- 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) | 42.64 | -4.24 | -9.28 | 20.23 | -4.62 | -25.35 | 20.48 | -16.41 | -24.95 | 16.27 | -17.7 | -26.65 | 5.83 | -11.26 | -34.35 | 4.01 | 4.7 | -26.42 | 0.25 | 31.58 | 0.0 | 22.03 | -15.95 | -22.73 | 44.01 | -6.18 | -27.94 | 98.80 | 13.29 | -0.47 | 1.20 | -91.37 | 63.86 | 21.54 | -6.51 | 5.43 |
| 23Q3 (19) | 44.53 | 12.28 | 4.19 | 21.21 | -6.93 | -17.21 | 24.50 | 8.79 | -12.41 | 19.77 | 11.76 | -8.89 | 6.57 | -35.4 | -39.89 | 3.83 | -21.84 | -36.17 | 0.19 | -32.14 | -32.14 | 26.21 | 11.01 | -9.56 | 46.91 | -52.34 | -28.04 | 87.21 | -13.48 | -4.97 | 13.95 | 1858.14 | 69.59 | 23.04 | 36.33 | 30.83 |
| 23Q2 (18) | 39.66 | 39.01 | 42.71 | 22.79 | 58.26 | 30.98 | 22.52 | 51.96 | 38.58 | 17.69 | 47.54 | 33.61 | 10.17 | 93.35 | -15.39 | 4.90 | 71.93 | -17.09 | 0.28 | 16.67 | -37.78 | 23.61 | 47.75 | 40.12 | 98.43 | -16.27 | -2.78 | 100.79 | 3.67 | -5.59 | -0.79 | -128.57 | 88.25 | 16.90 | 17.36 | 54.76 |
| 23Q1 (17) | 28.53 | -39.3 | -34.34 | 14.40 | -46.86 | -44.83 | 14.82 | -45.69 | -43.0 | 11.99 | -45.94 | -43.04 | 5.26 | -40.77 | -58.22 | 2.85 | -47.71 | -57.78 | 0.24 | -4.0 | -25.0 | 15.98 | -43.95 | -40.77 | 117.56 | 92.5 | 11.35 | 97.22 | -2.06 | -3.41 | 2.78 | 277.78 | 527.78 | 14.40 | -29.52 | -15.99 |
| 22Q4 (16) | 47.00 | 9.97 | 4.72 | 27.10 | 5.78 | 6.36 | 27.29 | -2.43 | 16.72 | 22.18 | 2.21 | 19.83 | 8.88 | -18.76 | 1.14 | 5.45 | -9.17 | 3.81 | 0.25 | -10.71 | -10.71 | 28.51 | -1.62 | 15.75 | 61.07 | -6.32 | -12.32 | 99.26 | 8.16 | -8.94 | 0.74 | -91.06 | 108.16 | 20.43 | 16.01 | 8.21 |
| 22Q3 (15) | 42.74 | 53.8 | 22.85 | 25.62 | 47.24 | 40.85 | 27.97 | 72.12 | 59.1 | 21.70 | 63.9 | 55.44 | 10.93 | -9.07 | 17.4 | 6.00 | 1.52 | 11.11 | 0.28 | -37.78 | -28.21 | 28.98 | 71.99 | 56.73 | 65.19 | -35.61 | 1.05 | 91.77 | -14.04 | -11.53 | 8.23 | 221.77 | 320.09 | 17.61 | 61.26 | 8.37 |
| 22Q2 (14) | 27.79 | -36.04 | 9.28 | 17.40 | -33.33 | 61.41 | 16.25 | -37.5 | 34.85 | 13.24 | -37.1 | 33.87 | 12.02 | -4.53 | 111.62 | 5.91 | -12.44 | 65.08 | 0.45 | 40.62 | 25.0 | 16.85 | -37.55 | 23.26 | 101.24 | -4.11 | 24.54 | 106.76 | 6.07 | 17.8 | -6.76 | -940.54 | -161.78 | 10.92 | -36.29 | -19.94 |
| 22Q1 (13) | 43.45 | -3.19 | 33.98 | 26.10 | 2.43 | 63.43 | 26.00 | 11.21 | 106.02 | 21.05 | 13.72 | 93.12 | 12.59 | 43.39 | 176.1 | 6.75 | 28.57 | 105.79 | 0.32 | 14.29 | 6.67 | 26.98 | 9.54 | 94.1 | 105.58 | 51.59 | 176.39 | 100.65 | -7.67 | -19.8 | -0.65 | 92.79 | 97.63 | 17.14 | -9.22 | 7.93 |
| 21Q4 (12) | 44.88 | 29.0 | -11.72 | 25.48 | 40.08 | 8.1 | 23.38 | 32.99 | -13.6 | 18.51 | 32.59 | -21.37 | 8.78 | -5.69 | 8.8 | 5.25 | -2.78 | -11.02 | 0.28 | -28.21 | 12.0 | 24.63 | 33.21 | -15.45 | 69.65 | 7.97 | 72.27 | 109.01 | 5.08 | 25.44 | -9.01 | -140.99 | -168.8 | 18.88 | 16.18 | -25.32 |
| 21Q3 (11) | 34.79 | 36.81 | -23.37 | 18.19 | 68.74 | 27.74 | 17.58 | 45.89 | 28.6 | 13.96 | 41.15 | 34.49 | 9.31 | 63.91 | 208.28 | 5.40 | 50.84 | 151.16 | 0.39 | 8.33 | 85.71 | 18.49 | 35.26 | 15.13 | 64.51 | -20.64 | 99.85 | 103.74 | 14.47 | 0.77 | -3.74 | -134.18 | -27.1 | 16.25 | 19.13 | -41.57 |
| 21Q2 (10) | 25.43 | -21.58 | -15.68 | 10.78 | -32.5 | -22.67 | 12.05 | -4.52 | -16.67 | 9.89 | -9.27 | -20.31 | 5.68 | 24.56 | -12.88 | 3.58 | 9.15 | -19.55 | 0.36 | 20.0 | 0.0 | 13.67 | -1.65 | -14.72 | 81.29 | 112.8 | 61.29 | 90.62 | -27.78 | -6.45 | 10.94 | 139.84 | 250.0 | 13.64 | -14.11 | 0 |
| 21Q1 (9) | 32.43 | -36.21 | 31.62 | 15.97 | -32.24 | 87.22 | 12.62 | -53.36 | 71.47 | 10.90 | -53.7 | 82.27 | 4.56 | -43.49 | 65.82 | 3.28 | -44.41 | 64.82 | 0.30 | 20.0 | -9.09 | 13.90 | -52.28 | 52.92 | 38.20 | -5.52 | -10.35 | 125.49 | 44.4 | 6.48 | -27.45 | -309.63 | -53.73 | 15.88 | -37.18 | 3.18 |
| 20Q4 (8) | 50.84 | 11.98 | 51.58 | 23.57 | 65.52 | 285.76 | 27.06 | 97.95 | 140.11 | 23.54 | 126.78 | 158.97 | 8.07 | 167.22 | 193.45 | 5.90 | 174.42 | 192.08 | 0.25 | 19.05 | 13.64 | 29.13 | 81.38 | 107.18 | 40.43 | 25.25 | 16.35 | 86.90 | -15.58 | 62.22 | 13.10 | 545.24 | -71.79 | 25.28 | -9.1 | 5.82 |
| 20Q3 (7) | 45.40 | 50.53 | 16.86 | 14.24 | 2.15 | 723.12 | 13.67 | -5.46 | 245.2 | 10.38 | -16.36 | 496.55 | 3.02 | -53.68 | 762.86 | 2.15 | -51.69 | 760.0 | 0.21 | -41.67 | 50.0 | 16.06 | 0.19 | 91.65 | 32.28 | -35.95 | -12.52 | 102.94 | 6.26 | 140.2 | -2.94 | -194.12 | -105.15 | 27.81 | 0 | -15.42 |
| 20Q2 (6) | 30.16 | 22.4 | 25.72 | 13.94 | 63.42 | 71.04 | 14.46 | 96.47 | 68.53 | 12.41 | 107.53 | 78.05 | 6.52 | 137.09 | 60.2 | 4.45 | 123.62 | 61.82 | 0.36 | 9.09 | -7.69 | 16.03 | 76.35 | 58.4 | 50.40 | 18.28 | -12.55 | 96.88 | -17.8 | 1.84 | 3.12 | 117.5 | -35.94 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 24.64 | -26.54 | -18.09 | 8.53 | 39.61 | 136.94 | 7.36 | -34.69 | -18.4 | 5.98 | -34.21 | -9.94 | 2.75 | 0.0 | 34.15 | 1.99 | -1.49 | 30.92 | 0.33 | 50.0 | 43.48 | 9.09 | -35.35 | -22.7 | 42.61 | 22.62 | 6.66 | 117.86 | 120.0 | 201.19 | -17.86 | -138.46 | -129.34 | 15.39 | -35.58 | -33.89 |
| 19Q4 (4) | 33.54 | -13.67 | 0.0 | 6.11 | 253.18 | 0.0 | 11.27 | 184.6 | 0.0 | 9.09 | 422.41 | 0.0 | 2.75 | 685.71 | 0.0 | 2.02 | 708.0 | 0.0 | 0.22 | 57.14 | 0.0 | 14.06 | 67.78 | 0.0 | 34.75 | -5.83 | 0.0 | 53.57 | 25.0 | 0.0 | 46.43 | -18.75 | 0.0 | 23.89 | -27.34 | 0.0 |
| 19Q3 (3) | 38.85 | 61.94 | 0.0 | 1.73 | -78.77 | 0.0 | 3.96 | -53.85 | 0.0 | 1.74 | -75.04 | 0.0 | 0.35 | -91.4 | 0.0 | 0.25 | -90.91 | 0.0 | 0.14 | -64.1 | 0.0 | 8.38 | -17.19 | 0.0 | 36.90 | -35.97 | 0.0 | 42.86 | -54.95 | 0.0 | 57.14 | 1071.43 | 0.0 | 32.88 | 136.55 | 0.0 |
| 19Q2 (2) | 23.99 | -20.25 | 0.0 | 8.15 | 126.39 | 0.0 | 8.58 | -4.88 | 0.0 | 6.97 | 4.97 | 0.0 | 4.07 | 98.54 | 0.0 | 2.75 | 80.92 | 0.0 | 0.39 | 69.57 | 0.0 | 10.12 | -13.95 | 0.0 | 57.63 | 44.26 | 0.0 | 95.12 | 143.09 | 0.0 | 4.88 | -91.99 | 0.0 | 13.90 | -40.29 | 0.0 |
| 19Q1 (1) | 30.08 | 0.0 | 0.0 | 3.60 | 0.0 | 0.0 | 9.02 | 0.0 | 0.0 | 6.64 | 0.0 | 0.0 | 2.05 | 0.0 | 0.0 | 1.52 | 0.0 | 0.0 | 0.23 | 0.0 | 0.0 | 11.76 | 0.0 | 0.0 | 39.95 | 0.0 | 0.0 | 39.13 | 0.0 | 0.0 | 60.87 | 0.0 | 0.0 | 23.28 | 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) | 38.26 | -0.47 | 19.64 | -15.02 | 1.17 | 42.34 | 20.36 | -12.35 | 16.24 | -12.92 | 23.81 | -41.73 | 15.56 | -37.23 | 0.96 | -27.82 | 21.70 | -10.22 | 44.01 | -27.94 | 96.46 | -3.05 | 3.54 | 603.72 | 0.12 | -16.31 | 18.46 | 17.73 |
| 2022 (9) | 38.44 | 12.36 | 23.11 | 32.06 | 0.82 | -27.99 | 23.23 | 40.87 | 18.65 | 39.81 | 40.86 | 49.94 | 24.79 | 41.74 | 1.33 | 1.53 | 24.17 | 36.17 | 61.07 | -12.32 | 99.50 | -6.12 | 0.50 | 0 | 0.14 | -36.68 | 15.68 | -2.61 |
| 2021 (8) | 34.21 | -4.89 | 17.50 | 19.54 | 1.14 | -34.34 | 16.49 | 8.77 | 13.34 | 4.71 | 27.25 | 36.32 | 17.49 | 20.45 | 1.31 | 14.91 | 17.75 | 4.23 | 69.65 | 72.27 | 105.99 | 9.64 | -5.99 | 0 | 0.23 | -0.45 | 16.10 | -17.39 |
| 2020 (7) | 35.97 | 21.77 | 14.64 | 153.29 | 1.73 | -23.14 | 15.16 | 76.48 | 12.74 | 93.03 | 19.99 | 115.41 | 14.52 | 106.84 | 1.14 | 7.55 | 17.03 | 53.56 | 40.43 | 16.35 | 96.67 | 42.84 | 3.33 | -89.69 | 0.23 | 26.7 | 19.49 | -6.61 |
| 2019 (6) | 29.54 | 0.17 | 5.78 | 9.47 | 2.25 | -5.12 | 8.59 | 29.17 | 6.60 | 31.47 | 9.28 | 37.48 | 7.02 | 31.46 | 1.06 | 0.0 | 11.09 | 20.15 | 34.75 | 13.04 | 67.68 | -14.28 | 32.32 | 53.54 | 0.18 | -52.24 | 20.87 | -0.29 |
| 2018 (5) | 29.49 | -15.91 | 5.28 | 103.86 | 2.37 | -30.52 | 6.65 | 63.39 | 5.02 | 51.66 | 6.75 | 134.38 | 5.34 | 132.17 | 1.06 | 51.43 | 9.23 | 19.56 | 30.74 | 35.72 | 78.95 | 26.32 | 21.05 | -43.86 | 0.38 | 0 | 20.93 | -26.25 |
| 2017 (4) | 35.07 | -11.46 | 2.59 | -74.56 | 3.42 | 0.11 | 4.07 | -63.95 | 3.31 | -62.51 | 2.88 | -65.88 | 2.30 | -64.94 | 0.70 | -5.41 | 7.72 | -48.08 | 22.65 | -15.92 | 62.50 | -30.78 | 37.50 | 286.25 | 0.00 | 0 | 28.38 | 10.34 |
| 2016 (3) | 39.61 | -1.93 | 10.18 | -6.86 | 3.41 | -12.85 | 11.29 | -18.84 | 8.83 | -24.66 | 8.44 | -26.29 | 6.56 | -25.88 | 0.74 | -1.33 | 14.87 | -17.16 | 26.94 | -11.59 | 90.29 | 15.57 | 9.71 | -53.97 | 0.00 | 0 | 25.72 | -0.62 |
| 2015 (2) | 40.39 | 9.61 | 10.93 | 43.63 | 3.92 | 5.77 | 13.91 | 40.36 | 11.72 | 46.68 | 11.45 | 44.39 | 8.85 | 45.8 | 0.75 | -1.32 | 17.95 | 30.74 | 30.47 | 7.78 | 78.12 | 1.56 | 21.09 | -8.59 | 0.00 | 0 | 25.88 | 8.24 |
| 2014 (1) | 36.85 | 0 | 7.61 | 0 | 3.70 | 16.17 | 9.91 | 0 | 7.99 | 0 | 7.93 | 0 | 6.07 | 0 | 0.76 | -1.3 | 13.73 | -14.98 | 28.27 | -13.44 | 76.92 | 0.08 | 23.08 | -3.71 | 0.00 | 0 | 23.91 | -3.16 |
