | -55.77 | 17.54 | 54.81 | 10.25 |
| 23Q3 (19) | 18.68 | -17.45 | -16.08 | 3.04 | -38.09 | -69.66 | 11.37 | -2.07 | -39.84 | 9.68 | 15.65 | -36.06 | 1.68 | 17.48 | -65.43 | 1.34 | 21.82 | -62.04 | 0.14 | 7.69 | -39.13 | 14.76 | -3.09 | -28.97 | 22.75 | -29.72 | -38.53 | 27.08 | -36.35 | -48.88 | 72.92 | 26.93 | 55.08 | 11.33 | -1.22 | 67.6 |
| 23Q2 (18) | 22.63 | -17.26 | -10.16 | 4.91 | -56.51 | -65.0 | 11.61 | 10.26 | -34.18 | 8.37 | 7.31 | -37.91 | 1.43 | -4.03 | -68.22 | 1.10 | -5.17 | -65.52 | 0.13 | -13.33 | -45.83 | 15.23 | 11.82 | -22.1 | 32.37 | -5.35 | -19.01 | 42.55 | -60.66 | -46.33 | 57.45 | 803.72 | 177.33 | 11.47 | 13.23 | 67.94 |
| 23Q1 (17) | 27.35 | 9.75 | 5.64 | 11.29 | 72.63 | -18.31 | 10.53 | 340.41 | -43.23 | 7.80 | 587.5 | -45.76 | 1.49 | 976.47 | -60.79 | 1.16 | 1260.0 | -58.57 | 0.15 | 87.5 | -21.05 | 13.62 | 1116.07 | -34.68 | 34.20 | 22.58 | -20.67 | 108.16 | 176.35 | 45.46 | -8.16 | -103.38 | -131.84 | 10.13 | -36.33 | 24.6 |
| 22Q4 (16) | 24.92 | 11.95 | 42.24 | 6.54 | -34.73 | -24.57 | -4.38 | -123.17 | -148.08 | -1.60 | -110.57 | -121.39 | -0.17 | -103.5 | -110.76 | -0.10 | -102.83 | -108.26 | 0.08 | -65.22 | -50.0 | 1.12 | -94.61 | -90.6 | 27.90 | -24.61 | -6.38 | -141.67 | -367.4 | -251.33 | 241.67 | 413.97 | 5579.17 | 15.91 | 135.36 | 79.77 |
| 22Q3 (15) | 22.26 | -11.63 | 3.53 | 10.02 | -28.58 | 11.83 | 18.90 | 7.14 | 118.75 | 15.14 | 12.31 | 122.32 | 4.86 | 8.0 | 249.64 | 3.53 | 10.66 | 246.08 | 0.23 | -4.17 | 53.33 | 20.78 | 6.29 | 78.22 | 37.01 | -7.41 | 9.69 | 52.98 | -33.18 | -49.43 | 47.02 | 126.99 | 1087.42 | 6.76 | -1.02 | -25.8 |
| 22Q2 (14) | 25.19 | -2.7 | -18.16 | 14.03 | 1.52 | 16.82 | 17.64 | -4.91 | -68.05 | 13.48 | -6.26 | -62.16 | 4.50 | 18.42 | -48.57 | 3.19 | 13.93 | -46.48 | 0.24 | 26.32 | 41.18 | 19.55 | -6.24 | -66.03 | 39.97 | -7.28 | -6.39 | 79.29 | 6.63 | 262.62 | 20.71 | -19.21 | -73.49 | 6.83 | -15.99 | -45.18 |
| 22Q1 (13) | 25.89 | 47.77 | -22.42 | 13.82 | 59.4 | -15.63 | 18.55 | 103.62 | 34.71 | 14.38 | 92.25 | 32.53 | 3.80 | 140.51 | 49.02 | 2.80 | 131.4 | 59.09 | 0.19 | 18.75 | 18.75 | 20.85 | 75.06 | 27.52 | 43.11 | 44.66 | -17.62 | 74.36 | -20.57 | -37.75 | 25.64 | 502.56 | 231.87 | 8.13 | -8.14 | -25.0 |
| 21Q4 (12) | 17.52 | -18.51 | -8.37 | 8.67 | -3.24 | 30.38 | 9.11 | 5.44 | 1418.33 | 7.48 | 9.84 | 256.19 | 1.58 | 13.67 | 444.83 | 1.21 | 18.63 | 426.09 | 0.16 | 6.67 | 60.0 | 11.91 | 2.14 | 114.98 | 29.80 | -11.68 | -27.01 | 93.62 | -10.64 | -90.64 | 4.26 | 189.36 | 100.45 | 8.85 | -2.85 | -30.97 |
| 21Q3 (11) | 21.50 | -30.15 | -23.13 | 8.96 | -25.4 | -38.33 | 8.64 | -84.35 | -25.19 | 6.81 | -80.88 | -20.81 | 1.39 | -84.11 | -7.33 | 1.02 | -82.89 | -6.42 | 0.15 | -11.76 | 25.0 | 11.66 | -79.74 | -27.22 | 33.74 | -20.98 | -9.74 | 104.76 | 379.13 | -15.82 | -4.76 | -106.09 | 82.14 | 9.11 | -26.89 | -23.89 |
| 21Q2 (10) | 30.78 | -7.76 | 1.18 | 12.01 | -26.68 | -33.35 | 55.21 | 300.94 | 248.33 | 35.62 | 228.29 | 218.6 | 8.75 | 243.14 | 214.75 | 5.96 | 238.64 | 202.54 | 0.17 | 6.25 | 0.0 | 57.55 | 251.99 | 203.37 | 42.70 | -18.4 | 1.45 | 21.86 | -81.69 | -80.81 | 78.14 | 501.84 | 659.97 | 12.46 | 14.94 | 0 |
| 21Q1 (9) | 33.37 | 74.53 | -0.6 | 16.38 | 146.32 | -16.43 | 13.77 | 2195.0 | -31.42 | 10.85 | 416.67 | -26.54 | 2.55 | 779.31 | -37.04 | 1.76 | 665.22 | -39.73 | 0.16 | 60.0 | -20.0 | 16.35 | 195.13 | -28.79 | 52.33 | 28.17 | 20.02 | 119.44 | -88.06 | 22.48 | -19.44 | 97.95 | -884.26 | 10.84 | -15.44 | 0 |
| 20Q4 (8) | 19.12 | -31.64 | -20.23 | 6.65 | -54.23 | -38.43 | 0.60 | -94.81 | -88.57 | 2.10 | -75.58 | -64.94 | 0.29 | -80.67 | -68.82 | 0.23 | -78.9 | -67.14 | 0.10 | -16.67 | -9.09 | 5.54 | -65.42 | -45.69 | 40.83 | 9.23 | 12.42 | 1000.00 | 703.57 | 386.49 | -950.00 | -3462.5 | -800.0 | 12.82 | 7.1 | 7.46 |
| 20Q3 (7) | 27.97 | -8.05 | -1.2 | 14.53 | -19.37 | -0.82 | 11.55 | -27.13 | -22.69 | 8.60 | -23.08 | -24.69 | 1.50 | -46.04 | -44.44 | 1.09 | -44.67 | -43.23 | 0.12 | -29.41 | -29.41 | 16.02 | -15.55 | -12.84 | 37.38 | -11.19 | -6.57 | 124.44 | 9.21 | 26.08 | -26.67 | -91.11 | -2153.33 | 11.97 | 0 | 25.21 |
| 20Q2 (6) | 30.42 | -9.38 | 2.87 | 18.02 | -8.06 | 14.56 | 15.85 | -21.07 | -8.12 | 11.18 | -24.31 | -12.45 | 2.78 | -31.36 | -23.2 | 1.97 | -32.53 | -24.81 | 0.17 | -15.0 | -15.0 | 18.97 | -17.38 | -5.62 | 42.09 | -3.46 | -1.24 | 113.95 | 16.85 | 24.42 | -13.95 | -662.79 | -265.89 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 33.57 | 40.05 | 20.28 | 19.60 | 81.48 | 33.42 | 20.08 | 282.48 | 30.98 | 14.77 | 146.58 | 30.59 | 4.05 | 335.48 | 30.65 | 2.92 | 317.14 | 28.07 | 0.20 | 81.82 | 0.0 | 22.96 | 125.1 | 25.33 | 43.60 | 20.04 | 20.11 | 97.52 | -52.56 | 2.0 | 2.48 | 102.35 | -43.6 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 23.97 | -15.33 | 0.0 | 10.80 | -26.28 | 0.0 | 5.25 | -64.86 | 0.0 | 5.99 | -47.55 | 0.0 | 0.93 | -65.56 | 0.0 | 0.70 | -63.54 | 0.0 | 0.11 | -35.29 | 0.0 | 10.20 | -44.5 | 0.0 | 36.32 | -9.22 | 0.0 | 205.56 | 108.26 | 0.0 | -105.56 | -8227.78 | 0.0 | 11.93 | 24.79 | 0.0 |
| 19Q3 (3) | 28.31 | -4.26 | 0.0 | 14.65 | -6.87 | 0.0 | 14.94 | -13.39 | 0.0 | 11.42 | -10.57 | 0.0 | 2.70 | -25.41 | 0.0 | 1.92 | -26.72 | 0.0 | 0.17 | -15.0 | 0.0 | 18.38 | -8.56 | 0.0 | 40.01 | -6.12 | 0.0 | 98.70 | 7.77 | 0.0 | 1.30 | -84.56 | 0.0 | 9.56 | 14.22 | 0.0 |
| 19Q2 (2) | 29.57 | 5.95 | 0.0 | 15.73 | 7.08 | 0.0 | 17.25 | 12.52 | 0.0 | 12.77 | 12.91 | 0.0 | 3.62 | 16.77 | 0.0 | 2.62 | 14.91 | 0.0 | 0.20 | 0.0 | 0.0 | 20.10 | 9.72 | 0.0 | 42.62 | 17.41 | 0.0 | 91.59 | -4.2 | 0.0 | 8.41 | 91.36 | 0.0 | 8.37 | 2.32 | 0.0 |
| 19Q1 (1) | 27.91 | 0.0 | 0.0 | 14.69 | 0.0 | 0.0 | 15.33 | 0.0 | 0.0 | 11.31 | 0.0 | 0.0 | 3.10 | 0.0 | 0.0 | 2.28 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 18.32 | 0.0 | 0.0 | 36.30 | 0.0 | 0.0 | 95.60 | 0.0 | 0.0 | 4.40 | 0.0 | 0.0 | 8.18 | 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) | 22.20 | -9.02 | 5.73 | -51.81 | 3.67 | 63.13 | 7.54 | -52.64 | 5.95 | -52.85 | 3.66 | -70.91 | 3.01 | -69.41 | 0.49 | -36.36 | 11.46 | -37.27 | 22.81 | -18.24 | 75.65 | 1.47 | 24.35 | -3.34 | 0.00 | 0 | 11.94 | 47.23 |
| 2022 (9) | 24.40 | -6.19 | 11.89 | 2.77 | 2.25 | -13.03 | 15.92 | -29.53 | 12.62 | -19.87 | 12.58 | -9.63 | 9.84 | -5.11 | 0.77 | 18.46 | 18.27 | -27.84 | 27.90 | -6.38 | 74.56 | 45.42 | 25.19 | -48.31 | 0.00 | 0 | 8.11 | -21.87 |
| 2021 (8) | 26.01 | -10.46 | 11.57 | -27.23 | 2.58 | -24.63 | 22.59 | 63.93 | 15.75 | 52.91 | 13.92 | 65.32 | 10.37 | 68.62 | 0.65 | 10.17 | 25.32 | 45.35 | 29.80 | -27.01 | 51.27 | -55.58 | 48.73 | 0 | 0.00 | 0 | 10.38 | 4.85 |
| 2020 (7) | 29.05 | 4.27 | 15.90 | 10.8 | 3.43 | 7.93 | 13.78 | -2.55 | 10.30 | -5.42 | 8.42 | -19.04 | 6.15 | -19.82 | 0.59 | -15.71 | 17.42 | -0.34 | 40.83 | 12.42 | 115.42 | 13.87 | -15.42 | 0 | 0.37 | -5.49 | 9.90 | 7.61 |
| 2019 (6) | 27.86 | 20.29 | 14.35 | 45.1 | 3.18 | 9.4 | 14.14 | 23.6 | 10.89 | 29.49 | 10.40 | 19.54 | 7.67 | 22.13 | 0.70 | -5.41 | 17.48 | 20.72 | 36.32 | -4.35 | 101.36 | 16.92 | -1.36 | 0 | 0.40 | -2.97 | 9.20 | 8.11 |
| 2018 (5) | 23.16 | -3.66 | 9.89 | -8.43 | 2.90 | -5.92 | 11.44 | 31.95 | 8.41 | 27.62 | 8.70 | 30.83 | 6.28 | 31.93 | 0.74 | 4.23 | 14.48 | 21.07 | 37.97 | -11.94 | 86.69 | -30.34 | 13.31 | 0 | 0.41 | 0 | 8.51 | -5.44 |
| 2017 (4) | 24.04 | 1.22 | 10.80 | 12.15 | 3.09 | 5.94 | 8.67 | -13.56 | 6.59 | -10.46 | 6.65 | -19.78 | 4.76 | -19.59 | 0.71 | -10.13 | 11.96 | -8.98 | 43.12 | 1.22 | 124.44 | 30.08 | -24.44 | 0 | 0.00 | 0 | 9.00 | 11.8 |
| 2016 (3) | 23.75 | 13.37 | 9.63 | 9.06 | 2.91 | 1.09 | 10.03 | 4.81 | 7.36 | 3.81 | 8.29 | 1.97 | 5.92 | 3.14 | 0.79 | -1.25 | 13.14 | 3.87 | 42.60 | -0.75 | 95.67 | 3.6 | 3.90 | -49.12 | 0.00 | 0 | 8.05 | 2.81 |
| 2015 (2) | 20.95 | -4.25 | 8.83 | -18.32 | 2.88 | 23.74 | 9.57 | -16.85 | 7.09 | -20.16 | 8.13 | -34.54 | 5.74 | -33.41 | 0.80 | -16.67 | 12.65 | -9.51 | 42.92 | -4.73 | 92.34 | -1.65 | 7.66 | 25.34 | 0.00 | 0 | 7.83 | 24.48 |
| 2014 (1) | 21.88 | 0 | 10.81 | 0 | 2.33 | -9.21 | 11.51 | 0 | 8.88 | 0 | 12.42 | 0 | 8.62 | 0 | 0.96 | 5.49 | 13.98 | 14.59 | 45.05 | -3.37 | 93.89 | 4.69 | 6.11 | -40.77 | 0.00 | 0 | 6.29 | -1.41 |
