- 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) | 27.45 | 14.61 | 12.87 | 8.00 | 206.51 | 146.91 | 5.90 | -56.43 | 485.62 | 4.29 | -64.22 | 212.01 | 1.30 | -63.69 | 189.66 | 0.98 | -57.58 | 284.91 | 0.18 | 0.0 | -5.26 | 11.95 | -42.69 | 107.11 | 61.64 | -13.61 | -22.45 | 135.63 | 603.48 | 163.92 | -35.63 | -144.15 | -111.41 | 24.09 | -14.21 | -9.4 |
| 23Q3 (19) | 23.95 | 0.76 | -4.81 | 2.61 | -8.1 | -49.9 | 13.54 | 66.95 | 13.69 | 11.99 | 80.84 | 15.62 | 3.58 | 62.73 | -27.53 | 2.31 | 56.08 | -5.33 | 0.18 | -5.26 | -18.18 | 20.85 | 41.07 | 12.89 | 71.35 | 3.69 | -38.36 | 19.28 | -44.97 | -55.95 | 80.72 | 24.25 | 43.52 | 28.08 | 3.69 | 4.39 |
| 23Q2 (18) | 23.77 | -0.92 | 3.03 | 2.84 | -9.84 | -18.86 | 8.11 | 82.25 | -25.25 | 6.63 | 95.58 | -25.34 | 2.20 | 86.44 | -41.02 | 1.48 | 68.18 | -24.87 | 0.19 | -5.0 | -9.52 | 14.78 | 31.73 | -14.76 | 68.81 | -6.72 | -43.13 | 35.03 | -50.57 | 8.68 | 64.97 | 123.29 | -4.13 | 27.08 | 1.35 | 1.73 |
| 23Q1 (17) | 23.99 | -1.36 | -0.29 | 3.15 | -2.78 | -17.75 | 4.45 | 390.85 | -55.72 | 3.39 | 188.51 | -62.46 | 1.18 | 181.38 | -61.81 | 0.88 | 266.04 | -50.84 | 0.20 | 5.26 | 5.26 | 11.22 | 94.45 | -31.46 | 73.77 | -7.18 | -17.88 | 70.87 | 133.4 | 86.25 | 29.10 | -90.68 | -53.02 | 26.72 | 0.49 | 3.61 |
| 22Q4 (16) | 24.32 | -3.34 | 2.79 | 3.24 | -37.81 | 441.05 | -1.53 | -112.85 | -195.03 | -3.83 | -136.93 | -240.81 | -1.45 | -129.35 | -285.9 | -0.53 | -121.72 | -198.15 | 0.19 | -13.64 | 18.75 | 5.77 | -68.76 | -40.08 | 79.48 | -31.34 | 3.46 | -212.19 | -584.8 | -259.12 | 312.19 | 455.06 | 96.24 | 26.59 | -1.15 | -1.26 |
| 22Q3 (15) | 25.16 | 9.06 | 26.31 | 5.21 | 48.86 | 169.93 | 11.91 | 9.77 | 504.57 | 10.37 | 16.78 | 202.33 | 4.94 | 32.44 | 533.33 | 2.44 | 23.86 | 360.38 | 0.22 | 4.76 | 69.23 | 18.47 | 6.52 | 48.0 | 115.76 | -4.32 | 43.75 | 43.77 | 35.77 | 111.55 | 56.24 | -17.0 | -88.26 | 26.90 | 1.05 | -12.8 |
| 22Q2 (14) | 23.07 | -4.11 | -12.41 | 3.50 | -8.62 | -25.69 | 10.85 | 7.96 | 15.3 | 8.88 | -1.66 | 8.16 | 3.73 | 20.71 | 37.13 | 1.97 | 10.06 | 24.68 | 0.21 | 10.53 | 16.67 | 17.34 | 5.93 | 5.6 | 120.99 | 34.69 | 49.65 | 32.24 | -15.28 | -35.49 | 67.76 | 9.41 | 35.48 | 26.62 | 3.22 | 3.5 |
| 22Q1 (13) | 24.06 | 1.69 | -6.34 | 3.83 | 503.16 | -19.54 | 10.05 | 524.22 | -22.63 | 9.03 | 231.99 | -21.2 | 3.09 | 296.15 | -25.54 | 1.79 | 231.48 | -23.5 | 0.19 | 18.75 | 0.0 | 16.37 | 69.99 | -16.05 | 89.83 | 16.94 | 1.87 | 38.05 | 164.4 | 3.76 | 61.93 | -61.07 | -2.2 | 25.79 | -4.23 | 9.56 |
| 21Q4 (12) | 23.66 | 18.78 | -3.98 | -0.95 | 87.25 | -127.62 | 1.61 | -18.27 | -56.37 | 2.72 | -20.7 | -4.56 | 0.78 | 0.0 | -22.0 | 0.54 | 1.89 | -18.18 | 0.16 | 23.08 | -15.79 | 9.63 | -22.84 | -8.89 | 76.82 | -4.61 | -7.8 | -59.09 | 84.41 | -163.41 | 159.09 | -66.78 | 2232.33 | 26.93 | -12.71 | 17.39 |
| 21Q3 (11) | 19.92 | -24.37 | -6.87 | -7.45 | -258.17 | -377.56 | 1.97 | -79.06 | -66.21 | 3.43 | -58.22 | -39.18 | 0.78 | -71.32 | -56.67 | 0.53 | -66.46 | -50.0 | 0.13 | -27.78 | -23.53 | 12.48 | -24.0 | -10.6 | 80.53 | -0.4 | -9.58 | -378.93 | -858.36 | -1314.32 | 478.93 | 857.55 | 277.64 | 30.85 | 19.95 | 17.88 |
| 21Q2 (10) | 26.34 | 2.53 | 32.16 | 4.71 | -1.05 | 241.44 | 9.41 | -27.56 | 1483.82 | 8.21 | -28.36 | 463.27 | 2.72 | -34.46 | 435.8 | 1.58 | -32.48 | 685.19 | 0.18 | -5.26 | 0.0 | 16.42 | -15.79 | 146.92 | 80.85 | -8.31 | -15.06 | 49.97 | 36.26 | -89.75 | 50.02 | -21.02 | 112.91 | 25.72 | 9.26 | 0 |
| 21Q1 (9) | 25.69 | 4.26 | 20.1 | 4.76 | 38.37 | 300.0 | 12.99 | 252.03 | 1655.41 | 11.46 | 302.11 | 8085.71 | 4.15 | 315.0 | 8200.0 | 2.34 | 254.55 | 1131.58 | 0.19 | 0.0 | 11.76 | 19.50 | 84.48 | 117.88 | 88.18 | 5.83 | -11.1 | 36.67 | -60.64 | 111.47 | 63.33 | 828.46 | -84.91 | 23.54 | 2.62 | -25.69 |
| 20Q4 (8) | 24.64 | 15.19 | -3.45 | 3.44 | 320.51 | -24.89 | 3.69 | -36.71 | 0.0 | 2.85 | -49.47 | 17.77 | 1.00 | -44.44 | 0.0 | 0.66 | -37.74 | -4.35 | 0.19 | 11.76 | -13.64 | 10.57 | -24.28 | 6.88 | 83.32 | -6.45 | -8.65 | 93.18 | 447.78 | -24.97 | 6.82 | -94.62 | 128.2 | 22.94 | -12.34 | -6.06 |
| 20Q3 (7) | 21.39 | 7.33 | -13.92 | -1.56 | 53.15 | -137.96 | 5.83 | 957.35 | -35.51 | 5.64 | 349.56 | -24.3 | 1.80 | 322.22 | -40.79 | 1.06 | 492.59 | -40.11 | 0.17 | -5.56 | -19.05 | 13.96 | 109.92 | -9.41 | 89.06 | -6.44 | -0.93 | -26.79 | -105.5 | -158.96 | 126.82 | 132.73 | 132.44 | 26.17 | 0 | 3.44 |
| 20Q2 (6) | 19.93 | -6.83 | -21.81 | -3.33 | -39.92 | -171.92 | -0.68 | -191.89 | -108.46 | -2.26 | -1714.29 | -130.75 | -0.81 | -1720.0 | -124.25 | -0.27 | -242.11 | -114.14 | 0.18 | 5.88 | -21.74 | 6.65 | -25.7 | -51.85 | 95.19 | -4.03 | 5.29 | 487.53 | 252.5 | 746.08 | -387.53 | -192.34 | -1014.12 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 21.39 | -16.18 | -16.74 | -2.38 | -151.97 | -153.12 | 0.74 | -79.95 | -89.05 | 0.14 | -94.21 | -97.59 | 0.05 | -95.0 | -98.18 | 0.19 | -72.46 | -87.97 | 0.17 | -22.73 | -29.17 | 8.95 | -9.5 | -29.3 | 99.19 | 8.75 | 0.94 | -319.68 | -357.42 | -581.66 | 419.68 | 1835.29 | 1147.96 | 31.68 | 29.73 | 30.69 |
| 19Q4 (4) | 25.52 | 2.7 | 0.0 | 4.58 | 11.44 | 0.0 | 3.69 | -59.18 | 0.0 | 2.42 | -67.52 | 0.0 | 1.00 | -67.11 | 0.0 | 0.69 | -61.02 | 0.0 | 0.22 | 4.76 | 0.0 | 9.89 | -35.82 | 0.0 | 91.21 | 1.46 | 0.0 | 124.19 | 173.3 | 0.0 | -24.19 | -144.33 | 0.0 | 24.42 | -3.48 | 0.0 |
| 19Q3 (3) | 24.85 | -2.51 | 0.0 | 4.11 | -11.23 | 0.0 | 9.04 | 12.44 | 0.0 | 7.45 | 1.36 | 0.0 | 3.04 | -8.98 | 0.0 | 1.77 | -7.33 | 0.0 | 0.21 | -8.7 | 0.0 | 15.41 | 11.59 | 0.0 | 89.90 | -0.56 | 0.0 | 45.44 | -21.14 | 0.0 | 54.56 | 28.7 | 0.0 | 25.30 | -0.32 | 0.0 |
| 19Q2 (2) | 25.49 | -0.78 | 0.0 | 4.63 | 3.35 | 0.0 | 8.04 | 18.93 | 0.0 | 7.35 | 26.72 | 0.0 | 3.34 | 21.9 | 0.0 | 1.91 | 20.89 | 0.0 | 0.23 | -4.17 | 0.0 | 13.81 | 9.08 | 0.0 | 90.41 | -8.0 | 0.0 | 57.62 | -13.18 | 0.0 | 42.39 | 26.06 | 0.0 | 25.38 | 4.7 | 0.0 |
| 19Q1 (1) | 25.69 | 0.0 | 0.0 | 4.48 | 0.0 | 0.0 | 6.76 | 0.0 | 0.0 | 5.80 | 0.0 | 0.0 | 2.74 | 0.0 | 0.0 | 1.58 | 0.0 | 0.0 | 0.24 | 0.0 | 0.0 | 12.66 | 0.0 | 0.0 | 98.27 | 0.0 | 0.0 | 66.37 | 0.0 | 0.0 | 33.63 | 0.0 | 0.0 | 24.24 | 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) | 24.78 | 2.61 | 4.14 | 4.55 | 5.31 | -6.35 | 7.89 | -1.5 | 6.48 | 2.69 | 8.30 | -4.27 | 5.69 | 4.4 | 0.75 | -2.6 | 14.59 | -0.55 | 61.64 | -22.45 | 52.48 | 6.15 | 47.52 | -6.01 | 3.18 | 1.12 | 26.48 | 0.0 |
| 2022 (9) | 24.15 | -0.49 | 3.96 | 284.47 | 5.67 | -16.49 | 8.01 | 12.03 | 6.31 | -8.82 | 8.67 | 6.77 | 5.45 | 10.77 | 0.77 | 18.46 | 14.67 | -1.68 | 79.48 | 3.46 | 49.44 | 242.59 | 50.56 | -40.91 | 3.14 | 22.85 | 26.48 | 0.49 |
| 2021 (8) | 24.27 | 10.82 | 1.03 | 0 | 6.78 | 5.15 | 7.15 | 200.42 | 6.92 | 340.76 | 8.12 | 306.0 | 4.92 | 207.5 | 0.65 | -4.41 | 14.92 | 49.35 | 76.82 | -7.8 | 14.43 | 0 | 85.57 | -36.81 | 2.56 | -4.07 | 26.35 | -2.26 |
| 2020 (7) | 21.90 | -13.75 | -0.84 | 0 | 6.45 | 32.7 | 2.38 | -65.36 | 1.57 | -72.7 | 2.00 | -81.01 | 1.60 | -74.07 | 0.68 | -27.66 | 9.99 | -22.74 | 83.32 | -8.65 | -35.41 | 0 | 135.41 | 284.89 | 2.67 | -7.21 | 26.96 | 8.53 |
| 2019 (6) | 25.39 | -1.32 | 4.45 | -5.52 | 4.86 | 44.8 | 6.87 | -0.58 | 5.75 | 3.05 | 10.53 | -0.09 | 6.17 | 0.49 | 0.94 | -3.09 | 12.93 | 12.93 | 91.21 | -8.71 | 64.82 | -4.9 | 35.18 | 10.49 | 2.87 | -27.49 | 24.84 | -0.24 |
| 2018 (5) | 25.73 | -1.87 | 4.71 | -23.16 | 3.36 | 5.17 | 6.91 | -22.45 | 5.58 | -28.46 | 10.54 | -22.04 | 6.14 | -21.78 | 0.97 | 3.19 | 11.45 | -12.33 | 99.91 | 10.25 | 68.16 | -0.89 | 31.84 | 1.98 | 3.96 | -3.5 | 24.90 | 1.18 |
| 2017 (4) | 26.22 | 2.42 | 6.13 | -5.26 | 3.19 | 4.14 | 8.91 | -6.8 | 7.80 | -6.81 | 13.52 | -6.63 | 7.85 | -6.44 | 0.94 | -2.08 | 13.06 | -1.36 | 90.62 | 12.87 | 68.77 | 1.62 | 31.22 | -3.41 | 4.11 | 0 | 24.61 | -4.87 |
| 2016 (3) | 25.60 | 6.8 | 6.47 | 40.96 | 3.07 | 3.63 | 9.56 | 27.13 | 8.37 | 35.66 | 14.48 | 33.83 | 8.39 | 32.54 | 0.96 | -1.03 | 13.24 | 19.93 | 80.29 | -1.22 | 67.68 | 10.88 | 32.32 | -17.05 | 0.00 | 0 | 25.87 | -0.58 |
| 2015 (2) | 23.97 | 5.83 | 4.59 | 41.23 | 2.96 | -0.12 | 7.52 | 15.51 | 6.17 | 8.63 | 10.82 | 13.06 | 6.33 | 11.84 | 0.97 | 3.19 | 11.04 | 9.52 | 81.28 | 2.26 | 61.03 | 22.31 | 38.97 | -22.23 | 0.00 | 0 | 26.02 | -2.36 |
| 2014 (1) | 22.65 | 0 | 3.25 | 0 | 2.96 | -9.68 | 6.51 | 0 | 5.68 | 0 | 9.57 | 0 | 5.66 | 0 | 0.94 | 2.17 | 10.08 | -17.92 | 79.48 | -1.02 | 49.90 | -7.45 | 50.11 | 8.72 | 0.00 | 0 | 26.65 | 5.88 |
