- 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) | 25.72 | 15.54 | -23.34 | 10.78 | 50.14 | -46.07 | 6.98 | -28.34 | -58.43 | 5.64 | -27.78 | -58.04 | 1.73 | -38.43 | -70.97 | 1.18 | -33.33 | -63.58 | 0.20 | -9.09 | -16.67 | 9.76 | -19.21 | -47.95 | 50.22 | -14.52 | -41.06 | 155.17 | 114.5 | 30.88 | -55.17 | -316.09 | -197.32 | 15.24 | -3.18 | 7.17 |
| 23Q3 (19) | 22.26 | -28.03 | -26.49 | 7.18 | -55.24 | -51.39 | 9.74 | -43.14 | -51.73 | 7.81 | -44.49 | -51.82 | 2.81 | -45.22 | -63.65 | 1.77 | -39.18 | -56.19 | 0.22 | 10.0 | -12.0 | 12.08 | -37.86 | -45.54 | 58.75 | -13.42 | -34.74 | 72.34 | -22.84 | -1.28 | 25.53 | 308.51 | -4.46 | 15.74 | 2.94 | -2.66 |
| 23Q2 (18) | 30.93 | 8.76 | 6.36 | 16.04 | 1.71 | 28.01 | 17.13 | 19.46 | 12.18 | 14.07 | 32.11 | 15.61 | 5.13 | 14.51 | -11.25 | 2.91 | 19.75 | 1.39 | 0.20 | -9.09 | -13.04 | 19.44 | 18.83 | 12.24 | 67.86 | -25.93 | -31.6 | 93.75 | -14.97 | 14.74 | 6.25 | 160.94 | -65.83 | 15.29 | 9.14 | -4.56 |
| 23Q1 (17) | 28.44 | -15.23 | 4.83 | 15.77 | -21.11 | 50.19 | 14.34 | -14.59 | 18.91 | 10.65 | -20.76 | 9.79 | 4.48 | -24.83 | -8.57 | 2.43 | -25.0 | 0.41 | 0.22 | -8.33 | -12.0 | 16.36 | -12.75 | 16.61 | 91.61 | 7.52 | -18.09 | 110.26 | -7.0 | 27.08 | -10.26 | 44.73 | -177.49 | 14.01 | -1.48 | -23.57 |
| 22Q4 (16) | 33.55 | 10.8 | 39.04 | 19.99 | 35.34 | 127.94 | 16.79 | -16.8 | 88.65 | 13.44 | -17.09 | 83.86 | 5.96 | -22.9 | 66.48 | 3.24 | -19.8 | 78.02 | 0.24 | -4.0 | 0.0 | 18.75 | -15.46 | 73.13 | 85.20 | -5.36 | -14.97 | 118.56 | 61.8 | 18.56 | -18.56 | -169.44 | -990.72 | 14.22 | -12.06 | -13.24 |
| 22Q3 (15) | 30.28 | 4.13 | 14.57 | 14.77 | 17.88 | 46.67 | 20.18 | 32.15 | 97.84 | 16.21 | 33.2 | 99.88 | 7.73 | 33.74 | 101.3 | 4.04 | 40.77 | 104.04 | 0.25 | 8.7 | 4.17 | 22.18 | 28.06 | 86.39 | 90.03 | -9.25 | -11.33 | 73.28 | -10.32 | -25.31 | 26.72 | 46.09 | 1316.38 | 16.17 | 0.94 | -12.83 |
| 22Q2 (14) | 29.08 | 7.19 | 15.53 | 12.53 | 19.33 | 56.04 | 15.27 | 26.62 | 103.87 | 12.17 | 25.46 | 98.53 | 5.78 | 17.96 | 115.67 | 2.87 | 18.6 | 97.93 | 0.23 | -8.0 | 0.0 | 17.32 | 23.45 | 84.06 | 99.21 | -11.29 | 4.95 | 81.71 | -5.83 | -22.59 | 18.29 | 38.21 | 319.51 | 16.02 | -12.6 | -9.54 |
| 22Q1 (13) | 27.13 | 12.43 | 23.6 | 10.50 | 19.73 | 96.63 | 12.06 | 35.51 | 127.55 | 9.70 | 32.69 | 132.61 | 4.90 | 36.87 | 178.41 | 2.42 | 32.97 | 142.0 | 0.25 | 4.17 | 8.7 | 14.03 | 29.55 | 92.19 | 111.84 | 11.62 | 29.22 | 86.76 | -13.24 | -13.24 | 13.24 | 535.29 | 0 | 18.33 | 11.84 | -0.05 |
| 21Q4 (12) | 24.13 | -8.7 | 9.04 | 8.77 | -12.91 | 203.46 | 8.90 | -12.75 | 188.03 | 7.31 | -9.86 | 199.59 | 3.58 | -6.77 | 302.25 | 1.82 | -8.08 | 230.91 | 0.24 | 0.0 | 14.29 | 10.83 | -8.99 | 99.45 | 100.20 | -1.31 | 22.6 | 100.00 | 1.92 | 9.09 | 2.08 | 10.42 | -75.0 | 16.39 | -11.64 | -18.94 |
| 21Q3 (11) | 26.43 | 5.01 | 36.1 | 10.07 | 25.4 | 307.69 | 10.20 | 36.18 | 844.44 | 8.11 | 32.3 | 832.18 | 3.84 | 43.28 | 1138.71 | 1.98 | 36.55 | 760.87 | 0.24 | 4.35 | 20.0 | 11.90 | 26.46 | 219.03 | 101.53 | 7.41 | 36.52 | 98.11 | -7.05 | -56.39 | 1.89 | 122.64 | 101.51 | 18.55 | 4.74 | 7.16 |
| 21Q2 (10) | 25.17 | 14.67 | 1.74 | 8.03 | 50.37 | 18.96 | 7.49 | 41.32 | 51.01 | 6.13 | 47.0 | 52.11 | 2.68 | 52.27 | 97.06 | 1.45 | 45.0 | 83.54 | 0.23 | 0.0 | 27.78 | 9.41 | 28.9 | 17.19 | 94.53 | 9.22 | 13.69 | 105.56 | 5.56 | -20.83 | -8.33 | 0 | 75.0 | 17.71 | -3.44 | 0 |
| 21Q1 (9) | 21.95 | -0.81 | -16.82 | 5.34 | 84.78 | -40.8 | 5.30 | 71.52 | -46.52 | 4.17 | 70.9 | -46.95 | 1.76 | 97.75 | -46.83 | 1.00 | 81.82 | -45.36 | 0.23 | 9.52 | 0.0 | 7.30 | 34.44 | -41.32 | 86.55 | 5.9 | 1.64 | 100.00 | 9.09 | 9.76 | 0.00 | -100.0 | -100.0 | 18.34 | -9.3 | 2.69 |
| 20Q4 (8) | 22.13 | 13.95 | -15.44 | 2.89 | 17.0 | -62.02 | 3.09 | 186.11 | -23.33 | 2.44 | 180.46 | -22.54 | 0.89 | 187.1 | -16.82 | 0.55 | 139.13 | -14.06 | 0.21 | 5.0 | 16.67 | 5.43 | 45.58 | -28.65 | 81.73 | 9.9 | -7.67 | 91.67 | -59.26 | -52.47 | 8.33 | 106.67 | 108.97 | 20.22 | 16.81 | 7.04 |
| 20Q3 (7) | 19.42 | -21.5 | -33.61 | 2.47 | -63.41 | -68.09 | 1.08 | -78.23 | -86.05 | 0.87 | -78.41 | -85.81 | 0.31 | -77.21 | -85.65 | 0.23 | -70.89 | -80.0 | 0.20 | 11.11 | 17.65 | 3.73 | -53.55 | -67.31 | 74.37 | -10.56 | -16.95 | 225.00 | 68.75 | 125.0 | -125.00 | -275.0 | 0 | 17.31 | 0 | -21.78 |
| 20Q2 (6) | 24.74 | -6.25 | -15.27 | 6.75 | -25.17 | 14.02 | 4.96 | -49.95 | -33.95 | 4.03 | -48.73 | -32.15 | 1.36 | -58.91 | -33.98 | 0.79 | -56.83 | -24.76 | 0.18 | -21.74 | 12.5 | 8.03 | -35.45 | -32.06 | 83.15 | -2.35 | -30.3 | 133.33 | 46.34 | 62.96 | -33.33 | -475.0 | -246.67 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 26.39 | 0.84 | 0.73 | 9.02 | 18.53 | 110.26 | 9.91 | 145.91 | 96.63 | 7.86 | 149.52 | 96.99 | 3.31 | 209.35 | 123.65 | 1.83 | 185.94 | 137.66 | 0.23 | 27.78 | 35.29 | 12.44 | 63.47 | 35.51 | 85.15 | -3.81 | -24.63 | 91.11 | -52.76 | 4.13 | 8.89 | 109.57 | -28.89 | 17.86 | -5.45 | -16.5 |
| 19Q4 (4) | 26.17 | -10.53 | 0.0 | 7.61 | -1.68 | 0.0 | 4.03 | -47.93 | 0.0 | 3.15 | -48.61 | 0.0 | 1.07 | -50.46 | 0.0 | 0.64 | -44.35 | 0.0 | 0.18 | 5.88 | 0.0 | 7.61 | -33.3 | 0.0 | 88.52 | -1.15 | 0.0 | 192.86 | 92.86 | 0.0 | -92.86 | 0 | 0.0 | 18.89 | -14.64 | 0.0 |
| 19Q3 (3) | 29.25 | 0.17 | 0.0 | 7.74 | 30.74 | 0.0 | 7.74 | 3.06 | 0.0 | 6.13 | 3.2 | 0.0 | 2.16 | 4.85 | 0.0 | 1.15 | 9.52 | 0.0 | 0.17 | 6.25 | 0.0 | 11.41 | -3.47 | 0.0 | 89.55 | -24.94 | 0.0 | 100.00 | 22.22 | 0.0 | 0.00 | -100.0 | 0.0 | 22.13 | -0.98 | 0.0 |
| 19Q2 (2) | 29.20 | 11.45 | 0.0 | 5.92 | 38.0 | 0.0 | 7.51 | 49.01 | 0.0 | 5.94 | 48.87 | 0.0 | 2.06 | 39.19 | 0.0 | 1.05 | 36.36 | 0.0 | 0.16 | -5.88 | 0.0 | 11.82 | 28.76 | 0.0 | 119.30 | 5.59 | 0.0 | 81.82 | -6.49 | 0.0 | 22.73 | 81.82 | 0.0 | 22.35 | 4.49 | 0.0 |
| 19Q1 (1) | 26.20 | 0.0 | 0.0 | 4.29 | 0.0 | 0.0 | 5.04 | 0.0 | 0.0 | 3.99 | 0.0 | 0.0 | 1.48 | 0.0 | 0.0 | 0.77 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 9.18 | 0.0 | 0.0 | 112.98 | 0.0 | 0.0 | 87.50 | 0.0 | 0.0 | 12.50 | 0.0 | 0.0 | 21.39 | 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) | 26.90 | -10.45 | 12.59 | -13.17 | 1.99 | 21.03 | 12.25 | -24.01 | 9.67 | -25.1 | 13.64 | -42.11 | 8.36 | -33.07 | 0.84 | -11.58 | 14.55 | -19.48 | 50.22 | -41.06 | 102.99 | 14.33 | -2.56 | 0 | 0.05 | 0 | 15.03 | -7.05 |
| 2022 (9) | 30.04 | 22.66 | 14.50 | 77.7 | 1.64 | -0.67 | 16.12 | 99.5 | 12.91 | 98.01 | 23.56 | 98.48 | 12.49 | 95.77 | 0.95 | 0.0 | 18.07 | 81.24 | 85.20 | -14.97 | 90.08 | -11.02 | 9.92 | 0 | 0.00 | 0 | 16.17 | -8.7 |
| 2021 (8) | 24.49 | 5.11 | 8.16 | 50.28 | 1.65 | -23.42 | 8.08 | 61.92 | 6.52 | 63.82 | 11.87 | 99.83 | 6.38 | 86.55 | 0.95 | 17.28 | 9.97 | 29.65 | 100.20 | 22.6 | 101.24 | -5.9 | -0.62 | 0 | 0.00 | 0 | 17.71 | -4.63 |
| 2020 (7) | 23.30 | -15.76 | 5.43 | -15.81 | 2.16 | -24.16 | 4.99 | -17.11 | 3.98 | -16.21 | 5.94 | -8.76 | 3.42 | -3.66 | 0.81 | 19.12 | 7.69 | -22.56 | 81.73 | -7.67 | 107.59 | -0.09 | -8.86 | 0 | 0.05 | -65.7 | 18.57 | -12.07 |
| 2019 (6) | 27.66 | 7.75 | 6.45 | 367.39 | 2.85 | -9.8 | 6.02 | 89.31 | 4.75 | 83.4 | 6.51 | 88.7 | 3.55 | 77.5 | 0.68 | 11.48 | 9.93 | 27.14 | 88.52 | -25.89 | 107.69 | 142.31 | -7.69 | 0 | 0.15 | -68.77 | 21.12 | -7.97 |
| 2018 (5) | 25.67 | -8.65 | 1.38 | -8.61 | 3.16 | -3.81 | 3.18 | -23.56 | 2.59 | -13.09 | 3.45 | -19.39 | 2.00 | -14.53 | 0.61 | -1.61 | 7.81 | -13.32 | 119.44 | 0.73 | 44.44 | 20.99 | 55.56 | -12.19 | 0.48 | 0 | 22.95 | -4.06 |
| 2017 (4) | 28.10 | -10.71 | 1.51 | -74.28 | 3.28 | 11.2 | 4.16 | -27.27 | 2.98 | -32.43 | 4.28 | -41.45 | 2.34 | -32.95 | 0.62 | -8.82 | 9.01 | -9.81 | 118.57 | -20.37 | 36.73 | -64.21 | 63.27 | 0 | 0.00 | 0 | 23.92 | -7.86 |
| 2016 (3) | 31.47 | -11.23 | 5.87 | -30.2 | 2.95 | 17.24 | 5.72 | -35.22 | 4.41 | -29.89 | 7.31 | -40.13 | 3.49 | -34.15 | 0.68 | -9.33 | 9.99 | -20.21 | 148.90 | 5.26 | 102.63 | 7.48 | -2.63 | 0 | 0.00 | 0 | 25.96 | 8.08 |
| 2015 (2) | 35.45 | 2.81 | 8.41 | -9.47 | 2.52 | 65.64 | 8.83 | -14.77 | 6.29 | -21.86 | 12.21 | -41.55 | 5.30 | -41.05 | 0.75 | -27.88 | 12.52 | -2.49 | 141.46 | -19.85 | 95.49 | 6.48 | 4.51 | -56.31 | 0.00 | 0 | 24.02 | 5.26 |
| 2014 (1) | 34.48 | 0 | 9.29 | 0 | 1.52 | -9.64 | 10.36 | 0 | 8.05 | 0 | 20.89 | 0 | 8.99 | 0 | 1.04 | -13.33 | 12.84 | 25.39 | 176.50 | 48.36 | 89.67 | 3.83 | 10.33 | -24.28 | 0.00 | 0 | 22.82 | -1.55 |
