- 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) | 24.59 | -4.5 | -23.04 | 7.82 | -19.55 | -55.42 | 3.47 | -75.85 | -75.14 | 3.39 | -70.67 | -72.55 | 0.60 | -73.68 | -75.51 | 0.52 | -71.74 | -74.0 | 0.15 | -6.25 | -6.25 | 13.87 | -42.16 | -39.03 | 17.01 | -6.13 | -23.48 | 230.00 | 241.29 | 82.0 | -125.00 | -483.33 | -394.57 | 28.40 | 0.53 | 10.94 |
| 23Q3 (19) | 25.75 | -14.48 | -16.4 | 9.72 | -34.01 | -41.16 | 14.37 | -14.62 | -38.27 | 11.56 | -12.09 | -39.06 | 2.28 | -12.64 | -50.22 | 1.84 | -11.54 | -48.02 | 0.16 | 0.0 | -15.79 | 23.98 | -7.73 | -20.99 | 18.12 | -42.48 | -22.46 | 67.39 | -22.88 | -5.02 | 32.61 | 158.54 | 12.25 | 28.25 | 5.84 | 14.05 |
| 23Q2 (18) | 30.11 | 0.4 | -22.81 | 14.73 | -4.66 | -40.1 | 16.83 | 10.43 | -39.57 | 13.15 | 7.79 | -35.6 | 2.61 | 7.41 | -53.14 | 2.08 | 3.48 | -50.59 | 0.16 | 0.0 | -23.81 | 25.99 | 7.98 | -23.63 | 31.50 | 50.79 | -13.1 | 87.39 | -13.45 | -1.07 | 12.61 | 1399.1 | 8.11 | 26.69 | 5.41 | 12.0 |
| 23Q1 (17) | 29.99 | -6.13 | -11.27 | 15.45 | -11.92 | -26.85 | 15.24 | 9.17 | -41.56 | 12.20 | -1.21 | -42.34 | 2.43 | -0.82 | -59.36 | 2.01 | 0.5 | -56.02 | 0.16 | 0.0 | -27.27 | 24.07 | 5.8 | -25.04 | 20.89 | -6.03 | -29.23 | 100.97 | -20.1 | 24.44 | -0.97 | 96.16 | -105.15 | 25.32 | -1.09 | 13.24 |
| 22Q4 (16) | 31.95 | 3.73 | -2.5 | 17.54 | 6.17 | -15.43 | 13.96 | -40.03 | -32.1 | 12.35 | -34.9 | -29.19 | 2.45 | -46.51 | -52.88 | 2.00 | -43.5 | -49.11 | 0.16 | -15.79 | -27.27 | 22.75 | -25.04 | -14.12 | 22.23 | -4.88 | -32.14 | 126.37 | 78.12 | 24.98 | -25.27 | -187.0 | -2162.09 | 25.60 | 3.35 | 21.21 |
| 22Q3 (15) | 30.80 | -21.05 | -5.49 | 16.52 | -32.82 | -16.98 | 23.28 | -16.41 | 17.69 | 18.97 | -7.1 | 21.68 | 4.58 | -17.77 | -0.65 | 3.54 | -15.91 | 1.14 | 0.19 | -9.52 | -13.64 | 30.35 | -10.81 | 16.51 | 23.37 | -35.53 | -28.22 | 70.95 | -19.68 | -29.48 | 29.05 | 149.0 | 4893.3 | 24.77 | 3.94 | 14.84 |
| 22Q2 (14) | 39.01 | 15.41 | 15.59 | 24.59 | 16.43 | 17.77 | 27.85 | 6.79 | 49.57 | 20.42 | -3.5 | 39.58 | 5.57 | -6.86 | 36.52 | 4.21 | -7.88 | 31.97 | 0.21 | -4.55 | -4.55 | 34.03 | 5.98 | 34.03 | 36.25 | 22.8 | 12.75 | 88.33 | 8.86 | -21.05 | 11.67 | -38.14 | 198.14 | 23.83 | 6.57 | 7.29 |
| 22Q1 (13) | 33.80 | 3.14 | 10.21 | 21.12 | 1.83 | 28.62 | 26.08 | 26.85 | 56.35 | 21.16 | 21.33 | 57.32 | 5.98 | 15.0 | 88.05 | 4.57 | 16.28 | 76.45 | 0.22 | 0.0 | 15.79 | 32.11 | 21.22 | 28.85 | 29.52 | -9.89 | 22.44 | 81.14 | -19.76 | -17.28 | 18.86 | 1787.94 | 890.13 | 22.36 | 5.87 | -9.62 |
| 21Q4 (12) | 32.77 | 0.55 | 35.47 | 20.74 | 4.22 | 105.55 | 20.56 | 3.94 | 119.66 | 17.44 | 11.87 | 88.74 | 5.20 | 12.8 | 151.21 | 3.93 | 12.29 | 131.18 | 0.22 | 0.0 | 22.22 | 26.49 | 1.69 | 44.91 | 32.76 | 0.61 | 45.86 | 101.12 | 0.51 | -5.86 | -1.12 | -84.36 | 84.92 | 21.12 | -2.09 | -11.71 |
| 21Q3 (11) | 32.59 | -3.44 | 46.74 | 19.90 | -4.69 | 137.19 | 19.78 | 6.23 | 144.2 | 15.59 | 6.56 | 134.79 | 4.61 | 12.99 | 207.33 | 3.50 | 9.72 | 189.26 | 0.22 | 0.0 | 22.22 | 26.05 | 2.6 | 51.01 | 32.56 | 1.28 | 44.07 | 100.61 | -10.08 | -3.59 | -0.61 | 94.9 | 86.06 | 21.57 | -2.88 | -8.68 |
| 21Q2 (10) | 33.75 | 10.04 | 17.31 | 20.88 | 27.16 | 46.53 | 18.62 | 11.63 | 43.67 | 14.63 | 8.77 | 25.26 | 4.08 | 28.3 | 63.2 | 3.19 | 23.17 | 57.92 | 0.22 | 15.79 | 29.41 | 25.39 | 1.89 | 12.79 | 32.15 | 33.35 | 12.14 | 111.89 | 14.06 | 1.72 | -11.89 | -724.13 | -18.88 | 22.21 | -10.23 | 0 |
| 21Q1 (9) | 30.67 | 26.79 | 46.61 | 16.42 | 62.74 | 297.58 | 16.68 | 78.21 | 239.02 | 13.45 | 45.56 | 248.45 | 3.18 | 53.62 | 381.82 | 2.59 | 52.35 | 362.5 | 0.19 | 5.56 | 35.71 | 24.92 | 36.32 | 45.14 | 24.11 | 7.35 | 18.3 | 98.10 | -8.67 | 14.44 | 1.90 | 125.71 | -86.67 | 24.74 | 3.43 | -13.56 |
| 20Q4 (8) | 24.19 | 8.91 | 114.45 | 10.09 | 20.26 | 323.23 | 9.36 | 15.56 | 215.7 | 9.24 | 39.16 | 235.88 | 2.07 | 38.0 | 283.19 | 1.70 | 40.5 | 288.89 | 0.18 | 0.0 | 28.57 | 18.28 | 5.97 | 307.13 | 22.46 | -0.62 | 0.76 | 107.41 | 2.93 | 92.2 | -7.41 | -70.37 | -116.79 | 23.92 | 1.27 | 0 |
| 20Q3 (7) | 22.21 | -22.8 | -0.76 | 8.39 | -41.12 | 93.32 | 8.10 | -37.5 | 162.14 | 6.64 | -43.15 | 103.06 | 1.50 | -40.0 | 154.24 | 1.21 | -40.1 | 152.08 | 0.18 | 5.88 | 28.57 | 17.25 | -23.37 | 19.21 | 22.60 | -21.17 | -2.46 | 104.35 | -5.14 | -26.96 | -4.35 | 56.52 | 89.86 | 23.62 | 0 | -11.57 |
| 20Q2 (6) | 28.77 | 37.52 | 14.17 | 14.25 | 245.04 | 44.08 | 12.96 | 163.41 | 11.05 | 11.68 | 202.59 | 25.86 | 2.50 | 278.79 | 20.77 | 2.02 | 260.71 | 29.49 | 0.17 | 21.43 | 0.0 | 22.51 | 31.1 | 9.54 | 28.67 | 40.68 | -20.89 | 110.00 | 28.33 | 31.23 | -10.00 | -170.0 | -168.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 20.92 | 85.46 | -34.11 | 4.13 | 191.37 | -76.43 | 4.92 | 160.82 | -74.7 | 3.86 | 156.76 | -74.82 | 0.66 | 158.41 | -83.62 | 0.56 | 162.22 | -81.64 | 0.14 | 0.0 | -30.0 | 17.17 | 282.41 | -35.13 | 20.38 | -8.57 | -38.89 | 85.71 | 53.38 | -4.92 | 14.29 | -67.62 | 45.05 | 28.62 | 0 | 30.86 |
| 19Q4 (4) | 11.28 | -49.6 | 0.0 | -4.52 | -204.15 | 0.0 | -8.09 | -361.81 | 0.0 | -6.80 | -307.95 | 0.0 | -1.13 | -291.53 | 0.0 | -0.90 | -287.5 | 0.0 | 0.14 | 0.0 | 0.0 | 4.49 | -68.97 | 0.0 | 22.29 | -3.8 | 0.0 | 55.88 | -60.88 | 0.0 | 44.12 | 202.94 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 22.38 | -11.19 | 0.0 | 4.34 | -56.12 | 0.0 | 3.09 | -73.52 | 0.0 | 3.27 | -64.76 | 0.0 | 0.59 | -71.5 | 0.0 | 0.48 | -69.23 | 0.0 | 0.14 | -17.65 | 0.0 | 14.47 | -29.59 | 0.0 | 23.17 | -36.07 | 0.0 | 142.86 | 70.43 | 0.0 | -42.86 | -391.43 | 0.0 | 26.71 | 8.71 | 0.0 |
| 19Q2 (2) | 25.20 | -20.63 | 0.0 | 9.89 | -43.55 | 0.0 | 11.67 | -40.0 | 0.0 | 9.28 | -39.47 | 0.0 | 2.07 | -48.64 | 0.0 | 1.56 | -48.85 | 0.0 | 0.17 | -15.0 | 0.0 | 20.55 | -22.36 | 0.0 | 36.24 | 8.67 | 0.0 | 83.82 | -7.02 | 0.0 | 14.71 | 49.32 | 0.0 | 24.57 | 12.35 | 0.0 |
| 19Q1 (1) | 31.75 | 0.0 | 0.0 | 17.52 | 0.0 | 0.0 | 19.45 | 0.0 | 0.0 | 15.33 | 0.0 | 0.0 | 4.03 | 0.0 | 0.0 | 3.05 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 26.47 | 0.0 | 0.0 | 33.35 | 0.0 | 0.0 | 90.15 | 0.0 | 0.0 | 9.85 | 0.0 | 0.0 | 21.87 | 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) | 27.73 | -18.68 | 12.09 | -40.15 | 9.24 | 37.88 | 12.74 | -45.49 | 10.27 | -44.78 | 7.91 | -57.36 | 6.65 | -54.51 | 0.64 | -17.95 | 22.21 | -26.63 | 17.01 | -23.48 | 95.08 | 9.96 | 5.23 | -61.34 | 0.18 | 85.55 | 27.11 | 12.86 |
| 2022 (9) | 34.10 | 4.79 | 20.20 | 2.69 | 6.70 | 3.09 | 23.37 | 22.42 | 18.60 | 20.47 | 18.55 | 8.73 | 14.62 | 9.19 | 0.78 | -9.3 | 30.27 | 17.37 | 22.23 | -32.14 | 86.47 | -16.08 | 13.53 | 0 | 0.10 | 30.2 | 24.02 | 8.0 |
| 2021 (8) | 32.54 | 34.69 | 19.67 | 107.49 | 6.50 | -31.89 | 19.09 | 111.17 | 15.44 | 91.33 | 17.06 | 155.77 | 13.39 | 143.01 | 0.86 | 26.47 | 25.79 | 36.74 | 32.76 | 45.86 | 103.04 | -2.07 | -3.04 | 0 | 0.08 | -59.77 | 22.24 | -12.3 |
| 2020 (7) | 24.16 | 1.0 | 9.48 | 14.63 | 9.55 | 2.92 | 9.04 | 7.75 | 8.07 | 19.91 | 6.67 | 16.81 | 5.51 | 20.83 | 0.68 | 1.49 | 18.86 | 5.07 | 22.46 | 0.76 | 105.21 | 6.99 | -4.69 | 0 | 0.19 | 15.66 | 25.36 | 3.38 |
| 2019 (6) | 23.92 | -24.87 | 8.27 | -56.15 | 9.28 | 33.09 | 8.39 | -35.06 | 6.73 | -35.78 | 5.71 | -50.26 | 4.56 | -48.12 | 0.67 | -19.28 | 17.95 | -10.79 | 22.29 | -31.58 | 98.33 | -32.54 | 1.67 | 0 | 0.16 | 35.6 | 24.53 | 24.71 |
| 2018 (5) | 31.84 | 34.23 | 18.86 | 125.06 | 6.97 | -25.54 | 12.92 | 137.5 | 10.48 | 119.71 | 11.48 | 198.96 | 8.79 | 191.06 | 0.83 | 36.07 | 20.12 | 32.28 | 32.58 | 4.26 | 145.77 | -5.01 | -46.06 | 0 | 0.12 | 0 | 19.67 | -19.45 |
| 2017 (4) | 23.72 | -6.76 | 8.38 | 1.82 | 9.36 | -1.76 | 5.44 | -8.11 | 4.77 | 0.0 | 3.84 | 11.95 | 3.02 | 11.44 | 0.61 | 15.09 | 15.21 | -5.53 | 31.25 | -4.78 | 153.47 | 10.24 | -53.47 | 0 | 0.00 | 0 | 24.42 | -1.53 |
| 2016 (3) | 25.44 | -8.69 | 8.23 | -3.52 | 9.53 | 1.1 | 5.92 | -49.49 | 4.77 | -50.62 | 3.43 | -43.02 | 2.71 | -40.96 | 0.53 | 17.78 | 16.10 | -27.08 | 32.82 | -8.71 | 139.22 | 91.95 | -39.22 | 0 | 0.00 | 0 | 24.80 | -4.17 |
| 2015 (2) | 27.86 | -5.11 | 8.53 | 27.89 | 9.43 | 10.12 | 11.72 | -5.79 | 9.66 | -6.3 | 6.02 | -9.75 | 4.59 | -10.18 | 0.45 | -4.26 | 22.08 | 0.09 | 35.95 | -9.81 | 72.53 | 35.23 | 26.92 | -41.94 | 0.00 | 0 | 25.88 | -2.74 |
| 2014 (1) | 29.36 | 0 | 6.67 | 0 | 8.56 | 20.02 | 12.44 | 0 | 10.31 | 0 | 6.67 | 0 | 5.11 | 0 | 0.47 | -14.55 | 22.06 | -7.39 | 39.86 | 15.17 | 53.63 | -36.59 | 46.37 | 200.69 | 0.00 | 0 | 26.61 | 18.48 |
