- 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) | 31.08 | -6.5 | 3.46 | 0.35 | -95.9 | -94.09 | -10.80 | -1937.74 | -140.53 | -13.99 | -992.97 | -86.53 | -3.86 | -865.0 | -104.23 | -0.37 | -180.43 | -146.67 | 0.07 | -12.5 | -12.5 | 13.94 | -30.16 | 16.46 | 271.33 | -3.85 | 23.8 | -3.40 | 99.79 | 97.44 | 103.40 | -94.09 | -55.88 | 37.32 | 1.0 | 187.74 |
| 23Q3 (19) | 33.24 | 47.54 | -0.12 | 8.54 | 161.39 | -17.41 | -0.53 | 97.7 | -105.56 | -1.28 | 94.54 | -121.81 | -0.40 | 92.31 | -120.3 | 0.46 | 150.55 | -52.08 | 0.08 | 33.33 | -27.27 | 19.96 | 324.68 | -13.03 | 282.19 | 6.35 | 24.3 | -1650.00 | -2832.81 | -1626.87 | 1750.00 | 4316.67 | 20443.75 | 36.95 | 28.97 | 29.92 |
| 23Q2 (18) | 22.53 | -22.97 | -36.16 | -13.91 | -284.25 | -171.55 | -23.03 | -72.12 | -215.55 | -23.43 | -92.05 | -262.15 | -5.20 | -94.76 | -172.52 | -0.91 | -193.55 | -134.87 | 0.06 | -14.29 | -64.71 | 4.70 | -58.81 | -83.11 | 265.35 | 11.37 | 30.86 | 60.38 | 122.3 | -38.07 | 39.62 | -45.6 | 1479.25 | 28.65 | -22.08 | 38.94 |
| 23Q1 (17) | 29.25 | -2.63 | -18.04 | -3.62 | -161.15 | -129.58 | -13.38 | -198.0 | -226.35 | -12.20 | -62.67 | -259.27 | -2.67 | -41.27 | -205.53 | -0.31 | -106.67 | -128.97 | 0.07 | -12.5 | -41.67 | 11.41 | -4.68 | -44.93 | 238.27 | 8.72 | 24.59 | 27.16 | 120.45 | -76.48 | 72.84 | -68.92 | 569.93 | 36.77 | 183.5 | 40.94 |
| 22Q4 (16) | 30.04 | -9.74 | -15.95 | 5.92 | -42.75 | -51.75 | -4.49 | -147.06 | -130.4 | -7.50 | -227.77 | -193.63 | -1.89 | -195.94 | -175.3 | -0.15 | -115.62 | -113.16 | 0.08 | -27.27 | -38.46 | 11.97 | -47.84 | -50.06 | 219.16 | -3.47 | 40.02 | -132.81 | -222.9 | -259.7 | 234.38 | 2824.61 | 1291.9 | 12.97 | -54.4 | -52.72 |
| 22Q3 (15) | 33.28 | -5.7 | 0.45 | 10.34 | -46.81 | -7.26 | 9.54 | -52.13 | -23.98 | 5.87 | -59.38 | -30.61 | 1.97 | -72.52 | -17.57 | 0.96 | -63.22 | -11.11 | 0.11 | -35.29 | 0.0 | 22.95 | -17.51 | 2.87 | 227.03 | 11.96 | 61.05 | 108.06 | 10.85 | 21.64 | -8.60 | -442.86 | -177.09 | 28.44 | 37.92 | 9.3 |
| 22Q2 (14) | 35.29 | -1.12 | -7.91 | 19.44 | 58.82 | -27.3 | 19.93 | 88.2 | -23.58 | 14.45 | 88.64 | -7.31 | 7.17 | 183.4 | -25.39 | 2.61 | 143.93 | -24.35 | 0.17 | 41.67 | -19.05 | 27.82 | 34.27 | -9.53 | 202.77 | 6.02 | 23.88 | 97.49 | -15.59 | -4.97 | 2.51 | 116.19 | 200.76 | 20.62 | -20.97 | 56.33 |
| 22Q1 (13) | 35.69 | -0.14 | -12.22 | 12.24 | -0.24 | -50.2 | 10.59 | -28.3 | -57.64 | 7.66 | -4.37 | -54.86 | 2.53 | 0.8 | -63.81 | 1.07 | -6.14 | -54.47 | 0.12 | -7.69 | -7.69 | 20.72 | -13.56 | -36.01 | 191.25 | 22.19 | -10.97 | 115.50 | 38.89 | 17.41 | -15.50 | -192.05 | -1051.7 | 26.09 | -4.89 | 47.99 |
| 21Q4 (12) | 35.74 | 7.88 | -2.91 | 12.27 | 10.04 | -9.45 | 14.77 | 17.69 | 24.54 | 8.01 | -5.32 | -20.85 | 2.51 | 5.02 | 0.4 | 1.14 | 5.56 | 25.27 | 0.13 | 18.18 | 62.5 | 23.97 | 7.44 | 0.63 | 156.52 | 11.03 | -25.87 | 83.16 | -6.39 | -27.23 | 16.84 | 50.9 | 217.87 | 27.43 | 5.42 | 3.63 |
| 21Q3 (11) | 33.13 | -13.54 | -7.77 | 11.15 | -58.3 | -9.86 | 12.55 | -51.88 | 6.27 | 8.46 | -45.73 | 36.67 | 2.39 | -75.13 | 53.21 | 1.08 | -68.7 | 66.15 | 0.11 | -47.62 | 22.22 | 22.31 | -27.45 | -9.71 | 140.97 | -13.87 | -34.19 | 88.84 | -13.4 | -14.84 | 11.16 | 548.14 | 325.97 | 26.02 | 97.27 | -13.64 |
| 21Q2 (10) | 38.32 | -5.76 | 8.56 | 26.74 | 8.79 | 62.26 | 26.08 | 4.32 | 76.81 | 15.59 | -8.13 | 95.12 | 9.61 | 37.48 | 319.65 | 3.45 | 46.81 | 241.58 | 0.21 | 61.54 | 110.0 | 30.75 | -5.03 | 12.64 | 163.68 | -23.8 | -7.92 | 102.59 | 4.29 | -8.12 | -2.49 | -252.89 | 78.64 | 13.19 | -25.18 | -44.09 |
| 21Q1 (9) | 40.66 | 10.46 | 7.91 | 24.58 | 81.4 | 21.62 | 25.00 | 110.79 | 30.48 | 16.97 | 67.69 | 63.33 | 6.99 | 179.6 | 57.43 | 2.35 | 158.24 | 27.72 | 0.13 | 62.5 | -13.33 | 32.38 | 35.94 | 15.81 | 214.81 | 1.73 | 10.99 | 98.37 | -13.93 | -6.81 | 1.63 | 111.4 | 129.32 | 17.63 | -33.4 | 0 |
| 20Q4 (8) | 36.81 | 2.48 | -5.81 | 13.55 | 9.54 | -5.97 | 11.86 | 0.42 | 5.33 | 10.12 | 63.49 | 60.38 | 2.50 | 60.26 | 44.51 | 0.91 | 40.0 | -1.09 | 0.08 | -11.11 | -20.0 | 23.82 | -3.6 | -4.34 | 211.15 | -1.42 | 23.89 | 114.29 | 9.55 | -10.44 | -14.29 | -189.29 | 48.25 | 26.47 | -12.15 | -10.45 |
| 20Q3 (7) | 35.92 | 1.76 | -3.96 | 12.37 | -24.94 | -21.26 | 11.81 | -19.93 | -12.71 | 6.19 | -22.53 | -21.94 | 1.56 | -31.88 | -31.28 | 0.65 | -35.64 | -41.96 | 0.09 | -10.0 | -18.18 | 24.71 | -9.49 | -2.25 | 214.20 | 20.5 | 18.6 | 104.32 | -6.57 | -10.08 | -4.94 | 57.64 | 69.17 | 30.13 | 27.72 | 7.99 |
| 20Q2 (6) | 35.30 | -6.32 | 4.07 | 16.48 | -18.46 | 61.73 | 14.75 | -23.02 | 85.77 | 7.99 | -23.1 | 102.28 | 2.29 | -48.42 | 118.1 | 1.01 | -45.11 | 50.75 | 0.10 | -33.33 | 0.0 | 27.30 | -2.36 | 42.93 | 177.76 | -8.15 | 9.0 | 111.66 | 5.78 | -12.65 | -11.66 | -109.87 | 58.1 | 23.59 | 0 | -19.95 |
| 20Q1 (5) | 37.68 | -3.58 | 17.35 | 20.21 | 40.25 | 32.96 | 19.16 | 70.16 | 43.95 | 10.39 | 64.66 | 45.72 | 4.44 | 156.65 | 54.7 | 1.84 | 100.0 | 43.75 | 0.15 | 50.0 | 0.0 | 27.96 | 12.29 | 40.36 | 193.54 | 13.56 | 18.15 | 105.56 | -17.28 | -7.36 | -5.56 | 79.88 | 61.11 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 39.08 | 4.49 | 0.0 | 14.41 | -8.27 | 0.0 | 11.26 | -16.78 | 0.0 | 6.31 | -20.43 | 0.0 | 1.73 | -23.79 | 0.0 | 0.92 | -17.86 | 0.0 | 0.10 | -9.09 | 0.0 | 24.90 | -1.5 | 0.0 | 170.43 | -5.63 | 0.0 | 127.61 | 9.99 | 0.0 | -27.61 | -72.34 | 0.0 | 29.56 | 5.95 | 0.0 |
| 19Q3 (3) | 37.40 | 10.26 | 0.0 | 15.71 | 54.17 | 0.0 | 13.53 | 70.4 | 0.0 | 7.93 | 100.76 | 0.0 | 2.27 | 116.19 | 0.0 | 1.12 | 67.16 | 0.0 | 0.11 | 10.0 | 0.0 | 25.28 | 32.36 | 0.0 | 180.60 | 10.74 | 0.0 | 116.02 | -9.24 | 0.0 | -16.02 | 42.43 | 0.0 | 27.90 | -5.33 | 0.0 |
| 19Q2 (2) | 33.92 | 5.64 | 0.0 | 10.19 | -32.96 | 0.0 | 7.94 | -40.35 | 0.0 | 3.95 | -44.6 | 0.0 | 1.05 | -63.41 | 0.0 | 0.67 | -47.66 | 0.0 | 0.10 | -33.33 | 0.0 | 19.10 | -4.12 | 0.0 | 163.08 | -0.45 | 0.0 | 127.83 | 12.19 | 0.0 | -27.83 | -94.78 | 0.0 | 29.47 | 56.76 | 0.0 |
| 19Q1 (1) | 32.11 | 0.0 | 0.0 | 15.20 | 0.0 | 0.0 | 13.31 | 0.0 | 0.0 | 7.13 | 0.0 | 0.0 | 2.87 | 0.0 | 0.0 | 1.28 | 0.0 | 0.0 | 0.15 | 0.0 | 0.0 | 19.92 | 0.0 | 0.0 | 163.81 | 0.0 | 0.0 | 113.94 | 0.0 | 0.0 | -14.29 | 0.0 | 0.0 | 18.80 | 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) | 29.43 | -13.34 | -1.27 | 0 | 14.16 | 72.14 | -11.04 | 0 | -11.90 | 0 | -12.06 | 0 | -1.15 | 0 | 0.30 | -38.78 | 13.13 | -40.75 | 271.33 | 23.8 | 11.51 | -90.47 | 88.49 | 0 | 0.78 | -4.99 | 35.20 | 57.0 |
| 2022 (9) | 33.96 | -9.27 | 13.15 | -35.98 | 8.22 | 34.75 | 10.89 | -48.49 | 6.89 | -47.56 | 9.67 | -56.91 | 4.57 | -45.6 | 0.49 | -18.33 | 22.16 | -21.61 | 219.16 | 40.02 | 120.82 | 24.3 | -20.82 | 0 | 0.82 | -0.09 | 22.42 | 15.63 |
| 2021 (8) | 37.43 | 2.32 | 20.54 | 26.24 | 6.10 | -32.89 | 21.14 | 40.65 | 13.14 | 47.64 | 22.44 | 116.81 | 8.40 | 99.05 | 0.60 | 50.0 | 28.27 | 7.78 | 156.52 | -25.87 | 97.20 | -10.19 | 2.80 | 0 | 0.82 | 238.02 | 19.39 | -19.98 |
| 2020 (7) | 36.58 | 3.71 | 16.27 | 15.88 | 9.10 | 23.93 | 15.03 | 28.13 | 8.90 | 38.2 | 10.35 | 28.73 | 4.22 | 6.84 | 0.40 | -11.11 | 26.23 | 18.8 | 211.15 | 23.89 | 108.22 | -9.62 | -8.32 | 0 | 0.24 | -25.53 | 24.23 | -5.46 |
| 2019 (6) | 35.27 | -1.48 | 14.04 | 10.46 | 7.34 | 47.58 | 11.73 | 13.55 | 6.44 | 3.37 | 8.04 | 11.05 | 3.95 | 9.72 | 0.45 | -2.17 | 22.08 | 25.53 | 170.43 | -9.99 | 119.74 | -2.73 | -19.74 | 0 | 0.33 | 2.29 | 25.63 | 4.23 |
| 2018 (5) | 35.80 | -5.99 | 12.71 | -23.8 | 4.97 | -14.26 | 10.33 | -33.78 | 6.23 | -44.37 | 7.24 | -25.28 | 3.60 | -37.61 | 0.46 | -2.13 | 17.59 | -23.22 | 189.34 | 60.8 | 123.10 | 15.27 | -22.94 | 0 | 0.32 | 0 | 24.59 | -13.99 |
| 2017 (4) | 38.08 | 1.14 | 16.68 | 2.58 | 5.80 | 1.17 | 15.60 | -13.09 | 11.20 | -23.96 | 9.69 | -11.91 | 5.77 | -25.64 | 0.47 | -7.84 | 22.91 | -6.53 | 117.75 | 142.53 | 106.80 | 17.91 | -6.95 | 0 | 0.00 | 0 | 28.59 | 5.11 |
| 2016 (3) | 37.65 | 0.29 | 16.26 | -14.6 | 5.73 | -6.89 | 17.95 | -13.78 | 14.73 | -5.94 | 11.00 | -7.02 | 7.76 | -7.84 | 0.51 | -1.92 | 24.51 | -11.8 | 48.55 | 8.66 | 90.58 | -0.94 | 9.42 | 10.06 | 0.00 | 0 | 27.20 | 9.72 |
| 2015 (2) | 37.54 | 11.93 | 19.04 | 29.79 | 6.16 | -5.78 | 20.82 | 35.37 | 15.66 | 44.2 | 11.83 | 29.86 | 8.42 | 25.67 | 0.52 | -13.33 | 27.79 | 23.13 | 44.68 | -1.39 | 91.44 | -4.15 | 8.56 | 86.09 | 0.00 | 0 | 24.79 | 16.93 |
| 2014 (1) | 33.54 | 0 | 14.67 | 0 | 6.53 | 1.55 | 15.38 | 0 | 10.86 | 0 | 9.11 | 0 | 6.70 | 0 | 0.60 | -3.23 | 22.57 | 10.37 | 45.31 | 25.9 | 95.40 | 4.91 | 4.60 | -49.27 | 0.00 | 0 | 21.20 | 5.84 |
