- 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) | 17.04 | 17.44 | 12.92 | 13.98 | 19.49 | 17.58 | 9.09 | -50.79 | -14.08 | 7.00 | -52.38 | -14.43 | 2.68 | -52.14 | 8.06 | 2.23 | -49.43 | 8.25 | 0.32 | 6.67 | 28.0 | 9.83 | -48.88 | -14.82 | 20.01 | -7.19 | 13.18 | 153.64 | 142.32 | 36.64 | -53.64 | -246.56 | -331.33 | 2.65 | -1.85 | -3.99 |
| 23Q3 (19) | 14.51 | -8.74 | 146.35 | 11.70 | -11.3 | 258.9 | 18.47 | 7.82 | 113.03 | 14.70 | 13.16 | 107.04 | 5.60 | 4.48 | 108.18 | 4.41 | 9.7 | 108.02 | 0.30 | -3.23 | 0.0 | 19.23 | 7.43 | 104.14 | 21.56 | -36.08 | -16.21 | 63.40 | -17.62 | 69.08 | 36.60 | 58.85 | -41.45 | 2.70 | 2.27 | 12.97 |
| 23Q2 (18) | 15.90 | 23.54 | 57.74 | 13.19 | 29.95 | 69.97 | 17.13 | 63.77 | 97.35 | 12.99 | 53.73 | 111.22 | 5.36 | 77.48 | 90.07 | 4.02 | 66.12 | 87.85 | 0.31 | 10.71 | -11.43 | 17.90 | 58.41 | 92.68 | 33.73 | -2.35 | 15.95 | 76.96 | -20.86 | -13.85 | 23.04 | 737.09 | 115.99 | 2.64 | 4.35 | 18.39 |
| 23Q1 (17) | 12.87 | -14.71 | -5.16 | 10.15 | -14.63 | -6.11 | 10.46 | -1.13 | -10.14 | 8.45 | 3.3 | -5.59 | 3.02 | 21.77 | -19.68 | 2.42 | 17.48 | -19.87 | 0.28 | 12.0 | -17.65 | 11.30 | -2.08 | -7.76 | 34.54 | 95.36 | -2.18 | 97.25 | -13.51 | 4.67 | 2.75 | 122.13 | -61.19 | 2.53 | -8.33 | 6.75 |
| 22Q4 (16) | 15.09 | 156.2 | 1.07 | 11.89 | 264.72 | -5.78 | 10.58 | 22.03 | -12.56 | 8.18 | 15.21 | -10.6 | 2.48 | -7.81 | -33.69 | 2.06 | -2.83 | -33.12 | 0.25 | -16.67 | -24.24 | 11.54 | 22.51 | -9.49 | 17.68 | -31.29 | 14.36 | 112.44 | 199.83 | 7.78 | -12.44 | -119.9 | -188.08 | 2.76 | 15.48 | 86.49 |
| 22Q3 (15) | 5.89 | -41.57 | -63.26 | 3.26 | -57.99 | -75.23 | 8.67 | -0.12 | -37.22 | 7.10 | 15.45 | -32.45 | 2.69 | -4.61 | -34.39 | 2.12 | -0.93 | -34.97 | 0.30 | -14.29 | -3.23 | 9.42 | 1.4 | -34.36 | 25.73 | -11.55 | -12.42 | 37.50 | -58.02 | -60.59 | 62.50 | 485.94 | 1190.18 | 2.39 | 7.17 | -22.65 |
| 22Q2 (14) | 10.08 | -25.72 | -22.22 | 7.76 | -28.21 | -25.02 | 8.68 | -25.43 | -11.25 | 6.15 | -31.28 | -16.89 | 2.82 | -25.0 | -15.82 | 2.14 | -29.14 | -21.61 | 0.35 | 2.94 | -5.41 | 9.29 | -24.16 | -10.67 | 29.09 | -17.62 | 27.42 | 89.33 | -3.85 | -15.67 | 10.67 | 50.4 | 279.81 | 2.23 | -5.91 | -15.21 |
| 22Q1 (13) | 13.57 | -9.11 | -9.41 | 10.81 | -14.34 | -11.39 | 11.64 | -3.8 | -1.52 | 8.95 | -2.19 | 1.82 | 3.76 | 0.53 | 9.3 | 3.02 | -1.95 | 7.09 | 0.34 | 3.03 | 6.25 | 12.25 | -3.92 | -2.78 | 35.31 | 128.4 | 44.65 | 92.91 | -10.94 | -10.08 | 7.09 | 264.3 | 313.65 | 2.37 | 60.14 | -6.69 |
| 21Q4 (12) | 14.93 | -6.86 | 22.78 | 12.62 | -4.1 | 34.83 | 12.10 | -12.38 | 29.83 | 9.15 | -12.94 | 23.65 | 3.74 | -8.78 | 15.43 | 3.08 | -5.52 | 15.79 | 0.33 | 6.45 | -8.33 | 12.75 | -11.15 | 27.12 | 15.46 | -47.38 | -29.31 | 104.32 | 9.63 | 3.82 | -4.32 | -189.11 | -797.84 | 1.48 | -52.1 | -43.51 |
| 21Q3 (11) | 16.03 | 23.69 | 19.54 | 13.16 | 27.15 | 21.74 | 13.81 | 41.21 | 21.67 | 10.51 | 42.03 | 19.16 | 4.10 | 22.39 | 2.5 | 3.26 | 19.41 | 2.84 | 0.31 | -16.22 | -13.89 | 14.35 | 37.98 | 18.89 | 29.38 | 28.69 | 20.76 | 95.16 | -10.17 | -0.11 | 4.84 | 181.66 | 2.13 | 3.09 | 17.49 | 28.22 |
| 21Q2 (10) | 12.96 | -13.48 | 278.95 | 10.35 | -15.16 | 885.71 | 9.78 | -17.26 | 282.03 | 7.40 | -15.81 | 183.52 | 3.35 | -2.62 | 228.43 | 2.73 | -3.19 | 237.04 | 0.37 | 15.62 | 27.59 | 10.40 | -17.46 | 198.85 | 22.83 | -6.47 | -24.48 | 105.93 | 2.53 | 154.24 | -5.93 | -78.71 | -110.17 | 2.63 | 3.54 | 0 |
| 21Q1 (9) | 14.98 | 23.19 | 504.03 | 12.20 | 30.34 | 3110.53 | 11.82 | 26.82 | 541.04 | 8.79 | 18.78 | 443.36 | 3.44 | 6.17 | 404.42 | 2.82 | 6.02 | 443.9 | 0.32 | -11.11 | -5.88 | 12.60 | 25.62 | 796.13 | 24.41 | 11.61 | -32.51 | 103.32 | 2.83 | 861.98 | -3.32 | -590.46 | -102.88 | 2.54 | -3.05 | 28.28 |
| 20Q4 (8) | 12.16 | -9.32 | 44.59 | 9.36 | -13.41 | 59.18 | 9.32 | -17.89 | 96.62 | 7.40 | -16.1 | 98.92 | 3.24 | -19.0 | 76.09 | 2.66 | -16.09 | 75.0 | 0.36 | 0.0 | -7.69 | 10.03 | -16.9 | 83.03 | 21.87 | -10.11 | -6.58 | 100.48 | 5.48 | -19.09 | -0.48 | -110.14 | 98.01 | 2.62 | 8.71 | 12.45 |
| 20Q3 (7) | 13.41 | 292.11 | 23.03 | 10.81 | 929.52 | 26.58 | 11.35 | 343.36 | 20.74 | 8.82 | 237.93 | 20.49 | 4.00 | 292.16 | 6.1 | 3.17 | 291.36 | 9.69 | 0.36 | 24.14 | -7.69 | 12.07 | 246.84 | 18.8 | 24.33 | -19.52 | -11.59 | 95.26 | 128.62 | 4.95 | 4.74 | -91.87 | -48.65 | 2.41 | 0 | 19.31 |
| 20Q2 (6) | 3.42 | 37.9 | -49.71 | 1.05 | 176.32 | -76.51 | 2.56 | 195.52 | -54.2 | 2.61 | 201.95 | -42.13 | 1.02 | 190.27 | -52.78 | 0.81 | 198.78 | -51.2 | 0.29 | -14.71 | -17.14 | 3.48 | 292.27 | -46.38 | 30.23 | -16.42 | -22.74 | 41.67 | 407.29 | -47.73 | 58.33 | -49.39 | 187.5 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 2.48 | -70.51 | -65.27 | 0.38 | -93.54 | -91.93 | -2.68 | -156.54 | -141.04 | -2.56 | -168.82 | -147.94 | -1.13 | -161.41 | -152.07 | -0.82 | -153.95 | -147.67 | 0.34 | -12.82 | 9.68 | -1.81 | -133.03 | -123.23 | 36.17 | 54.51 | 12.54 | -13.56 | -110.92 | -118.71 | 115.25 | 576.38 | 318.55 | 1.98 | -15.02 | -11.21 |
| 19Q4 (4) | 8.41 | -22.84 | 0.0 | 5.88 | -31.15 | 0.0 | 4.74 | -49.57 | 0.0 | 3.72 | -49.18 | 0.0 | 1.84 | -51.19 | 0.0 | 1.52 | -47.4 | 0.0 | 0.39 | 0.0 | 0.0 | 5.48 | -46.06 | 0.0 | 23.41 | -14.93 | 0.0 | 124.19 | 36.83 | 0.0 | -24.19 | -361.92 | 0.0 | 2.33 | 15.35 | 0.0 |
| 19Q3 (3) | 10.90 | 60.29 | 0.0 | 8.54 | 91.05 | 0.0 | 9.40 | 68.16 | 0.0 | 7.32 | 62.31 | 0.0 | 3.77 | 74.54 | 0.0 | 2.89 | 74.1 | 0.0 | 0.39 | 11.43 | 0.0 | 10.16 | 56.55 | 0.0 | 27.52 | -29.67 | 0.0 | 90.76 | 13.87 | 0.0 | 9.24 | -54.48 | 0.0 | 2.02 | 15.43 | 0.0 |
| 19Q2 (2) | 6.80 | -4.76 | 0.0 | 4.47 | -5.1 | 0.0 | 5.59 | -14.4 | 0.0 | 4.51 | -15.54 | 0.0 | 2.16 | -0.46 | 0.0 | 1.66 | -3.49 | 0.0 | 0.35 | 12.9 | 0.0 | 6.49 | -16.69 | 0.0 | 39.13 | 21.75 | 0.0 | 79.71 | 10.0 | 0.0 | 20.29 | -26.32 | 0.0 | 1.75 | -21.52 | 0.0 |
| 19Q1 (1) | 7.14 | 0.0 | 0.0 | 4.71 | 0.0 | 0.0 | 6.53 | 0.0 | 0.0 | 5.34 | 0.0 | 0.0 | 2.17 | 0.0 | 0.0 | 1.72 | 0.0 | 0.0 | 0.31 | 0.0 | 0.0 | 7.79 | 0.0 | 0.0 | 32.14 | 0.0 | 0.0 | 72.46 | 0.0 | 0.0 | 27.54 | 0.0 | 0.0 | 2.23 | 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) | 15.16 | 37.82 | 12.33 | 48.38 | 0.69 | 1.52 | 13.84 | 40.51 | 10.82 | 43.5 | 16.00 | 41.34 | 13.53 | 38.63 | 1.24 | -3.88 | 14.61 | 38.09 | 20.01 | 13.18 | 89.03 | 5.58 | 10.89 | -30.52 | 0.14 | -6.18 | 2.63 | 9.13 |
| 2022 (9) | 11.00 | -24.97 | 8.31 | -30.92 | 0.68 | 18.6 | 9.85 | -16.6 | 7.54 | -15.38 | 11.32 | -19.6 | 9.76 | -18.26 | 1.29 | -3.01 | 10.58 | -14.95 | 17.68 | 14.36 | 84.32 | -17.26 | 15.68 | 0 | 0.15 | -3.66 | 2.41 | -0.41 |
| 2021 (8) | 14.66 | 81.66 | 12.03 | 114.82 | 0.58 | -13.62 | 11.81 | 124.1 | 8.91 | 114.7 | 14.08 | 109.21 | 11.94 | 112.08 | 1.33 | 0.76 | 12.44 | 104.94 | 15.46 | -29.31 | 101.92 | -4.05 | -1.92 | 0 | 0.16 | -8.01 | 2.42 | 4.31 |
| 2020 (7) | 8.07 | -3.93 | 5.60 | -6.51 | 0.67 | 1.09 | 5.27 | -20.03 | 4.15 | -20.8 | 6.73 | -31.81 | 5.63 | -29.18 | 1.32 | -9.59 | 6.07 | -19.07 | 21.87 | -6.58 | 106.22 | 16.84 | -6.22 | 0 | 0.17 | 0 | 2.32 | 11.54 |
| 2019 (6) | 8.40 | 24.26 | 5.99 | 27.18 | 0.66 | -11.45 | 6.59 | 37.29 | 5.24 | 50.57 | 9.87 | 40.2 | 7.95 | 40.46 | 1.46 | -3.95 | 7.50 | 28.42 | 23.41 | -31.53 | 90.91 | -7.45 | 9.09 | 413.13 | 0.00 | 0 | 2.08 | 13.66 |
| 2018 (5) | 6.76 | -48.08 | 4.71 | -56.59 | 0.75 | 10.86 | 4.80 | -57.07 | 3.48 | -62.46 | 7.04 | -64.19 | 5.66 | -63.32 | 1.52 | -7.32 | 5.84 | -51.41 | 34.19 | 8.2 | 98.23 | 1.23 | 1.77 | -40.31 | 0.00 | 0 | 1.83 | -8.5 |
| 2017 (4) | 13.02 | 8.5 | 10.85 | 11.97 | 0.67 | -10.51 | 11.18 | 8.44 | 9.27 | 8.17 | 19.66 | 17.37 | 15.43 | 22.27 | 1.64 | 13.1 | 12.02 | 7.13 | 31.60 | 18.57 | 97.03 | 3.16 | 2.97 | -50.02 | 0.00 | 0 | 2.00 | -2.91 |
| 2016 (3) | 12.00 | 46.52 | 9.69 | 55.79 | 0.75 | 11.02 | 10.31 | 70.41 | 8.57 | 77.8 | 16.75 | 53.95 | 12.62 | 62.0 | 1.45 | -7.64 | 11.22 | 62.14 | 26.65 | -38.75 | 94.06 | -8.67 | 5.94 | 0 | 0.00 | 0 | 2.06 | 19.77 |
| 2015 (2) | 8.19 | -19.15 | 6.22 | -24.24 | 0.68 | 0.9 | 6.05 | -32.25 | 4.82 | -32.68 | 10.88 | -35.12 | 7.79 | -31.67 | 1.57 | 0.64 | 6.92 | -29.46 | 43.51 | -1.32 | 103.00 | 11.89 | -2.84 | 0 | 0.00 | 0 | 1.72 | 2.38 |
| 2014 (1) | 10.13 | 0 | 8.21 | 0 | 0.67 | -14.75 | 8.93 | 0 | 7.16 | 0 | 16.77 | 0 | 11.40 | 0 | 1.56 | 13.87 | 9.81 | -10.08 | 44.09 | -23.13 | 92.05 | -7.0 | 8.06 | 685.89 | 0.00 | 0 | 1.68 | -12.5 |
