- 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) | 36.30 | -12.0 | -4.3 | 16.96 | -29.57 | -24.01 | 11.60 | -60.14 | -38.95 | 9.23 | -57.17 | -36.12 | 1.79 | -61.59 | -59.68 | 1.44 | -59.78 | -52.0 | 0.16 | -5.88 | -23.81 | 17.59 | -49.12 | -24.44 | 25.37 | 0.48 | -45.0 | 146.27 | 76.5 | 24.18 | -46.27 | -370.15 | -160.06 | 35.21 | 30.7 | -5.25 |
| 23Q3 (19) | 41.25 | 29.64 | 25.08 | 24.08 | 58.21 | 12.16 | 29.10 | 30.55 | -2.45 | 21.55 | 42.62 | -1.46 | 4.66 | 53.29 | -41.09 | 3.58 | 57.71 | -27.82 | 0.17 | 13.33 | -26.09 | 34.57 | 21.43 | 2.07 | 25.25 | -31.79 | -51.75 | 82.87 | 21.05 | 15.52 | 17.13 | -45.69 | -38.61 | 26.94 | 17.8 | -3.09 |
| 23Q2 (18) | 31.82 | -8.8 | -7.79 | 15.22 | -28.31 | -34.34 | 22.29 | 19.39 | -17.57 | 15.11 | 1.41 | -19.33 | 3.04 | -10.85 | -58.13 | 2.27 | -8.1 | -48.64 | 0.15 | -6.25 | -34.78 | 28.47 | 17.74 | -8.01 | 37.02 | 6.78 | -47.32 | 68.46 | -39.73 | -20.18 | 31.54 | 331.9 | 121.67 | 22.87 | -3.79 | -12.68 |
| 23Q1 (17) | 34.89 | -8.01 | 21.99 | 21.23 | -4.88 | 45.41 | 18.67 | -1.74 | 12.47 | 14.90 | 3.11 | 15.06 | 3.41 | -23.2 | -19.0 | 2.47 | -17.67 | -4.26 | 0.16 | -23.81 | -20.0 | 24.18 | 3.87 | 11.02 | 34.67 | -24.84 | -42.68 | 113.60 | -3.56 | 28.52 | -13.60 | 23.56 | -208.8 | 23.77 | -36.03 | -15.74 |
| 22Q4 (16) | 37.93 | 15.01 | 37.33 | 22.32 | 3.96 | 137.19 | 19.00 | -36.31 | 104.08 | 14.45 | -33.93 | 99.04 | 4.44 | -43.87 | 63.24 | 3.00 | -39.52 | 86.34 | 0.21 | -8.7 | -4.55 | 23.28 | -31.27 | 62.46 | 46.13 | -11.85 | -34.82 | 117.79 | 64.19 | 15.95 | -17.79 | -163.77 | -1020.86 | 37.16 | 33.67 | 15.66 |
| 22Q3 (15) | 32.98 | -4.43 | 36.28 | 21.47 | -7.38 | 113.63 | 29.83 | 10.32 | 180.62 | 21.87 | 16.76 | 161.92 | 7.91 | 8.95 | 122.19 | 4.96 | 12.22 | 144.33 | 0.23 | 0.0 | -4.17 | 33.87 | 9.43 | 121.37 | 52.33 | -25.53 | -25.9 | 71.74 | -16.36 | -24.43 | 27.90 | 96.09 | 451.0 | 27.80 | 6.15 | -4.47 |
| 22Q2 (14) | 34.51 | 20.66 | 40.68 | 23.18 | 58.77 | 201.82 | 27.04 | 62.89 | 435.45 | 18.73 | 44.63 | 362.47 | 7.26 | 72.45 | 548.21 | 4.42 | 71.32 | 569.7 | 0.23 | 15.0 | 43.75 | 30.95 | 42.1 | 161.4 | 70.27 | 16.17 | -14.59 | 85.77 | -2.96 | -43.57 | 14.23 | 13.82 | 127.36 | 26.19 | -7.16 | -34.38 |
| 22Q1 (13) | 28.60 | 3.55 | 3.44 | 14.60 | 55.15 | 26.41 | 16.60 | 78.3 | 39.15 | 12.95 | 78.37 | 34.76 | 4.21 | 54.78 | 41.75 | 2.58 | 60.25 | 38.71 | 0.20 | -9.09 | 5.26 | 21.78 | 51.99 | 23.4 | 60.49 | -14.53 | -4.71 | 88.39 | -12.99 | -8.89 | 12.50 | 887.5 | 318.75 | 28.21 | -12.2 | -31.6 |
| 21Q4 (12) | 27.62 | 14.13 | -6.82 | 9.41 | -6.37 | -38.09 | 9.31 | -12.42 | -20.43 | 7.26 | -13.05 | -32.15 | 2.72 | -23.6 | -39.69 | 1.61 | -20.69 | -45.79 | 0.22 | -8.33 | -18.52 | 14.33 | -6.34 | -11.27 | 70.77 | 0.21 | 23.06 | 101.59 | 7.01 | -22.0 | -1.59 | -131.35 | 94.75 | 32.13 | 10.41 | 20.97 |
| 21Q3 (11) | 24.20 | -1.35 | -16.95 | 10.05 | 30.86 | -26.05 | 10.63 | 110.5 | 27.92 | 8.35 | 106.17 | 50.99 | 3.56 | 217.86 | 105.78 | 2.03 | 207.58 | 76.52 | 0.24 | 50.0 | 26.32 | 15.30 | 29.22 | 6.92 | 70.62 | -14.16 | 32.1 | 94.94 | -37.54 | -41.68 | 5.06 | 109.74 | 108.06 | 29.10 | -27.09 | -19.37 |
| 21Q2 (10) | 24.53 | -11.28 | -25.51 | 7.68 | -33.51 | -64.92 | 5.05 | -57.67 | -76.1 | 4.05 | -57.86 | -74.2 | 1.12 | -62.29 | -85.05 | 0.66 | -64.52 | -86.53 | 0.16 | -15.79 | -48.39 | 11.84 | -32.92 | -52.01 | 82.27 | 29.6 | 13.85 | 152.00 | 56.68 | 46.44 | -52.00 | -1842.0 | -1269.33 | 39.91 | -3.23 | 55.23 |
| 21Q1 (9) | 27.65 | -6.71 | -3.39 | 11.55 | -24.01 | -18.03 | 11.93 | 1.97 | -31.87 | 9.61 | -10.19 | -29.18 | 2.97 | -34.15 | -17.27 | 1.86 | -37.37 | -27.06 | 0.19 | -29.63 | 0.0 | 17.65 | 9.29 | -15.75 | 63.48 | 10.38 | 69.55 | 97.01 | -25.51 | 21.27 | 2.99 | 109.87 | -85.07 | 41.24 | 55.27 | 43.14 |
| 20Q4 (8) | 29.64 | 1.72 | -6.2 | 15.20 | 11.85 | -4.4 | 11.70 | 40.79 | 3.08 | 10.70 | 93.49 | 60.9 | 4.51 | 160.69 | 44.55 | 2.97 | 158.26 | 45.59 | 0.27 | 42.11 | -10.0 | 16.15 | 12.86 | 16.27 | 57.51 | 7.58 | 29.53 | 130.23 | -20.0 | -7.99 | -30.23 | 51.85 | 24.42 | 26.56 | -26.41 | 0 |
| 20Q3 (7) | 29.14 | -11.51 | 3.48 | 13.59 | -37.92 | -12.21 | 8.31 | -60.67 | -48.77 | 5.53 | -64.78 | -46.05 | 1.73 | -76.9 | -66.98 | 1.15 | -76.53 | -60.88 | 0.19 | -38.71 | -32.14 | 14.31 | -41.99 | -25.51 | 53.46 | -26.02 | -28.77 | 162.79 | 56.83 | 71.47 | -62.79 | -1553.49 | -1340.12 | 36.09 | 40.37 | 15.34 |
| 20Q2 (6) | 32.93 | 15.06 | 76.38 | 21.89 | 55.36 | 191.87 | 21.13 | 20.67 | 156.43 | 15.70 | 15.7 | 195.67 | 7.49 | 108.64 | 105.21 | 4.90 | 92.16 | 140.2 | 0.31 | 63.16 | -13.89 | 24.67 | 17.76 | 129.28 | 72.26 | 93.0 | -22.7 | 103.80 | 29.75 | 14.84 | -3.80 | -118.99 | -139.49 | 25.71 | -10.76 | 0.9 |
| 20Q1 (5) | 28.62 | -9.43 | 51.83 | 14.09 | -11.38 | 73.74 | 17.51 | 54.27 | 124.2 | 13.57 | 104.06 | 117.12 | 3.59 | 15.06 | -6.51 | 2.55 | 25.0 | 10.87 | 0.19 | -36.67 | -44.12 | 20.95 | 50.83 | 99.71 | 37.44 | -15.68 | -58.41 | 80.00 | -43.48 | -23.56 | 20.00 | 150.0 | 530.0 | 28.81 | 0 | 41.16 |
| 19Q4 (4) | 31.60 | 12.22 | 0.0 | 15.90 | 2.71 | 0.0 | 11.35 | -30.02 | 0.0 | 6.65 | -35.12 | 0.0 | 3.12 | -40.46 | 0.0 | 2.04 | -30.61 | 0.0 | 0.30 | 7.14 | 0.0 | 13.89 | -27.69 | 0.0 | 44.40 | -40.84 | 0.0 | 141.54 | 49.09 | 0.0 | -40.00 | -890.0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 28.16 | 50.83 | 0.0 | 15.48 | 106.4 | 0.0 | 16.22 | 96.84 | 0.0 | 10.25 | 93.03 | 0.0 | 5.24 | 43.56 | 0.0 | 2.94 | 44.12 | 0.0 | 0.28 | -22.22 | 0.0 | 19.21 | 78.53 | 0.0 | 75.05 | -19.72 | 0.0 | 94.94 | 5.04 | 0.0 | 5.06 | -47.34 | 0.0 | 31.29 | 22.8 | 0.0 |
| 19Q2 (2) | 18.67 | -0.95 | 0.0 | 7.50 | -7.52 | 0.0 | 8.24 | 5.51 | 0.0 | 5.31 | -15.04 | 0.0 | 3.65 | -4.95 | 0.0 | 2.04 | -11.3 | 0.0 | 0.36 | 5.88 | 0.0 | 10.76 | 2.57 | 0.0 | 93.48 | 3.83 | 0.0 | 90.38 | -13.63 | 0.0 | 9.62 | 306.73 | 0.0 | 25.48 | 24.84 | 0.0 |
| 19Q1 (1) | 18.85 | 0.0 | 0.0 | 8.11 | 0.0 | 0.0 | 7.81 | 0.0 | 0.0 | 6.25 | 0.0 | 0.0 | 3.84 | 0.0 | 0.0 | 2.30 | 0.0 | 0.0 | 0.34 | 0.0 | 0.0 | 10.49 | 0.0 | 0.0 | 90.03 | 0.0 | 0.0 | 104.65 | 0.0 | 0.0 | -4.65 | 0.0 | 0.0 | 20.41 | 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) | 36.10 | 6.87 | 19.52 | -6.02 | 5.21 | 36.17 | 20.50 | -13.36 | 15.30 | -11.76 | 12.80 | -48.66 | 9.54 | -40.89 | 0.62 | -32.61 | 26.31 | -5.8 | 25.37 | -45.0 | 95.23 | 8.42 | 4.77 | -60.8 | 0.50 | -15.91 | 27.06 | -9.29 |
| 2022 (9) | 33.78 | 30.02 | 20.77 | 113.03 | 3.83 | -23.64 | 23.66 | 150.11 | 17.34 | 131.51 | 24.93 | 143.7 | 16.14 | 156.6 | 0.92 | 10.84 | 27.93 | 87.7 | 46.13 | -34.82 | 87.83 | -14.72 | 12.17 | 0 | 0.60 | -25.23 | 29.83 | -14.33 |
| 2021 (8) | 25.98 | -14.51 | 9.75 | -41.79 | 5.01 | 26.88 | 9.46 | -36.42 | 7.49 | -35.6 | 10.23 | -39.96 | 6.29 | -45.26 | 0.83 | -14.43 | 14.88 | -22.58 | 70.77 | 23.06 | 102.99 | -8.51 | -2.99 | 0 | 0.80 | 32.8 | 34.82 | 21.24 |
| 2020 (7) | 30.39 | 26.2 | 16.75 | 45.27 | 3.95 | 88.76 | 14.88 | 39.72 | 11.63 | 67.34 | 17.04 | 29.38 | 11.49 | 29.1 | 0.97 | -19.83 | 19.22 | 44.29 | 57.51 | 29.44 | 112.57 | 3.88 | -12.57 | 0 | 0.60 | 548.12 | 28.72 | -0.79 |
| 2019 (6) | 24.08 | 2.29 | 11.53 | -16.02 | 2.09 | 77.78 | 10.65 | -20.4 | 6.95 | -41.05 | 13.17 | -66.78 | 8.90 | -56.54 | 1.21 | -27.11 | 13.32 | -12.71 | 44.43 | -41.44 | 108.37 | 5.76 | -8.37 | 0 | 0.09 | -27.94 | 28.95 | 48.84 |
| 2018 (5) | 23.54 | 4.62 | 13.73 | 103.11 | 1.18 | -53.04 | 13.38 | 93.63 | 11.79 | 70.62 | 39.64 | 73.63 | 20.48 | 110.7 | 1.66 | 24.81 | 15.26 | 53.68 | 75.87 | -53.61 | 102.46 | 5.52 | -2.46 | 0 | 0.13 | 29.81 | 19.45 | -19.59 |
| 2017 (4) | 22.50 | 681.25 | 6.76 | 0 | 2.51 | -67.4 | 6.91 | 0 | 6.91 | 0 | 22.83 | 0 | 9.72 | 0 | 1.33 | 66.25 | 9.93 | 0 | 163.55 | 35.36 | 97.10 | 3.06 | 2.90 | -49.9 | 0.10 | 0 | 24.19 | -36.31 |
| 2016 (3) | 2.88 | -87.0 | -32.37 | 0 | 7.69 | -4.4 | -34.36 | 0 | -34.36 | 0 | -61.29 | 0 | -27.13 | 0 | 0.80 | 12.68 | -25.93 | 0 | 120.83 | -4.12 | 94.21 | -17.94 | 5.79 | 0 | 0.00 | 0 | 37.98 | -19.67 |
| 2015 (2) | 22.15 | 0 | -23.58 | 0 | 8.05 | 0 | -20.64 | 0 | -20.64 | 0 | -26.95 | 0 | -14.37 | 0 | 0.71 | 0 | -11.88 | 0 | 126.02 | 148.56 | 114.81 | 0 | -14.81 | 0 | 0.00 | 0 | 47.28 | 0 |
| 2014 (1) | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 50.70 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 |
