- 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) | 29.16 | -1.35 | -6.33 | 15.83 | 4.49 | 19.92 | 17.09 | -15.31 | 20.86 | 15.02 | -13.38 | 13.19 | 4.63 | -8.13 | 92.12 | 3.46 | -9.9 | 88.04 | 0.23 | 4.55 | 64.29 | 19.10 | -14.66 | 9.14 | 35.18 | 8.98 | 29.29 | 92.64 | 23.52 | -1.24 | 7.36 | -70.56 | 3.95 | 9.98 | -8.69 | -24.34 |
| 23Q3 (19) | 29.56 | 3.36 | -16.33 | 15.15 | 6.69 | -1.94 | 20.18 | 22.82 | -7.47 | 17.34 | 22.54 | -10.8 | 5.04 | 27.27 | 47.37 | 3.84 | 36.17 | 56.1 | 0.22 | 10.0 | 69.23 | 22.38 | 19.3 | -12.34 | 32.28 | 5.39 | -7.88 | 75.00 | -13.06 | 5.77 | 25.00 | 82.0 | -14.06 | 10.93 | 0.64 | -27.23 |
| 23Q2 (18) | 28.60 | 1.63 | -32.21 | 14.20 | 20.03 | -44.83 | 16.43 | 16.28 | -38.79 | 14.15 | 16.65 | -36.69 | 3.96 | 56.52 | -34.87 | 2.82 | 54.1 | -22.1 | 0.20 | 33.33 | 25.0 | 18.76 | 9.77 | -36.86 | 30.63 | -39.73 | -28.88 | 86.26 | 3.01 | -9.84 | 13.74 | -15.52 | 244.55 | 10.86 | -8.04 | -11.99 |
| 23Q1 (17) | 28.14 | -9.6 | -33.77 | 11.83 | -10.38 | -58.08 | 14.13 | -0.07 | -53.73 | 12.13 | -8.59 | -51.75 | 2.53 | 4.98 | -65.76 | 1.83 | -0.54 | -59.51 | 0.15 | 7.14 | -16.67 | 17.09 | -2.34 | -47.85 | 50.82 | 86.77 | -45.8 | 83.74 | -10.73 | -9.45 | 16.26 | 129.67 | 116.1 | 11.81 | -10.46 | 0.34 |
| 22Q4 (16) | 31.13 | -11.89 | -31.01 | 13.20 | -14.56 | -55.41 | 14.14 | -35.17 | -56.25 | 13.27 | -31.74 | -51.82 | 2.41 | -29.53 | -63.09 | 1.84 | -25.2 | -59.83 | 0.14 | 7.69 | -17.65 | 17.50 | -31.45 | -49.89 | 27.21 | -22.35 | -31.97 | 93.81 | 32.29 | 2.41 | 7.08 | -75.66 | -15.71 | 13.19 | -12.18 | 1.23 |
| 22Q3 (15) | 35.33 | -16.26 | -26.15 | 15.45 | -39.98 | -56.28 | 21.81 | -18.74 | -40.18 | 19.44 | -13.02 | -36.53 | 3.42 | -43.75 | -73.77 | 2.46 | -32.04 | -70.78 | 0.13 | -18.75 | -51.85 | 25.53 | -14.07 | -33.01 | 35.04 | -18.64 | -22.36 | 70.91 | -25.89 | -26.9 | 29.09 | 629.7 | 828.26 | 15.02 | 21.72 | 32.22 |
| 22Q2 (14) | 42.19 | -0.71 | -12.7 | 25.74 | -8.79 | -26.54 | 26.84 | -12.12 | -25.03 | 22.35 | -11.1 | -25.72 | 6.08 | -17.73 | -46.0 | 3.62 | -19.91 | -45.48 | 0.16 | -11.11 | -27.27 | 29.71 | -9.34 | -21.92 | 43.07 | -54.07 | -34.6 | 95.68 | 3.47 | -2.31 | 3.99 | -47.02 | 94.26 | 12.34 | 4.84 | 1.06 |
| 22Q1 (13) | 42.49 | -5.83 | 5.07 | 28.22 | -4.66 | 3.75 | 30.54 | -5.51 | 10.49 | 25.14 | -8.71 | 7.9 | 7.39 | 13.17 | 3.94 | 4.52 | -1.31 | -2.38 | 0.18 | 5.88 | -10.0 | 32.77 | -6.16 | 8.87 | 93.77 | 134.42 | 27.04 | 92.48 | 0.95 | -5.92 | 7.52 | -10.41 | 340.17 | 11.77 | -9.67 | 4.81 |
| 21Q4 (12) | 45.12 | -5.69 | 20.51 | 29.60 | -16.24 | 12.8 | 32.32 | -11.35 | 23.12 | 27.54 | -10.09 | 18.91 | 6.53 | -49.92 | -13.16 | 4.58 | -45.61 | -17.33 | 0.17 | -37.04 | -29.17 | 34.92 | -8.37 | 24.05 | 40.00 | -11.37 | 9.26 | 91.60 | -5.57 | -8.4 | 8.40 | 168.0 | 0 | 13.03 | 14.7 | 29.52 |
| 21Q3 (11) | 47.84 | -1.01 | 14.64 | 35.34 | 0.86 | 17.6 | 36.46 | 1.84 | 21.25 | 30.63 | 1.79 | 15.63 | 13.04 | 15.81 | 31.32 | 8.42 | 26.81 | 22.56 | 0.27 | 22.73 | 3.85 | 38.11 | 0.16 | 20.68 | 45.13 | -31.48 | 30.1 | 97.01 | -0.96 | -2.99 | 3.13 | 52.71 | 0 | 11.36 | -6.96 | 7.88 |
| 21Q2 (10) | 48.33 | 19.51 | 17.73 | 35.04 | 28.82 | 16.41 | 35.80 | 29.52 | 17.76 | 30.09 | 29.14 | 12.15 | 11.26 | 58.37 | 5.53 | 6.64 | 43.41 | 18.78 | 0.22 | 10.0 | 4.76 | 38.05 | 26.41 | 17.84 | 65.86 | -10.77 | 17.92 | 97.95 | -0.35 | -1.1 | 2.05 | 20.06 | 112.75 | 12.21 | 8.73 | 15.19 |
| 21Q1 (9) | 40.44 | 8.01 | -0.57 | 27.20 | 3.66 | -9.33 | 27.64 | 5.3 | -9.97 | 23.30 | 0.6 | -13.58 | 7.11 | -5.45 | -68.95 | 4.63 | -16.43 | -54.25 | 0.20 | -16.67 | -47.37 | 30.10 | 6.93 | -6.58 | 73.81 | 101.61 | -61.23 | 98.29 | -1.71 | 0.72 | 1.71 | 0 | -21.18 | 11.23 | 11.63 | 3.22 |
| 20Q4 (8) | 37.44 | -10.28 | -4.73 | 26.24 | -12.68 | -11.71 | 26.25 | -12.7 | -11.82 | 23.16 | -12.57 | -11.81 | 7.52 | -24.27 | -66.4 | 5.54 | -19.36 | -54.21 | 0.24 | -7.69 | -47.83 | 28.15 | -10.86 | -9.28 | 36.61 | 5.53 | -53.46 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | -100.0 | 10.06 | -4.46 | -2.8 |
| 20Q3 (7) | 41.73 | 1.66 | -2.25 | 30.05 | -0.17 | -6.27 | 30.07 | -1.09 | -6.5 | 26.49 | -1.27 | -6.63 | 9.93 | -6.94 | -70.27 | 6.87 | 22.9 | -59.75 | 0.26 | 23.81 | -56.67 | 31.58 | -2.2 | -4.68 | 34.69 | -37.89 | -62.62 | 100.00 | 0.97 | 0.43 | 0.00 | -100.0 | -100.0 | 10.53 | -0.66 | -2.68 |
| 20Q2 (6) | 41.05 | 0.93 | -6.87 | 30.10 | 0.33 | -8.23 | 30.40 | -0.98 | -8.71 | 26.83 | -0.48 | -7.48 | 10.67 | -53.41 | -74.75 | 5.59 | -44.76 | -72.77 | 0.21 | -44.74 | -70.42 | 32.29 | 0.22 | -5.78 | 55.85 | -70.66 | -44.04 | 99.04 | 1.48 | 0.5 | 0.96 | -55.52 | -33.6 | 10.60 | -2.57 | -4.59 |
| 20Q1 (5) | 40.67 | 3.49 | -3.85 | 30.00 | 0.94 | 2.56 | 30.70 | 3.12 | 3.82 | 26.96 | 2.67 | 4.9 | 22.90 | 2.32 | -22.03 | 10.12 | -16.36 | -25.37 | 0.38 | -17.39 | -28.3 | 32.22 | 3.83 | 3.01 | 190.38 | 142.0 | 64.9 | 97.59 | -2.41 | -1.01 | 2.17 | 797.83 | 129.88 | 10.88 | 5.12 | -2.07 |
| 19Q4 (4) | 39.30 | -7.94 | 0.0 | 29.72 | -7.3 | 0.0 | 29.77 | -7.43 | 0.0 | 26.26 | -7.44 | 0.0 | 22.38 | -32.99 | 0.0 | 12.10 | -29.12 | 0.0 | 0.46 | -23.33 | 0.0 | 31.03 | -6.34 | 0.0 | 78.67 | -15.23 | 0.0 | 100.00 | 0.43 | 0.0 | 0.24 | -43.36 | 0.0 | 10.35 | -4.34 | 0.0 |
| 19Q3 (3) | 42.69 | -3.15 | 0.0 | 32.06 | -2.26 | 0.0 | 32.16 | -3.42 | 0.0 | 28.37 | -2.17 | 0.0 | 33.40 | -20.97 | 0.0 | 17.07 | -16.85 | 0.0 | 0.60 | -15.49 | 0.0 | 33.13 | -3.33 | 0.0 | 92.80 | -7.02 | 0.0 | 99.57 | 1.04 | 0.0 | 0.43 | -70.65 | 0.0 | 10.82 | -2.61 | 0.0 |
| 19Q2 (2) | 44.08 | 4.21 | 0.0 | 32.80 | 12.14 | 0.0 | 33.30 | 12.61 | 0.0 | 29.00 | 12.84 | 0.0 | 42.26 | 43.89 | 0.0 | 20.53 | 51.4 | 0.0 | 0.71 | 33.96 | 0.0 | 34.27 | 9.56 | 0.0 | 99.81 | -13.55 | 0.0 | 98.55 | -0.04 | 0.0 | 1.45 | 54.0 | 0.0 | 11.11 | 0.0 | 0.0 |
| 19Q1 (1) | 42.30 | 0.0 | 0.0 | 29.25 | 0.0 | 0.0 | 29.57 | 0.0 | 0.0 | 25.70 | 0.0 | 0.0 | 29.37 | 0.0 | 0.0 | 13.56 | 0.0 | 0.0 | 0.53 | 0.0 | 0.0 | 31.28 | 0.0 | 0.0 | 115.45 | 0.0 | 0.0 | 98.58 | 0.0 | 0.0 | 0.94 | 0.0 | 0.0 | 11.11 | 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) | 28.93 | -25.46 | 14.48 | -34.63 | 1.67 | -23.46 | 17.19 | -30.15 | 14.87 | -28.99 | 15.09 | -13.82 | 11.50 | -12.01 | 0.77 | 24.19 | 19.50 | -29.14 | 35.18 | 29.29 | 84.25 | -6.29 | 15.75 | 57.65 | 0.99 | -4.61 | 10.80 | -15.76 |
| 2022 (9) | 38.81 | -15.3 | 22.15 | -31.53 | 2.19 | 32.34 | 24.61 | -26.65 | 20.94 | -25.98 | 17.51 | -48.85 | 13.07 | -47.17 | 0.62 | -28.74 | 27.52 | -22.96 | 27.21 | -31.97 | 89.91 | -6.73 | 9.99 | 177.33 | 1.04 | 4.07 | 12.82 | 7.91 |
| 2021 (8) | 45.82 | 14.04 | 32.35 | 11.44 | 1.65 | 12.14 | 33.55 | 14.62 | 28.29 | 9.74 | 34.23 | -20.14 | 24.74 | -14.28 | 0.87 | -22.32 | 35.72 | 15.41 | 40.00 | 9.26 | 96.40 | -2.79 | 3.60 | 329.5 | 1.00 | -34.1 | 11.88 | 13.14 |
| 2020 (7) | 40.18 | -4.36 | 29.03 | -6.81 | 1.47 | 33.55 | 29.27 | -6.72 | 25.78 | -6.36 | 42.86 | -61.04 | 28.86 | -50.63 | 1.12 | -47.17 | 30.95 | -4.83 | 36.61 | -53.46 | 99.16 | -0.11 | 0.84 | 14.98 | 1.51 | 2364.61 | 10.50 | -2.78 |
| 2019 (6) | 42.01 | 25.22 | 31.15 | 64.47 | 1.10 | -45.26 | 31.38 | 63.1 | 27.53 | 63.29 | 110.02 | 41.72 | 58.46 | 58.3 | 2.12 | -3.2 | 32.52 | 52.82 | 78.67 | -33.53 | 99.27 | 0.62 | 0.73 | -54.77 | 0.06 | -61.02 | 10.80 | 2.66 |
| 2018 (5) | 33.55 | 123.37 | 18.94 | 2181.93 | 2.01 | -31.57 | 19.24 | 3530.19 | 16.86 | 3272.0 | 77.63 | 3412.67 | 36.93 | 2977.5 | 2.19 | -7.2 | 21.28 | 489.47 | 118.36 | 28.1 | 98.66 | -34.23 | 1.61 | 0 | 0.16 | 0 | 10.52 | 25.39 |
| 2017 (4) | 15.02 | -4.94 | 0.83 | 45.61 | 2.94 | 42.29 | 0.53 | -22.06 | 0.50 | -15.25 | 2.21 | 0 | 1.20 | 0 | 2.36 | 0 | 3.61 | 20.74 | 92.40 | 17.96 | 150.00 | 80.0 | -50.00 | 0 | 0.00 | 0 | 8.39 | -1.06 |
| 2016 (3) | 15.80 | 0 | 0.57 | 0 | 2.07 | 0 | 0.68 | 0 | 0.59 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 2.99 | 0 | 78.33 | 0 | 83.33 | 0 | 16.67 | 0 | 0.00 | 0 | 8.48 | 0 |
