- 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) | 18.95 | 6.16 | -16.0 | 10.17 | -0.39 | -29.77 | 7.47 | -67.83 | -40.38 | 5.98 | -69.44 | -33.33 | 1.30 | -69.56 | -51.13 | 0.80 | -64.91 | -43.26 | 0.12 | 9.09 | -20.0 | 13.72 | -54.18 | -21.29 | 85.61 | -4.54 | -16.17 | 135.90 | 208.95 | 17.59 | -36.22 | -164.66 | -132.56 | 11.10 | -0.27 | 14.08 |
| 23Q3 (19) | 17.85 | -3.15 | -25.16 | 10.21 | 9.67 | -34.72 | 23.22 | -0.81 | -17.34 | 19.57 | -2.44 | -16.12 | 4.27 | -12.32 | -46.29 | 2.28 | -7.69 | -43.0 | 0.11 | -8.33 | -35.29 | 29.94 | 0.81 | -6.79 | 89.68 | -15.08 | -10.16 | 43.99 | 10.59 | -21.01 | 56.01 | -6.99 | 26.4 | 11.13 | -5.84 | 6.3 |
| 23Q2 (18) | 18.43 | -4.21 | -20.15 | 9.31 | -15.9 | -42.28 | 23.41 | 105.35 | 14.64 | 20.06 | 118.04 | 25.37 | 4.87 | 110.82 | -19.9 | 2.47 | 100.81 | -16.55 | 0.12 | 0.0 | -33.33 | 29.70 | 70.01 | 24.01 | 105.61 | -1.21 | -0.09 | 39.78 | -59.02 | -49.64 | 60.22 | 1943.35 | 186.43 | 11.82 | 8.84 | 29.04 |
| 23Q1 (17) | 19.24 | -14.72 | -17.1 | 11.07 | -23.55 | -31.79 | 11.40 | -9.02 | -44.15 | 9.20 | 2.56 | -43.38 | 2.31 | -13.16 | -62.92 | 1.23 | -12.77 | -59.27 | 0.12 | -20.0 | -33.33 | 17.47 | 0.23 | -27.0 | 106.90 | 4.68 | -6.09 | 97.05 | -16.03 | 22.0 | 2.95 | 118.93 | -85.59 | 10.86 | 11.61 | 12.89 |
| 22Q4 (16) | 22.56 | -5.41 | -10.23 | 14.48 | -7.42 | -2.43 | 12.53 | -55.39 | -21.19 | 8.97 | -61.55 | -27.78 | 2.66 | -66.54 | -51.1 | 1.41 | -64.75 | -44.05 | 0.15 | -11.76 | -25.0 | 17.43 | -45.73 | -10.29 | 102.12 | 2.3 | -3.56 | 115.57 | 107.55 | 23.91 | -15.57 | -135.14 | -335.42 | 9.73 | -7.07 | -11.38 |
| 22Q3 (15) | 23.85 | 3.34 | 12.82 | 15.64 | -3.04 | 14.58 | 28.09 | 37.56 | 34.53 | 23.33 | 45.81 | 32.63 | 7.95 | 30.76 | -10.17 | 4.00 | 35.14 | 8.99 | 0.17 | -5.56 | -15.0 | 32.12 | 34.11 | 32.24 | 99.82 | -5.56 | -29.61 | 55.68 | -29.49 | -14.8 | 44.32 | 110.76 | 27.91 | 10.47 | 14.3 | 8.61 |
| 22Q2 (14) | 23.08 | -0.56 | 29.88 | 16.13 | -0.62 | 40.26 | 20.42 | 0.05 | 68.76 | 16.00 | -1.54 | 65.63 | 6.08 | -2.41 | 31.6 | 2.96 | -1.99 | 54.97 | 0.18 | 0.0 | -5.26 | 23.95 | 0.08 | 51.49 | 105.70 | -7.14 | -29.66 | 78.97 | -0.72 | -16.82 | 21.03 | 2.81 | 329.95 | 9.16 | -4.78 | 3.97 |
| 22Q1 (13) | 23.21 | -7.64 | 55.25 | 16.23 | 9.37 | 85.06 | 20.41 | 28.36 | 114.84 | 16.25 | 30.84 | 116.96 | 6.23 | 14.52 | 71.63 | 3.02 | 19.84 | 102.68 | 0.18 | -10.0 | -5.26 | 23.93 | 23.16 | 78.18 | 113.83 | 7.5 | -25.92 | 79.55 | -14.71 | -13.74 | 20.45 | 209.15 | 162.85 | 9.62 | -12.39 | 7.01 |
| 21Q4 (12) | 25.13 | 18.87 | 54.17 | 14.84 | 8.72 | 72.56 | 15.90 | -23.85 | 73.96 | 12.42 | -29.39 | 95.28 | 5.44 | -38.53 | 63.86 | 2.52 | -31.34 | 90.91 | 0.20 | 0.0 | 0.0 | 19.43 | -20.01 | 48.66 | 105.89 | -25.33 | -34.46 | 93.27 | 42.72 | -0.87 | 6.62 | -80.91 | 11.91 | 10.98 | 13.9 | 19.35 |
| 21Q3 (11) | 21.14 | 18.96 | 39.08 | 13.65 | 18.7 | 79.61 | 20.88 | 72.56 | 59.63 | 17.59 | 82.09 | 32.26 | 8.85 | 91.56 | 28.63 | 3.67 | 92.15 | 41.15 | 0.20 | 5.26 | 5.26 | 24.29 | 53.64 | 38.88 | 141.81 | -5.64 | -17.55 | 65.35 | -31.16 | 12.58 | 34.65 | 608.44 | -17.41 | 9.64 | 9.42 | 1.9 |
| 21Q2 (10) | 17.77 | 18.86 | 26.03 | 11.50 | 31.13 | 32.49 | 12.10 | 27.37 | 30.81 | 9.66 | 28.97 | 23.69 | 4.62 | 27.27 | 6.45 | 1.91 | 28.19 | 14.37 | 0.19 | 0.0 | -9.52 | 15.81 | 17.72 | 16.85 | 150.28 | -2.19 | -14.99 | 94.94 | 2.95 | 1.32 | 4.89 | -37.14 | -18.99 | 8.81 | -2.0 | 1.03 |
| 21Q1 (9) | 14.95 | -8.28 | 8.33 | 8.77 | 1.98 | 22.14 | 9.50 | 3.94 | 22.74 | 7.49 | 17.77 | 31.63 | 3.63 | 9.34 | 27.37 | 1.49 | 12.88 | 19.2 | 0.19 | -5.0 | -9.52 | 13.43 | 2.75 | 7.53 | 153.65 | -4.9 | -6.86 | 92.22 | -1.99 | -0.66 | 7.78 | 31.62 | 8.55 | 8.99 | -2.28 | -1.32 |
| 20Q4 (8) | 16.30 | 7.24 | 16.35 | 8.60 | 13.16 | 32.1 | 9.14 | -30.12 | 8.17 | 6.36 | -52.18 | -0.31 | 3.32 | -51.74 | 0.61 | 1.32 | -49.23 | -15.38 | 0.20 | 5.26 | -13.04 | 13.07 | -25.27 | 1.95 | 161.56 | -6.07 | 30.42 | 94.09 | 62.08 | 22.35 | 5.91 | -85.91 | -74.41 | 9.20 | -2.75 | 0 |
| 20Q3 (7) | 15.20 | 7.8 | 9.83 | 7.60 | -12.44 | 0.66 | 13.08 | 41.41 | 3.81 | 13.30 | 70.29 | 33.4 | 6.88 | 58.53 | 31.55 | 2.60 | 55.69 | 5.69 | 0.19 | -9.52 | -20.83 | 17.49 | 29.27 | 2.7 | 172.00 | -2.7 | 47.08 | 58.05 | -38.04 | -3.31 | 41.95 | 594.87 | 4.47 | 9.46 | 8.49 | 3.5 |
| 20Q2 (6) | 14.10 | 2.17 | 1.73 | 8.68 | 20.89 | 11.57 | 9.25 | 19.51 | -17.85 | 7.81 | 37.26 | -8.97 | 4.34 | 52.28 | 15.43 | 1.67 | 33.6 | -12.57 | 0.21 | 0.0 | -4.55 | 13.53 | 8.33 | -17.7 | 176.78 | 7.17 | 49.81 | 93.70 | 0.94 | 35.38 | 6.04 | -15.77 | -80.55 | 8.72 | -4.28 | -9.45 |
| 20Q1 (5) | 13.80 | -1.5 | 1.4 | 7.18 | 10.29 | 9.79 | 7.74 | -8.4 | -44.67 | 5.69 | -10.82 | -51.94 | 2.85 | -13.64 | -41.72 | 1.25 | -19.87 | -51.92 | 0.21 | -8.7 | 0.0 | 12.49 | -2.57 | -35.95 | 164.96 | 33.16 | 84.62 | 92.83 | 20.72 | 98.34 | 7.17 | -68.97 | -86.53 | 9.11 | 0 | -14.7 |
| 19Q4 (4) | 14.01 | 1.23 | 0.0 | 6.51 | -13.77 | 0.0 | 8.45 | -32.94 | 0.0 | 6.38 | -36.01 | 0.0 | 3.30 | -36.9 | 0.0 | 1.56 | -36.59 | 0.0 | 0.23 | -4.17 | 0.0 | 12.82 | -24.72 | 0.0 | 123.88 | 5.93 | 0.0 | 76.90 | 28.09 | 0.0 | 23.10 | -42.47 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 13.84 | -0.14 | 0.0 | 7.55 | -2.96 | 0.0 | 12.60 | 11.9 | 0.0 | 9.97 | 16.2 | 0.0 | 5.23 | 39.1 | 0.0 | 2.46 | 28.8 | 0.0 | 0.24 | 9.09 | 0.0 | 17.03 | 3.59 | 0.0 | 116.94 | -0.9 | 0.0 | 60.04 | -13.25 | 0.0 | 40.15 | 29.38 | 0.0 | 9.14 | -5.09 | 0.0 |
| 19Q2 (2) | 13.86 | 1.84 | 0.0 | 7.78 | 18.96 | 0.0 | 11.26 | -19.51 | 0.0 | 8.58 | -27.53 | 0.0 | 3.76 | -23.11 | 0.0 | 1.91 | -26.54 | 0.0 | 0.22 | 4.76 | 0.0 | 16.44 | -15.69 | 0.0 | 118.00 | 32.06 | 0.0 | 69.21 | 47.88 | 0.0 | 31.03 | -41.66 | 0.0 | 9.63 | -9.83 | 0.0 |
| 19Q1 (1) | 13.61 | 0.0 | 0.0 | 6.54 | 0.0 | 0.0 | 13.99 | 0.0 | 0.0 | 11.84 | 0.0 | 0.0 | 4.89 | 0.0 | 0.0 | 2.60 | 0.0 | 0.0 | 0.21 | 0.0 | 0.0 | 19.50 | 0.0 | 0.0 | 89.35 | 0.0 | 0.0 | 46.80 | 0.0 | 0.0 | 53.20 | 0.0 | 0.0 | 10.68 | 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) | 18.63 | -19.66 | 10.19 | -34.97 | 5.08 | 49.94 | 16.30 | -20.84 | 13.64 | -16.57 | 12.52 | -45.49 | 6.92 | -40.09 | 0.48 | -30.43 | 22.63 | -7.86 | 85.61 | -16.17 | 62.50 | -17.84 | 37.50 | 56.72 | 2.17 | -0.59 | 11.23 | 15.3 |
| 2022 (9) | 23.19 | 15.55 | 15.67 | 26.58 | 3.39 | 9.0 | 20.59 | 38.19 | 16.35 | 35.8 | 22.97 | 9.12 | 11.55 | 20.69 | 0.69 | -10.39 | 24.56 | 32.54 | 102.12 | -3.56 | 76.07 | -8.47 | 23.93 | 41.68 | 2.18 | -3.97 | 9.74 | 0.72 |
| 2021 (8) | 20.07 | 34.7 | 12.38 | 53.98 | 3.11 | -17.19 | 14.90 | 51.73 | 12.04 | 45.24 | 21.05 | 31.07 | 9.57 | 38.49 | 0.77 | -2.53 | 18.53 | 30.95 | 105.89 | -34.46 | 83.11 | 1.48 | 16.89 | -6.71 | 2.27 | -23.39 | 9.67 | 6.03 |
| 2020 (7) | 14.90 | 7.66 | 8.04 | 13.4 | 3.75 | -14.71 | 9.82 | -14.46 | 8.29 | -8.8 | 16.06 | -7.44 | 6.91 | -18.99 | 0.79 | -13.19 | 14.15 | -13.24 | 161.56 | 30.42 | 81.90 | 32.51 | 18.10 | -52.61 | 2.97 | -24.28 | 9.12 | -4.4 |
| 2019 (6) | 13.84 | -6.04 | 7.09 | -19.61 | 4.40 | 7.93 | 11.48 | 3.42 | 9.09 | 8.86 | 17.35 | 10.23 | 8.53 | 0.95 | 0.91 | -8.08 | 16.31 | 4.82 | 123.88 | 30.17 | 61.80 | -22.28 | 38.20 | 86.5 | 3.92 | -12.02 | 9.54 | 2.03 |
| 2018 (5) | 14.73 | 4.77 | 8.82 | 13.81 | 4.07 | 15.38 | 11.10 | 6.22 | 8.35 | 5.96 | 15.74 | 2.08 | 8.45 | -8.65 | 0.99 | -10.81 | 15.56 | 6.5 | 95.17 | 10.3 | 79.52 | 7.29 | 20.48 | -20.87 | 4.45 | 0 | 9.35 | 5.06 |
| 2017 (4) | 14.06 | 59.59 | 7.75 | 133.43 | 3.53 | 74.05 | 10.45 | 12.73 | 7.88 | 2.74 | 15.42 | 15.59 | 9.25 | 24.5 | 1.11 | 18.09 | 14.61 | 24.55 | 86.28 | 41.72 | 74.12 | 106.48 | 25.88 | -59.69 | 0.00 | 0 | 8.90 | 73.15 |
| 2016 (3) | 8.81 | -11.28 | 3.32 | 54.42 | 2.03 | -47.43 | 9.27 | 6.06 | 7.67 | -1.54 | 13.34 | -26.3 | 7.43 | -15.47 | 0.94 | -12.15 | 11.73 | -13.05 | 60.88 | -43.52 | 35.90 | 45.69 | 64.20 | -14.81 | 0.00 | 0 | 5.14 | -54.31 |
| 2015 (2) | 9.93 | 43.91 | 2.15 | 667.86 | 3.86 | 8.25 | 8.74 | 402.3 | 7.79 | 363.69 | 18.10 | 252.83 | 8.79 | 215.05 | 1.07 | -17.05 | 13.49 | 119.35 | 107.79 | -16.57 | 24.64 | 51.86 | 75.36 | -9.69 | 0.00 | 0 | 11.25 | 49.8 |
| 2014 (1) | 6.90 | 0 | 0.28 | 0 | 3.57 | 58.51 | 1.74 | 0 | 1.68 | 0 | 5.13 | 0 | 2.79 | 0 | 1.29 | -6.52 | 6.15 | -15.98 | 129.20 | 6.24 | 16.23 | -78.15 | 83.44 | 224.29 | 0.00 | 0 | 7.51 | 20.35 |
