- 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) | 18.87 | 22.22 | -17.63 | 10.48 | 94.43 | -7.58 | 10.00 | 55.76 | -9.26 | 8.96 | 66.85 | -2.61 | 3.46 | 84.04 | 6.79 | 2.29 | 87.7 | 11.17 | 0.25 | 13.64 | 13.64 | 15.43 | 26.48 | -1.59 | 56.72 | 4.13 | -2.81 | 104.94 | 27.03 | 2.55 | -4.94 | -132.45 | -112.35 | 23.05 | -9.96 | -18.72 |
| 23Q3 (19) | 15.44 | -6.14 | -40.75 | 5.39 | -3.41 | -65.97 | 6.42 | 0.0 | -62.98 | 5.37 | -11.09 | -62.24 | 1.88 | -8.29 | -66.84 | 1.22 | -0.81 | -63.8 | 0.22 | 10.0 | -4.35 | 12.20 | -1.05 | -43.86 | 54.47 | -20.95 | -12.13 | 82.61 | -6.52 | -9.88 | 15.22 | 9.06 | 68.56 | 25.60 | -4.01 | 2.52 |
| 23Q2 (18) | 16.45 | -13.78 | -51.11 | 5.58 | -30.08 | -78.17 | 6.42 | -29.53 | -75.15 | 6.04 | -20.11 | -71.5 | 2.05 | -18.0 | -77.62 | 1.23 | -21.66 | -76.92 | 0.20 | 0.0 | -20.0 | 12.33 | -16.69 | -58.58 | 68.91 | -12.81 | -14.51 | 88.37 | -0.58 | -10.47 | 13.95 | 9.88 | 979.07 | 26.67 | 2.07 | 17.7 |
| 23Q1 (17) | 19.08 | -16.72 | -35.76 | 7.98 | -29.63 | -64.36 | 9.11 | -17.33 | -60.13 | 7.56 | -17.83 | -59.66 | 2.50 | -22.84 | -70.9 | 1.57 | -23.79 | -69.34 | 0.20 | -9.09 | -25.93 | 14.80 | -5.61 | -44.09 | 79.03 | 35.42 | 21.25 | 88.89 | -13.13 | -9.42 | 12.70 | 646.03 | 579.37 | 26.13 | -7.86 | 24.79 |
| 22Q4 (16) | 22.91 | -12.09 | -16.14 | 11.34 | -28.41 | -40.35 | 11.02 | -36.45 | -44.62 | 9.20 | -35.3 | -43.59 | 3.24 | -42.86 | -55.43 | 2.06 | -38.87 | -51.76 | 0.22 | -4.35 | -15.38 | 15.68 | -27.84 | -34.39 | 58.36 | -5.86 | -18.89 | 102.33 | 11.63 | 6.8 | -2.33 | -125.76 | -155.48 | 28.36 | 13.58 | 29.44 |
| 22Q3 (15) | 26.06 | -22.56 | 18.45 | 15.84 | -38.03 | 19.01 | 17.34 | -32.89 | 24.75 | 14.22 | -32.89 | 20.92 | 5.67 | -38.1 | 18.13 | 3.37 | -36.77 | 24.35 | 0.23 | -8.0 | 0.0 | 21.73 | -27.01 | 17.4 | 61.99 | -23.1 | -11.18 | 91.67 | -7.13 | -3.56 | 9.03 | 598.15 | 127.95 | 24.97 | 10.19 | 6.71 |
| 22Q2 (14) | 33.65 | 13.3 | 54.08 | 25.56 | 14.16 | 103.18 | 25.84 | 13.09 | 99.08 | 21.19 | 13.07 | 93.34 | 9.16 | 6.64 | 126.17 | 5.33 | 4.1 | 120.25 | 0.25 | -7.41 | 13.64 | 29.77 | 12.47 | 71.19 | 80.61 | 23.67 | -6.33 | 98.71 | 0.59 | 2.11 | 1.29 | -30.82 | -61.21 | 22.66 | 8.21 | -6.71 |
| 22Q1 (13) | 29.70 | 8.71 | 13.19 | 22.39 | 17.78 | 28.75 | 22.85 | 14.82 | 29.68 | 18.74 | 14.9 | 31.32 | 8.59 | 18.16 | 81.99 | 5.12 | 19.91 | 66.23 | 0.27 | 3.85 | 28.57 | 26.47 | 10.75 | 20.81 | 65.18 | -9.41 | 24.65 | 98.13 | 2.42 | -1.0 | 1.87 | -55.41 | 6.54 | 20.94 | -4.43 | -17.53 |
| 21Q4 (12) | 27.32 | 24.18 | 4.35 | 19.01 | 42.82 | 10.78 | 19.90 | 43.17 | 14.37 | 16.31 | 38.69 | 9.39 | 7.27 | 51.46 | 43.68 | 4.27 | 57.56 | 31.38 | 0.26 | 13.04 | 18.18 | 23.90 | 29.12 | 10.44 | 71.95 | 3.09 | 28.62 | 95.81 | 0.8 | -3.31 | 4.19 | 5.84 | 130.54 | 21.91 | -6.37 | -10.46 |
| 21Q3 (11) | 22.00 | 0.73 | -20.69 | 13.31 | 5.8 | -32.71 | 13.90 | 7.09 | -30.01 | 11.76 | 7.3 | -27.36 | 4.80 | 18.52 | -26.61 | 2.71 | 11.98 | -32.08 | 0.23 | 4.55 | -8.0 | 18.51 | 6.44 | -21.1 | 69.79 | -18.91 | 23.76 | 95.05 | -1.67 | -4.95 | 3.96 | 18.81 | 458.42 | 23.40 | -3.66 | 4.42 |
| 21Q2 (10) | 21.84 | -16.77 | -34.92 | 12.58 | -27.66 | -51.98 | 12.98 | -26.33 | -50.29 | 10.96 | -23.2 | -48.5 | 4.05 | -14.19 | -60.87 | 2.42 | -21.43 | -61.53 | 0.22 | 4.76 | -24.14 | 17.39 | -20.63 | -40.36 | 86.06 | 64.58 | 18.13 | 96.67 | -2.48 | -3.33 | 3.33 | 90.0 | 823.33 | 24.29 | -4.33 | 0 |
| 21Q1 (9) | 26.24 | 0.23 | -15.71 | 17.39 | 1.34 | -26.69 | 17.62 | 1.26 | -27.04 | 14.27 | -4.29 | -27.45 | 4.72 | -6.72 | -46.97 | 3.08 | -5.23 | -45.77 | 0.21 | -4.55 | -27.59 | 21.91 | 1.25 | -20.9 | 52.29 | -6.52 | -9.49 | 99.12 | 0.03 | 1.39 | 1.75 | -3.51 | 4.68 | 25.39 | 3.76 | 15.46 |
| 20Q4 (8) | 26.18 | -5.62 | -2.2 | 17.16 | -13.25 | -5.14 | 17.40 | -12.39 | -5.02 | 14.91 | -7.91 | -1.13 | 5.06 | -22.63 | -15.53 | 3.25 | -18.55 | -16.24 | 0.22 | -12.0 | -12.0 | 21.64 | -7.76 | -5.3 | 55.94 | -0.8 | -3.0 | 99.09 | -0.91 | 0.91 | 1.82 | 156.36 | 101.82 | 24.47 | 9.19 | -0.45 |
| 20Q3 (7) | 27.74 | -17.34 | 10.78 | 19.78 | -24.5 | 27.2 | 19.86 | -23.94 | 25.7 | 16.19 | -23.92 | 28.09 | 6.54 | -36.81 | 38.27 | 3.99 | -36.57 | 32.56 | 0.25 | -13.79 | 8.7 | 23.46 | -19.55 | 11.93 | 56.39 | -22.59 | 3.49 | 100.00 | 0.0 | 1.19 | 0.71 | 253.9 | -39.72 | 22.41 | 0 | -10.0 |
| 20Q2 (6) | 33.56 | 7.81 | 33.12 | 26.20 | 10.46 | 81.57 | 26.11 | 8.12 | 75.35 | 21.28 | 8.19 | 78.67 | 10.35 | 16.29 | 181.25 | 6.29 | 10.74 | 156.73 | 0.29 | 0.0 | 45.0 | 29.16 | 5.27 | 39.52 | 72.85 | 26.1 | 10.63 | 100.00 | 2.29 | 2.94 | -0.46 | -127.5 | -116.13 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 31.13 | 16.29 | 143.97 | 23.72 | 31.12 | 1328.92 | 24.15 | 31.82 | 1007.8 | 19.67 | 30.44 | 1030.46 | 8.90 | 48.58 | 1969.77 | 5.68 | 46.39 | 1570.59 | 0.29 | 16.0 | 70.59 | 27.70 | 21.23 | 210.89 | 57.77 | 0.17 | 40.15 | 97.77 | -0.44 | 25.7 | 1.68 | 86.03 | -92.46 | 21.99 | -10.54 | -21.3 |
| 19Q4 (4) | 26.77 | 6.91 | 0.0 | 18.09 | 16.33 | 0.0 | 18.32 | 15.95 | 0.0 | 15.08 | 19.3 | 0.0 | 5.99 | 26.64 | 0.0 | 3.88 | 28.9 | 0.0 | 0.25 | 8.7 | 0.0 | 22.85 | 9.02 | 0.0 | 57.67 | 5.84 | 0.0 | 98.20 | -0.63 | 0.0 | 0.90 | -23.42 | 0.0 | 24.58 | -1.29 | 0.0 |
| 19Q3 (3) | 25.04 | -0.67 | 0.0 | 15.55 | 7.76 | 0.0 | 15.80 | 6.11 | 0.0 | 12.64 | 6.13 | 0.0 | 4.73 | 28.53 | 0.0 | 3.01 | 22.86 | 0.0 | 0.23 | 15.0 | 0.0 | 20.96 | 0.29 | 0.0 | 54.49 | -17.25 | 0.0 | 98.82 | 1.73 | 0.0 | 1.18 | -58.82 | 0.0 | 24.90 | -7.4 | 0.0 |
| 19Q2 (2) | 25.21 | 97.57 | 0.0 | 14.43 | 769.28 | 0.0 | 14.89 | 583.03 | 0.0 | 11.91 | 584.48 | 0.0 | 3.68 | 755.81 | 0.0 | 2.45 | 620.59 | 0.0 | 0.20 | 17.65 | 0.0 | 20.90 | 134.57 | 0.0 | 65.85 | 59.75 | 0.0 | 97.14 | 24.9 | 0.0 | 2.86 | -87.14 | 0.0 | 26.89 | -3.76 | 0.0 |
| 19Q1 (1) | 12.76 | 0.0 | 0.0 | 1.66 | 0.0 | 0.0 | 2.18 | 0.0 | 0.0 | 1.74 | 0.0 | 0.0 | 0.43 | 0.0 | 0.0 | 0.34 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 8.91 | 0.0 | 0.0 | 41.22 | 0.0 | 0.0 | 77.78 | 0.0 | 0.0 | 22.22 | 0.0 | 0.0 | 27.94 | 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) | 17.51 | -38.15 | 7.48 | -60.9 | 5.12 | 37.77 | 8.07 | -58.87 | 7.06 | -56.23 | 9.29 | -64.78 | 6.15 | -61.94 | 0.84 | -15.15 | 13.80 | -41.8 | 56.72 | -2.81 | 92.70 | -4.9 | 7.30 | 190.13 | 0.18 | 113.62 | 25.26 | 5.07 |
| 2022 (9) | 28.31 | 15.79 | 19.13 | 21.85 | 3.71 | -4.54 | 19.62 | 20.74 | 16.13 | 19.93 | 26.38 | 30.66 | 16.16 | 30.74 | 0.99 | 7.61 | 23.71 | 15.32 | 58.36 | -18.89 | 97.49 | 0.91 | 2.51 | -25.81 | 0.08 | -5.99 | 24.04 | 1.74 |
| 2021 (8) | 24.45 | -18.28 | 15.70 | -28.77 | 3.89 | 18.15 | 16.25 | -26.77 | 13.45 | -26.26 | 20.19 | -34.04 | 12.36 | -37.04 | 0.92 | -14.02 | 20.56 | -20.09 | 71.95 | 28.62 | 96.61 | -2.64 | 3.39 | 338.64 | 0.09 | -11.25 | 23.63 | 7.36 |
| 2020 (7) | 29.92 | 29.36 | 22.04 | 66.21 | 3.29 | -34.26 | 22.19 | 63.04 | 18.24 | 65.52 | 30.61 | 119.43 | 19.63 | 114.54 | 1.07 | 30.49 | 25.73 | 34.71 | 55.94 | -3.0 | 99.23 | 1.83 | 0.77 | -69.75 | 0.10 | -17.43 | 22.01 | -14.92 |
| 2019 (6) | 23.13 | -6.92 | 13.26 | -23.4 | 5.01 | 39.63 | 13.61 | -22.41 | 11.02 | -22.01 | 13.95 | -39.97 | 9.15 | -40.51 | 0.82 | -24.07 | 19.10 | -10.62 | 57.67 | 9.22 | 97.45 | -1.25 | 2.55 | 93.73 | 0.12 | 201.83 | 25.87 | 20.16 |
| 2018 (5) | 24.85 | 3.54 | 17.31 | 7.99 | 3.59 | 3.66 | 17.54 | 13.97 | 14.13 | 10.3 | 23.24 | 9.67 | 15.38 | 10.81 | 1.08 | 0.0 | 21.37 | 12.36 | 52.80 | -0.23 | 98.68 | -5.17 | 1.32 | 0 | 0.04 | 0 | 21.53 | 1.37 |
| 2017 (4) | 24.00 | 19.34 | 16.03 | 40.86 | 3.46 | -29.97 | 15.39 | 37.66 | 12.81 | 37.15 | 21.19 | 74.55 | 13.88 | 65.24 | 1.08 | 21.35 | 19.02 | 15.69 | 52.92 | -0.19 | 104.07 | 2.49 | -4.07 | 0 | 0.00 | 0 | 21.24 | -12.74 |
| 2016 (3) | 20.11 | 24.67 | 11.38 | 63.98 | 4.94 | -13.14 | 11.18 | 50.88 | 9.34 | 54.13 | 12.14 | 74.18 | 8.40 | 69.7 | 0.89 | 11.25 | 16.44 | 22.6 | 53.02 | 33.86 | 101.54 | 8.24 | -1.54 | 0 | 0.00 | 0 | 24.34 | 1.21 |
| 2015 (2) | 16.13 | -4.84 | 6.94 | -12.81 | 5.69 | 22.64 | 7.41 | -13.94 | 6.06 | -18.98 | 6.97 | -39.5 | 4.95 | -34.26 | 0.80 | -18.37 | 13.41 | -1.25 | 39.61 | -17.41 | 93.81 | 1.73 | 6.19 | -20.5 | 0.00 | 0 | 24.05 | 5.62 |
| 2014 (1) | 16.95 | 0 | 7.96 | 0 | 4.64 | -20.56 | 8.61 | 0 | 7.48 | 0 | 11.52 | 0 | 7.53 | 0 | 0.98 | 20.99 | 13.58 | 1.42 | 47.96 | -30.26 | 92.21 | 7.58 | 7.79 | -41.26 | 0.00 | 0 | 22.77 | -5.91 |
