- 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) | 43.72 | 5.63 | 9.27 | 0.52 | 155.32 | 111.9 | -3.49 | -155.66 | 37.23 | -1.10 | -143.65 | 82.68 | -0.13 | -141.94 | 81.16 | -0.07 | -125.0 | 87.27 | 0.09 | -10.0 | 0.0 | 2.07 | -82.56 | 928.0 | 17.29 | -32.75 | -14.95 | -13.33 | 3.33 | -116.3 | 113.33 | -0.4 | 398.67 | 27.65 | -9.31 | -9.99 |
| 23Q3 (19) | 41.39 | 7.2 | 3.97 | -0.94 | 71.08 | 58.59 | 6.27 | 47.53 | -26.67 | 2.52 | -25.88 | -73.31 | 0.31 | -13.89 | -70.75 | 0.28 | -12.5 | -68.18 | 0.10 | 11.11 | 11.11 | 11.87 | 17.76 | -10.89 | 25.71 | 32.39 | 11.88 | -13.79 | 81.96 | 46.36 | 113.79 | -35.52 | -11.49 | 30.49 | 0.83 | -0.16 |
| 23Q2 (18) | 38.61 | -1.05 | -6.1 | -3.25 | -127.27 | -155.75 | 4.25 | 0 | -55.68 | 3.40 | 341.13 | -55.61 | 0.36 | 325.0 | -65.38 | 0.32 | 366.67 | -62.79 | 0.09 | -10.0 | -18.18 | 10.08 | 93.85 | -27.53 | 19.42 | 13.17 | -18.4 | -76.47 | 0 | -226.57 | 176.47 | 0 | 345.82 | 30.24 | 4.93 | 22.73 |
| 23Q1 (17) | 39.02 | -2.47 | -2.35 | -1.43 | 67.28 | -215.32 | 0.00 | 100.0 | -100.0 | -1.41 | 77.8 | -230.56 | -0.16 | 76.81 | -223.08 | -0.12 | 78.18 | -200.0 | 0.10 | 11.11 | 11.11 | 5.20 | 2180.0 | -15.58 | 17.16 | -15.59 | -26.32 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | 0 | 28.82 | -6.18 | 1.3 |
| 22Q4 (16) | 40.01 | 0.5 | 8.72 | -4.37 | -92.51 | 54.14 | -5.56 | -165.03 | -112.14 | -6.35 | -167.27 | -119.06 | -0.69 | -165.09 | -113.91 | -0.55 | -162.5 | -113.48 | 0.09 | 0.0 | -25.0 | -0.25 | -101.88 | -100.51 | 20.33 | -11.53 | -24.25 | 81.82 | 418.18 | 491.09 | 22.73 | -82.32 | -81.2 | 30.72 | 0.59 | -2.75 |
| 22Q3 (15) | 39.81 | -3.19 | 2.6 | -2.27 | -138.94 | -135.86 | 8.55 | -10.84 | 61.02 | 9.44 | 23.24 | 173.62 | 1.06 | 1.92 | 112.0 | 0.88 | 2.33 | 104.65 | 0.09 | -18.18 | -25.0 | 13.32 | -4.24 | 54.52 | 22.98 | -3.45 | 30.2 | -25.71 | -142.56 | -121.57 | 128.57 | 224.81 | 768.57 | 30.54 | 23.94 | 21.87 |
| 22Q2 (14) | 41.12 | 2.9 | 2.57 | 5.83 | 370.16 | 67.53 | 9.59 | 661.11 | 372.41 | 7.66 | 609.26 | 907.89 | 1.04 | 700.0 | 940.0 | 0.86 | 616.67 | 760.0 | 0.11 | 22.22 | 0.0 | 13.91 | 125.81 | 126.18 | 23.80 | 2.19 | 31.49 | 60.42 | -39.58 | -63.75 | 39.58 | 0 | 159.38 | 24.64 | -13.39 | -9.78 |
| 22Q1 (13) | 39.96 | 8.59 | -2.54 | 1.24 | 113.01 | -15.65 | 1.26 | -97.25 | -26.32 | 1.08 | -96.76 | 111.76 | 0.13 | -97.38 | 116.67 | 0.12 | -97.06 | 71.43 | 0.09 | -25.0 | -10.0 | 6.16 | -87.54 | 1.15 | 23.29 | -13.23 | 47.78 | 100.00 | 578.0 | 16.67 | 0.00 | -100.0 | -100.0 | 28.45 | -9.94 | -6.57 |
| 21Q4 (12) | 36.80 | -5.15 | -2.93 | -9.53 | -250.55 | -165.81 | 45.79 | 762.34 | 116.71 | 33.31 | 865.51 | 95.94 | 4.96 | 892.0 | 107.53 | 4.08 | 848.84 | 96.15 | 0.12 | 0.0 | 0.0 | 49.43 | 473.43 | 100.69 | 26.84 | 52.07 | 76.93 | -20.92 | -117.55 | -130.77 | 120.92 | 728.79 | 290.07 | 31.59 | 26.06 | 59.22 |
| 21Q3 (11) | 38.80 | -3.22 | 2.46 | 6.33 | 81.9 | 319.21 | 5.31 | 161.58 | 151.66 | 3.45 | 353.95 | 114.29 | 0.50 | 400.0 | 163.16 | 0.43 | 330.0 | 138.89 | 0.12 | 9.09 | 20.0 | 8.62 | 40.16 | 23.85 | 17.65 | -2.49 | 13.94 | 119.23 | -28.46 | 58.97 | -19.23 | 71.15 | -176.92 | 25.06 | -8.24 | -15.22 |
| 21Q2 (10) | 40.09 | -2.22 | 8.82 | 3.48 | 136.73 | 241.18 | 2.03 | 18.71 | -62.82 | 0.76 | 49.02 | -82.03 | 0.10 | 66.67 | -80.39 | 0.10 | 42.86 | -77.78 | 0.11 | 10.0 | 10.0 | 6.15 | 0.99 | -41.43 | 18.10 | 14.85 | 4.38 | 166.67 | 94.44 | 816.67 | -66.67 | -566.67 | -181.48 | 27.31 | -10.31 | 0 |
| 21Q1 (9) | 41.00 | 8.15 | 11.87 | 1.47 | -89.85 | 131.41 | 1.71 | -91.91 | 122.56 | 0.51 | -97.0 | 106.0 | 0.06 | -97.49 | 104.96 | 0.07 | -96.63 | 107.61 | 0.10 | -16.67 | -9.09 | 6.09 | -75.27 | 368.28 | 15.76 | 3.89 | -30.45 | 85.71 | 26.05 | 37.89 | 14.29 | -53.92 | -62.24 | 30.45 | 53.48 | 0 |
| 20Q4 (8) | 37.91 | 0.11 | 24.3 | 14.48 | 858.94 | 258.42 | 21.13 | 901.42 | 295.69 | 17.00 | 955.9 | 608.33 | 2.39 | 1157.89 | 378.0 | 2.08 | 1055.56 | 395.24 | 0.12 | 20.0 | -25.0 | 24.63 | 253.88 | 199.64 | 15.17 | -2.07 | -47.45 | 68.00 | -9.33 | -10.9 | 31.00 | 24.0 | 30.89 | 19.84 | -32.88 | 0 |
| 20Q3 (7) | 37.87 | 2.8 | 54.45 | 1.51 | 48.04 | -68.34 | 2.11 | -61.36 | -56.22 | 1.61 | -61.94 | -63.16 | 0.19 | -62.75 | -83.19 | 0.18 | -60.0 | -80.22 | 0.10 | 0.0 | -52.38 | 6.96 | -33.71 | -1.0 | 15.49 | -10.67 | -44.97 | 75.00 | 312.5 | -25.0 | 25.00 | -69.44 | 0 | 29.56 | 0 | 95.5 |
| 20Q2 (6) | 36.84 | 0.52 | 110.88 | 1.02 | 121.79 | 133.12 | 5.46 | 172.03 | 321.95 | 4.23 | 149.76 | 262.07 | 0.51 | 142.15 | 177.27 | 0.45 | 148.91 | 190.0 | 0.10 | -9.09 | -50.0 | 10.50 | 562.56 | 4275.0 | 17.34 | -23.48 | -22.8 | 18.18 | -70.75 | -85.45 | 81.82 | 116.23 | 427.27 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 36.65 | 20.16 | 86.99 | -4.68 | -215.84 | -8.58 | -7.58 | -241.95 | -150.17 | -8.50 | -454.17 | -170.7 | -1.21 | -342.0 | -61.33 | -0.92 | -319.05 | -58.62 | 0.11 | -31.25 | -42.11 | -2.27 | -127.62 | -1646.15 | 22.66 | -21.51 | -10.72 | 62.16 | -18.55 | -56.12 | 37.84 | 59.76 | 190.81 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 30.50 | 24.39 | 0.0 | 4.04 | -15.3 | 0.0 | 5.34 | 10.79 | 0.0 | 2.40 | -45.08 | 0.0 | 0.50 | -55.75 | 0.0 | 0.42 | -53.85 | 0.0 | 0.16 | -23.81 | 0.0 | 8.22 | 16.93 | 0.0 | 28.87 | 2.56 | 0.0 | 76.32 | -23.68 | 0.0 | 23.68 | 0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 24.52 | 40.35 | 0.0 | 4.77 | 254.87 | 0.0 | 4.82 | 295.93 | 0.0 | 4.37 | 267.43 | 0.0 | 1.13 | 271.21 | 0.0 | 0.91 | 282.0 | 0.0 | 0.21 | 5.0 | 0.0 | 7.03 | 2829.17 | 0.0 | 28.15 | 25.33 | 0.0 | 100.00 | -20.0 | 0.0 | 0.00 | 100.0 | 0.0 | 15.12 | -3.26 | 0.0 |
| 19Q2 (2) | 17.47 | -10.87 | 0.0 | -3.08 | 28.54 | 0.0 | -2.46 | 18.81 | 0.0 | -2.61 | 16.88 | 0.0 | -0.66 | 12.0 | 0.0 | -0.50 | 13.79 | 0.0 | 0.20 | 5.26 | 0.0 | 0.24 | 284.62 | 0.0 | 22.46 | -11.51 | 0.0 | 125.00 | -11.76 | 0.0 | -25.00 | 40.0 | 0.0 | 15.63 | -18.81 | 0.0 |
| 19Q1 (1) | 19.60 | 0.0 | 0.0 | -4.31 | 0.0 | 0.0 | -3.03 | 0.0 | 0.0 | -3.14 | 0.0 | 0.0 | -0.75 | 0.0 | 0.0 | -0.58 | 0.0 | 0.0 | 0.19 | 0.0 | 0.0 | -0.13 | 0.0 | 0.0 | 25.38 | 0.0 | 0.0 | 141.67 | 0.0 | 0.0 | -41.67 | 0.0 | 0.0 | 19.25 | 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) | 40.75 | 1.19 | -1.23 | 0 | 3.16 | 1.46 | 1.77 | -53.42 | 0.83 | -74.3 | 0.38 | -75.16 | 0.42 | -67.94 | 0.38 | 0.0 | 7.25 | -15.6 | 17.29 | -14.95 | -70.00 | 0 | 170.00 | 90.17 | 5.13 | -6.9 | 29.30 | 3.24 |
| 2022 (9) | 40.27 | 3.23 | 0.41 | 241.67 | 3.11 | 39.83 | 3.80 | -75.05 | 3.23 | -69.64 | 1.53 | -72.58 | 1.31 | -71.89 | 0.38 | -11.63 | 8.59 | -54.93 | 20.33 | -24.25 | 10.61 | 1390.15 | 89.39 | -9.64 | 5.51 | 2.12 | 28.38 | -0.77 |
| 2021 (8) | 39.01 | 4.56 | 0.12 | -96.23 | 2.23 | -11.78 | 15.23 | 185.74 | 10.64 | 198.88 | 5.58 | 206.59 | 4.66 | 193.08 | 0.43 | 2.38 | 19.06 | 90.03 | 26.84 | 76.93 | 0.71 | -98.8 | 98.93 | 148.67 | 5.39 | -20.05 | 28.60 | 9.41 |
| 2020 (7) | 37.31 | 63.71 | 3.18 | 925.81 | 2.52 | 176.22 | 5.33 | 388.99 | 3.56 | 1324.0 | 1.82 | 691.3 | 1.59 | 488.89 | 0.42 | -44.0 | 10.03 | 163.25 | 15.17 | -47.4 | 59.14 | 106.99 | 39.78 | -44.3 | 6.75 | 5.83 | 26.14 | 49.63 |
| 2019 (6) | 22.79 | 55.67 | 0.31 | 0 | 0.91 | 174.34 | 1.09 | 0 | 0.25 | 0 | 0.23 | 0 | 0.27 | 0 | 0.75 | -22.68 | 3.81 | 0 | 28.84 | 25.66 | 28.57 | -71.1 | 71.43 | 6150.0 | 6.37 | 2273.77 | 17.47 | 23.46 |
| 2018 (5) | 14.64 | 23.54 | -4.11 | 0 | 0.33 | -11.94 | -4.16 | 0 | -3.23 | 0 | -4.04 | 0 | -3.08 | 0 | 0.97 | -2.02 | -2.57 | 0 | 22.95 | -35.71 | 98.86 | -38.93 | 1.14 | 0 | 0.27 | -11.65 | 14.15 | -7.64 |
| 2017 (4) | 11.85 | -39.54 | -5.44 | 0 | 0.38 | -36.65 | -3.36 | 0 | -3.16 | 0 | -4.22 | 0 | -3.07 | 0 | 0.99 | 15.12 | -1.43 | 0 | 35.70 | 3.84 | 161.88 | 0 | -61.88 | 0 | 0.30 | 0 | 15.32 | -4.96 |
| 2016 (3) | 19.60 | 43.91 | 0.19 | 0 | 0.60 | -11.76 | -2.10 | 0 | -2.37 | 0 | -2.63 | 0 | -1.98 | 0 | 0.86 | -8.51 | 0.12 | 0 | 34.38 | 38.74 | -9.09 | 0 | 109.09 | 0 | 0.00 | 0 | 16.12 | 4.74 |
| 2015 (2) | 13.62 | 1.26 | -5.03 | 0 | 0.68 | -15.23 | -4.76 | 0 | -4.32 | 0 | -5.57 | 0 | -4.00 | 0 | 0.94 | 3.3 | -2.19 | 0 | 24.78 | -49.38 | 105.86 | 104.66 | -5.86 | 0 | 0.00 | 0 | 15.39 | 20.9 |
| 2014 (1) | 13.45 | 0 | -2.00 | 0 | 0.80 | 120.88 | -3.85 | 0 | -3.78 | 0 | -6.22 | 0 | -3.33 | 0 | 0.91 | -54.73 | -1.11 | 0 | 48.95 | -55.31 | 51.72 | -50.13 | 48.28 | 0 | 0.00 | 0 | 12.73 | 82.38 |
