- 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) | 36.11 | -5.87 | -5.27 | 21.64 | 12.47 | 47.81 | 23.51 | -2.73 | 0.6 | 18.85 | -6.45 | -20.43 | 2.72 | -9.63 | -26.09 | 2.33 | -6.8 | -23.61 | 0.12 | 0.0 | -7.69 | 27.34 | -2.77 | 1.33 | 17.92 | 17.05 | -9.77 | 93.33 | 15.73 | 47.37 | 6.67 | -65.56 | -81.82 | 10.29 | -33.66 | -48.11 |
| 23Q3 (19) | 38.36 | -4.43 | -6.51 | 19.24 | -7.9 | -17.39 | 24.17 | -17.03 | -25.79 | 20.15 | -16.6 | -22.41 | 3.01 | -20.58 | -35.13 | 2.50 | -15.82 | -32.98 | 0.12 | 0.0 | -14.29 | 28.12 | -14.99 | -22.26 | 15.31 | -41.36 | -27.68 | 80.65 | 13.5 | 12.41 | 19.35 | -33.14 | -31.51 | 15.51 | -7.84 | 5.37 |
| 23Q2 (18) | 40.14 | 2.24 | -5.77 | 20.89 | -1.6 | -19.47 | 29.13 | -0.17 | -10.37 | 24.16 | -0.98 | -0.86 | 3.79 | -3.81 | -13.67 | 2.97 | -6.31 | -16.34 | 0.12 | -7.69 | -20.0 | 33.08 | -1.52 | -7.23 | 26.11 | -10.27 | -7.38 | 71.05 | -3.57 | -9.74 | 28.95 | 10.0 | 51.17 | 16.83 | 6.32 | 19.87 |
| 23Q1 (17) | 39.26 | 2.99 | -4.36 | 21.23 | 45.01 | -17.33 | 29.18 | 24.86 | 3.77 | 24.40 | 3.0 | 10.36 | 3.94 | 7.07 | 9.75 | 3.17 | 3.93 | 5.67 | 0.13 | 0.0 | -7.14 | 33.59 | 24.5 | 6.5 | 29.10 | 46.53 | 45.94 | 73.68 | 16.34 | -17.38 | 26.32 | -28.23 | 224.56 | 15.83 | -20.17 | 26.54 |
| 22Q4 (16) | 38.12 | -7.09 | -6.55 | 14.64 | -37.14 | -40.87 | 23.37 | -28.25 | -17.68 | 23.69 | -8.78 | 0.72 | 3.68 | -20.69 | -3.66 | 3.05 | -18.23 | -4.69 | 0.13 | -7.14 | -7.14 | 26.98 | -25.41 | -15.02 | 19.86 | -6.19 | 0.0 | 63.33 | -11.72 | -26.45 | 36.67 | 29.74 | 164.0 | 19.83 | 34.71 | 52.42 |
| 22Q3 (15) | 41.03 | -3.69 | -4.14 | 23.29 | -10.22 | -1.73 | 32.57 | 0.22 | 19.74 | 25.97 | 6.57 | 19.35 | 4.64 | 5.69 | 22.43 | 3.73 | 5.07 | 19.94 | 0.14 | -6.67 | 0.0 | 36.17 | 1.43 | 19.65 | 21.17 | -24.9 | 8.56 | 71.74 | -8.87 | -19.0 | 28.26 | 47.58 | 97.83 | 14.72 | 4.84 | -7.13 |
| 22Q2 (14) | 42.60 | 3.78 | 1.72 | 25.94 | 1.01 | 1.17 | 32.50 | 15.58 | 19.71 | 24.37 | 10.22 | 19.7 | 4.39 | 22.28 | 36.76 | 3.55 | 18.33 | 34.98 | 0.15 | 7.14 | 15.38 | 35.66 | 13.06 | 13.93 | 28.19 | 41.37 | 13.62 | 78.72 | -11.73 | -18.65 | 19.15 | 136.17 | 196.81 | 14.04 | 12.23 | 13.23 |
| 22Q1 (13) | 41.05 | 0.64 | -1.04 | 25.68 | 3.72 | 4.65 | 28.12 | -0.95 | 12.21 | 22.11 | -5.99 | 12.4 | 3.59 | -6.02 | 25.96 | 3.00 | -6.25 | 25.52 | 0.14 | 0.0 | 16.67 | 31.54 | -0.66 | 6.84 | 19.94 | 0.4 | -0.5 | 89.19 | 3.57 | -10.81 | 8.11 | -41.62 | 110.81 | 12.51 | -3.84 | -6.36 |
| 21Q4 (12) | 40.79 | -4.7 | -3.18 | 24.76 | 4.47 | -0.24 | 28.39 | 4.38 | 17.75 | 23.52 | 8.09 | 17.48 | 3.82 | 0.79 | -5.45 | 3.20 | 2.89 | 4.23 | 0.14 | 0.0 | -6.67 | 31.75 | 5.03 | 13.11 | 19.86 | 1.85 | 3.65 | 86.11 | -2.78 | -16.96 | 13.89 | -2.78 | 475.0 | 13.01 | -17.92 | 9.05 |
| 21Q3 (11) | 42.80 | 2.2 | 5.5 | 23.70 | -7.57 | 14.33 | 27.20 | 0.18 | 32.88 | 21.76 | 6.88 | 41.94 | 3.79 | 18.07 | -2.32 | 3.11 | 18.25 | 29.05 | 0.14 | 7.69 | -6.67 | 30.23 | -3.42 | 18.6 | 19.50 | -21.4 | -65.57 | 88.57 | -8.48 | -11.43 | 14.29 | 121.43 | 0 | 15.85 | 27.82 | 5.18 |
| 21Q2 (10) | 41.88 | 0.96 | -5.38 | 25.64 | 4.48 | -4.36 | 27.15 | 8.34 | 18.71 | 20.36 | 3.51 | 8.13 | 3.21 | 12.63 | -36.44 | 2.63 | 10.04 | -15.16 | 0.13 | 8.33 | -18.75 | 31.30 | 6.03 | 12.67 | 24.81 | 23.8 | -65.95 | 96.77 | -3.23 | -16.57 | 6.45 | 67.74 | 140.32 | 12.40 | -7.19 | 1.31 |
| 21Q1 (9) | 41.48 | -1.54 | -3.53 | 24.54 | -1.13 | -7.61 | 25.06 | 3.94 | 6.05 | 19.67 | -1.75 | 8.79 | 2.85 | -29.46 | -34.93 | 2.39 | -22.15 | -14.03 | 0.12 | -20.0 | -20.0 | 29.52 | 5.17 | 7.15 | 20.04 | 4.59 | -66.03 | 100.00 | -3.57 | -11.54 | 3.85 | 203.85 | 129.49 | 13.36 | 11.99 | 4.87 |
| 20Q4 (8) | 42.13 | 3.85 | 5.38 | 24.82 | 19.73 | 9.82 | 24.11 | 17.78 | 18.59 | 20.02 | 30.59 | 36.84 | 4.04 | 4.12 | 0.75 | 3.07 | 27.39 | 22.31 | 0.15 | 0.0 | -11.76 | 28.07 | 10.12 | 14.43 | 19.16 | -66.17 | -69.5 | 103.70 | 3.7 | -4.94 | -3.70 | 0 | 59.26 | 11.93 | -20.84 | 0 |
| 20Q3 (7) | 40.57 | -8.34 | -4.2 | 20.73 | -22.68 | -16.51 | 20.47 | -10.49 | -15.62 | 15.33 | -18.59 | -25.11 | 3.88 | -23.17 | -30.47 | 2.41 | -22.26 | -28.27 | 0.15 | -6.25 | -6.25 | 25.49 | -8.24 | -12.1 | 56.63 | -22.29 | -12.74 | 100.00 | -13.79 | -4.0 | 0.00 | 100.0 | 100.0 | 15.07 | 23.12 | 0 |
| 20Q2 (6) | 44.26 | 2.93 | 12.19 | 26.81 | 0.94 | 10.83 | 22.87 | -3.22 | -12.74 | 18.83 | 4.15 | 8.09 | 5.05 | 15.3 | -3.99 | 3.10 | 11.51 | 2.65 | 0.16 | 6.67 | -5.88 | 27.78 | 0.83 | -7.4 | 72.87 | 23.53 | -2.59 | 116.00 | 2.62 | 25.67 | -16.00 | -22.67 | -308.0 | 12.24 | -3.92 | 8.03 |
| 20Q1 (5) | 43.00 | 7.55 | 5.44 | 26.56 | 17.52 | 22.57 | 23.63 | 16.23 | -3.27 | 18.08 | 23.58 | -8.69 | 4.38 | 9.23 | -14.79 | 2.78 | 10.76 | -4.79 | 0.15 | -11.76 | 7.14 | 27.55 | 12.31 | -7.77 | 58.99 | -6.08 | -28.82 | 113.04 | 3.62 | 26.34 | -13.04 | -43.48 | -223.91 | 12.74 | 0 | -6.6 |
| 19Q4 (4) | 39.98 | -5.6 | 0.0 | 22.60 | -8.98 | 0.0 | 20.33 | -16.2 | 0.0 | 14.63 | -28.53 | 0.0 | 4.01 | -28.14 | 0.0 | 2.51 | -25.3 | 0.0 | 0.17 | 6.25 | 0.0 | 24.53 | -15.41 | 0.0 | 62.81 | -3.22 | 0.0 | 109.09 | 4.73 | 0.0 | -9.09 | -118.18 | 0.0 | 0.00 | 0 | 0.0 |
| 19Q3 (3) | 42.35 | 7.35 | 0.0 | 24.83 | 2.65 | 0.0 | 24.26 | -7.44 | 0.0 | 20.47 | 17.51 | 0.0 | 5.58 | 6.08 | 0.0 | 3.36 | 11.26 | 0.0 | 0.16 | -5.88 | 0.0 | 29.00 | -3.33 | 0.0 | 64.90 | -13.25 | 0.0 | 104.17 | 12.85 | 0.0 | -4.17 | -154.17 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q2 (2) | 39.45 | -3.26 | 0.0 | 24.19 | 11.63 | 0.0 | 26.21 | 7.29 | 0.0 | 17.42 | -12.02 | 0.0 | 5.26 | 2.33 | 0.0 | 3.02 | 3.42 | 0.0 | 0.17 | 21.43 | 0.0 | 30.00 | 0.44 | 0.0 | 74.81 | -9.73 | 0.0 | 92.31 | 3.17 | 0.0 | 7.69 | -26.92 | 0.0 | 11.33 | -16.94 | 0.0 |
| 19Q1 (1) | 40.78 | 0.0 | 0.0 | 21.67 | 0.0 | 0.0 | 24.43 | 0.0 | 0.0 | 19.80 | 0.0 | 0.0 | 5.14 | 0.0 | 0.0 | 2.92 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | 29.87 | 0.0 | 0.0 | 82.87 | 0.0 | 0.0 | 89.47 | 0.0 | 0.0 | 10.53 | 0.0 | 0.0 | 13.64 | 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) | 38.48 | -5.62 | 20.75 | -7.98 | 3.87 | 16.27 | 26.52 | -9.58 | 21.92 | -8.97 | 13.16 | -18.77 | 11.08 | -18.11 | 0.51 | -8.93 | 30.37 | -7.18 | 17.92 | -9.77 | 78.10 | 1.79 | 21.90 | -5.9 | 0.00 | 0 | 14.63 | -3.75 |
| 2022 (9) | 40.77 | -2.37 | 22.55 | -8.48 | 3.33 | -7.03 | 29.33 | 8.51 | 24.08 | 12.42 | 16.20 | 20.09 | 13.53 | 19.42 | 0.56 | 5.66 | 32.72 | 6.44 | 19.86 | 0.0 | 76.73 | -16.06 | 23.27 | 170.78 | 0.00 | 0 | 15.20 | 10.87 |
| 2021 (8) | 41.76 | -1.74 | 24.64 | -0.4 | 3.58 | -5.61 | 27.03 | 18.55 | 21.42 | 18.15 | 13.49 | -1.89 | 11.33 | 9.05 | 0.53 | -5.36 | 30.74 | 13.81 | 19.86 | 3.65 | 91.41 | -15.62 | 8.59 | 0 | 0.00 | 0 | 13.71 | 5.87 |
| 2020 (7) | 42.50 | 4.63 | 24.74 | 5.68 | 3.79 | 21.01 | 22.80 | -3.84 | 18.13 | 1.12 | 13.75 | -31.69 | 10.39 | -14.7 | 0.56 | -15.15 | 27.01 | -4.22 | 19.16 | -69.5 | 108.33 | 9.54 | -8.33 | 0 | 0.00 | 0 | 12.95 | 7.74 |
| 2019 (6) | 40.62 | 9.13 | 23.41 | 13.59 | 3.13 | 259.27 | 23.71 | -0.29 | 17.93 | -6.86 | 20.13 | -17.43 | 12.18 | -18.26 | 0.66 | -14.29 | 28.20 | 10.24 | 62.81 | -19.86 | 98.90 | 14.22 | 1.10 | -91.81 | 0.00 | 0 | 12.02 | -0.08 |
| 2018 (5) | 37.22 | 8.32 | 20.61 | 9.63 | 0.87 | 30.38 | 23.78 | 18.13 | 19.25 | 21.45 | 24.38 | 19.39 | 14.90 | 9.24 | 0.77 | -10.47 | 25.58 | 17.66 | 78.38 | 62.92 | 86.59 | -7.23 | 13.41 | 101.22 | 0.58 | 0 | 12.03 | 2.73 |
| 2017 (4) | 34.36 | -1.12 | 18.80 | 16.19 | 0.67 | -22.41 | 20.13 | 18.27 | 15.85 | 10.3 | 20.42 | 0 | 13.64 | 0 | 0.86 | 0 | 21.74 | 20.11 | 48.11 | -6.66 | 93.33 | -4.21 | 6.67 | 30.0 | 0.00 | 0 | 11.71 | -18.74 |
| 2016 (3) | 34.75 | 0 | 16.18 | 0 | 0.86 | 0 | 17.02 | 0 | 14.37 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 18.10 | 0 | 51.54 | 0 | 97.44 | 0 | 5.13 | 0 | 0.00 | 0 | 14.41 | 0 |
