- 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) | 42.19 | -26.06 | -8.82 | 3.72 | -66.0 | 21.17 | 3.98 | -77.17 | 14.7 | 4.33 | -68.19 | 41.5 | 1.64 | 4.46 | 53.27 | 1.54 | 8.45 | 54.0 | 0.35 | 250.0 | 12.9 | 7.22 | -62.69 | 2.85 | 10.55 | 55.83 | -42.48 | 88.89 | 39.68 | 3.7 | 5.56 | -84.72 | -61.11 | 19.15 | -17.99 | -7.08 |
| 23Q3 (19) | 57.06 | -2.24 | -6.44 | 10.94 | -32.01 | -14.53 | 17.43 | -4.34 | -14.18 | 13.61 | -5.68 | -16.25 | 1.57 | -7.1 | -8.72 | 1.42 | -7.79 | -10.13 | 0.10 | -9.09 | 0.0 | 19.35 | -5.47 | -16.63 | 6.77 | -50.84 | 13.4 | 63.64 | -26.82 | 4.55 | 36.36 | 178.79 | 4.55 | 23.35 | 1.26 | -2.63 |
| 23Q2 (18) | 58.37 | 0.22 | -2.34 | 16.09 | 42.64 | 1.45 | 18.22 | 54.93 | -1.83 | 14.43 | 58.75 | -2.83 | 1.69 | 81.72 | 11.92 | 1.54 | 87.8 | 10.79 | 0.11 | 22.22 | 22.22 | 20.47 | 40.88 | -2.1 | 13.77 | 106.76 | 16.2 | 86.96 | -6.35 | 2.3 | 13.04 | 82.61 | -13.04 | 23.06 | -9.99 | -6.22 |
| 23Q1 (17) | 58.24 | 25.87 | -1.75 | 11.28 | 267.43 | -38.33 | 11.76 | 238.9 | -41.64 | 9.09 | 197.06 | -43.65 | 0.93 | -13.08 | -47.75 | 0.82 | -18.0 | -50.9 | 0.09 | -70.97 | -10.0 | 14.53 | 106.98 | -35.42 | 6.66 | -63.69 | 7.07 | 92.86 | 8.33 | 1.3 | 7.14 | -50.0 | -14.29 | 25.62 | 24.31 | 21.71 |
| 22Q4 (16) | 46.27 | -24.14 | -21.0 | 3.07 | -76.02 | -83.45 | 3.47 | -82.91 | -76.77 | 3.06 | -81.17 | -77.28 | 1.07 | -37.79 | -19.55 | 1.00 | -36.71 | -16.67 | 0.31 | 210.0 | 244.44 | 7.02 | -69.75 | -57.89 | 18.34 | 207.2 | 131.57 | 85.71 | 40.82 | -31.43 | 14.29 | -58.93 | 157.14 | 20.61 | -14.05 | 3.67 |
| 22Q3 (15) | 60.99 | 2.04 | 1.9 | 12.80 | -19.29 | 124.17 | 20.31 | 9.43 | 62.48 | 16.25 | 9.43 | 62.5 | 1.72 | 13.91 | 89.01 | 1.58 | 13.67 | 100.0 | 0.10 | 11.11 | 25.0 | 23.21 | 11.0 | 53.2 | 5.97 | -49.62 | -59.88 | 60.87 | -28.39 | 21.74 | 34.78 | 131.88 | -40.37 | 23.98 | -2.48 | -5.66 |
| 22Q2 (14) | 59.77 | 0.83 | -0.71 | 15.86 | -13.29 | -7.25 | 18.56 | -7.89 | -7.01 | 14.85 | -7.94 | 19.85 | 1.51 | -15.17 | 29.06 | 1.39 | -16.77 | 32.38 | 0.09 | -10.0 | 12.5 | 20.91 | -7.07 | -4.52 | 11.85 | 90.51 | -18.61 | 85.00 | -7.27 | -0.83 | 15.00 | 80.0 | 5.0 | 24.59 | 16.82 | -10.03 |
| 22Q1 (13) | 59.28 | 1.21 | -2.37 | 18.29 | -1.4 | 55.0 | 20.15 | 34.87 | 69.47 | 16.13 | 19.75 | 69.43 | 1.78 | 33.83 | 106.98 | 1.67 | 39.17 | 111.39 | 0.10 | 11.11 | 25.0 | 22.50 | 34.97 | 52.96 | 6.22 | -21.46 | -28.34 | 91.67 | -26.67 | -8.33 | 8.33 | 133.33 | 0 | 21.05 | 5.89 | -19.69 |
| 21Q4 (12) | 58.57 | -2.14 | -5.64 | 18.55 | 224.87 | 5.34 | 14.94 | 19.52 | 2.96 | 13.47 | 34.7 | 17.85 | 1.33 | 46.15 | 3.91 | 1.20 | 51.9 | 2.56 | 0.09 | 12.5 | -10.0 | 16.67 | 10.03 | -0.77 | 7.92 | -46.77 | -13.44 | 125.00 | 150.0 | 2.27 | -25.00 | -142.86 | -12.5 | 19.88 | -21.79 | 12.51 |
| 21Q3 (11) | 59.85 | -0.58 | -5.06 | 5.71 | -66.61 | -49.02 | 12.50 | -37.37 | -35.33 | 10.00 | -19.29 | -35.36 | 0.91 | -22.22 | -35.0 | 0.79 | -24.76 | -36.8 | 0.08 | 0.0 | 0.0 | 15.15 | -30.82 | -31.14 | 14.88 | 2.2 | 65.33 | 50.00 | -41.67 | -13.64 | 58.33 | 308.33 | 38.54 | 25.42 | -6.99 | 10.0 |
| 21Q2 (10) | 60.20 | -0.86 | -6.58 | 17.10 | 44.92 | 59.96 | 19.96 | 67.87 | 87.42 | 12.39 | 30.15 | 38.59 | 1.17 | 36.05 | 56.0 | 1.05 | 32.91 | 56.72 | 0.08 | 0.0 | 14.29 | 21.90 | 48.88 | 66.03 | 14.56 | 67.74 | -3.38 | 85.71 | -14.29 | -14.29 | 14.29 | 0 | 0 | 27.33 | 4.27 | -28.98 |
| 21Q1 (9) | 60.72 | -2.17 | -6.81 | 11.80 | -32.99 | -50.36 | 11.89 | -18.06 | -47.81 | 9.52 | -16.71 | -46.93 | 0.86 | -32.81 | -60.37 | 0.79 | -32.48 | -59.69 | 0.08 | -20.0 | -27.27 | 14.71 | -12.44 | -39.32 | 8.68 | -5.14 | -9.96 | 100.00 | -18.18 | -3.23 | 0.00 | 100.0 | 100.0 | 26.21 | 48.33 | 5.3 |
| 20Q4 (8) | 62.07 | -1.54 | 5.51 | 17.61 | 57.23 | 428.83 | 14.51 | -24.94 | 409.12 | 11.43 | -26.12 | 154.0 | 1.28 | -8.57 | 166.67 | 1.17 | -6.4 | 172.09 | 0.10 | 25.0 | 0.0 | 16.80 | -23.64 | 233.33 | 9.15 | 1.67 | -25.85 | 122.22 | 111.11 | -8.33 | -22.22 | -152.78 | 33.33 | 17.67 | -23.54 | -36.14 |
| 20Q3 (7) | 63.04 | -2.17 | 0.7 | 11.20 | 4.77 | 18.52 | 19.33 | 81.5 | -56.08 | 15.47 | 73.04 | -56.08 | 1.40 | 86.67 | -66.51 | 1.25 | 86.57 | -66.22 | 0.08 | 14.29 | -27.27 | 22.00 | 66.79 | -51.97 | 9.00 | -40.28 | -16.43 | 57.89 | -42.11 | 179.82 | 42.11 | 0 | -45.73 | 23.11 | -39.94 | -16.06 |
| 20Q2 (6) | 64.44 | -1.1 | 9.15 | 10.69 | -55.03 | 36.01 | 10.65 | -53.25 | 20.34 | 8.94 | -50.17 | 26.45 | 0.75 | -65.44 | 0.0 | 0.67 | -65.82 | 0.0 | 0.07 | -36.36 | -22.22 | 13.19 | -45.59 | 21.79 | 15.07 | 56.33 | -0.99 | 100.00 | -3.23 | 22.22 | -0.00 | 100.0 | -100.0 | 38.48 | 54.6 | 31.24 |
| 20Q1 (5) | 65.16 | 10.76 | -2.4 | 23.77 | 613.81 | 7.17 | 22.78 | 699.3 | -1.0 | 17.94 | 298.67 | -2.55 | 2.17 | 352.08 | -1.36 | 1.96 | 355.81 | -2.97 | 0.11 | 10.0 | 0.0 | 24.24 | 380.95 | -2.34 | 9.64 | -21.88 | 9.92 | 103.33 | -22.5 | 6.78 | -3.33 | 90.0 | -203.33 | 24.89 | -10.05 | 7.19 |
| 19Q4 (4) | 58.83 | -6.02 | 0.0 | 3.33 | -64.76 | 0.0 | 2.85 | -93.52 | 0.0 | 4.50 | -87.22 | 0.0 | 0.48 | -88.52 | 0.0 | 0.43 | -88.38 | 0.0 | 0.10 | -9.09 | 0.0 | 5.04 | -89.0 | 0.0 | 12.34 | 14.58 | 0.0 | 133.33 | 544.44 | 0.0 | -33.33 | -142.96 | 0.0 | 27.67 | 0.51 | 0.0 |
| 19Q3 (3) | 62.60 | 6.03 | 0.0 | 9.45 | 20.23 | 0.0 | 44.01 | 397.29 | 0.0 | 35.22 | 398.16 | 0.0 | 4.18 | 457.33 | 0.0 | 3.70 | 452.24 | 0.0 | 0.11 | 22.22 | 0.0 | 45.80 | 322.9 | 0.0 | 10.77 | -29.24 | 0.0 | 20.69 | -74.71 | 0.0 | 77.59 | 753.45 | 0.0 | 27.53 | -6.11 | 0.0 |
| 19Q2 (2) | 59.04 | -11.56 | 0.0 | 7.86 | -64.56 | 0.0 | 8.85 | -61.54 | 0.0 | 7.07 | -61.6 | 0.0 | 0.75 | -65.91 | 0.0 | 0.67 | -66.83 | 0.0 | 0.09 | -18.18 | 0.0 | 10.83 | -56.37 | 0.0 | 15.22 | 73.55 | 0.0 | 81.82 | -15.45 | 0.0 | 9.09 | 181.82 | 0.0 | 29.32 | 26.27 | 0.0 |
| 19Q1 (1) | 66.76 | 0.0 | 0.0 | 22.18 | 0.0 | 0.0 | 23.01 | 0.0 | 0.0 | 18.41 | 0.0 | 0.0 | 2.20 | 0.0 | 0.0 | 2.02 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 24.82 | 0.0 | 0.0 | 8.77 | 0.0 | 0.0 | 96.77 | 0.0 | 0.0 | 3.23 | 0.0 | 0.0 | 23.22 | 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) | 49.31 | -6.27 | 7.85 | -11.9 | 1.36 | 43.58 | 9.38 | -14.42 | 8.01 | -10.3 | 5.24 | -9.03 | 4.62 | -9.77 | 0.57 | 0.0 | 12.21 | -12.16 | 10.55 | -42.48 | 84.21 | 3.35 | 15.79 | -14.74 | 3.86 | -13.52 | 21.34 | -2.02 |
| 2022 (9) | 52.61 | -12.05 | 8.91 | -33.75 | 0.94 | -44.26 | 10.96 | -26.39 | 8.93 | -21.6 | 5.76 | 35.21 | 5.12 | 30.28 | 0.57 | 67.65 | 13.90 | -19.14 | 18.34 | 131.57 | 81.48 | -9.79 | 18.52 | 91.36 | 4.46 | 1203.41 | 21.78 | -11.68 |
| 2021 (8) | 59.82 | -6.06 | 13.45 | -18.93 | 1.69 | 8.47 | 14.89 | -13.63 | 11.39 | -17.16 | 4.26 | -22.12 | 3.93 | -20.45 | 0.34 | -5.56 | 17.19 | -11.48 | 7.92 | -13.44 | 90.32 | -6.02 | 9.68 | 148.39 | 0.34 | -29.91 | 24.66 | -2.26 |
| 2020 (7) | 63.68 | 2.71 | 16.59 | 49.86 | 1.56 | 13.39 | 17.24 | -15.32 | 13.75 | -18.2 | 5.47 | -28.03 | 4.94 | -28.2 | 0.36 | -12.2 | 19.42 | -12.68 | 9.15 | -25.85 | 96.10 | 76.76 | 3.90 | -91.46 | 0.49 | -22.86 | 25.23 | -5.93 |
| 2019 (6) | 62.00 | -4.39 | 11.07 | -7.9 | 1.38 | 137.01 | 20.36 | 59.31 | 16.81 | 49.96 | 7.60 | 49.02 | 6.88 | 48.92 | 0.41 | 0.0 | 22.24 | 59.43 | 12.34 | 39.12 | 54.37 | -42.12 | 45.63 | 652.91 | 0.63 | -29.8 | 26.82 | 27.41 |
| 2018 (5) | 64.85 | -0.61 | 12.02 | -17.56 | 0.58 | -5.81 | 12.78 | -16.2 | 11.21 | -16.09 | 5.10 | 2.0 | 4.62 | 1.32 | 0.41 | 20.59 | 13.95 | -15.25 | 8.87 | -24.7 | 93.94 | -2.09 | 6.06 | 49.49 | 0.90 | 0 | 21.05 | -5.09 |
| 2017 (4) | 65.25 | 0.08 | 14.58 | 132.91 | 0.62 | 1.23 | 15.25 | -52.64 | 13.36 | -53.4 | 5.00 | -50.2 | 4.56 | -51.13 | 0.34 | 3.03 | 16.46 | -50.92 | 11.78 | 46.15 | 95.95 | 392.11 | 4.05 | -94.96 | 0.00 | 0 | 22.18 | -5.01 |
| 2016 (3) | 65.20 | -0.5 | 6.26 | -12.57 | 0.61 | 4.47 | 32.20 | 70.19 | 28.67 | 77.63 | 10.04 | 43.43 | 9.33 | 44.43 | 0.33 | -17.5 | 33.54 | 64.17 | 8.06 | 11.17 | 19.50 | -48.89 | 80.50 | 30.15 | 0.00 | 0 | 23.35 | 10.72 |
| 2015 (2) | 65.53 | -2.16 | 7.16 | -48.0 | 0.58 | 64.01 | 18.92 | 19.07 | 16.14 | 21.81 | 7.00 | -3.98 | 6.46 | -1.67 | 0.40 | -20.0 | 20.43 | 17.14 | 7.25 | -26.99 | 38.14 | -55.91 | 61.86 | 358.76 | 0.00 | 0 | 21.09 | 20.38 |
| 2014 (1) | 66.98 | 0 | 13.77 | 0 | 0.36 | -46.89 | 15.89 | 0 | 13.25 | 0 | 7.29 | 0 | 6.57 | 0 | 0.50 | -3.85 | 17.44 | -25.09 | 9.93 | -16.27 | 86.52 | -14.14 | 13.48 | 0 | 0.00 | 0 | 17.52 | 1.39 |
