- 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) | 42.18 | 3.33 | 30.71 | 22.77 | -14.72 | 176.33 | 24.06 | -4.03 | 1576.07 | 19.55 | -8.73 | 2817.91 | 4.86 | -32.59 | 2937.5 | 3.11 | -25.06 | 936.67 | 0.15 | -16.67 | 25.0 | 32.12 | -0.71 | 269.2 | 67.86 | -6.62 | -31.97 | 94.96 | -10.87 | 117.8 | 5.04 | 177.14 | -99.22 | 27.00 | 32.81 | -15.76 |
| 23Q3 (19) | 40.82 | 6.64 | 1.39 | 26.70 | 32.77 | 4.71 | 25.07 | -18.92 | -32.79 | 21.42 | -20.49 | -30.99 | 7.21 | -5.26 | -31.72 | 4.15 | 1.47 | -30.02 | 0.18 | 28.57 | -5.26 | 32.35 | -19.31 | -26.24 | 72.67 | -31.93 | -4.48 | 106.54 | 64.34 | 56.5 | -6.54 | -118.58 | -120.78 | 20.33 | -20.74 | -11.22 |
| 23Q2 (18) | 38.28 | 12.16 | -0.39 | 20.11 | 90.62 | -22.02 | 30.92 | 265.92 | -13.17 | 26.94 | 258.72 | -8.55 | 7.61 | 298.43 | -36.05 | 4.09 | 229.84 | -34.98 | 0.14 | 7.69 | -33.33 | 40.09 | 116.12 | -3.14 | 106.76 | 13.6 | 15.62 | 64.83 | -48.43 | -10.51 | 35.17 | 236.78 | 27.64 | 25.65 | -23.64 | 18.53 |
| 23Q1 (17) | 34.13 | 5.76 | -10.42 | 10.55 | 28.03 | -26.99 | 8.45 | 618.4 | -43.14 | 7.51 | 1020.9 | -31.16 | 1.91 | 1093.75 | -27.38 | 1.24 | 313.33 | -15.07 | 0.13 | 8.33 | 8.33 | 18.55 | 113.22 | -23.91 | 93.98 | -5.78 | -1.55 | 125.71 | 123.57 | 30.55 | -25.71 | -103.96 | -1488.57 | 33.59 | 4.8 | -14.31 |
| 22Q4 (16) | 32.27 | -19.85 | 0.37 | 8.24 | -67.69 | 51.75 | -1.63 | -104.37 | -217.27 | 0.67 | -97.84 | 128.39 | 0.16 | -98.48 | 129.09 | 0.30 | -94.94 | 2900.0 | 0.12 | -36.84 | 0.0 | 8.70 | -80.16 | -35.41 | 99.75 | 31.11 | 6.73 | -533.33 | -883.45 | -248.15 | 650.00 | 1966.42 | 350.0 | 32.05 | 39.96 | -8.87 |
| 22Q3 (15) | 40.26 | 4.76 | 6.23 | 25.50 | -1.12 | 25.06 | 37.30 | 4.75 | 66.82 | 31.04 | 5.36 | 68.79 | 10.56 | -11.26 | 66.56 | 5.93 | -5.72 | 77.01 | 0.19 | -9.52 | 5.56 | 43.86 | 5.97 | 48.98 | 76.08 | -17.61 | -19.33 | 68.08 | -6.03 | -25.67 | 31.46 | 14.15 | 273.97 | 22.90 | 5.82 | 1.6 |
| 22Q2 (14) | 38.43 | 0.87 | 15.34 | 25.79 | 78.48 | 372.34 | 35.61 | 139.64 | 3166.97 | 29.46 | 170.03 | 4363.64 | 11.90 | 352.47 | 8400.0 | 6.29 | 330.82 | 3045.0 | 0.21 | 75.0 | 90.91 | 41.39 | 69.77 | 230.06 | 92.34 | -3.27 | -6.6 | 72.44 | -24.77 | -86.42 | 27.56 | 1388.0 | 106.36 | 21.64 | -44.8 | -48.16 |
| 22Q1 (13) | 38.10 | 18.51 | 44.81 | 14.45 | 166.11 | 1056.0 | 14.86 | 969.06 | 158.89 | 10.91 | 562.29 | 119.96 | 2.63 | 578.18 | 132.74 | 1.46 | 14500.0 | 94.67 | 0.12 | 0.0 | -7.69 | 24.38 | 80.99 | 48.66 | 95.46 | 2.14 | 12.7 | 96.30 | -73.25 | 333.33 | 1.85 | 100.71 | -97.62 | 39.20 | 11.46 | 8.23 |
| 21Q4 (12) | 32.15 | -15.17 | 36.23 | 5.43 | -73.37 | 150.23 | 1.39 | -93.78 | 106.41 | -2.36 | -112.83 | 87.26 | -0.55 | -108.68 | 78.17 | 0.01 | -99.7 | 100.76 | 0.12 | -33.33 | 50.0 | 13.47 | -54.25 | 375.46 | 93.46 | -0.9 | 21.57 | 360.00 | 293.06 | 620.0 | -260.00 | -3191.11 | -620.0 | 35.17 | 56.03 | -19.32 |
| 21Q3 (11) | 37.90 | 13.75 | 3.19 | 20.39 | 273.44 | 115.77 | 22.36 | 1951.38 | 959.72 | 18.39 | 2686.36 | 797.07 | 6.34 | 4428.57 | 1308.89 | 3.35 | 1575.0 | 781.58 | 0.18 | 63.64 | 50.0 | 29.44 | 134.77 | 118.88 | 94.31 | -4.61 | 29.44 | 91.59 | -82.83 | -79.65 | 8.41 | 101.94 | 102.4 | 22.54 | -46.0 | -24.92 |
| 21Q2 (10) | 33.32 | 26.64 | -0.15 | 5.46 | 336.8 | -47.65 | 1.09 | -81.01 | -90.98 | 0.66 | -86.69 | -93.57 | 0.14 | -87.61 | -94.62 | 0.20 | -73.33 | -87.01 | 0.11 | -15.38 | -15.38 | 12.54 | -23.54 | -42.71 | 98.87 | 16.73 | 2.97 | 533.33 | 2300.0 | 524.76 | -433.33 | -657.14 | -3061.11 | 41.74 | 15.24 | 47.28 |
| 21Q1 (9) | 26.31 | 11.48 | -2.05 | 1.25 | 111.56 | 117.99 | 5.74 | 126.46 | 12.11 | 4.96 | 126.77 | -35.5 | 1.13 | 144.84 | -9.6 | 0.75 | 156.82 | -15.73 | 0.13 | 62.5 | 44.44 | 16.40 | 435.38 | -20.16 | 84.70 | 10.17 | 5.43 | 22.22 | -55.56 | 115.28 | 77.78 | 55.56 | -68.31 | 36.22 | -16.91 | -20.24 |
| 20Q4 (8) | 23.60 | -35.75 | -24.6 | -10.81 | -214.39 | -2802.5 | -21.69 | -1127.96 | -551.88 | -18.53 | -1003.9 | -539.1 | -2.52 | -660.0 | -386.36 | -1.32 | -447.37 | -294.12 | 0.08 | -33.33 | -38.46 | -4.89 | -136.36 | -129.96 | 76.88 | 5.52 | 10.38 | 50.00 | -88.89 | 600.0 | 50.00 | 114.29 | -46.15 | 43.59 | 45.2 | 17.87 |
| 20Q3 (7) | 36.73 | 10.07 | 8.41 | 9.45 | -9.4 | -21.38 | 2.11 | -82.55 | -90.61 | 2.05 | -80.04 | -90.31 | 0.45 | -82.69 | -92.45 | 0.38 | -75.32 | -89.89 | 0.12 | -7.69 | -29.41 | 13.45 | -38.56 | -56.6 | 72.86 | -24.12 | 11.63 | 450.00 | 427.14 | 741.3 | -350.00 | -2491.67 | -852.5 | 30.02 | 5.93 | 14.89 |
| 20Q2 (6) | 33.37 | 24.24 | 15.23 | 10.43 | 250.07 | -6.54 | 12.09 | 136.13 | -17.53 | 10.27 | 33.55 | -18.36 | 2.60 | 108.0 | -38.39 | 1.54 | 73.03 | -45.96 | 0.13 | 44.44 | -40.91 | 21.89 | 6.57 | 2.1 | 96.02 | 19.52 | 48.8 | 85.37 | 158.69 | 11.14 | 14.63 | -94.04 | -36.89 | 28.34 | -37.59 | -6.38 |
| 20Q1 (5) | 26.86 | -14.19 | 26.46 | -6.95 | -1837.5 | -30.39 | 5.12 | 6.67 | 176.42 | 7.69 | 82.23 | 210.17 | 1.25 | 42.05 | 187.41 | 0.89 | 30.88 | 198.89 | 0.09 | -30.77 | -35.71 | 20.54 | 25.86 | 450.67 | 80.34 | 15.35 | 77.9 | -145.45 | -2136.36 | -281.82 | 245.45 | 164.34 | 1127.27 | 45.41 | 22.8 | 28.86 |
| 19Q4 (4) | 31.30 | -7.62 | 0.0 | 0.40 | -96.67 | 0.0 | 4.80 | -78.65 | 0.0 | 4.22 | -80.06 | 0.0 | 0.88 | -85.23 | 0.0 | 0.68 | -81.91 | 0.0 | 0.13 | -23.53 | 0.0 | 16.32 | -47.34 | 0.0 | 69.65 | 6.71 | 0.0 | 7.14 | -86.65 | 0.0 | 92.86 | 99.64 | 0.0 | 36.98 | 41.52 | 0.0 |
| 19Q3 (3) | 33.88 | 16.99 | 0.0 | 12.02 | 7.71 | 0.0 | 22.48 | 53.34 | 0.0 | 21.16 | 68.2 | 0.0 | 5.96 | 41.23 | 0.0 | 3.76 | 31.93 | 0.0 | 0.17 | -22.73 | 0.0 | 30.99 | 44.54 | 0.0 | 65.27 | 1.15 | 0.0 | 53.49 | -30.36 | 0.0 | 46.51 | 100.58 | 0.0 | 26.13 | -13.68 | 0.0 |
| 19Q2 (2) | 28.96 | 36.35 | 0.0 | 11.16 | 309.38 | 0.0 | 14.66 | 318.81 | 0.0 | 12.58 | 280.23 | 0.0 | 4.22 | 395.1 | 0.0 | 2.85 | 416.67 | 0.0 | 0.22 | 57.14 | 0.0 | 21.44 | 474.8 | 0.0 | 64.53 | 42.89 | 0.0 | 76.81 | -3.99 | 0.0 | 23.19 | 15.94 | 0.0 | 30.27 | -14.1 | 0.0 |
| 19Q1 (1) | 21.24 | 0.0 | 0.0 | -5.33 | 0.0 | 0.0 | -6.70 | 0.0 | 0.0 | -6.98 | 0.0 | 0.0 | -1.43 | 0.0 | 0.0 | -0.90 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | 3.73 | 0.0 | 0.0 | 45.16 | 0.0 | 0.0 | 80.00 | 0.0 | 0.0 | 20.00 | 0.0 | 0.0 | 35.24 | 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) | 39.16 | 3.96 | 20.80 | 3.48 | 5.94 | 0.09 | 22.73 | -8.46 | 19.36 | -6.65 | 21.12 | -20.42 | 12.76 | -9.82 | 0.60 | -7.69 | 31.24 | -3.46 | 67.86 | -31.97 | 91.37 | 12.99 | 8.41 | -55.59 | 1.08 | -10.55 | 26.01 | -4.83 |
| 2022 (9) | 37.67 | 13.98 | 20.10 | 109.59 | 5.93 | -24.61 | 24.83 | 163.87 | 20.74 | 200.14 | 26.54 | 281.32 | 14.15 | 217.98 | 0.65 | 20.37 | 32.36 | 66.63 | 99.75 | 6.73 | 80.86 | -20.33 | 18.93 | 0 | 1.21 | -19.29 | 27.33 | -15.78 |
| 2021 (8) | 33.05 | 6.03 | 9.59 | 264.64 | 7.87 | -23.11 | 9.41 | 425.7 | 6.91 | 201.75 | 6.96 | 302.31 | 4.45 | 176.4 | 0.54 | 22.73 | 19.42 | 35.05 | 93.46 | 21.57 | 101.50 | -28.57 | -2.26 | 0 | 1.50 | 0.15 | 32.45 | -7.84 |
| 2020 (7) | 31.17 | 6.86 | 2.63 | -55.12 | 10.23 | 37.51 | 1.79 | -82.77 | 2.29 | -75.08 | 1.73 | -81.58 | 1.61 | -75.61 | 0.44 | -33.33 | 14.38 | -25.34 | 76.88 | 10.38 | 142.11 | 152.07 | -47.37 | 0 | 1.50 | 35.58 | 35.21 | 11.67 |
| 2019 (6) | 29.17 | 14.98 | 5.86 | 35.96 | 7.44 | 13.99 | 10.39 | 2.87 | 9.19 | 5.63 | 9.39 | 3.76 | 6.60 | -2.08 | 0.66 | -9.59 | 19.26 | 9.25 | 69.65 | 73.43 | 56.38 | 32.13 | 43.62 | -23.91 | 1.11 | -26.24 | 31.53 | 2.94 |
| 2018 (5) | 25.37 | 3.05 | 4.31 | -23.58 | 6.53 | 14.78 | 10.10 | 133.26 | 8.70 | 175.32 | 9.05 | 163.08 | 6.74 | 143.32 | 0.73 | 2.82 | 17.63 | 59.55 | 40.16 | -13.65 | 42.67 | -67.03 | 57.33 | 0 | 1.50 | 0 | 30.63 | 13.07 |
| 2017 (4) | 24.62 | 1.28 | 5.64 | 132.1 | 5.69 | 4.93 | 4.33 | -42.11 | 3.16 | -48.45 | 3.44 | -39.54 | 2.77 | -33.09 | 0.71 | 14.52 | 11.05 | -19.64 | 46.51 | -21.53 | 129.41 | 295.23 | -30.88 | 0 | 0.00 | 0 | 27.09 | -7.95 |
| 2016 (3) | 24.31 | -5.08 | 2.43 | -73.79 | 5.42 | 44.65 | 7.48 | -36.07 | 6.13 | -35.95 | 5.69 | -53.74 | 4.14 | -49.45 | 0.62 | -23.46 | 13.75 | -15.64 | 59.27 | 41.59 | 32.74 | -58.67 | 67.26 | 223.67 | 0.00 | 0 | 29.43 | 31.21 |
| 2015 (2) | 25.61 | -16.09 | 9.27 | -40.54 | 3.75 | 35.41 | 11.70 | -28.22 | 9.57 | -21.1 | 12.30 | -51.76 | 8.19 | -41.46 | 0.81 | -26.36 | 16.30 | -17.84 | 41.86 | -50.76 | 79.22 | -17.27 | 20.78 | 389.61 | 0.00 | 0 | 22.43 | 14.61 |
| 2014 (1) | 30.52 | 0 | 15.59 | 0 | 2.77 | -2.25 | 16.30 | 0 | 12.13 | 0 | 25.50 | 0 | 13.99 | 0 | 1.10 | -5.17 | 19.84 | 25.97 | 85.01 | -13.34 | 95.76 | -1.77 | 4.24 | 68.35 | 0.00 | 0 | 19.57 | 5.9 |
