- 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) | 24.66 | -6.2 | 0.33 | 14.26 | -19.57 | 20.24 | 11.82 | -41.28 | 47.57 | 8.81 | -41.81 | 41.41 | 3.20 | -47.37 | 60.0 | 2.34 | -47.65 | 60.27 | 0.26 | -10.34 | 13.04 | 14.12 | -36.57 | 32.09 | 36.91 | -2.3 | -1.1 | 120.81 | 37.15 | -18.35 | -20.81 | -274.57 | 56.61 | 17.76 | 7.38 | -4.72 |
| 23Q3 (19) | 26.29 | 34.96 | 32.18 | 17.73 | 93.35 | 65.08 | 20.13 | 29.12 | 9.05 | 15.14 | 41.36 | 8.45 | 6.08 | 70.79 | 1.84 | 4.47 | 73.93 | 7.71 | 0.29 | 20.83 | -3.33 | 22.26 | 21.71 | 8.43 | 37.78 | 6.66 | -6.92 | 88.08 | 50.15 | 51.43 | 11.92 | -70.96 | -71.51 | 16.54 | -11.93 | -2.19 |
| 23Q2 (18) | 19.48 | 4.51 | -0.05 | 9.17 | 34.65 | -15.87 | 15.59 | 145.51 | 0.45 | 10.71 | 95.08 | -6.05 | 3.56 | 137.33 | -21.59 | 2.57 | 135.78 | -18.93 | 0.24 | 20.0 | -14.29 | 18.29 | 90.92 | 3.04 | 35.42 | -17.69 | -26.91 | 58.66 | -45.22 | -16.35 | 41.03 | 679.6 | 37.37 | 18.78 | -13.89 | 4.22 |
| 23Q1 (17) | 18.64 | -24.17 | 36.76 | 6.81 | -42.58 | 67.73 | 6.35 | -20.72 | -5.51 | 5.49 | -11.88 | 1.1 | 1.50 | -25.0 | -21.87 | 1.09 | -25.34 | -20.44 | 0.20 | -13.04 | -20.0 | 9.58 | -10.38 | 3.9 | 43.03 | 15.3 | 8.42 | 107.08 | -27.63 | 78.07 | -7.08 | 85.24 | -117.76 | 21.81 | 17.01 | 12.31 |
| 22Q4 (16) | 24.58 | 23.58 | 46.31 | 11.86 | 10.43 | 62.02 | 8.01 | -56.61 | 16.59 | 6.23 | -55.37 | 6.86 | 2.00 | -66.5 | -18.37 | 1.46 | -64.82 | -13.61 | 0.23 | -23.33 | -20.69 | 10.69 | -47.93 | 17.99 | 37.32 | -8.06 | -15.83 | 147.95 | 154.36 | 39.16 | -47.95 | -214.63 | -658.53 | 18.64 | 10.23 | 5.85 |
| 22Q3 (15) | 19.89 | 2.05 | 24.16 | 10.74 | -1.47 | 66.51 | 18.46 | 18.94 | 77.5 | 13.96 | 22.46 | 49.15 | 5.97 | 31.5 | 63.56 | 4.15 | 30.91 | 66.0 | 0.30 | 7.14 | 11.11 | 20.53 | 15.66 | 57.44 | 40.59 | -16.24 | -16.03 | 58.17 | -17.06 | -6.33 | 41.83 | 40.05 | 10.37 | 16.91 | -6.16 | -9.23 |
| 22Q2 (14) | 19.49 | 42.99 | 13.98 | 10.90 | 168.47 | 32.6 | 15.52 | 130.95 | 130.95 | 11.40 | 109.94 | 116.32 | 4.54 | 136.46 | 105.43 | 3.17 | 131.39 | 105.84 | 0.28 | 12.0 | -3.45 | 17.75 | 92.52 | 95.92 | 48.46 | 22.1 | 7.16 | 70.13 | 16.62 | -42.65 | 29.87 | -25.07 | 234.03 | 18.02 | -7.21 | 0.95 |
| 22Q1 (13) | 13.63 | -18.87 | -32.19 | 4.06 | -44.54 | -58.19 | 6.72 | -2.18 | -32.67 | 5.43 | -6.86 | -29.11 | 1.92 | -21.63 | -30.18 | 1.37 | -18.93 | -26.74 | 0.25 | -13.79 | 4.17 | 9.22 | 1.77 | -28.25 | 39.69 | -10.49 | -10.39 | 60.14 | -43.44 | -38.15 | 39.86 | 730.59 | 1341.78 | 19.42 | 10.28 | -6.72 |
| 21Q4 (12) | 16.80 | 4.87 | -27.4 | 7.32 | 13.49 | -39.15 | 6.87 | -33.94 | -19.56 | 5.83 | -37.71 | -10.17 | 2.45 | -32.88 | -8.58 | 1.69 | -32.4 | -6.11 | 0.29 | 7.41 | 7.41 | 9.06 | -30.52 | -18.82 | 44.34 | -8.27 | -13.48 | 106.32 | 71.22 | -24.47 | -6.32 | -116.68 | 84.5 | 17.61 | -5.48 | -8.14 |
| 21Q3 (11) | 16.02 | -6.32 | -35.89 | 6.45 | -21.53 | -59.56 | 10.40 | 54.76 | -25.18 | 9.36 | 77.61 | -12.03 | 3.65 | 65.16 | -27.0 | 2.50 | 62.34 | -24.24 | 0.27 | -6.9 | -12.9 | 13.04 | 43.93 | -19.21 | 48.34 | 6.9 | -1.59 | 62.10 | -49.22 | -45.91 | 37.90 | 270.08 | 356.2 | 18.63 | 4.37 | 5.19 |
| 21Q2 (10) | 17.10 | -14.93 | -33.07 | 8.22 | -15.35 | -47.38 | 6.72 | -32.67 | -55.93 | 5.27 | -31.2 | -51.92 | 2.21 | -19.64 | -49.77 | 1.54 | -17.65 | -48.49 | 0.29 | 20.83 | 7.41 | 9.06 | -29.49 | -49.24 | 45.22 | 2.1 | -18.33 | 122.29 | 25.76 | 19.49 | -22.29 | -906.0 | -852.71 | 17.85 | -14.27 | -2.67 |
| 21Q1 (9) | 20.10 | -13.14 | -6.69 | 9.71 | -19.29 | 6.24 | 9.98 | 16.86 | -8.86 | 7.66 | 18.03 | -10.93 | 2.75 | 2.61 | 3.0 | 1.87 | 3.89 | 0.54 | 0.24 | -11.11 | 14.29 | 12.85 | 15.14 | -10.08 | 44.29 | -13.58 | 7.74 | 97.24 | -30.93 | 15.96 | 2.76 | 106.78 | -83.41 | 20.82 | 8.61 | -8.76 |
| 20Q4 (8) | 23.14 | -7.4 | 1.67 | 12.03 | -24.58 | 9.66 | 8.54 | -38.56 | -4.26 | 6.49 | -39.0 | -7.68 | 2.68 | -46.4 | 0.75 | 1.80 | -45.45 | -0.55 | 0.27 | -12.9 | 8.0 | 11.16 | -30.86 | -3.71 | 51.25 | 4.34 | 4.27 | 140.78 | 22.63 | 14.46 | -40.78 | -175.62 | -77.33 | 19.17 | 8.24 | 2.79 |
| 20Q3 (7) | 24.99 | -2.19 | 1.54 | 15.95 | 2.11 | 9.17 | 13.90 | -8.85 | -14.36 | 10.64 | -2.92 | -8.51 | 5.00 | 13.64 | 1.42 | 3.30 | 10.37 | 1.85 | 0.31 | 14.81 | 10.71 | 16.14 | -9.58 | -12.71 | 49.12 | -11.29 | 1.4 | 114.79 | 12.17 | 27.47 | -14.79 | -532.47 | -248.74 | 17.71 | -3.44 | -2.69 |
| 20Q2 (6) | 25.55 | 18.62 | 4.16 | 15.62 | 70.9 | 3.93 | 15.25 | 39.27 | -5.81 | 10.96 | 27.44 | -3.61 | 4.40 | 64.79 | -8.52 | 2.99 | 60.75 | -6.85 | 0.27 | 28.57 | -3.57 | 17.85 | 24.91 | -2.51 | 55.37 | 34.69 | -5.06 | 102.34 | 22.04 | 10.35 | -2.34 | -114.04 | -132.23 | 18.34 | -19.63 | -0.81 |
| 20Q1 (5) | 21.54 | -5.36 | -4.94 | 9.14 | -16.68 | -20.59 | 10.95 | 22.76 | -2.06 | 8.60 | 22.33 | 2.26 | 2.67 | 0.38 | -13.31 | 1.86 | 2.76 | -12.68 | 0.21 | -16.0 | -16.0 | 14.29 | 23.3 | 6.25 | 41.11 | -16.36 | -5.17 | 83.85 | -31.82 | -18.34 | 16.67 | 172.48 | 630.95 | 22.82 | 22.36 | 18.92 |
| 19Q4 (4) | 22.76 | -7.52 | 0.0 | 10.97 | -24.91 | 0.0 | 8.92 | -45.04 | 0.0 | 7.03 | -39.55 | 0.0 | 2.66 | -46.04 | 0.0 | 1.81 | -44.14 | 0.0 | 0.25 | -10.71 | 0.0 | 11.59 | -37.32 | 0.0 | 49.15 | 1.47 | 0.0 | 122.99 | 36.58 | 0.0 | -22.99 | -331.19 | 0.0 | 18.65 | 2.47 | 0.0 |
| 19Q3 (3) | 24.61 | 0.33 | 0.0 | 14.61 | -2.79 | 0.0 | 16.23 | 0.25 | 0.0 | 11.63 | 2.29 | 0.0 | 4.93 | 2.49 | 0.0 | 3.24 | 0.93 | 0.0 | 0.28 | 0.0 | 0.0 | 18.49 | 0.98 | 0.0 | 48.44 | -16.94 | 0.0 | 90.05 | -2.9 | 0.0 | 9.95 | 37.04 | 0.0 | 18.20 | -1.57 | 0.0 |
| 19Q2 (2) | 24.53 | 8.25 | 0.0 | 15.03 | 30.58 | 0.0 | 16.19 | 44.81 | 0.0 | 11.37 | 35.2 | 0.0 | 4.81 | 56.17 | 0.0 | 3.21 | 50.7 | 0.0 | 0.28 | 12.0 | 0.0 | 18.31 | 36.13 | 0.0 | 58.32 | 34.53 | 0.0 | 92.74 | -9.69 | 0.0 | 7.26 | 331.22 | 0.0 | 18.49 | -3.65 | 0.0 |
| 19Q1 (1) | 22.66 | 0.0 | 0.0 | 11.51 | 0.0 | 0.0 | 11.18 | 0.0 | 0.0 | 8.41 | 0.0 | 0.0 | 3.08 | 0.0 | 0.0 | 2.13 | 0.0 | 0.0 | 0.25 | 0.0 | 0.0 | 13.45 | 0.0 | 0.0 | 43.35 | 0.0 | 0.0 | 102.69 | 0.0 | 0.0 | -3.14 | 0.0 | 0.0 | 19.19 | 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) | 22.76 | 17.38 | 12.64 | 33.19 | 2.26 | 12.16 | 14.07 | 11.23 | 10.47 | 9.06 | 13.82 | -3.15 | 10.14 | -0.59 | 0.96 | -9.43 | 16.60 | 10.74 | 36.91 | -1.1 | 89.82 | 19.73 | 10.18 | -59.25 | 0.07 | -73.25 | 18.43 | 1.49 |
| 2022 (9) | 19.39 | 11.24 | 9.49 | 20.43 | 2.01 | 2.7 | 12.65 | 50.6 | 9.60 | 37.93 | 14.27 | 27.87 | 10.20 | 34.03 | 1.06 | -2.75 | 14.99 | 37.65 | 37.32 | -15.83 | 75.02 | -20.17 | 24.98 | 306.16 | 0.27 | -7.87 | 18.16 | -2.58 |
| 2021 (8) | 17.43 | -27.25 | 7.88 | -41.63 | 1.96 | -6.73 | 8.40 | -31.32 | 6.96 | -24.51 | 11.16 | -22.45 | 7.61 | -21.14 | 1.09 | 4.81 | 10.89 | -26.86 | 44.34 | -13.48 | 93.97 | -14.82 | 6.15 | 0 | 0.29 | -11.4 | 18.64 | -3.17 |
| 2020 (7) | 23.96 | 1.14 | 13.50 | 2.82 | 2.10 | 11.34 | 12.23 | -7.98 | 9.22 | -5.05 | 14.39 | -6.74 | 9.65 | -7.74 | 1.04 | -2.8 | 14.89 | -4.67 | 51.25 | 4.27 | 110.32 | 11.67 | -10.32 | 0 | 0.33 | -4.09 | 19.25 | 3.44 |
| 2019 (6) | 23.69 | 14.11 | 13.13 | 31.96 | 1.89 | 8.92 | 13.29 | 13.11 | 9.71 | 13.3 | 15.43 | 13.62 | 10.46 | 12.59 | 1.07 | -0.93 | 15.62 | 13.11 | 49.15 | 2.33 | 98.79 | 16.61 | 1.21 | -92.06 | 0.35 | -8.88 | 18.61 | 6.53 |
| 2018 (5) | 20.76 | 1.22 | 9.95 | -1.49 | 1.73 | -7.43 | 11.75 | 27.3 | 8.57 | 20.53 | 13.58 | 24.02 | 9.29 | 22.56 | 1.08 | 1.89 | 13.81 | 21.67 | 48.03 | 6.19 | 84.72 | -22.52 | 15.28 | 0 | 0.38 | 0 | 17.47 | 5.69 |
| 2017 (4) | 20.51 | -18.58 | 10.10 | -23.37 | 1.87 | -2.86 | 9.23 | -33.21 | 7.11 | -27.67 | 10.95 | -31.22 | 7.58 | -31.46 | 1.06 | -5.36 | 11.35 | -29.89 | 45.23 | 1.5 | 109.34 | 14.67 | -9.47 | 0 | 0.00 | 0 | 16.53 | -4.06 |
| 2016 (3) | 25.19 | 11.07 | 13.18 | 23.64 | 1.93 | 2.02 | 13.82 | 2.52 | 9.83 | -3.91 | 15.92 | -4.27 | 11.06 | -3.66 | 1.12 | 0.0 | 16.19 | 2.27 | 44.56 | 2.44 | 95.35 | 20.56 | 4.65 | -77.76 | 0.00 | 0 | 17.23 | 3.55 |
| 2015 (2) | 22.68 | 18.31 | 10.66 | 50.99 | 1.89 | -4.46 | 13.48 | 42.04 | 10.23 | 37.32 | 16.63 | 43.98 | 11.48 | 41.9 | 1.12 | 3.7 | 15.83 | 31.92 | 43.50 | -6.83 | 79.09 | 6.35 | 20.91 | -18.42 | 0.00 | 0 | 16.64 | 2.09 |
| 2014 (1) | 19.17 | 0 | 7.06 | 0 | 1.98 | -9.68 | 9.49 | 0 | 7.45 | 0 | 11.55 | 0 | 8.09 | 0 | 1.08 | 8.0 | 12.00 | -23.13 | 46.69 | 15.91 | 74.37 | 83.63 | 25.63 | -56.92 | 0.00 | 0 | 16.30 | -4.23 |
