- 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) | 20.46 | 16.85 | 14.75 | 10.67 | 138.7 | 105.19 | 8.91 | 49.75 | 56.32 | 5.83 | 39.14 | 34.02 | 3.14 | 44.7 | 33.05 | 1.32 | 37.5 | 32.0 | 0.18 | 5.88 | 0.0 | 16.55 | 18.47 | 21.96 | 189.24 | -6.07 | -4.48 | 120.00 | 60.58 | 31.69 | -19.67 | -179.54 | -321.64 | 15.14 | -8.69 | -12.03 |
| 23Q3 (19) | 17.51 | 4.23 | -12.45 | 4.47 | -3.66 | -31.65 | 5.95 | 35.54 | -30.08 | 4.19 | 33.87 | -36.42 | 2.17 | 32.32 | -44.78 | 0.96 | 26.32 | -33.79 | 0.17 | 0.0 | -15.0 | 13.97 | 14.51 | -11.92 | 201.46 | -4.49 | 1.3 | 74.73 | -29.03 | -2.59 | 24.73 | 566.36 | 6.22 | 16.58 | 2.54 | 0.79 |
| 23Q2 (18) | 16.80 | 9.38 | -8.89 | 4.64 | 100.0 | 16.58 | 4.39 | 107.08 | -3.94 | 3.13 | 126.81 | -12.08 | 1.64 | 148.48 | -9.89 | 0.76 | 68.89 | 0.0 | 0.17 | 6.25 | 0.0 | 12.20 | 13.91 | -3.71 | 210.94 | -2.6 | 1.45 | 105.30 | -3.19 | 20.94 | -5.30 | 39.55 | -141.01 | 16.17 | -4.21 | -13.02 |
| 23Q1 (17) | 15.36 | -13.85 | -21.59 | 2.32 | -55.38 | -53.69 | 2.12 | -62.81 | -68.91 | 1.38 | -68.28 | -73.41 | 0.66 | -72.03 | -78.5 | 0.45 | -55.0 | -62.81 | 0.16 | -11.11 | -23.81 | 10.71 | -21.08 | -24.74 | 216.57 | 9.31 | 13.13 | 108.77 | 19.37 | 47.78 | -8.77 | -198.83 | -133.23 | 16.88 | -1.92 | 0.06 |
| 22Q4 (16) | 17.83 | -10.85 | -9.72 | 5.20 | -20.49 | 6.34 | 5.70 | -33.02 | -20.06 | 4.35 | -33.99 | -18.08 | 2.36 | -39.95 | -22.62 | 1.00 | -31.03 | -17.36 | 0.18 | -10.0 | -10.0 | 13.57 | -14.44 | -5.1 | 198.12 | -0.38 | 7.86 | 91.12 | 18.78 | 32.92 | 8.88 | -61.88 | -71.77 | 17.21 | 4.62 | 7.23 |
| 22Q3 (15) | 20.00 | 8.46 | 7.01 | 6.54 | 64.32 | 88.47 | 8.51 | 86.21 | 141.08 | 6.59 | 85.11 | 144.98 | 3.93 | 115.93 | 167.35 | 1.45 | 90.79 | 126.56 | 0.20 | 17.65 | 5.26 | 15.86 | 25.18 | 44.58 | 198.87 | -4.35 | 3.51 | 76.72 | -11.89 | -22.41 | 23.28 | 80.05 | 1972.14 | 16.45 | -11.51 | -8.71 |
| 22Q2 (14) | 18.44 | -5.87 | 2.33 | 3.98 | -20.56 | 16.72 | 4.57 | -32.99 | 53.36 | 3.56 | -31.41 | 67.14 | 1.82 | -40.72 | 59.65 | 0.76 | -37.19 | 55.1 | 0.17 | -19.05 | -10.53 | 12.67 | -10.96 | 24.22 | 207.92 | 8.61 | 13.85 | 87.07 | 18.29 | -24.33 | 12.93 | -51.01 | 194.4 | 18.59 | 10.2 | -0.91 |
| 22Q1 (13) | 19.59 | -0.81 | 1.29 | 5.01 | 2.45 | -12.72 | 6.82 | -4.35 | 38.9 | 5.19 | -2.26 | 29.1 | 3.07 | 0.66 | 43.46 | 1.21 | 0.0 | 34.44 | 0.21 | 5.0 | 5.0 | 14.23 | -0.49 | 11.87 | 191.44 | 4.22 | 7.4 | 73.60 | 7.36 | -37.2 | 26.40 | -16.05 | 253.35 | 16.87 | 5.11 | -6.28 |
| 21Q4 (12) | 19.75 | 5.67 | -15.09 | 4.89 | 40.92 | -42.06 | 7.13 | 101.98 | -25.88 | 5.31 | 97.4 | -25.0 | 3.05 | 107.48 | -26.33 | 1.21 | 89.06 | -30.86 | 0.20 | 5.26 | -9.09 | 14.30 | 30.36 | -18.1 | 183.69 | -4.39 | 12.03 | 68.56 | -30.66 | -21.86 | 31.44 | 2698.45 | 156.46 | 16.05 | -10.93 | -6.69 |
| 21Q3 (11) | 18.69 | 3.72 | -11.88 | 3.47 | 1.76 | -53.61 | 3.53 | 18.46 | -56.04 | 2.69 | 26.29 | -55.39 | 1.47 | 28.95 | -55.86 | 0.64 | 30.61 | -52.94 | 0.19 | 0.0 | -5.0 | 10.97 | 7.55 | -31.74 | 192.13 | 5.2 | 11.84 | 98.88 | -14.07 | 6.57 | 1.12 | 108.2 | -83.23 | 18.02 | -3.94 | 0.28 |
| 21Q2 (10) | 18.02 | -6.83 | 26.81 | 3.41 | -40.59 | 196.6 | 2.98 | -39.31 | 165.64 | 2.13 | -47.01 | 168.05 | 1.14 | -46.73 | 192.68 | 0.49 | -45.56 | 268.97 | 0.19 | -5.0 | 35.71 | 10.20 | -19.81 | 55.49 | 182.63 | 2.46 | 5.74 | 115.07 | -1.83 | 47.67 | -13.70 | 20.42 | -162.05 | 18.76 | 4.22 | 0 |
| 21Q1 (9) | 19.34 | -16.85 | 23.66 | 5.74 | -31.99 | 2013.33 | 4.91 | -48.96 | 395.96 | 4.02 | -43.22 | 3250.0 | 2.14 | -48.31 | 3466.67 | 0.90 | -48.57 | 400.0 | 0.20 | -9.09 | 25.0 | 12.72 | -27.15 | 21.49 | 178.25 | 8.71 | -6.14 | 117.21 | 33.59 | 490.71 | -17.21 | -240.39 | -113.24 | 18.00 | 4.65 | -12.2 |
| 20Q4 (8) | 23.26 | 9.67 | 16.53 | 8.44 | 12.83 | 32.08 | 9.62 | 19.8 | 83.24 | 7.08 | 17.41 | 98.32 | 4.14 | 24.32 | 88.18 | 1.75 | 28.68 | 86.17 | 0.22 | 10.0 | 4.76 | 17.46 | 8.65 | 26.98 | 163.97 | -4.55 | -12.4 | 87.74 | -5.44 | -28.16 | 12.26 | 82.96 | 155.38 | 17.20 | -4.28 | -8.99 |
| 20Q3 (7) | 21.21 | 49.26 | 19.76 | 7.48 | 311.9 | 157.93 | 8.03 | 276.87 | 199.63 | 6.03 | 292.65 | 180.47 | 3.33 | 370.73 | 156.15 | 1.36 | 568.97 | 109.23 | 0.20 | 42.86 | -4.76 | 16.07 | 144.97 | 39.38 | 171.79 | -0.53 | -10.78 | 92.78 | 19.07 | -13.75 | 6.70 | -69.65 | 173.71 | 17.97 | 0 | -2.55 |
| 20Q2 (6) | 14.21 | -9.14 | -17.34 | -3.53 | -1076.67 | -394.17 | -4.54 | -558.59 | -598.9 | -3.13 | -2708.33 | -969.44 | -1.23 | -2150.0 | -715.0 | -0.29 | -261.11 | -207.41 | 0.14 | -12.5 | -30.0 | 6.56 | -37.34 | -31.74 | 172.71 | -9.06 | -9.26 | 77.92 | 359.74 | -40.89 | 22.08 | -83.02 | 169.39 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 15.64 | -21.64 | -17.51 | -0.30 | -104.69 | -106.68 | 0.99 | -81.14 | -78.62 | 0.12 | -96.64 | -96.51 | 0.06 | -97.27 | -96.86 | 0.18 | -80.85 | -80.22 | 0.16 | -23.81 | -23.81 | 10.47 | -23.85 | -17.95 | 189.91 | 1.45 | 14.33 | -30.00 | -124.56 | -130.78 | 130.00 | 687.24 | 5013.33 | 20.50 | 8.47 | 14.33 |
| 19Q4 (4) | 19.96 | 12.7 | 0.0 | 6.39 | 120.34 | 0.0 | 5.25 | 95.9 | 0.0 | 3.57 | 66.05 | 0.0 | 2.20 | 69.23 | 0.0 | 0.94 | 44.62 | 0.0 | 0.21 | 0.0 | 0.0 | 13.75 | 19.25 | 0.0 | 187.19 | -2.78 | 0.0 | 122.14 | 13.54 | 0.0 | -22.14 | -143.51 | 0.0 | 18.90 | 2.49 | 0.0 |
| 19Q3 (3) | 17.71 | 3.03 | 0.0 | 2.90 | 141.67 | 0.0 | 2.68 | 194.51 | 0.0 | 2.15 | 497.22 | 0.0 | 1.30 | 550.0 | 0.0 | 0.65 | 140.74 | 0.0 | 0.21 | 5.0 | 0.0 | 11.53 | 19.98 | 0.0 | 192.54 | 1.16 | 0.0 | 107.58 | -18.39 | 0.0 | -9.09 | 71.43 | 0.0 | 18.44 | -5.87 | 0.0 |
| 19Q2 (2) | 17.19 | -9.34 | 0.0 | 1.20 | -73.27 | 0.0 | 0.91 | -80.35 | 0.0 | 0.36 | -89.53 | 0.0 | 0.20 | -89.53 | 0.0 | 0.27 | -70.33 | 0.0 | 0.20 | -4.76 | 0.0 | 9.61 | -24.69 | 0.0 | 190.33 | 14.59 | 0.0 | 131.82 | 35.26 | 0.0 | -31.82 | -1351.52 | 0.0 | 19.59 | 9.26 | 0.0 |
| 19Q1 (1) | 18.96 | 0.0 | 0.0 | 4.49 | 0.0 | 0.0 | 4.63 | 0.0 | 0.0 | 3.44 | 0.0 | 0.0 | 1.91 | 0.0 | 0.0 | 0.91 | 0.0 | 0.0 | 0.21 | 0.0 | 0.0 | 12.76 | 0.0 | 0.0 | 166.10 | 0.0 | 0.0 | 97.46 | 0.0 | 0.0 | 2.54 | 0.0 | 0.0 | 17.93 | 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) | 17.69 | -6.85 | 5.77 | 10.11 | 6.05 | -6.35 | 5.55 | -14.48 | 3.77 | -24.45 | 7.70 | -30.38 | 3.64 | -18.39 | 0.70 | -7.89 | 13.55 | -4.31 | 189.24 | -4.48 | 103.97 | 28.71 | -3.97 | 0 | 4.12 | -8.07 | 16.14 | -6.33 |
| 2022 (9) | 18.99 | 0.11 | 5.24 | 19.36 | 6.47 | -0.75 | 6.49 | 38.38 | 4.99 | 39.39 | 11.06 | 45.14 | 4.46 | 37.23 | 0.76 | -2.56 | 14.16 | 17.02 | 198.12 | 7.86 | 80.78 | -13.44 | 19.22 | 196.99 | 4.48 | -15.42 | 17.23 | -2.49 |
| 2021 (8) | 18.97 | -1.35 | 4.39 | 12.56 | 6.51 | -14.59 | 4.69 | 3.99 | 3.58 | 10.15 | 7.62 | 18.51 | 3.25 | 8.7 | 0.78 | 8.33 | 12.10 | -9.84 | 183.69 | 12.03 | 93.32 | 7.97 | 6.47 | -52.3 | 5.30 | -16.32 | 17.67 | -6.26 |
| 2020 (7) | 19.23 | 4.11 | 3.90 | 3.17 | 7.63 | 5.87 | 4.51 | 32.65 | 3.25 | 35.42 | 6.43 | 16.7 | 2.99 | 7.17 | 0.72 | -13.25 | 13.42 | 12.49 | 163.97 | -12.4 | 86.43 | -22.33 | 13.57 | 0 | 6.33 | -2.25 | 18.85 | 0.75 |
| 2019 (6) | 18.47 | -16.73 | 3.78 | -50.07 | 7.20 | 16.55 | 3.40 | -61.01 | 2.40 | -64.81 | 5.51 | -60.53 | 2.79 | -59.62 | 0.83 | -7.78 | 11.93 | -25.99 | 187.19 | 12.88 | 111.28 | 28.08 | -11.28 | 0 | 6.48 | -9.72 | 18.71 | 9.8 |
| 2018 (5) | 22.18 | -10.53 | 7.57 | -30.23 | 6.18 | -1.48 | 8.72 | -25.79 | 6.82 | -24.81 | 13.96 | -23.76 | 6.91 | -23.73 | 0.90 | -1.1 | 16.12 | -16.09 | 165.83 | 66.63 | 86.88 | -5.84 | 13.12 | 71.57 | 7.17 | 0 | 17.04 | 2.4 |
| 2017 (4) | 24.79 | 0.65 | 10.85 | 23.16 | 6.27 | 0.54 | 11.75 | 20.39 | 9.07 | 29.94 | 18.31 | 9.64 | 9.06 | 20.0 | 0.91 | -4.21 | 19.21 | 10.66 | 99.52 | -35.38 | 92.27 | 2.31 | 7.65 | -21.27 | 0.00 | 0 | 16.64 | -0.6 |
| 2016 (3) | 24.63 | 2.75 | 8.81 | -1.89 | 6.24 | -2.72 | 9.76 | 0.21 | 6.98 | 1.6 | 16.70 | 10.09 | 7.55 | 2.17 | 0.95 | 4.4 | 17.36 | -2.2 | 154.01 | 3.52 | 90.18 | -2.04 | 9.71 | 24.05 | 0.00 | 0 | 16.74 | 3.21 |
| 2015 (2) | 23.97 | 1.35 | 8.98 | 5.77 | 6.41 | 23.92 | 9.74 | -2.5 | 6.87 | 1.18 | 15.17 | 5.49 | 7.39 | 1.65 | 0.91 | -2.15 | 17.75 | 7.71 | 148.77 | 9.88 | 92.06 | 8.41 | 7.83 | -48.07 | 0.00 | 0 | 16.22 | 26.13 |
| 2014 (1) | 23.65 | 0 | 8.49 | 0 | 5.18 | 54.38 | 9.99 | 0 | 6.79 | 0 | 14.38 | 0 | 7.27 | 0 | 0.93 | -16.22 | 16.48 | 34.64 | 135.39 | 22.69 | 84.92 | 8.64 | 15.08 | -30.94 | 0.00 | 0 | 12.86 | 18.2 |
