- 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) | 35.31 | -10.95 | 24.29 | -12.07 | -148.87 | -5.23 | -20.75 | -278.65 | -57.08 | -20.25 | -249.74 | -65.04 | -6.14 | -235.52 | -57.44 | -3.31 | -289.41 | -73.3 | 0.17 | -5.56 | 0.0 | -15.87 | 0 | -99.12 | 76.34 | -2.09 | -3.12 | 57.69 | -42.31 | -35.1 | 42.31 | 196.15 | 280.77 | 32.28 | 19.33 | 13.82 |
| 23Q3 (19) | 39.65 | -3.81 | 14.27 | -4.85 | 52.12 | 11.82 | -5.48 | 48.35 | -160.95 | -5.79 | 47.7 | -131.6 | -1.83 | 44.04 | -117.86 | -0.85 | 46.88 | -226.92 | 0.18 | 12.5 | 5.88 | 0.00 | 100.0 | -100.0 | 77.97 | 4.06 | -14.51 | 100.00 | 0.0 | -62.5 | 14.29 | 85.71 | 108.57 | 27.05 | -4.62 | 10.14 |
| 23Q2 (18) | 41.22 | 4.89 | 34.79 | -10.13 | -84.18 | -39.53 | -10.61 | -46.34 | -163.28 | -11.07 | -44.33 | -152.74 | -3.27 | -45.33 | -96.99 | -1.60 | -56.86 | -113.33 | 0.16 | 0.0 | -20.0 | -4.80 | -200.0 | 0 | 74.93 | -12.94 | -19.15 | 100.00 | 28.57 | -41.67 | 7.69 | -65.38 | 110.77 | 28.36 | 19.06 | 31.48 |
| 23Q1 (17) | 39.30 | 38.33 | 17.59 | -5.50 | 52.05 | -1209.52 | -7.25 | 45.12 | -316.67 | -7.67 | 37.49 | -255.09 | -2.25 | 42.31 | -200.0 | -1.02 | 46.6 | -209.09 | 0.16 | -5.88 | -15.79 | -1.60 | 79.92 | -335.29 | 86.07 | 9.23 | 5.26 | 77.78 | -12.5 | 133.33 | 22.22 | 100.0 | -66.67 | 23.82 | -16.01 | 21.1 |
| 22Q4 (16) | 28.41 | -18.13 | 2.71 | -11.47 | -108.55 | -1146.74 | -13.21 | -529.05 | -261.1 | -12.27 | -390.8 | -296.95 | -3.90 | -364.29 | -239.29 | -1.91 | -634.62 | -217.9 | 0.17 | 0.0 | -29.17 | -7.97 | -393.01 | -178.44 | 78.80 | -13.6 | -3.51 | 88.89 | -66.67 | 766.67 | 11.11 | 106.67 | -90.2 | 28.36 | 15.47 | 39.84 |
| 22Q3 (15) | 34.70 | 13.47 | 2.48 | -5.50 | 24.24 | -466.67 | -2.10 | 47.89 | -235.48 | -2.50 | 42.92 | -1141.67 | -0.84 | 49.4 | -1150.0 | -0.26 | 65.33 | -300.0 | 0.17 | -15.0 | -10.53 | 2.72 | 0 | -36.6 | 91.20 | -1.6 | 6.73 | 266.67 | 55.56 | 166.67 | -166.67 | -133.33 | 0 | 24.56 | 13.86 | 11.03 |
| 22Q2 (14) | 30.58 | -8.5 | -18.91 | -7.26 | -1628.57 | -222.84 | -4.03 | -131.61 | -160.69 | -4.38 | -102.78 | -175.13 | -1.66 | -121.33 | -167.48 | -0.75 | -127.27 | -149.67 | 0.20 | 5.26 | -16.67 | 0.00 | -100.0 | -100.0 | 92.68 | 13.34 | 25.72 | 171.43 | 414.29 | 105.71 | -71.43 | -207.14 | -957.14 | 21.57 | 9.66 | 18.58 |
| 22Q1 (13) | 33.42 | 20.82 | -13.78 | -0.42 | 54.35 | -116.94 | -1.74 | -121.22 | 24.35 | -2.16 | -134.67 | 27.03 | -0.75 | -126.79 | 20.21 | -0.33 | -120.37 | 31.25 | 0.19 | -20.83 | 0.0 | 0.68 | -93.31 | -10.53 | 81.77 | 0.12 | 14.3 | 33.33 | 350.0 | 133.33 | 66.67 | -41.18 | -66.67 | 19.67 | -3.01 | -4.88 |
| 21Q4 (12) | 27.66 | -18.31 | -16.08 | -0.92 | -161.33 | -119.91 | 8.20 | 429.03 | 207.47 | 6.23 | 2495.83 | 181.87 | 2.80 | 3400.0 | 192.11 | 1.62 | 1146.15 | 194.19 | 0.24 | 26.32 | 0.0 | 10.16 | 136.83 | 289.55 | 81.67 | -4.42 | 26.07 | -13.33 | -113.33 | 78.33 | 113.33 | 0 | -29.84 | 20.28 | -8.32 | 7.07 |
| 21Q3 (11) | 33.86 | -10.21 | -6.02 | 1.50 | -74.62 | -8.54 | 1.55 | -76.66 | 80.23 | 0.24 | -95.88 | -53.85 | 0.08 | -96.75 | -55.56 | 0.13 | -91.39 | -35.0 | 0.19 | -20.83 | -5.0 | 4.29 | -50.23 | 2.88 | 85.45 | 15.91 | 18.22 | 100.00 | 20.0 | -50.0 | 0.00 | -100.0 | 100.0 | 22.12 | 21.61 | 3.17 |
| 21Q2 (10) | 37.71 | -2.71 | 12.84 | 5.91 | 138.31 | 139.3 | 6.64 | 388.7 | 145.7 | 5.83 | 296.96 | 142.46 | 2.46 | 361.7 | 173.43 | 1.51 | 414.58 | 183.89 | 0.24 | 26.32 | 71.43 | 8.62 | 1034.21 | 180.71 | 73.72 | 3.05 | -5.48 | 83.33 | 183.33 | -21.87 | 8.33 | -95.83 | 225.0 | 18.19 | -12.04 | 0 |
| 21Q1 (9) | 38.76 | 17.6 | 18.75 | 2.48 | -46.32 | 132.89 | -2.30 | 69.86 | 75.3 | -2.96 | 61.1 | 69.55 | -0.94 | 69.08 | 65.69 | -0.48 | 72.09 | 67.79 | 0.19 | -20.83 | 18.75 | 0.76 | 114.18 | 113.36 | 71.54 | 10.44 | -2.81 | -100.00 | -62.5 | -222.22 | 200.00 | 23.81 | 1000.0 | 20.68 | 9.19 | -4.48 |
| 20Q4 (8) | 32.96 | -8.52 | 6.6 | 4.62 | 181.71 | 232.37 | -7.63 | -987.21 | 84.21 | -7.61 | -1563.46 | 83.5 | -3.04 | -1788.89 | 80.35 | -1.72 | -960.0 | 81.3 | 0.24 | 20.0 | 20.0 | -5.36 | -228.54 | 88.19 | 64.78 | -10.38 | -11.36 | -61.54 | -130.77 | -2330.77 | 161.54 | 261.54 | 57.55 | 18.94 | -11.66 | -4.92 |
| 20Q3 (7) | 36.03 | 7.81 | 0.61 | 1.64 | 110.9 | 136.69 | 0.86 | 105.92 | 114.7 | 0.52 | 103.79 | 107.64 | 0.18 | 105.37 | 109.89 | 0.20 | 111.11 | 119.42 | 0.20 | 42.86 | 25.0 | 4.17 | 139.04 | 248.93 | 72.28 | -7.32 | 18.61 | 200.00 | 87.5 | 166.67 | -100.00 | -1400.0 | -500.0 | 21.44 | 0 | -6.42 |
| 20Q2 (6) | 33.42 | 2.39 | -1.91 | -15.04 | -99.47 | -260.67 | -14.53 | -56.07 | -140.17 | -13.73 | -41.26 | -81.13 | -3.35 | -22.26 | -65.02 | -1.80 | -20.81 | -50.0 | 0.14 | -12.5 | -17.65 | -10.68 | -87.7 | -217.86 | 77.99 | 5.95 | 20.52 | 106.67 | 30.37 | 60.0 | -6.67 | -136.67 | -120.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 32.64 | 5.56 | -1.6 | -7.54 | -642.45 | 2.84 | -9.31 | 80.74 | 10.22 | -9.72 | 78.92 | 16.99 | -2.74 | 82.29 | 4.86 | -1.49 | 83.8 | 20.74 | 0.16 | -20.0 | -5.88 | -5.69 | 87.47 | 19.18 | 73.61 | 0.73 | 26.24 | 81.82 | 3331.82 | 11.57 | 18.18 | -82.27 | -31.82 | 21.65 | 8.68 | -9.72 |
| 19Q4 (4) | 30.92 | -13.66 | 0.0 | 1.39 | 131.1 | 0.0 | -48.33 | -726.15 | 0.0 | -46.11 | -577.09 | 0.0 | -15.47 | -750.0 | 0.0 | -9.20 | -793.2 | 0.0 | 0.20 | 25.0 | 0.0 | -45.40 | -1521.43 | 0.0 | 73.08 | 19.92 | 0.0 | -2.53 | -103.38 | 0.0 | 102.53 | 310.13 | 0.0 | 19.92 | -13.05 | 0.0 |
| 19Q3 (3) | 35.81 | 5.11 | 0.0 | -4.47 | -7.19 | 0.0 | -5.85 | 3.31 | 0.0 | -6.81 | 10.16 | 0.0 | -1.82 | 10.34 | 0.0 | -1.03 | 14.17 | 0.0 | 0.16 | -5.88 | 0.0 | -2.80 | 16.67 | 0.0 | 60.94 | -5.83 | 0.0 | 75.00 | 12.5 | 0.0 | 25.00 | -25.0 | 0.0 | 22.91 | 3.67 | 0.0 |
| 19Q2 (2) | 34.07 | 2.71 | 0.0 | -4.17 | 46.26 | 0.0 | -6.05 | 41.66 | 0.0 | -7.58 | 35.27 | 0.0 | -2.03 | 29.51 | 0.0 | -1.20 | 36.17 | 0.0 | 0.17 | 0.0 | 0.0 | -3.36 | 52.27 | 0.0 | 64.71 | 10.98 | 0.0 | 66.67 | -9.09 | 0.0 | 33.33 | 25.0 | 0.0 | 22.10 | -7.84 | 0.0 |
| 19Q1 (1) | 33.17 | 0.0 | 0.0 | -7.76 | 0.0 | 0.0 | -10.37 | 0.0 | 0.0 | -11.71 | 0.0 | 0.0 | -2.88 | 0.0 | 0.0 | -1.88 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | -7.04 | 0.0 | 0.0 | 58.31 | 0.0 | 0.0 | 73.33 | 0.0 | 0.0 | 26.67 | 0.0 | 0.0 | 23.98 | 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) | 38.87 | 22.27 | -8.09 | 0 | 2.74 | 25.18 | -10.95 | 0 | -11.12 | 0 | -13.52 | 0 | -6.84 | 0 | 0.68 | -11.69 | -5.28 | 0 | 76.34 | -3.12 | 73.21 | -38.99 | 26.79 | 0 | 3.47 | -7.81 | 27.87 | 19.0 |
| 2022 (9) | 31.79 | -6.77 | -6.12 | 0 | 2.19 | 25.74 | -5.12 | 0 | -5.20 | 0 | -7.26 | 0 | -3.40 | 0 | 0.77 | -11.49 | -1.01 | 0 | 78.80 | -3.51 | 120.00 | 122.86 | -20.00 | 0 | 3.76 | 2773.67 | 23.42 | 15.94 |
| 2021 (8) | 34.10 | 0.92 | 2.20 | 0 | 1.74 | -27.84 | 4.12 | 0 | 2.89 | 0 | 4.34 | 0 | 2.85 | 0 | 0.87 | 17.57 | 6.49 | 0 | 81.67 | 26.07 | 53.85 | 36.41 | 46.15 | -23.75 | 0.13 | -54.78 | 20.20 | -8.76 |
| 2020 (7) | 33.79 | 1.11 | -2.72 | 0 | 2.41 | 10.95 | -7.07 | 0 | -7.09 | 0 | -8.83 | 0 | -4.85 | 0 | 0.74 | -1.33 | -3.90 | 0 | 64.78 | -11.36 | 39.47 | 108.65 | 60.53 | -25.35 | 0.29 | -25.52 | 22.14 | 0.0 |
| 2019 (6) | 33.42 | 3.47 | -3.58 | 0 | 2.17 | 305.98 | -18.55 | 0 | -18.88 | 0 | -21.87 | 0 | -13.88 | 0 | 0.75 | -19.35 | -15.55 | 0 | 73.08 | 83.85 | 18.92 | -86.02 | 81.08 | 0 | 0.39 | 5.96 | 22.14 | 33.61 |
| 2018 (5) | 32.30 | 12.31 | 3.07 | 87.2 | 0.54 | -0.4 | 2.29 | 17.44 | 1.62 | 40.87 | 2.10 | 36.36 | 1.69 | 24.26 | 0.93 | -3.12 | 3.21 | -14.63 | 39.75 | -0.03 | 135.29 | 69.12 | -35.29 | 0 | 0.37 | 0 | 16.57 | 9.81 |
| 2017 (4) | 28.76 | 6.87 | 1.64 | 0 | 0.54 | 1.88 | 1.95 | 0 | 1.15 | 0 | 1.54 | 0 | 1.36 | 0 | 0.96 | 3.23 | 3.76 | 184.85 | 39.76 | 4.96 | 80.00 | 2.86 | 13.33 | -40.0 | 0.00 | 0 | 15.09 | -1.82 |
| 2016 (3) | 26.91 | 20.51 | -0.87 | 0 | 0.53 | -10.16 | -1.13 | 0 | -1.09 | 0 | -1.47 | 0 | -0.78 | 0 | 0.93 | 17.72 | 1.32 | 0 | 37.88 | -27.54 | 77.78 | -26.18 | 22.22 | 0 | 0.00 | 0 | 15.37 | -8.62 |
| 2015 (2) | 22.33 | -25.22 | -8.63 | 0 | 0.59 | 0.44 | -8.24 | 0 | -8.29 | 0 | -8.99 | 0 | -6.35 | 0 | 0.79 | 2.6 | -5.58 | 0 | 52.28 | 110.81 | 105.36 | -86.83 | -5.36 | 0 | 0.00 | 0 | 16.82 | 6.12 |
| 2014 (1) | 29.86 | 0 | 1.14 | 0 | 0.58 | -39.08 | 0.21 | 0 | 0.09 | 0 | 0.09 | 0 | 0.11 | 0 | 0.77 | 24.19 | 2.05 | -32.57 | 24.80 | 1.27 | 800.00 | 0 | -600.00 | 0 | 0.00 | 0 | 15.85 | -2.82 |
