- 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) | 32.85 | 5.19 | 0.09 | 22.29 | 4.01 | -9.35 | 20.60 | -22.79 | -5.16 | 16.46 | -23.26 | -6.16 | 3.19 | -40.37 | -46.39 | 2.72 | -34.62 | -42.98 | 0.16 | -15.79 | -40.74 | 23.33 | -19.27 | 0.17 | 16.20 | -13.18 | -30.74 | 108.05 | 34.33 | -4.74 | -8.05 | -141.12 | 40.06 | 12.75 | 16.97 | 24.27 |
| 23Q3 (19) | 31.23 | -2.86 | 6.26 | 21.43 | 0.94 | 3.28 | 26.68 | -5.62 | 8.5 | 21.45 | -7.98 | 8.55 | 5.35 | -10.68 | -21.78 | 4.16 | -9.96 | -17.62 | 0.19 | -5.0 | -24.0 | 28.90 | -4.43 | 10.1 | 18.66 | -53.29 | -30.09 | 80.43 | 6.56 | -4.89 | 19.57 | -22.24 | 26.78 | 10.90 | -16.09 | 6.34 |
| 23Q2 (18) | 32.15 | 16.36 | 15.27 | 21.23 | 7.82 | 14.51 | 28.27 | 44.23 | 9.79 | 23.31 | 50.97 | 6.93 | 5.99 | 40.94 | -9.92 | 4.62 | 32.0 | -7.6 | 0.20 | -13.04 | -13.04 | 30.24 | 40.65 | 9.64 | 39.95 | 93.0 | -11.67 | 75.48 | -24.52 | 4.3 | 25.16 | 3069.03 | -11.06 | 12.99 | 29.9 | 15.06 |
| 23Q1 (17) | 27.63 | -15.81 | 24.97 | 19.69 | -19.93 | 50.65 | 19.60 | -9.76 | 6.35 | 15.44 | -11.97 | 3.83 | 4.25 | -28.57 | 18.72 | 3.50 | -26.62 | 19.45 | 0.23 | -14.81 | 15.0 | 21.50 | -7.69 | 4.27 | 20.70 | -11.5 | -7.88 | 100.00 | -11.83 | 41.27 | -0.85 | 93.69 | -102.9 | 10.00 | -2.53 | -11.19 |
| 22Q4 (16) | 32.82 | 11.67 | 47.64 | 24.59 | 18.51 | 61.14 | 21.72 | -11.67 | 31.88 | 17.54 | -11.23 | 30.31 | 5.95 | -13.01 | 60.81 | 4.77 | -5.54 | 59.53 | 0.27 | 8.0 | 22.73 | 23.29 | -11.28 | 25.42 | 23.39 | -12.36 | 0.39 | 113.42 | 34.12 | 23.22 | -13.42 | -186.98 | -296.87 | 10.26 | 0.1 | 5.77 |
| 22Q3 (15) | 29.39 | 5.38 | 14.98 | 20.75 | 11.92 | 21.42 | 24.59 | -4.5 | 33.21 | 19.76 | -9.36 | 34.88 | 6.84 | 2.86 | 66.83 | 5.05 | 1.0 | 54.43 | 0.25 | 8.7 | 13.64 | 26.25 | -4.82 | 27.68 | 26.69 | -40.99 | 4.58 | 84.57 | 16.86 | -8.08 | 15.43 | -45.45 | 120.46 | 10.25 | -9.21 | 8.12 |
| 22Q2 (14) | 27.89 | 26.14 | 4.07 | 18.54 | 41.85 | -0.16 | 25.75 | 39.72 | 34.54 | 21.80 | 46.6 | 40.83 | 6.65 | 85.75 | 60.24 | 5.00 | 70.65 | 50.15 | 0.23 | 15.0 | 9.52 | 27.58 | 33.75 | 29.36 | 45.23 | 101.29 | 72.63 | 72.37 | 2.23 | -25.37 | 28.29 | -3.16 | 833.55 | 11.29 | 0.27 | 1.16 |
| 22Q1 (13) | 22.11 | -0.54 | -16.5 | 13.07 | -14.35 | -17.54 | 18.43 | 11.9 | -15.15 | 14.87 | 10.48 | -17.16 | 3.58 | -3.24 | -18.82 | 2.93 | -2.01 | -17.7 | 0.20 | -9.09 | 0.0 | 20.62 | 11.04 | -15.97 | 22.47 | -3.56 | -6.96 | 70.79 | -23.1 | -2.54 | 29.21 | 328.46 | 6.74 | 11.26 | 16.08 | -5.93 |
| 21Q4 (12) | 22.23 | -13.03 | -4.43 | 15.26 | -10.71 | -2.99 | 16.47 | -10.78 | 7.51 | 13.46 | -8.12 | 3.7 | 3.70 | -9.76 | 20.13 | 2.99 | -8.56 | 17.25 | 0.22 | 0.0 | 15.79 | 18.57 | -9.68 | -0.54 | 23.30 | -8.7 | -6.91 | 92.05 | 0.05 | -10.92 | 6.82 | -2.6 | 304.55 | 9.70 | 2.32 | 4.3 |
| 21Q3 (11) | 25.56 | -4.63 | -1.73 | 17.09 | -7.97 | 7.35 | 18.46 | -3.55 | 18.03 | 14.65 | -5.36 | 14.99 | 4.10 | -1.2 | 19.88 | 3.27 | -1.8 | 22.47 | 0.22 | 4.76 | 4.76 | 20.56 | -3.56 | 11.74 | 25.52 | -2.6 | 41.46 | 92.00 | -5.12 | -10.71 | 7.00 | 131.0 | 562.0 | 9.48 | -15.05 | -14.75 |
| 21Q2 (10) | 26.80 | 1.21 | -8.31 | 18.57 | 17.16 | -10.29 | 19.14 | -11.88 | -4.3 | 15.48 | -13.76 | 0.39 | 4.15 | -5.9 | -25.23 | 3.33 | -6.46 | -21.83 | 0.21 | 5.0 | -25.0 | 21.32 | -13.12 | -3.49 | 26.20 | 8.49 | -32.61 | 96.97 | 33.51 | -6.29 | 3.03 | -88.93 | 187.12 | 11.16 | -6.77 | 11.38 |
| 21Q1 (9) | 26.48 | 13.84 | 5.12 | 15.85 | 0.76 | 7.38 | 21.72 | 41.78 | 30.61 | 17.95 | 38.29 | 37.02 | 4.41 | 43.18 | 43.65 | 3.56 | 39.61 | 40.71 | 0.20 | 5.26 | 5.26 | 24.54 | 31.44 | 22.7 | 24.15 | -3.52 | 7.33 | 72.63 | -29.71 | -18.45 | 27.37 | 921.05 | 150.23 | 11.97 | 28.71 | 0.59 |
| 20Q4 (8) | 23.26 | -10.57 | -13.08 | 15.73 | -1.19 | -21.07 | 15.32 | -2.05 | -0.65 | 12.98 | 1.88 | 6.31 | 3.08 | -9.94 | -2.53 | 2.55 | -4.49 | -2.3 | 0.19 | -9.52 | -9.52 | 18.67 | 1.47 | 1.85 | 25.03 | 38.75 | 24.4 | 103.33 | 0.29 | -20.04 | -3.33 | -120.0 | 88.6 | 9.30 | -16.37 | 26.88 |
| 20Q3 (7) | 26.01 | -11.02 | -1.25 | 15.92 | -23.09 | -7.6 | 15.64 | -21.8 | -8.38 | 12.74 | -17.38 | -6.05 | 3.42 | -38.38 | -19.72 | 2.67 | -37.32 | -16.3 | 0.21 | -25.0 | -12.5 | 18.40 | -16.7 | -6.65 | 18.04 | -53.6 | -18.81 | 103.03 | -0.43 | 1.8 | -1.52 | 56.44 | -25.76 | 11.12 | 10.98 | 8.17 |
| 20Q2 (6) | 29.23 | 16.04 | 5.68 | 20.70 | 40.24 | 20.35 | 20.00 | 20.26 | 7.01 | 15.42 | 17.71 | 3.01 | 5.55 | 80.78 | 17.83 | 4.26 | 68.38 | 21.37 | 0.28 | 47.37 | 21.74 | 22.09 | 10.45 | 4.0 | 38.88 | 72.8 | -15.29 | 103.48 | 16.19 | 11.9 | -3.48 | -131.8 | -146.21 | 10.02 | -15.8 | -13.1 |
| 20Q1 (5) | 25.19 | -5.87 | 0.48 | 14.76 | -25.94 | -10.49 | 16.63 | 7.85 | -9.57 | 13.10 | 7.29 | -9.72 | 3.07 | -2.85 | -32.23 | 2.53 | -3.07 | -30.87 | 0.19 | -9.52 | -24.0 | 20.00 | 9.11 | -4.53 | 22.50 | 11.83 | -5.7 | 89.06 | -31.08 | -1.4 | 10.94 | 137.42 | 1.72 | 11.90 | 62.35 | 5.87 |
| 19Q4 (4) | 26.76 | 1.59 | 0.0 | 19.93 | 15.67 | 0.0 | 15.42 | -9.67 | 0.0 | 12.21 | -9.96 | 0.0 | 3.16 | -25.82 | 0.0 | 2.61 | -18.18 | 0.0 | 0.21 | -12.5 | 0.0 | 18.33 | -7.0 | 0.0 | 20.12 | -9.45 | 0.0 | 129.23 | 27.69 | 0.0 | -29.23 | -2326.15 | 0.0 | 7.33 | -28.7 | 0.0 |
| 19Q3 (3) | 26.34 | -4.77 | 0.0 | 17.23 | 0.17 | 0.0 | 17.07 | -8.67 | 0.0 | 13.56 | -9.42 | 0.0 | 4.26 | -9.55 | 0.0 | 3.19 | -9.12 | 0.0 | 0.24 | 4.35 | 0.0 | 19.71 | -7.2 | 0.0 | 22.22 | -51.59 | 0.0 | 101.20 | 9.44 | 0.0 | -1.20 | -116.01 | 0.0 | 10.28 | -10.84 | 0.0 |
| 19Q2 (2) | 27.66 | 10.33 | 0.0 | 17.20 | 4.31 | 0.0 | 18.69 | 1.63 | 0.0 | 14.97 | 3.17 | 0.0 | 4.71 | 3.97 | 0.0 | 3.51 | -4.1 | 0.0 | 0.23 | -8.0 | 0.0 | 21.24 | 1.38 | 0.0 | 45.90 | 92.37 | 0.0 | 92.47 | 2.38 | 0.0 | 7.53 | -30.0 | 0.0 | 11.53 | 2.58 | 0.0 |
| 19Q1 (1) | 25.07 | 0.0 | 0.0 | 16.49 | 0.0 | 0.0 | 18.39 | 0.0 | 0.0 | 14.51 | 0.0 | 0.0 | 4.53 | 0.0 | 0.0 | 3.66 | 0.0 | 0.0 | 0.25 | 0.0 | 0.0 | 20.95 | 0.0 | 0.0 | 23.86 | 0.0 | 0.0 | 90.32 | 0.0 | 0.0 | 10.75 | 0.0 | 0.0 | 11.24 | 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) | 30.76 | 7.78 | 21.05 | 6.53 | 2.01 | 18.83 | 23.84 | 4.42 | 19.21 | 3.0 | 18.71 | -15.3 | 15.67 | -12.75 | 0.81 | -15.62 | 25.96 | 5.49 | 16.20 | -30.74 | 88.35 | 2.0 | 11.65 | -12.97 | 0.08 | -32.71 | 11.56 | 7.94 |
| 2022 (9) | 28.54 | 13.3 | 19.76 | 18.18 | 1.69 | -22.09 | 22.83 | 21.37 | 18.65 | 22.21 | 22.09 | 31.8 | 17.96 | 32.35 | 0.96 | 9.09 | 24.61 | 16.69 | 23.39 | 0.39 | 86.62 | -2.65 | 13.38 | 21.39 | 0.12 | 0 | 10.71 | 2.0 |
| 2021 (8) | 25.19 | -4.11 | 16.72 | -2.68 | 2.17 | -19.65 | 18.81 | 9.42 | 15.26 | 11.06 | 16.76 | 14.48 | 13.57 | 13.37 | 0.88 | 1.15 | 21.09 | 5.77 | 23.30 | -6.91 | 88.98 | -11.02 | 11.02 | 0 | 0.00 | 0 | 10.50 | -0.28 |
| 2020 (7) | 26.27 | -0.64 | 17.18 | -2.5 | 2.70 | 1.38 | 17.19 | -1.66 | 13.74 | -1.01 | 14.64 | -11.27 | 11.97 | -11.73 | 0.87 | -11.22 | 19.94 | -1.24 | 25.03 | 24.4 | 100.00 | -0.89 | 0.00 | 0 | 0.05 | -6.63 | 10.53 | 2.03 |
| 2019 (6) | 26.44 | -0.26 | 17.62 | 4.14 | 2.67 | 33.09 | 17.48 | -6.77 | 13.88 | -9.22 | 16.50 | -14.6 | 13.56 | -13.52 | 0.98 | -4.85 | 20.19 | -2.98 | 20.12 | -14.75 | 100.90 | 11.94 | -0.90 | 0 | 0.05 | -1.22 | 10.32 | -3.1 |
| 2018 (5) | 26.51 | 16.78 | 16.92 | 26.08 | 2.00 | -25.47 | 18.75 | 35.67 | 15.29 | 36.52 | 19.32 | 43.54 | 15.68 | 43.59 | 1.03 | 5.1 | 20.81 | 25.89 | 23.60 | 3.19 | 90.14 | -7.23 | 9.86 | 248.02 | 0.05 | 0 | 10.65 | 4.62 |
| 2017 (4) | 22.70 | -11.05 | 13.42 | -5.36 | 2.69 | -25.18 | 13.82 | -0.93 | 11.20 | -3.53 | 13.46 | 3.22 | 10.92 | 4.0 | 0.98 | 8.89 | 16.53 | -6.35 | 22.87 | -2.72 | 97.17 | -4.56 | 2.83 | 0 | 0.00 | 0 | 10.18 | -15.31 |
| 2016 (3) | 25.52 | 10.52 | 14.18 | 22.45 | 3.59 | -19.06 | 13.95 | 17.92 | 11.61 | 25.11 | 13.04 | 26.97 | 10.50 | 24.56 | 0.90 | -1.1 | 17.65 | 7.43 | 23.51 | -5.2 | 101.81 | 4.14 | -1.81 | 0 | 0.00 | 0 | 12.02 | -5.06 |
| 2015 (2) | 23.09 | 38.26 | 11.58 | 150.11 | 4.44 | -33.15 | 11.83 | 44.98 | 9.28 | 56.76 | 10.27 | 60.97 | 8.43 | 67.93 | 0.91 | 10.98 | 16.43 | 6.9 | 24.80 | 30.87 | 97.77 | 71.88 | 2.23 | -94.82 | 0.00 | 0 | 12.66 | -10.09 |
| 2014 (1) | 16.70 | 0 | 4.63 | 0 | 6.64 | -5.17 | 8.16 | 0 | 5.92 | 0 | 6.38 | 0 | 5.02 | 0 | 0.82 | -4.65 | 15.37 | 9.16 | 18.95 | -60.43 | 56.88 | 44.64 | 43.12 | -30.23 | 0.00 | 0 | 14.08 | -9.8 |
