- 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) | 19.16 | -6.4 | -5.85 | 4.24 | -36.81 | -17.03 | 5.43 | -28.08 | 9.26 | 3.79 | -28.22 | 28.91 | 1.61 | -34.02 | 15.83 | 0.84 | -28.81 | 18.31 | 0.18 | -5.26 | -5.26 | 11.44 | -13.4 | 11.61 | 132.15 | -3.63 | -3.64 | 78.08 | -12.11 | -24.0 | 21.75 | 92.77 | 895.11 | 10.73 | 2.78 | -0.56 |
| 23Q3 (19) | 20.47 | 7.29 | 12.72 | 6.71 | 58.63 | 57.88 | 7.55 | 57.29 | 38.79 | 5.28 | 60.98 | 28.16 | 2.44 | 62.67 | 25.77 | 1.18 | 51.28 | 31.11 | 0.19 | 0.0 | 0.0 | 13.21 | 23.69 | 23.34 | 137.13 | -3.76 | -7.06 | 88.84 | 0.84 | 13.68 | 11.28 | -5.2 | -48.38 | 10.44 | -10.08 | 2.45 |
| 23Q2 (18) | 19.08 | 6.83 | -13.19 | 4.23 | 65.88 | -49.64 | 4.80 | 102.53 | -45.27 | 3.28 | 134.29 | -51.91 | 1.50 | 172.73 | -57.14 | 0.78 | 110.81 | -49.02 | 0.19 | 18.75 | -9.52 | 10.68 | 18.93 | -19.94 | 142.49 | -0.07 | -7.31 | 88.10 | -18.04 | -8.0 | 11.90 | 250.07 | 180.75 | 11.61 | -8.0 | 17.99 |
| 23Q1 (17) | 17.86 | -12.24 | -19.59 | 2.55 | -50.1 | -70.55 | 2.37 | -52.31 | -74.24 | 1.40 | -52.38 | -80.58 | 0.55 | -60.43 | -84.2 | 0.37 | -47.89 | -75.97 | 0.16 | -15.79 | -20.0 | 8.98 | -12.39 | -36.36 | 142.59 | 3.97 | 4.24 | 107.49 | 4.63 | 14.11 | -7.93 | -189.92 | -236.6 | 12.62 | 16.96 | 23.12 |
| 22Q4 (16) | 20.35 | 12.06 | 4.09 | 5.11 | 20.24 | -11.74 | 4.97 | -8.64 | -15.48 | 2.94 | -28.64 | -36.77 | 1.39 | -28.35 | -44.62 | 0.71 | -21.11 | -35.45 | 0.19 | 0.0 | -13.64 | 10.25 | -4.3 | -1.73 | 137.14 | -7.05 | -5.69 | 102.74 | 31.47 | 4.37 | -2.74 | -112.51 | -274.81 | 10.79 | 5.89 | 8.33 |
| 22Q3 (15) | 18.16 | -17.38 | -12.02 | 4.25 | -49.4 | -47.14 | 5.44 | -37.97 | -43.51 | 4.12 | -39.59 | -45.65 | 1.94 | -44.57 | -52.45 | 0.90 | -41.18 | -48.28 | 0.19 | -9.52 | -13.64 | 10.71 | -19.72 | -25.1 | 147.54 | -4.03 | -4.63 | 78.14 | -18.4 | -6.39 | 21.86 | 415.61 | 31.66 | 10.19 | 3.56 | 9.22 |
| 22Q2 (14) | 21.98 | -1.04 | 0.27 | 8.40 | -3.0 | -12.59 | 8.77 | -4.67 | -14.36 | 6.82 | -5.41 | -15.38 | 3.50 | 0.57 | -20.27 | 1.53 | -0.65 | -19.9 | 0.21 | 5.0 | -8.7 | 13.34 | -5.46 | -10.05 | 153.73 | 12.38 | 8.22 | 95.76 | 1.66 | 2.02 | 4.24 | -26.98 | -31.73 | 9.84 | -4.0 | 1.97 |
| 22Q1 (13) | 22.21 | 13.61 | -2.93 | 8.66 | 49.57 | -5.36 | 9.20 | 56.46 | -2.65 | 7.21 | 55.05 | -2.44 | 3.48 | 38.65 | -1.14 | 1.54 | 40.0 | -1.28 | 0.20 | -9.09 | 0.0 | 14.11 | 35.28 | -4.53 | 136.79 | -5.93 | -3.36 | 94.20 | -4.31 | -2.77 | 5.80 | 271.02 | 86.1 | 10.25 | 2.91 | 0.1 |
| 21Q4 (12) | 19.55 | -5.28 | -15.29 | 5.79 | -27.99 | -35.88 | 5.88 | -38.94 | -29.5 | 4.65 | -38.65 | -27.46 | 2.51 | -38.48 | -25.96 | 1.10 | -36.78 | -27.63 | 0.22 | 0.0 | 0.0 | 10.43 | -27.06 | -23.48 | 145.41 | -6.01 | 2.55 | 98.44 | 17.92 | -9.16 | 1.56 | -90.58 | 118.93 | 9.96 | 6.75 | -4.41 |
| 21Q3 (11) | 20.64 | -5.84 | -14.6 | 8.04 | -16.34 | -17.62 | 9.63 | -5.96 | -13.4 | 7.58 | -5.96 | -15.68 | 4.08 | -7.06 | -3.32 | 1.74 | -8.9 | -3.87 | 0.22 | -4.35 | 15.79 | 14.30 | -3.57 | -16.67 | 154.71 | 8.91 | 6.44 | 83.48 | -11.06 | -4.93 | 16.60 | 167.38 | 36.15 | 9.33 | -3.32 | -14.87 |
| 21Q2 (10) | 21.92 | -4.2 | -7.78 | 9.61 | 5.03 | 9.33 | 10.24 | 8.36 | 14.29 | 8.06 | 9.07 | 13.04 | 4.39 | 24.72 | 44.88 | 1.91 | 22.44 | 40.44 | 0.23 | 15.0 | 35.29 | 14.83 | 0.34 | -4.51 | 142.05 | 0.35 | -11.2 | 93.87 | -3.11 | -4.47 | 6.21 | 99.05 | 231.94 | 9.65 | -5.76 | -16.45 |
| 21Q1 (9) | 22.88 | -0.87 | 7.62 | 9.15 | 1.33 | 124.26 | 9.45 | 13.31 | 188.11 | 7.39 | 15.29 | 176.78 | 3.52 | 3.83 | 278.49 | 1.56 | 2.63 | 183.64 | 0.20 | -9.09 | 42.86 | 14.78 | 8.44 | 31.14 | 141.55 | -0.17 | 0.93 | 96.88 | -10.6 | -22.37 | 3.12 | 137.73 | 112.78 | 10.24 | -1.73 | -21.11 |
| 20Q4 (8) | 23.08 | -4.51 | 11.39 | 9.03 | -7.48 | 51.76 | 8.34 | -25.0 | 28.7 | 6.41 | -28.7 | 21.4 | 3.39 | -19.67 | 37.8 | 1.52 | -16.02 | 32.17 | 0.22 | 15.79 | 15.79 | 13.63 | -20.57 | 8.35 | 141.79 | -2.45 | -2.5 | 108.37 | 23.41 | 18.04 | -8.27 | -167.79 | -200.88 | 10.42 | -4.93 | -1.51 |
| 20Q3 (7) | 24.17 | 1.68 | 20.07 | 9.76 | 11.04 | 54.92 | 11.12 | 24.11 | 65.72 | 8.99 | 26.09 | 65.26 | 4.22 | 39.27 | 64.2 | 1.81 | 33.09 | 50.83 | 0.19 | 11.76 | 0.0 | 17.16 | 10.5 | 33.96 | 145.35 | -9.13 | -4.76 | 87.81 | -10.63 | -6.43 | 12.19 | 551.91 | 97.92 | 10.96 | -5.11 | 5.79 |
| 20Q2 (6) | 23.77 | 11.81 | 19.21 | 8.79 | 115.44 | 25.04 | 8.96 | 173.17 | 24.44 | 7.13 | 167.04 | 21.67 | 3.03 | 225.81 | 13.91 | 1.36 | 147.27 | 7.94 | 0.17 | 21.43 | -5.56 | 15.53 | 37.8 | 16.94 | 159.96 | 14.05 | 4.43 | 98.25 | -21.27 | 0.69 | 1.87 | 107.67 | -22.59 | 11.55 | -11.02 | 10.21 |
| 20Q1 (5) | 21.26 | 2.61 | 26.1 | 4.08 | -31.43 | 10.57 | 3.28 | -49.38 | -61.9 | 2.67 | -49.43 | -64.96 | 0.93 | -62.2 | -71.03 | 0.55 | -52.17 | -63.33 | 0.14 | -26.32 | -17.65 | 11.27 | -10.41 | -26.44 | 140.25 | -3.56 | -0.63 | 124.80 | 35.94 | 191.2 | -24.40 | -397.77 | -142.61 | 12.98 | 22.68 | 18.54 |
| 19Q4 (4) | 20.72 | 2.93 | 0.0 | 5.95 | -5.56 | 0.0 | 6.48 | -3.43 | 0.0 | 5.28 | -2.94 | 0.0 | 2.46 | -4.28 | 0.0 | 1.15 | -4.17 | 0.0 | 0.19 | 0.0 | 0.0 | 12.58 | -1.8 | 0.0 | 145.43 | -4.71 | 0.0 | 91.81 | -2.17 | 0.0 | 8.19 | 33.01 | 0.0 | 10.58 | 2.12 | 0.0 |
| 19Q3 (3) | 20.13 | 0.95 | 0.0 | 6.30 | -10.38 | 0.0 | 6.71 | -6.81 | 0.0 | 5.44 | -7.17 | 0.0 | 2.57 | -3.38 | 0.0 | 1.20 | -4.76 | 0.0 | 0.19 | 5.56 | 0.0 | 12.81 | -3.54 | 0.0 | 152.62 | -0.36 | 0.0 | 93.84 | -3.84 | 0.0 | 6.16 | 154.97 | 0.0 | 10.36 | -1.15 | 0.0 |
| 19Q2 (2) | 19.94 | 18.27 | 0.0 | 7.03 | 90.51 | 0.0 | 7.20 | -16.38 | 0.0 | 5.86 | -23.1 | 0.0 | 2.66 | -17.13 | 0.0 | 1.26 | -16.0 | 0.0 | 0.18 | 5.88 | 0.0 | 13.28 | -13.32 | 0.0 | 153.17 | 8.52 | 0.0 | 97.58 | 127.7 | 0.0 | 2.42 | -95.78 | 0.0 | 10.48 | -4.29 | 0.0 |
| 19Q1 (1) | 16.86 | 0.0 | 0.0 | 3.69 | 0.0 | 0.0 | 8.61 | 0.0 | 0.0 | 7.62 | 0.0 | 0.0 | 3.21 | 0.0 | 0.0 | 1.50 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 15.32 | 0.0 | 0.0 | 141.14 | 0.0 | 0.0 | 42.86 | 0.0 | 0.0 | 57.27 | 0.0 | 0.0 | 10.95 | 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) | 19.19 | -7.43 | 4.51 | -32.59 | 4.91 | 16.41 | 5.14 | -28.31 | 3.51 | -34.27 | 5.93 | -43.68 | 3.14 | -35.12 | 0.72 | -12.2 | 11.16 | -8.3 | 132.15 | -3.64 | 87.76 | -5.86 | 12.28 | 81.4 | 0.40 | -5.37 | 11.31 | 10.34 |
| 2022 (9) | 20.73 | -2.17 | 6.69 | -17.51 | 4.22 | 1.99 | 7.17 | -18.34 | 5.34 | -22.72 | 10.53 | -27.63 | 4.84 | -24.02 | 0.82 | -4.65 | 12.17 | -10.12 | 137.14 | -5.69 | 93.23 | 0.9 | 6.77 | -10.95 | 0.42 | -2.86 | 10.25 | 4.81 |
| 2021 (8) | 21.19 | -8.51 | 8.11 | -0.86 | 4.13 | -19.91 | 8.78 | 7.07 | 6.91 | 6.31 | 14.55 | 31.79 | 6.37 | 25.15 | 0.86 | 22.86 | 13.54 | -6.75 | 145.41 | 2.55 | 92.40 | -7.43 | 7.60 | 3885.65 | 0.43 | -14.09 | 9.78 | -13.68 |
| 2020 (7) | 23.16 | 18.95 | 8.18 | 41.28 | 5.16 | 6.0 | 8.20 | 13.57 | 6.50 | 7.97 | 11.04 | -0.99 | 5.09 | -2.68 | 0.70 | -6.67 | 14.52 | 7.88 | 141.79 | -2.5 | 99.81 | 24.56 | 0.19 | -99.04 | 0.50 | -21.51 | 11.33 | 7.09 |
| 2019 (6) | 19.47 | 15.82 | 5.79 | 38.19 | 4.87 | 15.38 | 7.22 | 67.91 | 6.02 | 74.49 | 11.15 | 59.51 | 5.23 | 48.16 | 0.75 | -3.85 | 13.46 | 35.28 | 145.43 | -3.93 | 80.13 | -17.62 | 19.87 | 626.21 | 0.64 | -9.71 | 10.58 | 7.3 |
| 2018 (5) | 16.81 | -6.09 | 4.19 | -6.47 | 4.22 | -0.78 | 4.30 | -21.25 | 3.45 | -23.16 | 6.99 | -20.66 | 3.53 | -15.95 | 0.78 | 1.3 | 9.95 | -9.71 | 151.38 | -9.9 | 97.26 | 18.63 | 2.74 | -84.81 | 0.71 | 25.76 | 9.86 | -3.33 |
| 2017 (4) | 17.90 | -19.33 | 4.48 | -44.62 | 4.25 | 2.3 | 5.46 | -33.82 | 4.49 | -33.38 | 8.81 | -26.28 | 4.20 | -26.83 | 0.77 | 0.0 | 11.02 | -17.58 | 168.01 | 16.75 | 81.99 | -16.39 | 18.01 | 812.49 | 0.56 | 0 | 10.20 | -7.86 |
| 2016 (3) | 22.19 | -2.38 | 8.09 | -8.38 | 4.16 | 8.55 | 8.25 | -9.04 | 6.74 | -9.65 | 11.95 | -7.72 | 5.74 | -11.69 | 0.77 | -3.75 | 13.37 | -2.83 | 143.90 | 20.52 | 98.06 | 0.77 | 1.97 | -26.7 | 0.00 | 0 | 11.07 | 0.64 |
| 2015 (2) | 22.73 | 17.89 | 8.83 | 25.96 | 3.83 | 4.05 | 9.07 | 21.58 | 7.46 | 29.97 | 12.95 | 17.83 | 6.50 | 14.84 | 0.80 | -9.09 | 13.76 | 14.86 | 119.40 | 3.89 | 97.31 | 3.57 | 2.69 | -55.45 | 0.00 | 0 | 11.00 | 14.58 |
| 2014 (1) | 19.28 | 0 | 7.01 | 0 | 3.68 | -0.16 | 7.46 | 0 | 5.74 | 0 | 10.99 | 0 | 5.66 | 0 | 0.88 | -3.3 | 11.98 | 4.45 | 114.93 | -3.46 | 93.96 | 5.01 | 6.04 | -42.8 | 0.00 | 0 | 9.60 | 5.03 |
