- 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) | 20.22 | 0.75 | -4.98 | 13.29 | 9.11 | -5.0 | 12.27 | -18.63 | 12.26 | 10.00 | -17.97 | 3.52 | 2.77 | -18.05 | 2.59 | 1.86 | -14.68 | 10.71 | 0.19 | 5.56 | 11.76 | 27.04 | -9.26 | 15.06 | 47.93 | -6.02 | -19.53 | 108.51 | 34.04 | -15.25 | -8.51 | -144.68 | 69.64 | 28.30 | -4.71 | -0.42 |
| 23Q3 (19) | 20.07 | -2.1 | -23.19 | 12.18 | -1.69 | -33.59 | 15.08 | -19.62 | -43.92 | 12.19 | -14.58 | -42.77 | 3.38 | -16.34 | -52.73 | 2.18 | -8.02 | -46.7 | 0.18 | 5.88 | -5.26 | 29.80 | -10.67 | -20.32 | 51.00 | -15.24 | -20.94 | 80.95 | 22.33 | 18.39 | 19.05 | -43.69 | -40.27 | 29.70 | -0.9 | 18.37 |
| 23Q2 (18) | 20.50 | -20.02 | -5.14 | 12.39 | -33.71 | -14.67 | 18.76 | -0.48 | -19.62 | 14.27 | -4.8 | -26.82 | 4.04 | 2.8 | -42.04 | 2.37 | 2.16 | -35.77 | 0.17 | 13.33 | -10.53 | 33.36 | -0.57 | 0.51 | 60.17 | -26.23 | -30.29 | 66.18 | -33.16 | 6.75 | 33.82 | 3299.26 | -10.27 | 29.97 | -2.03 | 3.7 |
| 23Q1 (17) | 25.63 | 20.44 | -4.08 | 18.69 | 33.6 | -3.26 | 18.85 | 72.46 | -23.65 | 14.99 | 55.18 | -24.9 | 3.93 | 45.56 | -38.79 | 2.32 | 38.1 | -36.44 | 0.15 | -11.76 | -16.67 | 33.55 | 42.77 | -1.9 | 81.56 | 36.94 | -12.07 | 99.00 | -22.67 | 26.48 | 1.00 | 103.55 | -95.42 | 30.59 | 7.64 | 12.34 |
| 22Q4 (16) | 21.28 | -18.56 | -21.97 | 13.99 | -23.72 | -31.12 | 10.93 | -59.35 | -43.25 | 9.66 | -54.65 | -38.86 | 2.70 | -62.24 | -46.95 | 1.68 | -58.92 | -48.15 | 0.17 | -10.53 | -15.0 | 23.50 | -37.17 | -13.73 | 59.56 | -7.67 | -3.48 | 128.03 | 87.24 | 21.68 | -28.03 | -187.89 | -398.54 | 28.42 | 13.27 | 6.28 |
| 22Q3 (15) | 26.13 | 20.92 | -13.1 | 18.34 | 26.31 | -23.13 | 26.89 | 15.21 | 3.9 | 21.30 | 9.23 | 1.77 | 7.15 | 2.58 | 3.62 | 4.09 | 10.84 | -5.76 | 0.19 | 0.0 | -9.52 | 37.40 | 12.68 | 10.68 | 64.51 | -25.27 | 22.99 | 68.38 | 10.3 | -25.87 | 31.89 | -15.39 | 310.77 | 25.09 | -13.18 | 2.24 |
| 22Q2 (14) | 21.61 | -19.12 | -29.68 | 14.52 | -24.84 | -39.22 | 23.34 | -5.47 | 11.14 | 19.50 | -2.3 | 14.98 | 6.97 | 8.57 | 26.73 | 3.69 | 1.1 | 8.53 | 0.19 | 5.56 | -5.0 | 33.19 | -2.95 | 13.28 | 86.32 | -6.94 | 31.27 | 61.99 | -20.8 | -45.42 | 37.69 | 73.51 | 377.57 | 28.90 | 6.13 | 14.68 |
| 22Q1 (13) | 26.72 | -2.02 | -12.45 | 19.32 | -4.87 | -17.86 | 24.69 | 28.19 | 9.88 | 19.96 | 26.33 | 7.54 | 6.42 | 26.13 | 19.33 | 3.65 | 12.65 | -1.35 | 0.18 | -10.0 | -10.0 | 34.20 | 25.55 | 10.64 | 92.76 | 50.32 | 59.79 | 78.27 | -25.61 | -25.48 | 21.73 | 486.4 | 570.06 | 27.23 | 1.83 | 4.61 |
| 21Q4 (12) | 27.27 | -9.31 | -14.3 | 20.31 | -14.88 | -18.5 | 19.26 | -25.58 | -14.25 | 15.80 | -24.51 | -11.39 | 5.09 | -26.23 | 5.82 | 3.24 | -25.35 | -10.74 | 0.20 | -4.76 | 0.0 | 27.24 | -19.38 | -12.13 | 61.71 | 17.65 | 82.47 | 105.22 | 14.08 | -5.22 | -5.62 | -172.42 | 48.95 | 26.74 | 8.96 | 4.9 |
| 21Q3 (11) | 30.07 | -2.15 | -11.71 | 23.86 | -0.13 | -10.9 | 25.88 | 23.24 | 16.58 | 20.93 | 23.41 | 19.26 | 6.90 | 25.45 | 39.11 | 4.34 | 27.65 | 21.57 | 0.21 | 5.0 | 5.0 | 33.79 | 15.32 | 10.14 | 52.45 | -20.24 | 66.72 | 92.24 | -18.79 | -23.54 | 7.76 | 157.17 | 137.64 | 24.54 | -2.62 | 0.86 |
| 21Q2 (10) | 30.73 | 0.69 | -10.22 | 23.89 | 1.57 | -9.82 | 21.00 | -6.54 | -15.56 | 16.96 | -8.62 | -13.34 | 5.50 | 2.23 | -6.78 | 3.40 | -8.11 | -16.46 | 0.20 | 0.0 | -4.76 | 29.30 | -5.21 | -10.78 | 65.76 | 13.28 | 40.24 | 113.58 | 8.13 | 6.4 | -13.58 | -193.83 | -113.89 | 25.20 | -3.19 | 0 |
| 21Q1 (9) | 30.52 | -4.09 | 14.18 | 23.52 | -5.62 | 30.45 | 22.47 | 0.04 | 2.65 | 18.56 | 4.09 | 3.11 | 5.38 | 11.85 | 43.47 | 3.70 | 1.93 | 34.55 | 0.20 | 0.0 | 33.33 | 30.91 | -0.29 | -6.22 | 58.05 | 71.64 | 32.9 | 105.04 | -5.38 | 26.86 | -4.62 | 58.03 | -125.92 | 26.03 | 2.12 | -9.68 |
| 20Q4 (8) | 31.82 | -6.58 | -1.7 | 24.92 | -6.95 | 2.17 | 22.46 | 1.17 | 7.67 | 17.83 | 1.6 | 3.12 | 4.81 | -3.02 | 11.6 | 3.63 | 1.68 | 11.35 | 0.20 | 0.0 | 5.26 | 31.00 | 1.04 | 4.66 | 33.82 | 7.5 | 11.32 | 111.01 | -7.97 | -5.36 | -11.01 | 46.61 | 34.28 | 25.49 | 4.77 | -5.63 |
| 20Q3 (7) | 34.06 | -0.5 | 4.77 | 26.78 | 1.09 | 12.05 | 22.20 | -10.74 | -17.87 | 17.55 | -10.32 | -17.95 | 4.96 | -15.93 | -14.63 | 3.57 | -12.29 | -13.56 | 0.20 | -4.76 | 5.26 | 30.68 | -6.58 | -13.36 | 31.46 | -32.91 | -10.06 | 120.63 | 13.0 | 36.31 | -20.63 | -224.89 | -279.25 | 24.33 | 0 | -6.57 |
| 20Q2 (6) | 34.23 | 28.06 | 11.14 | 26.49 | 46.92 | 14.23 | 24.87 | 13.61 | -10.41 | 19.57 | 8.72 | -8.98 | 5.90 | 57.33 | 13.68 | 4.07 | 48.0 | 9.12 | 0.21 | 40.0 | 23.53 | 32.84 | -0.36 | -10.74 | 46.89 | 7.35 | -1.43 | 106.75 | 28.92 | 27.34 | -6.35 | -135.6 | -138.26 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 26.73 | -17.42 | -8.74 | 18.03 | -26.08 | -9.85 | 21.89 | 4.94 | 4.64 | 18.00 | 4.11 | 10.29 | 3.75 | -12.99 | 3.59 | 2.75 | -15.64 | 0.36 | 0.15 | -21.05 | -11.76 | 32.96 | 11.28 | 11.99 | 43.68 | 43.78 | 36.16 | 82.80 | -29.41 | -13.55 | 17.83 | 206.43 | 322.93 | 28.82 | 6.7 | -3.58 |
| 19Q4 (4) | 32.37 | -0.43 | 0.0 | 24.39 | 2.05 | 0.0 | 20.86 | -22.83 | 0.0 | 17.29 | -19.17 | 0.0 | 4.31 | -25.82 | 0.0 | 3.26 | -21.07 | 0.0 | 0.19 | 0.0 | 0.0 | 29.62 | -16.35 | 0.0 | 30.38 | -13.15 | 0.0 | 117.30 | 32.55 | 0.0 | -16.76 | -245.61 | 0.0 | 27.01 | 3.73 | 0.0 |
| 19Q3 (3) | 32.51 | 5.55 | 0.0 | 23.90 | 3.06 | 0.0 | 27.03 | -2.63 | 0.0 | 21.39 | -0.51 | 0.0 | 5.81 | 11.95 | 0.0 | 4.13 | 10.72 | 0.0 | 0.19 | 11.76 | 0.0 | 35.41 | -3.75 | 0.0 | 34.98 | -26.47 | 0.0 | 88.49 | 5.56 | 0.0 | 11.51 | -30.66 | 0.0 | 26.04 | -12.15 | 0.0 |
| 19Q2 (2) | 30.80 | 5.16 | 0.0 | 23.19 | 15.95 | 0.0 | 27.76 | 32.7 | 0.0 | 21.50 | 31.74 | 0.0 | 5.19 | 43.37 | 0.0 | 3.73 | 36.13 | 0.0 | 0.17 | 0.0 | 0.0 | 36.79 | 25.01 | 0.0 | 47.57 | 48.29 | 0.0 | 83.83 | -12.48 | 0.0 | 16.60 | 293.56 | 0.0 | 29.64 | -0.84 | 0.0 |
| 19Q1 (1) | 29.29 | 0.0 | 0.0 | 20.00 | 0.0 | 0.0 | 20.92 | 0.0 | 0.0 | 16.32 | 0.0 | 0.0 | 3.62 | 0.0 | 0.0 | 2.74 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 29.43 | 0.0 | 0.0 | 32.08 | 0.0 | 0.0 | 95.78 | 0.0 | 0.0 | 4.22 | 0.0 | 0.0 | 29.89 | 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) | 21.56 | -10.02 | 14.10 | -14.91 | 14.62 | 39.79 | 16.17 | -25.62 | 12.81 | -28.11 | 13.32 | -39.34 | 8.68 | -36.69 | 0.68 | -11.69 | 30.84 | -4.55 | 47.93 | -19.53 | 87.13 | 14.33 | 12.87 | -45.91 | 0.07 | 125.51 | 29.62 | 8.18 |
| 2022 (9) | 23.96 | -18.97 | 16.57 | -27.42 | 10.46 | 29.19 | 21.74 | -1.81 | 17.82 | -1.22 | 21.96 | 2.09 | 13.71 | -5.51 | 0.77 | -3.75 | 32.31 | 6.7 | 59.56 | -3.48 | 76.21 | -26.1 | 23.79 | 0 | 0.03 | -51.83 | 27.38 | 6.83 |
| 2021 (8) | 29.57 | -7.85 | 22.83 | -6.89 | 8.10 | -7.17 | 22.14 | -3.45 | 18.04 | -1.2 | 21.51 | 17.22 | 14.51 | 4.31 | 0.80 | 5.26 | 30.28 | -4.57 | 61.71 | 82.47 | 103.13 | -3.59 | -3.13 | 0 | 0.06 | -38.28 | 25.63 | 1.02 |
| 2020 (7) | 32.09 | 2.46 | 24.52 | 6.79 | 8.72 | 1.67 | 22.93 | -5.37 | 18.26 | -4.9 | 18.35 | -1.87 | 13.91 | -2.39 | 0.76 | 2.7 | 31.73 | -3.61 | 33.82 | 11.32 | 106.98 | 12.9 | -6.98 | 0 | 0.10 | 14.3 | 25.37 | -9.59 |
| 2019 (6) | 31.32 | 2.42 | 22.96 | 3.52 | 8.58 | 36.11 | 24.23 | -13.62 | 19.20 | -15.42 | 18.70 | -21.1 | 14.25 | -20.57 | 0.74 | -6.33 | 32.92 | -4.33 | 30.38 | -7.88 | 94.76 | 19.79 | 5.24 | -74.91 | 0.08 | 97.66 | 28.06 | -0.39 |
| 2018 (5) | 30.58 | -10.64 | 22.18 | -16.02 | 6.30 | 20.35 | 28.05 | 13.61 | 22.70 | 11.99 | 23.70 | 11.42 | 17.94 | 12.05 | 0.79 | 0.0 | 34.41 | 14.85 | 32.98 | 6.01 | 79.10 | -26.03 | 20.90 | 0 | 0.04 | 0 | 28.17 | 4.6 |
| 2017 (4) | 34.22 | 13.99 | 26.41 | 24.4 | 5.24 | 3.88 | 24.69 | 0.53 | 20.27 | 4.86 | 21.27 | -6.18 | 16.01 | -4.07 | 0.79 | -8.14 | 29.96 | 0.98 | 31.11 | -10.06 | 106.94 | 23.82 | -6.94 | 0 | 0.00 | 0 | 26.93 | -11.56 |
| 2016 (3) | 30.02 | -4.97 | 21.23 | -1.26 | 5.04 | -27.52 | 24.56 | -2.19 | 19.33 | -2.96 | 22.67 | -20.79 | 16.69 | -16.09 | 0.86 | -14.0 | 29.67 | -7.69 | 34.59 | -7.91 | 86.36 | 0.93 | 13.64 | -5.51 | 0.00 | 0 | 30.45 | 6.54 |
| 2015 (2) | 31.59 | 15.88 | 21.50 | 34.12 | 6.95 | -27.11 | 25.11 | 34.57 | 19.92 | 17.66 | 28.62 | -15.92 | 19.89 | -1.78 | 1.00 | -14.53 | 32.14 | 9.06 | 37.56 | -29.05 | 85.57 | -0.2 | 14.43 | 2.65 | 0.00 | 0 | 28.58 | 5.42 |
| 2014 (1) | 27.26 | 0 | 16.03 | 0 | 9.54 | -28.94 | 18.66 | 0 | 16.93 | 0 | 34.04 | 0 | 20.25 | 0 | 1.17 | 17.0 | 29.47 | 15.61 | 52.94 | -46.55 | 85.74 | -17.57 | 14.06 | 0 | 0.00 | 0 | 27.11 | 4.03 |
