- 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) | 43.67 | 53.93 | -23.97 | 24.17 | 727.74 | -36.84 | 2.44 | -83.48 | -93.0 | 1.96 | -83.42 | -92.97 | 0.17 | -83.5 | -95.29 | 0.14 | -75.86 | -94.4 | 0.04 | 0.0 | -55.56 | 31.13 | -2.05 | -31.33 | 144.33 | 3.16 | 160.71 | 866.67 | 4522.22 | 690.64 | -766.67 | -1043.59 | -7873.33 | 30.34 | 3.98 | 46.43 |
| 23Q3 (19) | 28.37 | -30.0 | -51.6 | 2.92 | -87.06 | -92.75 | 14.77 | -51.84 | -77.75 | 11.82 | -52.74 | -77.74 | 1.03 | -64.24 | -83.81 | 0.58 | -63.52 | -86.82 | 0.04 | -33.33 | -50.0 | 31.78 | -25.14 | -59.27 | 139.91 | 22.89 | 215.75 | 18.75 | -73.99 | -68.87 | 81.25 | 217.61 | 110.29 | 29.18 | 15.06 | 29.06 |
| 23Q2 (18) | 40.53 | -16.38 | -14.87 | 22.56 | -30.11 | 16.83 | 30.67 | 5.83 | -40.4 | 25.01 | 7.85 | -37.18 | 2.88 | -6.49 | -8.57 | 1.59 | -18.88 | -27.73 | 0.06 | -25.0 | 20.0 | 42.45 | 9.27 | -39.86 | 113.85 | 50.87 | 123.02 | 72.09 | -34.97 | 86.59 | 25.58 | 335.35 | -58.31 | 25.36 | 12.01 | -17.34 |
| 23Q1 (17) | 48.47 | -15.62 | 55.35 | 32.28 | -15.65 | 415.65 | 28.98 | -16.84 | -13.13 | 23.19 | -16.79 | -12.85 | 3.08 | -14.68 | 30.51 | 1.96 | -21.6 | 15.98 | 0.08 | -11.11 | 33.33 | 38.85 | -14.3 | -22.3 | 75.46 | 36.31 | 55.62 | 110.87 | 1.14 | 491.3 | -10.87 | -13.04 | -113.38 | 22.64 | 9.27 | -35.65 |
| 22Q4 (16) | 57.44 | -2.01 | 21.67 | 38.27 | -4.94 | 22.15 | 34.85 | -47.5 | 28.08 | 27.87 | -47.51 | 28.02 | 3.61 | -43.24 | 48.56 | 2.50 | -43.18 | 43.68 | 0.09 | 12.5 | 12.5 | 45.33 | -41.91 | 11.43 | 55.36 | 24.94 | 14.47 | 109.62 | 82.0 | -5.2 | -9.62 | -124.89 | 38.46 | 20.72 | -8.36 | -9.83 |
| 22Q3 (15) | 58.62 | 23.13 | 40.64 | 40.26 | 108.49 | 42.56 | 66.38 | 28.99 | 145.94 | 53.10 | 33.38 | 145.95 | 6.36 | 101.9 | 122.38 | 4.40 | 100.0 | 132.8 | 0.08 | 60.0 | 0.0 | 78.03 | 10.54 | 104.05 | 44.31 | -13.2 | -8.28 | 60.23 | 55.88 | -41.36 | 38.64 | -37.04 | 814.77 | 22.61 | -26.3 | 13.05 |
| 22Q2 (14) | 47.61 | 52.6 | -6.5 | 19.31 | 208.47 | -49.33 | 51.46 | 54.26 | 81.58 | 39.81 | 49.61 | 74.22 | 3.15 | 33.47 | 14.96 | 2.20 | 30.18 | 20.88 | 0.05 | -16.67 | -37.5 | 70.59 | 41.18 | 76.48 | 51.05 | 5.28 | -27.51 | 38.64 | 106.06 | -70.83 | 61.36 | -24.48 | 274.65 | 30.68 | -12.79 | 71.11 |
| 22Q1 (13) | 31.20 | -33.91 | -41.51 | 6.26 | -80.02 | -83.48 | 33.36 | 22.6 | -13.49 | 26.61 | 22.23 | -13.74 | 2.36 | -2.88 | -42.01 | 1.69 | -2.87 | -39.43 | 0.06 | -25.0 | -33.33 | 50.00 | 22.91 | 1.38 | 48.49 | 0.27 | -1.76 | 18.75 | -83.78 | -80.92 | 81.25 | 620.0 | 4531.25 | 35.18 | 53.09 | 56.98 |
| 21Q4 (12) | 47.21 | 13.27 | -15.76 | 31.33 | 10.94 | -30.38 | 27.21 | 0.82 | -31.55 | 21.77 | 0.83 | -31.54 | 2.43 | -15.03 | -59.9 | 1.74 | -7.94 | -57.77 | 0.08 | 0.0 | -38.46 | 40.68 | 6.38 | -15.16 | 48.36 | 0.1 | -7.62 | 115.62 | 12.58 | 1.61 | -15.62 | -189.06 | -13.28 | 22.98 | 14.9 | 16.53 |
| 21Q3 (11) | 41.68 | -18.15 | -33.51 | 28.24 | -25.9 | -46.82 | 26.99 | -4.76 | -45.0 | 21.59 | -5.51 | -45.01 | 2.86 | 4.38 | -80.77 | 1.89 | 3.85 | -80.89 | 0.08 | 0.0 | -68.0 | 38.24 | -4.4 | -30.71 | 48.31 | -31.4 | 15.96 | 102.70 | -22.45 | -4.81 | -5.41 | 84.62 | 31.53 | 20.00 | 11.54 | 14.68 |
| 21Q2 (10) | 50.92 | -4.54 | -13.47 | 38.11 | 0.58 | -16.83 | 28.34 | -26.5 | -37.22 | 22.85 | -25.93 | -36.05 | 2.74 | -32.68 | -88.98 | 1.82 | -34.77 | -88.7 | 0.08 | -11.11 | -82.22 | 40.00 | -18.9 | -24.47 | 70.42 | 42.67 | 13.84 | 132.43 | 34.8 | 30.15 | -35.14 | -2102.7 | -1902.7 | 17.93 | -19.99 | -10.71 |
| 21Q1 (9) | 53.34 | -4.82 | -8.71 | 37.89 | -15.8 | -16.82 | 38.56 | -2.99 | -20.59 | 30.85 | -2.99 | -20.57 | 4.07 | -32.84 | -68.6 | 2.79 | -32.28 | -69.17 | 0.09 | -30.77 | -60.87 | 49.32 | 2.86 | -11.93 | 49.36 | -5.71 | 23.31 | 98.25 | -13.66 | 5.14 | 1.75 | 112.72 | -73.25 | 22.41 | 13.64 | 0 |
| 20Q4 (8) | 56.04 | -10.61 | -0.55 | 45.00 | -15.25 | 5.61 | 39.75 | -18.99 | 1.74 | 31.80 | -19.0 | 1.89 | 6.06 | -59.25 | -37.2 | 4.12 | -58.34 | -36.62 | 0.13 | -48.0 | -38.1 | 47.95 | -13.12 | -1.22 | 52.35 | 25.66 | 7.87 | 113.79 | 5.47 | 3.45 | -13.79 | -74.71 | -37.93 | 19.72 | 13.07 | -8.02 |
| 20Q3 (7) | 62.69 | 6.53 | 20.77 | 53.10 | 15.89 | 57.89 | 49.07 | 8.71 | 46.48 | 39.26 | 9.88 | 46.49 | 14.87 | -40.21 | 48.26 | 9.89 | -38.57 | 33.47 | 0.25 | -44.44 | -7.41 | 55.19 | 4.21 | 32.19 | 41.66 | -32.65 | -17.88 | 107.89 | 6.03 | 4.81 | -7.89 | -350.0 | 0 | 17.44 | -13.15 | -35.22 |
| 20Q2 (6) | 58.85 | 0.72 | 29.97 | 45.82 | 0.59 | 71.1 | 45.14 | -7.04 | 67.5 | 35.73 | -8.01 | 65.8 | 24.87 | 91.9 | 70.34 | 16.10 | 77.9 | 48.8 | 0.45 | 95.65 | -8.16 | 52.96 | -5.43 | 44.23 | 61.86 | 54.53 | 18.01 | 101.75 | 8.9 | 3.92 | -1.75 | -126.75 | 0 | 20.08 | 0 | -25.63 |
| 20Q1 (5) | 58.43 | 3.69 | 0 | 45.55 | 6.9 | 0 | 48.56 | 24.29 | 0 | 38.84 | 24.45 | 0 | 12.96 | 34.3 | 0 | 9.05 | 39.23 | 0 | 0.23 | 9.52 | 0 | 56.00 | 15.37 | 0 | 40.03 | -17.51 | 0 | 93.44 | -15.05 | 0 | 6.56 | 165.57 | 0 | 0.00 | -100.0 | 0 |
| 19Q4 (4) | 56.35 | 8.55 | 0.0 | 42.61 | 26.7 | 0.0 | 39.07 | 16.63 | 0.0 | 31.21 | 16.46 | 0.0 | 9.65 | -3.79 | 0.0 | 6.50 | -12.28 | 0.0 | 0.21 | -22.22 | 0.0 | 48.54 | 16.26 | 0.0 | 48.53 | -4.34 | 0.0 | 110.00 | 6.86 | 0.0 | -10.00 | 0 | 0.0 | 21.44 | -20.36 | 0.0 |
| 19Q3 (3) | 51.91 | 14.64 | 0.0 | 33.63 | 25.58 | 0.0 | 33.50 | 24.3 | 0.0 | 26.80 | 24.36 | 0.0 | 10.03 | -31.3 | 0.0 | 7.41 | -31.52 | 0.0 | 0.27 | -44.9 | 0.0 | 41.75 | 13.7 | 0.0 | 50.73 | -3.22 | 0.0 | 102.94 | 5.13 | 0.0 | -0.00 | 0 | 0.0 | 26.92 | -0.3 | 0.0 |
| 19Q2 (2) | 45.28 | 0 | 0.0 | 26.78 | 0 | 0.0 | 26.95 | 0 | 0.0 | 21.55 | 0 | 0.0 | 14.60 | 0 | 0.0 | 10.82 | 0 | 0.0 | 0.49 | 0 | 0.0 | 36.72 | 0 | 0.0 | 52.42 | 0 | 0.0 | 97.92 | 0 | 0.0 | 0.00 | 0 | 0.0 | 27.00 | 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) | 41.09 | -18.68 | 21.78 | -24.14 | 12.80 | 11.78 | 20.95 | -55.03 | 16.89 | -54.35 | 7.10 | -53.47 | 3.97 | -61.83 | 0.21 | -22.22 | 36.81 | -38.69 | 144.33 | 160.71 | 104.72 | 70.07 | -3.77 | 0 | 0.30 | 81.55 | 26.35 | 1.0 |
| 2022 (9) | 50.53 | 4.38 | 28.71 | -15.61 | 11.45 | 14.69 | 46.59 | 52.3 | 37.00 | 50.96 | 15.26 | 26.96 | 10.40 | 23.96 | 0.27 | -18.18 | 60.04 | 41.7 | 55.36 | 14.47 | 61.57 | -44.55 | 38.43 | 0 | 0.16 | 29.84 | 26.09 | 25.25 |
| 2021 (8) | 48.41 | -18.2 | 34.02 | -28.57 | 9.98 | 49.45 | 30.59 | -31.73 | 24.51 | -31.31 | 12.02 | -55.92 | 8.39 | -53.75 | 0.33 | -34.0 | 42.37 | -18.78 | 48.36 | -7.62 | 111.04 | 4.31 | -11.04 | 0 | 0.13 | 5.81 | 20.83 | 8.21 |
| 2020 (7) | 59.18 | 18.24 | 47.63 | 44.82 | 6.68 | -22.49 | 44.81 | 40.12 | 35.68 | 39.54 | 27.27 | -18.96 | 18.14 | -27.41 | 0.50 | -48.45 | 52.17 | 26.47 | 52.35 | 7.87 | 106.45 | 3.92 | -6.45 | 0 | 0.12 | -79.28 | 19.25 | -24.45 |
| 2019 (6) | 50.05 | 151.51 | 32.89 | 0 | 8.62 | -30.21 | 31.98 | 2861.11 | 25.57 | 1780.15 | 33.65 | 3405.21 | 24.99 | 3103.85 | 0.97 | 70.18 | 41.25 | 203.76 | 48.53 | 174.49 | 102.44 | 0 | -2.44 | 0 | 0.58 | -47.6 | 25.48 | -38.88 |
| 2018 (5) | 19.90 | -27.5 | -0.45 | 0 | 12.35 | 153.77 | 1.08 | -90.14 | 1.36 | -85.36 | 0.96 | -91.56 | 0.78 | -90.48 | 0.57 | -35.23 | 13.58 | -16.28 | 17.68 | -40.79 | -50.00 | 0 | 100.00 | 0 | 1.10 | 0 | 41.69 | 35.31 |
| 2017 (4) | 27.45 | -25.08 | 13.29 | -49.35 | 4.86 | 28.57 | 10.95 | -59.28 | 9.29 | -56.85 | 11.38 | -84.37 | 8.19 | -76.93 | 0.88 | -46.01 | 16.22 | -48.26 | 29.86 | -55.25 | 125.00 | 30.21 | -20.00 | 0 | 0.00 | 0 | 30.81 | 41.01 |
| 2016 (3) | 36.64 | 0 | 26.24 | 0 | 3.78 | 0 | 26.89 | 0 | 21.53 | 0 | 72.81 | 0 | 35.50 | 0 | 1.63 | 0 | 31.35 | 0 | 66.73 | -65.39 | 96.00 | 0 | 2.00 | 0 | 0.00 | 0 | 21.85 | 0 |
| 2015 (2) | 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 | 192.81 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 |
