- 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) | 28.41 | -22.69 | -33.87 | -12.81 | 49.67 | -44.75 | -17.23 | -4.05 | -16.42 | -16.92 | -5.55 | -56.96 | -2.26 | -46.75 | -123.76 | -1.85 | -46.83 | -120.24 | 0.11 | 37.5 | 37.5 | -5.87 | -8.91 | -52.07 | 23.88 | 41.72 | 35.91 | 74.36 | -51.48 | 26.85 | 25.64 | 148.16 | -35.34 | 34.43 | -18.51 | 3.11 |
| 23Q3 (19) | 36.75 | 2.77 | -17.04 | -25.45 | -9.37 | -179.98 | -16.56 | -2200.0 | -447.17 | -16.03 | -552.82 | -414.31 | -1.54 | -516.22 | -396.15 | -1.26 | -460.0 | -380.0 | 0.08 | -11.11 | 0.0 | -5.39 | -148.3 | -138.45 | 16.85 | -22.85 | -0.3 | 153.25 | -95.66 | 178.59 | -53.25 | 98.45 | -118.05 | 42.25 | 12.13 | 22.07 |
| 23Q2 (18) | 35.76 | -8.1 | -27.67 | -23.27 | -34.43 | -561.71 | -0.72 | 96.61 | -103.1 | 3.54 | 117.75 | -84.15 | 0.37 | 119.47 | -85.55 | 0.35 | 122.01 | -83.49 | 0.09 | 12.5 | 0.0 | 11.16 | 208.24 | -62.6 | 21.84 | 21.33 | -12.78 | 3533.33 | 4277.11 | 15960.61 | -3433.33 | -19097.78 | -4501.71 | 37.68 | 1.76 | 12.24 |
| 23Q1 (17) | 38.91 | -9.43 | -17.02 | -17.31 | -95.59 | -344.15 | -21.27 | -43.72 | -302.76 | -19.94 | -84.97 | -315.1 | -1.90 | -88.12 | -295.88 | -1.59 | -89.29 | -287.06 | 0.08 | 0.0 | -11.11 | -10.31 | -167.1 | -161.85 | 18.00 | 2.45 | 15.02 | 80.72 | 37.7 | 17.98 | 18.07 | -54.43 | -42.77 | 37.03 | 10.9 | 27.16 |
| 22Q4 (16) | 42.96 | -3.02 | -8.26 | -8.85 | 2.64 | -247.5 | -14.80 | -410.27 | -255.14 | -10.78 | -311.37 | -220.85 | -1.01 | -294.23 | -196.19 | -0.84 | -286.67 | -189.36 | 0.08 | 0.0 | -20.0 | -3.86 | -127.53 | -124.7 | 17.57 | 3.96 | 39.78 | 58.62 | 130.06 | -6.74 | 39.66 | -86.56 | 6.76 | 33.39 | -3.52 | 20.93 |
| 22Q3 (15) | 44.30 | -10.4 | -10.31 | -9.09 | -280.36 | -4884.21 | 4.77 | -79.48 | -86.3 | 5.10 | -77.17 | -85.2 | 0.52 | -79.69 | -87.0 | 0.45 | -78.77 | -87.14 | 0.08 | -11.11 | -20.0 | 14.02 | -53.02 | -67.29 | 16.90 | -32.51 | 24.54 | -195.00 | -986.36 | -20575.0 | 295.00 | 278.21 | 197.84 | 34.61 | 3.1 | -10.66 |
| 22Q2 (14) | 49.44 | 5.44 | -5.21 | 5.04 | -28.91 | -59.49 | 23.24 | 121.54 | -18.54 | 22.34 | 140.99 | -12.08 | 2.56 | 163.92 | -35.52 | 2.12 | 149.41 | -37.46 | 0.09 | 0.0 | -30.77 | 29.84 | 79.0 | -15.23 | 25.04 | 60.0 | 51.67 | 22.00 | -67.85 | -49.91 | 78.00 | 147.0 | 39.1 | 33.57 | 15.28 | 11.45 |
| 22Q1 (13) | 46.89 | 0.13 | -4.11 | 7.09 | 18.17 | -55.49 | 10.49 | 9.96 | -41.46 | 9.27 | 3.92 | -40.0 | 0.97 | -7.62 | -66.32 | 0.85 | -9.57 | -65.31 | 0.09 | -10.0 | -43.75 | 16.67 | 6.65 | -29.63 | 15.65 | 24.5 | -16.76 | 68.42 | 8.85 | -22.78 | 31.58 | -14.98 | 177.19 | 29.12 | 5.47 | 16.99 |
| 21Q4 (12) | 46.83 | -5.18 | 14.58 | 6.00 | 3057.89 | 35.75 | 9.54 | -72.6 | 54.37 | 8.92 | -74.12 | -7.76 | 1.05 | -73.75 | -30.0 | 0.94 | -73.14 | -27.69 | 0.10 | 0.0 | -23.08 | 15.63 | -63.53 | 11.01 | 12.57 | -7.37 | -29.66 | 62.86 | 6500.0 | -13.57 | 37.14 | -62.5 | 36.19 | 27.61 | -28.73 | 10.97 |
| 21Q3 (11) | 49.39 | -5.31 | 23.63 | 0.19 | -98.47 | -93.81 | 34.82 | 22.05 | 393.9 | 34.47 | 35.66 | 425.46 | 4.00 | 0.76 | 280.95 | 3.50 | 3.24 | 280.43 | 0.10 | -23.08 | -28.57 | 42.86 | 21.76 | 175.8 | 13.57 | -17.81 | -24.19 | 0.95 | -97.83 | -97.84 | 99.05 | 76.63 | 76.87 | 38.74 | 28.62 | 50.8 |
| 21Q2 (10) | 52.16 | 6.67 | 23.57 | 12.44 | -21.91 | 163.02 | 28.53 | 59.21 | 341.98 | 25.41 | 64.47 | 291.77 | 3.97 | 37.85 | 425.41 | 3.39 | 38.37 | 425.96 | 0.13 | -18.75 | 62.5 | 35.20 | 48.59 | 926.24 | 16.51 | -12.18 | 3.71 | 43.93 | -50.43 | -73.64 | 56.07 | 392.21 | 184.11 | 30.12 | 21.01 | 0 |
| 21Q1 (9) | 48.90 | 19.65 | 16.82 | 15.93 | 260.41 | 245.08 | 17.92 | 189.97 | 235.35 | 15.45 | 59.77 | 219.77 | 2.88 | 92.0 | 321.54 | 2.45 | 88.46 | 322.73 | 0.16 | 23.08 | 77.78 | 23.69 | 68.25 | 2887.06 | 18.80 | 5.2 | 21.45 | 88.61 | 21.84 | 5.65 | 11.39 | -58.23 | -29.37 | 24.89 | 0.04 | -32.66 |
| 20Q4 (8) | 40.87 | 2.3 | 4.07 | 4.42 | 43.97 | 160.05 | 6.18 | -12.34 | 196.87 | 9.67 | 47.41 | 232.65 | 1.50 | 42.86 | 278.57 | 1.30 | 41.3 | 283.1 | 0.13 | -7.14 | 30.0 | 14.08 | -9.4 | 230.52 | 17.87 | -0.17 | 4.69 | 72.73 | 65.29 | -37.66 | 27.27 | -51.3 | 263.64 | 24.88 | -3.15 | -22.68 |
| 20Q3 (7) | 39.95 | -5.35 | 9.93 | 3.07 | 115.55 | 130.58 | 7.05 | 159.8 | 177.81 | 6.56 | 149.51 | 168.12 | 1.05 | 186.07 | 184.68 | 0.92 | 188.46 | 187.62 | 0.14 | 75.0 | 27.27 | 15.54 | 353.06 | 4756.25 | 17.90 | 12.44 | 30.75 | 44.00 | -73.6 | -60.26 | 56.00 | 184.0 | 622.67 | 25.69 | 0 | -22.55 |
| 20Q2 (6) | 42.21 | 0.84 | 5.39 | -19.74 | -79.78 | -39.21 | -11.79 | 10.95 | -269.59 | -13.25 | -2.71 | -219.28 | -1.22 | 6.15 | -177.27 | -1.04 | 5.45 | -188.89 | 0.08 | -11.11 | -11.11 | 3.43 | 503.53 | -63.12 | 15.92 | 2.84 | -13.9 | 166.67 | 98.72 | -63.96 | -66.67 | -513.33 | 80.95 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 41.86 | 6.6 | 6.46 | -10.98 | -49.18 | -210.17 | -13.24 | -107.52 | -124.41 | -12.90 | -76.95 | -106.73 | -1.30 | -54.76 | -52.94 | -1.10 | -54.93 | -50.68 | 0.09 | -10.0 | -25.0 | -0.85 | -119.95 | -125.68 | 15.48 | -9.31 | -9.9 | 83.87 | -28.11 | 39.78 | 16.13 | 196.77 | -59.68 | 36.96 | 14.85 | 33.72 |
| 19Q4 (4) | 39.27 | 8.06 | 0.0 | -7.36 | 26.69 | 0.0 | -6.38 | 29.58 | 0.0 | -7.29 | 24.3 | 0.0 | -0.84 | 32.26 | 0.0 | -0.71 | 32.38 | 0.0 | 0.10 | -9.09 | 0.0 | 4.26 | 1231.25 | 0.0 | 17.07 | 24.69 | 0.0 | 116.67 | 5.38 | 0.0 | -16.67 | -55.56 | 0.0 | 32.18 | -2.98 | 0.0 |
| 19Q3 (3) | 36.34 | -9.26 | 0.0 | -10.04 | 29.2 | 0.0 | -9.06 | -184.01 | 0.0 | -9.63 | -132.05 | 0.0 | -1.24 | -181.82 | 0.0 | -1.05 | -191.67 | 0.0 | 0.11 | 22.22 | 0.0 | 0.32 | -96.56 | 0.0 | 13.69 | -25.96 | 0.0 | 110.71 | -76.06 | 0.0 | -10.71 | 96.94 | 0.0 | 33.17 | -19.7 | 0.0 |
| 19Q2 (2) | 40.05 | 1.86 | 0.0 | -14.18 | -300.56 | 0.0 | -3.19 | 45.93 | 0.0 | -4.15 | 33.49 | 0.0 | -0.44 | 48.24 | 0.0 | -0.36 | 50.68 | 0.0 | 0.09 | -25.0 | 0.0 | 9.30 | 180.97 | 0.0 | 18.49 | 7.63 | 0.0 | 462.50 | 670.83 | 0.0 | -350.00 | -975.0 | 0.0 | 41.31 | 49.46 | 0.0 |
| 19Q1 (1) | 39.32 | 0.0 | 0.0 | -3.54 | 0.0 | 0.0 | -5.90 | 0.0 | 0.0 | -6.24 | 0.0 | 0.0 | -0.85 | 0.0 | 0.0 | -0.73 | 0.0 | 0.0 | 0.12 | 0.0 | 0.0 | 3.31 | 0.0 | 0.0 | 17.18 | 0.0 | 0.0 | 60.00 | 0.0 | 0.0 | 40.00 | 0.0 | 0.0 | 27.64 | 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) | 34.09 | -25.78 | -19.04 | 0 | 5.28 | 12.98 | -14.07 | 0 | -12.60 | 0 | -5.35 | 0 | -4.31 | 0 | 0.35 | -2.78 | -2.66 | 0 | 23.88 | 35.91 | 135.36 | 0 | -35.36 | 0 | 24.24 | 179.8 | 37.51 | 14.32 |
| 2022 (9) | 45.93 | -6.84 | -1.63 | 0 | 4.67 | 2.12 | 6.24 | -71.55 | 6.79 | -66.37 | 2.83 | -72.12 | 2.50 | -71.91 | 0.36 | -18.18 | 14.51 | -49.11 | 17.57 | 39.78 | -26.00 | 0 | 126.00 | 119.66 | 8.66 | 544.5 | 32.81 | 10.51 |
| 2021 (8) | 49.30 | 20.16 | 9.38 | 0 | 4.57 | -33.49 | 21.93 | 0 | 20.19 | 0 | 10.15 | 0 | 8.90 | 12614.29 | 0.44 | 7.32 | 28.51 | 197.91 | 12.57 | -29.66 | 42.64 | -91.47 | 57.36 | 0 | 1.34 | -44.52 | 29.69 | -4.07 |
| 2020 (7) | 41.03 | 6.08 | -3.46 | 0 | 6.88 | 10.01 | -0.73 | 0 | 0.00 | 0 | 0.00 | 0 | 0.07 | 0 | 0.41 | -4.65 | 9.57 | 141.06 | 17.87 | 4.69 | 500.00 | 270.0 | -387.50 | 0 | 2.42 | -17.41 | 30.95 | -6.64 |
| 2019 (6) | 38.68 | -0.62 | -8.48 | 0 | 6.25 | 251.21 | -6.26 | 0 | -6.93 | 0 | -3.39 | 0 | -2.90 | 0 | 0.43 | -34.85 | 3.97 | -66.75 | 17.07 | 63.19 | 135.14 | 410.98 | -35.14 | 0 | 2.93 | -13.69 | 33.15 | 27.26 |
| 2018 (5) | 38.92 | 2.58 | 1.83 | 0 | 1.78 | 8.22 | 6.96 | 36.2 | 6.16 | 35.38 | 4.55 | 18.18 | 4.06 | 21.19 | 0.66 | -9.59 | 11.94 | 20.36 | 10.46 | -24.37 | 26.45 | 0 | 73.55 | -31.3 | 3.40 | 0 | 26.05 | -3.16 |
| 2017 (4) | 37.94 | -8.73 | -0.35 | 0 | 1.64 | 82.27 | 5.11 | 167.54 | 4.55 | 384.04 | 3.85 | 342.53 | 3.35 | 352.7 | 0.73 | -6.41 | 9.92 | 35.7 | 13.83 | -14.84 | -7.07 | 0 | 107.07 | -38.82 | 0.00 | 0 | 26.90 | -5.75 |
| 2016 (3) | 41.57 | 6.95 | -1.44 | 0 | 0.90 | -0.97 | 1.91 | -9.48 | 0.94 | 123.81 | 0.87 | 107.14 | 0.74 | 117.65 | 0.78 | -3.7 | 7.31 | 3.98 | 16.24 | -11.26 | -75.00 | 0 | 175.00 | 145.0 | 0.00 | 0 | 28.54 | 7.9 |
| 2015 (2) | 38.87 | 19.38 | 0.58 | -77.61 | 0.91 | 7.94 | 2.11 | -42.97 | 0.42 | -84.27 | 0.42 | -86.75 | 0.34 | -86.29 | 0.81 | -12.9 | 7.03 | -17.78 | 18.30 | -23.08 | 26.53 | -62.26 | 71.43 | 140.48 | 0.00 | 0 | 26.45 | 33.38 |
| 2014 (1) | 32.56 | 0 | 2.59 | 0 | 0.84 | -1.78 | 3.70 | 0 | 2.67 | 0 | 3.17 | 0 | 2.48 | 0 | 0.93 | -7.92 | 8.55 | -27.66 | 23.79 | -26.57 | 70.30 | -21.61 | 29.70 | 187.58 | 0.00 | 0 | 19.83 | 18.6 |
