- 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) | 5.11 | -1.73 | 6.46 | 2.38 | -35.33 | -19.59 | 2.86 | -22.7 | -20.99 | 2.69 | 10.7 | 7.17 | 3.57 | 13.69 | 19.0 | 0.87 | 19.18 | 11.54 | 0.26 | 8.33 | -7.14 | 4.74 | -13.82 | -8.67 | 385.71 | -10.21 | 17.35 | 82.94 | -16.65 | 1.33 | 17.06 | 3430.61 | -6.54 | 10.25 | -1.63 | -0.39 |
| 23Q3 (19) | 5.20 | 3.79 | 4.42 | 3.68 | 16.83 | 14.64 | 3.70 | 17.83 | 0.27 | 2.43 | -21.36 | 1.25 | 3.14 | -10.8 | 12.54 | 0.73 | -12.05 | 5.8 | 0.24 | 4.35 | -7.69 | 5.50 | 7.0 | 6.18 | 429.57 | 1.03 | 27.61 | 99.52 | -0.88 | 14.51 | 0.48 | 220.45 | -96.28 | 10.42 | -12.44 | 2.06 |
| 23Q2 (18) | 5.01 | -7.56 | -29.04 | 3.15 | -12.74 | -36.75 | 3.14 | -20.51 | -21.7 | 3.09 | 6.19 | 1.31 | 3.52 | 17.33 | 10.34 | 0.83 | 7.79 | 5.06 | 0.23 | 0.0 | -4.17 | 5.14 | -12.88 | -8.87 | 425.17 | 12.05 | 15.77 | 100.40 | 9.94 | -19.23 | -0.40 | -104.62 | 98.36 | 11.90 | -4.11 | 5.68 |
| 23Q1 (17) | 5.42 | 12.92 | -9.52 | 3.61 | 21.96 | -7.91 | 3.95 | 9.12 | -28.18 | 2.91 | 15.94 | -51.74 | 3.00 | 0.0 | -52.46 | 0.77 | -1.28 | -50.0 | 0.23 | -17.86 | -8.0 | 5.90 | 13.68 | -16.31 | 379.43 | 15.44 | 17.61 | 91.32 | 11.56 | 27.95 | 8.68 | -52.43 | -69.68 | 12.41 | 20.6 | 2.82 |
| 22Q4 (16) | 4.80 | -3.61 | -17.67 | 2.96 | -7.79 | -12.43 | 3.62 | -1.9 | -21.13 | 2.51 | 4.58 | -42.56 | 3.00 | 7.53 | -40.83 | 0.78 | 13.04 | -38.58 | 0.28 | 7.69 | 0.0 | 5.19 | 0.19 | -16.69 | 328.69 | -2.36 | 1.07 | 81.86 | -5.81 | 11.17 | 18.25 | 40.54 | -30.78 | 10.29 | 0.78 | -10.52 |
| 22Q3 (15) | 4.98 | -29.46 | -23.74 | 3.21 | -35.54 | -19.55 | 3.69 | -7.98 | -25.3 | 2.40 | -21.31 | -33.15 | 2.79 | -12.54 | -9.12 | 0.69 | -12.66 | -14.81 | 0.26 | 8.33 | 23.81 | 5.18 | -8.16 | -27.75 | 336.64 | -8.34 | 6.39 | 86.90 | -30.09 | 7.66 | 12.99 | 153.19 | -32.64 | 10.21 | -9.33 | -18.71 |
| 22Q2 (14) | 7.06 | 17.86 | 27.44 | 4.98 | 27.04 | 61.17 | 4.01 | -27.09 | 9.26 | 3.05 | -49.42 | 17.31 | 3.19 | -49.45 | 53.37 | 0.79 | -48.7 | 38.6 | 0.24 | -4.0 | 26.32 | 5.64 | -20.0 | -2.76 | 367.26 | 13.83 | 19.73 | 124.30 | 74.17 | 47.66 | -24.41 | -185.28 | -254.36 | 11.26 | -6.71 | -17.75 |
| 22Q1 (13) | 5.99 | 2.74 | 30.79 | 3.92 | 15.98 | 151.28 | 5.50 | 19.83 | 45.5 | 6.03 | 37.99 | 136.47 | 6.31 | 24.46 | 230.37 | 1.54 | 21.26 | 180.0 | 0.25 | -10.71 | 31.58 | 7.05 | 13.16 | 15.95 | 322.63 | -0.79 | 0.02 | 71.37 | -3.07 | 73.42 | 28.63 | 8.59 | -51.35 | 12.07 | 4.96 | -18.67 |
| 21Q4 (12) | 5.83 | -10.72 | -4.58 | 3.38 | -15.29 | -12.44 | 4.59 | -7.09 | 71.27 | 4.37 | 21.73 | 97.74 | 5.07 | 65.15 | 158.67 | 1.27 | 56.79 | 108.2 | 0.28 | 33.33 | 16.67 | 6.23 | -13.11 | 29.25 | 325.20 | 2.77 | 19.6 | 73.63 | -8.78 | -48.73 | 26.37 | 36.77 | 160.44 | 11.50 | -8.44 | -11.74 |
| 21Q3 (11) | 6.53 | 17.87 | 25.34 | 3.99 | 29.13 | 49.44 | 4.94 | 34.6 | 53.89 | 3.59 | 38.08 | 35.98 | 3.07 | 47.6 | 49.03 | 0.81 | 42.11 | 28.57 | 0.21 | 10.53 | 0.0 | 7.17 | 23.62 | 29.89 | 316.42 | 3.15 | 21.98 | 80.72 | -4.11 | -2.88 | 19.28 | 21.88 | 14.16 | 12.56 | -8.25 | -6.76 |
| 21Q2 (10) | 5.54 | 20.96 | -18.17 | 3.09 | 98.08 | -10.95 | 3.67 | -2.91 | 9.55 | 2.60 | 1.96 | 22.64 | 2.08 | 8.9 | 39.6 | 0.57 | 3.64 | 11.76 | 0.19 | 0.0 | 0.0 | 5.80 | -4.61 | 0.87 | 306.75 | -4.9 | 5.97 | 84.18 | 104.55 | -18.56 | 15.82 | -73.12 | 569.22 | 13.69 | -7.75 | -15.07 |
| 21Q1 (9) | 4.58 | -25.04 | -46.99 | 1.56 | -59.59 | -69.05 | 3.78 | 41.04 | 3.85 | 2.55 | 15.38 | 4.08 | 1.91 | -2.55 | 32.64 | 0.55 | -9.84 | 14.58 | 0.19 | -20.83 | 11.76 | 6.08 | 26.14 | -4.4 | 322.55 | 18.63 | 32.12 | 41.16 | -71.35 | -70.33 | 58.84 | 234.89 | 252.05 | 14.84 | 13.89 | -19.52 |
| 20Q4 (8) | 6.11 | 17.27 | -46.02 | 3.86 | 44.57 | -49.8 | 2.68 | -16.51 | -61.27 | 2.21 | -16.29 | -57.5 | 1.96 | -4.85 | -51.72 | 0.61 | -3.17 | -48.74 | 0.24 | 14.29 | 9.09 | 4.82 | -12.68 | -49.1 | 271.90 | 4.82 | 4.9 | 143.62 | 72.8 | 29.21 | -43.62 | -358.35 | -287.81 | 13.03 | -3.27 | -28.17 |
| 20Q3 (7) | 5.21 | -23.04 | 87.41 | 2.67 | -23.05 | 1305.26 | 3.21 | -4.18 | 158.87 | 2.64 | 24.53 | 196.63 | 2.06 | 38.26 | 182.19 | 0.63 | 23.53 | 133.33 | 0.21 | 10.53 | -8.7 | 5.52 | -4.0 | 87.12 | 259.40 | -10.39 | 0.46 | 83.11 | -19.6 | 448.55 | 16.89 | 600.95 | -80.22 | 13.47 | -16.44 | 7.67 |
| 20Q2 (6) | 6.77 | -21.64 | 14.17 | 3.47 | -31.15 | 26.18 | 3.35 | -7.97 | -11.61 | 2.12 | -13.47 | -29.1 | 1.49 | 3.47 | -25.13 | 0.51 | 6.25 | -19.05 | 0.19 | 11.76 | 0.0 | 5.75 | -9.59 | 6.09 | 289.47 | 18.57 | 13.29 | 103.37 | -25.47 | 42.42 | -3.37 | 91.29 | -112.29 | 16.12 | -12.58 | 9.29 |
| 20Q1 (5) | 8.64 | -23.67 | 14.13 | 5.04 | -34.46 | 14.29 | 3.64 | -47.4 | 4.6 | 2.45 | -52.88 | -2.39 | 1.44 | -64.53 | -12.73 | 0.48 | -59.66 | -14.29 | 0.17 | -22.73 | -10.53 | 6.36 | -32.84 | 17.78 | 244.14 | -5.81 | 5.42 | 138.70 | 24.78 | 9.54 | -38.70 | -244.05 | -45.36 | 18.44 | 1.65 | 4.48 |
| 19Q4 (4) | 11.32 | 307.19 | 0.0 | 7.69 | 3947.37 | 0.0 | 6.92 | 458.06 | 0.0 | 5.20 | 484.27 | 0.0 | 4.06 | 456.16 | 0.0 | 1.19 | 340.74 | 0.0 | 0.22 | -4.35 | 0.0 | 9.47 | 221.02 | 0.0 | 259.20 | 0.38 | 0.0 | 111.15 | 633.61 | 0.0 | -11.25 | -113.18 | 0.0 | 18.14 | 45.0 | 0.0 |
| 19Q3 (3) | 2.78 | -53.12 | 0.0 | 0.19 | -93.09 | 0.0 | 1.24 | -67.28 | 0.0 | 0.89 | -70.23 | 0.0 | 0.73 | -63.32 | 0.0 | 0.27 | -57.14 | 0.0 | 0.23 | 21.05 | 0.0 | 2.95 | -45.57 | 0.0 | 258.22 | 1.06 | 0.0 | 15.15 | -79.13 | 0.0 | 85.35 | 211.33 | 0.0 | 12.51 | -15.19 | 0.0 |
| 19Q2 (2) | 5.93 | -21.66 | 0.0 | 2.75 | -37.64 | 0.0 | 3.79 | 8.91 | 0.0 | 2.99 | 19.12 | 0.0 | 1.99 | 20.61 | 0.0 | 0.63 | 12.5 | 0.0 | 0.19 | 0.0 | 0.0 | 5.42 | 0.37 | 0.0 | 255.51 | 10.33 | 0.0 | 72.58 | -42.68 | 0.0 | 27.42 | 202.97 | 0.0 | 14.75 | -16.43 | 0.0 |
| 19Q1 (1) | 7.57 | 0.0 | 0.0 | 4.41 | 0.0 | 0.0 | 3.48 | 0.0 | 0.0 | 2.51 | 0.0 | 0.0 | 1.65 | 0.0 | 0.0 | 0.56 | 0.0 | 0.0 | 0.19 | 0.0 | 0.0 | 5.40 | 0.0 | 0.0 | 231.58 | 0.0 | 0.0 | 126.62 | 0.0 | 0.0 | -26.62 | 0.0 | 0.0 | 17.65 | 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) | 5.17 | -8.66 | 3.17 | -15.01 | 1.00 | -2.06 | 3.38 | -18.94 | 2.76 | -19.77 | 12.80 | -17.04 | 3.38 | -13.33 | 1.01 | -3.81 | 5.28 | -7.85 | 385.71 | 17.35 | 93.63 | 4.78 | 6.37 | -40.14 | 1.03 | -11.1 | 11.13 | 1.92 |
| 2022 (9) | 5.66 | -0.18 | 3.73 | 21.1 | 1.02 | -27.84 | 4.17 | -3.02 | 3.44 | 0.88 | 15.43 | 27.1 | 3.90 | 17.47 | 1.05 | 17.98 | 5.73 | -9.34 | 328.69 | 1.07 | 89.36 | 24.66 | 10.64 | -62.38 | 1.15 | -6.41 | 10.92 | -15.61 |
| 2021 (8) | 5.67 | -13.57 | 3.08 | -16.76 | 1.41 | -10.43 | 4.30 | 35.22 | 3.41 | 45.11 | 12.14 | 78.53 | 3.32 | 51.6 | 0.89 | 12.66 | 6.32 | 14.08 | 325.20 | 19.6 | 71.69 | -38.52 | 28.28 | 0 | 1.23 | 382.24 | 12.94 | -13.68 |
| 2020 (7) | 6.56 | -4.37 | 3.70 | -0.54 | 1.57 | 21.13 | 3.18 | -16.97 | 2.35 | -18.4 | 6.80 | -18.85 | 2.19 | -14.12 | 0.79 | -1.25 | 5.54 | -4.32 | 271.90 | 4.9 | 116.61 | 19.94 | -16.61 | 0 | 0.26 | -7.45 | 14.99 | -4.52 |
| 2019 (6) | 6.86 | -4.46 | 3.72 | -12.26 | 1.30 | 105.45 | 3.83 | -19.87 | 2.88 | -19.78 | 8.38 | -24.09 | 2.55 | -22.96 | 0.80 | -8.05 | 5.79 | -2.2 | 259.20 | -4.31 | 97.22 | 9.71 | 2.78 | -75.58 | 0.28 | 10.65 | 15.70 | 15.7 |
| 2018 (5) | 7.18 | 0.56 | 4.24 | 0.71 | 0.63 | 25.39 | 4.78 | -14.18 | 3.59 | -21.79 | 11.04 | -30.83 | 3.31 | -33.13 | 0.87 | -17.14 | 5.92 | -8.22 | 270.88 | 16.25 | 88.61 | 17.3 | 11.39 | -53.44 | 0.25 | 0 | 13.57 | 11.69 |
| 2017 (4) | 7.14 | -18.59 | 4.21 | -28.64 | 0.50 | -1.53 | 5.57 | -1.24 | 4.59 | 7.49 | 15.96 | 5.7 | 4.95 | 1.64 | 1.05 | -6.25 | 6.45 | -0.62 | 233.02 | 2.2 | 75.54 | -27.81 | 24.46 | 0 | 0.00 | 0 | 12.15 | -11.96 |
| 2016 (3) | 8.77 | 8.14 | 5.90 | 31.7 | 0.51 | 2.79 | 5.64 | 13.94 | 4.27 | 11.49 | 15.10 | 15.18 | 4.87 | 7.74 | 1.12 | -2.61 | 6.49 | 11.9 | 228.01 | 11.06 | 104.65 | 15.77 | -4.63 | 0 | 0.00 | 0 | 13.80 | -3.9 |
| 2015 (2) | 8.11 | 6.99 | 4.48 | -4.27 | 0.50 | -11.58 | 4.95 | -9.84 | 3.83 | -12.95 | 13.11 | -0.68 | 4.52 | -8.5 | 1.15 | 5.5 | 5.80 | -10.36 | 205.30 | 6.95 | 90.39 | 5.88 | 9.61 | -34.34 | 0.00 | 0 | 14.36 | -6.87 |
| 2014 (1) | 7.58 | 0 | 4.68 | 0 | 0.56 | -16.66 | 5.49 | 0 | 4.40 | 0 | 13.20 | 0 | 4.94 | 0 | 1.09 | 6.86 | 6.47 | 8.74 | 191.95 | 21.66 | 85.37 | -9.43 | 14.63 | 154.99 | 0.00 | 0 | 15.42 | -12.49 |
