- 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) | 42.32 | 3.65 | -7.46 | 13.46 | -15.13 | -5.81 | 12.76 | -34.6 | -23.41 | 10.84 | -30.11 | -35.4 | 2.17 | -39.89 | -30.89 | 1.52 | -33.62 | -28.64 | 0.13 | -7.14 | 8.33 | 21.67 | -20.51 | -15.88 | 42.76 | -30.55 | -14.31 | 105.58 | 30.01 | 23.04 | -5.58 | -129.68 | -139.3 | 19.60 | 13.1 | 25.08 |
| 23Q3 (19) | 40.83 | 3.76 | -7.1 | 15.86 | 25.97 | -14.82 | 19.51 | 40.76 | -18.71 | 15.51 | 17.32 | -16.16 | 3.61 | 35.21 | -9.07 | 2.29 | 26.52 | -10.89 | 0.14 | 7.69 | 0.0 | 27.26 | 21.16 | -14.38 | 61.57 | 2.82 | 17.88 | 81.21 | -10.61 | 4.47 | 18.79 | 105.23 | -16.36 | 17.33 | -6.98 | -8.36 |
| 23Q2 (18) | 39.35 | 4.05 | 2.74 | 12.59 | 22.83 | 14.14 | 13.86 | 17.86 | 2.82 | 13.22 | 40.49 | 565.49 | 2.67 | 54.34 | 560.34 | 1.81 | 47.15 | 724.14 | 0.13 | 8.33 | 8.33 | 22.50 | 7.76 | -4.7 | 59.88 | 32.39 | -2.67 | 90.84 | 4.09 | 11.33 | 9.16 | -28.05 | -49.12 | 18.63 | -7.36 | 38.82 |
| 23Q1 (17) | 37.82 | -17.3 | -6.25 | 10.25 | -28.27 | -1.25 | 11.76 | -29.41 | -17.18 | 9.41 | -43.92 | -13.11 | 1.73 | -44.9 | -10.36 | 1.23 | -42.25 | 0.82 | 0.12 | 0.0 | 9.09 | 20.88 | -18.94 | -8.66 | 45.23 | -9.36 | -35.1 | 87.27 | 1.71 | 19.24 | 12.73 | -10.33 | -52.53 | 20.11 | 28.33 | 2.08 |
| 22Q4 (16) | 45.73 | 4.05 | 12.61 | 14.29 | -23.25 | -1.45 | 16.66 | -30.58 | 7.76 | 16.78 | -9.3 | 48.76 | 3.14 | -20.91 | 37.12 | 2.13 | -17.12 | 47.92 | 0.12 | -14.29 | 0.0 | 25.76 | -19.1 | 11.9 | 49.90 | -4.46 | -13.85 | 85.81 | 10.39 | -8.64 | 14.19 | -36.83 | 133.41 | 15.67 | -17.13 | 32.01 |
| 22Q3 (15) | 43.95 | 14.75 | -2.61 | 18.62 | 68.81 | -23.22 | 24.00 | 78.04 | -21.67 | 18.50 | 751.41 | -15.1 | 3.97 | 784.48 | -32.37 | 2.57 | 986.21 | -28.41 | 0.14 | 16.67 | -12.5 | 31.84 | 34.86 | -11.9 | 52.23 | -15.1 | -23.28 | 77.73 | -4.74 | -1.75 | 22.47 | 24.83 | 7.62 | 18.91 | 40.91 | 78.23 |
| 22Q2 (14) | 38.30 | -5.06 | -10.45 | 11.03 | 6.26 | -42.34 | 13.48 | -5.07 | -38.19 | -2.84 | -126.22 | -113.35 | -0.58 | -130.05 | -109.52 | -0.29 | -123.77 | -107.49 | 0.12 | 9.09 | -33.33 | 23.61 | 3.28 | -11.31 | 61.52 | -11.72 | 3.29 | 81.60 | 11.49 | -7.11 | 18.00 | -32.86 | 45.71 | 13.42 | -31.88 | -1.61 |
| 22Q1 (13) | 40.34 | -0.66 | -10.06 | 10.38 | -28.41 | -52.78 | 14.20 | -8.15 | -41.78 | 10.83 | -3.99 | -45.08 | 1.93 | -15.72 | -60.93 | 1.22 | -15.28 | -61.15 | 0.11 | -8.33 | -31.25 | 22.86 | -0.7 | -22.51 | 69.69 | 20.32 | 16.07 | 73.19 | -22.07 | -18.77 | 26.81 | 340.85 | 170.94 | 19.70 | 65.96 | 19.32 |
| 21Q4 (12) | 40.61 | -10.02 | -1.24 | 14.50 | -40.21 | -39.98 | 15.46 | -49.54 | -42.61 | 11.28 | -48.23 | -48.38 | 2.29 | -60.99 | -62.82 | 1.44 | -59.89 | -62.79 | 0.12 | -25.0 | -33.33 | 23.02 | -36.3 | -26.87 | 57.92 | -14.92 | 0.43 | 93.92 | 18.7 | 4.9 | 6.08 | -70.87 | -40.9 | 11.87 | 11.88 | -24.06 |
| 21Q3 (11) | 45.13 | 5.52 | -0.7 | 24.25 | 26.76 | -1.82 | 30.64 | 40.49 | 8.12 | 21.79 | 2.4 | -6.32 | 5.87 | -3.61 | -21.94 | 3.59 | -7.24 | -19.33 | 0.16 | -11.11 | -15.79 | 36.14 | 35.76 | 11.03 | 68.08 | 14.3 | 8.37 | 79.12 | -9.93 | -9.3 | 20.88 | 69.02 | 61.48 | 10.61 | -22.21 | -29.74 |
| 21Q2 (10) | 42.77 | -4.64 | -2.51 | 19.13 | -12.97 | -26.22 | 21.81 | -10.58 | -16.76 | 21.28 | 7.91 | -10.66 | 6.09 | 23.28 | -21.92 | 3.87 | 23.25 | -19.71 | 0.18 | 12.5 | -10.0 | 26.62 | -9.76 | -11.65 | 59.56 | -0.8 | -24.21 | 87.84 | -2.51 | -11.24 | 12.35 | 24.84 | 1090.0 | 13.64 | -17.38 | 0 |
| 21Q1 (9) | 44.85 | 9.07 | 1.68 | 21.98 | -9.02 | -4.72 | 24.39 | -9.47 | -3.29 | 19.72 | -9.75 | -5.42 | 4.94 | -19.81 | -5.9 | 3.14 | -18.86 | -11.05 | 0.16 | -11.11 | -5.88 | 29.50 | -6.29 | -0.47 | 60.04 | 4.11 | 23.31 | 90.11 | 0.64 | -1.45 | 9.89 | -3.83 | 15.44 | 16.51 | 5.63 | 2.61 |
| 20Q4 (8) | 41.12 | -9.53 | -0.19 | 24.16 | -2.19 | 25.96 | 26.94 | -4.94 | 26.42 | 21.85 | -6.06 | 23.31 | 6.16 | -18.09 | 4.05 | 3.87 | -13.03 | 1.31 | 0.18 | -5.26 | -18.18 | 31.48 | -3.29 | 28.86 | 57.67 | -8.2 | 14.79 | 89.53 | 2.63 | -0.65 | 10.29 | -20.42 | 4.15 | 15.63 | 3.51 | -7.3 |
| 20Q3 (7) | 45.45 | 3.6 | 12.98 | 24.70 | -4.74 | 42.12 | 28.34 | 8.17 | 35.99 | 23.26 | -2.35 | 31.78 | 7.52 | -3.59 | 35.74 | 4.45 | -7.68 | 33.63 | 0.19 | -5.0 | 0.0 | 32.55 | 8.03 | 33.24 | 62.82 | -20.07 | 3.85 | 87.23 | -11.85 | 4.68 | 12.93 | 1145.55 | -22.42 | 15.10 | 0 | -19.72 |
| 20Q2 (6) | 43.87 | -0.54 | 1.25 | 25.93 | 12.4 | -2.74 | 26.20 | 3.89 | -5.11 | 23.82 | 14.24 | -2.74 | 7.80 | 48.57 | -19.92 | 4.82 | 36.54 | -17.47 | 0.20 | 17.65 | -16.67 | 30.13 | 1.65 | 0.13 | 78.59 | 61.41 | 7.22 | 98.96 | 8.24 | 2.56 | 1.04 | -87.89 | -69.16 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 44.11 | 7.06 | 3.25 | 23.07 | 20.28 | -15.71 | 25.22 | 18.35 | -14.77 | 20.85 | 17.66 | -14.13 | 5.25 | -11.32 | -48.48 | 3.53 | -7.59 | -41.65 | 0.17 | -22.73 | -32.0 | 29.64 | 21.33 | -7.37 | 48.69 | -3.09 | -19.64 | 91.43 | 1.45 | -1.07 | 8.57 | -13.24 | 15.04 | 16.09 | -4.57 | 7.77 |
| 19Q4 (4) | 41.20 | 2.41 | 0.0 | 19.18 | 10.36 | 0.0 | 21.31 | 2.26 | 0.0 | 17.72 | 0.4 | 0.0 | 5.92 | 6.86 | 0.0 | 3.82 | 14.71 | 0.0 | 0.22 | 15.79 | 0.0 | 24.43 | 0.0 | 0.0 | 50.24 | -16.94 | 0.0 | 90.12 | 8.15 | 0.0 | 9.88 | -40.73 | 0.0 | 16.86 | -10.37 | 0.0 |
| 19Q3 (3) | 40.23 | -7.15 | 0.0 | 17.38 | -34.81 | 0.0 | 20.84 | -24.52 | 0.0 | 17.65 | -27.93 | 0.0 | 5.54 | -43.12 | 0.0 | 3.33 | -42.98 | 0.0 | 0.19 | -20.83 | 0.0 | 24.43 | -18.81 | 0.0 | 60.49 | -17.48 | 0.0 | 83.33 | -13.64 | 0.0 | 16.67 | 395.14 | 0.0 | 18.81 | 25.32 | 0.0 |
| 19Q2 (2) | 43.33 | 1.43 | 0.0 | 26.66 | -2.59 | 0.0 | 27.61 | -6.69 | 0.0 | 24.49 | 0.86 | 0.0 | 9.74 | -4.42 | 0.0 | 5.84 | -3.47 | 0.0 | 0.24 | -4.0 | 0.0 | 30.09 | -5.97 | 0.0 | 73.30 | 20.98 | 0.0 | 96.49 | 4.41 | 0.0 | 3.37 | -54.82 | 0.0 | 15.01 | 0.54 | 0.0 |
| 19Q1 (1) | 42.72 | 0.0 | 0.0 | 27.37 | 0.0 | 0.0 | 29.59 | 0.0 | 0.0 | 24.28 | 0.0 | 0.0 | 10.19 | 0.0 | 0.0 | 6.05 | 0.0 | 0.0 | 0.25 | 0.0 | 0.0 | 32.00 | 0.0 | 0.0 | 60.59 | 0.0 | 0.0 | 92.42 | 0.0 | 0.0 | 7.45 | 0.0 | 0.0 | 14.93 | 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) | 40.13 | -4.88 | 13.16 | -4.71 | 7.37 | -1.44 | 14.66 | -15.5 | 12.38 | 12.14 | 9.94 | 19.33 | 7.05 | 25.89 | 0.55 | 12.24 | 23.24 | -11.5 | 42.76 | -14.31 | 89.79 | 12.89 | 10.21 | -50.1 | 4.90 | -0.1 | 18.86 | 11.53 |
| 2022 (9) | 42.19 | -2.81 | 13.81 | -31.5 | 7.48 | 42.31 | 17.35 | -25.92 | 11.04 | -41.37 | 8.33 | -55.64 | 5.60 | -53.49 | 0.49 | -22.22 | 26.26 | -9.73 | 49.90 | -13.85 | 79.53 | -7.64 | 20.47 | 46.84 | 4.90 | -6.72 | 16.91 | 29.48 |
| 2021 (8) | 43.41 | -0.55 | 20.16 | -17.85 | 5.26 | 35.09 | 23.42 | -12.38 | 18.83 | -16.42 | 18.78 | -25.0 | 12.04 | -26.36 | 0.63 | -12.5 | 29.09 | -6.13 | 57.92 | 0.43 | 86.11 | -6.21 | 13.94 | 70.19 | 5.26 | 2759.61 | 13.06 | -10.85 |
| 2020 (7) | 43.65 | 3.98 | 24.54 | 6.6 | 3.89 | 45.97 | 26.73 | 6.32 | 22.53 | 5.77 | 25.04 | -20.28 | 16.35 | -15.46 | 0.72 | -20.88 | 30.99 | 10.6 | 57.67 | 14.79 | 91.81 | 0.27 | 8.19 | -2.98 | 0.18 | -35.77 | 14.65 | -9.9 |
| 2019 (6) | 41.98 | -3.34 | 23.02 | -8.47 | 2.67 | 34.08 | 25.14 | -7.74 | 21.30 | -4.57 | 31.41 | -20.18 | 19.34 | -19.25 | 0.91 | -14.95 | 28.02 | -4.89 | 50.24 | -35.84 | 91.56 | -0.8 | 8.44 | 9.58 | 0.29 | 17.79 | 16.26 | 2.85 |
| 2018 (5) | 43.43 | 6.89 | 25.15 | 16.44 | 1.99 | -24.34 | 27.25 | 24.6 | 22.32 | 26.1 | 39.35 | 69.25 | 23.95 | 44.8 | 1.07 | 15.05 | 29.46 | 19.03 | 78.31 | 88.2 | 92.30 | -6.55 | 7.70 | 523.22 | 0.24 | 0 | 15.81 | -14.95 |
| 2017 (4) | 40.63 | -2.24 | 21.60 | 7.84 | 2.63 | -10.2 | 21.87 | 7.1 | 17.70 | 7.21 | 23.25 | 14.03 | 16.54 | 13.06 | 0.93 | 5.68 | 24.75 | 4.74 | 41.61 | 3.35 | 98.76 | 0.67 | 1.24 | -34.6 | 0.00 | 0 | 18.59 | -6.35 |
| 2016 (3) | 41.56 | 17.24 | 20.03 | 54.08 | 2.93 | 4.18 | 20.42 | 45.75 | 16.51 | 41.35 | 20.39 | 67.54 | 14.63 | 68.55 | 0.88 | 20.55 | 23.63 | 36.27 | 40.26 | -0.64 | 98.11 | 5.8 | 1.89 | -73.99 | 0.00 | 0 | 19.85 | 2.16 |
| 2015 (2) | 35.45 | 7.59 | 13.00 | 34.3 | 2.81 | -0.32 | 14.01 | 2.41 | 11.68 | 8.35 | 12.17 | 13.53 | 8.68 | 14.81 | 0.73 | 5.8 | 17.34 | 2.54 | 40.52 | -13.64 | 92.73 | 30.88 | 7.27 | -75.07 | 0.00 | 0 | 19.43 | -8.48 |
| 2014 (1) | 32.95 | 0 | 9.68 | 0 | 2.82 | 46.53 | 13.68 | 0 | 10.78 | 0 | 10.72 | 0 | 7.56 | 0 | 0.69 | -27.37 | 16.91 | 18.09 | 46.92 | 14.55 | 70.85 | -10.11 | 29.15 | 37.63 | 0.00 | 0 | 21.23 | 2.31 |
