- 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) | 22.94 | 17.88 | 20.67 | -1.52 | -20.63 | -38.18 | -1.47 | -3.52 | -47.0 | -0.95 | 54.11 | -102.13 | -0.31 | 59.74 | -63.16 | -0.17 | 64.58 | -183.33 | 0.22 | -12.0 | -12.0 | 0.74 | -3.9 | -20.43 | 43.20 | -10.35 | -21.8 | 100.00 | 10.0 | 0.0 | -0.00 | -100.0 | 100.0 | 15.79 | 21.09 | 33.14 |
| 23Q3 (19) | 19.46 | -2.51 | -1.47 | -1.26 | -687.5 | -181.82 | -1.42 | -256.04 | -197.26 | -2.07 | -644.74 | -372.37 | -0.77 | -613.33 | -348.39 | -0.48 | -442.86 | -292.0 | 0.25 | 0.0 | 0.0 | 0.77 | -72.2 | -74.42 | 48.19 | -3.12 | -28.45 | 90.91 | 736.36 | -15.58 | 9.09 | -92.93 | 218.18 | 13.04 | 2.03 | 13.49 |
| 23Q2 (18) | 19.96 | 1.73 | -6.25 | -0.16 | -116.16 | -103.15 | 0.91 | -5.21 | -86.25 | 0.38 | 26.67 | -92.55 | 0.15 | 36.36 | -94.0 | 0.14 | 7.69 | -90.73 | 0.25 | 4.17 | -13.79 | 2.77 | -3.82 | -65.29 | 49.74 | -9.91 | -30.07 | -14.29 | -114.29 | -118.87 | 128.57 | 0 | 462.5 | 12.78 | 1.43 | 22.41 |
| 23Q1 (17) | 19.62 | 3.21 | 7.1 | 0.99 | 190.0 | -75.19 | 0.96 | 196.0 | -83.3 | 0.30 | 163.83 | -93.1 | 0.11 | 157.89 | -94.39 | 0.13 | 316.67 | -89.68 | 0.24 | -4.0 | -14.29 | 2.88 | 209.68 | -60.98 | 55.21 | -0.05 | -20.16 | 100.00 | 0.0 | 42.11 | 0.00 | 100.0 | -100.0 | 12.60 | 6.24 | 29.63 |
| 22Q4 (16) | 19.01 | -3.75 | 6.44 | -1.10 | -171.43 | -129.33 | -1.00 | -168.49 | -123.87 | -0.47 | -161.84 | -113.82 | -0.19 | -161.29 | -113.29 | -0.06 | -124.0 | -106.19 | 0.25 | 0.0 | -10.71 | 0.93 | -69.1 | -85.14 | 55.24 | -17.98 | 8.55 | 100.00 | -7.14 | 12.5 | -11.11 | -44.44 | -200.0 | 11.86 | 3.22 | 15.37 |
| 22Q3 (15) | 19.75 | -7.23 | 13.7 | 1.54 | -69.69 | -64.19 | 1.46 | -77.95 | -66.2 | 0.76 | -85.1 | -76.18 | 0.31 | -87.6 | -79.19 | 0.25 | -83.44 | -75.49 | 0.25 | -13.79 | -19.35 | 3.01 | -62.28 | -48.37 | 67.35 | -5.31 | 35.65 | 107.69 | 42.24 | 7.69 | -7.69 | -133.65 | 0 | 11.49 | 10.06 | 13.99 |
| 22Q2 (14) | 21.29 | 16.21 | 21.24 | 5.08 | 27.32 | -10.41 | 6.62 | 15.13 | 23.74 | 5.10 | 17.24 | 20.57 | 2.50 | 27.55 | 21.36 | 1.51 | 19.84 | 7.86 | 0.29 | 3.57 | -9.38 | 7.98 | 8.13 | 27.48 | 71.13 | 2.86 | 32.02 | 75.71 | 7.59 | -28.42 | 22.86 | -27.39 | 496.19 | 10.44 | 7.41 | 42.04 |
| 22Q1 (13) | 18.32 | 2.58 | -4.98 | 3.99 | 6.4 | -43.4 | 5.75 | 37.23 | -18.44 | 4.35 | 27.94 | -22.32 | 1.96 | 37.06 | -20.33 | 1.26 | 29.9 | -28.81 | 0.28 | 0.0 | -9.68 | 7.38 | 17.89 | -7.4 | 69.15 | 35.88 | 52.11 | 70.37 | -20.83 | -29.63 | 31.48 | 183.33 | 0 | 9.72 | -5.45 | 19.56 |
| 21Q4 (12) | 17.86 | 2.82 | 9.84 | 3.75 | -12.79 | -23.63 | 4.19 | -3.01 | -6.05 | 3.40 | 6.58 | -3.41 | 1.43 | -4.03 | 5.93 | 0.97 | -4.9 | -2.02 | 0.28 | -9.68 | 0.0 | 6.26 | 7.38 | 14.86 | 50.89 | 2.5 | 27.0 | 88.89 | -11.11 | -18.32 | 11.11 | 0 | 225.93 | 10.28 | 1.98 | 13.84 |
| 21Q3 (11) | 17.37 | -1.08 | -7.26 | 4.30 | -24.16 | -25.73 | 4.32 | -19.25 | -19.55 | 3.19 | -24.59 | -24.94 | 1.49 | -27.67 | 4.2 | 1.02 | -27.14 | 0.99 | 0.31 | -3.13 | 40.91 | 5.83 | -6.87 | -14.26 | 49.65 | -7.85 | 26.66 | 100.00 | -5.45 | -5.41 | 0.00 | 100.0 | 100.0 | 10.08 | 37.14 | 1.72 |
| 21Q2 (10) | 17.56 | -8.92 | 8.87 | 5.67 | -19.57 | 19.87 | 5.35 | -24.11 | 41.91 | 4.23 | -24.46 | 36.45 | 2.06 | -16.26 | 76.07 | 1.40 | -20.9 | 72.84 | 0.32 | 3.23 | 33.33 | 6.26 | -21.46 | 19.01 | 53.88 | 18.52 | -9.54 | 105.77 | 5.77 | -16.01 | -5.77 | 0 | 77.75 | 7.35 | -9.59 | 0.68 |
| 21Q1 (9) | 19.28 | 18.57 | 1.37 | 7.05 | 43.58 | 169.08 | 7.05 | 58.07 | 227.91 | 5.60 | 59.09 | 229.41 | 2.46 | 82.22 | 339.29 | 1.77 | 78.79 | 284.78 | 0.31 | 10.71 | 47.62 | 7.97 | 46.24 | 86.65 | 45.46 | 13.45 | -18.6 | 100.00 | -8.11 | -17.65 | 0.00 | 100.0 | 100.0 | 8.13 | -9.97 | -22.2 |
| 20Q4 (8) | 16.26 | -13.19 | 21.62 | 4.91 | -15.2 | 168.1 | 4.46 | -16.95 | 157.33 | 3.52 | -17.18 | 156.68 | 1.35 | -5.59 | 155.56 | 0.99 | -1.98 | 173.33 | 0.28 | 27.27 | 16.67 | 5.45 | -19.85 | 199.09 | 40.07 | 2.22 | -28.25 | 108.82 | 2.94 | 15.49 | -8.82 | -2.94 | -214.71 | 9.03 | -8.88 | -22.22 |
| 20Q3 (7) | 18.73 | 16.12 | 82.91 | 5.79 | 22.41 | 189.08 | 5.37 | 42.44 | 162.51 | 4.25 | 37.1 | 158.3 | 1.43 | 22.22 | 145.4 | 1.01 | 24.69 | 164.33 | 0.22 | -8.33 | -4.35 | 6.80 | 29.28 | 210.75 | 39.20 | -34.18 | -47.32 | 105.71 | -16.05 | 40.13 | -8.57 | 66.94 | -134.9 | 9.91 | 35.75 | 1.85 |
| 20Q2 (6) | 16.13 | -15.19 | 6.47 | 4.73 | 80.53 | 397.89 | 3.77 | 75.35 | 484.69 | 3.10 | 82.35 | 536.62 | 1.17 | 108.93 | 416.22 | 0.81 | 76.09 | 910.0 | 0.24 | 14.29 | -11.11 | 5.26 | 23.19 | 776.67 | 59.56 | 6.64 | -39.5 | 125.93 | 3.7 | 225.93 | -25.93 | -20.99 | -112.96 | 7.30 | -30.14 | -15.31 |
| 20Q1 (5) | 19.02 | 42.26 | 16.76 | 2.62 | 136.34 | 87.14 | 2.15 | 127.63 | -46.38 | 1.70 | 127.38 | -44.26 | 0.56 | 123.05 | -60.0 | 0.46 | 134.07 | -43.9 | 0.21 | -12.5 | -12.5 | 4.27 | 177.64 | -26.38 | 55.85 | 0.0 | -37.88 | 121.43 | 28.86 | 264.29 | -21.43 | -378.57 | -133.83 | 10.45 | -9.99 | 25.75 |
| 19Q4 (4) | 13.37 | 30.57 | 0.0 | -7.21 | -10.92 | 0.0 | -7.78 | 9.43 | 0.0 | -6.21 | 14.81 | 0.0 | -2.43 | 22.86 | 0.0 | -1.35 | 14.01 | 0.0 | 0.24 | 4.35 | 0.0 | -5.50 | 10.42 | 0.0 | 55.85 | -24.94 | 0.0 | 94.23 | 24.91 | 0.0 | 7.69 | -68.68 | 0.0 | 11.61 | 19.32 | 0.0 |
| 19Q3 (3) | 10.24 | -32.41 | 0.0 | -6.50 | -784.21 | 0.0 | -8.59 | -776.53 | 0.0 | -7.29 | -926.76 | 0.0 | -3.15 | -751.35 | 0.0 | -1.57 | -1470.0 | 0.0 | 0.23 | -14.81 | 0.0 | -6.14 | -1123.33 | 0.0 | 74.41 | -24.41 | 0.0 | 75.44 | 175.44 | 0.0 | 24.56 | -87.72 | 0.0 | 9.73 | 12.88 | 0.0 |
| 19Q2 (2) | 15.15 | -7.0 | 0.0 | 0.95 | -32.14 | 0.0 | -0.98 | -124.44 | 0.0 | -0.71 | -123.28 | 0.0 | -0.37 | -126.43 | 0.0 | -0.10 | -112.2 | 0.0 | 0.27 | 12.5 | 0.0 | 0.60 | -89.66 | 0.0 | 98.44 | 9.49 | 0.0 | -100.00 | -400.0 | 0.0 | 200.00 | 215.79 | 0.0 | 8.62 | 3.73 | 0.0 |
| 19Q1 (1) | 16.29 | 0.0 | 0.0 | 1.40 | 0.0 | 0.0 | 4.01 | 0.0 | 0.0 | 3.05 | 0.0 | 0.0 | 1.40 | 0.0 | 0.0 | 0.82 | 0.0 | 0.0 | 0.24 | 0.0 | 0.0 | 5.80 | 0.0 | 0.0 | 89.91 | 0.0 | 0.0 | 33.33 | 0.0 | 0.0 | 63.33 | 0.0 | 0.0 | 8.31 | 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) | 20.40 | 3.82 | -0.44 | 0 | 1.34 | 26.35 | -0.20 | 0 | -0.56 | 0 | -0.81 | 0 | -0.36 | 0 | 0.97 | -17.09 | 1.87 | -62.75 | 43.20 | -21.8 | 216.67 | 191.15 | -116.67 | 0 | 6.36 | 7.66 | 13.47 | 24.26 |
| 2022 (9) | 19.65 | 9.23 | 2.54 | -51.06 | 1.06 | -9.52 | 3.42 | -34.48 | 2.59 | -36.83 | 4.63 | -37.43 | 3.24 | -37.81 | 1.17 | -5.65 | 5.02 | -23.48 | 55.24 | 8.55 | 74.42 | -25.19 | 25.58 | 4786.05 | 5.91 | 4529.75 | 10.84 | 21.39 |
| 2021 (8) | 17.99 | 3.15 | 5.19 | 14.32 | 1.18 | 4.4 | 5.22 | 31.82 | 4.10 | 29.34 | 7.40 | 65.18 | 5.21 | 58.84 | 1.24 | 29.17 | 6.56 | 20.37 | 50.89 | 27.0 | 99.48 | -13.26 | 0.52 | 0 | 0.13 | 0 | 8.93 | -1.98 |
| 2020 (7) | 17.44 | 25.38 | 4.54 | 0 | 1.13 | -19.94 | 3.96 | 0 | 3.17 | 0 | 4.48 | 0 | 3.28 | 0 | 0.96 | 1.05 | 5.45 | 0 | 40.07 | -28.25 | 114.68 | 36.37 | -14.68 | 0 | 0.00 | 0 | 9.11 | -3.9 |
| 2019 (6) | 13.91 | -24.81 | -2.52 | 0 | 1.41 | 268.18 | -3.02 | 0 | -2.53 | 0 | -4.20 | 0 | -1.98 | 0 | 0.95 | -18.8 | -1.03 | 0 | 55.85 | -42.91 | 84.09 | -25.3 | 17.05 | 0 | 0.00 | 0 | 9.48 | 16.75 |
| 2018 (5) | 18.50 | 0.6 | 5.36 | 2.29 | 0.38 | -3.64 | 4.78 | -17.59 | 3.10 | -34.46 | 7.30 | -41.51 | 3.94 | -35.62 | 1.17 | -4.1 | 5.56 | -15.89 | 97.83 | -7.18 | 112.57 | 24.51 | -12.00 | 0 | 0.00 | 0 | 8.12 | 4.24 |
| 2017 (4) | 18.39 | 13.8 | 5.24 | 77.03 | 0.40 | -19.97 | 5.80 | 308.45 | 4.73 | 483.95 | 12.48 | 475.12 | 6.12 | 374.42 | 1.22 | 10.91 | 6.61 | 169.8 | 105.40 | -17.21 | 90.41 | -56.47 | 9.59 | 0 | 0.00 | 0 | 7.79 | -4.06 |
| 2016 (3) | 16.16 | -0.98 | 2.96 | 0 | 0.50 | -10.98 | 1.42 | 0 | 0.81 | 0 | 2.17 | 0 | 1.29 | 0 | 1.10 | 15.79 | 2.45 | 0 | 127.31 | -19.68 | 207.69 | 474.62 | -107.69 | 0 | 0.00 | 0 | 8.12 | -15.94 |
| 2015 (2) | 16.32 | 4.48 | -1.59 | 0 | 0.56 | 21.16 | -4.41 | 0 | -3.94 | 0 | -10.31 | 0 | -3.22 | 0 | 0.95 | -5.94 | -3.15 | 0 | 158.51 | -18.16 | 36.14 | 0 | 63.86 | -47.17 | 0.00 | 0 | 9.66 | 15.55 |
| 2014 (1) | 15.62 | 0 | 0.54 | 0 | 0.46 | 5.35 | -2.64 | 0 | -3.02 | 0 | -8.36 | 0 | -2.34 | 0 | 1.01 | -2.88 | -1.24 | 0 | 193.68 | 26.51 | -20.00 | 0 | 120.87 | -19.42 | 0.00 | 0 | 8.36 | -5.32 |
