- 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) | 22.48 | -4.14 | 13.25 | 9.25 | -1.07 | 19.66 | 9.99 | 2.46 | 27.91 | 8.13 | 2.78 | 27.83 | 3.98 | 10.56 | 18.81 | 2.82 | 12.8 | 17.99 | 0.34 | 9.68 | -8.11 | 11.08 | 0.64 | 25.2 | 42.79 | -1.56 | 7.19 | 92.56 | -3.33 | -6.32 | 7.44 | 74.88 | 521.4 | 10.39 | -16.61 | 7.67 |
| 23Q3 (19) | 23.45 | -7.39 | 36.73 | 9.35 | -0.85 | 41.88 | 9.75 | -1.91 | 30.0 | 7.91 | -1.37 | 30.74 | 3.60 | 11.46 | -8.16 | 2.50 | 12.61 | -5.66 | 0.31 | 14.81 | -27.91 | 11.01 | -3.51 | 30.76 | 43.47 | -13.22 | -1.18 | 95.74 | 1.3 | 8.68 | 4.26 | -12.77 | -64.26 | 12.46 | -9.25 | 36.03 |
| 23Q2 (18) | 25.32 | 13.24 | 33.33 | 9.43 | 2.06 | 11.73 | 9.94 | 4.19 | 17.08 | 8.02 | 5.25 | 15.56 | 3.23 | -7.45 | -32.85 | 2.22 | -10.12 | -23.97 | 0.27 | -15.62 | -35.71 | 11.41 | 6.34 | 22.95 | 50.09 | 4.46 | -11.28 | 94.51 | -2.82 | -4.96 | 4.88 | 47.97 | 773.17 | 13.73 | 18.67 | 28.08 |
| 23Q1 (17) | 22.36 | 12.64 | 7.71 | 9.24 | 19.53 | 5.0 | 9.54 | 22.15 | 10.54 | 7.62 | 19.81 | 10.6 | 3.49 | 4.18 | -33.27 | 2.47 | 3.35 | -21.34 | 0.32 | -13.51 | -28.89 | 10.73 | 21.24 | 14.88 | 47.95 | 20.12 | -37.8 | 97.25 | -1.57 | -4.66 | 3.30 | 175.27 | 264.01 | 11.57 | 19.9 | 20.52 |
| 22Q4 (16) | 19.85 | 15.74 | 45.31 | 7.73 | 17.3 | 115.92 | 7.81 | 4.13 | 112.81 | 6.36 | 5.12 | 71.89 | 3.35 | -14.54 | 27.38 | 2.39 | -9.81 | 39.77 | 0.37 | -13.95 | -19.57 | 8.85 | 5.11 | 99.77 | 39.92 | -9.25 | -30.9 | 98.80 | 12.15 | 1.34 | 1.20 | -89.94 | -52.1 | 9.65 | 5.35 | 25.0 |
| 22Q3 (15) | 17.15 | -9.69 | 4.38 | 6.59 | -21.92 | 6.98 | 7.50 | -11.66 | 23.76 | 6.05 | -12.82 | 14.8 | 3.92 | -18.5 | 6.81 | 2.65 | -9.25 | 10.42 | 0.43 | 2.38 | -4.44 | 8.42 | -9.27 | 22.74 | 43.99 | -22.09 | -15.89 | 88.10 | -11.41 | -13.25 | 11.90 | 2030.95 | 867.86 | 9.16 | -14.55 | -1.61 |
| 22Q2 (14) | 18.99 | -8.53 | -2.16 | 8.44 | -4.09 | -9.64 | 8.49 | -1.62 | -8.22 | 6.94 | 0.73 | -6.09 | 4.81 | -8.03 | -14.11 | 2.92 | -7.01 | -14.62 | 0.42 | -6.67 | -8.7 | 9.28 | -0.64 | -7.29 | 56.46 | -26.76 | 1.35 | 99.44 | -2.52 | -1.95 | 0.56 | 127.79 | 158.94 | 10.72 | 11.67 | 9.61 |
| 22Q1 (13) | 20.76 | 51.98 | 19.93 | 8.80 | 145.81 | 22.56 | 8.63 | 135.15 | 15.22 | 6.89 | 86.22 | 16.39 | 5.23 | 98.86 | 20.79 | 3.14 | 83.63 | 15.44 | 0.45 | -2.17 | -2.17 | 9.34 | 110.84 | 12.67 | 77.09 | 33.44 | 4.32 | 102.01 | 4.63 | 6.06 | -2.01 | -180.4 | -152.6 | 9.60 | 24.35 | 4.01 |
| 21Q4 (12) | 13.66 | -16.86 | 4.67 | 3.58 | -41.88 | 7.51 | 3.67 | -39.44 | -4.68 | 3.70 | -29.79 | 21.71 | 2.63 | -28.34 | 34.18 | 1.71 | -28.75 | 22.14 | 0.46 | 2.22 | 0.0 | 4.43 | -35.42 | -8.47 | 57.77 | 10.46 | 30.76 | 97.50 | -3.99 | 12.13 | 2.50 | 261.25 | -80.83 | 7.72 | -17.08 | 7.67 |
| 21Q3 (11) | 16.43 | -15.35 | 48.96 | 6.16 | -34.05 | 503.92 | 6.06 | -34.49 | 234.81 | 5.27 | -28.69 | 271.13 | 3.67 | -34.46 | 321.84 | 2.40 | -29.82 | 300.0 | 0.45 | -2.17 | 7.14 | 6.86 | -31.47 | 148.55 | 52.30 | -6.12 | 36.95 | 101.55 | 0.13 | 85.18 | -1.55 | -63.57 | -103.43 | 9.31 | -4.81 | 11.63 |
| 21Q2 (10) | 19.41 | 12.13 | 17.64 | 9.34 | 30.08 | 113.73 | 9.25 | 23.5 | 115.12 | 7.39 | 24.83 | 119.29 | 5.60 | 29.33 | 180.0 | 3.42 | 25.74 | 171.43 | 0.46 | 0.0 | 24.32 | 10.01 | 20.75 | 88.16 | 55.71 | -24.61 | -4.36 | 101.42 | 5.45 | 0.05 | -0.95 | -124.8 | 30.81 | 9.78 | 5.96 | 0 |
| 21Q1 (9) | 17.31 | 32.64 | -19.97 | 7.18 | 115.62 | -27.47 | 7.49 | 94.55 | -25.62 | 5.92 | 94.74 | -24.87 | 4.33 | 120.92 | -19.52 | 2.72 | 94.29 | -20.93 | 0.46 | 0.0 | 6.98 | 8.29 | 71.28 | -25.32 | 73.90 | 67.27 | 19.02 | 96.18 | 10.61 | -1.84 | 3.82 | -70.7 | 152.23 | 9.23 | 28.73 | -16.09 |
| 20Q4 (8) | 13.05 | 18.31 | -29.73 | 3.33 | 226.47 | -41.37 | 3.85 | 112.71 | -41.04 | 3.04 | 114.08 | -41.54 | 1.96 | 125.29 | -46.01 | 1.40 | 133.33 | -41.67 | 0.46 | 9.52 | 0.0 | 4.84 | 75.36 | -35.81 | 44.18 | 15.68 | -15.7 | 86.96 | 58.57 | -0.28 | 13.04 | -71.12 | 1.9 | 7.17 | -14.03 | -28.08 |
| 20Q3 (7) | 11.03 | -33.15 | -52.7 | 1.02 | -76.66 | -90.27 | 1.81 | -57.91 | -80.79 | 1.42 | -57.86 | -80.76 | 0.87 | -56.5 | -82.91 | 0.60 | -52.38 | -81.93 | 0.42 | 13.51 | -6.67 | 2.76 | -48.12 | -73.56 | 38.19 | -34.44 | -28.47 | 54.84 | -45.9 | -50.87 | 45.16 | 3396.77 | 508.83 | 8.34 | 0 | -25.07 |
| 20Q2 (6) | 16.50 | -23.72 | -7.36 | 4.37 | -55.86 | -18.32 | 4.30 | -57.3 | -19.02 | 3.37 | -57.23 | -18.8 | 2.00 | -62.83 | -28.06 | 1.26 | -63.37 | -32.26 | 0.37 | -13.95 | -15.91 | 5.32 | -52.07 | -17.13 | 58.25 | -6.18 | 6.82 | 101.37 | 3.46 | 0.31 | -1.37 | -190.41 | -30.14 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 21.63 | 16.48 | 41.19 | 9.90 | 74.3 | 120.98 | 10.07 | 54.21 | 127.31 | 7.88 | 51.54 | 127.09 | 5.38 | 48.21 | 117.81 | 3.44 | 43.33 | 109.76 | 0.43 | -6.52 | -6.52 | 11.10 | 47.21 | 103.3 | 62.09 | 18.47 | 26.82 | 97.98 | 12.36 | -3.15 | 1.52 | -88.16 | 230.3 | 11.00 | 10.33 | 23.32 |
| 19Q4 (4) | 18.57 | -20.37 | 0.0 | 5.68 | -45.8 | 0.0 | 6.53 | -30.68 | 0.0 | 5.20 | -29.54 | 0.0 | 3.63 | -28.68 | 0.0 | 2.40 | -27.71 | 0.0 | 0.46 | 2.22 | 0.0 | 7.54 | -27.78 | 0.0 | 52.41 | -1.84 | 0.0 | 87.20 | -21.88 | 0.0 | 12.80 | 215.87 | 0.0 | 9.97 | -10.42 | 0.0 |
| 19Q3 (3) | 23.32 | 30.94 | 0.0 | 10.48 | 95.89 | 0.0 | 9.42 | 77.4 | 0.0 | 7.38 | 77.83 | 0.0 | 5.09 | 83.09 | 0.0 | 3.32 | 78.49 | 0.0 | 0.45 | 2.27 | 0.0 | 10.44 | 62.62 | 0.0 | 53.39 | -2.09 | 0.0 | 111.63 | 10.47 | 0.0 | -11.05 | -949.42 | 0.0 | 11.13 | 14.98 | 0.0 |
| 19Q2 (2) | 17.81 | 16.25 | 0.0 | 5.35 | 19.42 | 0.0 | 5.31 | 19.86 | 0.0 | 4.15 | 19.6 | 0.0 | 2.78 | 12.55 | 0.0 | 1.86 | 13.41 | 0.0 | 0.44 | -4.35 | 0.0 | 6.42 | 17.58 | 0.0 | 54.53 | 11.38 | 0.0 | 101.05 | -0.11 | 0.0 | -1.05 | 9.47 | 0.0 | 9.68 | 8.52 | 0.0 |
| 19Q1 (1) | 15.32 | 0.0 | 0.0 | 4.48 | 0.0 | 0.0 | 4.43 | 0.0 | 0.0 | 3.47 | 0.0 | 0.0 | 2.47 | 0.0 | 0.0 | 1.64 | 0.0 | 0.0 | 0.46 | 0.0 | 0.0 | 5.46 | 0.0 | 0.0 | 48.96 | 0.0 | 0.0 | 101.16 | 0.0 | 0.0 | -1.16 | 0.0 | 0.0 | 8.92 | 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) | 23.31 | 21.47 | 9.31 | 18.0 | 0.73 | 21.81 | 9.81 | 20.96 | 7.92 | 20.73 | 13.80 | -11.54 | 9.93 | -7.11 | 1.23 | -23.6 | 11.05 | 23.19 | 42.79 | 7.19 | 95.05 | -2.34 | 5.08 | 90.64 | 3.53 | -13.56 | 11.93 | 22.11 |
| 2022 (9) | 19.19 | 14.7 | 7.89 | 19.55 | 0.60 | 0.59 | 8.11 | 21.95 | 6.56 | 17.14 | 15.60 | -5.22 | 10.69 | -2.29 | 1.61 | -17.01 | 8.97 | 20.73 | 39.92 | -30.9 | 97.34 | -1.99 | 2.66 | 284.4 | 4.09 | 363.41 | 9.77 | 8.31 |
| 2021 (8) | 16.73 | 6.29 | 6.60 | 36.65 | 0.60 | -22.12 | 6.65 | 28.38 | 5.60 | 37.93 | 16.46 | 59.19 | 10.94 | 55.62 | 1.94 | 12.79 | 7.43 | 20.23 | 57.77 | 30.76 | 99.31 | 6.79 | 0.69 | -89.71 | 0.88 | -32.62 | 9.02 | -5.15 |
| 2020 (7) | 15.74 | -15.87 | 4.83 | -25.23 | 0.77 | -5.63 | 5.18 | -19.06 | 4.06 | -19.28 | 10.34 | -24.47 | 7.03 | -21.01 | 1.72 | -1.71 | 6.18 | -16.94 | 44.18 | -15.7 | 92.99 | -7.97 | 6.74 | 0 | 1.31 | -9.75 | 9.51 | -4.04 |
| 2019 (6) | 18.71 | 34.9 | 6.46 | 39.22 | 0.81 | 113.72 | 6.40 | 37.93 | 5.03 | 32.37 | 13.69 | 0.44 | 8.90 | 8.67 | 1.75 | -17.45 | 7.44 | 42.8 | 52.41 | -10.59 | 101.04 | 1.27 | -1.04 | 0 | 1.45 | -6.08 | 9.91 | 33.38 |
| 2018 (5) | 13.87 | 7.27 | 4.64 | -1.9 | 0.38 | 9.4 | 4.64 | -1.49 | 3.80 | -5.71 | 13.63 | -15.92 | 8.19 | -16.09 | 2.12 | -10.55 | 5.21 | -0.57 | 58.62 | -27.09 | 99.77 | -0.65 | 0.23 | 0 | 1.54 | 0 | 7.43 | 10.73 |
| 2017 (4) | 12.93 | -23.72 | 4.73 | -20.64 | 0.35 | -20.75 | 4.71 | -24.4 | 4.03 | -21.29 | 16.21 | 23.08 | 9.76 | 7.96 | 2.37 | 34.66 | 5.24 | -22.6 | 80.40 | 38.29 | 100.42 | 5.12 | -0.42 | 0 | 0.00 | 0 | 6.71 | -25.2 |
| 2016 (3) | 16.95 | 30.08 | 5.96 | 39.91 | 0.44 | 24.82 | 6.23 | 63.95 | 5.12 | 65.7 | 13.17 | 58.48 | 9.04 | 56.94 | 1.76 | -4.35 | 6.77 | 57.44 | 58.14 | 62.95 | 95.53 | -15.08 | 4.47 | 0 | 0.00 | 0 | 8.97 | 25.28 |
| 2015 (2) | 13.03 | -2.25 | 4.26 | -29.24 | 0.35 | 43.99 | 3.80 | -36.24 | 3.09 | -35.76 | 8.31 | -57.73 | 5.76 | -54.43 | 1.84 | -29.5 | 4.30 | -31.96 | 35.68 | -37.22 | 112.50 | 11.4 | -12.14 | 0 | 0.00 | 0 | 7.16 | 14.93 |
| 2014 (1) | 13.33 | 0 | 6.02 | 0 | 0.24 | 33.7 | 5.96 | 0 | 4.81 | 0 | 19.66 | 0 | 12.64 | 0 | 2.61 | -6.12 | 6.32 | 2.43 | 56.83 | 0.37 | 100.99 | 3.84 | -0.99 | 0 | 0.00 | 0 | 6.23 | -1.74 |
