- 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) | 29.71 | 28.34 | 29.85 | 12.24 | 150.82 | 28.84 | 8.44 | -40.56 | -24.91 | 6.84 | -39.36 | -24.42 | 1.71 | -42.03 | -56.49 | 1.10 | -35.29 | -46.34 | 0.14 | 0.0 | -33.33 | 13.56 | -29.26 | -3.14 | 73.51 | -8.51 | -24.47 | 144.00 | 312.8 | 71.36 | -44.00 | -167.57 | -390.89 | 9.20 | -35.26 | -3.26 |
| 23Q3 (19) | 23.15 | 27.83 | -9.14 | 4.88 | 42.69 | -52.11 | 14.20 | 2019.4 | -4.12 | 11.28 | 56500.0 | -2.84 | 2.95 | 0 | -30.26 | 1.70 | 1207.69 | -17.87 | 0.14 | -12.5 | -17.65 | 19.17 | 288.84 | 5.27 | 80.35 | -16.27 | -25.6 | 34.88 | -92.73 | -49.48 | 65.12 | 116.28 | 110.38 | 14.21 | 47.71 | 19.21 |
| 23Q2 (18) | 18.11 | -6.5 | -26.32 | 3.42 | -19.15 | -70.52 | 0.67 | -82.6 | -93.68 | -0.02 | -100.69 | -100.22 | 0.00 | -100.0 | -100.0 | 0.13 | -77.59 | -92.61 | 0.16 | 0.0 | -11.11 | 4.93 | -36.63 | -63.51 | 95.96 | 12.92 | -20.67 | 480.00 | 335.0 | 339.63 | -400.00 | -3766.67 | -4255.56 | 9.62 | -10.84 | -2.43 |
| 23Q1 (17) | 19.37 | -15.34 | -17.22 | 4.23 | -55.47 | -47.32 | 3.85 | -65.75 | -72.48 | 2.88 | -68.18 | -75.38 | 0.88 | -77.61 | -77.89 | 0.58 | -71.71 | -68.48 | 0.16 | -23.81 | 6.67 | 7.78 | -44.43 | -54.61 | 84.98 | -12.69 | -29.83 | 110.34 | 31.31 | 92.21 | -10.34 | -168.39 | -124.29 | 10.79 | 13.46 | -5.93 |
| 22Q4 (16) | 22.88 | -10.2 | -2.35 | 9.50 | -6.77 | 56.77 | 11.24 | -24.11 | 54.4 | 9.05 | -22.05 | 20.03 | 3.93 | -7.09 | 48.86 | 2.05 | -0.97 | 66.67 | 0.21 | 23.53 | 40.0 | 14.00 | -23.12 | 35.4 | 97.33 | -9.88 | -24.32 | 84.03 | 21.7 | 2.3 | 15.13 | -51.13 | -5.88 | 9.51 | -20.22 | 10.71 |
| 22Q3 (15) | 25.48 | 3.66 | 17.1 | 10.19 | -12.16 | 48.54 | 14.81 | 39.72 | 84.89 | 11.61 | 26.06 | 109.19 | 4.23 | 14.32 | 96.74 | 2.07 | 17.61 | 95.28 | 0.17 | -5.56 | -5.56 | 18.21 | 34.79 | 64.35 | 108.00 | -10.71 | -15.19 | 69.05 | -36.76 | -20.24 | 30.95 | 437.04 | 107.38 | 11.92 | 20.89 | 18.02 |
| 22Q2 (14) | 24.58 | 5.04 | 17.27 | 11.60 | 44.46 | 35.99 | 10.60 | -24.23 | 27.1 | 9.21 | -21.28 | 33.87 | 3.70 | -7.04 | 39.1 | 1.76 | -4.35 | 30.37 | 0.18 | 20.0 | -5.26 | 13.51 | -21.18 | 24.17 | 120.96 | -0.12 | 9.58 | 109.18 | 90.19 | 6.11 | -9.18 | -121.56 | -216.84 | 9.86 | -14.04 | 3.57 |
| 22Q1 (13) | 23.40 | -0.13 | 21.62 | 8.03 | 32.51 | 136.87 | 13.99 | 92.17 | 153.44 | 11.70 | 55.17 | 193.23 | 3.98 | 50.76 | 310.31 | 1.84 | 49.59 | 234.55 | 0.15 | 0.0 | 25.0 | 17.14 | 65.76 | 87.12 | 121.11 | -5.82 | 18.98 | 57.41 | -30.11 | -5.45 | 42.59 | 165.02 | 8.42 | 11.47 | 33.53 | -16.52 |
| 21Q4 (12) | 23.43 | 7.67 | 11.04 | 6.06 | -11.66 | -22.51 | 7.28 | -9.11 | 39.2 | 7.54 | 35.86 | 169.29 | 2.64 | 22.79 | 247.37 | 1.23 | 16.04 | 179.55 | 0.15 | -16.67 | 7.14 | 10.34 | -6.68 | 23.68 | 128.60 | 0.98 | 34.84 | 82.14 | -5.11 | -45.86 | 16.07 | 7.68 | 131.07 | 8.59 | -14.95 | -3.48 |
| 21Q3 (11) | 21.76 | 3.82 | 21.97 | 6.86 | -19.58 | 393.53 | 8.01 | -3.96 | 190.22 | 5.55 | -19.33 | 305.11 | 2.15 | -19.17 | 551.52 | 1.06 | -21.48 | 381.82 | 0.18 | -5.26 | 50.0 | 11.08 | 1.84 | 79.87 | 127.35 | 15.36 | 34.02 | 86.57 | -15.87 | 73.13 | 14.93 | 614.93 | -70.15 | 10.10 | 6.09 | -1.08 |
| 21Q2 (10) | 20.96 | 8.94 | 35.31 | 8.53 | 151.62 | 63.72 | 8.34 | 51.09 | 198.92 | 6.88 | 72.43 | 1055.56 | 2.66 | 174.23 | 1430.0 | 1.35 | 145.45 | 2800.0 | 0.19 | 58.33 | 35.71 | 10.88 | 18.78 | 91.55 | 110.39 | 8.45 | 10.54 | 102.90 | 69.48 | -45.12 | -2.90 | -107.38 | 96.69 | 9.52 | -30.71 | 0 |
| 21Q1 (9) | 19.24 | -8.82 | 12.65 | 3.39 | -56.65 | 169.05 | 5.52 | 5.54 | 263.16 | 3.99 | 42.5 | 2560.0 | 0.97 | 27.63 | 3133.33 | 0.55 | 25.0 | 685.71 | 0.12 | -14.29 | 0.0 | 9.16 | 9.57 | 74.81 | 101.79 | 6.73 | 19.49 | 60.71 | -59.98 | -29.17 | 39.29 | 175.95 | 175.0 | 13.74 | 54.38 | 0 |
| 20Q4 (8) | 21.10 | 18.27 | 3.58 | 7.82 | 462.59 | -17.77 | 5.23 | 89.49 | 69.26 | 2.80 | 104.38 | 15.23 | 0.76 | 130.3 | -1.3 | 0.44 | 100.0 | -4.35 | 0.14 | 16.67 | -17.65 | 8.36 | 35.71 | 48.23 | 95.37 | 0.37 | 13.62 | 151.72 | 203.45 | -50.22 | -51.72 | -203.45 | 74.74 | 8.90 | -12.83 | 127.04 |
| 20Q3 (7) | 17.84 | 15.17 | -22.06 | 1.39 | -73.32 | -83.76 | 2.76 | -1.08 | -57.67 | 1.37 | 290.28 | -66.26 | 0.33 | 265.0 | -72.73 | 0.22 | 540.0 | -68.57 | 0.12 | -14.29 | -25.0 | 6.16 | 8.45 | -34.12 | 95.02 | -4.85 | 13.59 | 50.00 | -73.33 | -62.04 | 50.00 | 157.14 | 257.69 | 10.21 | 0 | -2.67 |
| 20Q2 (6) | 15.49 | -9.31 | -23.66 | 5.21 | 313.49 | -24.27 | 2.79 | 83.55 | -68.76 | -0.72 | -580.0 | -112.57 | -0.20 | -766.67 | -111.05 | -0.05 | -171.43 | -104.9 | 0.14 | 16.67 | -17.65 | 5.68 | 8.4 | -50.04 | 99.86 | 17.22 | 13.0 | 187.50 | 118.75 | 143.35 | -87.50 | -712.5 | -481.25 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 17.08 | -16.15 | -26.54 | 1.26 | -86.75 | -85.91 | 1.52 | -50.81 | -85.96 | 0.15 | -93.83 | -98.16 | 0.03 | -96.1 | -98.77 | 0.07 | -84.78 | -94.89 | 0.12 | -29.41 | -25.0 | 5.24 | -7.09 | -60.48 | 85.19 | 1.49 | 6.13 | 85.71 | -71.88 | 3.15 | 14.29 | 106.98 | -15.48 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 20.37 | -11.01 | 0.0 | 9.51 | 11.1 | 0.0 | 3.09 | -52.61 | 0.0 | 2.43 | -40.15 | 0.0 | 0.77 | -36.36 | 0.0 | 0.46 | -34.29 | 0.0 | 0.17 | 6.25 | 0.0 | 5.64 | -39.68 | 0.0 | 83.94 | 0.35 | 0.0 | 304.76 | 131.39 | 0.0 | -204.76 | -545.79 | 0.0 | 3.92 | -62.63 | 0.0 |
| 19Q3 (3) | 22.89 | 12.81 | 0.0 | 8.56 | 24.42 | 0.0 | 6.52 | -26.99 | 0.0 | 4.06 | -29.14 | 0.0 | 1.21 | -33.15 | 0.0 | 0.70 | -31.37 | 0.0 | 0.16 | -5.88 | 0.0 | 9.35 | -17.77 | 0.0 | 83.65 | -5.34 | 0.0 | 131.71 | 70.94 | 0.0 | -31.71 | -238.15 | 0.0 | 10.49 | -4.2 | 0.0 |
| 19Q2 (2) | 20.29 | -12.73 | 0.0 | 6.88 | -23.04 | 0.0 | 8.93 | -17.54 | 0.0 | 5.73 | -29.78 | 0.0 | 1.81 | -25.51 | 0.0 | 1.02 | -25.55 | 0.0 | 0.17 | 6.25 | 0.0 | 11.37 | -14.25 | 0.0 | 88.37 | 10.09 | 0.0 | 77.05 | -7.28 | 0.0 | 22.95 | 35.79 | 0.0 | 10.95 | -14.25 | 0.0 |
| 19Q1 (1) | 23.25 | 0.0 | 0.0 | 8.94 | 0.0 | 0.0 | 10.83 | 0.0 | 0.0 | 8.16 | 0.0 | 0.0 | 2.43 | 0.0 | 0.0 | 1.37 | 0.0 | 0.0 | 0.16 | 0.0 | 0.0 | 13.26 | 0.0 | 0.0 | 80.27 | 0.0 | 0.0 | 83.10 | 0.0 | 0.0 | 16.90 | 0.0 | 0.0 | 12.77 | 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) | 22.19 | -7.73 | 5.94 | -39.94 | 3.27 | 41.77 | 6.37 | -49.08 | 4.90 | -52.24 | 5.36 | -65.99 | 3.40 | -56.35 | 0.59 | -18.06 | 10.85 | -30.05 | 73.51 | -24.47 | 92.94 | 17.74 | 7.06 | -66.13 | 0.12 | -1.51 | 10.90 | 2.93 |
| 2022 (9) | 24.05 | 11.7 | 9.89 | 51.69 | 2.30 | -1.74 | 12.51 | 67.25 | 10.26 | 66.29 | 15.76 | 86.73 | 7.79 | 84.16 | 0.72 | 12.5 | 15.51 | 47.71 | 97.33 | -24.32 | 78.94 | -9.55 | 20.84 | 63.76 | 0.12 | 55.15 | 10.59 | 4.03 |
| 2021 (8) | 21.53 | 20.35 | 6.52 | 58.64 | 2.34 | -9.46 | 7.48 | 138.22 | 6.17 | 585.56 | 8.44 | 827.47 | 4.23 | 522.06 | 0.64 | 20.75 | 10.50 | 64.06 | 128.60 | 34.84 | 87.27 | -32.79 | 12.73 | 0 | 0.08 | -35.46 | 10.18 | 1.6 |
| 2020 (7) | 17.89 | -17.41 | 4.11 | -51.42 | 2.59 | 22.4 | 3.14 | -57.22 | 0.90 | -82.32 | 0.91 | -85.46 | 0.68 | -80.9 | 0.53 | -20.9 | 6.40 | -35.09 | 95.37 | 13.62 | 129.85 | 12.46 | -31.34 | 0 | 0.12 | -39.83 | 10.02 | 5.47 |
| 2019 (6) | 21.66 | -3.9 | 8.46 | -16.98 | 2.12 | 62.46 | 7.34 | -38.01 | 5.09 | -42.22 | 6.26 | -55.57 | 3.56 | -52.85 | 0.67 | -20.24 | 9.86 | -26.36 | 83.94 | -1.59 | 115.46 | 33.97 | -15.46 | 0 | 0.20 | 719.13 | 9.50 | -4.04 |
| 2018 (5) | 22.54 | 9.74 | 10.19 | 34.26 | 1.30 | -20.42 | 11.84 | 92.21 | 8.81 | 82.78 | 14.09 | 94.34 | 7.55 | 87.81 | 0.84 | 5.0 | 13.39 | 65.72 | 85.30 | -10.61 | 86.19 | -30.02 | 13.81 | 0 | 0.02 | 0 | 9.90 | 10.86 |
| 2017 (4) | 20.54 | -1.3 | 7.59 | 42.13 | 1.64 | -17.51 | 6.16 | 47.72 | 4.82 | 58.55 | 7.25 | 89.3 | 4.02 | 71.79 | 0.80 | 19.4 | 8.08 | 19.7 | 95.42 | 16.81 | 123.16 | -3.99 | -23.16 | 0 | 0.00 | 0 | 8.93 | -10.61 |
| 2016 (3) | 20.81 | -1.23 | 5.34 | -27.45 | 1.98 | -0.77 | 4.17 | -54.07 | 3.04 | -56.51 | 3.83 | -63.21 | 2.34 | -58.29 | 0.67 | -12.99 | 6.75 | -40.89 | 81.69 | -14.51 | 128.28 | 58.17 | -28.28 | 0 | 0.00 | 0 | 9.99 | -5.67 |
| 2015 (2) | 21.07 | -10.72 | 7.36 | -27.49 | 2.00 | 19.66 | 9.08 | -24.58 | 6.99 | -27.26 | 10.41 | -40.0 | 5.61 | -37.39 | 0.77 | -15.38 | 11.42 | -19.12 | 95.55 | 6.0 | 81.10 | -3.79 | 18.90 | 20.31 | 0.00 | 0 | 10.59 | 7.08 |
| 2014 (1) | 23.60 | 0 | 10.15 | 0 | 1.67 | -6.99 | 12.04 | 0 | 9.61 | 0 | 17.35 | 0 | 8.96 | 0 | 0.91 | 3.41 | 14.12 | 26.41 | 90.14 | -17.96 | 84.29 | -10.44 | 15.71 | 186.09 | 0.00 | 0 | 9.89 | -2.75 |
