- 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) | 36.13 | 11.51 | 29.87 | 9.79 | 130.9 | -3.26 | 13.86 | 80.47 | 958.02 | 13.23 | 90.91 | 647.46 | 4.99 | 131.02 | 760.34 | 3.36 | 121.05 | 784.21 | 0.25 | 13.64 | 19.05 | 15.91 | 55.98 | 323.14 | 51.82 | 8.18 | -12.78 | 70.59 | 28.0 | -90.86 | 29.41 | -34.43 | 104.38 | 21.12 | 3.83 | 33.0 |
| 23Q3 (19) | 32.40 | -0.18 | 33.66 | 4.24 | -40.86 | -49.4 | 7.68 | 18.15 | -16.16 | 6.93 | 57.5 | -15.28 | 2.16 | 86.21 | -31.43 | 1.52 | 78.82 | -22.45 | 0.22 | 15.79 | -8.33 | 10.20 | 6.03 | -8.19 | 47.90 | 19.54 | -21.74 | 55.15 | -50.01 | -39.66 | 44.85 | 535.14 | 425.64 | 20.34 | 1.04 | 48.68 |
| 23Q2 (18) | 32.46 | 1.82 | 5.91 | 7.17 | -13.82 | -39.19 | 6.50 | 108.33 | -51.38 | 4.40 | 83.33 | -60.32 | 1.16 | 78.46 | -75.53 | 0.85 | 88.89 | -70.38 | 0.19 | 5.56 | -26.92 | 9.62 | 54.91 | -35.65 | 40.07 | 4.98 | -36.1 | 110.31 | -58.67 | 25.07 | -10.31 | 93.82 | -186.98 | 20.13 | 5.89 | 22.45 |
| 23Q1 (17) | 31.88 | 14.59 | 1.17 | 8.32 | -17.79 | -42.14 | 3.12 | 138.17 | -79.65 | 2.40 | 35.59 | -81.21 | 0.65 | 12.07 | -88.91 | 0.45 | 18.42 | -87.07 | 0.18 | -14.29 | -33.33 | 6.21 | 65.16 | -62.9 | 38.17 | -35.75 | -44.93 | 266.88 | -65.43 | 184.56 | -166.88 | 75.17 | -2785.42 | 19.01 | 19.71 | 35.88 |
| 22Q4 (16) | 27.82 | 14.77 | -1.7 | 10.12 | 20.76 | -8.42 | 1.31 | -85.7 | -89.34 | 1.77 | -78.36 | -83.55 | 0.58 | -81.59 | -88.42 | 0.38 | -80.61 | -87.86 | 0.21 | -12.5 | -27.59 | 3.76 | -66.16 | -72.27 | 59.41 | -2.94 | -13.8 | 772.05 | 744.77 | 758.39 | -672.05 | -7975.95 | -6781.72 | 15.88 | 16.08 | 10.12 |
| 22Q3 (15) | 24.24 | -20.91 | -23.68 | 8.38 | -28.92 | -50.3 | 9.16 | -31.49 | -45.8 | 8.18 | -26.24 | -41.9 | 3.15 | -33.54 | -54.22 | 1.96 | -31.71 | -55.25 | 0.24 | -7.69 | -22.58 | 11.11 | -25.69 | -38.41 | 61.21 | -2.39 | 19.2 | 91.39 | 3.63 | -8.35 | 8.53 | -28.0 | 2951.59 | 13.68 | -16.79 | 10.95 |
| 22Q2 (14) | 30.65 | -2.73 | -5.98 | 11.79 | -18.01 | -26.04 | 13.37 | -12.79 | -22.85 | 11.09 | -13.16 | -22.07 | 4.74 | -19.11 | -25.82 | 2.87 | -17.53 | -31.83 | 0.26 | -3.7 | -13.33 | 14.95 | -10.69 | -19.15 | 62.71 | -9.52 | -1.41 | 88.19 | -5.96 | -4.15 | 11.85 | 90.71 | 48.46 | 16.44 | 17.51 | 18.02 |
| 22Q1 (13) | 31.51 | 11.34 | 6.06 | 14.38 | 30.14 | 0.98 | 15.33 | 24.74 | -3.71 | 12.77 | 18.68 | -2.44 | 5.86 | 16.97 | 24.42 | 3.48 | 11.18 | 2.05 | 0.27 | -6.9 | 3.85 | 16.74 | 23.45 | -2.84 | 69.31 | 0.57 | 67.09 | 93.79 | 4.27 | 4.88 | 6.21 | -38.22 | -41.24 | 13.99 | -2.98 | 6.63 |
| 21Q4 (12) | 28.30 | -10.89 | 22.78 | 11.05 | -34.46 | 1355.68 | 12.29 | -27.28 | -63.34 | 10.76 | -23.58 | -63.49 | 5.01 | -27.18 | -55.9 | 3.13 | -28.54 | -63.31 | 0.29 | -6.45 | 0.0 | 13.56 | -24.83 | -60.99 | 68.92 | 34.22 | 95.24 | 89.94 | -9.81 | 3525.75 | 10.06 | 3497.0 | -90.2 | 14.42 | 16.95 | -27.1 |
| 21Q3 (11) | 31.76 | -2.58 | 40.47 | 16.86 | 5.77 | 76.54 | 16.90 | -2.48 | -0.53 | 14.08 | -1.05 | -8.63 | 6.88 | 7.67 | 14.67 | 4.38 | 4.04 | -1.79 | 0.31 | 3.33 | 6.9 | 18.04 | -2.43 | -1.31 | 51.35 | -19.27 | 65.65 | 99.72 | 8.37 | 77.4 | 0.28 | -96.5 | -99.36 | 12.33 | -11.49 | 1.31 |
| 21Q2 (10) | 32.60 | 9.73 | 31.66 | 15.94 | 11.94 | 60.2 | 17.33 | 8.86 | 67.44 | 14.23 | 8.71 | 30.43 | 6.39 | 35.67 | 64.27 | 4.21 | 23.46 | 47.72 | 0.30 | 15.38 | 15.38 | 18.49 | 7.31 | 58.85 | 63.61 | 53.35 | 65.65 | 92.02 | 2.9 | -4.32 | 7.98 | -24.51 | 108.48 | 13.93 | 6.17 | 0 |
| 21Q1 (9) | 29.71 | 28.89 | -2.37 | 14.24 | 1718.18 | 2.82 | 15.92 | -52.51 | -8.45 | 13.09 | -55.58 | -11.25 | 4.71 | -58.54 | -25.12 | 3.41 | -60.02 | -27.6 | 0.26 | -10.34 | -18.75 | 17.23 | -50.43 | -6.36 | 41.48 | 17.51 | 19.64 | 89.42 | 3506.06 | 12.25 | 10.58 | -89.7 | -47.98 | 13.12 | -33.67 | -1.87 |
| 20Q4 (8) | 23.05 | 1.95 | -12.76 | -0.88 | -109.21 | -108.63 | 33.52 | 97.29 | 206.96 | 29.47 | 91.24 | 210.54 | 11.36 | 89.33 | 159.36 | 8.53 | 91.26 | 153.87 | 0.29 | 0.0 | -17.14 | 34.76 | 90.15 | 192.84 | 35.30 | 13.87 | 9.05 | -2.63 | -104.67 | -102.81 | 102.63 | 134.37 | 1438.31 | 19.78 | 62.53 | 42.51 |
| 20Q3 (7) | 22.61 | -8.68 | -17.54 | 9.55 | -4.02 | -31.74 | 16.99 | 64.15 | 11.12 | 15.41 | 41.25 | 17.01 | 6.00 | 54.24 | -0.66 | 4.46 | 56.49 | 0.68 | 0.29 | 11.54 | -14.71 | 18.28 | 57.04 | 12.84 | 31.00 | -19.27 | 9.15 | 56.21 | -41.55 | -38.53 | 43.79 | 1043.55 | 412.2 | 12.17 | 0 | 25.72 |
| 20Q2 (6) | 24.76 | -18.63 | 11.33 | 9.95 | -28.16 | -8.72 | 10.35 | -40.48 | 3.81 | 10.91 | -26.03 | 36.72 | 3.89 | -38.16 | 34.6 | 2.85 | -39.49 | 40.39 | 0.26 | -18.75 | 4.0 | 11.64 | -36.74 | 5.72 | 38.40 | 10.76 | -13.94 | 96.17 | 20.71 | -11.95 | 3.83 | -81.17 | 141.52 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 30.43 | 15.18 | 35.73 | 13.85 | 35.78 | 21.17 | 17.39 | 59.25 | 56.1 | 14.75 | 55.43 | 56.25 | 6.29 | 43.61 | 95.34 | 4.71 | 40.18 | 102.15 | 0.32 | -8.57 | 28.0 | 18.40 | 55.01 | 48.51 | 34.67 | 7.11 | -13.73 | 79.67 | -14.64 | -22.34 | 20.33 | 204.75 | 883.86 | 13.37 | -3.67 | 52.45 |
| 19Q4 (4) | 26.42 | -3.65 | 0.0 | 10.20 | -27.09 | 0.0 | 10.92 | -28.58 | 0.0 | 9.49 | -27.94 | 0.0 | 4.38 | -27.48 | 0.0 | 3.36 | -24.15 | 0.0 | 0.35 | 2.94 | 0.0 | 11.87 | -26.73 | 0.0 | 32.37 | 13.98 | 0.0 | 93.33 | 2.05 | 0.0 | 6.67 | -21.96 | 0.0 | 13.88 | 43.39 | 0.0 |
| 19Q3 (3) | 27.42 | 23.29 | 0.0 | 13.99 | 28.35 | 0.0 | 15.29 | 53.36 | 0.0 | 13.17 | 65.04 | 0.0 | 6.04 | 109.0 | 0.0 | 4.43 | 118.23 | 0.0 | 0.34 | 36.0 | 0.0 | 16.20 | 47.14 | 0.0 | 28.40 | -36.35 | 0.0 | 91.45 | -16.27 | 0.0 | 8.55 | 192.71 | 0.0 | 9.68 | 21.15 | 0.0 |
| 19Q2 (2) | 22.24 | -0.8 | 0.0 | 10.90 | -4.64 | 0.0 | 9.97 | -10.5 | 0.0 | 7.98 | -15.47 | 0.0 | 2.89 | -10.25 | 0.0 | 2.03 | -12.88 | 0.0 | 0.25 | 0.0 | 0.0 | 11.01 | -11.14 | 0.0 | 44.62 | 11.02 | 0.0 | 109.22 | 6.46 | 0.0 | -9.22 | -255.53 | 0.0 | 7.99 | -8.89 | 0.0 |
| 19Q1 (1) | 22.42 | 0.0 | 0.0 | 11.43 | 0.0 | 0.0 | 11.14 | 0.0 | 0.0 | 9.44 | 0.0 | 0.0 | 3.22 | 0.0 | 0.0 | 2.33 | 0.0 | 0.0 | 0.25 | 0.0 | 0.0 | 12.39 | 0.0 | 0.0 | 40.19 | 0.0 | 0.0 | 102.59 | 0.0 | 0.0 | -2.59 | 0.0 | 0.0 | 8.77 | 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) | 33.52 | 16.55 | 7.51 | -33.89 | 1.42 | 31.67 | 8.50 | -18.66 | 7.52 | -16.07 | 9.01 | -37.47 | 5.87 | -33.52 | 0.77 | -21.43 | 11.11 | -9.31 | 51.82 | -12.78 | 88.36 | -18.7 | 11.66 | 0 | 0.36 | -42.38 | 20.27 | 35.49 |
| 2022 (9) | 28.76 | -6.07 | 11.36 | -21.76 | 1.08 | 43.49 | 10.45 | -32.88 | 8.96 | -31.18 | 14.41 | -35.93 | 8.83 | -40.18 | 0.98 | -13.27 | 12.25 | -27.0 | 59.41 | -13.8 | 108.69 | 16.51 | -8.69 | 0 | 0.63 | 25.06 | 14.96 | 11.14 |
| 2021 (8) | 30.62 | 21.12 | 14.52 | 81.05 | 0.75 | -3.4 | 15.57 | -22.11 | 13.02 | -27.47 | 22.49 | -16.89 | 14.76 | -26.97 | 1.13 | 0.0 | 16.78 | -20.81 | 68.92 | 95.24 | 93.28 | 132.44 | 6.71 | -88.8 | 0.50 | -24.29 | 13.46 | -6.14 |
| 2020 (7) | 25.28 | 1.32 | 8.02 | -31.22 | 0.78 | 18.89 | 19.99 | 67.0 | 17.95 | 76.5 | 27.06 | 66.93 | 20.21 | 66.89 | 1.13 | -5.04 | 21.19 | 63.13 | 35.30 | 9.05 | 40.13 | -58.78 | 59.88 | 2172.4 | 0.66 | -4.83 | 14.34 | 38.42 |
| 2019 (6) | 24.95 | 11.43 | 11.66 | 0.95 | 0.66 | 19.37 | 11.97 | -2.44 | 10.17 | -3.97 | 16.21 | -0.55 | 12.11 | 0.25 | 1.19 | 4.39 | 12.99 | -2.48 | 32.37 | -8.56 | 97.36 | 3.46 | 2.64 | -55.29 | 0.69 | 65.2 | 10.36 | 35.25 |
| 2018 (5) | 22.39 | -18.49 | 11.55 | -28.17 | 0.55 | 36.04 | 12.27 | -23.55 | 10.59 | -23.04 | 16.30 | -30.61 | 12.08 | -29.69 | 1.14 | -8.8 | 13.32 | -21.0 | 35.40 | 1.72 | 94.11 | -6.09 | 5.89 | 0 | 0.42 | 0 | 7.66 | -13.45 |
| 2017 (4) | 27.47 | 29.82 | 16.08 | 45.39 | 0.40 | 42.53 | 16.05 | 28.3 | 13.76 | 25.43 | 23.49 | 6.53 | 17.18 | 7.98 | 1.25 | -13.79 | 16.86 | 28.9 | 34.80 | -10.86 | 100.21 | 13.33 | -0.21 | 0 | 0.00 | 0 | 8.85 | 19.92 |
| 2016 (3) | 21.16 | 3.78 | 11.06 | -2.12 | 0.28 | -2.8 | 12.51 | 4.6 | 10.97 | 5.28 | 22.05 | 5.6 | 15.91 | 6.35 | 1.45 | 0.69 | 13.08 | 4.31 | 39.04 | 1.96 | 88.42 | -6.43 | 11.58 | 110.48 | 0.00 | 0 | 7.38 | 10.31 |
| 2015 (2) | 20.39 | 24.63 | 11.30 | 32.94 | 0.29 | 5.09 | 11.96 | 18.18 | 10.42 | 23.02 | 20.88 | 18.23 | 14.96 | 24.05 | 1.44 | 1.41 | 12.54 | 17.53 | 38.29 | -7.18 | 94.50 | 12.52 | 5.50 | -65.66 | 0.00 | 0 | 6.69 | 15.74 |
| 2014 (1) | 16.36 | 0 | 8.50 | 0 | 0.28 | 8.82 | 10.12 | 0 | 8.47 | 0 | 17.66 | 0 | 12.06 | 0 | 1.42 | -7.79 | 10.67 | -23.51 | 41.25 | -21.59 | 83.99 | -8.14 | 16.01 | 87.34 | 0.00 | 0 | 5.78 | 5.09 |
