- 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) | 79.63 | 9.02 | 33.09 | 36.22 | 250.92 | 265.49 | 35.81 | 298.5 | 224.07 | 33.59 | 206.43 | 193.36 | 11.24 | 329.86 | 215.73 | 7.17 | 330.55 | 185.66 | 0.21 | 110.0 | 0.0 | 40.21 | 532.37 | 162.64 | 58.56 | -1.13 | 25.69 | 100.00 | -20.0 | 10.0 | 0.00 | 100.0 | -100.0 | 36.39 | -54.83 | 0.41 |
| 23Q3 (19) | 73.04 | 2.4 | 2.34 | -24.00 | 52.73 | 34.16 | -18.04 | 66.61 | 42.73 | -31.56 | 27.83 | 2.68 | -4.89 | 3.17 | -19.27 | -3.11 | 9.33 | -10.28 | 0.10 | 25.0 | 11.11 | -9.30 | 78.92 | 58.67 | 59.23 | 27.21 | 34.64 | 125.00 | 32.35 | 7.14 | -37.50 | -775.0 | -125.0 | 80.57 | -20.02 | -9.33 |
| 23Q2 (18) | 71.33 | 4.33 | 7.34 | -50.77 | 26.55 | 17.66 | -54.03 | 18.81 | 14.74 | -43.73 | 24.42 | 31.44 | -5.05 | 13.53 | 24.17 | -3.43 | 13.82 | 23.44 | 0.08 | 14.29 | 14.29 | -44.12 | 19.55 | 16.66 | 46.56 | 10.62 | 10.78 | 94.44 | -9.85 | -1.06 | 5.56 | 216.67 | 22.22 | 100.74 | -8.09 | 0.94 |
| 23Q1 (17) | 68.37 | 14.27 | 93.9 | -69.12 | -797.48 | -565.14 | -66.55 | -702.26 | -550.58 | -57.86 | -605.33 | -545.08 | -5.84 | -264.04 | -168.87 | -3.98 | -258.57 | -179.6 | 0.07 | -66.67 | -81.58 | -54.84 | -458.2 | -432.16 | 42.09 | -9.66 | -17.16 | 104.76 | 15.24 | 1.49 | -4.76 | -152.38 | 0 | 109.61 | 202.46 | 578.28 |
| 22Q4 (16) | 59.83 | -16.17 | -16.0 | 9.91 | 127.19 | -55.6 | 11.05 | 135.08 | -56.2 | 11.45 | 135.31 | -54.36 | 3.56 | 186.83 | -50.83 | 2.51 | 189.01 | -32.16 | 0.21 | 133.33 | 40.0 | 15.31 | 168.04 | -47.33 | 46.59 | 5.91 | -50.24 | 90.91 | -22.08 | 5.26 | 9.09 | 154.55 | -33.33 | 36.24 | -59.22 | -9.35 |
| 22Q3 (15) | 71.37 | 7.4 | 6.16 | -36.45 | 40.89 | -65.08 | -31.50 | 50.29 | -56.72 | -32.43 | 49.15 | -64.54 | -4.10 | 38.44 | -15.82 | -2.82 | 37.05 | -71.95 | 0.09 | 28.57 | 0.0 | -22.50 | 57.5 | -76.19 | 43.99 | 4.66 | -57.3 | 116.67 | 22.22 | 16.67 | -16.67 | -466.67 | -66.67 | 88.86 | -10.96 | 15.28 |
| 22Q2 (14) | 66.45 | 88.46 | -6.72 | -61.66 | -514.94 | -20.64 | -63.37 | -529.05 | -13.26 | -63.78 | -590.62 | -18.15 | -6.66 | -178.54 | 8.89 | -4.48 | -189.6 | -13.99 | 0.07 | -81.58 | 0.0 | -52.94 | -420.65 | -19.99 | 42.03 | -17.28 | -63.99 | 95.45 | -7.53 | 6.68 | 4.55 | 0 | -56.82 | 99.80 | 517.57 | 3.04 |
| 22Q1 (13) | 35.26 | -50.5 | -30.66 | 14.86 | -33.42 | 115.27 | 14.77 | -41.46 | 124.88 | 13.00 | -48.19 | 122.49 | 8.48 | 17.13 | 239.93 | 5.00 | 35.14 | 229.2 | 0.38 | 153.33 | 442.86 | 16.51 | -43.21 | 135.56 | 50.81 | -45.73 | -3.48 | 103.23 | 19.52 | -35.01 | 0.00 | -100.0 | 100.0 | 16.16 | -59.58 | -86.44 |
| 21Q4 (12) | 71.23 | 5.95 | -2.1 | 22.32 | 201.09 | -2.32 | 25.23 | 225.52 | 0.6 | 25.09 | 227.3 | 9.56 | 7.24 | 304.52 | 8.87 | 3.70 | 325.61 | -15.14 | 0.15 | 66.67 | -21.05 | 29.07 | 327.64 | -2.68 | 93.63 | -9.12 | 67.44 | 86.36 | -13.64 | -8.84 | 13.64 | 236.36 | 29.55 | 39.98 | -48.13 | 0.53 |
| 21Q3 (11) | 67.23 | -5.63 | -9.77 | -22.08 | 56.8 | 22.47 | -20.10 | 64.08 | -13.24 | -19.71 | 63.49 | -5.46 | -3.54 | 51.57 | -16.45 | -1.64 | 58.27 | 19.61 | 0.09 | 28.57 | -18.18 | -12.77 | 71.06 | -9.8 | 103.03 | -11.73 | 94.43 | 100.00 | 11.76 | -33.33 | -10.00 | -195.0 | 84.0 | 77.08 | -20.42 | 9.91 |
| 21Q2 (10) | 71.24 | 40.1 | 10.33 | -51.11 | 47.48 | 47.71 | -55.95 | 5.76 | 41.02 | -53.98 | 6.63 | 42.81 | -7.31 | -20.63 | 26.68 | -3.93 | -1.55 | 45.79 | 0.07 | 0.0 | -12.5 | -44.12 | 4.98 | 47.05 | 116.72 | 121.73 | 200.28 | 89.47 | -43.66 | -13.61 | 10.53 | 116.27 | 394.74 | 96.86 | -18.73 | 0 |
| 21Q1 (9) | 50.85 | -30.11 | -12.94 | -97.31 | -525.86 | -360.75 | -59.37 | -336.72 | -150.4 | -57.81 | -352.45 | -206.03 | -6.06 | -191.13 | -46.73 | -3.87 | -188.76 | -33.91 | 0.07 | -63.16 | -56.25 | -46.43 | -255.44 | -151.52 | 52.64 | -5.87 | 52.05 | 158.82 | 67.65 | 81.51 | -64.71 | -714.71 | -617.65 | 119.19 | 199.7 | 166.23 |
| 20Q4 (8) | 72.76 | -2.35 | 1.66 | 22.85 | 180.23 | -2.06 | 25.08 | 241.3 | -4.2 | 22.90 | 222.53 | -9.05 | 6.65 | 318.75 | -29.26 | 4.36 | 313.73 | -33.44 | 0.19 | 72.73 | -26.92 | 29.87 | 356.84 | 2.68 | 55.92 | 5.53 | 20.23 | 94.74 | -36.84 | 5.67 | 10.53 | 116.84 | 1.75 | 39.77 | -43.29 | 38.14 |
| 20Q3 (7) | 74.51 | 15.39 | 2.97 | -28.48 | 70.86 | 57.99 | -17.75 | 81.29 | 76.58 | -18.69 | 80.2 | 74.63 | -3.04 | 69.51 | 62.19 | -2.04 | 71.86 | 64.89 | 0.11 | 37.5 | 37.5 | -11.63 | 86.04 | 82.28 | 52.99 | 36.33 | 25.04 | 150.00 | 44.83 | 63.64 | -62.50 | -1650.0 | -600.0 | 70.13 | 0 | -19.71 |
| 20Q2 (6) | 64.57 | 10.55 | -12.21 | -97.74 | -362.78 | -528.15 | -94.86 | -300.08 | -400.32 | -94.38 | -399.63 | -506.56 | -9.97 | -141.4 | -331.6 | -7.25 | -150.87 | -319.08 | 0.08 | -50.0 | -27.27 | -83.33 | -351.41 | -666.61 | 38.87 | 12.28 | 20.19 | 103.57 | 18.37 | 33.16 | -3.57 | -128.57 | -116.07 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 58.41 | -18.39 | -27.18 | -21.12 | -190.53 | 12.07 | -23.71 | -190.57 | 9.71 | -18.89 | -175.02 | 21.13 | -4.13 | -143.94 | -17.66 | -2.89 | -144.12 | -9.89 | 0.16 | -38.46 | 45.45 | -18.46 | -163.46 | 3.6 | 34.62 | -25.56 | 18.24 | 87.50 | -2.4 | -4.55 | 12.50 | 20.83 | 50.0 | 44.77 | 55.51 | -26.93 |
| 19Q4 (4) | 71.57 | -1.09 | 0.0 | 23.33 | 134.41 | 0.0 | 26.18 | 134.55 | 0.0 | 25.18 | 134.18 | 0.0 | 9.40 | 216.92 | 0.0 | 6.55 | 212.74 | 0.0 | 0.26 | 225.0 | 0.0 | 29.09 | 144.33 | 0.0 | 46.51 | 9.75 | 0.0 | 89.66 | -2.19 | 0.0 | 10.34 | -17.24 | 0.0 | 28.79 | -67.04 | 0.0 |
| 19Q3 (3) | 72.36 | -1.62 | 0.0 | -67.80 | -335.73 | 0.0 | -75.78 | -299.68 | 0.0 | -73.67 | -373.46 | 0.0 | -8.04 | -248.05 | 0.0 | -5.81 | -235.84 | 0.0 | 0.08 | -27.27 | 0.0 | -65.62 | -503.68 | 0.0 | 42.38 | 31.05 | 0.0 | 91.67 | 17.86 | 0.0 | 12.50 | -43.75 | 0.0 | 87.35 | 41.6 | 0.0 |
| 19Q2 (2) | 73.55 | -8.3 | 0.0 | -15.56 | 35.22 | 0.0 | -18.96 | 27.8 | 0.0 | -15.56 | 35.03 | 0.0 | -2.31 | 34.19 | 0.0 | -1.73 | 34.22 | 0.0 | 0.11 | 0.0 | 0.0 | -10.87 | 43.24 | 0.0 | 32.34 | 10.45 | 0.0 | 77.78 | -15.15 | 0.0 | 22.22 | 166.67 | 0.0 | 61.69 | 0.69 | 0.0 |
| 19Q1 (1) | 80.21 | 0.0 | 0.0 | -24.02 | 0.0 | 0.0 | -26.26 | 0.0 | 0.0 | -23.95 | 0.0 | 0.0 | -3.51 | 0.0 | 0.0 | -2.63 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | -19.15 | 0.0 | 0.0 | 29.28 | 0.0 | 0.0 | 91.67 | 0.0 | 0.0 | 8.33 | 0.0 | 0.0 | 61.27 | 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) | 75.16 | 56.45 | -6.83 | 0 | 6.80 | 100.75 | -5.91 | 0 | -6.80 | 0 | -4.47 | 0 | -2.63 | 0 | 0.43 | -40.28 | 1.94 | -67.61 | 58.56 | 25.69 | 116.67 | 55.56 | -16.67 | 0 | 0.00 | 0 | 67.44 | 85.94 |
| 2022 (9) | 48.04 | -28.67 | 1.45 | 0 | 3.39 | -44.99 | 2.05 | 0 | 1.04 | 0 | 1.27 | 0 | 0.94 | 0 | 0.72 | 89.47 | 5.99 | 0 | 46.59 | -50.24 | 75.00 | -50.71 | 25.00 | 0 | 0.00 | 0 | 36.27 | -48.24 |
| 2021 (8) | 67.35 | -0.38 | -18.16 | 0 | 6.15 | 10.26 | -11.81 | 0 | -11.21 | 0 | -7.49 | 0 | -4.05 | 0 | 0.38 | -22.45 | -5.13 | 0 | 93.63 | 67.44 | 152.17 | 28.15 | -52.17 | 0 | 0.00 | 0 | 70.07 | 23.75 |
| 2020 (7) | 67.61 | -8.38 | -17.52 | 0 | 5.58 | 9.3 | -14.97 | 0 | -14.40 | 0 | -10.71 | 0 | -6.93 | 0 | 0.49 | -7.55 | -8.84 | 0 | 55.92 | 20.23 | 118.75 | 34.58 | -18.75 | 0 | 0.00 | 0 | 56.62 | 13.83 |
| 2019 (6) | 73.79 | -5.23 | -6.21 | 0 | 5.11 | 19.72 | -7.09 | 0 | -6.14 | 0 | -4.58 | 0 | -3.12 | 0 | 0.53 | 6.0 | -1.28 | 0 | 46.51 | 35.8 | 88.24 | -41.18 | 11.76 | 0 | 0.00 | 0 | 49.74 | -6.89 |
| 2018 (5) | 77.86 | 23.67 | -8.34 | 0 | 4.27 | -4.74 | -5.55 | 0 | -4.97 | 0 | -3.18 | 0 | -2.38 | 0 | 0.50 | 8.7 | -0.95 | 0 | 34.25 | 43.07 | 150.00 | 60.23 | -50.00 | 0 | 0.23 | 0 | 53.42 | 0.79 |
| 2017 (4) | 62.96 | 24.57 | -22.01 | 0 | 4.48 | 26.87 | -23.32 | 0 | -21.04 | 0 | -11.94 | 0 | -9.64 | 0 | 0.46 | -11.54 | -18.91 | 0 | 23.94 | 8.72 | 93.62 | 7.49 | 6.38 | -50.53 | 0.00 | 0 | 53.00 | 23.57 |
| 2016 (3) | 50.54 | -17.58 | -21.35 | 0 | 3.53 | 49.24 | -24.38 | 0 | -23.90 | 0 | -14.63 | 0 | -12.36 | 0 | 0.52 | -8.77 | -20.78 | 0 | 22.02 | 49.09 | 87.10 | 0 | 12.90 | 0 | 0.00 | 0 | 42.89 | 15.17 |
| 2015 (2) | 61.32 | -10.78 | 0.64 | 0 | 2.36 | 24.75 | 0.04 | 0 | -2.00 | 0 | -1.29 | 0 | -1.15 | 0 | 0.57 | 14.0 | 2.70 | 0 | 14.77 | 48.59 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 37.24 | -28.05 |
| 2014 (1) | 68.73 | 0 | -34.79 | 0 | 1.90 | 47.87 | -34.06 | 0 | -32.01 | 0 | -18.31 | 0 | -16.01 | 0 | 0.50 | -30.56 | -31.75 | 0 | 9.94 | -48.68 | 101.39 | 1.39 | -2.78 | 0 | 0.00 | 0 | 51.76 | 20.32 |
