- 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) | 31.90 | 6.26 | 4.01 | 18.06 | 24.38 | 9.65 | 17.33 | -13.61 | 80.9 | 18.13 | 33.31 | 140.77 | 3.70 | 54.17 | 164.29 | 2.90 | 63.84 | 168.52 | 0.16 | 23.08 | 14.29 | 20.30 | -12.54 | 62.4 | 27.72 | 2.25 | 10.53 | 104.35 | 43.48 | -40.37 | -4.35 | -115.94 | 94.2 | 20.23 | -8.54 | -5.64 |
| 23Q3 (19) | 30.02 | 11.64 | 7.99 | 14.52 | 43.34 | -12.27 | 20.06 | -49.98 | -39.29 | 13.60 | -52.36 | -47.61 | 2.40 | -54.8 | -71.19 | 1.77 | -51.64 | -69.59 | 0.13 | 0.0 | -40.91 | 23.21 | -46.95 | -33.23 | 27.11 | -40.55 | -19.98 | 72.73 | 197.52 | 43.38 | 27.27 | -63.9 | -46.23 | 22.12 | -2.25 | 40.44 |
| 23Q2 (18) | 26.89 | -8.79 | 22.34 | 10.13 | -38.75 | 11.93 | 40.10 | 190.37 | 27.42 | 28.55 | 198.33 | 11.39 | 5.31 | 175.13 | -11.5 | 3.66 | 154.17 | -12.23 | 0.13 | -13.33 | -18.75 | 43.75 | 156.6 | 27.11 | 45.60 | 1.88 | -14.06 | 24.44 | -79.05 | -14.44 | 75.56 | 440.0 | 5.78 | 22.63 | 14.24 | 23.93 |
| 23Q1 (17) | 29.48 | -3.88 | 19.64 | 16.54 | 0.43 | 10.19 | 13.81 | 44.15 | -7.87 | 9.57 | 27.09 | -20.71 | 1.93 | 37.86 | -42.22 | 1.44 | 33.33 | -39.75 | 0.15 | 7.14 | -25.0 | 17.05 | 36.4 | -1.45 | 44.76 | 78.47 | 26.33 | 116.67 | -33.33 | 16.67 | -22.22 | 70.37 | 0 | 19.81 | -7.6 | 25.3 |
| 22Q4 (16) | 30.67 | 10.32 | 12.55 | 16.47 | -0.48 | -2.26 | 9.58 | -71.0 | -28.98 | 7.53 | -70.99 | -29.16 | 1.40 | -83.19 | -62.47 | 1.08 | -81.44 | -59.4 | 0.14 | -36.36 | -44.0 | 12.50 | -64.04 | -18.73 | 25.08 | -25.97 | -43.12 | 175.00 | 245.0 | 41.89 | -75.00 | -247.86 | -221.43 | 21.44 | 36.13 | 52.82 |
| 22Q3 (15) | 27.80 | 26.48 | 3.12 | 16.55 | 82.87 | 5.75 | 33.04 | 4.99 | 71.73 | 25.96 | 1.29 | 80.03 | 8.33 | 38.83 | 77.61 | 5.82 | 39.57 | 80.19 | 0.22 | 37.5 | 0.0 | 34.76 | 0.99 | 66.16 | 33.88 | -36.15 | -5.65 | 50.72 | 77.54 | -37.82 | 50.72 | -28.99 | 175.36 | 15.75 | -13.75 | -5.86 |
| 22Q2 (14) | 21.98 | -10.8 | -19.81 | 9.05 | -39.71 | -33.36 | 31.47 | 109.94 | 114.23 | 25.63 | 112.34 | 119.62 | 6.00 | 79.64 | 60.0 | 4.17 | 74.48 | 64.82 | 0.16 | -20.0 | -27.27 | 34.42 | 98.96 | 99.65 | 53.06 | 49.76 | -2.94 | 28.57 | -71.43 | -69.39 | 71.43 | 0 | 971.43 | 18.26 | 15.5 | -1.99 |
| 22Q1 (13) | 24.64 | -9.58 | -1.56 | 15.01 | -10.92 | 54.42 | 14.99 | 11.12 | 25.97 | 12.07 | 13.55 | 32.93 | 3.34 | -10.46 | 26.52 | 2.39 | -10.15 | 29.89 | 0.20 | -20.0 | 0.0 | 17.30 | 12.48 | 15.72 | 35.43 | -19.64 | -20.04 | 100.00 | -18.92 | 21.05 | 0.00 | 100.0 | -100.0 | 15.81 | 12.69 | -21.11 |
| 21Q4 (12) | 27.25 | 1.08 | 5.46 | 16.85 | 7.67 | 76.26 | 13.49 | -29.89 | 179.3 | 10.63 | -26.28 | 55.41 | 3.73 | -20.47 | 84.65 | 2.66 | -17.65 | 87.32 | 0.25 | 13.64 | 25.0 | 15.38 | -26.48 | 95.92 | 44.09 | 22.78 | -3.63 | 123.33 | 51.18 | -38.33 | -23.33 | -226.67 | 76.67 | 14.03 | -16.14 | -33.91 |
| 21Q3 (11) | 26.96 | -1.64 | -7.8 | 15.65 | 15.24 | 25.0 | 19.24 | 30.97 | 132.65 | 14.42 | 23.56 | 162.66 | 4.69 | 25.07 | 185.98 | 3.23 | 27.67 | 199.07 | 0.22 | 0.0 | 15.79 | 20.92 | 21.35 | 87.29 | 35.91 | -34.31 | -15.59 | 81.58 | -12.59 | -43.25 | 18.42 | 176.32 | 136.84 | 16.73 | -10.2 | -19.76 |
| 21Q2 (10) | 27.41 | 9.51 | -9.36 | 13.58 | 39.71 | -17.35 | 14.69 | 23.45 | -22.93 | 11.67 | 28.52 | -11.52 | 3.75 | 42.05 | -24.55 | 2.53 | 37.5 | -22.63 | 0.22 | 10.0 | -12.0 | 17.24 | 15.32 | -18.76 | 54.67 | 23.38 | -18.37 | 93.33 | 12.98 | 9.67 | 6.67 | -61.67 | -47.78 | 18.63 | -7.04 | 0 |
| 21Q1 (9) | 25.03 | -3.13 | -3.84 | 9.72 | 1.67 | 141.19 | 11.90 | 146.38 | 42.86 | 9.08 | 32.75 | 86.83 | 2.64 | 30.69 | 153.85 | 1.84 | 29.58 | 138.96 | 0.20 | 0.0 | 33.33 | 14.95 | 90.45 | 22.14 | 44.31 | -3.15 | 9.6 | 82.61 | -58.7 | 65.22 | 17.39 | 117.39 | -65.22 | 20.04 | -5.61 | -20.98 |
| 20Q4 (8) | 25.84 | -11.63 | -13.98 | 9.56 | -23.64 | -17.94 | 4.83 | -41.6 | -58.96 | 6.84 | 24.59 | -14.61 | 2.02 | 23.17 | -6.05 | 1.42 | 31.48 | -8.39 | 0.20 | 5.26 | 5.26 | 7.85 | -29.72 | -47.39 | 45.75 | 7.55 | 14.69 | 200.00 | 39.13 | 100.0 | -100.00 | -100.0 | 0 | 21.23 | 1.82 | -16.45 |
| 20Q3 (7) | 29.24 | -3.31 | 21.23 | 12.52 | -23.8 | 39.58 | 8.27 | -56.61 | -83.67 | 5.49 | -58.38 | -88.26 | 1.64 | -67.0 | -88.0 | 1.08 | -66.97 | -88.63 | 0.19 | -24.0 | -5.0 | 11.17 | -47.36 | -79.02 | 42.54 | -36.48 | -1.78 | 143.75 | 68.91 | 694.85 | -50.00 | -491.67 | -161.04 | 20.85 | 0 | -10.9 |
| 20Q2 (6) | 30.24 | 16.17 | 30.29 | 16.43 | 307.69 | 30.29 | 19.06 | 128.81 | 11.92 | 13.19 | 171.4 | -0.6 | 4.97 | 377.88 | 2.05 | 3.27 | 324.68 | -4.39 | 0.25 | 66.67 | -3.85 | 21.22 | 73.37 | 12.33 | 66.97 | 65.64 | 46.74 | 85.11 | 70.21 | 16.63 | 12.77 | -74.47 | -52.77 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 26.03 | -13.35 | -6.7 | 4.03 | -65.41 | -74.08 | 8.33 | -29.23 | -46.6 | 4.86 | -39.33 | -59.06 | 1.04 | -51.63 | -63.89 | 0.77 | -50.32 | -63.51 | 0.15 | -21.05 | -16.67 | 12.24 | -17.96 | -35.03 | 40.43 | 1.35 | 0.65 | 50.00 | -50.0 | -47.62 | 50.00 | 0 | 0 | 25.36 | -0.2 | 13.72 |
| 19Q4 (4) | 30.04 | 24.54 | 0.0 | 11.65 | 29.88 | 0.0 | 11.77 | -76.76 | 0.0 | 8.01 | -82.87 | 0.0 | 2.15 | -84.27 | 0.0 | 1.55 | -83.68 | 0.0 | 0.19 | -5.0 | 0.0 | 14.92 | -71.97 | 0.0 | 39.89 | -7.9 | 0.0 | 100.00 | 452.94 | 0.0 | 0.00 | -100.0 | 0.0 | 25.41 | 8.59 | 0.0 |
| 19Q3 (3) | 24.12 | 3.92 | 0.0 | 8.97 | -28.87 | 0.0 | 50.64 | 197.36 | 0.0 | 46.75 | 252.3 | 0.0 | 13.67 | 180.7 | 0.0 | 9.50 | 177.78 | 0.0 | 0.20 | -23.08 | 0.0 | 53.23 | 181.79 | 0.0 | 43.31 | -5.11 | 0.0 | 18.09 | -75.22 | 0.0 | 81.91 | 203.09 | 0.0 | 23.40 | 36.76 | 0.0 |
| 19Q2 (2) | 23.21 | -16.81 | 0.0 | 12.61 | -18.91 | 0.0 | 17.03 | 9.17 | 0.0 | 13.27 | 11.79 | 0.0 | 4.87 | 69.1 | 0.0 | 3.42 | 62.09 | 0.0 | 0.26 | 44.44 | 0.0 | 18.89 | 0.27 | 0.0 | 45.64 | 13.62 | 0.0 | 72.97 | -23.55 | 0.0 | 27.03 | 0 | 0.0 | 17.11 | -23.27 | 0.0 |
| 19Q1 (1) | 27.90 | 0.0 | 0.0 | 15.55 | 0.0 | 0.0 | 15.60 | 0.0 | 0.0 | 11.87 | 0.0 | 0.0 | 2.88 | 0.0 | 0.0 | 2.11 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | 18.84 | 0.0 | 0.0 | 40.17 | 0.0 | 0.0 | 95.45 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 22.30 | 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) | 29.67 | 13.46 | 15.01 | 4.24 | 3.08 | 30.52 | 22.27 | -4.5 | 17.22 | -7.47 | 12.51 | -33.95 | 9.90 | -29.79 | 0.57 | -25.0 | 25.46 | -0.78 | 27.72 | 10.53 | 67.59 | 8.98 | 32.41 | -14.66 | 0.00 | 0 | 21.11 | 21.25 |
| 2022 (9) | 26.15 | -2.02 | 14.40 | 2.49 | 2.36 | 13.14 | 23.32 | 57.57 | 18.61 | 62.82 | 18.94 | 32.82 | 14.10 | 42.86 | 0.76 | -11.63 | 25.66 | 50.41 | 25.08 | -43.12 | 62.03 | -34.17 | 37.97 | 665.82 | 0.00 | 0 | 17.41 | 0.87 |
| 2021 (8) | 26.69 | -5.02 | 14.05 | 23.14 | 2.09 | -19.69 | 14.80 | 36.28 | 11.43 | 40.25 | 14.26 | 52.35 | 9.87 | 48.42 | 0.86 | 7.5 | 17.06 | 22.73 | 44.09 | -3.63 | 94.21 | -10.07 | 4.96 | 0 | 0.00 | 0 | 17.26 | -17.65 |
| 2020 (7) | 28.10 | 7.83 | 11.41 | -4.92 | 2.60 | 10.31 | 10.86 | -54.9 | 8.15 | -59.83 | 9.36 | -60.49 | 6.65 | -61.63 | 0.80 | -5.88 | 13.90 | -48.0 | 45.75 | 14.69 | 104.76 | 109.52 | -4.76 | 0 | 0.42 | 31.81 | 20.96 | -3.85 |
| 2019 (6) | 26.06 | 2.6 | 12.00 | -1.15 | 2.35 | -21.56 | 24.08 | 47.1 | 20.29 | 60.78 | 23.69 | 91.36 | 17.33 | 83.39 | 0.85 | 13.33 | 26.73 | 37.01 | 39.89 | 15.79 | 50.00 | -33.08 | 50.00 | 89.13 | 0.32 | 135.96 | 21.80 | -2.81 |
| 2018 (5) | 25.40 | -4.83 | 12.14 | -4.93 | 3.00 | -24.95 | 16.37 | 31.06 | 12.62 | 30.24 | 12.38 | 46.34 | 9.45 | 46.28 | 0.75 | 11.94 | 19.51 | 15.51 | 34.45 | 23.74 | 74.71 | -26.6 | 26.44 | 0 | 0.13 | 0 | 22.43 | -7.47 |
| 2017 (4) | 26.69 | 23.79 | 12.77 | 73.98 | 4.00 | -9.71 | 12.49 | 7.86 | 9.69 | 7.79 | 8.46 | 3.3 | 6.46 | 4.87 | 0.67 | -2.9 | 16.89 | 4.0 | 27.84 | -19.23 | 101.79 | 59.95 | -1.79 | 0 | 0.00 | 0 | 24.24 | -5.68 |
| 2016 (3) | 21.56 | -21.2 | 7.34 | -38.53 | 4.43 | 30.81 | 11.58 | -27.17 | 8.99 | -29.04 | 8.19 | -46.19 | 6.16 | -44.5 | 0.69 | -21.59 | 16.24 | -16.42 | 34.47 | 8.16 | 63.64 | -15.47 | 36.36 | 47.11 | 0.00 | 0 | 25.70 | 1.66 |
| 2015 (2) | 27.36 | 239.45 | 11.94 | 0 | 3.39 | 17.18 | 15.90 | 0 | 12.67 | 0 | 15.22 | 0 | 11.10 | 0 | 0.88 | 166.67 | 19.43 | 0 | 31.87 | -27.9 | 75.28 | -26.93 | 24.72 | 0 | 0.00 | 0 | 25.28 | -46.5 |
| 2014 (1) | 8.06 | 0 | -19.46 | 0 | 2.89 | 48.68 | -18.96 | 0 | -20.06 | 0 | -9.08 | 0 | -6.61 | 0 | 0.33 | -68.87 | -15.61 | 0 | 44.20 | 47.93 | 103.03 | 5.05 | -3.03 | 0 | 0.00 | 0 | 47.25 | 93.41 |
