- 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) | 48.09 | -1.25 | 0.19 | 35.72 | 7.2 | -1.54 | 25.52 | -48.94 | -4.02 | 20.17 | -50.25 | 4.62 | 3.02 | -61.92 | -23.74 | 2.41 | -57.64 | 17.56 | 0.12 | -14.29 | 20.0 | 28.05 | -46.26 | -6.0 | 25.43 | -3.12 | -74.8 | 139.82 | 110.54 | 1.83 | -39.82 | -219.93 | -8.9 | 18.03 | -11.92 | 12.62 |
| 23Q3 (19) | 48.70 | 0.85 | 7.1 | 33.32 | -9.46 | 11.74 | 49.98 | -4.33 | -24.4 | 40.54 | 3.08 | -24.05 | 7.93 | -1.37 | -34.46 | 5.69 | 26.44 | -3.07 | 0.14 | 27.27 | 27.27 | 52.20 | -5.16 | -24.48 | 26.25 | -53.55 | -74.87 | 66.41 | -5.49 | 46.99 | 33.21 | 11.69 | -39.43 | 20.47 | 17.78 | -6.1 |
| 23Q2 (18) | 48.29 | 2.55 | 3.85 | 36.80 | 5.29 | 11.72 | 52.24 | 38.35 | 7.29 | 39.33 | 28.66 | 0.28 | 8.04 | 39.58 | -5.96 | 4.50 | 53.58 | 16.28 | 0.11 | 22.22 | 10.0 | 55.04 | 32.88 | 5.89 | 56.51 | -47.44 | -51.03 | 70.27 | -24.13 | 4.16 | 29.73 | 302.49 | -8.62 | 17.38 | -9.29 | -15.14 |
| 23Q1 (17) | 47.09 | -1.9 | 4.74 | 34.95 | -3.67 | 17.24 | 37.76 | 42.01 | -29.54 | 30.57 | 58.56 | -29.04 | 5.76 | 45.45 | -28.62 | 2.93 | 42.93 | -22.49 | 0.09 | -10.0 | 0.0 | 41.42 | 38.81 | -27.61 | 107.52 | 6.53 | -21.46 | 92.61 | -32.55 | 67.38 | 7.39 | 120.2 | -83.27 | 19.16 | 19.68 | -16.7 |
| 22Q4 (16) | 48.00 | 5.56 | 2.52 | 36.28 | 21.66 | 4.7 | 26.59 | -59.78 | -15.69 | 19.28 | -63.88 | -22.63 | 3.96 | -67.27 | -18.52 | 2.05 | -65.08 | -19.61 | 0.10 | -9.09 | 0.0 | 29.84 | -56.83 | -14.06 | 100.93 | -3.38 | 1.99 | 137.31 | 203.92 | 25.02 | -36.57 | -166.7 | -271.77 | 16.01 | -26.56 | -19.71 |
| 22Q3 (15) | 45.47 | -2.22 | -7.39 | 29.82 | -9.47 | -12.53 | 66.11 | 35.78 | 94.44 | 53.38 | 36.1 | 99.33 | 12.10 | 41.52 | 85.58 | 5.87 | 51.68 | 83.44 | 0.11 | 10.0 | -8.33 | 69.12 | 32.97 | 87.47 | 104.46 | -9.48 | 14.0 | 45.18 | -33.03 | -54.82 | 54.82 | 68.49 | 0 | 21.80 | 6.45 | -1.18 |
| 22Q2 (14) | 46.50 | 3.43 | -4.63 | 32.94 | 10.5 | -11.36 | 48.69 | -9.14 | 55.76 | 39.22 | -8.96 | 57.38 | 8.55 | 5.95 | 27.8 | 3.87 | 2.38 | 26.89 | 0.10 | 11.11 | -16.67 | 51.98 | -9.16 | 51.99 | 115.40 | -15.7 | -10.42 | 67.46 | 21.93 | -42.99 | 32.54 | -26.33 | 269.75 | 20.48 | -10.96 | 2.71 |
| 22Q1 (13) | 44.96 | -3.97 | -6.97 | 29.81 | -13.97 | -15.43 | 53.59 | 69.91 | 63.78 | 43.08 | 72.87 | 65.44 | 8.07 | 66.05 | 39.38 | 3.78 | 48.24 | 32.17 | 0.09 | -10.0 | -18.18 | 57.22 | 64.8 | 58.46 | 136.90 | 38.34 | 15.97 | 55.33 | -49.62 | -48.55 | 44.16 | 548.98 | 685.15 | 23.00 | 15.35 | 2.63 |
| 21Q4 (12) | 46.82 | -4.64 | -6.15 | 34.65 | 1.64 | -4.15 | 31.54 | -7.24 | -12.95 | 24.92 | -6.95 | -13.41 | 4.86 | -25.46 | -19.93 | 2.55 | -20.31 | -17.48 | 0.10 | -16.67 | -9.09 | 34.72 | -5.83 | -12.79 | 98.96 | 8.0 | 3.71 | 109.84 | 9.84 | 9.84 | -9.84 | 0 | 0 | 19.94 | -9.61 | -8.91 |
| 21Q3 (11) | 49.10 | 0.7 | -5.72 | 34.09 | -8.26 | -13.76 | 34.00 | 8.77 | 4.91 | 26.78 | 7.46 | 3.96 | 6.52 | -2.54 | 3.16 | 3.20 | 4.92 | 9.97 | 0.12 | 0.0 | 9.09 | 36.87 | 7.81 | 3.36 | 91.63 | -28.88 | -12.55 | 100.00 | -15.49 | -17.78 | 0.00 | 100.0 | 100.0 | 22.06 | 10.63 | 10.63 |
| 21Q2 (10) | 48.76 | 0.89 | -0.73 | 37.16 | 5.42 | 1.25 | 31.26 | -4.46 | 2.46 | 24.92 | -4.3 | -0.68 | 6.69 | 15.54 | 5.35 | 3.05 | 6.64 | 13.81 | 0.12 | 9.09 | 20.0 | 34.20 | -5.29 | 1.39 | 128.83 | 9.13 | -9.21 | 118.33 | 10.03 | -1.87 | -19.17 | -153.96 | 6.9 | 19.94 | -11.02 | 0 |
| 21Q1 (9) | 48.33 | -3.13 | 4.86 | 35.25 | -2.49 | 26.71 | 32.72 | -9.69 | 12.4 | 26.04 | -9.52 | 10.9 | 5.79 | -4.61 | 59.5 | 2.86 | -7.44 | 66.28 | 0.11 | 0.0 | 57.14 | 36.11 | -9.29 | 5.52 | 118.05 | 23.72 | -18.32 | 107.55 | 7.55 | 12.75 | -7.55 | 0 | -263.52 | 22.41 | 2.38 | 0 |
| 20Q4 (8) | 49.89 | -4.21 | 1.16 | 36.15 | -8.55 | 1.4 | 36.23 | 11.79 | 150.03 | 28.78 | 11.72 | 135.52 | 6.07 | -3.96 | 189.05 | 3.09 | 6.19 | 178.38 | 0.11 | 0.0 | 37.5 | 39.81 | 11.61 | 113.92 | 95.42 | -8.93 | -8.72 | 100.00 | -17.78 | -59.18 | 0.00 | 100.0 | 100.0 | 21.89 | 9.78 | 1.3 |
| 20Q3 (7) | 52.08 | 6.03 | 2.8 | 39.53 | 7.71 | 4.66 | 32.41 | 6.23 | -14.58 | 25.76 | 2.67 | -14.93 | 6.32 | -0.47 | -5.25 | 2.91 | 8.58 | -9.91 | 0.11 | 10.0 | 10.0 | 35.67 | 5.75 | -13.25 | 104.78 | -26.16 | -0.78 | 121.62 | 0.86 | 21.62 | -21.62 | -5.02 | -2867.57 | 19.94 | 0 | -7.0 |
| 20Q2 (6) | 49.12 | 6.57 | 1.4 | 36.70 | 31.92 | 3.44 | 30.51 | 4.81 | -32.28 | 25.09 | 6.86 | -28.94 | 6.35 | 74.93 | -16.78 | 2.68 | 55.81 | -31.63 | 0.10 | 42.86 | -9.09 | 33.73 | -1.43 | -29.44 | 141.90 | -1.82 | 20.66 | 120.59 | 26.42 | 52.48 | -20.59 | -546.08 | -195.45 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 46.09 | -6.55 | -5.09 | 27.82 | -21.96 | -20.01 | 29.11 | 100.9 | -30.66 | 23.48 | 92.14 | -30.66 | 3.63 | 72.86 | -45.74 | 1.72 | 54.95 | -52.62 | 0.07 | -12.5 | -36.36 | 34.22 | 83.88 | -23.9 | 144.53 | 38.27 | 79.63 | 95.38 | -61.07 | 14.29 | 4.62 | 103.18 | -73.31 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 49.32 | -2.65 | 0.0 | 35.65 | -5.61 | 0.0 | 14.49 | -61.81 | 0.0 | 12.22 | -59.64 | 0.0 | 2.10 | -68.52 | 0.0 | 1.11 | -65.63 | 0.0 | 0.08 | -20.0 | 0.0 | 18.61 | -54.74 | 0.0 | 104.53 | -1.01 | 0.0 | 245.00 | 145.0 | 0.0 | -145.00 | -18660.0 | 0.0 | 21.61 | 0.79 | 0.0 |
| 19Q3 (3) | 50.66 | 4.58 | 0.0 | 37.77 | 6.45 | 0.0 | 37.94 | -15.78 | 0.0 | 30.28 | -14.25 | 0.0 | 6.67 | -12.58 | 0.0 | 3.23 | -17.6 | 0.0 | 0.10 | -9.09 | 0.0 | 41.12 | -13.97 | 0.0 | 105.60 | -10.2 | 0.0 | 100.00 | 26.45 | 0.0 | 0.78 | -96.38 | 0.0 | 21.44 | -3.25 | 0.0 |
| 19Q2 (2) | 48.44 | -0.25 | 0.0 | 35.48 | 2.01 | 0.0 | 45.05 | 7.31 | 0.0 | 35.31 | 4.28 | 0.0 | 7.63 | 14.05 | 0.0 | 3.92 | 7.99 | 0.0 | 0.11 | 0.0 | 0.0 | 47.80 | 6.29 | 0.0 | 117.60 | 46.16 | 0.0 | 79.08 | -5.24 | 0.0 | 21.57 | 24.72 | 0.0 | 22.16 | -5.14 | 0.0 |
| 19Q1 (1) | 48.56 | 0.0 | 0.0 | 34.78 | 0.0 | 0.0 | 41.98 | 0.0 | 0.0 | 33.86 | 0.0 | 0.0 | 6.69 | 0.0 | 0.0 | 3.63 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 44.97 | 0.0 | 0.0 | 80.46 | 0.0 | 0.0 | 83.46 | 0.0 | 0.0 | 17.29 | 0.0 | 0.0 | 23.36 | 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) | 48.06 | 3.76 | 35.16 | 8.62 | 1.66 | -0.14 | 42.00 | -13.1 | 33.14 | -13.59 | 23.01 | -23.96 | 14.60 | -5.62 | 0.43 | 10.26 | 44.73 | -13.33 | 25.43 | -74.8 | 83.81 | 25.14 | 16.32 | -50.6 | 0.64 | 30.31 | 18.80 | -6.47 |
| 2022 (9) | 46.32 | -4.04 | 32.37 | -8.2 | 1.66 | -7.12 | 48.33 | 49.17 | 38.35 | 49.4 | 30.26 | 39.38 | 15.47 | 37.88 | 0.39 | -9.3 | 51.61 | 45.22 | 100.93 | 1.99 | 66.97 | -38.44 | 33.03 | 0 | 0.49 | -27.06 | 20.10 | -4.56 |
| 2021 (8) | 48.27 | -2.66 | 35.26 | -1.26 | 1.79 | -16.26 | 32.40 | 0.4 | 25.67 | -1.04 | 21.71 | 8.28 | 11.22 | 8.93 | 0.43 | 10.26 | 35.54 | -1.33 | 98.96 | 3.71 | 108.79 | -1.73 | -8.79 | 0 | 0.67 | -12.32 | 21.06 | -5.14 |
| 2020 (7) | 49.59 | 0.69 | 35.71 | -0.67 | 2.14 | 18.06 | 32.27 | -9.86 | 25.94 | -9.4 | 20.05 | -12.98 | 10.30 | -12.64 | 0.39 | -2.5 | 36.02 | -7.78 | 95.42 | -8.72 | 110.71 | 10.47 | -10.71 | 0 | 0.76 | 32.03 | 22.20 | 0.23 |
| 2019 (6) | 49.25 | -2.42 | 35.95 | -2.76 | 1.81 | 26.1 | 35.80 | -18.38 | 28.63 | -17.87 | 23.04 | -28.0 | 11.79 | -27.49 | 0.40 | -13.04 | 39.06 | -15.98 | 104.53 | 9.04 | 100.22 | 18.87 | -0.44 | 0 | 0.58 | 3.42 | 22.15 | -3.4 |
| 2018 (5) | 50.47 | -3.05 | 36.97 | -5.01 | 1.44 | 3.31 | 43.86 | 47.98 | 34.86 | 38.72 | 32.00 | 42.98 | 16.26 | 43.89 | 0.46 | 4.55 | 46.49 | 43.84 | 95.86 | -8.86 | 84.31 | -35.83 | 15.69 | 0 | 0.56 | 0 | 22.93 | 7.4 |
| 2017 (4) | 52.06 | -2.31 | 38.92 | 1.09 | 1.39 | 5.97 | 29.64 | -24.17 | 25.13 | -22.39 | 22.38 | -13.79 | 11.30 | -13.41 | 0.44 | 12.82 | 32.32 | -22.46 | 105.18 | 2.09 | 131.38 | 33.44 | -31.38 | 0 | 0.00 | 0 | 21.35 | -8.88 |
| 2016 (3) | 53.29 | 2.62 | 38.50 | 5.02 | 1.31 | -5.85 | 39.09 | -9.37 | 32.38 | -8.61 | 25.96 | -6.89 | 13.05 | -11.82 | 0.39 | -4.88 | 41.68 | -9.35 | 103.03 | -0.68 | 98.45 | 16.01 | 1.55 | -89.61 | 0.00 | 0 | 23.43 | -5.64 |
| 2015 (2) | 51.93 | 2.14 | 36.66 | 3.85 | 1.39 | -5.14 | 43.13 | -1.12 | 35.43 | -0.67 | 27.88 | -3.76 | 14.80 | -11.9 | 0.41 | -10.87 | 45.98 | -0.99 | 103.74 | 25.61 | 84.86 | 4.99 | 14.89 | -22.34 | 0.00 | 0 | 24.83 | 1.55 |
| 2014 (1) | 50.84 | 0 | 35.30 | 0 | 1.47 | -27.83 | 43.62 | 0 | 35.67 | 0 | 28.97 | 0 | 16.80 | 0 | 0.46 | -2.13 | 46.44 | 3.09 | 82.59 | 20.94 | 80.83 | 5.04 | 19.17 | -17.99 | 0.00 | 0 | 24.45 | -5.09 |
