- 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 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 24Q1 (20) | 22.40 | -28.07 | -28.91 | -16.35 | -697.56 | -884.94 | -7.06 | -122.92 | -47.08 | -7.50 | -139.25 | -1439.29 | -1.11 | -128.17 | -1487.5 | -0.80 | -125.64 | -1100.0 | 0.11 | -31.25 | -8.33 | 4.22 | -89.08 | -2.31 | 35.22 | -2.41 | 58.08 | 229.41 | 3350.0 | 511.76 | -129.41 | -220.88 | -307.06 | 0.00 | -100.0 | -100.0 |
| 23Q4 (19) | 31.14 | -4.51 | -7.71 | -2.05 | -189.13 | -124.91 | 30.80 | 1601.66 | 224.89 | 19.11 | 1479.34 | 62.78 | 3.94 | 1690.91 | 81.57 | 3.12 | 1460.0 | 66.84 | 0.16 | 0.0 | 0.0 | 38.63 | 310.08 | 129.53 | 36.09 | 159.64 | 122.23 | -7.06 | -105.29 | -108.3 | 107.06 | 421.18 | 613.73 | 37.13 | 33.75 | 29.6 |
| 23Q3 (18) | 32.61 | 1.4 | -3.66 | 2.30 | 112.96 | -76.88 | 1.81 | 136.64 | -73.54 | 1.21 | 131.35 | -51.6 | 0.22 | 133.33 | -53.19 | 0.20 | 136.36 | -48.72 | 0.16 | 6.67 | 0.0 | 9.42 | 185.45 | -33.76 | 13.90 | -2.04 | -12.52 | 133.33 | 700.0 | -11.11 | -33.33 | -127.27 | 33.33 | 27.76 | -3.54 | 9.42 |
| 23Q2 (17) | 32.16 | 2.06 | -1.8 | 1.08 | 165.06 | -89.78 | -4.94 | -2.92 | -156.07 | -3.86 | -789.29 | -171.75 | -0.66 | -925.0 | -156.41 | -0.55 | -787.5 | -159.78 | 0.15 | 25.0 | -11.76 | 3.30 | -23.61 | -78.42 | 14.19 | -36.31 | -47.27 | -22.22 | -159.26 | -117.95 | 122.22 | 95.56 | 741.67 | 28.78 | -9.3 | 15.77 |
| 23Q1 (16) | 31.51 | -6.61 | 3.92 | -1.66 | -120.17 | -118.44 | -4.80 | -150.63 | -167.51 | 0.56 | -95.23 | -85.34 | 0.08 | -96.31 | -90.59 | 0.08 | -95.72 | -88.24 | 0.12 | -25.0 | -33.33 | 4.32 | -74.33 | -67.86 | 22.28 | 37.19 | -22.72 | 37.50 | -55.88 | -70.65 | 62.50 | 316.67 | 325.0 | 31.73 | 10.75 | 28.83 |
| 22Q4 (15) | 33.74 | -0.32 | -7.54 | 8.23 | -17.29 | -54.12 | 9.48 | 38.6 | -52.07 | 11.74 | 369.6 | -24.16 | 2.17 | 361.7 | -48.21 | 1.87 | 379.49 | -44.84 | 0.16 | 0.0 | -27.27 | 16.83 | 18.35 | -32.68 | 16.24 | 2.2 | -31.56 | 85.00 | -43.33 | -7.27 | 15.00 | 130.0 | 50.0 | 28.65 | 12.93 | 25.11 |
| 22Q3 (14) | 33.85 | 3.36 | -3.04 | 9.95 | -5.87 | -34.63 | 6.84 | -22.36 | -57.78 | 2.50 | -53.53 | -80.08 | 0.47 | -59.83 | -87.33 | 0.39 | -57.61 | -86.6 | 0.16 | -5.88 | -30.43 | 14.22 | -7.0 | -32.12 | 15.89 | -40.95 | -31.95 | 150.00 | 21.15 | 59.38 | -50.00 | -162.5 | -950.0 | 25.37 | 2.05 | 8.65 |
| 22Q2 (13) | 32.75 | 8.01 | -6.64 | 10.57 | 17.44 | 5.28 | 8.81 | 23.91 | 32.88 | 5.38 | 40.84 | 27.79 | 1.17 | 37.65 | 34.48 | 0.92 | 35.29 | 39.39 | 0.17 | -5.56 | 6.25 | 15.29 | 13.76 | 12.84 | 26.91 | -6.66 | -16.22 | 123.81 | -3.11 | -17.46 | -19.05 | 31.43 | 61.9 | 24.86 | 0.93 | -13.98 |
| 22Q1 (12) | 30.32 | -16.91 | -3.07 | 9.00 | -49.83 | 4.9 | 7.11 | -64.05 | 133.88 | 3.82 | -75.32 | 1810.0 | 0.85 | -79.71 | 2025.0 | 0.68 | -79.94 | 1600.0 | 0.18 | -18.18 | 12.5 | 13.44 | -46.24 | 33.73 | 28.83 | 21.49 | -6.82 | 127.78 | 39.39 | -52.92 | -27.78 | -377.78 | 83.8 | 24.63 | 7.55 | -4.46 |
| 21Q4 (11) | 36.49 | 4.53 | -0.92 | 17.94 | 17.87 | 27.32 | 19.78 | 22.1 | -0.85 | 15.48 | 23.35 | -8.29 | 4.19 | 12.94 | 20.06 | 3.39 | 16.49 | 16.1 | 0.22 | -4.35 | 29.41 | 25.00 | 19.33 | -6.54 | 23.73 | 1.63 | 12.36 | 91.67 | -2.6 | 31.77 | 10.00 | 70.0 | -64.62 | 22.90 | -1.93 | -14.17 |
| 21Q3 (10) | 34.91 | -0.48 | -7.91 | 15.22 | 51.59 | 12.99 | 16.20 | 144.34 | -18.88 | 12.55 | 198.1 | -28.57 | 3.71 | 326.44 | -2.37 | 2.91 | 340.91 | -6.13 | 0.23 | 43.75 | 27.78 | 20.95 | 54.61 | -21.09 | 23.35 | -27.3 | 24.67 | 94.12 | -37.25 | 41.18 | 5.88 | 111.76 | -82.35 | 23.35 | -19.2 | -11.22 |
| 21Q2 (9) | 35.08 | 12.15 | -8.57 | 10.04 | 17.02 | -30.13 | 6.63 | 118.09 | -73.3 | 4.21 | 2005.0 | -78.84 | 0.87 | 2075.0 | -80.88 | 0.66 | 1550.0 | -81.51 | 0.16 | 0.0 | -11.11 | 13.55 | 34.83 | -56.68 | 32.12 | 3.81 | 16.67 | 150.00 | -44.74 | 154.55 | -50.00 | 70.83 | -216.67 | 28.90 | 12.1 | 23.82 |
| 21Q1 (8) | 31.28 | -15.07 | 4.9 | 8.58 | -39.11 | 231.39 | 3.04 | -84.76 | 108.94 | 0.20 | -98.82 | 100.58 | 0.04 | -98.85 | 100.95 | 0.04 | -98.63 | 101.18 | 0.16 | -5.88 | 60.0 | 10.05 | -62.43 | 145.93 | 30.94 | 46.5 | 12.14 | 271.43 | 290.18 | 1392.86 | -171.43 | -706.59 | -315.51 | 25.78 | -3.37 | -27.4 |
| 20Q4 (7) | 36.83 | -2.85 | -11.76 | 14.09 | 4.6 | -25.96 | 19.95 | -0.1 | 9.43 | 16.88 | -3.93 | 25.04 | 3.49 | -8.16 | 3.25 | 2.92 | -5.81 | 3.55 | 0.17 | -5.56 | -19.05 | 26.75 | 0.75 | 14.32 | 21.12 | 12.76 | 3.99 | 69.57 | 4.35 | -34.3 | 28.26 | -15.22 | 820.65 | 26.68 | 1.44 | 25.43 |
| 20Q3 (6) | 37.91 | -1.2 | -1.71 | 13.47 | -6.26 | -13.49 | 19.97 | -19.57 | 17.61 | 17.57 | -11.71 | 51.34 | 3.80 | -16.48 | 27.95 | 3.10 | -13.17 | 31.36 | 0.18 | 0.0 | -10.0 | 26.55 | -15.12 | 17.79 | 18.73 | -31.97 | -5.97 | 66.67 | 13.13 | -27.27 | 33.33 | -22.22 | 300.0 | 26.30 | 12.68 | -2.41 |
| 20Q2 (5) | 38.37 | 28.67 | -0.16 | 14.37 | 320.06 | -4.77 | 24.83 | 172.99 | 184.1 | 19.90 | 157.61 | 322.51 | 4.55 | 208.33 | 282.35 | 3.57 | 205.31 | 275.79 | 0.18 | 80.0 | -10.0 | 31.28 | 242.96 | 118.89 | 27.53 | -0.22 | -15.42 | 58.93 | 224.11 | -65.18 | 42.86 | -46.12 | 158.65 | 23.34 | -34.27 | -12.22 |
| 20Q1 (4) | 29.82 | -28.56 | 0.0 | -6.53 | -134.31 | 0.0 | -34.02 | -286.62 | 0.0 | -34.54 | -355.85 | 0.0 | -4.20 | -224.26 | 0.0 | -3.39 | -220.21 | 0.0 | 0.10 | -52.38 | 0.0 | -21.88 | -193.5 | 0.0 | 27.59 | 35.84 | 0.0 | 18.18 | -82.83 | 0.0 | 79.55 | 2128.41 | 0.0 | 35.51 | 66.95 | 0.0 |
| 19Q4 (3) | 41.74 | 8.22 | 0.0 | 19.03 | 22.22 | 0.0 | 18.23 | 7.36 | 0.0 | 13.50 | 16.28 | 0.0 | 3.38 | 13.8 | 0.0 | 2.82 | 19.49 | 0.0 | 0.21 | 5.0 | 0.0 | 23.40 | 3.82 | 0.0 | 20.31 | 1.96 | 0.0 | 105.88 | 15.51 | 0.0 | -3.92 | -147.06 | 0.0 | 21.27 | -21.08 | 0.0 |
| 19Q3 (2) | 38.57 | 0.36 | 0.0 | 15.57 | 3.18 | 0.0 | 16.98 | 94.28 | 0.0 | 11.61 | 146.5 | 0.0 | 2.97 | 149.58 | 0.0 | 2.36 | 148.42 | 0.0 | 0.20 | 0.0 | 0.0 | 22.54 | 57.73 | 0.0 | 19.92 | -38.8 | 0.0 | 91.67 | -45.83 | 0.0 | 8.33 | 111.4 | 0.0 | 26.95 | 1.35 | 0.0 |
| 19Q2 (1) | 38.43 | 0.0 | 0.0 | 15.09 | 0.0 | 0.0 | 8.74 | 0.0 | 0.0 | 4.71 | 0.0 | 0.0 | 1.19 | 0.0 | 0.0 | 0.95 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 14.29 | 0.0 | 0.0 | 32.55 | 0.0 | 0.0 | 169.23 | 0.0 | 0.0 | -73.08 | 0.0 | 0.0 | 26.59 | 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) | 31.79 | -2.36 | -0.25 | 0 | 7.76 | 20.19 | 8.86 | 10.2 | 6.04 | 5.41 | 3.58 | -21.83 | 2.83 | -26.11 | 0.46 | -31.34 | 17.00 | 15.1 | 36.09 | 122.23 | -2.78 | 0 | 102.78 | 0 | 1.37 | 1704.66 | 31.98 | 24.05 |
| 2022 (9) | 32.56 | -6.0 | 9.46 | -30.29 | 6.46 | 15.1 | 8.04 | -35.89 | 5.73 | -37.24 | 4.58 | -45.41 | 3.83 | -44.25 | 0.67 | -10.67 | 14.77 | -19.51 | 16.24 | -31.56 | 117.81 | 8.75 | -17.81 | 0 | 0.08 | -63.94 | 25.78 | 3.74 |
| 2021 (8) | 34.64 | -4.99 | 13.57 | 26.59 | 5.61 | -21.77 | 12.54 | -1.8 | 9.13 | -6.55 | 8.39 | 20.72 | 6.87 | 18.86 | 0.75 | 27.12 | 18.35 | -9.47 | 23.73 | 12.36 | 108.33 | 28.26 | -8.33 | 0 | 0.21 | -27.73 | 24.85 | -8.07 |
| 2020 (7) | 36.46 | -5.79 | 10.72 | -29.33 | 7.17 | 29.77 | 12.77 | -8.0 | 9.77 | 0.41 | 6.95 | -23.2 | 5.78 | -22.42 | 0.59 | -22.37 | 20.27 | 3.37 | 21.12 | 3.99 | 84.47 | -22.7 | 16.50 | 0 | 0.29 | 100.0 | 27.03 | 5.01 |
| 2019 (6) | 38.70 | 12.99 | 15.17 | 70.83 | 5.52 | 16.35 | 13.88 | 6.69 | 9.73 | -2.89 | 9.05 | 1.8 | 7.45 | 2.62 | 0.76 | 5.56 | 19.61 | 9.25 | 20.31 | -11.7 | 109.27 | 59.26 | -9.27 | 0 | 0.15 | -46.54 | 25.74 | 1.58 |
| 2018 (5) | 34.25 | -2.25 | 8.88 | -9.57 | 4.75 | 4.15 | 13.01 | -16.33 | 10.02 | -18.34 | 8.89 | -14.02 | 7.26 | -14.18 | 0.72 | 4.35 | 17.95 | -11.84 | 23.00 | 4.83 | 68.61 | 8.22 | 32.12 | -13.79 | 0.27 | 0 | 25.34 | -6.56 |
| 2017 (4) | 35.04 | -0.79 | 9.82 | -21.57 | 4.56 | 16.56 | 15.55 | 12.44 | 12.27 | 15.43 | 10.34 | -3.09 | 8.46 | -2.08 | 0.69 | -14.81 | 20.36 | 14.0 | 21.94 | -3.09 | 63.40 | -29.7 | 37.25 | 279.53 | 0.00 | 0 | 27.12 | 11.15 |
| 2016 (3) | 35.32 | 10.58 | 12.52 | 3.99 | 3.91 | -3.54 | 13.83 | -0.86 | 10.63 | -3.97 | 10.67 | -15.92 | 8.64 | -14.62 | 0.81 | -10.99 | 17.86 | -1.49 | 22.64 | -6.6 | 90.18 | 4.54 | 9.82 | -28.54 | 0.00 | 0 | 24.40 | -1.93 |
| 2015 (2) | 31.94 | 10.94 | 12.04 | 38.71 | 4.06 | -13.44 | 13.95 | 33.49 | 11.07 | 29.47 | 12.69 | 33.3 | 10.12 | 35.84 | 0.91 | 4.6 | 18.13 | 15.7 | 24.24 | -8.36 | 86.26 | 4.02 | 13.74 | -19.54 | 0.00 | 0 | 24.88 | -2.51 |
| 2014 (1) | 28.79 | 0 | 8.68 | 0 | 4.68 | -18.74 | 10.45 | 0 | 8.55 | 0 | 9.52 | 0 | 7.45 | 0 | 0.87 | -3.33 | 15.67 | 0.45 | 26.45 | -10.76 | 82.93 | -7.32 | 17.07 | 47.45 | 0.00 | 0 | 25.52 | 4.38 |
