- 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) | 30.33 | -5.57 | 128.39 | 16.88 | -2.65 | 723.41 | 13.04 | -40.89 | 918.75 | 9.81 | -48.2 | 791.82 | 1.33 | -55.07 | 432.0 | 1.11 | -52.56 | 455.0 | 0.11 | -8.33 | -35.29 | 20.22 | -29.23 | 299.6 | 21.65 | 7.13 | -35.3 | 129.17 | 63.85 | -22.5 | -29.17 | -237.79 | 56.25 | 26.76 | -3.36 | 36.39 |
| 23Q3 (19) | 32.12 | 76.68 | 47.27 | 17.34 | 537.5 | 72.71 | 22.06 | 232.23 | 29.76 | 18.94 | 279.56 | 35.97 | 2.96 | 279.49 | -21.9 | 2.34 | 283.61 | -14.91 | 0.12 | 0.0 | -40.0 | 28.57 | 120.96 | 40.95 | 20.21 | -40.26 | -42.26 | 78.83 | 99.4 | 33.25 | 21.17 | -63.59 | -48.17 | 27.69 | 1.17 | 46.59 |
| 23Q2 (18) | 18.18 | 2.77 | -23.96 | 2.72 | -48.58 | -77.24 | 6.64 | 6.75 | -68.69 | 4.99 | 1.01 | -69.04 | 0.78 | -17.02 | -79.58 | 0.61 | -18.67 | -77.49 | 0.12 | -20.0 | -29.41 | 12.93 | 16.28 | -48.73 | 33.83 | 36.36 | -20.19 | 39.53 | -54.03 | -30.08 | 58.14 | 263.37 | 32.36 | 27.37 | 18.48 | 38.3 |
| 23Q1 (17) | 17.69 | 33.21 | -34.53 | 5.29 | 158.05 | -55.47 | 6.22 | 385.94 | -57.69 | 4.94 | 349.09 | -52.73 | 0.94 | 276.0 | -58.41 | 0.75 | 275.0 | -52.53 | 0.15 | -11.76 | 0.0 | 11.12 | 119.76 | -42.77 | 24.81 | -25.85 | -37.84 | 86.00 | -48.4 | 6.51 | 16.00 | 124.0 | -16.92 | 23.10 | 17.74 | -0.04 |
| 22Q4 (16) | 13.28 | -39.11 | -33.0 | 2.05 | -79.58 | -71.96 | 1.28 | -92.47 | -85.52 | 1.10 | -92.1 | -88.69 | 0.25 | -93.4 | -87.56 | 0.20 | -92.73 | -85.4 | 0.17 | -15.0 | 21.43 | 5.06 | -75.04 | -64.44 | 33.46 | -4.4 | -30.48 | 166.67 | 181.71 | 102.78 | -66.67 | -263.25 | -474.36 | 19.62 | 3.86 | -1.01 |
| 22Q3 (15) | 21.81 | -8.78 | -4.47 | 10.04 | -15.98 | -12.92 | 17.00 | -19.85 | 54.55 | 13.93 | -13.59 | 61.04 | 3.79 | -0.79 | 44.11 | 2.75 | 1.48 | 56.25 | 0.20 | 17.65 | 0.0 | 20.27 | -19.63 | 32.48 | 35.00 | -17.43 | -24.67 | 59.16 | 4.63 | -43.63 | 40.84 | -7.03 | 923.56 | 18.89 | -4.55 | 5.77 |
| 22Q2 (14) | 23.91 | -11.51 | -11.08 | 11.95 | 0.59 | -11.15 | 21.21 | 44.29 | 46.88 | 16.12 | 54.26 | 34.33 | 3.82 | 69.03 | 15.06 | 2.71 | 71.52 | 28.44 | 0.17 | 13.33 | -5.56 | 25.22 | 29.8 | 26.42 | 42.39 | 6.21 | -23.46 | 56.54 | -29.97 | -39.11 | 43.93 | 128.07 | 514.95 | 19.79 | -14.37 | -3.46 |
| 22Q1 (13) | 27.02 | 36.33 | 2.5 | 11.88 | 62.52 | 0.93 | 14.70 | 66.29 | 16.11 | 10.45 | 7.4 | 9.54 | 2.26 | 12.44 | 0.0 | 1.58 | 15.33 | 8.97 | 0.15 | 7.14 | 0.0 | 19.43 | 36.54 | 1.57 | 39.91 | -17.08 | -33.37 | 80.74 | -1.77 | -13.49 | 19.26 | 8.15 | 188.89 | 23.11 | 16.6 | -4.82 |
| 21Q4 (12) | 19.82 | -13.18 | -4.53 | 7.31 | -36.6 | -4.19 | 8.84 | -19.64 | 22.95 | 9.73 | 12.49 | 82.89 | 2.01 | -23.57 | 82.73 | 1.37 | -22.16 | 71.25 | 0.14 | -30.0 | -6.67 | 14.23 | -6.99 | 4.33 | 48.13 | 3.59 | 35.16 | 82.19 | -21.69 | -22.37 | 17.81 | 459.13 | 402.74 | 19.82 | 10.97 | -12.57 |
| 21Q3 (11) | 22.83 | -15.1 | -0.09 | 11.53 | -14.28 | 29.26 | 11.00 | -23.82 | 0.55 | 8.65 | -27.92 | -3.03 | 2.63 | -20.78 | 39.15 | 1.76 | -16.59 | 34.35 | 0.20 | 11.11 | 33.33 | 15.30 | -23.31 | -11.92 | 46.46 | -16.11 | 14.07 | 104.96 | 13.03 | 28.28 | -4.96 | -169.42 | -127.27 | 17.86 | -12.88 | -24.45 |
| 21Q2 (10) | 26.89 | 2.01 | 1.43 | 13.45 | 14.27 | -4.2 | 14.44 | 14.06 | -8.03 | 12.00 | 25.79 | -9.02 | 3.32 | 46.9 | 5.73 | 2.11 | 45.52 | -3.65 | 0.18 | 20.0 | 5.88 | 19.95 | 4.29 | -5.14 | 55.38 | -7.55 | 15.28 | 92.86 | -0.51 | 4.26 | 7.14 | 7.14 | -29.67 | 20.50 | -15.57 | 0 |
| 21Q1 (9) | 26.36 | 26.97 | 6.98 | 11.77 | 54.26 | -16.7 | 12.66 | 76.08 | -17.58 | 9.54 | 79.32 | -25.93 | 2.26 | 105.45 | -32.34 | 1.45 | 81.25 | -38.3 | 0.15 | 0.0 | -16.67 | 19.13 | 40.25 | -4.35 | 59.90 | 68.21 | 48.75 | 93.33 | -11.85 | 1.48 | 6.67 | 213.33 | -16.97 | 24.28 | 7.1 | 31.31 |
| 20Q4 (8) | 20.76 | -9.15 | -16.43 | 7.63 | -14.46 | -37.15 | 7.19 | -34.28 | -32.11 | 5.32 | -40.36 | -39.75 | 1.10 | -41.8 | -51.75 | 0.80 | -38.93 | -47.37 | 0.15 | 0.0 | -11.76 | 13.64 | -21.47 | -11.31 | 35.61 | -12.57 | -21.51 | 105.88 | 29.41 | -7.23 | -5.88 | -132.35 | 58.37 | 22.67 | -4.1 | 12.28 |
| 20Q3 (7) | 22.85 | -13.81 | 11.08 | 8.92 | -36.47 | 17.68 | 10.94 | -30.32 | 35.73 | 8.92 | -32.37 | 37.23 | 1.89 | -39.81 | 20.38 | 1.31 | -40.18 | 29.7 | 0.15 | -11.76 | 0.0 | 17.37 | -17.4 | 32.6 | 40.73 | -15.22 | -28.12 | 81.82 | -8.13 | -12.73 | 18.18 | 79.02 | 190.91 | 23.64 | 0 | 13.65 |
| 20Q2 (6) | 26.51 | 7.59 | 54.22 | 14.04 | -0.64 | 158.56 | 15.70 | 2.21 | 121.13 | 13.19 | 2.41 | 124.32 | 3.14 | -5.99 | 105.23 | 2.19 | -6.81 | 114.71 | 0.17 | -5.56 | 0.0 | 21.03 | 5.15 | 83.67 | 48.04 | 19.29 | -14.53 | 89.06 | -3.16 | 16.89 | 10.16 | 26.49 | -57.34 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 24.64 | -0.81 | 25.46 | 14.13 | 16.39 | 38.53 | 15.36 | 45.04 | 19.53 | 12.88 | 45.87 | 21.85 | 3.34 | 46.49 | -0.6 | 2.35 | 54.61 | 5.86 | 0.18 | 5.88 | -14.29 | 20.00 | 30.04 | 23.61 | 40.27 | -11.24 | -17.02 | 91.97 | -19.42 | 15.78 | 8.03 | 156.82 | -60.96 | 18.49 | -8.42 | 16.07 |
| 19Q4 (4) | 24.84 | 20.76 | 0.0 | 12.14 | 60.16 | 0.0 | 10.59 | 31.39 | 0.0 | 8.83 | 35.85 | 0.0 | 2.28 | 45.22 | 0.0 | 1.52 | 50.5 | 0.0 | 0.17 | 13.33 | 0.0 | 15.38 | 17.4 | 0.0 | 45.37 | -19.93 | 0.0 | 114.13 | 21.74 | 0.0 | -14.13 | -326.09 | 0.0 | 20.19 | -2.93 | 0.0 |
| 19Q3 (3) | 20.57 | 19.66 | 0.0 | 7.58 | 39.59 | 0.0 | 8.06 | 13.52 | 0.0 | 6.50 | 10.54 | 0.0 | 1.57 | 2.61 | 0.0 | 1.01 | -0.98 | 0.0 | 0.15 | -11.76 | 0.0 | 13.10 | 14.41 | 0.0 | 56.66 | 0.8 | 0.0 | 93.75 | 23.05 | 0.0 | 6.25 | -73.75 | 0.0 | 20.80 | 4.89 | 0.0 |
| 19Q2 (2) | 17.19 | -12.47 | 0.0 | 5.43 | -46.76 | 0.0 | 7.10 | -44.75 | 0.0 | 5.88 | -44.37 | 0.0 | 1.53 | -54.46 | 0.0 | 1.02 | -54.05 | 0.0 | 0.17 | -19.05 | 0.0 | 11.45 | -29.23 | 0.0 | 56.21 | 15.83 | 0.0 | 76.19 | -4.08 | 0.0 | 23.81 | 15.76 | 0.0 | 19.83 | 24.48 | 0.0 |
| 19Q1 (1) | 19.64 | 0.0 | 0.0 | 10.20 | 0.0 | 0.0 | 12.85 | 0.0 | 0.0 | 10.57 | 0.0 | 0.0 | 3.36 | 0.0 | 0.0 | 2.22 | 0.0 | 0.0 | 0.21 | 0.0 | 0.0 | 16.18 | 0.0 | 0.0 | 48.53 | 0.0 | 0.0 | 79.43 | 0.0 | 0.0 | 20.57 | 0.0 | 0.0 | 15.93 | 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) | 23.89 | 11.27 | 9.96 | 10.42 | 5.59 | 55.04 | 11.52 | -16.22 | 9.30 | -12.26 | 5.87 | -43.39 | 4.65 | -37.16 | 0.49 | -30.0 | 17.58 | -0.34 | 21.65 | -35.3 | 86.47 | 32.09 | 13.53 | -60.62 | 0.42 | 13.14 | 26.00 | 28.4 |
| 2022 (9) | 21.47 | -9.98 | 9.02 | -18.52 | 3.61 | -25.66 | 13.75 | 17.62 | 10.60 | 6.85 | 10.37 | 3.7 | 7.40 | 10.78 | 0.70 | 4.48 | 17.64 | 4.01 | 33.46 | -30.48 | 65.46 | -31.0 | 34.36 | 538.75 | 0.37 | -4.26 | 20.25 | -0.15 |
| 2021 (8) | 23.85 | 0.0 | 11.07 | 0 | 4.85 | -12.51 | 11.69 | 0 | 9.92 | 0 | 10.00 | 0 | 6.68 | 0 | 0.67 | 1.52 | 16.96 | 394.46 | 48.13 | -10.42 | 94.87 | -37.97 | 5.38 | 0 | 0.39 | 0 | 20.28 | -4.7 |
| 2020 (7) | 23.85 | 16.46 | -3.33 | 0 | 5.55 | 31.14 | -2.19 | 0 | -4.77 | 0 | -4.69 | 0 | -3.11 | 0 | 0.66 | -7.04 | 3.43 | -75.79 | 53.73 | 18.43 | 152.94 | 69.41 | -52.94 | 0 | 0.00 | 0 | 21.28 | 16.73 |
| 2019 (6) | 20.48 | -2.15 | 8.93 | -9.34 | 4.23 | 29.59 | 9.87 | -8.7 | 8.13 | -8.75 | 8.72 | -2.02 | 5.84 | -1.85 | 0.71 | 5.97 | 14.17 | 0.43 | 45.37 | -18.6 | 90.28 | -0.83 | 9.44 | 5.32 | 0.00 | 0 | 18.23 | -5.1 |
| 2018 (5) | 20.93 | -31.15 | 9.85 | -48.1 | 3.26 | -0.69 | 10.81 | -40.6 | 8.91 | -39.96 | 8.90 | -37.41 | 5.95 | -40.02 | 0.67 | 0.0 | 14.11 | -34.46 | 55.74 | 24.81 | 91.03 | -12.57 | 8.97 | 0 | 0.00 | 0 | 19.21 | -1.44 |
| 2017 (4) | 30.40 | -3.43 | 18.98 | -3.46 | 3.29 | -0.95 | 18.20 | -9.5 | 14.84 | -10.06 | 14.22 | -16.4 | 9.92 | -14.04 | 0.67 | -4.29 | 21.53 | -8.15 | 44.66 | 4.96 | 104.12 | 6.59 | -4.30 | 0 | 0.00 | 0 | 19.49 | 3.23 |
| 2016 (3) | 31.48 | 5.18 | 19.66 | 18.58 | 3.32 | -15.41 | 20.11 | 28.66 | 16.50 | 23.41 | 17.01 | 18.45 | 11.54 | 22.64 | 0.70 | 0.0 | 23.44 | 18.92 | 42.55 | -19.11 | 97.69 | -8.04 | 2.31 | 0 | 0.00 | 0 | 18.88 | -2.78 |
| 2015 (2) | 29.93 | 21.08 | 16.58 | 38.98 | 3.92 | -3.82 | 15.63 | 16.82 | 13.37 | 13.11 | 14.36 | 8.13 | 9.41 | 13.65 | 0.70 | 1.45 | 19.71 | 12.05 | 52.60 | -5.85 | 106.22 | 19.13 | -6.02 | 0 | 0.00 | 0 | 19.42 | 14.44 |
| 2014 (1) | 24.72 | 0 | 11.93 | 0 | 4.08 | -17.19 | 13.38 | 0 | 11.82 | 0 | 13.28 | 0 | 8.28 | 0 | 0.69 | 15.0 | 17.59 | 23.44 | 55.87 | -18.06 | 89.17 | -8.73 | 10.83 | 370.08 | 0.00 | 0 | 16.97 | -8.86 |
