- 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) | 31.80 | 30.76 | -0.06 | 8.05 | 272.75 | -22.74 | -4.00 | -128.19 | -1112.12 | -1.74 | -115.4 | -16.0 | -0.26 | -117.81 | -18.18 | -0.08 | -107.84 | -14.29 | 0.10 | 25.0 | 11.11 | 3.37 | -85.64 | -55.77 | 51.74 | -2.12 | 1.69 | -212.50 | -564.06 | 90.34 | 312.50 | 129.78 | -86.41 | 26.35 | -18.47 | 11.32 |
| 23Q3 (19) | 24.32 | 3.53 | -13.45 | -4.66 | -75.19 | -512.39 | 14.19 | -49.01 | -58.57 | 11.30 | -49.46 | -59.31 | 1.46 | -53.21 | -62.56 | 1.02 | -51.66 | -58.54 | 0.08 | -11.11 | -11.11 | 23.46 | -34.58 | -45.17 | 52.86 | -14.47 | -0.81 | -32.00 | -252.0 | -1204.0 | 136.00 | 24.67 | 42.18 | 32.32 | 3.46 | 1.25 |
| 23Q2 (18) | 23.49 | -7.77 | -29.42 | -2.66 | -252.87 | -133.54 | 27.83 | 2384.82 | 37.84 | 22.36 | 5353.66 | 66.74 | 3.12 | 5100.0 | 68.65 | 2.11 | 1658.33 | 72.95 | 0.09 | 0.0 | 0.0 | 35.86 | 275.5 | 27.98 | 61.80 | 28.83 | -16.26 | -9.09 | -106.06 | -123.86 | 109.09 | 318.18 | 83.27 | 31.24 | 5.83 | 0.1 |
| 23Q1 (17) | 25.47 | -19.96 | -17.49 | 1.74 | -83.3 | -74.41 | 1.12 | 439.39 | -92.85 | 0.41 | 127.33 | -97.04 | 0.06 | 127.27 | -96.95 | 0.12 | 271.43 | -91.18 | 0.09 | 0.0 | 0.0 | 9.55 | 25.33 | -58.85 | 47.97 | -5.72 | -3.11 | 150.00 | 106.82 | 250.0 | -50.00 | -102.17 | -187.5 | 29.52 | 24.71 | -3.87 |
| 22Q4 (16) | 31.82 | 13.24 | 2.28 | 10.42 | 822.12 | 377.98 | -0.33 | -100.96 | -100.35 | -1.50 | -105.4 | -101.63 | -0.22 | -105.64 | -101.25 | -0.07 | -102.85 | -100.63 | 0.09 | 0.0 | -25.0 | 7.62 | -82.19 | -92.38 | 50.88 | -4.52 | -7.31 | -2200.00 | -76000.0 | -93600.0 | 2300.00 | 2304.55 | 2255.42 | 23.67 | -25.85 | -11.12 |
| 22Q3 (15) | 28.10 | -15.56 | -25.21 | 1.13 | -85.75 | -93.34 | 34.25 | 69.64 | 69.89 | 27.77 | 107.08 | 40.82 | 3.90 | 110.81 | -3.7 | 2.46 | 101.64 | -2.77 | 0.09 | 0.0 | -25.0 | 42.79 | 52.71 | 59.43 | 53.29 | -27.79 | -17.2 | 2.90 | -92.39 | -96.53 | 95.65 | 60.7 | 484.54 | 31.92 | 2.27 | 32.17 |
| 22Q2 (14) | 33.28 | 7.81 | -14.29 | 7.93 | 16.62 | -61.15 | 20.19 | 28.93 | 62.82 | 13.41 | -3.04 | 6.09 | 1.85 | -6.09 | -34.63 | 1.22 | -10.29 | -31.84 | 0.09 | 0.0 | -35.71 | 28.02 | 20.72 | 51.79 | 73.80 | 49.06 | 12.48 | 38.10 | -11.11 | -76.89 | 59.52 | 4.17 | 191.77 | 31.21 | 1.63 | 45.3 |
| 22Q1 (13) | 30.87 | -0.77 | -13.09 | 6.80 | 211.93 | -56.63 | 15.66 | -83.29 | -19.57 | 13.83 | -84.98 | -25.48 | 1.97 | -88.79 | -50.75 | 1.36 | -87.76 | -46.03 | 0.09 | -25.0 | -30.77 | 23.21 | -76.79 | -9.76 | 49.51 | -9.8 | -22.99 | 42.86 | 1721.43 | -46.18 | 57.14 | -41.48 | 208.57 | 30.71 | 15.32 | 26.12 |
| 21Q4 (12) | 31.11 | -17.19 | -11.52 | 2.18 | -87.15 | -85.52 | 93.70 | 364.78 | 777.34 | 92.05 | 366.78 | 794.56 | 17.58 | 334.07 | 717.67 | 11.11 | 339.13 | 687.94 | 0.12 | 0.0 | -7.69 | 100.00 | 272.58 | 486.51 | 54.89 | -14.71 | -12.02 | 2.35 | -97.19 | -98.31 | 97.65 | 496.73 | 348.56 | 26.63 | 10.27 | 10.0 |
| 21Q3 (11) | 37.57 | -3.24 | -2.31 | 16.96 | -16.9 | -9.64 | 20.16 | 62.58 | 0.4 | 19.72 | 56.01 | -4.27 | 4.05 | 43.11 | -13.65 | 2.53 | 41.34 | -15.38 | 0.12 | -14.29 | -14.29 | 26.84 | 45.4 | 3.51 | 64.36 | -1.91 | 6.19 | 83.64 | -49.27 | -11.44 | 16.36 | 125.23 | 120.91 | 24.15 | 12.43 | 1.39 |
| 21Q2 (10) | 38.83 | 9.32 | 4.41 | 20.41 | 30.17 | 24.45 | 12.40 | -36.31 | -26.93 | 12.64 | -31.9 | -27.65 | 2.83 | -29.25 | -18.21 | 1.79 | -28.97 | -21.49 | 0.14 | 7.69 | 7.69 | 18.46 | -28.23 | -22.79 | 65.61 | 2.05 | 4.59 | 164.86 | 107.04 | 69.2 | -64.86 | -450.27 | -2629.73 | 21.48 | -11.79 | 0 |
| 21Q1 (9) | 35.52 | 1.02 | 10.9 | 15.68 | 4.12 | 113.04 | 19.47 | 82.3 | 175.39 | 18.56 | 80.37 | 175.37 | 4.00 | 86.05 | 273.83 | 2.52 | 78.72 | 218.99 | 0.13 | 0.0 | 30.0 | 25.72 | 50.85 | 61.15 | 64.29 | 3.05 | 20.89 | 79.63 | -42.83 | -26.06 | 18.52 | 147.14 | 340.74 | 24.35 | 0.58 | -14.38 |
| 20Q4 (8) | 35.16 | -8.58 | 16.27 | 15.06 | -19.77 | 183.08 | 10.68 | -46.81 | 696.65 | 10.29 | -50.05 | 427.71 | 2.15 | -54.16 | 505.66 | 1.41 | -52.84 | 622.22 | 0.13 | -7.14 | 18.18 | 17.05 | -34.25 | 150.74 | 62.39 | 2.94 | 20.26 | 139.29 | 47.48 | 150.65 | -39.29 | -630.36 | -110.48 | 24.21 | 1.64 | -9.22 |
| 20Q3 (7) | 38.46 | 3.41 | 24.18 | 18.77 | 14.45 | 256.84 | 20.08 | 18.33 | 341.32 | 20.60 | 17.92 | 330.06 | 4.69 | 35.55 | 533.78 | 2.99 | 31.14 | 415.52 | 0.14 | 7.69 | 40.0 | 25.93 | 8.45 | 83.38 | 60.61 | -3.38 | 24.2 | 94.44 | -3.07 | -15.0 | 7.41 | 188.89 | 166.67 | 23.82 | 0 | -14.62 |
| 20Q2 (6) | 37.19 | 16.11 | 29.9 | 16.40 | 122.83 | 367.24 | 16.97 | 140.03 | 595.49 | 17.47 | 159.2 | 739.9 | 3.46 | 223.36 | 981.25 | 2.28 | 188.61 | 686.21 | 0.13 | 30.0 | 30.0 | 23.91 | 49.81 | 92.2 | 62.73 | 17.96 | 17.67 | 97.44 | -9.52 | -30.4 | 2.56 | 133.33 | 106.41 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 32.03 | 5.92 | 9.88 | 7.36 | 38.35 | 77.78 | 7.07 | 494.97 | -79.19 | 6.74 | 314.65 | -79.9 | 1.07 | 301.89 | -79.06 | 0.79 | 392.59 | -77.43 | 0.10 | -9.09 | 0.0 | 15.96 | 134.71 | -63.95 | 53.18 | 2.51 | 9.24 | 107.69 | 139.16 | 775.0 | -7.69 | -102.05 | -108.77 | 28.44 | 6.64 | -2.07 |
| 19Q4 (4) | 30.24 | -2.36 | 0.0 | 5.32 | 1.14 | 0.0 | -1.79 | -139.34 | 0.0 | -3.14 | -165.55 | 0.0 | -0.53 | -171.62 | 0.0 | -0.27 | -146.55 | 0.0 | 0.11 | 10.0 | 0.0 | 6.80 | -51.91 | 0.0 | 51.88 | 6.31 | 0.0 | -275.00 | -347.5 | 0.0 | 375.00 | 3475.0 | 0.0 | 26.67 | -4.41 | 0.0 |
| 19Q3 (3) | 30.97 | 8.17 | 0.0 | 5.26 | 49.86 | 0.0 | 4.55 | 86.48 | 0.0 | 4.79 | 130.29 | 0.0 | 0.74 | 131.25 | 0.0 | 0.58 | 100.0 | 0.0 | 0.10 | 0.0 | 0.0 | 14.14 | 13.67 | 0.0 | 48.80 | -8.46 | 0.0 | 111.11 | -20.63 | 0.0 | -11.11 | 72.22 | 0.0 | 27.90 | -0.11 | 0.0 |
| 19Q2 (2) | 28.63 | -1.78 | 0.0 | 3.51 | -15.22 | 0.0 | 2.44 | -92.82 | 0.0 | 2.08 | -93.8 | 0.0 | 0.32 | -93.74 | 0.0 | 0.29 | -91.71 | 0.0 | 0.10 | 0.0 | 0.0 | 12.44 | -71.9 | 0.0 | 53.31 | 9.51 | 0.0 | 140.00 | 1037.5 | 0.0 | -40.00 | -145.61 | 0.0 | 27.93 | -3.82 | 0.0 |
| 19Q1 (1) | 29.15 | 0.0 | 0.0 | 4.14 | 0.0 | 0.0 | 33.97 | 0.0 | 0.0 | 33.54 | 0.0 | 0.0 | 5.11 | 0.0 | 0.0 | 3.50 | 0.0 | 0.0 | 0.10 | 0.0 | 0.0 | 44.27 | 0.0 | 0.0 | 48.68 | 0.0 | 0.0 | 12.31 | 0.0 | 0.0 | 87.69 | 0.0 | 0.0 | 29.04 | 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) | 26.38 | -15.01 | 0.84 | -87.33 | 6.90 | 1.88 | 9.49 | -44.89 | 7.86 | -40.59 | 4.36 | -41.32 | 3.23 | -37.16 | 0.37 | 0.0 | 17.75 | -29.17 | 51.74 | 1.69 | 9.46 | -75.51 | 91.89 | 49.71 | 0.29 | 4.79 | 29.75 | 1.29 |
| 2022 (9) | 31.04 | -13.37 | 6.63 | -52.54 | 6.77 | 26.25 | 17.22 | -51.93 | 13.23 | -62.36 | 7.43 | -73.52 | 5.14 | -71.46 | 0.37 | -26.0 | 25.06 | -40.46 | 50.88 | -7.31 | 38.62 | -0.73 | 61.38 | 0.87 | 0.27 | 9.6 | 29.37 | 21.92 |
| 2021 (8) | 35.83 | -0.39 | 13.97 | -6.37 | 5.36 | -7.68 | 35.82 | 152.61 | 35.15 | 146.32 | 28.06 | 153.48 | 18.01 | 144.37 | 0.50 | 2.04 | 42.09 | 99.29 | 54.89 | -12.02 | 38.90 | -63.03 | 60.85 | 0 | 0.25 | 154.84 | 24.09 | -3.91 |
| 2020 (7) | 35.97 | 20.87 | 14.92 | 226.48 | 5.81 | -30.22 | 14.18 | 48.17 | 14.27 | 57.16 | 11.07 | 86.99 | 7.37 | 73.0 | 0.49 | 13.95 | 21.12 | 9.26 | 62.39 | 20.26 | 105.22 | 119.22 | -5.22 | 0 | 0.10 | -11.49 | 25.07 | -10.01 |
| 2019 (6) | 29.76 | 18.61 | 4.57 | 319.27 | 8.32 | 17.03 | 9.57 | -62.75 | 9.08 | -62.57 | 5.92 | -70.04 | 4.26 | -63.71 | 0.43 | -8.51 | 19.33 | -43.38 | 51.88 | 1.05 | 48.00 | 1028.0 | 52.00 | -45.69 | 0.11 | 1.72 | 27.86 | 12.61 |
| 2018 (5) | 25.09 | -11.5 | 1.09 | -78.11 | 7.11 | -16.14 | 25.69 | 1147.09 | 24.26 | 1810.24 | 19.76 | 1680.18 | 11.74 | 1110.31 | 0.47 | -2.08 | 34.14 | 187.13 | 51.34 | -47.8 | 4.26 | -98.2 | 95.74 | 0 | 0.11 | 0 | 24.74 | 1.56 |
| 2017 (4) | 28.35 | 25.0 | 4.98 | 0 | 8.48 | -17.62 | 2.06 | 0 | 1.27 | 0 | 1.11 | 0 | 0.97 | 0 | 0.48 | 2.13 | 11.89 | 56.45 | 98.36 | 48.54 | 236.84 | 336.29 | -142.11 | 0 | 0.00 | 0 | 24.36 | -7.13 |
| 2016 (3) | 22.68 | 25.51 | -2.31 | 0 | 10.29 | -22.4 | -4.33 | 0 | -5.93 | 0 | -4.53 | 0 | -2.39 | 0 | 0.47 | 9.3 | 7.60 | 105.41 | 66.22 | 15.31 | 54.29 | -48.02 | 45.71 | 0 | 0.00 | 0 | 26.23 | -11.59 |
| 2015 (2) | 18.07 | 19.2 | -11.99 | 0 | 13.27 | 7.48 | -11.50 | 0 | -11.71 | 0 | -7.87 | 0 | -4.56 | 0 | 0.43 | -8.51 | 3.70 | 35.04 | 57.43 | -1.36 | 104.44 | 8.42 | -4.44 | 0 | 0.00 | 0 | 29.67 | 13.68 |
| 2014 (1) | 15.16 | 0 | -11.11 | 0 | 12.34 | 0.16 | -11.53 | 0 | -12.09 | 0 | -9.01 | 0 | -5.16 | 0 | 0.47 | -2.08 | 2.74 | 52.22 | 58.22 | -4.92 | 96.33 | -3.67 | 3.67 | 0 | 0.00 | 0 | 26.10 | 6.84 |
