- 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) | 36.61 | -8.5 | 6.73 | 7.42 | -43.1 | -23.19 | 3.94 | -70.46 | -43.39 | 2.29 | -78.04 | -44.69 | 0.86 | -79.67 | -53.51 | 0.63 | -68.5 | -35.05 | 0.16 | -5.88 | -5.88 | 9.46 | -49.57 | -26.5 | 134.82 | -1.18 | -9.07 | 187.37 | 91.9 | 34.91 | -87.37 | -3802.24 | -124.66 | 24.81 | 2.99 | 16.53 |
| 23Q3 (19) | 40.01 | 2.46 | 13.5 | 13.04 | -9.07 | -13.3 | 13.34 | -6.97 | -21.62 | 10.43 | 7.53 | -18.13 | 4.23 | 7.63 | -43.3 | 2.00 | 6.38 | -31.97 | 0.17 | 0.0 | -19.05 | 18.76 | -4.19 | -13.67 | 136.43 | -9.11 | -17.87 | 97.64 | -2.36 | 10.44 | 2.36 | 0 | -79.64 | 24.09 | 4.24 | 43.05 |
| 23Q2 (18) | 39.05 | 6.69 | 10.84 | 14.34 | 30.25 | 9.47 | 14.34 | 55.7 | 7.34 | 9.70 | 41.19 | 3.3 | 3.93 | 54.72 | -23.69 | 1.88 | 43.51 | -4.08 | 0.17 | 13.33 | -5.56 | 19.58 | 32.39 | 7.23 | 150.11 | 12.49 | -22.19 | 100.00 | -16.41 | 1.83 | 0.00 | 100.0 | -100.0 | 23.11 | -3.31 | 21.7 |
| 23Q1 (17) | 36.60 | 6.71 | 3.98 | 11.01 | 13.98 | -9.31 | 9.21 | 32.33 | -23.5 | 6.87 | 65.94 | -24.59 | 2.54 | 37.3 | -50.78 | 1.31 | 35.05 | -29.95 | 0.15 | -11.76 | -16.67 | 14.79 | 14.92 | -14.31 | 133.44 | -10.0 | -38.31 | 119.63 | -13.86 | 18.52 | -19.63 | 49.51 | -1994.37 | 23.90 | 12.26 | 22.31 |
| 22Q4 (16) | 34.30 | -2.7 | -0.92 | 9.66 | -35.77 | -24.88 | 6.96 | -59.11 | -37.75 | 4.14 | -67.5 | -44.95 | 1.85 | -75.2 | -61.3 | 0.97 | -67.01 | -44.57 | 0.17 | -19.05 | -10.53 | 12.87 | -40.77 | -21.09 | 148.27 | -10.75 | -35.76 | 138.89 | 57.1 | 20.65 | -38.89 | -435.56 | -157.33 | 21.29 | 26.43 | 16.53 |
| 22Q3 (15) | 35.25 | 0.06 | -3.05 | 15.04 | 14.81 | 12.49 | 17.02 | 27.4 | 49.96 | 12.74 | 35.68 | 51.67 | 7.46 | 44.85 | 61.82 | 2.94 | 50.0 | 71.93 | 0.21 | 16.67 | 23.53 | 21.73 | 19.0 | 24.03 | 166.12 | -13.89 | -27.68 | 88.41 | -9.97 | -24.91 | 11.59 | 463.53 | 165.34 | 16.84 | -11.32 | -17.04 |
| 22Q2 (14) | 35.23 | 0.09 | -2.19 | 13.10 | 7.91 | 14.71 | 13.36 | 10.96 | 91.13 | 9.39 | 3.07 | 75.84 | 5.15 | -0.19 | 90.74 | 1.96 | 4.81 | 75.0 | 0.18 | 0.0 | 20.0 | 18.26 | 5.79 | 31.84 | 192.91 | -10.81 | -17.51 | 98.20 | -2.71 | -40.19 | 2.06 | 319.37 | 103.24 | 18.99 | -2.81 | -13.49 |
| 22Q1 (13) | 35.20 | 1.68 | 1.21 | 12.14 | -5.6 | 66.53 | 12.04 | 7.69 | 179.35 | 9.11 | 21.14 | 247.71 | 5.16 | 7.95 | 239.47 | 1.87 | 6.86 | 163.38 | 0.18 | -5.26 | 28.57 | 17.26 | 5.82 | 45.53 | 216.29 | -6.28 | -8.83 | 100.94 | -12.31 | -40.42 | -0.94 | 93.8 | 98.65 | 19.54 | 6.95 | -20.37 |
| 21Q4 (12) | 34.62 | -4.79 | 10.96 | 12.86 | -3.81 | 78.86 | 11.18 | -1.5 | 201.35 | 7.52 | -10.48 | 652.0 | 4.78 | 3.69 | 462.35 | 1.75 | 2.34 | 243.14 | 0.19 | 11.76 | 18.75 | 16.31 | -6.91 | 53.43 | 230.79 | 0.48 | -45.81 | 115.11 | -2.23 | -40.66 | -15.11 | 14.79 | 83.92 | 18.27 | -10.0 | -8.79 |
| 21Q3 (11) | 36.36 | 0.94 | 16.91 | 13.37 | 17.08 | 103.5 | 11.35 | 62.37 | 199.47 | 8.40 | 57.3 | 311.76 | 4.61 | 70.74 | 184.57 | 1.71 | 52.68 | 167.19 | 0.17 | 13.33 | 13.33 | 17.52 | 26.5 | 53.55 | 229.69 | -1.78 | -46.76 | 117.74 | -28.29 | -32.11 | -17.74 | 72.08 | 75.84 | 20.30 | -7.52 | -4.52 |
| 21Q2 (10) | 36.02 | 3.57 | 7.88 | 11.42 | 56.65 | 124.8 | 6.99 | 62.18 | 417.78 | 5.34 | 103.82 | 327.2 | 2.70 | 77.63 | 221.43 | 1.12 | 57.75 | 119.61 | 0.15 | 7.14 | 15.38 | 13.85 | 16.78 | 40.04 | 233.86 | -1.43 | -47.46 | 164.19 | -3.08 | -55.99 | -63.51 | 8.5 | 76.74 | 21.95 | -10.55 | 0 |
| 21Q1 (9) | 34.78 | 11.47 | 0.03 | 7.29 | 1.39 | 87.4 | 4.31 | 16.17 | 226.52 | 2.62 | 162.0 | 181.72 | 1.52 | 78.82 | 166.67 | 0.71 | 39.22 | 47.92 | 0.14 | -12.5 | 7.69 | 11.86 | 11.57 | 15.15 | 237.25 | -44.29 | -36.71 | 169.41 | -12.66 | -41.18 | -69.41 | 26.14 | 63.85 | 24.54 | 22.52 | -14.41 |
| 20Q4 (8) | 31.20 | 0.32 | -14.07 | 7.19 | 9.44 | -34.99 | 3.71 | -2.11 | -41.3 | 1.00 | -50.98 | -73.4 | 0.85 | -47.53 | -71.95 | 0.51 | -20.31 | -49.5 | 0.16 | 6.67 | -5.88 | 10.63 | -6.84 | -21.32 | 425.86 | -1.28 | 14.73 | 193.98 | 11.85 | 10.64 | -93.98 | -28.0 | -24.76 | 20.03 | -5.79 | -5.03 |
| 20Q3 (7) | 31.10 | -6.86 | -8.74 | 6.57 | 29.33 | -39.67 | 3.79 | 180.74 | -56.39 | 2.04 | 63.2 | -67.15 | 1.62 | 92.86 | -69.66 | 0.64 | 25.49 | -56.16 | 0.15 | 15.38 | -16.67 | 11.41 | 15.37 | -26.29 | 431.39 | -3.08 | 14.36 | 173.42 | -53.52 | 38.61 | -73.42 | 73.11 | -187.23 | 21.26 | 0 | 3.76 |
| 20Q2 (6) | 33.39 | -3.97 | -3.83 | 5.08 | 30.59 | -49.25 | 1.35 | 2.27 | -83.5 | 1.25 | 34.41 | -74.65 | 0.84 | 47.37 | -78.52 | 0.51 | 6.25 | -58.2 | 0.13 | 0.0 | -23.53 | 9.89 | -3.98 | -36.36 | 445.09 | 18.73 | 11.58 | 373.08 | 29.54 | 206.08 | -273.08 | -42.23 | -1119.74 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 34.77 | -4.24 | 2.26 | 3.89 | -64.83 | -56.49 | 1.32 | -79.11 | -81.28 | 0.93 | -75.27 | -81.36 | 0.57 | -81.19 | -84.08 | 0.48 | -52.48 | -60.33 | 0.13 | -23.53 | -18.75 | 10.30 | -23.76 | -31.29 | 374.89 | 1.0 | 9.58 | 288.00 | 64.27 | 126.19 | -192.00 | -154.9 | -618.88 | 28.67 | 35.94 | 27.82 |
| 19Q4 (4) | 36.31 | 6.54 | 0.0 | 11.06 | 1.56 | 0.0 | 6.32 | -27.27 | 0.0 | 3.76 | -39.45 | 0.0 | 3.03 | -43.26 | 0.0 | 1.01 | -30.82 | 0.0 | 0.17 | -5.56 | 0.0 | 13.51 | -12.73 | 0.0 | 371.19 | -1.6 | 0.0 | 175.32 | 40.13 | 0.0 | -75.32 | -194.69 | 0.0 | 21.09 | 2.93 | 0.0 |
| 19Q3 (3) | 34.08 | -1.84 | 0.0 | 10.89 | 8.79 | 0.0 | 8.69 | 6.23 | 0.0 | 6.21 | 25.96 | 0.0 | 5.34 | 36.57 | 0.0 | 1.46 | 19.67 | 0.0 | 0.18 | 5.88 | 0.0 | 15.48 | -0.39 | 0.0 | 377.23 | -5.43 | 0.0 | 125.11 | 2.64 | 0.0 | -25.56 | -14.17 | 0.0 | 20.49 | 0.34 | 0.0 |
| 19Q2 (2) | 34.72 | 2.12 | 0.0 | 10.01 | 11.97 | 0.0 | 8.18 | 16.03 | 0.0 | 4.93 | -1.2 | 0.0 | 3.91 | 9.22 | 0.0 | 1.22 | 0.83 | 0.0 | 0.17 | 6.25 | 0.0 | 15.54 | 3.67 | 0.0 | 398.90 | 16.6 | 0.0 | 121.89 | -4.27 | 0.0 | -22.39 | 16.17 | 0.0 | 20.42 | -8.96 | 0.0 |
| 19Q1 (1) | 34.00 | 0.0 | 0.0 | 8.94 | 0.0 | 0.0 | 7.05 | 0.0 | 0.0 | 4.99 | 0.0 | 0.0 | 3.58 | 0.0 | 0.0 | 1.21 | 0.0 | 0.0 | 0.16 | 0.0 | 0.0 | 14.99 | 0.0 | 0.0 | 342.11 | 0.0 | 0.0 | 127.33 | 0.0 | 0.0 | -26.71 | 0.0 | 0.0 | 22.43 | 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) | 38.11 | 8.85 | 11.52 | -8.86 | 2.35 | 27.4 | 10.31 | -18.37 | 7.40 | -18.41 | 11.50 | -42.67 | 5.78 | -29.6 | 0.64 | -17.95 | 15.75 | -11.47 | 134.82 | -9.07 | 111.59 | 11.44 | -11.69 | 0 | 17.90 | 2.88 | 23.97 | 26.03 |
| 2022 (9) | 35.01 | -1.16 | 12.64 | 10.2 | 1.85 | -24.08 | 12.63 | 43.69 | 9.07 | 46.53 | 20.06 | 24.83 | 8.21 | 56.38 | 0.78 | 21.88 | 17.79 | 17.81 | 148.27 | -35.76 | 100.13 | -23.29 | -0.13 | 0 | 17.39 | -3.46 | 19.02 | -9.3 |
| 2021 (8) | 35.42 | 8.95 | 11.47 | 98.79 | 2.43 | -19.72 | 8.79 | 235.5 | 6.19 | 372.52 | 16.07 | 327.39 | 5.25 | 143.06 | 0.64 | 10.34 | 15.10 | 42.86 | 230.79 | -45.81 | 130.53 | -40.74 | -30.53 | 0 | 18.02 | -12.72 | 20.97 | -7.99 |
| 2020 (7) | 32.51 | -6.53 | 5.77 | -43.76 | 3.03 | 6.55 | 2.62 | -65.48 | 1.31 | -73.75 | 3.76 | -76.23 | 2.16 | -56.63 | 0.58 | -15.94 | 10.57 | -29.06 | 425.86 | 14.73 | 220.28 | 62.95 | -120.28 | 0 | 20.65 | -6.25 | 22.79 | 8.11 |
| 2019 (6) | 34.78 | 7.25 | 10.26 | 42.5 | 2.84 | 22.49 | 7.59 | -19.17 | 4.99 | -35.19 | 15.82 | -33.11 | 4.98 | -26.66 | 0.69 | 2.99 | 14.90 | -8.59 | 371.19 | 5.63 | 135.18 | 76.48 | -35.18 | 0 | 22.02 | -7.1 | 21.08 | -0.38 |
| 2018 (5) | 32.43 | -15.15 | 7.20 | -45.37 | 2.32 | 12.51 | 9.39 | -41.09 | 7.70 | -41.89 | 23.65 | -6.67 | 6.79 | -11.59 | 0.67 | 34.0 | 16.30 | -28.41 | 351.42 | -2.13 | 76.60 | -7.32 | 23.29 | 34.27 | 23.70 | 0 | 21.16 | -5.75 |
| 2017 (4) | 38.22 | -11.14 | 13.18 | -35.11 | 2.06 | 39.65 | 15.94 | -11.69 | 13.25 | -24.24 | 25.34 | -14.33 | 7.68 | -39.05 | 0.50 | -25.37 | 22.77 | 2.2 | 359.08 | 89.76 | 82.65 | -26.58 | 17.35 | 0 | 0.00 | 0 | 22.45 | 24.65 |
| 2016 (3) | 43.01 | 2.02 | 20.31 | -10.29 | 1.48 | -14.15 | 18.05 | -23.26 | 17.49 | -14.56 | 29.58 | -15.7 | 12.60 | -31.26 | 0.67 | -23.86 | 22.28 | -13.88 | 189.23 | 87.99 | 112.57 | 16.85 | -12.57 | 0 | 0.00 | 0 | 18.01 | 19.35 |
| 2015 (2) | 42.16 | 0.98 | 22.64 | -2.54 | 1.72 | 1.02 | 23.52 | -5.47 | 20.47 | -1.4 | 35.09 | -3.99 | 18.33 | -12.0 | 0.88 | -11.11 | 25.87 | -4.43 | 100.66 | 12.19 | 96.34 | 3.11 | 3.80 | -43.36 | 0.00 | 0 | 15.09 | -2.58 |
| 2014 (1) | 41.75 | 0 | 23.23 | 0 | 1.70 | 18.36 | 24.88 | 0 | 20.76 | 0 | 36.55 | 0 | 20.83 | 0 | 0.99 | -18.85 | 27.07 | 11.54 | 89.72 | 38.52 | 93.44 | -3.41 | 6.70 | 105.5 | 0.00 | 0 | 15.49 | -1.9 |
