- 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) | 30.29 | 4.99 | 55.17 | 18.33 | 53.01 | 58.29 | 19.23 | 504.84 | 124.91 | 20.92 | 340.46 | 28.42 | 1.17 | 517.86 | 82.81 | 0.51 | 920.0 | 54.55 | 0.02 | 100.0 | 0.0 | 21.33 | 76.57 | 47.0 | 142.95 | 0.11 | 2.26 | 95.65 | 138.26 | -29.86 | 4.35 | -98.76 | 111.96 | 8.35 | -38.6 | -34.41 |
| 23Q3 (19) | 28.85 | 16.57 | 78.64 | 11.98 | 34.46 | 43.3 | -4.75 | -137.91 | -162.58 | -8.70 | -174.42 | -234.47 | -0.28 | -165.12 | -126.92 | 0.05 | -72.22 | -89.36 | 0.01 | -50.0 | -85.71 | 12.08 | -10.52 | 37.59 | 142.80 | -1.39 | 1.19 | -250.00 | -457.14 | -326.74 | 350.00 | 1066.67 | 3512.5 | 13.60 | 3.03 | 314.63 |
| 23Q2 (18) | 24.75 | 0.45 | 79.48 | 8.91 | 320.28 | 104.83 | 12.53 | 305.5 | 268.53 | 11.69 | 397.45 | 462.02 | 0.43 | 616.67 | 72.0 | 0.18 | 800.0 | 20.0 | 0.02 | 100.0 | -60.0 | 13.50 | 204.74 | 178.93 | 144.81 | 8.72 | -0.47 | 70.00 | 16.67 | -44.41 | 30.00 | -25.0 | 215.71 | 13.20 | -30.16 | 235.88 |
| 23Q1 (17) | 24.64 | 26.23 | -18.71 | 2.12 | -81.69 | -82.81 | 3.09 | -63.86 | -65.89 | 2.35 | -85.57 | -68.37 | 0.06 | -90.63 | -75.0 | 0.02 | -93.94 | -85.71 | 0.01 | -50.0 | 0.0 | 4.43 | -69.47 | -68.08 | 133.19 | -4.72 | -2.17 | 60.00 | -56.0 | -56.15 | 40.00 | 210.0 | 208.57 | 18.90 | 48.47 | 22.73 |
| 22Q4 (16) | 19.52 | 20.87 | -22.91 | 11.58 | 38.52 | 12.87 | 8.55 | 12.65 | -13.55 | 16.29 | 151.78 | 24.92 | 0.64 | -38.46 | -41.82 | 0.33 | -29.79 | -35.29 | 0.02 | -71.43 | -50.0 | 14.51 | 65.26 | 24.66 | 139.79 | -0.94 | 4.42 | 136.36 | 23.68 | 31.49 | -36.36 | -254.55 | -881.82 | 12.73 | 288.11 | 90.28 |
| 22Q3 (15) | 16.15 | 17.11 | -29.07 | 8.36 | 92.18 | -46.03 | 7.59 | 123.24 | -47.66 | 6.47 | 211.06 | -54.02 | 1.04 | 316.0 | -33.76 | 0.47 | 213.33 | -34.72 | 0.07 | 40.0 | 40.0 | 8.78 | 81.4 | -45.8 | 141.12 | -3.01 | 4.91 | 110.26 | -12.44 | 3.3 | -10.26 | 60.44 | -52.38 | 3.28 | -16.54 | -34.53 |
| 22Q2 (14) | 13.79 | -54.5 | -46.59 | 4.35 | -64.72 | -69.81 | 3.40 | -62.47 | -76.55 | 2.08 | -72.01 | -84.41 | 0.25 | 4.17 | -60.94 | 0.15 | 7.14 | -51.61 | 0.05 | 400.0 | 150.0 | 4.84 | -65.13 | -69.25 | 145.50 | 6.87 | 8.14 | 125.93 | -7.98 | 25.93 | -25.93 | 29.63 | 0 | 3.93 | -74.48 | -61.7 |
| 22Q1 (13) | 30.31 | 19.71 | 16.62 | 12.33 | 20.18 | 85.97 | 9.06 | -8.39 | 2.84 | 7.43 | -43.02 | 16.64 | 0.24 | -78.18 | 71.43 | 0.14 | -72.55 | 75.0 | 0.01 | -75.0 | 0.0 | 13.88 | 19.24 | 35.15 | 136.15 | 1.7 | 63.78 | 136.84 | 31.95 | 77.89 | -36.84 | -894.74 | -259.65 | 15.40 | 130.19 | -21.43 |
| 21Q4 (12) | 25.32 | 11.2 | -1.52 | 10.26 | -33.76 | 235.71 | 9.89 | -31.79 | 249.17 | 13.04 | -7.32 | 270.23 | 1.10 | -29.94 | 454.84 | 0.51 | -29.17 | 400.0 | 0.04 | -20.0 | 100.0 | 11.64 | -28.15 | 323.85 | 133.87 | -0.48 | 101.82 | 103.70 | -2.84 | -6.67 | -3.70 | 44.97 | 66.67 | 6.69 | 33.53 | -18.32 |
| 21Q3 (11) | 22.77 | -11.81 | -4.37 | 15.49 | 7.49 | 15.34 | 14.50 | 0.0 | -5.17 | 14.07 | 5.47 | -0.07 | 1.57 | 145.31 | 175.44 | 0.72 | 132.26 | 118.18 | 0.05 | 150.0 | 150.0 | 16.20 | 2.92 | -0.25 | 134.52 | -0.02 | 62.94 | 106.73 | 6.73 | 21.55 | -6.73 | 0 | -155.19 | 5.01 | -51.17 | -48.77 |
| 21Q2 (10) | 25.82 | -0.65 | -2.09 | 14.41 | 117.35 | 22.33 | 14.50 | 64.59 | 19.15 | 13.34 | 109.42 | 142.55 | 0.64 | 357.14 | 100.0 | 0.31 | 287.5 | 63.16 | 0.02 | 100.0 | -33.33 | 15.74 | 53.26 | 24.62 | 134.55 | 61.85 | 83.46 | 100.00 | 30.0 | 2.13 | 0.00 | -100.0 | -100.0 | 10.26 | -47.65 | 0 |
| 21Q1 (9) | 25.99 | 1.09 | -26.99 | 6.63 | 187.7 | -74.91 | 8.81 | 232.88 | -67.13 | 6.37 | 183.16 | -75.35 | 0.14 | 145.16 | -93.4 | 0.08 | 147.06 | -93.55 | 0.01 | -50.0 | -80.0 | 10.27 | 297.5 | -62.19 | 83.13 | 25.33 | 17.4 | 76.92 | -30.77 | -22.03 | 23.08 | 307.69 | 1619.23 | 19.60 | 139.32 | 250.63 |
| 20Q4 (8) | 25.71 | 7.98 | -27.25 | -7.56 | -156.29 | -129.35 | -6.63 | -143.36 | -125.59 | -7.66 | -154.4 | -128.17 | -0.31 | -154.39 | -106.51 | -0.17 | -151.52 | -106.32 | 0.02 | 0.0 | -80.0 | -5.20 | -132.02 | -119.85 | 66.33 | -19.66 | -8.36 | 111.11 | 26.54 | 11.86 | -11.11 | -191.11 | -1755.56 | 8.19 | -16.26 | 123.77 |
| 20Q3 (7) | 23.81 | -9.71 | -40.7 | 13.43 | 14.01 | -59.03 | 15.29 | 25.64 | -53.3 | 14.08 | 156.0 | -56.65 | 0.57 | 78.12 | -90.09 | 0.33 | 73.68 | -89.29 | 0.02 | -33.33 | -77.78 | 16.24 | 28.58 | -51.05 | 82.56 | 12.57 | -2.04 | 87.80 | -10.33 | -12.44 | 12.20 | 192.68 | 0 | 9.78 | 0 | 230.41 |
| 20Q2 (6) | 26.37 | -25.93 | -32.82 | 11.78 | -55.41 | -60.48 | 12.17 | -54.59 | -58.62 | 5.50 | -78.72 | -81.18 | 0.32 | -84.91 | -95.17 | 0.19 | -84.68 | -94.38 | 0.03 | -40.0 | -72.73 | 12.63 | -53.5 | -57.73 | 73.34 | 3.57 | -21.05 | 97.92 | -0.75 | -3.32 | 4.17 | 210.42 | 426.67 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 35.60 | 0.74 | -16.96 | 26.42 | 2.56 | -26.06 | 26.80 | 3.43 | -24.25 | 25.84 | -4.97 | -26.88 | 2.12 | -55.46 | -78.1 | 1.24 | -53.9 | -72.93 | 0.05 | -50.0 | -61.54 | 27.16 | 3.66 | -24.39 | 70.81 | -2.17 | -31.58 | 98.66 | -0.68 | -2.27 | 1.34 | 100.0 | 242.01 | 5.59 | 52.73 | 132.92 |
| 19Q4 (4) | 35.34 | -11.98 | 0.0 | 25.76 | -21.42 | 0.0 | 25.91 | -20.86 | 0.0 | 27.19 | -16.29 | 0.0 | 4.76 | -17.22 | 0.0 | 2.69 | -12.66 | 0.0 | 0.10 | 11.11 | 0.0 | 26.20 | -21.04 | 0.0 | 72.38 | -14.12 | 0.0 | 99.33 | -0.95 | 0.0 | 0.67 | 0 | 0.0 | 3.66 | 23.65 | 0.0 |
| 19Q3 (3) | 40.15 | 2.29 | 0.0 | 32.78 | 9.96 | 0.0 | 32.74 | 11.32 | 0.0 | 32.48 | 11.12 | 0.0 | 5.75 | -13.14 | 0.0 | 3.08 | -8.88 | 0.0 | 0.09 | -18.18 | 0.0 | 33.18 | 11.04 | 0.0 | 84.28 | -9.28 | 0.0 | 100.28 | -0.99 | 0.0 | -0.00 | 100.0 | 0.0 | 2.96 | 16.54 | 0.0 |
| 19Q2 (2) | 39.25 | -8.44 | 0.0 | 29.81 | -16.57 | 0.0 | 29.41 | -16.87 | 0.0 | 29.23 | -17.29 | 0.0 | 6.62 | -31.61 | 0.0 | 3.38 | -26.2 | 0.0 | 0.11 | -15.38 | 0.0 | 29.88 | -16.82 | 0.0 | 92.90 | -10.24 | 0.0 | 101.28 | 0.33 | 0.0 | -1.28 | -34.95 | 0.0 | 2.54 | 5.83 | 0.0 |
| 19Q1 (1) | 42.87 | 0.0 | 0.0 | 35.73 | 0.0 | 0.0 | 35.38 | 0.0 | 0.0 | 35.34 | 0.0 | 0.0 | 9.68 | 0.0 | 0.0 | 4.58 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 35.92 | 0.0 | 0.0 | 103.50 | 0.0 | 0.0 | 100.95 | 0.0 | 0.0 | -0.95 | 0.0 | 0.0 | 2.40 | 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) | 27.69 | 62.69 | 11.99 | 55.71 | 0.73 | 106.62 | 9.77 | 52.9 | 9.23 | 50.33 | 1.37 | -36.28 | 0.76 | -31.53 | 0.06 | -60.0 | 14.64 | 71.63 | 142.95 | 2.26 | 122.34 | 1.37 | -22.34 | 0 | 0.10 | -7.8 | 12.40 | 118.31 |
| 2022 (9) | 17.02 | -30.25 | 7.70 | -40.17 | 0.35 | -13.76 | 6.39 | -49.04 | 6.14 | -52.59 | 2.15 | -36.76 | 1.11 | -38.67 | 0.15 | 15.38 | 8.53 | -39.76 | 139.79 | 4.42 | 120.69 | 17.41 | -20.69 | 0 | 0.10 | -6.94 | 5.68 | -26.42 |
| 2021 (8) | 24.40 | -16.52 | 12.87 | -8.4 | 0.41 | 52.16 | 12.54 | -15.27 | 12.95 | 5.54 | 3.40 | 23.19 | 1.81 | 9.04 | 0.13 | 0.0 | 14.16 | -8.53 | 133.87 | 101.82 | 102.79 | 8.17 | -2.79 | 0 | 0.11 | -32.88 | 7.72 | 8.43 |
| 2020 (7) | 29.23 | -26.24 | 14.05 | -55.08 | 0.27 | 580.83 | 14.80 | -52.41 | 12.27 | -60.76 | 2.76 | -89.66 | 1.66 | -87.98 | 0.13 | -70.45 | 15.48 | -50.92 | 66.33 | -8.59 | 95.02 | -5.58 | 4.98 | 0 | 0.17 | 19.59 | 7.12 | 150.7 |
| 2019 (6) | 39.63 | 8.28 | 31.28 | 29.36 | 0.04 | -69.05 | 31.10 | 31.22 | 31.27 | 41.75 | 26.69 | 268.14 | 13.81 | 315.96 | 0.44 | 214.29 | 31.54 | 28.11 | 72.56 | -41.66 | 100.63 | -1.22 | -0.57 | 0 | 0.14 | 7.49 | 2.84 | -67.02 |
| 2018 (5) | 36.60 | 3.68 | 24.18 | 18.65 | 0.13 | -47.42 | 23.70 | -7.28 | 22.06 | -7.93 | 7.25 | -10.82 | 3.32 | -12.63 | 0.14 | -12.5 | 24.62 | -7.3 | 124.38 | 2.46 | 101.88 | 27.57 | -1.88 | 0 | 0.13 | -35.19 | 8.61 | 4.62 |
| 2017 (4) | 35.30 | 25.94 | 20.38 | 10.52 | 0.24 | 117.79 | 25.56 | 34.38 | 23.96 | 60.7 | 8.13 | -5.36 | 3.80 | 0.26 | 0.16 | -36.0 | 26.56 | 37.62 | 121.39 | 5.36 | 79.86 | -17.74 | 20.38 | 553.41 | 0.20 | 0 | 8.23 | 56.76 |
| 2016 (3) | 28.03 | -4.43 | 18.44 | -9.96 | 0.11 | 85.7 | 19.02 | -9.13 | 14.91 | 0.27 | 8.59 | -54.11 | 3.79 | -40.31 | 0.25 | -41.86 | 19.30 | -8.27 | 115.21 | -16.98 | 97.08 | -0.84 | 3.12 | 42.25 | 0.00 | 0 | 5.25 | 52.62 |
| 2015 (2) | 29.33 | 0.24 | 20.48 | 295.37 | 0.06 | -90.4 | 20.93 | 172.17 | 14.87 | 118.04 | 18.72 | 1421.95 | 6.35 | 1528.21 | 0.43 | 616.67 | 21.04 | 141.28 | 138.77 | -49.24 | 97.90 | 45.37 | 2.19 | -93.29 | 0.00 | 0 | 3.44 | -83.65 |
| 2014 (1) | 29.26 | 0 | 5.18 | 0 | 0.62 | 584.24 | 7.69 | 0 | 6.82 | 0 | 1.23 | 0 | 0.39 | 0 | 0.06 | -89.09 | 8.72 | -68.97 | 273.37 | 60.64 | 67.35 | -31.76 | 32.65 | 2288.34 | 0.00 | 0 | 21.04 | 670.7 |
