- 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) | 39.11 | -6.03 | -2.2 | -3.38 | -108.64 | -24.72 | -4.31 | -150.58 | -113.37 | -4.33 | -181.17 | -21.63 | -1.05 | -162.5 | -25.0 | -0.48 | -300.0 | 21.31 | 0.14 | -12.5 | -22.22 | 6.76 | -9.87 | 21.58 | 82.56 | 24.23 | 90.45 | 66.67 | -33.33 | -66.67 | 33.33 | 0 | 0 | 31.20 | -6.36 | 0.87 |
| 23Q3 (19) | 41.62 | -10.55 | -10.67 | -1.62 | -128.93 | -119.93 | -1.72 | -120.77 | -122.45 | -1.54 | -119.25 | -123.58 | -0.40 | -119.51 | -126.14 | -0.12 | -108.51 | -109.52 | 0.16 | 0.0 | -15.79 | 7.50 | -58.75 | -46.0 | 66.46 | -8.26 | 174.51 | 100.00 | 50.0 | 0.0 | -0.00 | -100.0 | 0 | 33.32 | 9.89 | -20.93 |
| 23Q2 (18) | 46.53 | 6.55 | 0.3 | 5.60 | 157.26 | -66.61 | 8.28 | 183.3 | -40.04 | 8.00 | 180.08 | -32.49 | 2.05 | 225.0 | -51.19 | 1.41 | 230.56 | -56.88 | 0.16 | 45.45 | -40.74 | 18.18 | 791.18 | 0.44 | 72.44 | 50.73 | 228.53 | 66.67 | -33.33 | -44.44 | 33.33 | 0 | 266.67 | 30.32 | 16.8 | 111.88 |
| 23Q1 (17) | 43.67 | 9.2 | 3.56 | -9.78 | -260.89 | -63.27 | -9.94 | -392.08 | -40.79 | -9.99 | -180.62 | -41.1 | -1.64 | -95.24 | 2.96 | -1.08 | -77.05 | 11.48 | 0.11 | -38.89 | -38.89 | 2.04 | -63.31 | 246.76 | 48.06 | 10.87 | 32.87 | 100.00 | -50.0 | 25.0 | -0.00 | 0 | -100.0 | 25.96 | -16.07 | -31.09 |
| 22Q4 (16) | 39.99 | -14.17 | -11.82 | -2.71 | -133.33 | -125.54 | -2.02 | -126.37 | -114.01 | -3.56 | -154.52 | -127.86 | -0.84 | -154.9 | -118.79 | -0.61 | -148.41 | -117.73 | 0.18 | -5.26 | -33.33 | 5.56 | -59.97 | -70.54 | 43.35 | 79.06 | 17.42 | 200.00 | 100.0 | 172.73 | -0.00 | 0 | -100.0 | 30.93 | -26.6 | 17.92 |
| 22Q3 (15) | 46.59 | 0.43 | 21.49 | 8.13 | -51.52 | 793.41 | 7.66 | -44.53 | 4405.88 | 6.53 | -44.89 | 5123.08 | 1.53 | -63.57 | 3925.0 | 1.26 | -61.47 | 12700.0 | 0.19 | -29.63 | -13.64 | 13.89 | -23.26 | 130.73 | 24.21 | 9.8 | 2.11 | 100.00 | -16.67 | 0 | 0.00 | 100.0 | 0 | 42.14 | 194.48 | 57.47 |
| 22Q2 (14) | 46.39 | 10.01 | 8.67 | 16.77 | 379.97 | 76.71 | 13.81 | 295.61 | 56.75 | 11.85 | 267.37 | 54.9 | 4.20 | 348.52 | 123.4 | 3.27 | 368.03 | 122.45 | 0.27 | 50.0 | 42.11 | 18.10 | 1402.16 | 25.09 | 22.05 | -39.04 | -29.46 | 120.00 | 50.0 | 20.0 | -20.00 | -200.0 | -40.0 | 14.31 | -62.01 | -40.05 |
| 22Q1 (13) | 42.17 | -7.01 | -3.81 | -5.99 | -156.46 | 37.86 | -7.06 | -148.96 | 38.18 | -7.08 | -155.4 | 38.22 | -1.69 | -137.81 | 12.89 | -1.22 | -135.47 | 14.08 | 0.18 | -33.33 | 38.46 | -1.39 | -107.37 | 33.17 | 36.17 | -2.03 | 28.54 | 80.00 | 9.09 | -4.0 | 20.00 | -25.0 | 20.0 | 37.67 | 43.61 | 0.43 |
| 21Q4 (12) | 45.35 | 18.25 | 5.93 | 10.61 | 1065.93 | 24.97 | 14.42 | 8382.35 | 33.64 | 12.78 | 9930.77 | 44.9 | 4.47 | 11275.0 | 18.88 | 3.44 | 34500.0 | 30.8 | 0.27 | 22.73 | -6.9 | 18.87 | 213.46 | 17.64 | 36.92 | 55.71 | -13.23 | 73.33 | 0 | -10.37 | 26.67 | 0 | 46.67 | 26.23 | -1.98 | 7.94 |
| 21Q3 (11) | 38.35 | -10.17 | -11.72 | 0.91 | -90.41 | -91.63 | 0.17 | -98.07 | -98.42 | -0.13 | -101.7 | -101.38 | -0.04 | -102.13 | -101.03 | -0.01 | -100.68 | -100.4 | 0.22 | 15.79 | -18.52 | 6.02 | -58.4 | -60.26 | 23.71 | -24.15 | -50.27 | 0.00 | -100.0 | -100.0 | 0.00 | 100.0 | 0 | 26.76 | 12.11 | 17.42 |
| 21Q2 (10) | 42.69 | -2.62 | 11.52 | 9.49 | 198.44 | 16.01 | 8.81 | 177.15 | 13.09 | 7.65 | 166.75 | 32.81 | 1.88 | 196.91 | -59.04 | 1.47 | 203.52 | -48.06 | 0.19 | 46.15 | -60.42 | 14.47 | 795.67 | 16.32 | 31.26 | 11.09 | -51.65 | 100.00 | 20.0 | -6.25 | -14.29 | -185.71 | -114.29 | 23.87 | -36.36 | 13.56 |
| 21Q1 (9) | 43.84 | 2.41 | 15.58 | -9.64 | -213.55 | -286.46 | -11.42 | -205.84 | -349.34 | -11.46 | -229.93 | -670.15 | -1.94 | -151.6 | -365.75 | -1.42 | -153.99 | -395.83 | 0.13 | -55.17 | -40.91 | -2.08 | -112.97 | -121.27 | 28.14 | -33.87 | -53.14 | 83.33 | 1.85 | -33.33 | 16.67 | -8.33 | 166.67 | 37.51 | 54.36 | 72.62 |
| 20Q4 (8) | 42.81 | -1.45 | -2.68 | 8.49 | -21.9 | -23.92 | 10.79 | 0.19 | -7.54 | 8.82 | -6.27 | -8.6 | 3.76 | -3.59 | -27.27 | 2.63 | 3.95 | -18.58 | 0.29 | 7.41 | -12.12 | 16.04 | 5.87 | 23.57 | 42.55 | -10.76 | -37.78 | 81.82 | -18.18 | -18.18 | 18.18 | 0 | 172.73 | 24.30 | 6.63 | 2.62 |
| 20Q3 (7) | 43.44 | 13.48 | 11.24 | 10.87 | 32.89 | 0.74 | 10.77 | 38.25 | -2.53 | 9.41 | 63.37 | 15.04 | 3.90 | -15.03 | -8.67 | 2.53 | -10.6 | -11.85 | 0.27 | -43.75 | -22.86 | 15.15 | 21.78 | 20.24 | 47.68 | -26.25 | -9.39 | 100.00 | -6.25 | 0.0 | 0.00 | 100.0 | 0 | 22.79 | 8.42 | 0.53 |
| 20Q2 (6) | 38.28 | 0.92 | -9.31 | 8.18 | 58.22 | 29.23 | 7.79 | 70.09 | 17.85 | 5.76 | 186.57 | 16.84 | 4.59 | 528.77 | 37.84 | 2.83 | 489.58 | 28.64 | 0.48 | 118.18 | 9.09 | 12.44 | 27.2 | 32.62 | 64.65 | 7.66 | 5.1 | 106.67 | -14.67 | 17.33 | -6.67 | 73.33 | 0 | 21.02 | -3.27 | -9.0 |
| 20Q1 (5) | 37.93 | -13.78 | 0 | 5.17 | -53.67 | 0 | 4.58 | -60.75 | 0 | 2.01 | -79.17 | 0 | 0.73 | -85.88 | 0 | 0.48 | -85.14 | 0 | 0.22 | -33.33 | 0 | 9.78 | -24.65 | 0 | 60.05 | -12.19 | 0 | 125.00 | 25.0 | 0 | -25.00 | -475.0 | 0 | 21.73 | -8.23 | 0 |
| 19Q4 (4) | 43.99 | 12.65 | 0.0 | 11.16 | 3.43 | 0.0 | 11.67 | 5.61 | 0.0 | 9.65 | 17.97 | 0.0 | 5.17 | 21.08 | 0.0 | 3.23 | 12.54 | 0.0 | 0.33 | -5.71 | 0.0 | 12.98 | 3.02 | 0.0 | 68.39 | 29.97 | 0.0 | 100.00 | 0.0 | 0.0 | 6.67 | 0 | 0.0 | 23.68 | 4.46 | 0.0 |
| 19Q3 (3) | 39.05 | -7.49 | 0.0 | 10.79 | 70.46 | 0.0 | 11.05 | 67.17 | 0.0 | 8.18 | 65.92 | 0.0 | 4.27 | 28.23 | 0.0 | 2.87 | 30.45 | 0.0 | 0.35 | -20.45 | 0.0 | 12.60 | 34.33 | 0.0 | 52.62 | -14.45 | 0.0 | 100.00 | 10.0 | 0.0 | 0.00 | 0 | 0.0 | 22.67 | -1.86 | 0.0 |
| 19Q2 (2) | 42.21 | 0 | 0.0 | 6.33 | 0 | 0.0 | 6.61 | 0 | 0.0 | 4.93 | 0 | 0.0 | 3.33 | 0 | 0.0 | 2.20 | 0 | 0.0 | 0.44 | 0 | 0.0 | 9.38 | 0 | 0.0 | 61.51 | 0 | 0.0 | 90.91 | 0 | 0.0 | 0.00 | 0 | 0.0 | 23.10 | 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) | 42.67 | -3.13 | -1.52 | 0 | 9.61 | 62.84 | -1.08 | 0 | -1.12 | 0 | -1.04 | 0 | -0.21 | 0 | 0.57 | -24.0 | 9.61 | -6.24 | 82.56 | 90.45 | 133.33 | 9.8 | -33.33 | 0 | 0.00 | 0 | 30.65 | 3.86 |
| 2022 (9) | 44.05 | 3.36 | 5.37 | 15.73 | 5.90 | -2.8 | 4.21 | -20.72 | 2.96 | -32.42 | 3.11 | -36.14 | 2.27 | -36.59 | 0.75 | -6.25 | 10.25 | -10.87 | 43.35 | 17.42 | 121.43 | 37.62 | -28.57 | 0 | 0.23 | -2.52 | 29.51 | 7.15 |
| 2021 (8) | 42.62 | 4.54 | 4.64 | -48.04 | 6.07 | 34.22 | 5.31 | -43.09 | 4.38 | -41.44 | 4.87 | -58.83 | 3.58 | -53.75 | 0.80 | -21.57 | 11.50 | -18.27 | 36.92 | -13.23 | 88.24 | -9.31 | 11.76 | 117.65 | 0.24 | -15.29 | 27.54 | 23.33 |
| 2020 (7) | 40.77 | -2.49 | 8.93 | -2.93 | 4.52 | 135.74 | 9.33 | -2.3 | 7.48 | 1.08 | 11.83 | -4.75 | 7.74 | -2.52 | 1.02 | -3.77 | 14.07 | 22.24 | 42.55 | -37.78 | 97.30 | 2.42 | 5.41 | 116.22 | 0.28 | -41.39 | 22.33 | -3.54 |
| 2019 (6) | 41.81 | -9.8 | 9.20 | -9.27 | 1.92 | 5.24 | 9.55 | -1.14 | 7.40 | 0.27 | 12.42 | 2.99 | 7.94 | -7.35 | 1.06 | -7.02 | 11.51 | -1.79 | 68.39 | 45.63 | 95.00 | -9.87 | 2.50 | 0 | 0.47 | 71.56 | 23.15 | -9.82 |
| 2018 (5) | 46.35 | 3.23 | 10.14 | 12.54 | 1.82 | -15.1 | 9.66 | 8.66 | 7.38 | 1.65 | 12.06 | 8.94 | 8.57 | 3.88 | 1.14 | 2.7 | 11.72 | 0.51 | 46.96 | 18.83 | 105.41 | 5.41 | -5.41 | 0 | 0.28 | 0 | 25.67 | 6.25 |
| 2017 (4) | 44.90 | -2.14 | 9.01 | 77.36 | 2.15 | -0.51 | 8.89 | 210.84 | 7.26 | 393.88 | 11.07 | 445.32 | 8.25 | 385.29 | 1.11 | 11.0 | 11.66 | 102.43 | 39.52 | 11.36 | 100.00 | -42.86 | 0.00 | 0 | 0.00 | 0 | 24.16 | -7.08 |
| 2016 (3) | 45.88 | -4.48 | 5.08 | 6.72 | 2.16 | -14.59 | 2.86 | -66.11 | 1.47 | -80.88 | 2.03 | -85.05 | 1.70 | -80.79 | 1.00 | -9.09 | 5.76 | -48.53 | 35.49 | -13.35 | 175.00 | 209.62 | -75.00 | 0 | 0.00 | 0 | 26.00 | -9.03 |
| 2015 (2) | 48.03 | 10.59 | 4.76 | 0 | 2.53 | 36.46 | 8.44 | -24.44 | 7.69 | -25.12 | 13.58 | -41.97 | 8.85 | -17.52 | 1.10 | 17.02 | 11.19 | -22.51 | 40.96 | -56.76 | 56.52 | 0 | 43.48 | -74.42 | 0.00 | 0 | 28.58 | -13.84 |
| 2014 (1) | 43.43 | 0 | -7.59 | 0 | 1.85 | 0 | 11.17 | 0 | 10.27 | 0 | 23.40 | 0 | 10.73 | 0 | 0.94 | 0 | 14.44 | 0 | 94.73 | -49.16 | -70.00 | 0 | 170.00 | 0 | 0.00 | 0 | 33.17 | 0 |
