- 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) | 47.75 | 6.56 | 2.69 | 9.08 | 45.51 | 3.42 | 10.59 | 36.47 | 89.11 | 8.46 | 30.96 | 94.48 | 2.25 | 40.62 | 75.78 | 1.20 | 41.18 | 73.91 | 0.14 | 7.69 | -6.67 | 19.49 | -4.32 | 35.44 | 90.15 | -0.56 | -4.6 | 84.62 | -3.3 | -50.64 | 15.38 | -38.46 | 126.92 | 24.64 | 0.61 | 7.13 |
| 23Q3 (19) | 44.81 | -5.98 | -1.71 | 6.24 | -8.77 | 168.97 | 7.76 | -11.72 | -27.07 | 6.46 | -16.1 | -26.59 | 1.60 | -7.51 | -28.89 | 0.85 | -8.6 | -30.33 | 0.13 | 8.33 | -7.14 | 20.37 | 1.85 | 8.64 | 90.66 | -4.27 | 0.12 | 87.50 | 12.5 | 250.0 | 25.00 | 12.5 | -66.67 | 24.49 | -10.36 | -16.33 |
| 23Q2 (18) | 47.66 | 16.59 | 13.86 | 6.84 | 260.0 | 64.03 | 8.79 | 263.22 | -10.67 | 7.70 | 251.6 | -3.51 | 1.73 | 260.42 | -12.63 | 0.93 | 232.14 | -16.96 | 0.12 | 0.0 | -14.29 | 20.00 | 102.02 | -4.35 | 94.70 | 9.82 | 15.19 | 77.78 | -22.22 | 71.11 | 22.22 | -55.56 | -59.26 | 27.32 | 6.76 | 8.63 |
| 23Q1 (17) | 40.88 | -12.09 | -4.44 | 1.90 | -78.36 | -72.3 | 2.42 | -56.79 | -77.76 | 2.19 | -49.66 | -74.97 | 0.48 | -62.5 | -78.38 | 0.28 | -59.42 | -77.78 | 0.12 | -20.0 | -14.29 | 9.90 | -31.2 | -46.25 | 86.23 | -8.75 | 17.43 | 100.00 | -41.67 | 50.0 | 50.00 | 187.5 | 20.0 | 25.59 | 11.26 | 6.49 |
| 22Q4 (16) | 46.50 | 2.0 | 2.81 | 8.78 | 278.45 | -11.13 | 5.60 | -47.37 | -42.03 | 4.35 | -50.57 | -44.23 | 1.28 | -43.11 | -45.99 | 0.69 | -43.44 | -47.73 | 0.15 | 7.14 | -11.76 | 14.39 | -23.25 | -23.46 | 94.50 | 4.36 | 17.65 | 171.43 | 585.71 | 71.43 | -57.14 | -176.19 | 0 | 23.00 | -21.42 | -0.09 |
| 22Q3 (15) | 45.59 | 8.91 | 0.11 | 2.32 | -44.36 | -77.34 | 10.64 | 8.13 | -25.54 | 8.80 | 10.28 | -28.22 | 2.25 | 13.64 | -29.02 | 1.22 | 8.93 | -32.97 | 0.14 | 0.0 | -6.67 | 18.75 | -10.33 | -17.8 | 90.55 | 10.14 | 11.6 | 25.00 | -45.0 | -66.67 | 75.00 | 37.5 | 140.0 | 29.27 | 16.38 | 15.69 |
| 22Q2 (14) | 41.86 | -2.15 | -10.31 | 4.17 | -39.21 | 47.35 | 9.84 | -9.56 | 434.78 | 7.98 | -8.8 | 495.52 | 1.98 | -10.81 | 661.54 | 1.12 | -11.11 | 600.0 | 0.14 | 0.0 | 27.27 | 20.91 | 13.52 | 77.81 | 82.21 | 11.96 | 16.25 | 45.45 | -31.82 | -54.55 | 54.55 | 30.91 | 209.09 | 25.15 | 4.66 | -15.91 |
| 22Q1 (13) | 42.78 | -5.42 | 2.81 | 6.86 | -30.57 | 29.19 | 10.88 | 12.63 | 91.21 | 8.75 | 12.18 | 98.86 | 2.22 | -6.33 | 103.67 | 1.26 | -4.55 | 100.0 | 0.14 | -17.65 | 0.0 | 18.42 | -2.02 | 25.48 | 73.43 | -8.58 | 0.26 | 66.67 | -33.33 | -33.33 | 41.67 | 0 | 0 | 24.03 | 4.39 | -2.04 |
| 21Q4 (12) | 45.23 | -0.68 | -8.66 | 9.88 | -3.52 | -24.92 | 9.66 | -32.4 | -29.75 | 7.80 | -36.38 | -29.35 | 2.37 | -25.24 | -25.47 | 1.32 | -27.47 | -27.07 | 0.17 | 13.33 | 6.25 | 18.80 | -17.58 | -16.74 | 80.32 | -1.01 | 1.49 | 100.00 | 33.33 | 6.25 | 0.00 | -100.0 | -100.0 | 23.02 | -9.01 | -9.41 |
| 21Q3 (11) | 45.54 | -2.42 | 7.41 | 10.24 | 261.84 | 75.95 | 14.29 | 676.63 | 108.31 | 12.26 | 814.93 | 114.34 | 3.17 | 1119.23 | 114.19 | 1.82 | 1037.5 | 116.67 | 0.15 | 36.36 | 7.14 | 22.81 | 93.96 | 38.16 | 81.14 | 14.73 | 7.5 | 75.00 | -25.0 | 0.0 | 31.25 | 162.5 | 150.0 | 25.30 | -15.41 | 3.48 |
| 21Q2 (10) | 46.67 | 12.16 | 14.56 | 2.83 | -46.7 | 21.46 | 1.84 | -67.66 | -79.87 | 1.34 | -69.55 | -83.14 | 0.26 | -76.15 | -86.73 | 0.16 | -74.6 | -85.71 | 0.11 | -21.43 | -21.43 | 11.76 | -19.89 | -40.64 | 70.72 | -3.44 | -15.07 | 100.00 | 0.0 | 400.0 | -50.00 | 0 | -171.43 | 29.91 | 21.93 | 14.82 |
| 21Q1 (9) | 41.61 | -15.97 | -1.35 | 5.31 | -59.65 | 2313.64 | 5.69 | -58.62 | 386.32 | 4.40 | -60.14 | 1194.12 | 1.09 | -65.72 | 1457.14 | 0.63 | -65.19 | 950.0 | 0.14 | -12.5 | 7.69 | 14.68 | -34.99 | 42.39 | 73.24 | -7.46 | 0.6 | 100.00 | 6.25 | 0 | 0.00 | -100.0 | -100.0 | 24.53 | -3.46 | -10.44 |
| 20Q4 (8) | 49.52 | 16.79 | 1.43 | 13.16 | 126.12 | 36.37 | 13.75 | 100.44 | 25.23 | 11.04 | 93.01 | 26.9 | 3.18 | 114.86 | 52.88 | 1.81 | 115.48 | 52.1 | 0.16 | 14.29 | 23.08 | 22.58 | 36.77 | 11.84 | 79.14 | 4.85 | -0.05 | 94.12 | 25.49 | 3.53 | 5.88 | -52.94 | -35.29 | 25.41 | 3.93 | 1.72 |
| 20Q3 (7) | 42.40 | 4.07 | 10.19 | 5.82 | 149.79 | 169.78 | 6.86 | -24.95 | 2112.9 | 5.72 | -28.05 | 286.49 | 1.48 | -24.49 | 362.5 | 0.84 | -25.0 | 320.0 | 0.14 | 0.0 | 16.67 | 16.51 | -16.66 | 19.38 | 75.48 | -9.36 | -3.81 | 75.00 | 275.0 | 0 | 12.50 | -82.14 | 0 | 24.45 | -6.14 | -21.63 |
| 20Q2 (6) | 40.74 | -3.41 | -10.07 | 2.33 | 959.09 | -73.31 | 9.14 | 681.2 | -23.32 | 7.95 | 2238.24 | -17.79 | 1.96 | 2700.0 | -23.14 | 1.12 | 1766.67 | -20.0 | 0.14 | 7.69 | 0.0 | 19.81 | 92.14 | -14.17 | 83.27 | 14.38 | -8.26 | 20.00 | 0 | -72.0 | 70.00 | -30.0 | 145.0 | 26.05 | -4.89 | 1.32 |
| 20Q1 (5) | 42.18 | -13.6 | -3.79 | 0.22 | -97.72 | -95.09 | 1.17 | -89.34 | -86.84 | 0.34 | -96.09 | -95.51 | 0.07 | -96.63 | -96.41 | 0.06 | -94.96 | -94.64 | 0.13 | 0.0 | -13.33 | 10.31 | -48.94 | -38.15 | 72.80 | -8.06 | -8.09 | 0.00 | -100.0 | -100.0 | 100.00 | 1000.0 | 100.0 | 27.39 | 9.65 | 5.51 |
| 19Q4 (4) | 48.82 | 26.87 | 0.0 | 9.65 | 215.71 | 0.0 | 10.98 | 3441.94 | 0.0 | 8.70 | 487.84 | 0.0 | 2.08 | 550.0 | 0.0 | 1.19 | 495.0 | 0.0 | 0.13 | 8.33 | 0.0 | 20.19 | 45.99 | 0.0 | 79.18 | 0.9 | 0.0 | 90.91 | 0 | 0.0 | 9.09 | 0 | 0.0 | 24.98 | -19.94 | 0.0 |
| 19Q3 (3) | 38.48 | -15.06 | 0.0 | -8.34 | -195.53 | 0.0 | 0.31 | -97.4 | 0.0 | 1.48 | -84.69 | 0.0 | 0.32 | -87.45 | 0.0 | 0.20 | -85.71 | 0.0 | 0.12 | -14.29 | 0.0 | 13.83 | -40.08 | 0.0 | 78.47 | -13.55 | 0.0 | 0.00 | -100.0 | 0.0 | 0.00 | -100.0 | 0.0 | 31.20 | 21.35 | 0.0 |
| 19Q2 (2) | 45.30 | 3.33 | 0.0 | 8.73 | 94.87 | 0.0 | 11.92 | 34.08 | 0.0 | 9.67 | 27.74 | 0.0 | 2.55 | 30.77 | 0.0 | 1.40 | 25.0 | 0.0 | 0.14 | -6.67 | 0.0 | 23.08 | 38.45 | 0.0 | 90.77 | 14.59 | 0.0 | 71.43 | 42.86 | 0.0 | 28.57 | -42.86 | 0.0 | 25.71 | -0.96 | 0.0 |
| 19Q1 (1) | 43.84 | 0.0 | 0.0 | 4.48 | 0.0 | 0.0 | 8.89 | 0.0 | 0.0 | 7.57 | 0.0 | 0.0 | 1.95 | 0.0 | 0.0 | 1.12 | 0.0 | 0.0 | 0.15 | 0.0 | 0.0 | 16.67 | 0.0 | 0.0 | 79.21 | 0.0 | 0.0 | 50.00 | 0.0 | 0.0 | 50.00 | 0.0 | 0.0 | 25.96 | 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) | 45.37 | 2.44 | 6.15 | 8.27 | 2.81 | 9.84 | 7.53 | -17.16 | 6.30 | -14.17 | 5.96 | -22.4 | 3.18 | -23.37 | 0.49 | -12.5 | 17.33 | -3.24 | 90.15 | -4.6 | 81.25 | 29.4 | 18.75 | -49.61 | 10.42 | 7.89 | 25.45 | 0.75 |
| 2022 (9) | 44.29 | -0.9 | 5.68 | -24.06 | 2.56 | -5.97 | 9.09 | 8.73 | 7.34 | 7.0 | 7.68 | 11.95 | 4.15 | 7.24 | 0.56 | 0.0 | 17.91 | 2.58 | 94.50 | 17.65 | 62.79 | -29.6 | 37.21 | 244.19 | 9.66 | -3.41 | 25.26 | -0.24 |
| 2021 (8) | 44.69 | 1.15 | 7.48 | 21.23 | 2.72 | -0.68 | 8.36 | 3.47 | 6.86 | 4.73 | 6.86 | 4.73 | 3.87 | 3.75 | 0.56 | 0.0 | 17.46 | -1.97 | 80.32 | 1.49 | 89.19 | 15.62 | 10.81 | -52.7 | 10.00 | -9.66 | 25.32 | -1.36 |
| 2020 (7) | 44.18 | -0.2 | 6.17 | 50.86 | 2.74 | -2.28 | 8.08 | -3.23 | 6.55 | -7.49 | 6.55 | -5.48 | 3.73 | -6.75 | 0.56 | 1.82 | 17.81 | -3.52 | 79.14 | -0.05 | 77.14 | 63.36 | 22.86 | -54.29 | 11.07 | 5.83 | 25.67 | -4.22 |
| 2019 (6) | 44.27 | -1.75 | 4.09 | -17.21 | 2.80 | 195.79 | 8.35 | 12.23 | 7.08 | 3.21 | 6.93 | 4.21 | 4.00 | 5.54 | 0.55 | 0.0 | 18.46 | 18.03 | 79.18 | 5.5 | 47.22 | -30.29 | 50.00 | 40.91 | 10.46 | 3.78 | 26.80 | -0.3 |
| 2018 (5) | 45.06 | -8.02 | 4.94 | -15.99 | 0.95 | 2.37 | 7.44 | -13.59 | 6.86 | -6.03 | 6.65 | -7.89 | 3.79 | -9.33 | 0.55 | -3.51 | 15.64 | -17.6 | 75.05 | -1.56 | 67.74 | 0.26 | 35.48 | 9.41 | 10.08 | 0 | 26.88 | -5.98 |
| 2017 (4) | 48.99 | 5.95 | 5.88 | -5.47 | 0.93 | 36.42 | 8.61 | 0.58 | 7.30 | 2.96 | 7.22 | 2.56 | 4.18 | -0.24 | 0.57 | -5.0 | 18.98 | 16.51 | 76.24 | 9.73 | 67.57 | -8.3 | 32.43 | 23.24 | 0.00 | 0 | 28.59 | 6.44 |
| 2016 (3) | 46.24 | -3.16 | 6.22 | 5.78 | 0.68 | -9.5 | 8.56 | -15.91 | 7.09 | -2.34 | 7.04 | -10.32 | 4.19 | -12.34 | 0.60 | 7.14 | 16.29 | -11.95 | 69.48 | 4.59 | 73.68 | 25.88 | 26.32 | -36.53 | 0.00 | 0 | 26.86 | -5.62 |
| 2015 (2) | 47.75 | -2.45 | 5.88 | -9.54 | 0.75 | -32.69 | 10.18 | 5.93 | 7.26 | -10.26 | 7.85 | 16.3 | 4.78 | 14.9 | 0.56 | 9.8 | 18.50 | -19.98 | 66.43 | 7.06 | 58.54 | -13.47 | 41.46 | 28.16 | 0.00 | 0 | 28.46 | 3.19 |
| 2014 (1) | 48.95 | 0 | 6.50 | 0 | 1.11 | -6.13 | 9.61 | 0 | 8.09 | 0 | 6.75 | 0 | 4.16 | 0 | 0.51 | 4.08 | 23.12 | 19.85 | 62.05 | -1.32 | 67.65 | -20.59 | 32.35 | 118.38 | 0.00 | 0 | 27.58 | 4.35 |
