- 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) | 38.26 | -9.7 | -6.2 | 21.73 | 8.06 | 8.06 | 26.95 | 14.88 | 19.14 | 21.75 | 15.88 | 20.17 | 3.92 | 54.94 | 41.01 | 3.20 | 58.42 | 40.35 | 0.14 | 27.27 | 16.67 | 30.49 | 7.62 | 16.86 | 24.28 | -2.14 | -4.07 | 81.82 | -4.55 | -6.49 | 18.18 | 27.27 | 45.45 | 23.82 | -25.26 | -10.18 |
| 23Q3 (19) | 42.37 | 11.53 | -7.55 | 20.11 | 5.95 | -8.88 | 23.46 | 0.21 | -5.02 | 18.77 | 0.21 | -5.01 | 2.53 | -17.05 | -5.24 | 2.02 | -17.55 | -4.72 | 0.11 | -15.38 | 0.0 | 28.33 | 4.81 | 0.0 | 24.81 | -22.42 | 6.39 | 85.71 | 4.08 | -1.1 | 14.29 | -19.05 | 7.14 | 31.87 | 25.13 | 2.87 |
| 23Q2 (18) | 37.99 | -4.81 | -21.7 | 18.98 | 34.9 | -19.98 | 23.41 | 34.0 | -5.98 | 18.73 | 33.98 | -4.24 | 3.05 | 104.7 | 25.0 | 2.45 | 96.0 | 26.29 | 0.13 | 44.44 | 30.0 | 27.03 | 20.4 | -10.97 | 31.98 | 45.03 | -4.25 | 82.35 | 5.88 | -11.31 | 17.65 | -20.59 | 147.06 | 25.47 | -33.15 | -18.78 |
| 23Q1 (17) | 39.91 | -2.16 | -6.2 | 14.07 | -30.03 | -19.04 | 17.47 | -22.77 | 1.81 | 13.98 | -22.76 | 1.82 | 1.49 | -46.4 | -0.67 | 1.25 | -45.18 | 1.63 | 0.09 | -25.0 | 0.0 | 22.45 | -13.95 | 2.05 | 22.05 | -12.88 | -6.84 | 77.78 | -11.11 | -22.22 | 22.22 | 77.78 | 0 | 38.10 | 43.67 | 10.43 |
| 22Q4 (16) | 40.79 | -11.0 | -15.93 | 20.11 | -8.88 | -28.66 | 22.62 | -8.42 | -20.63 | 18.10 | -8.4 | -20.61 | 2.78 | 4.12 | -6.4 | 2.28 | 7.55 | -5.39 | 0.12 | 9.09 | 20.0 | 26.09 | -7.91 | -23.04 | 25.31 | 8.53 | 2.3 | 87.50 | 0.96 | -12.5 | 12.50 | -6.25 | 0 | 26.52 | -14.4 | -3.98 |
| 22Q3 (15) | 45.83 | -5.54 | -8.41 | 22.07 | -6.96 | -19.31 | 24.70 | -0.8 | -16.01 | 19.76 | 1.02 | -16.02 | 2.67 | 9.43 | -12.75 | 2.12 | 9.28 | -15.54 | 0.11 | 10.0 | 0.0 | 28.33 | -6.69 | -15.0 | 23.32 | -30.18 | -7.42 | 86.67 | -6.67 | -2.5 | 13.33 | 86.67 | 140.0 | 30.98 | -1.21 | 5.84 |
| 22Q2 (14) | 48.52 | 14.03 | 12.5 | 23.72 | 36.48 | 15.99 | 24.90 | 45.1 | 12.57 | 19.56 | 42.46 | 10.57 | 2.44 | 62.67 | 8.93 | 1.94 | 57.72 | 4.86 | 0.10 | 11.11 | 0.0 | 30.36 | 38.0 | 13.84 | 33.40 | 41.11 | 50.32 | 92.86 | -7.14 | 0.6 | 7.14 | 0 | -7.14 | 31.36 | -9.1 | 4.43 |
| 22Q1 (13) | 42.55 | -12.3 | 0.24 | 17.38 | -38.35 | -2.19 | 17.16 | -39.79 | -4.88 | 13.73 | -39.78 | -4.85 | 1.50 | -49.49 | 0.0 | 1.23 | -48.96 | 0.0 | 0.09 | -10.0 | 12.5 | 22.00 | -35.1 | -2.0 | 23.67 | -4.32 | -3.47 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0 | 34.50 | 24.91 | -0.69 |
| 21Q4 (12) | 48.52 | -3.04 | 11.72 | 28.19 | 3.07 | -6.59 | 28.50 | -3.09 | -5.06 | 22.80 | -3.1 | -5.08 | 2.97 | -2.94 | -32.65 | 2.41 | -3.98 | -31.73 | 0.10 | -9.09 | -33.33 | 33.90 | 1.71 | 2.91 | 24.74 | -1.79 | -4.81 | 100.00 | 12.5 | -3.85 | 0.00 | -100.0 | 0 | 27.62 | -5.64 | 49.54 |
| 21Q3 (11) | 50.04 | 16.02 | 11.57 | 27.35 | 33.74 | 19.17 | 29.41 | 32.96 | 13.55 | 23.53 | 33.01 | 13.56 | 3.06 | 36.61 | 2.0 | 2.51 | 35.68 | 8.66 | 0.11 | 10.0 | 0.0 | 33.33 | 24.97 | 8.32 | 25.19 | 13.37 | -3.38 | 88.89 | -3.7 | 0.74 | 5.56 | -27.78 | -52.78 | 29.27 | -2.53 | 4.54 |
| 21Q2 (10) | 43.13 | 1.6 | -8.16 | 20.45 | 15.08 | -17.11 | 22.12 | 22.62 | -8.71 | 17.69 | 22.59 | -8.72 | 2.24 | 49.33 | -7.44 | 1.85 | 50.41 | -1.6 | 0.10 | 25.0 | 0.0 | 26.67 | 18.8 | -9.01 | 22.22 | -9.38 | -39.24 | 92.31 | -7.69 | -7.69 | 7.69 | 0 | 0 | 30.03 | -13.56 | 0 |
| 21Q1 (9) | 42.45 | -2.26 | 4.27 | 17.77 | -41.12 | -28.89 | 18.04 | -39.91 | -25.88 | 14.43 | -39.93 | -25.89 | 1.50 | -65.99 | -59.89 | 1.23 | -65.16 | -60.83 | 0.08 | -46.67 | -50.0 | 22.45 | -31.85 | -14.87 | 24.52 | -5.66 | -2.43 | 100.00 | -3.85 | -4.35 | 0.00 | 0 | 100.0 | 34.74 | 88.09 | 0 |
| 20Q4 (8) | 43.43 | -3.17 | 4.3 | 30.18 | 31.5 | 43.85 | 30.02 | 15.91 | 58.84 | 24.02 | 15.93 | 58.97 | 4.41 | 47.0 | 114.08 | 3.53 | 52.81 | 91.85 | 0.15 | 36.36 | 25.0 | 32.94 | 7.05 | 48.24 | 25.99 | -0.31 | 88.88 | 104.00 | 17.87 | -4.0 | 0.00 | -100.0 | 100.0 | 18.47 | -34.04 | -36.46 |
| 20Q3 (7) | 44.85 | -4.49 | 9.39 | 22.95 | -6.97 | 4.46 | 25.90 | 6.89 | 12.07 | 20.72 | 6.91 | 12.06 | 3.00 | 23.97 | 19.52 | 2.31 | 22.87 | 7.94 | 0.11 | 10.0 | -8.33 | 30.77 | 4.98 | 10.41 | 26.07 | -28.71 | 132.98 | 88.24 | -11.76 | -4.98 | 11.76 | 0 | 64.71 | 28.00 | 0 | 5.26 |
| 20Q2 (6) | 46.96 | 15.35 | 21.97 | 24.67 | -1.28 | -9.4 | 24.23 | -0.45 | -10.39 | 19.38 | -0.46 | -10.4 | 2.42 | -35.29 | -64.36 | 1.88 | -40.13 | -66.84 | 0.10 | -37.5 | -61.54 | 29.31 | 11.15 | 3.31 | 36.57 | 45.52 | 47.22 | 100.00 | -4.35 | 0.0 | -0.00 | 100.0 | 0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 40.71 | -2.23 | 63.49 | 24.99 | 19.11 | 244.69 | 24.34 | 28.78 | 327.77 | 19.47 | 28.86 | 327.91 | 3.74 | 81.55 | 297.87 | 3.14 | 70.65 | 278.31 | 0.16 | 33.33 | -11.11 | 26.37 | 18.68 | 208.78 | 25.13 | 82.63 | 65.44 | 104.55 | -3.5 | -12.88 | -4.55 | 45.45 | 77.27 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 41.64 | 1.56 | 0.0 | 20.98 | -4.51 | 0.0 | 18.90 | -18.22 | 0.0 | 15.11 | -18.28 | 0.0 | 2.06 | -17.93 | 0.0 | 1.84 | -14.02 | 0.0 | 0.12 | 0.0 | 0.0 | 22.22 | -20.27 | 0.0 | 13.76 | 22.97 | 0.0 | 108.33 | 16.67 | 0.0 | -8.33 | -216.67 | 0.0 | 29.07 | 9.29 | 0.0 |
| 19Q3 (3) | 41.00 | 6.49 | 0.0 | 21.97 | -19.32 | 0.0 | 23.11 | -14.53 | 0.0 | 18.49 | -14.52 | 0.0 | 2.51 | -63.03 | 0.0 | 2.14 | -62.26 | 0.0 | 0.12 | -53.85 | 0.0 | 27.87 | -1.76 | 0.0 | 11.19 | -54.95 | 0.0 | 92.86 | -7.14 | 0.0 | 7.14 | 0 | 0.0 | 26.60 | 98.8 | 0.0 |
| 19Q2 (2) | 38.50 | 54.62 | 0.0 | 27.23 | 275.59 | 0.0 | 27.04 | 375.22 | 0.0 | 21.63 | 375.38 | 0.0 | 6.79 | 622.34 | 0.0 | 5.67 | 583.13 | 0.0 | 0.26 | 44.44 | 0.0 | 28.37 | 232.2 | 0.0 | 24.84 | 63.53 | 0.0 | 100.00 | -16.67 | 0.0 | -0.00 | 100.0 | 0.0 | 13.38 | -40.67 | 0.0 |
| 19Q1 (1) | 24.90 | 0.0 | 0.0 | 7.25 | 0.0 | 0.0 | 5.69 | 0.0 | 0.0 | 4.55 | 0.0 | 0.0 | 0.94 | 0.0 | 0.0 | 0.83 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | 8.54 | 0.0 | 0.0 | 15.19 | 0.0 | 0.0 | 120.00 | 0.0 | 0.0 | -20.00 | 0.0 | 0.0 | 22.55 | 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) | 39.42 | -11.0 | 19.18 | -8.14 | 3.77 | -10.94 | 23.42 | 4.0 | 18.79 | 4.74 | 10.86 | 17.41 | 8.89 | 17.75 | 0.46 | 12.2 | 27.92 | 2.95 | 24.28 | -4.07 | 82.26 | -11.03 | 17.74 | 135.08 | 0.00 | 0 | 28.75 | -5.77 |
| 2022 (9) | 44.29 | -4.09 | 20.88 | -11.82 | 4.24 | -3.39 | 22.52 | -9.19 | 17.94 | -9.58 | 9.25 | -4.93 | 7.55 | -4.19 | 0.41 | 5.13 | 27.12 | -7.72 | 25.31 | 2.3 | 92.45 | -4.12 | 7.55 | 40.88 | 0.00 | 0 | 30.51 | 0.96 |
| 2021 (8) | 46.18 | 5.94 | 23.68 | -8.75 | 4.39 | 45.71 | 24.80 | -5.6 | 19.84 | -5.57 | 9.73 | -27.55 | 7.88 | -30.33 | 0.39 | -26.42 | 29.39 | -1.28 | 24.74 | -4.81 | 96.43 | -2.34 | 5.36 | 323.21 | 0.00 | 0 | 30.22 | 27.89 |
| 2020 (7) | 43.59 | 20.08 | 25.95 | 26.96 | 3.01 | 16.05 | 26.27 | 32.54 | 21.01 | 32.47 | 13.43 | -1.54 | 11.31 | -5.36 | 0.53 | -29.33 | 29.77 | 32.43 | 25.99 | 88.88 | 98.73 | -4.05 | 1.27 | 0 | 0.00 | 0 | 23.63 | 13.99 |
| 2019 (6) | 36.30 | -12.93 | 20.44 | -12.69 | 2.59 | 8.93 | 19.82 | -11.44 | 15.86 | -12.33 | 13.64 | -15.17 | 11.95 | -12.9 | 0.75 | -1.32 | 22.48 | -9.46 | 13.76 | -12.47 | 102.90 | -1.58 | -2.90 | 0 | 0.00 | 0 | 20.73 | -5.99 |
| 2018 (5) | 41.69 | 12.61 | 23.41 | 10.16 | 2.38 | 29.37 | 22.38 | 12.46 | 18.09 | 11.19 | 16.08 | -6.02 | 13.72 | -2.63 | 0.76 | -11.63 | 24.83 | 14.0 | 15.72 | -19.3 | 104.55 | -1.52 | -4.55 | 0 | 0.00 | 0 | 22.05 | 15.08 |
| 2017 (4) | 37.02 | -11.22 | 21.25 | -6.92 | 1.84 | -28.83 | 19.90 | -2.45 | 16.27 | -6.12 | 17.11 | 12.86 | 14.09 | 14.46 | 0.86 | 21.13 | 21.78 | -4.64 | 19.48 | -20.13 | 106.15 | -5.86 | -6.15 | 0 | 0.00 | 0 | 19.16 | -17.24 |
| 2016 (3) | 41.70 | -4.99 | 22.83 | -5.62 | 2.59 | -2.59 | 20.40 | -1.54 | 17.33 | 3.03 | 15.16 | -8.51 | 12.31 | -7.72 | 0.71 | -10.13 | 22.84 | -4.4 | 24.39 | 6.69 | 112.77 | -3.64 | -12.77 | 0 | 0.00 | 0 | 23.15 | -1.15 |
| 2015 (2) | 43.89 | 6.5 | 24.19 | 4.99 | 2.65 | -24.67 | 20.72 | -12.5 | 16.82 | -13.3 | 16.57 | -13.88 | 13.34 | -15.03 | 0.79 | -2.47 | 23.89 | -11.09 | 22.86 | -15.74 | 117.02 | 21.52 | -17.02 | 0 | 0.00 | 0 | 23.42 | 5.64 |
| 2014 (1) | 41.21 | 0 | 23.04 | 0 | 3.52 | 0 | 23.68 | 0 | 19.40 | 0 | 19.24 | 0 | 15.70 | 0 | 0.81 | 0 | 26.87 | 0 | 27.13 | 42.71 | 96.30 | 0 | 1.85 | 0 | 0.00 | 0 | 22.17 | 0 |
