- 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) | 27.55 | -16.31 | -0.68 | 0.63 | -95.22 | -90.6 | -39.02 | -597.7 | -496.14 | -31.96 | -1083.38 | -516.15 | -4.68 | -867.21 | -429.58 | -2.82 | -700.0 | -390.72 | 0.09 | -25.0 | -18.18 | -34.97 | -425.61 | -363.53 | 59.14 | -3.1 | -10.68 | -1.67 | -100.99 | -102.46 | 101.26 | 248.35 | 216.42 | 16.67 | 41.75 | 31.36 |
| 23Q3 (19) | 32.92 | 14.62 | 9.66 | 13.18 | 326.54 | 192.24 | 7.84 | 220.0 | -46.3 | 3.25 | 153.91 | -72.67 | 0.61 | 258.82 | -69.04 | 0.47 | 135.0 | -62.99 | 0.12 | 33.33 | 20.0 | 10.74 | 68.34 | -39.83 | 61.03 | 2.5 | -6.14 | 168.25 | 30.86 | 438.41 | -68.25 | -138.89 | -197.8 | 11.76 | -24.42 | -24.28 |
| 23Q2 (18) | 28.72 | 3.91 | -5.53 | 3.09 | 56.85 | -4.92 | 2.45 | -94.52 | -86.42 | 1.28 | -96.7 | -91.78 | 0.17 | -96.64 | -93.77 | 0.20 | -93.92 | -88.1 | 0.09 | 12.5 | -10.0 | 6.38 | -87.05 | -70.37 | 59.54 | 13.09 | -14.02 | 128.57 | 2798.7 | 612.99 | -28.57 | -129.9 | -134.86 | 15.56 | -20.16 | 8.81 |
| 23Q1 (17) | 27.64 | -0.36 | -4.33 | 1.97 | -70.6 | -50.63 | 44.71 | 353.91 | 186.05 | 38.83 | 405.6 | 189.78 | 5.06 | 256.34 | 128.96 | 3.29 | 239.18 | 147.37 | 0.08 | -27.27 | -11.11 | 49.28 | 271.36 | 152.59 | 52.65 | -20.48 | -28.41 | 4.44 | -93.48 | -82.97 | 95.56 | 198.64 | 27.42 | 19.49 | 53.59 | -2.5 |
| 22Q4 (16) | 27.74 | -7.59 | 5.72 | 6.70 | 48.56 | 240.1 | 9.85 | -32.53 | -39.57 | 7.68 | -35.41 | -46.44 | 1.42 | -27.92 | -54.78 | 0.97 | -23.62 | -46.41 | 0.11 | 10.0 | -8.33 | 13.27 | -25.66 | -33.75 | 66.21 | 1.83 | -16.66 | 68.00 | 117.6 | 475.73 | 32.00 | -54.15 | -63.71 | 12.69 | -18.29 | -24.01 |
| 22Q3 (15) | 30.02 | -1.25 | -4.94 | 4.51 | 38.77 | -54.63 | 14.60 | -19.07 | 56.32 | 11.89 | -23.64 | 67.7 | 1.97 | -27.84 | 48.12 | 1.27 | -24.4 | 53.01 | 0.10 | 0.0 | -9.09 | 17.85 | -17.09 | 33.21 | 65.02 | -6.11 | -22.64 | 31.25 | 73.3 | -70.64 | 69.79 | -14.85 | 1181.77 | 15.53 | 8.6 | 6.22 |
| 22Q2 (14) | 30.40 | 5.23 | -4.55 | 3.25 | -18.55 | -62.12 | 18.04 | 15.42 | 648.55 | 15.57 | 16.19 | 746.2 | 2.73 | 23.53 | 810.0 | 1.68 | 26.32 | 522.22 | 0.10 | 11.11 | 11.11 | 21.53 | 10.35 | 201.96 | 69.25 | -5.83 | -5.12 | 18.03 | -30.75 | -95.05 | 81.97 | 9.29 | 131.88 | 14.30 | -28.46 | 0.14 |
| 22Q1 (13) | 28.89 | 10.1 | -2.17 | 3.99 | 102.54 | 283.65 | 15.63 | -4.11 | 460.97 | 13.40 | -6.56 | 335.92 | 2.21 | -29.62 | 372.84 | 1.33 | -26.52 | 459.46 | 0.09 | -25.0 | 12.5 | 19.51 | -2.6 | 1596.52 | 73.54 | -7.44 | 2.32 | 26.04 | 120.49 | 219.79 | 75.00 | -14.96 | -38.39 | 19.99 | 19.7 | 0.1 |
| 21Q4 (12) | 26.24 | -16.91 | 2.06 | 1.97 | -80.18 | 182.08 | 16.30 | 74.52 | 615.82 | 14.34 | 102.26 | 528.06 | 3.14 | 136.09 | 692.45 | 1.81 | 118.07 | 961.9 | 0.12 | 9.09 | 33.33 | 20.03 | 49.48 | 853.81 | 79.45 | -5.47 | 9.89 | 11.81 | -88.9 | -84.81 | 88.19 | 1466.93 | 296.85 | 16.70 | 14.23 | -13.38 |
| 21Q3 (11) | 31.58 | -0.85 | 25.52 | 9.94 | 15.85 | 2586.49 | 9.34 | 287.55 | 353.12 | 7.09 | 285.33 | 333.99 | 1.33 | 343.33 | 360.78 | 0.83 | 207.41 | 536.84 | 0.11 | 22.22 | 10.0 | 13.40 | 87.94 | 1045.3 | 84.05 | 15.15 | 15.44 | 106.45 | -70.78 | 1270.97 | -6.45 | 97.49 | -105.91 | 14.62 | 2.38 | -17.4 |
| 21Q2 (10) | 31.85 | 7.86 | 6.66 | 8.58 | 725.0 | 62.5 | 2.41 | 155.66 | 4720.0 | 1.84 | 132.39 | 183.26 | 0.30 | 137.04 | 188.24 | 0.27 | 172.97 | 437.5 | 0.09 | 12.5 | 12.5 | 7.13 | 520.0 | 32.28 | 72.99 | 1.56 | -5.2 | 364.29 | 1775.71 | 0 | -257.14 | -311.22 | 0 | 14.28 | -28.49 | 0 |
| 21Q1 (9) | 29.53 | 14.86 | -1.01 | 1.04 | 143.33 | -24.64 | -4.33 | -37.03 | 10.35 | -5.68 | -69.55 | 12.88 | -0.81 | -52.83 | 5.81 | -0.37 | -76.19 | 13.95 | 0.08 | -11.11 | 0.0 | 1.15 | -45.24 | 194.87 | 71.87 | -0.59 | -10.6 | -21.74 | -127.95 | 22.36 | 121.74 | 447.83 | -4.89 | 19.97 | 3.58 | 9.91 |
| 20Q4 (8) | 25.71 | 2.19 | -13.05 | -2.40 | -748.65 | -139.8 | -3.16 | 14.36 | -191.07 | -3.35 | -10.56 | -282.07 | -0.53 | -3.92 | -255.88 | -0.21 | -10.53 | -158.33 | 0.09 | -10.0 | -25.0 | 2.10 | 79.49 | -72.76 | 72.30 | -0.7 | 29.97 | 77.78 | 955.56 | -54.35 | 22.22 | -79.63 | 130.0 | 19.28 | 8.93 | 44.53 |
| 20Q3 (7) | 25.16 | -15.74 | -16.66 | 0.37 | -92.99 | -96.21 | -3.69 | -7480.0 | -131.48 | -3.03 | -37.1 | -130.42 | -0.51 | -50.0 | -126.42 | -0.19 | -137.5 | -114.73 | 0.10 | 25.0 | -16.67 | 1.17 | -78.29 | -92.24 | 72.81 | -5.43 | 18.87 | -9.09 | 0 | -110.91 | 109.09 | 0 | 554.55 | 17.70 | 0 | 38.61 |
| 20Q2 (6) | 29.86 | 0.1 | -4.63 | 5.28 | 282.61 | -56.58 | 0.05 | 101.04 | -99.67 | -2.21 | 66.1 | -118.45 | -0.34 | 60.47 | -115.11 | -0.08 | 81.4 | -105.26 | 0.08 | 0.0 | -33.33 | 5.39 | 1282.05 | -71.45 | 76.99 | -4.23 | 29.18 | 0.00 | 100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 29.83 | 0.88 | -2.87 | 1.38 | -77.11 | -81.82 | -4.83 | -239.19 | -138.67 | -6.52 | -454.35 | -165.27 | -0.86 | -352.94 | -148.86 | -0.43 | -219.44 | -136.13 | 0.08 | -33.33 | -27.27 | 0.39 | -94.94 | -97.61 | 80.39 | 44.51 | 31.18 | -28.00 | -116.43 | -146.18 | 128.00 | 272.8 | 225.19 | 18.17 | 36.21 | 28.59 |
| 19Q4 (4) | 29.57 | -2.05 | 0.0 | 6.03 | -38.28 | 0.0 | 3.47 | -70.39 | 0.0 | 1.84 | -81.53 | 0.0 | 0.34 | -82.38 | 0.0 | 0.36 | -72.09 | 0.0 | 0.12 | 0.0 | 0.0 | 7.71 | -48.84 | 0.0 | 55.63 | -9.18 | 0.0 | 170.37 | 104.44 | 0.0 | -74.07 | -544.44 | 0.0 | 13.34 | 4.46 | 0.0 |
| 19Q3 (3) | 30.19 | -3.58 | 0.0 | 9.77 | -19.65 | 0.0 | 11.72 | -23.3 | 0.0 | 9.96 | -16.86 | 0.0 | 1.93 | -14.22 | 0.0 | 1.29 | -15.13 | 0.0 | 0.12 | 0.0 | 0.0 | 15.07 | -20.18 | 0.0 | 61.25 | 2.77 | 0.0 | 83.33 | 4.81 | 0.0 | 16.67 | -18.67 | 0.0 | 12.77 | 0.79 | 0.0 |
| 19Q2 (2) | 31.31 | 1.95 | 0.0 | 12.16 | 60.21 | 0.0 | 15.28 | 22.34 | 0.0 | 11.98 | 19.92 | 0.0 | 2.25 | 27.84 | 0.0 | 1.52 | 27.73 | 0.0 | 0.12 | 9.09 | 0.0 | 18.88 | 15.9 | 0.0 | 59.60 | -2.74 | 0.0 | 79.51 | 31.12 | 0.0 | 20.49 | -47.94 | 0.0 | 12.67 | -10.33 | 0.0 |
| 19Q1 (1) | 30.71 | 0.0 | 0.0 | 7.59 | 0.0 | 0.0 | 12.49 | 0.0 | 0.0 | 9.99 | 0.0 | 0.0 | 1.76 | 0.0 | 0.0 | 1.19 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 16.29 | 0.0 | 0.0 | 61.28 | 0.0 | 0.0 | 60.64 | 0.0 | 0.0 | 39.36 | 0.0 | 0.0 | 14.13 | 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) | 29.52 | 1.03 | 5.43 | 15.78 | 2.51 | 54.99 | 3.41 | -76.25 | 2.11 | -82.37 | 1.31 | -84.37 | 1.21 | -76.91 | 0.38 | -7.32 | 7.22 | -59.57 | 59.14 | -10.68 | 158.62 | 387.1 | -58.62 | 0 | 2.61 | 0.88 | 15.49 | 0.32 |
| 2022 (9) | 29.22 | -1.28 | 4.69 | -12.83 | 1.62 | -21.87 | 14.36 | 103.11 | 11.97 | 118.43 | 8.38 | 118.23 | 5.24 | 106.3 | 0.41 | 2.5 | 17.86 | 56.26 | 66.21 | -16.66 | 32.56 | -56.98 | 67.44 | 183.86 | 2.58 | -10.45 | 15.44 | -5.1 |
| 2021 (8) | 29.60 | 7.48 | 5.38 | 380.36 | 2.07 | -10.48 | 7.07 | 0 | 5.48 | 0 | 3.84 | 0 | 2.54 | 0 | 0.40 | 14.29 | 11.43 | 403.52 | 79.45 | 9.89 | 75.69 | 0 | 23.76 | -82.84 | 2.88 | -22.25 | 16.27 | -8.95 |
| 2020 (7) | 27.54 | -9.56 | 1.12 | -87.49 | 2.32 | 51.11 | -2.89 | 0 | -3.71 | 0 | -2.15 | 0 | -0.92 | 0 | 0.35 | -25.53 | 2.27 | -84.39 | 72.30 | 29.97 | -38.46 | 0 | 138.46 | 706.9 | 3.71 | -5.24 | 17.87 | 35.28 |
| 2019 (6) | 30.45 | 7.6 | 8.95 | -1.65 | 1.53 | 69.52 | 10.80 | 14.29 | 8.50 | 22.3 | 6.44 | 0.31 | 4.49 | 2.05 | 0.47 | -16.07 | 14.54 | 20.97 | 55.63 | -14.95 | 82.84 | -13.86 | 17.16 | 383.11 | 3.92 | 18.66 | 13.21 | 21.42 |
| 2018 (5) | 28.30 | 7.03 | 9.10 | 31.88 | 0.90 | -7.73 | 9.45 | 29.27 | 6.95 | 29.91 | 6.42 | 69.84 | 4.40 | 56.58 | 0.56 | 24.44 | 12.02 | 17.84 | 65.41 | 4.47 | 96.17 | 2.1 | 3.55 | -33.7 | 3.30 | 0 | 10.88 | -3.97 |
| 2017 (4) | 26.44 | -0.6 | 6.90 | -27.52 | 0.98 | 12.85 | 7.31 | -7.7 | 5.35 | -17.82 | 3.78 | -10.85 | 2.81 | -14.07 | 0.45 | 2.27 | 10.20 | -2.11 | 62.61 | 20.03 | 94.20 | -21.72 | 5.36 | 0 | 0.00 | 0 | 11.33 | 10.86 |
| 2016 (3) | 26.60 | 1.06 | 9.52 | 22.52 | 0.87 | -21.39 | 7.92 | -15.83 | 6.51 | -9.21 | 4.24 | 2.17 | 3.27 | -1.21 | 0.44 | 10.0 | 10.42 | -15.01 | 52.16 | 19.8 | 120.33 | 45.71 | -20.33 | 0 | 0.00 | 0 | 10.22 | -3.68 |
| 2015 (2) | 26.32 | -1.16 | 7.77 | -14.05 | 1.11 | -38.16 | 9.41 | -33.4 | 7.17 | -40.99 | 4.15 | -50.83 | 3.31 | -44.37 | 0.40 | -11.11 | 12.26 | -29.21 | 43.54 | -6.28 | 82.58 | 28.86 | 17.42 | -51.83 | 0.00 | 0 | 10.61 | -8.38 |
| 2014 (1) | 26.63 | 0 | 9.04 | 0 | 1.79 | 24.15 | 14.13 | 0 | 12.15 | 0 | 8.44 | 0 | 5.95 | 0 | 0.45 | -19.64 | 17.32 | 31.81 | 46.46 | -31.88 | 64.08 | -29.74 | 36.18 | 329.39 | 0.00 | 0 | 11.58 | 7.82 |
