- 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) | 26.47 | 14.14 | -6.93 | 16.14 | 47.94 | -15.76 | 13.68 | 10.32 | -17.19 | 10.90 | 9.22 | -15.83 | 6.29 | 38.85 | -36.08 | 4.02 | 46.72 | -26.78 | 0.36 | 33.33 | -14.29 | 17.01 | 0.77 | -10.57 | 60.91 | 8.5 | -20.8 | 118.04 | 34.19 | 1.8 | -18.04 | -249.87 | -13.06 | 18.26 | -27.25 | -4.05 |
| 23Q3 (19) | 23.19 | 21.54 | -8.45 | 10.91 | 53.23 | -34.0 | 12.40 | -17.22 | -44.02 | 9.98 | -4.68 | -44.25 | 4.53 | 6.59 | -66.34 | 2.74 | 4.58 | -59.77 | 0.27 | 12.5 | -28.95 | 16.88 | -13.61 | -32.02 | 56.14 | -30.66 | -36.02 | 87.96 | 85.21 | 17.95 | 12.04 | -77.08 | -52.54 | 25.10 | 12.66 | 16.37 |
| 23Q2 (18) | 19.08 | -16.35 | -23.95 | 7.12 | -48.44 | -58.96 | 14.98 | 12.46 | -31.0 | 10.47 | 1.85 | -38.56 | 4.25 | -22.59 | -70.59 | 2.62 | -22.94 | -63.56 | 0.24 | -25.0 | -42.86 | 19.54 | 17.36 | -18.55 | 80.96 | 49.26 | -28.84 | 47.49 | -54.2 | -40.6 | 52.51 | 1516.18 | 161.24 | 22.28 | 7.06 | 9.86 |
| 23Q1 (17) | 22.81 | -19.8 | -0.7 | 13.81 | -27.92 | -7.99 | 13.32 | -19.37 | -19.37 | 10.28 | -20.62 | -21.29 | 5.49 | -44.21 | -52.09 | 3.40 | -38.07 | -42.18 | 0.32 | -23.81 | -28.89 | 16.65 | -12.46 | -11.11 | 54.24 | -29.48 | -40.45 | 103.71 | -10.56 | 14.22 | -3.71 | 76.76 | -140.63 | 20.81 | 9.35 | -3.3 |
| 22Q4 (16) | 28.44 | 12.28 | 14.26 | 19.16 | 15.91 | 40.57 | 16.52 | -25.42 | 21.38 | 12.95 | -27.65 | 23.22 | 9.84 | -26.89 | 22.39 | 5.49 | -19.38 | 32.93 | 0.42 | 10.53 | 7.69 | 19.02 | -23.4 | 16.19 | 76.91 | -12.34 | -24.67 | 115.96 | 55.48 | 15.82 | -15.96 | -162.9 | -6744.85 | 19.03 | -11.78 | -31.35 |
| 22Q3 (15) | 25.33 | 0.96 | 11.39 | 16.53 | -4.73 | 37.41 | 22.15 | 2.03 | 83.21 | 17.90 | 5.05 | 96.06 | 13.46 | -6.85 | 121.38 | 6.81 | -5.29 | 119.68 | 0.38 | -9.52 | 11.76 | 24.83 | 3.5 | 59.78 | 87.74 | -22.88 | -2.63 | 74.58 | -6.72 | -25.06 | 25.36 | 26.2 | 5125.14 | 21.57 | 6.36 | -21.62 |
| 22Q2 (14) | 25.09 | 9.23 | 13.22 | 17.35 | 15.59 | 35.55 | 21.71 | 31.42 | 68.43 | 17.04 | 30.47 | 70.06 | 14.45 | 26.09 | 82.91 | 7.19 | 22.28 | 79.3 | 0.42 | -6.67 | 5.0 | 23.99 | 28.08 | 55.17 | 113.77 | 24.9 | 5.71 | 79.96 | -11.94 | -19.42 | 20.10 | 120.27 | 2492.79 | 20.28 | -5.76 | -28.03 |
| 22Q1 (13) | 22.97 | -7.71 | -5.4 | 15.01 | 10.12 | -3.04 | 16.52 | 21.38 | 1.16 | 13.06 | 24.26 | -5.29 | 11.46 | 42.54 | 5.91 | 5.88 | 42.37 | 6.91 | 0.45 | 15.38 | 12.5 | 18.73 | 14.42 | -2.09 | 91.09 | -10.78 | 1.2 | 90.80 | -9.31 | -4.25 | 9.12 | 4014.58 | 76.35 | 21.52 | -22.37 | -1.82 |
| 21Q4 (12) | 24.89 | 9.45 | -0.96 | 13.63 | 13.3 | -7.84 | 13.61 | 12.57 | 11.65 | 10.51 | 15.12 | -1.78 | 8.04 | 32.24 | 0.63 | 4.13 | 33.23 | 0.98 | 0.39 | 14.71 | 2.63 | 16.37 | 5.34 | 9.79 | 102.10 | 13.31 | -4.62 | 100.12 | 0.6 | -17.5 | -0.23 | -148.02 | 98.91 | 27.72 | 0.73 | 5.64 |
| 21Q3 (11) | 22.74 | 2.62 | 4.84 | 12.03 | -6.02 | 31.91 | 12.09 | -6.21 | 77.53 | 9.13 | -8.88 | 80.79 | 6.08 | -23.04 | 138.43 | 3.10 | -22.69 | 112.33 | 0.34 | -15.0 | 21.43 | 15.54 | 0.52 | 42.83 | 90.11 | -16.27 | 8.79 | 99.51 | 0.29 | -25.89 | 0.49 | -37.38 | 101.44 | 27.52 | -2.34 | -12.16 |
| 21Q2 (10) | 22.16 | -8.73 | 18.38 | 12.80 | -17.31 | 130.63 | 12.89 | -21.07 | 135.22 | 10.02 | -27.34 | 219.11 | 7.90 | -26.99 | 537.1 | 4.01 | -27.09 | 401.25 | 0.40 | 0.0 | 66.67 | 15.46 | -19.18 | 48.23 | 107.62 | 19.56 | 36.68 | 99.22 | 4.64 | -2.17 | 0.78 | -85.02 | 154.26 | 28.18 | 28.56 | 0 |
| 21Q1 (9) | 24.28 | -3.38 | 1.89 | 15.48 | 4.67 | 16.04 | 16.33 | 33.96 | 13.88 | 13.79 | 28.88 | 12.11 | 10.82 | 35.42 | 65.95 | 5.50 | 34.47 | 37.84 | 0.40 | 5.26 | 25.0 | 19.13 | 28.3 | 7.05 | 90.01 | -15.92 | 64.43 | 94.83 | -21.86 | 1.88 | 5.17 | 124.23 | -25.26 | 21.92 | -16.46 | -12.04 |
| 20Q4 (8) | 25.13 | 15.86 | -11.33 | 14.79 | 62.17 | -23.49 | 12.19 | 79.0 | -32.84 | 10.70 | 111.88 | -27.9 | 7.99 | 213.33 | -33.19 | 4.09 | 180.14 | -40.03 | 0.38 | 35.71 | -17.39 | 14.91 | 37.04 | -27.23 | 107.05 | 29.24 | 37.33 | 121.36 | -9.63 | 13.94 | -21.36 | 36.83 | -228.2 | 26.24 | -16.25 | 0 |
| 20Q3 (7) | 21.69 | 15.87 | -18.79 | 9.12 | 64.32 | -46.79 | 6.81 | 24.27 | -64.99 | 5.05 | 60.83 | -66.64 | 2.55 | 105.65 | -77.61 | 1.46 | 82.5 | -76.03 | 0.28 | 16.67 | -30.0 | 10.88 | 4.31 | -51.12 | 82.83 | 5.19 | 10.29 | 134.29 | 32.39 | 52.37 | -33.81 | -2266.67 | -384.82 | 31.33 | 0 | 34.0 |
| 20Q2 (6) | 18.72 | -21.44 | -19.07 | 5.55 | -58.4 | -55.56 | 5.48 | -61.79 | -62.1 | 3.14 | -74.47 | -71.53 | 1.24 | -80.98 | -81.41 | 0.80 | -79.95 | -78.49 | 0.24 | -25.0 | -27.27 | 10.43 | -41.63 | -41.04 | 78.74 | 43.84 | -24.16 | 101.43 | 8.97 | 17.36 | -1.43 | -120.63 | -110.52 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 23.83 | -15.91 | 2.27 | 13.34 | -30.99 | -8.88 | 14.34 | -20.99 | 4.22 | 12.30 | -17.12 | 11.82 | 6.52 | -45.48 | -11.89 | 3.99 | -41.5 | -10.14 | 0.32 | -30.43 | -20.0 | 17.87 | -12.79 | 9.1 | 54.74 | -29.78 | -13.81 | 93.08 | -12.61 | -12.5 | 6.92 | 206.38 | 208.52 | 24.92 | 0 | 15.1 |
| 19Q4 (4) | 28.34 | 6.1 | 0.0 | 19.33 | 12.78 | 0.0 | 18.15 | -6.68 | 0.0 | 14.84 | -1.98 | 0.0 | 11.96 | 5.0 | 0.0 | 6.82 | 11.99 | 0.0 | 0.46 | 15.0 | 0.0 | 20.49 | -7.95 | 0.0 | 77.95 | 3.79 | 0.0 | 106.51 | 20.85 | 0.0 | -6.51 | -154.82 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 26.71 | 15.48 | 0.0 | 17.14 | 37.23 | 0.0 | 19.45 | 34.51 | 0.0 | 15.14 | 37.26 | 0.0 | 11.39 | 70.76 | 0.0 | 6.09 | 63.71 | 0.0 | 0.40 | 21.21 | 0.0 | 22.26 | 25.83 | 0.0 | 75.10 | -27.66 | 0.0 | 88.13 | 1.97 | 0.0 | 11.87 | -12.56 | 0.0 | 23.38 | -15.99 | 0.0 |
| 19Q2 (2) | 23.13 | -0.73 | 0.0 | 12.49 | -14.69 | 0.0 | 14.46 | 5.09 | 0.0 | 11.03 | 0.27 | 0.0 | 6.67 | -9.86 | 0.0 | 3.72 | -16.22 | 0.0 | 0.33 | -17.5 | 0.0 | 17.69 | 8.0 | 0.0 | 103.82 | 63.47 | 0.0 | 86.42 | -18.76 | 0.0 | 13.58 | 312.81 | 0.0 | 27.83 | 28.55 | 0.0 |
| 19Q1 (1) | 23.30 | 0.0 | 0.0 | 14.64 | 0.0 | 0.0 | 13.76 | 0.0 | 0.0 | 11.00 | 0.0 | 0.0 | 7.40 | 0.0 | 0.0 | 4.44 | 0.0 | 0.0 | 0.40 | 0.0 | 0.0 | 16.38 | 0.0 | 0.0 | 63.51 | 0.0 | 0.0 | 106.38 | 0.0 | 0.0 | -6.38 | 0.0 | 0.0 | 21.65 | 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) | 23.17 | -9.32 | 12.47 | -27.03 | 3.41 | 62.05 | 13.57 | -29.14 | 10.43 | -31.25 | 20.19 | -57.91 | 12.18 | -52.97 | 1.15 | -31.95 | 17.40 | -19.33 | 60.91 | -20.8 | 91.90 | 3.0 | 8.10 | -24.86 | 3.26 | 6.93 | 21.30 | 3.7 |
| 2022 (9) | 25.55 | 8.45 | 17.09 | 26.31 | 2.11 | -18.25 | 19.15 | 39.07 | 15.17 | 39.17 | 47.97 | 47.55 | 25.90 | 61.47 | 1.69 | 15.75 | 21.57 | 29.63 | 76.91 | -24.67 | 89.22 | -9.19 | 10.78 | 515.17 | 3.05 | -25.83 | 20.54 | -22.02 |
| 2021 (8) | 23.56 | 2.88 | 13.53 | 17.35 | 2.58 | -23.63 | 13.77 | 32.92 | 10.90 | 27.93 | 32.51 | 82.74 | 16.04 | 71.18 | 1.46 | 35.19 | 16.64 | 19.03 | 102.10 | -4.62 | 98.25 | -11.69 | 1.75 | 0 | 4.11 | -27.29 | 26.34 | -4.25 |
| 2020 (7) | 22.90 | -10.55 | 11.53 | -28.83 | 3.37 | 36.84 | 10.36 | -37.67 | 8.52 | -35.31 | 17.79 | -50.43 | 9.37 | -54.43 | 1.08 | -30.32 | 13.98 | -27.68 | 107.05 | 37.33 | 111.25 | 14.17 | -11.25 | 0 | 5.65 | 317.54 | 27.51 | 12.98 |
| 2019 (6) | 25.60 | 4.11 | 16.20 | 4.99 | 2.46 | 29.8 | 16.62 | -0.42 | 13.17 | 0.3 | 35.89 | -20.88 | 20.56 | -5.08 | 1.55 | -4.91 | 19.33 | 2.66 | 77.95 | 4.56 | 97.45 | 5.42 | 2.59 | -65.76 | 1.35 | -12.21 | 24.35 | -1.26 |
| 2018 (5) | 24.59 | 3.76 | 15.43 | 4.89 | 1.90 | -8.54 | 16.69 | 28.48 | 13.13 | 27.48 | 45.36 | -23.8 | 21.66 | 28.55 | 1.63 | 1.24 | 18.83 | 22.91 | 74.55 | -58.36 | 92.44 | -18.39 | 7.56 | 0 | 1.54 | 909.91 | 24.66 | -0.96 |
| 2017 (4) | 23.70 | 5.01 | 14.71 | 10.35 | 2.08 | -4.14 | 12.99 | -14.82 | 10.30 | -11.97 | 59.53 | -30.73 | 16.85 | -6.18 | 1.61 | 6.62 | 15.32 | -13.5 | 179.05 | -56.8 | 113.27 | 29.53 | -13.27 | 0 | 0.15 | 0 | 24.90 | 8.03 |
| 2016 (3) | 22.57 | 11.4 | 13.33 | 15.81 | 2.17 | 15.45 | 15.25 | 9.48 | 11.70 | 16.07 | 85.94 | 83.05 | 17.96 | 6.71 | 1.51 | -8.48 | 17.71 | 11.03 | 414.49 | 13.68 | 87.45 | 5.8 | 12.60 | -27.53 | 0.00 | 0 | 23.05 | 0.09 |
| 2015 (2) | 20.26 | 3.79 | 11.51 | 1.77 | 1.88 | -0.78 | 13.93 | 21.66 | 10.08 | 12.63 | 46.95 | 65.49 | 16.83 | 33.89 | 1.65 | 19.57 | 15.95 | 17.45 | 364.62 | 218.39 | 82.65 | -16.29 | 17.39 | 1269.57 | 0.00 | 0 | 23.03 | 2.49 |
| 2014 (1) | 19.52 | 0 | 11.31 | 0 | 1.89 | 0 | 11.45 | 0 | 8.95 | 0 | 28.37 | 0 | 12.57 | 0 | 1.38 | 0 | 13.58 | 0 | 114.52 | -20.81 | 98.73 | 0 | 1.27 | 0 | 0.00 | 0 | 22.47 | 0 |
