- 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) | 19.61 | -9.55 | -14.78 | 8.34 | -2.57 | -26.78 | 6.73 | -37.28 | -33.43 | 6.23 | -28.06 | -25.03 | 3.74 | -27.38 | -19.91 | 2.38 | -23.96 | -23.23 | 0.38 | 5.56 | 2.7 | 7.96 | -33.56 | -28.22 | 57.76 | 1.3 | 10.44 | 124.49 | 56.14 | 9.94 | -24.49 | -220.82 | -85.03 | 14.50 | -6.81 | -1.56 |
| 23Q3 (19) | 21.68 | -4.54 | -2.17 | 8.56 | -8.55 | -6.24 | 10.73 | -0.19 | -29.78 | 8.66 | 7.85 | -32.13 | 5.15 | 22.04 | -25.25 | 3.13 | 16.36 | -29.02 | 0.36 | 9.09 | 2.86 | 11.98 | -0.5 | -26.68 | 57.02 | -21.78 | 16.01 | 79.73 | -8.11 | 33.83 | 20.27 | 53.15 | -49.86 | 15.56 | -6.49 | -7.93 |
| 23Q2 (18) | 22.71 | 0.26 | -11.22 | 9.36 | 4.7 | -26.36 | 10.75 | 28.74 | -39.4 | 8.03 | 21.85 | -45.37 | 4.22 | 35.26 | -46.72 | 2.69 | 26.89 | -47.36 | 0.33 | 3.13 | -5.71 | 12.04 | 27.54 | -35.65 | 72.90 | 69.06 | 13.98 | 86.76 | -19.78 | 20.57 | 13.24 | 262.13 | -52.79 | 16.64 | -0.89 | 2.53 |
| 23Q1 (17) | 22.65 | -1.56 | -8.63 | 8.94 | -21.51 | -24.37 | 8.35 | -17.41 | -38.24 | 6.59 | -20.7 | -39.32 | 3.12 | -33.19 | -45.45 | 2.12 | -31.61 | -45.22 | 0.32 | -13.51 | -11.11 | 9.44 | -14.88 | -34.94 | 43.12 | -17.55 | -6.95 | 108.16 | -4.48 | 23.84 | -8.16 | 38.32 | -164.49 | 16.79 | 13.99 | 3.58 |
| 22Q4 (16) | 23.01 | 3.84 | -7.22 | 11.39 | 24.75 | -13.19 | 10.11 | -33.84 | -21.99 | 8.31 | -34.87 | -27.3 | 4.67 | -32.22 | -29.56 | 3.10 | -29.71 | -27.91 | 0.37 | 5.71 | -2.63 | 11.09 | -32.13 | -20.79 | 52.30 | 6.41 | 6.32 | 113.24 | 90.07 | 11.82 | -13.24 | -132.74 | -945.59 | 14.73 | -12.84 | -1.01 |
| 22Q3 (15) | 22.16 | -13.37 | -1.51 | 9.13 | -28.17 | -7.78 | 15.28 | -13.87 | 54.03 | 12.76 | -13.2 | 60.71 | 6.89 | -13.01 | 56.59 | 4.41 | -13.7 | 51.03 | 0.35 | 0.0 | -5.41 | 16.34 | -12.67 | 49.91 | 49.15 | -23.16 | -17.37 | 59.57 | -17.21 | -40.43 | 40.43 | 44.18 | 0 | 16.90 | 4.13 | 2.99 |
| 22Q2 (14) | 25.58 | 3.19 | 12.64 | 12.71 | 7.53 | 24.36 | 17.74 | 31.21 | 89.33 | 14.70 | 35.36 | 105.02 | 7.92 | 38.46 | 117.58 | 5.11 | 32.04 | 99.61 | 0.35 | -2.78 | -2.78 | 18.71 | 28.95 | 78.7 | 63.96 | 38.02 | 49.02 | 71.96 | -17.61 | -34.58 | 28.04 | 121.5 | 380.37 | 16.23 | 0.12 | -4.53 |
| 22Q1 (13) | 24.79 | -0.04 | 11.32 | 11.82 | -9.91 | 49.43 | 13.52 | 4.32 | 51.4 | 10.86 | -4.99 | 52.1 | 5.72 | -13.73 | 67.74 | 3.87 | -10.0 | 66.09 | 0.36 | -5.26 | 9.09 | 14.51 | 3.64 | 41.01 | 46.34 | -5.79 | 11.37 | 87.34 | -13.75 | -1.17 | 12.66 | 1100.0 | 8.86 | 16.21 | 8.94 | -8.73 |
| 21Q4 (12) | 24.80 | 10.22 | -2.67 | 13.12 | 32.53 | 19.27 | 12.96 | 30.65 | 33.33 | 11.43 | 43.95 | 47.1 | 6.63 | 50.68 | 61.31 | 4.30 | 47.26 | 57.51 | 0.38 | 2.7 | 8.57 | 14.00 | 28.44 | 29.51 | 49.19 | -17.3 | -5.77 | 101.27 | 1.27 | -11.17 | -1.27 | 0 | 90.96 | 14.88 | -9.32 | -17.01 |
| 21Q3 (11) | 22.50 | -0.92 | -6.64 | 9.90 | -3.13 | 29.92 | 9.92 | 5.87 | 41.51 | 7.94 | 10.74 | 40.53 | 4.40 | 20.88 | 50.68 | 2.92 | 14.06 | 56.99 | 0.37 | 2.78 | 12.12 | 10.90 | 4.11 | 33.25 | 59.48 | 38.58 | 21.24 | 100.00 | -9.09 | -8.11 | 0.00 | 100.0 | 100.0 | 16.41 | -3.47 | -13.4 |
| 21Q2 (10) | 22.71 | 1.98 | -0.04 | 10.22 | 29.2 | 87.52 | 9.37 | 4.93 | 106.39 | 7.17 | 0.42 | 97.52 | 3.64 | 6.74 | 83.84 | 2.56 | 9.87 | 108.13 | 0.36 | 9.09 | 5.88 | 10.47 | 1.75 | 85.97 | 42.92 | 3.15 | -34.62 | 110.00 | 24.47 | -7.6 | -10.00 | -186.0 | 47.5 | 17.00 | -4.28 | -16.75 |
| 21Q1 (9) | 22.27 | -12.6 | -21.67 | 7.91 | -28.09 | -23.94 | 8.93 | -8.13 | -19.84 | 7.14 | -8.11 | -19.87 | 3.41 | -17.03 | -31.8 | 2.33 | -14.65 | -25.56 | 0.33 | -5.71 | -5.71 | 10.29 | -4.81 | -13.96 | 41.61 | -20.29 | -23.99 | 88.37 | -22.48 | -3.41 | 11.63 | 183.06 | 82.17 | 17.76 | -0.95 | -16.97 |
| 20Q4 (8) | 25.48 | 5.73 | -5.17 | 11.00 | 44.36 | -16.35 | 9.72 | 38.66 | -20.72 | 7.77 | 37.52 | -22.22 | 4.11 | 40.75 | -38.66 | 2.73 | 46.77 | -31.23 | 0.35 | 6.06 | -12.5 | 10.81 | 32.15 | -16.33 | 52.20 | 6.4 | -20.52 | 114.00 | 4.76 | 6.65 | -14.00 | -58.67 | -103.0 | 17.93 | -5.38 | 3.94 |
| 20Q3 (7) | 24.10 | 6.07 | -15.23 | 7.62 | 39.82 | -46.68 | 7.01 | 54.41 | -52.76 | 5.65 | 55.65 | -54.73 | 2.92 | 47.47 | -64.65 | 1.86 | 51.22 | -59.21 | 0.33 | -2.94 | -10.81 | 8.18 | 45.29 | -47.9 | 49.06 | -25.27 | -31.62 | 108.82 | -8.59 | 12.33 | -8.82 | 53.68 | -382.35 | 18.95 | -7.2 | 0.11 |
| 20Q2 (6) | 22.72 | -20.08 | -13.55 | 5.45 | -47.6 | -55.07 | 4.54 | -59.25 | -68.93 | 3.63 | -59.26 | -69.32 | 1.98 | -60.4 | -72.76 | 1.23 | -60.7 | -70.78 | 0.34 | -2.86 | -5.56 | 5.63 | -52.93 | -63.82 | 65.65 | 19.93 | -28.38 | 119.05 | 30.12 | 43.34 | -19.05 | -398.41 | -212.38 | 20.42 | -4.53 | 19.21 |
| 20Q1 (5) | 28.43 | 5.81 | 4.91 | 10.40 | -20.91 | -4.67 | 11.14 | -9.14 | -4.87 | 8.91 | -10.81 | -5.21 | 5.00 | -25.37 | -1.38 | 3.13 | -21.16 | -1.57 | 0.35 | -12.5 | 2.94 | 11.96 | -7.43 | -5.6 | 54.74 | -16.66 | -2.01 | 91.49 | -14.41 | -3.94 | 6.38 | 192.55 | -10.64 | 21.39 | 24.0 | 3.63 |
| 19Q4 (4) | 26.87 | -5.49 | 0.0 | 13.15 | -7.98 | 0.0 | 12.26 | -17.39 | 0.0 | 9.99 | -19.95 | 0.0 | 6.70 | -18.89 | 0.0 | 3.97 | -12.94 | 0.0 | 0.40 | 8.11 | 0.0 | 12.92 | -17.71 | 0.0 | 65.68 | -8.46 | 0.0 | 106.90 | 10.34 | 0.0 | -6.90 | -320.69 | 0.0 | 17.25 | -8.87 | 0.0 |
| 19Q3 (3) | 28.43 | 8.18 | 0.0 | 14.29 | 17.81 | 0.0 | 14.84 | 1.57 | 0.0 | 12.48 | 5.49 | 0.0 | 8.26 | 13.62 | 0.0 | 4.56 | 8.31 | 0.0 | 0.37 | 2.78 | 0.0 | 15.70 | 0.9 | 0.0 | 71.75 | -21.73 | 0.0 | 96.88 | 16.65 | 0.0 | 3.12 | -81.56 | 0.0 | 18.93 | 10.51 | 0.0 |
| 19Q2 (2) | 26.28 | -3.03 | 0.0 | 12.13 | 11.18 | 0.0 | 14.61 | 24.77 | 0.0 | 11.83 | 25.85 | 0.0 | 7.27 | 43.39 | 0.0 | 4.21 | 32.39 | 0.0 | 0.36 | 5.88 | 0.0 | 15.56 | 22.81 | 0.0 | 91.67 | 64.11 | 0.0 | 83.05 | -12.8 | 0.0 | 16.95 | 137.29 | 0.0 | 17.13 | -17.01 | 0.0 |
| 19Q1 (1) | 27.10 | 0.0 | 0.0 | 10.91 | 0.0 | 0.0 | 11.71 | 0.0 | 0.0 | 9.40 | 0.0 | 0.0 | 5.07 | 0.0 | 0.0 | 3.18 | 0.0 | 0.0 | 0.34 | 0.0 | 0.0 | 12.67 | 0.0 | 0.0 | 55.86 | 0.0 | 0.0 | 95.24 | 0.0 | 0.0 | 7.14 | 0.0 | 0.0 | 20.64 | 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) | 21.58 | -9.52 | 8.78 | -22.02 | 1.02 | 14.94 | 9.10 | -35.23 | 7.38 | -36.21 | 15.81 | -36.25 | 10.21 | -37.9 | 1.38 | -2.82 | 10.32 | -31.43 | 57.76 | 10.44 | 96.27 | 20.07 | 3.73 | -81.17 | 0.51 | -4.19 | 15.80 | -1.13 |
| 2022 (9) | 23.85 | 3.11 | 11.26 | 7.96 | 0.89 | -6.74 | 14.05 | 34.97 | 11.57 | 35.48 | 24.80 | 37.09 | 16.44 | 36.89 | 1.42 | 0.71 | 15.05 | 30.76 | 52.30 | 6.32 | 80.17 | -19.83 | 19.83 | 0 | 0.53 | -28.19 | 15.98 | -2.74 |
| 2021 (8) | 23.13 | -7.85 | 10.43 | 20.86 | 0.95 | -5.46 | 10.41 | 29.16 | 8.54 | 32.2 | 18.09 | 28.03 | 12.01 | 34.04 | 1.41 | 1.44 | 11.51 | 26.34 | 49.19 | -5.77 | 100.00 | -6.75 | 0.00 | 0 | 0.74 | 13.16 | 16.43 | -16.04 |
| 2020 (7) | 25.10 | -7.65 | 8.63 | -32.1 | 1.01 | 29.5 | 8.06 | -39.76 | 6.46 | -41.0 | 14.13 | -46.76 | 8.96 | -44.35 | 1.39 | -5.44 | 9.11 | -35.98 | 52.20 | -20.52 | 107.24 | 12.77 | -7.24 | 0 | 0.66 | 689.75 | 19.57 | 6.42 |
| 2019 (6) | 27.18 | 7.18 | 12.71 | 24.73 | 0.78 | -13.94 | 13.38 | 25.4 | 10.95 | 27.33 | 26.54 | 32.04 | 16.10 | 29.42 | 1.47 | 1.38 | 14.23 | 21.94 | 65.68 | 2.51 | 95.09 | -1.03 | 4.91 | 7.33 | 0.08 | -10.65 | 18.39 | -6.84 |
| 2018 (5) | 25.36 | 10.21 | 10.19 | 84.6 | 0.90 | -16.47 | 10.67 | 48.81 | 8.60 | 50.09 | 20.10 | 56.54 | 12.44 | 53.01 | 1.45 | 2.11 | 11.67 | 38.93 | 64.07 | 9.37 | 96.08 | 25.19 | 4.58 | -80.33 | 0.09 | 0 | 19.74 | -12.73 |
| 2017 (4) | 23.01 | -0.99 | 5.52 | 230.54 | 1.08 | -14.56 | 7.17 | 50.0 | 5.73 | 36.43 | 12.84 | 41.72 | 8.13 | 39.45 | 1.42 | 2.16 | 8.40 | 30.64 | 58.58 | 2.36 | 76.74 | 121.2 | 23.26 | -64.39 | 0.00 | 0 | 22.62 | -14.99 |
| 2016 (3) | 23.24 | -2.84 | 1.67 | 50.45 | 1.27 | -8.18 | 4.78 | -19.93 | 4.20 | -26.06 | 9.06 | -24.88 | 5.83 | -25.26 | 1.39 | 1.46 | 6.43 | -18.09 | 57.23 | 6.83 | 34.69 | 76.62 | 65.31 | -20.5 | 0.00 | 0 | 26.61 | 1.99 |
| 2015 (2) | 23.92 | -4.78 | 1.11 | -79.93 | 1.38 | -4.45 | 5.97 | -46.98 | 5.68 | -44.04 | 12.06 | -45.97 | 7.80 | -46.43 | 1.37 | -4.2 | 7.85 | -40.08 | 53.57 | -3.86 | 19.64 | -60.32 | 82.14 | 59.55 | 0.00 | 0 | 26.09 | 15.96 |
| 2014 (1) | 25.12 | 0 | 5.53 | 0 | 1.44 | -25.64 | 11.26 | 0 | 10.15 | 0 | 22.32 | 0 | 14.56 | 0 | 1.43 | 17.21 | 13.10 | -3.53 | 55.72 | 10.45 | 49.50 | -51.15 | 51.49 | 0 | 0.00 | 0 | 22.50 | -16.67 |
