- 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) | 33.91 | 15.14 | 59.95 | -4.93 | 51.33 | 54.81 | -3.30 | 61.31 | 55.1 | -3.28 | 58.9 | 44.87 | -0.94 | 55.24 | 50.0 | -0.76 | 56.32 | 48.99 | 0.23 | 4.55 | -8.0 | 0.00 | 100.0 | 100.0 | 22.17 | -3.61 | -12.06 | 150.00 | 25.0 | -2.94 | -50.00 | -150.0 | 8.33 | 35.85 | -5.95 | 21.94 |
| 23Q3 (19) | 29.45 | 14.19 | 18.46 | -10.13 | 21.66 | -217.55 | -8.53 | 50.15 | -11.36 | -7.98 | 52.95 | 0.13 | -2.10 | 55.22 | 24.46 | -1.74 | 55.73 | 19.44 | 0.22 | -4.35 | -18.52 | -4.27 | 68.85 | 18.36 | 23.00 | 29.65 | -13.92 | 120.00 | 57.5 | 212.0 | -20.00 | -184.0 | -132.5 | 38.12 | 8.91 | 39.63 |
| 23Q2 (18) | 25.79 | 36.24 | -11.07 | -12.93 | 28.09 | -226.52 | -17.11 | -9.54 | -103.93 | -16.96 | 3.36 | -94.05 | -4.69 | 5.82 | -78.33 | -3.93 | 2.96 | -97.49 | 0.23 | 0.0 | 0.0 | -13.71 | -7.28 | -153.42 | 17.74 | -12.95 | -43.1 | 76.19 | -33.33 | 52.38 | 23.81 | 266.67 | -59.18 | 35.00 | 5.2 | 16.59 |
| 23Q1 (17) | 18.93 | -10.71 | -38.64 | -17.98 | -64.8 | -12086.67 | -15.62 | -112.52 | -1369.92 | -17.55 | -194.96 | -2885.71 | -4.98 | -164.89 | -2471.43 | -4.05 | -171.81 | -2631.25 | 0.23 | -8.0 | -8.0 | -12.78 | -182.74 | -449.18 | 20.38 | -19.16 | -37.9 | 114.29 | -26.05 | 0 | -14.29 | 73.81 | -114.29 | 33.27 | 13.16 | 16.86 |
| 22Q4 (16) | 21.20 | -14.72 | -35.42 | -10.91 | -242.01 | -214.96 | -7.35 | 4.05 | -167.06 | -5.95 | 25.53 | -154.69 | -1.88 | 32.37 | -137.3 | -1.49 | 31.02 | -139.52 | 0.25 | -7.41 | -28.57 | -4.52 | 13.58 | -135.51 | 25.21 | -5.65 | -29.78 | 154.55 | 301.82 | 76.62 | -54.55 | -188.64 | -536.36 | 29.40 | 7.69 | 23.69 |
| 22Q3 (15) | 24.86 | -14.28 | -16.88 | -3.19 | 19.44 | -9.25 | -7.66 | 8.7 | -332.77 | -7.99 | 8.58 | -367.25 | -2.78 | -5.7 | -396.43 | -2.16 | -8.54 | -402.33 | 0.27 | 17.39 | 8.0 | -5.23 | 3.33 | -892.42 | 26.72 | -14.3 | -13.81 | 38.46 | -23.08 | -71.15 | 61.54 | 5.49 | 192.31 | 27.30 | -9.06 | -10.32 |
| 22Q2 (14) | 29.00 | -6.0 | -5.17 | -3.96 | -2740.0 | -782.76 | -8.39 | -782.11 | -247.45 | -8.74 | -1487.3 | -252.8 | -2.63 | -1352.38 | -235.57 | -1.99 | -1343.75 | -231.79 | 0.23 | -8.0 | -11.54 | -5.41 | -247.81 | -166.63 | 31.18 | -5.0 | 7.33 | 50.00 | 0 | 350.0 | 58.33 | -41.67 | -34.37 | 30.02 | 5.44 | 6.08 |
| 22Q1 (13) | 30.85 | -6.03 | 2.46 | 0.15 | -98.42 | 101.63 | 1.23 | -88.78 | 112.51 | 0.63 | -94.21 | 105.93 | 0.21 | -95.83 | 107.92 | 0.16 | -95.76 | 107.66 | 0.25 | -28.57 | 25.0 | 3.66 | -71.25 | 162.24 | 32.82 | -8.58 | 18.23 | 0.00 | -100.0 | -100.0 | 100.00 | 700.0 | 1100.0 | 28.47 | 19.77 | -22.26 |
| 21Q4 (12) | 32.83 | 9.76 | 3.21 | 9.49 | 425.0 | 376.88 | 10.96 | 719.21 | 84.51 | 10.88 | 736.26 | 121.59 | 5.04 | 1000.0 | 193.02 | 3.77 | 976.74 | 173.19 | 0.35 | 40.0 | 25.0 | 12.73 | 1828.79 | 53.74 | 35.90 | 15.81 | 41.39 | 87.50 | -34.37 | 191.67 | 12.50 | 118.75 | -82.14 | 23.77 | -21.91 | -11.24 |
| 21Q3 (11) | 29.91 | -2.19 | -13.08 | -2.92 | -603.45 | -185.13 | -1.77 | -131.11 | -118.36 | -1.71 | -129.9 | -117.4 | -0.56 | -128.87 | -118.42 | -0.43 | -128.48 | -117.55 | 0.25 | -3.85 | 0.0 | 0.66 | -91.87 | -94.86 | 31.00 | 6.71 | 30.14 | 133.33 | 1100.0 | 273.33 | -66.67 | -175.0 | -203.7 | 30.44 | 7.56 | 3.12 |
| 21Q2 (10) | 30.58 | 1.56 | -4.85 | 0.58 | 106.3 | 111.62 | 5.69 | 157.88 | 228.9 | 5.72 | 153.81 | 121.71 | 1.94 | 173.21 | 189.55 | 1.51 | 172.25 | 179.63 | 0.26 | 30.0 | 23.81 | 8.12 | 238.1 | 43.72 | 29.05 | 4.65 | 22.57 | 11.11 | -87.88 | 103.7 | 88.89 | 966.67 | -77.78 | 28.30 | -22.72 | -19.99 |
| 21Q1 (9) | 30.11 | -5.34 | 4.69 | -9.21 | -562.81 | 17.32 | -9.83 | -265.49 | 19.09 | -10.63 | -316.5 | 12.51 | -2.65 | -254.07 | 12.54 | -2.09 | -251.45 | 13.28 | 0.20 | -28.57 | 0.0 | -5.88 | -171.01 | 28.81 | 27.76 | 9.33 | 8.48 | 91.67 | 205.56 | -1.79 | 8.33 | -88.1 | 25.0 | 36.62 | 36.74 | 4.6 |
| 20Q4 (8) | 31.81 | -7.56 | -9.71 | 1.99 | -41.98 | -66.21 | 5.94 | -38.38 | -24.81 | 4.91 | -50.05 | -30.75 | 1.72 | -43.42 | -31.47 | 1.38 | -43.67 | -30.65 | 0.28 | 12.0 | 0.0 | 8.28 | -35.51 | -24.18 | 25.39 | 6.59 | -1.55 | 30.00 | -16.0 | -58.0 | 70.00 | 8.89 | 145.0 | 26.78 | -9.28 | 12.47 |
| 20Q3 (7) | 34.41 | 7.06 | 6.2 | 3.43 | 168.74 | 0 | 9.64 | 457.23 | 582.0 | 9.83 | 281.01 | 427.67 | 3.04 | 353.73 | 407.07 | 2.45 | 353.7 | 410.13 | 0.25 | 19.05 | -3.85 | 12.84 | 127.26 | 2004.92 | 23.82 | 0.51 | -14.53 | 35.71 | 111.9 | 0 | 64.29 | -83.93 | -35.71 | 29.52 | -16.54 | 1.55 |
| 20Q2 (6) | 32.14 | 11.75 | 21.37 | -4.99 | 55.21 | 63.84 | 1.73 | 114.24 | 111.4 | 2.58 | 121.23 | 117.49 | 0.67 | 122.11 | 116.14 | 0.54 | 122.41 | 115.98 | 0.21 | 5.0 | -8.7 | 5.65 | 168.4 | 147.52 | 23.70 | -7.39 | 6.37 | -300.00 | -421.43 | -430.0 | 400.00 | 5900.0 | 4300.0 | 35.37 | 1.03 | 6.89 |
| 20Q1 (5) | 28.76 | -18.37 | 2.68 | -11.14 | -289.13 | -31.83 | -12.15 | -253.8 | -108.05 | -12.15 | -271.37 | -149.49 | -3.03 | -220.72 | -121.17 | -2.41 | -221.11 | -119.09 | 0.20 | -28.57 | -13.04 | -8.26 | -175.64 | -203.68 | 25.59 | -0.78 | 9.83 | 93.33 | 30.67 | -30.0 | 6.67 | -76.67 | 115.0 | 35.01 | 47.04 | 10.23 |
| 19Q4 (4) | 35.23 | 8.73 | 0.0 | 5.89 | 0 | 0.0 | 7.90 | 495.0 | 0.0 | 7.09 | 336.33 | 0.0 | 2.51 | 353.54 | 0.0 | 1.99 | 351.9 | 0.0 | 0.28 | 7.69 | 0.0 | 10.92 | 1690.16 | 0.0 | 25.79 | -7.46 | 0.0 | 71.43 | 0 | 0.0 | 28.57 | -71.43 | 0.0 | 23.81 | -18.09 | 0.0 |
| 19Q3 (3) | 32.40 | 22.36 | 0.0 | 0.00 | 100.0 | 0.0 | -2.00 | 86.82 | 0.0 | -3.00 | 79.66 | 0.0 | -0.99 | 76.14 | 0.0 | -0.79 | 76.63 | 0.0 | 0.26 | 13.04 | 0.0 | 0.61 | 105.13 | 0.0 | 27.87 | 25.09 | 0.0 | 0.00 | -100.0 | 0.0 | 100.00 | 1000.0 | 0.0 | 29.07 | -12.15 | 0.0 |
| 19Q2 (2) | 26.48 | -5.46 | 0.0 | -13.80 | -63.31 | 0.0 | -15.18 | -159.93 | 0.0 | -14.75 | -202.87 | 0.0 | -4.15 | -202.92 | 0.0 | -3.38 | -207.27 | 0.0 | 0.23 | 0.0 | 0.0 | -11.89 | -337.13 | 0.0 | 22.28 | -4.38 | 0.0 | 90.91 | -31.82 | 0.0 | 9.09 | 120.45 | 0.0 | 33.09 | 4.19 | 0.0 |
| 19Q1 (1) | 28.01 | 0.0 | 0.0 | -8.45 | 0.0 | 0.0 | -5.84 | 0.0 | 0.0 | -4.87 | 0.0 | 0.0 | -1.37 | 0.0 | 0.0 | -1.10 | 0.0 | 0.0 | 0.23 | 0.0 | 0.0 | -2.72 | 0.0 | 0.0 | 23.30 | 0.0 | 0.0 | 133.33 | 0.0 | 0.0 | -44.44 | 0.0 | 0.0 | 31.76 | 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) | 26.84 | 1.4 | -11.63 | 0 | 3.21 | 46.87 | -11.26 | 0 | -11.61 | 0 | -12.75 | 0 | -10.29 | 0 | 0.89 | -11.88 | -7.63 | 0 | 22.17 | -12.06 | 103.57 | 29.46 | -3.57 | 0 | 0.58 | 74.28 | 35.48 | 23.45 |
| 2022 (9) | 26.47 | -14.89 | -4.38 | 0 | 2.19 | -5.06 | -5.47 | 0 | -5.46 | 0 | -7.21 | 0 | -5.52 | 0 | 1.01 | -1.94 | -2.97 | 0 | 25.21 | -29.78 | 80.00 | 153.33 | 20.00 | -68.33 | 0.33 | 9.62 | 28.74 | -0.17 |
| 2021 (8) | 31.10 | -2.54 | 0.99 | 0 | 2.30 | -13.67 | 2.89 | 38.94 | 2.74 | 36.32 | 3.69 | 59.05 | 2.83 | 52.15 | 1.03 | 11.96 | 5.53 | 7.17 | 35.90 | 41.39 | 31.58 | 0 | 63.16 | -67.05 | 0.30 | -8.77 | 28.79 | -7.64 |
| 2020 (7) | 31.91 | 3.54 | -2.00 | 0 | 2.67 | 4.76 | 2.08 | 0 | 2.01 | 0 | 2.32 | 0 | 1.86 | 0 | 0.92 | -6.12 | 5.16 | 0 | 25.39 | -1.55 | -91.67 | 0 | 191.67 | 0 | 0.33 | -31.45 | 31.17 | 6.93 |
| 2019 (6) | 30.82 | -5.69 | -3.48 | 0 | 2.55 | 41.83 | -3.14 | 0 | -3.31 | 0 | -4.09 | 0 | -3.22 | 0 | 0.98 | -2.0 | -0.16 | 0 | 25.79 | -3.3 | 110.00 | 156.67 | -10.00 | 0 | 0.48 | 6.77 | 29.15 | 0.45 |
| 2018 (5) | 32.68 | -7.5 | -0.47 | 0 | 1.80 | 1.15 | -0.97 | 0 | -0.91 | 0 | -1.15 | 0 | -0.91 | 0 | 1.00 | -7.41 | 1.20 | -82.78 | 26.67 | 0.64 | 42.86 | -28.57 | 42.86 | 7.14 | 0.45 | 0 | 29.02 | 2.33 |
| 2017 (4) | 35.33 | -0.34 | 2.84 | -42.51 | 1.78 | -12.15 | 4.79 | 18.86 | 4.41 | 54.74 | 6.02 | 54.76 | 4.76 | 52.08 | 1.08 | -0.92 | 6.97 | 7.73 | 26.50 | -1.05 | 60.00 | -51.35 | 40.00 | 0 | 0.00 | 0 | 28.36 | 1.98 |
| 2016 (3) | 35.45 | 2.13 | 4.94 | -13.79 | 2.02 | 3.98 | 4.03 | -18.26 | 2.85 | -13.37 | 3.89 | -23.58 | 3.13 | -22.33 | 1.09 | -10.66 | 6.47 | -12.69 | 26.78 | 12.29 | 123.33 | 7.59 | -23.33 | 0 | 0.00 | 0 | 27.81 | 7.25 |
| 2015 (2) | 34.71 | -1.22 | 5.73 | 9.56 | 1.94 | 2.19 | 4.93 | -13.36 | 3.29 | -27.21 | 5.09 | -27.49 | 4.03 | -26.06 | 1.22 | 1.67 | 7.41 | -8.41 | 23.85 | -22.69 | 114.63 | 25.06 | -17.07 | 0 | 0.00 | 0 | 25.93 | 2.53 |
| 2014 (1) | 35.14 | 0 | 5.23 | 0 | 1.90 | 2.35 | 5.69 | 0 | 4.52 | 0 | 7.02 | 0 | 5.45 | 0 | 1.20 | 5.26 | 8.09 | 10.67 | 30.85 | 10.85 | 91.67 | 29.6 | 8.33 | -71.53 | 0.00 | 0 | 25.29 | -1.33 |
