- 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)
| EPS QoQ YoY | 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 | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 24Q3 (20) | 7.08 | -9.23 | 21.65 | 30.25 | -0.79 | 3.38 | 9.63 | 5.59 | 20.83 | 10.13 | -4.07 | -3.25 | 8.66 | -5.56 | -1.59 | 4.70 | -13.6 | 12.98 | 2.59 | -8.48 | 19.91 | 0.30 | -3.23 | 25.0 | 11.76 | -3.69 | -4.78 | 70.02 | -26.78 | -11.13 | 95.06 | 10.26 | 25.01 | 4.94 | -63.8 | -79.39 | 15.00 | 0.6 | 10.21 |
| 24Q2 (19) | 7.80 | 7.14 | 40.54 | 30.49 | 2.87 | 8.62 | 9.12 | -2.77 | 61.7 | 10.56 | -1.31 | 38.22 | 9.17 | 0.22 | 3.5 | 5.44 | 7.3 | 32.36 | 2.83 | 1.43 | 42.93 | 0.31 | 3.33 | 40.91 | 12.21 | -1.45 | 27.72 | 95.63 | 3.65 | -11.2 | 86.22 | -1.6 | 16.78 | 13.64 | 10.11 | -47.89 | 14.91 | 5.67 | 0.27 |
| 24Q1 (18) | 7.28 | 33.82 | 229.41 | 29.64 | -2.76 | 7.47 | 9.38 | -11.84 | 82.85 | 10.70 | 14.81 | 96.33 | 9.15 | 9.06 | 99.78 | 5.07 | 35.2 | 247.26 | 2.79 | 29.77 | 253.16 | 0.30 | 20.0 | 76.47 | 12.39 | 8.78 | 54.49 | 92.26 | 24.86 | -14.44 | 87.62 | -23.27 | -6.79 | 12.38 | 187.26 | 106.4 | 14.11 | 5.53 | 6.49 |
| 23Q4 (17) | 5.44 | -6.53 | 4.02 | 30.48 | 4.17 | -1.9 | 10.64 | 33.5 | -10.29 | 9.32 | -10.98 | -16.04 | 8.39 | -4.66 | -10.74 | 3.75 | -9.86 | 20.97 | 2.15 | -0.46 | 19.44 | 0.25 | 4.17 | 31.58 | 11.39 | -7.77 | -14.81 | 73.89 | -6.22 | 10.7 | 114.19 | 50.16 | 6.85 | -14.19 | -159.25 | -106.67 | 13.37 | -1.76 | 58.41 |
| 23Q3 (16) | 5.82 | 4.86 | -20.05 | 29.26 | 4.24 | -21.95 | 7.97 | 41.31 | -30.57 | 10.47 | 37.04 | -37.57 | 8.80 | -0.68 | -37.59 | 4.16 | 1.22 | -7.56 | 2.16 | 9.09 | -1.37 | 0.24 | 9.09 | 50.0 | 12.35 | 29.18 | -35.64 | 78.79 | -26.84 | -0.19 | 76.05 | 3.0 | 11.18 | 23.95 | -8.47 | -23.83 | 13.61 | -8.47 | -24.05 |
| 23Q2 (15) | 5.55 | 151.13 | -68.91 | 28.07 | 1.78 | -34.28 | 5.64 | 9.94 | -65.78 | 7.64 | 40.18 | -64.45 | 8.86 | 93.45 | -53.64 | 4.11 | 181.51 | -65.32 | 1.98 | 150.63 | -59.92 | 0.22 | 29.41 | -15.38 | 9.56 | 19.2 | -58.09 | 107.69 | -0.13 | -19.31 | 73.83 | -21.46 | -3.79 | 26.17 | 336.18 | 12.19 | 14.87 | 12.23 | -31.85 |
| 23Q1 (14) | 2.21 | -57.74 | -89.5 | 27.58 | -11.23 | -38.81 | 5.13 | -56.75 | -74.25 | 5.45 | -50.9 | -77.63 | 4.58 | -51.28 | -77.61 | 1.46 | -52.9 | -90.86 | 0.79 | -56.11 | -88.57 | 0.17 | -10.53 | -50.0 | 8.02 | -40.01 | -68.59 | 107.83 | 61.54 | -26.62 | 94.00 | -12.04 | 14.97 | 6.00 | 187.38 | -67.11 | 13.25 | 56.99 | -37.38 |
| 22Q4 (13) | 5.23 | -28.16 | -71.3 | 31.07 | -17.12 | -31.74 | 11.86 | 3.31 | -45.12 | 11.10 | -33.81 | -48.73 | 9.40 | -33.33 | -47.89 | 3.10 | -31.11 | -79.07 | 1.80 | -17.81 | -74.9 | 0.19 | 18.75 | -52.5 | 13.37 | -30.33 | -41.69 | 66.75 | -15.44 | -40.7 | 106.87 | 56.25 | 7.09 | -6.87 | -121.83 | -3400.72 | 8.44 | -52.9 | -59.96 |
| 22Q3 (12) | 7.28 | -59.22 | -61.76 | 37.49 | -12.22 | -18.99 | 11.48 | -30.34 | -47.87 | 16.77 | -21.96 | -25.33 | 14.10 | -26.22 | -24.4 | 4.50 | -62.03 | -76.51 | 2.19 | -55.67 | -76.68 | 0.16 | -38.46 | -68.0 | 19.19 | -15.87 | -18.24 | 78.94 | -40.85 | -20.3 | 68.40 | -10.87 | -30.27 | 31.45 | 34.83 | 1540.84 | 17.92 | -17.87 | -15.55 |
| 22Q2 (11) | 17.85 | -15.2 | 8.44 | 42.71 | -5.24 | 0.73 | 16.48 | -17.27 | -23.1 | 21.49 | -11.78 | 4.17 | 19.11 | -6.6 | 8.09 | 11.85 | -25.84 | -38.51 | 4.94 | -28.51 | -47.22 | 0.26 | -23.53 | -50.94 | 22.81 | -10.65 | 5.41 | 133.46 | -9.18 | 21.0 | 76.74 | -6.14 | -26.13 | 23.33 | 27.89 | 699.5 | 21.82 | 3.12 | 25.26 |
| 22Q1 (10) | 21.05 | 15.53 | 92.59 | 45.07 | -0.99 | 27.42 | 19.92 | -7.82 | 20.51 | 24.36 | 12.52 | 49.17 | 20.46 | 13.41 | 45.62 | 15.98 | 7.9 | 11.83 | 6.91 | -3.63 | -3.76 | 0.34 | -15.0 | -33.33 | 25.53 | 11.34 | 46.56 | 146.95 | 30.54 | 45.22 | 81.76 | -18.07 | -19.28 | 18.24 | 8667.36 | 1650.4 | 21.16 | 0.38 | 46.03 |
| 21Q4 (9) | 18.22 | -4.31 | 189.67 | 45.52 | -1.64 | 55.73 | 21.61 | -1.86 | 70.83 | 21.65 | -3.61 | 92.79 | 18.04 | -3.27 | 86.75 | 14.81 | -22.7 | 62.93 | 7.17 | -23.64 | 50.63 | 0.40 | -20.0 | -18.37 | 22.93 | -2.3 | 83.59 | 112.57 | 13.65 | 16.4 | 99.79 | 1.74 | -11.34 | 0.21 | -89.15 | 101.66 | 21.08 | -0.66 | 67.7 |
| 21Q3 (8) | 19.04 | 15.67 | 594.89 | 46.28 | 9.15 | 85.94 | 22.02 | 2.75 | 239.81 | 22.46 | 8.87 | 305.42 | 18.65 | 5.49 | 289.35 | 19.16 | -0.57 | 350.82 | 9.39 | 0.32 | 322.97 | 0.50 | -5.66 | 8.7 | 23.47 | 8.46 | 242.13 | 99.05 | -10.2 | 17.09 | 98.08 | -5.59 | -16.15 | 1.92 | 149.26 | 111.29 | 21.22 | 21.81 | 67.61 |
| 21Q2 (7) | 16.46 | 50.59 | 307.43 | 42.40 | 19.88 | 73.42 | 21.43 | 29.64 | 329.46 | 20.63 | 26.33 | 324.49 | 17.68 | 25.84 | 327.05 | 19.27 | 34.85 | 209.81 | 9.36 | 30.36 | 197.14 | 0.53 | 3.92 | -30.26 | 21.64 | 24.23 | 237.07 | 110.30 | 9.0 | 11.17 | 103.89 | 2.56 | 1.26 | -3.89 | -230.74 | -49.81 | 17.42 | 20.22 | 34.31 |
| 21Q1 (6) | 10.93 | 73.77 | 0 | 35.37 | 21.01 | 0 | 16.53 | 30.67 | 0 | 16.33 | 45.41 | 0 | 14.05 | 45.45 | 0 | 14.29 | 57.21 | 0 | 7.18 | 50.84 | 0 | 0.51 | 4.08 | 0 | 17.42 | 39.47 | 0 | 101.19 | 4.63 | 0 | 101.29 | -10.0 | 0 | -1.18 | 90.63 | 0 | 14.49 | 15.27 | 0 |
| 20Q4 (5) | 6.29 | 129.56 | 0 | 29.23 | 17.44 | 0 | 12.65 | 95.22 | 0 | 11.23 | 102.71 | 0 | 9.66 | 101.67 | 0 | 9.09 | 113.88 | 0 | 4.76 | 114.41 | 0 | 0.49 | 6.52 | 0 | 12.49 | 82.07 | 0 | 96.71 | 14.33 | 0 | 112.55 | -3.79 | 0 | -12.55 | 26.08 | 0 | 12.57 | -0.71 | 0 |
| 20Q3 (4) | 2.74 | -32.18 | 0.0 | 24.89 | 1.8 | 0.0 | 6.48 | 29.86 | 0.0 | 5.54 | 13.99 | 0.0 | 4.79 | 15.7 | 0.0 | 4.25 | -31.67 | 0.0 | 2.22 | -29.52 | 0.0 | 0.46 | -39.47 | 0.0 | 6.86 | 6.85 | 0.0 | 84.59 | -14.75 | 0.0 | 116.98 | 14.02 | 0.0 | -16.98 | -553.77 | 0.0 | 12.66 | -2.39 | 0.0 |
| 20Q2 (3) | 4.04 | 0 | 0.0 | 24.45 | 0 | 0.0 | 4.99 | 0 | 0.0 | 4.86 | 0 | 0.0 | 4.14 | 0 | 0.0 | 6.22 | 0 | 0.0 | 3.15 | 0 | 0.0 | 0.76 | 0 | 0.0 | 6.42 | 0 | 0.0 | 99.22 | 0 | 0.0 | 102.60 | 0 | 0.0 | -2.60 | 0 | 0.0 | 12.97 | 0 | 0.0 |
| EPS YoY | 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) | 19.02 | -62.87 | 28.95 | -28.47 | 7.51 | -52.89 | 1.14 | 23.21 | 8.43 | -57.29 | 7.86 | -53.55 | 11.95 | -66.01 | 7.06 | -62.74 | 0.89 | -20.54 | 10.51 | -50.82 | 73.89 | 10.7 | 89.14 | 10.41 | 10.86 | -43.64 | 1.93 | 21.56 | 13.80 | -25.28 |
| 2022 (9) | 51.23 | -21.29 | 40.47 | -5.47 | 15.94 | -22.66 | 0.92 | 62.84 | 19.74 | -3.71 | 16.92 | -2.08 | 35.16 | -43.62 | 18.95 | -37.06 | 1.12 | -35.63 | 21.37 | -1.06 | 66.75 | -40.7 | 80.73 | -19.71 | 19.27 | 0 | 1.59 | -9.14 | 18.47 | -1.86 |
| 2021 (8) | 65.09 | 396.11 | 42.81 | 64.84 | 20.61 | 169.41 | 0.57 | -9.0 | 20.50 | 196.24 | 17.28 | 190.91 | 62.36 | 229.77 | 30.11 | 213.65 | 1.74 | 8.07 | 21.60 | 159.3 | 112.57 | 16.4 | 100.55 | -9.02 | -0.55 | 0 | 1.75 | -48.49 | 18.82 | 47.38 |
| 2020 (7) | 13.12 | 26.89 | 25.97 | 6.0 | 7.65 | 34.45 | 0.62 | 31.69 | 6.92 | 22.7 | 5.94 | 22.98 | 18.91 | 18.04 | 9.60 | 14.7 | 1.61 | -6.94 | 8.33 | 21.96 | 96.71 | -1.08 | 110.52 | 9.55 | -10.52 | 0 | 3.40 | 0 | 12.77 | -0.47 |
| 2019 (6) | 10.34 | 19.12 | 24.50 | 6.48 | 5.69 | 0.89 | 0.47 | 99.76 | 5.64 | -5.53 | 4.83 | -5.85 | 16.02 | 11.95 | 8.37 | 3.85 | 1.73 | 10.19 | 6.83 | -3.12 | 97.77 | 14.03 | 100.89 | 6.93 | -0.89 | 0 | 0.00 | 0 | 12.83 | 6.83 |
| 2018 (5) | 8.68 | 41.6 | 23.01 | -0.6 | 5.64 | -7.84 | 0.24 | -11.44 | 5.97 | 24.12 | 5.13 | 22.14 | 14.31 | 41.96 | 8.06 | 28.75 | 1.57 | 6.8 | 7.05 | 15.95 | 85.74 | 23.23 | 94.35 | -25.94 | 5.50 | 0 | 0.00 | 0 | 12.01 | 7.62 |
| 2017 (4) | 6.13 | -13.3 | 23.15 | 4.42 | 6.12 | 10.27 | 0.27 | 10.02 | 4.81 | -17.07 | 4.20 | -16.33 | 10.08 | -9.68 | 6.26 | -13.42 | 1.47 | 2.08 | 6.08 | -11.37 | 69.58 | 18.92 | 127.39 | 33.26 | -27.17 | 0 | 0.00 | 0 | 11.16 | 4.2 |
| 2016 (3) | 7.07 | 9.78 | 22.17 | 2.83 | 5.55 | 31.21 | 0.24 | -64.47 | 5.80 | -0.17 | 5.02 | -9.71 | 11.16 | 3.81 | 7.23 | 4.78 | 1.44 | 16.13 | 6.86 | -9.02 | 58.51 | 16.23 | 95.60 | 31.61 | 4.40 | -83.92 | 0.00 | 0 | 10.71 | -6.13 |
| 2015 (2) | 6.44 | -9.42 | 21.56 | 3.5 | 4.23 | -21.67 | 0.69 | -9.1 | 5.81 | -16.28 | 5.56 | -1.94 | 10.75 | -9.82 | 6.90 | -4.96 | 1.24 | -3.13 | 7.54 | -12.93 | 50.34 | -18.0 | 72.64 | -6.75 | 27.36 | 22.78 | 0.00 | 0 | 11.41 | 18.98 |
| 2014 (1) | 7.11 | 0 | 20.83 | 0 | 5.40 | 0 | 0.75 | 0 | 6.94 | 0 | 5.67 | 0 | 11.92 | 0 | 7.26 | 0 | 1.28 | 0 | 8.66 | 0 | 61.39 | 0 | 77.90 | 0 | 22.28 | 0 | 0.00 | 0 | 9.59 | 0 |
