- 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) | 28.08 | -14.55 | -28.88 | -0.20 | -500.0 | -102.37 | 4.66 | 47.47 | -64.54 | 5.13 | 76.29 | -48.44 | 2.04 | 121.74 | -35.24 | 1.31 | 122.03 | -32.82 | 0.25 | 31.58 | 31.58 | 7.60 | 11.93 | -52.23 | 65.02 | 12.8 | 3.8 | -3.85 | 0 | -106.0 | 107.69 | 7.69 | 199.67 | 20.18 | -21.81 | 1.41 |
| 23Q3 (19) | 32.86 | -4.84 | -12.0 | 0.05 | 104.35 | -99.26 | 3.16 | 251.11 | -69.5 | 2.91 | 781.82 | -67.67 | 0.92 | 922.22 | -66.67 | 0.59 | 555.56 | -63.8 | 0.19 | 11.76 | 5.56 | 6.79 | 47.93 | -49.25 | 57.64 | -15.96 | -11.3 | 0.00 | 100.0 | -100.0 | 100.00 | -50.0 | 193.75 | 25.81 | 5.87 | 2.67 |
| 23Q2 (18) | 34.53 | -0.66 | 2.83 | -1.15 | 47.0 | -119.39 | 0.90 | 918.18 | -92.11 | 0.33 | 122.76 | -96.62 | 0.09 | 127.27 | -97.26 | 0.09 | 150.0 | -95.38 | 0.17 | 21.43 | -15.0 | 4.59 | 15.62 | -65.64 | 68.59 | 18.38 | -16.02 | -125.00 | 0 | -341.67 | 200.00 | 0 | 314.29 | 24.38 | -21.33 | 15.27 |
| 23Q1 (17) | 34.76 | -11.96 | 6.36 | -2.17 | -125.74 | -162.18 | -0.11 | -100.84 | -101.31 | -1.45 | -114.57 | -116.2 | -0.33 | -110.48 | -114.35 | -0.18 | -109.23 | -112.68 | 0.14 | -26.32 | -12.5 | 3.97 | -75.05 | -63.91 | 57.94 | -7.5 | -4.34 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 30.99 | 55.73 | 24.11 |
| 22Q4 (16) | 39.48 | 5.73 | 9.12 | 8.43 | 23.97 | -26.76 | 13.14 | 26.83 | -10.98 | 9.95 | 10.56 | -22.81 | 3.15 | 14.13 | -40.23 | 1.95 | 19.63 | -38.49 | 0.19 | 5.56 | -20.83 | 15.91 | 18.91 | -3.22 | 62.64 | -3.6 | -10.44 | 64.06 | -2.87 | -17.77 | 35.94 | 5.57 | 62.66 | 19.90 | -20.84 | 0.1 |
| 22Q3 (15) | 37.34 | 11.2 | 3.43 | 6.80 | 14.67 | -19.91 | 10.36 | -9.2 | -31.57 | 9.00 | -7.79 | -23.14 | 2.76 | -15.85 | -36.7 | 1.63 | -16.41 | -37.55 | 0.18 | -10.0 | -18.18 | 13.38 | 0.15 | -21.89 | 64.98 | -20.44 | -1.23 | 65.96 | 27.52 | 18.11 | 34.04 | -29.48 | -22.9 | 25.14 | 18.87 | 10.51 |
| 22Q2 (14) | 33.58 | 2.75 | -19.57 | 5.93 | 69.91 | -55.75 | 11.41 | 36.32 | -7.46 | 9.76 | 9.05 | -1.71 | 3.28 | 42.61 | -13.46 | 1.95 | 37.32 | -17.72 | 0.20 | 25.0 | -16.67 | 13.36 | 21.45 | -5.92 | 81.67 | 34.84 | 11.54 | 51.72 | 21.92 | -52.08 | 48.28 | -16.15 | 708.28 | 21.15 | -15.3 | -0.75 |
| 22Q1 (13) | 32.68 | -9.67 | -18.85 | 3.49 | -69.68 | -49.42 | 8.37 | -43.29 | -0.83 | 8.95 | -30.57 | 19.02 | 2.30 | -56.36 | 9.52 | 1.42 | -55.21 | 2.9 | 0.16 | -33.33 | -11.11 | 11.00 | -33.09 | -0.45 | 60.57 | -13.4 | 21.5 | 42.42 | -45.55 | -47.39 | 57.58 | 160.61 | 197.47 | 24.97 | 25.6 | -4.77 |
| 21Q4 (12) | 36.18 | 0.22 | -9.57 | 11.51 | 35.57 | -32.89 | 14.76 | -2.51 | -21.78 | 12.89 | 10.08 | -9.73 | 5.27 | 20.87 | -24.61 | 3.17 | 21.46 | -30.79 | 0.24 | 9.09 | -25.0 | 16.44 | -4.03 | -19.41 | 69.94 | 6.31 | 24.51 | 77.91 | 39.51 | -13.77 | 22.09 | -49.97 | 151.86 | 19.88 | -12.62 | 11.62 |
| 21Q3 (11) | 36.10 | -13.53 | -5.94 | 8.49 | -36.64 | -34.94 | 15.14 | 22.79 | 11.82 | 11.71 | 17.93 | 16.63 | 4.36 | 15.04 | -1.36 | 2.61 | 10.13 | -7.77 | 0.22 | -8.33 | -21.43 | 17.13 | 20.63 | 11.45 | 65.79 | -10.15 | 33.04 | 55.84 | -48.26 | -41.58 | 44.16 | 656.36 | 1401.3 | 22.75 | 6.76 | 15.42 |
| 21Q2 (10) | 41.75 | 3.68 | -0.48 | 13.40 | 94.2 | -21.18 | 12.33 | 46.09 | -33.57 | 9.93 | 32.05 | -25.62 | 3.79 | 80.48 | -32.68 | 2.37 | 71.74 | -37.47 | 0.24 | 33.33 | -14.29 | 14.20 | 28.51 | -30.56 | 73.22 | 46.88 | 13.33 | 107.94 | 33.84 | 18.22 | -7.94 | -141.01 | -191.27 | 21.31 | -18.73 | 13.35 |
| 21Q1 (9) | 40.27 | 0.65 | 0.95 | 6.90 | -59.77 | 83.51 | 8.44 | -55.27 | 19.38 | 7.52 | -47.34 | 41.89 | 2.10 | -69.96 | 98.11 | 1.38 | -69.87 | 84.0 | 0.18 | -43.75 | 28.57 | 11.05 | -45.83 | 1.94 | 49.85 | -11.25 | 41.38 | 80.65 | -10.74 | 61.29 | 19.35 | 120.65 | -56.45 | 26.22 | 47.22 | -14.4 |
| 20Q4 (8) | 40.01 | 4.25 | 2.72 | 17.15 | 31.42 | 53.54 | 18.87 | 39.36 | 58.7 | 14.28 | 42.23 | 35.36 | 6.99 | 58.14 | 45.02 | 4.58 | 61.84 | 40.06 | 0.32 | 14.29 | 3.23 | 20.40 | 32.73 | 51.56 | 56.17 | 13.59 | 11.32 | 90.35 | -5.48 | -3.82 | 8.77 | 198.25 | 44.74 | 17.81 | -9.64 | -19.08 |
| 20Q3 (7) | 38.38 | -8.51 | 2.07 | 13.05 | -23.24 | 2.59 | 13.54 | -27.05 | -9.07 | 10.04 | -24.79 | -13.15 | 4.42 | -21.49 | -15.16 | 2.83 | -25.33 | -18.44 | 0.28 | 0.0 | -6.67 | 15.37 | -24.84 | -6.39 | 49.45 | -23.46 | 9.55 | 95.59 | 4.69 | 12.46 | 2.94 | -66.18 | -80.39 | 19.71 | 4.84 | 3.96 |
| 20Q2 (6) | 41.95 | 5.16 | 5.8 | 17.00 | 352.13 | 29.57 | 18.56 | 162.52 | 15.71 | 13.35 | 151.89 | 6.63 | 5.63 | 431.13 | 8.69 | 3.79 | 405.33 | 8.6 | 0.28 | 100.0 | 0.0 | 20.45 | 88.65 | 17.33 | 64.61 | 83.24 | 13.97 | 91.30 | 82.61 | 12.06 | 8.70 | -80.43 | -53.04 | 18.80 | -38.62 | -5.34 |
| 20Q1 (5) | 39.89 | 2.41 | 3.18 | 3.76 | -66.34 | -66.28 | 7.07 | -40.54 | -49.86 | 5.30 | -49.76 | -51.64 | 1.06 | -78.01 | -70.14 | 0.75 | -77.06 | -69.76 | 0.14 | -54.84 | -39.13 | 10.84 | -19.47 | -30.96 | 35.26 | -30.12 | -14.77 | 50.00 | -46.77 | -36.36 | 44.44 | 633.33 | 107.41 | 30.63 | 39.16 | 36.74 |
| 19Q4 (4) | 38.95 | 3.59 | 0.0 | 11.17 | -12.19 | 0.0 | 11.89 | -20.15 | 0.0 | 10.55 | -8.74 | 0.0 | 4.82 | -7.49 | 0.0 | 3.27 | -5.76 | 0.0 | 0.31 | 3.33 | 0.0 | 13.46 | -18.03 | 0.0 | 50.46 | 11.79 | 0.0 | 93.94 | 10.52 | 0.0 | 6.06 | -59.6 | 0.0 | 22.01 | 16.09 | 0.0 |
| 19Q3 (3) | 37.60 | -5.17 | 0.0 | 12.72 | -3.05 | 0.0 | 14.89 | -7.17 | 0.0 | 11.56 | -7.67 | 0.0 | 5.21 | 0.58 | 0.0 | 3.47 | -0.57 | 0.0 | 0.30 | 7.14 | 0.0 | 16.42 | -5.79 | 0.0 | 45.14 | -20.37 | 0.0 | 85.00 | 4.32 | 0.0 | 15.00 | -19.0 | 0.0 | 18.96 | -4.53 | 0.0 |
| 19Q2 (2) | 39.65 | 2.56 | 0.0 | 13.12 | 17.67 | 0.0 | 16.04 | 13.76 | 0.0 | 12.52 | 14.23 | 0.0 | 5.18 | 45.92 | 0.0 | 3.49 | 40.73 | 0.0 | 0.28 | 21.74 | 0.0 | 17.43 | 11.02 | 0.0 | 56.69 | 37.03 | 0.0 | 81.48 | 3.7 | 0.0 | 18.52 | -13.58 | 0.0 | 19.86 | -11.34 | 0.0 |
| 19Q1 (1) | 38.66 | 0.0 | 0.0 | 11.15 | 0.0 | 0.0 | 14.10 | 0.0 | 0.0 | 10.96 | 0.0 | 0.0 | 3.55 | 0.0 | 0.0 | 2.48 | 0.0 | 0.0 | 0.23 | 0.0 | 0.0 | 15.70 | 0.0 | 0.0 | 41.37 | 0.0 | 0.0 | 78.57 | 0.0 | 0.0 | 21.43 | 0.0 | 0.0 | 22.40 | 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) | 32.10 | -10.51 | -0.75 | 0 | 3.21 | 44.28 | 2.46 | -77.55 | 2.15 | -77.25 | 2.57 | -77.65 | 1.70 | -75.85 | 0.73 | 0.0 | 6.03 | -55.23 | 65.02 | 3.8 | -29.55 | 0 | 129.55 | 204.28 | 2.29 | 4.47 | 24.71 | 9.24 |
| 2022 (9) | 35.87 | -6.47 | 6.28 | -39.44 | 2.23 | 32.34 | 10.96 | -16.08 | 9.45 | -12.74 | 11.50 | -24.93 | 7.04 | -25.58 | 0.73 | -16.09 | 13.47 | -10.44 | 62.64 | -10.44 | 57.43 | -27.58 | 42.57 | 105.64 | 2.19 | -1.43 | 22.62 | 2.03 |
| 2021 (8) | 38.35 | -4.29 | 10.37 | -26.92 | 1.68 | -5.81 | 13.06 | -17.13 | 10.83 | -7.2 | 15.32 | -9.99 | 9.46 | -15.08 | 0.87 | -8.42 | 15.04 | -15.03 | 69.94 | 24.51 | 79.30 | -11.93 | 20.70 | 107.75 | 2.22 | -21.45 | 22.17 | 9.1 |
| 2020 (7) | 40.07 | 3.51 | 14.19 | 17.56 | 1.79 | 22.73 | 15.76 | 11.06 | 11.67 | 2.37 | 17.02 | -9.56 | 11.14 | -12.49 | 0.95 | -14.41 | 17.70 | 12.31 | 56.17 | 11.32 | 90.03 | 5.73 | 9.97 | -32.85 | 2.83 | -3.83 | 20.32 | -1.93 |
| 2019 (6) | 38.71 | -2.2 | 12.07 | -14.52 | 1.46 | 23.61 | 14.19 | -5.53 | 11.40 | -0.35 | 18.82 | -14.92 | 12.73 | -8.09 | 1.11 | -7.5 | 15.76 | -3.79 | 50.46 | 9.67 | 85.16 | -9.68 | 14.84 | 144.44 | 2.94 | -10.09 | 20.72 | 16.54 |
| 2018 (5) | 39.58 | 1.07 | 14.12 | 20.89 | 1.18 | 6.19 | 15.02 | 20.16 | 11.44 | 28.54 | 22.12 | 8.27 | 13.85 | 19.09 | 1.20 | -8.4 | 16.38 | 19.21 | 46.01 | -44.88 | 94.29 | 0.74 | 6.07 | -5.19 | 3.27 | 0 | 17.78 | 0.74 |
| 2017 (4) | 39.16 | 0.49 | 11.68 | 85.69 | 1.11 | -10.51 | 12.50 | 51.52 | 8.90 | 52.14 | 20.43 | 77.34 | 11.63 | 69.78 | 1.31 | 11.97 | 13.74 | 41.94 | 83.47 | 25.2 | 93.60 | 22.48 | 6.40 | -72.85 | 0.00 | 0 | 17.65 | -19.3 |
| 2016 (3) | 38.97 | 0.96 | 6.29 | 104.22 | 1.24 | -54.65 | 8.25 | 126.65 | 5.85 | 165.91 | 11.52 | 0 | 6.85 | 0 | 1.17 | 0 | 9.68 | 38.29 | 66.67 | -5.94 | 76.42 | -8.73 | 23.58 | 44.88 | 0.00 | 0 | 21.87 | 2.05 |
| 2015 (2) | 38.60 | 0 | 3.08 | 0 | 2.73 | 0 | 3.64 | 0 | 2.20 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 7.00 | 0 | 70.88 | 0 | 83.72 | 0 | 16.28 | 0 | 0.00 | 0 | 21.43 | 0 |
