- 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) | 16.22 | 20.95 | 31.12 | 3.04 | 696.08 | 10233.33 | 3.71 | -51.25 | 401.35 | 3.63 | -45.17 | 1478.26 | 0.98 | -43.68 | 1533.33 | 0.63 | -38.24 | 231.58 | 0.14 | 7.69 | 0.0 | 10.75 | -29.18 | 31.26 | 94.94 | -3.73 | -5.45 | 81.97 | 1326.89 | 2067.21 | 18.03 | -83.11 | -82.69 | 11.93 | -5.77 | 1.27 |
| 23Q3 (19) | 13.41 | 7.62 | 0.6 | -0.51 | 51.89 | -168.92 | 7.61 | 300.53 | -15.82 | 6.62 | 611.83 | -21.19 | 1.74 | 625.0 | -30.4 | 1.02 | 292.31 | -25.55 | 0.13 | 0.0 | -13.33 | 15.18 | 62.01 | -1.62 | 98.62 | -5.61 | -0.63 | -6.68 | 87.93 | -181.05 | 106.75 | -31.29 | 16.34 | 12.66 | -0.78 | 15.83 |
| 23Q2 (18) | 12.46 | 1.8 | -18.3 | -1.06 | -4.95 | -137.32 | 1.90 | 322.22 | -61.07 | 0.93 | 1960.0 | -72.81 | 0.24 | 2500.0 | -76.47 | 0.26 | 62.5 | -56.67 | 0.13 | 0.0 | -7.14 | 9.37 | 10.5 | -17.15 | 104.48 | 0.18 | -4.85 | -55.36 | 75.6 | -195.25 | 155.36 | -52.66 | 270.97 | 12.76 | -2.6 | 12.13 |
| 23Q1 (17) | 12.24 | -1.05 | -17.52 | -1.01 | -3266.67 | -146.33 | 0.45 | -39.19 | -85.58 | -0.05 | -121.74 | -102.46 | -0.01 | -116.67 | -101.67 | 0.16 | -15.79 | -56.76 | 0.13 | -7.14 | -7.14 | 8.48 | 3.54 | -8.42 | 104.29 | 3.86 | -3.79 | -226.92 | -5346.15 | -425.91 | 328.21 | 215.08 | 980.63 | 13.10 | 11.21 | 11.58 |
| 22Q4 (16) | 12.37 | -7.2 | -18.46 | -0.03 | -104.05 | -100.85 | 0.74 | -91.81 | -84.49 | 0.23 | -97.26 | -93.87 | 0.06 | -97.6 | -95.24 | 0.19 | -86.13 | -72.46 | 0.14 | -6.67 | -12.5 | 8.19 | -46.92 | -21.78 | 100.41 | 1.17 | -6.45 | -4.17 | -150.55 | -105.66 | 104.17 | 13.52 | 295.22 | 11.78 | 7.78 | 6.03 |
| 22Q3 (15) | 13.33 | -12.59 | -30.75 | 0.74 | -73.94 | -89.13 | 9.04 | 85.25 | -23.32 | 8.40 | 145.61 | -13.49 | 2.50 | 145.1 | -19.35 | 1.37 | 128.33 | -11.04 | 0.15 | 7.14 | 0.0 | 15.43 | 36.43 | -13.51 | 99.25 | -9.62 | -10.42 | 8.24 | -85.82 | -85.73 | 91.76 | 119.1 | 117.55 | 10.93 | -3.95 | -8.07 |
| 22Q2 (14) | 15.25 | 2.76 | -40.15 | 2.84 | 30.28 | -79.76 | 4.88 | 56.41 | -68.88 | 3.42 | 68.47 | -71.55 | 1.02 | 70.0 | -77.28 | 0.60 | 62.16 | -72.35 | 0.14 | 0.0 | -17.65 | 11.31 | 22.14 | -45.73 | 109.81 | 1.3 | -4.3 | 58.12 | -16.53 | -35.03 | 41.88 | 37.89 | 297.13 | 11.38 | -3.07 | 11.79 |
| 22Q1 (13) | 14.84 | -2.18 | -40.47 | 2.18 | -37.89 | -83.04 | 3.12 | -34.59 | -76.82 | 2.03 | -45.87 | -81.34 | 0.60 | -52.38 | -84.73 | 0.37 | -46.38 | -80.83 | 0.14 | -12.5 | -17.65 | 9.26 | -11.56 | -51.26 | 108.40 | 1.0 | -5.06 | 69.63 | -5.45 | -27.07 | 30.37 | 15.23 | 565.16 | 11.74 | 5.67 | 6.24 |
| 21Q4 (12) | 15.17 | -21.19 | -32.13 | 3.51 | -48.46 | -62.34 | 4.77 | -59.54 | -54.13 | 3.75 | -61.38 | -54.43 | 1.26 | -59.35 | -58.82 | 0.69 | -55.19 | -54.3 | 0.16 | 6.67 | -5.88 | 10.47 | -41.31 | -36.89 | 107.33 | -3.13 | -4.46 | 73.64 | 27.46 | -17.82 | 26.36 | -37.51 | 153.65 | 11.11 | -6.56 | -2.03 |
| 21Q3 (11) | 19.25 | -24.45 | -5.54 | 6.81 | -51.46 | -14.98 | 11.79 | -24.81 | -33.43 | 9.71 | -19.22 | -30.89 | 3.10 | -30.96 | -38.86 | 1.54 | -29.03 | -33.33 | 0.15 | -11.76 | -6.25 | 17.84 | -14.4 | -26.1 | 110.80 | -3.43 | -9.34 | 57.78 | -35.41 | 27.85 | 42.18 | 299.95 | -23.04 | 11.89 | 16.8 | 5.41 |
| 21Q2 (10) | 25.48 | 2.21 | 34.53 | 14.03 | 9.18 | 97.33 | 15.68 | 16.49 | 39.5 | 12.02 | 10.48 | 35.67 | 4.49 | 14.25 | 42.09 | 2.17 | 12.44 | 51.75 | 0.17 | 0.0 | 13.33 | 20.84 | 9.68 | 13.82 | 114.74 | 0.49 | -17.74 | 89.45 | -6.3 | 41.36 | 10.55 | 130.96 | -71.32 | 10.18 | -7.87 | 0 |
| 21Q1 (9) | 24.93 | 11.54 | 26.36 | 12.85 | 37.88 | 127.03 | 13.46 | 29.42 | 135.73 | 10.88 | 32.2 | 149.54 | 3.93 | 28.43 | 172.92 | 1.93 | 27.81 | 164.38 | 0.17 | 0.0 | 21.43 | 19.00 | 14.53 | 38.48 | 114.18 | 1.64 | -21.02 | 95.47 | 6.54 | -3.7 | 4.57 | -56.06 | 427.38 | 11.05 | -2.56 | -12.37 |
| 20Q4 (8) | 22.35 | 9.67 | 24.93 | 9.32 | 16.35 | 116.74 | 10.40 | -41.28 | 182.61 | 8.23 | -41.42 | 215.33 | 3.06 | -39.64 | 206.0 | 1.51 | -34.63 | 169.64 | 0.17 | 6.25 | 6.25 | 16.59 | -31.28 | 60.44 | 112.34 | -8.08 | -18.85 | 89.61 | 98.28 | -23.32 | 10.39 | -81.04 | 161.65 | 11.34 | 0.53 | 2.07 |
| 20Q3 (7) | 20.38 | 7.6 | 25.49 | 8.01 | 12.66 | 125.0 | 17.71 | 57.56 | 120.0 | 14.05 | 58.58 | 107.84 | 5.07 | 60.44 | 97.28 | 2.31 | 61.54 | 92.5 | 0.16 | 6.67 | 0.0 | 24.14 | 31.84 | 64.78 | 122.22 | -12.37 | -14.36 | 45.19 | -28.59 | 2.21 | 54.81 | 49.06 | -1.75 | 11.28 | 0 | 3.96 |
| 20Q2 (6) | 18.94 | -4.0 | 6.46 | 7.11 | 25.62 | 19.1 | 11.24 | 96.85 | 125.25 | 8.86 | 103.21 | 163.69 | 3.16 | 119.44 | 146.88 | 1.43 | 95.89 | 110.29 | 0.15 | 7.14 | -6.25 | 18.31 | 33.45 | 56.76 | 139.48 | -3.51 | -3.49 | 63.28 | -36.17 | -47.16 | 36.77 | 4146.85 | 286.01 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 19.73 | 10.29 | 30.32 | 5.66 | 31.63 | 184.42 | 5.71 | 55.16 | 175.85 | 4.36 | 67.05 | 232.82 | 1.44 | 44.0 | 206.38 | 0.73 | 30.36 | 102.78 | 0.14 | -12.5 | -6.67 | 13.72 | 32.69 | 41.59 | 144.56 | 4.42 | 1.56 | 99.13 | -15.16 | 3.44 | 0.87 | 105.14 | -79.22 | 12.61 | 13.5 | 14.64 |
| 19Q4 (4) | 17.89 | 10.16 | 0.0 | 4.30 | 20.79 | 0.0 | 3.68 | -54.29 | 0.0 | 2.61 | -61.39 | 0.0 | 1.00 | -61.09 | 0.0 | 0.56 | -53.33 | 0.0 | 0.16 | 0.0 | 0.0 | 10.34 | -29.42 | 0.0 | 138.44 | -2.99 | 0.0 | 116.85 | 164.3 | 0.0 | -16.85 | -130.21 | 0.0 | 11.11 | 2.4 | 0.0 |
| 19Q3 (3) | 16.24 | -8.71 | 0.0 | 3.56 | -40.37 | 0.0 | 8.05 | 61.32 | 0.0 | 6.76 | 101.19 | 0.0 | 2.57 | 100.78 | 0.0 | 1.20 | 76.47 | 0.0 | 0.16 | 0.0 | 0.0 | 14.65 | 25.43 | 0.0 | 142.71 | -1.26 | 0.0 | 44.21 | -63.08 | 0.0 | 55.79 | 382.22 | 0.0 | 10.85 | -4.32 | 0.0 |
| 19Q2 (2) | 17.79 | 17.5 | 0.0 | 5.97 | 200.0 | 0.0 | 4.99 | 141.06 | 0.0 | 3.36 | 156.49 | 0.0 | 1.28 | 172.34 | 0.0 | 0.68 | 88.89 | 0.0 | 0.16 | 6.67 | 0.0 | 11.68 | 20.54 | 0.0 | 144.53 | 1.54 | 0.0 | 119.77 | 24.97 | 0.0 | -19.77 | -574.42 | 0.0 | 11.34 | 3.09 | 0.0 |
| 19Q1 (1) | 15.14 | 0.0 | 0.0 | 1.99 | 0.0 | 0.0 | 2.07 | 0.0 | 0.0 | 1.31 | 0.0 | 0.0 | 0.47 | 0.0 | 0.0 | 0.36 | 0.0 | 0.0 | 0.15 | 0.0 | 0.0 | 9.69 | 0.0 | 0.0 | 142.34 | 0.0 | 0.0 | 95.83 | 0.0 | 0.0 | 4.17 | 0.0 | 0.0 | 11.00 | 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) | 13.65 | -2.22 | 0.19 | -86.81 | 6.08 | 13.08 | 3.47 | -22.89 | 2.84 | -20.45 | 2.92 | -30.48 | 2.08 | -18.75 | 0.52 | -10.34 | 10.98 | -1.08 | 94.94 | -5.45 | 5.35 | -83.28 | 94.65 | 39.11 | 0.36 | -3.59 | 12.59 | 9.96 |
| 2022 (9) | 13.96 | -34.4 | 1.44 | -84.66 | 5.37 | 11.79 | 4.50 | -60.7 | 3.57 | -60.77 | 4.20 | -66.43 | 2.56 | -59.37 | 0.58 | -12.12 | 11.10 | -34.9 | 100.41 | -6.45 | 31.99 | -60.99 | 68.04 | 277.75 | 0.37 | 8.21 | 11.45 | 3.81 |
| 2021 (8) | 21.28 | 4.01 | 9.39 | 22.75 | 4.81 | -15.85 | 11.45 | 0.09 | 9.10 | 0.89 | 12.51 | 3.3 | 6.30 | 7.69 | 0.66 | 10.0 | 17.05 | -6.83 | 107.33 | -4.46 | 81.99 | 22.58 | 18.01 | -45.61 | 0.35 | -11.72 | 11.03 | -6.21 |
| 2020 (7) | 20.46 | 21.79 | 7.65 | 91.25 | 5.71 | 5.07 | 11.44 | 140.34 | 9.02 | 153.37 | 12.11 | 122.61 | 5.85 | 105.99 | 0.60 | -3.23 | 18.30 | 57.35 | 112.34 | -18.85 | 66.89 | -20.48 | 33.11 | 108.42 | 0.39 | -7.15 | 11.76 | 6.14 |
| 2019 (6) | 16.80 | 9.88 | 4.00 | 29.45 | 5.44 | 9.32 | 4.76 | 24.28 | 3.56 | 39.06 | 5.44 | 25.64 | 2.84 | 17.84 | 0.62 | -6.06 | 11.63 | 12.48 | 138.44 | -8.84 | 84.11 | 4.28 | 15.89 | -17.86 | 0.42 | -4.62 | 11.08 | 8.52 |
| 2018 (5) | 15.29 | -14.96 | 3.09 | -30.25 | 4.97 | -3.99 | 3.83 | -9.88 | 2.56 | -19.75 | 4.33 | -13.57 | 2.41 | -7.31 | 0.66 | 10.0 | 10.34 | -6.09 | 151.87 | -4.28 | 80.66 | -22.64 | 19.34 | 0 | 0.44 | 0 | 10.21 | -10.52 |
| 2017 (4) | 17.98 | 8.31 | 4.43 | 151.7 | 5.18 | -3.21 | 4.25 | 179.61 | 3.19 | 262.5 | 5.01 | 291.41 | 2.60 | 118.49 | 0.60 | 5.26 | 11.01 | 29.68 | 158.66 | -4.33 | 104.26 | -9.86 | -4.26 | 0 | 0.00 | 0 | 11.41 | -4.84 |
| 2016 (3) | 16.60 | -1.01 | 1.76 | -33.58 | 5.35 | 1.52 | 1.52 | -40.62 | 0.88 | -52.69 | 1.28 | -48.59 | 1.19 | -30.0 | 0.57 | 1.79 | 8.49 | -9.97 | 165.84 | 10.24 | 115.66 | 11.62 | -15.66 | 0 | 0.00 | 0 | 11.99 | 2.92 |
| 2015 (2) | 16.77 | 8.68 | 2.65 | 157.28 | 5.27 | 3.73 | 2.56 | 24.88 | 1.86 | 30.99 | 2.49 | 34.59 | 1.70 | 14.09 | 0.56 | -1.75 | 9.43 | 7.16 | 150.44 | 20.04 | 103.63 | 105.28 | -3.63 | 0 | 0.00 | 0 | 11.65 | 1.22 |
| 2014 (1) | 15.43 | 0 | 1.03 | 0 | 5.08 | 2.32 | 2.05 | 0 | 1.42 | 0 | 1.85 | 0 | 1.49 | 0 | 0.57 | -3.39 | 8.80 | 6.54 | 125.33 | -3.98 | 50.48 | 0 | 49.52 | -53.53 | 0.00 | 0 | 11.51 | 0.96 |
