|
截至 3 個月 |
2026年3月31日 |
|
2025年12月31日 |
|
2025年9月30日 |
|
2025年6月30日 |
|
2025年3月31日 |
|
2024年12月31日 |
|
2024年9月30日 |
|
2024年6月30日 |
|
2024年3月31日 |
|
2023年12月31日 |
|
2023年9月30日 |
|
2023年6月30日 |
|
2023年3月31日 |
|
2022年12月31日 |
|
2022年9月30日 |
|
2022年6月30日 |
|
2022年3月31日 |
|
2021年12月31日 |
|
2021年9月30日 |
|
2021年6月30日 |
|
2021年3月31日 |
|
|
|
服務業 |
56.40% | |
54.96% | |
57.71% | |
62.33% | |
63.20% | |
63.31% | |
63.77% | |
64.58% | |
65.19% | |
64.77% | |
68.82% | |
68.69% | |
68.95% | |
69.11% | |
68.92% | |
69.87% | |
70.82% | |
69.25% | |
68.75% | |
67.25% | |
66.67% | |
|
|
產品銷售 |
43.60% | |
45.04% | |
42.29% | |
37.67% | |
36.80% | |
36.69% | |
36.23% | |
35.42% | |
34.81% | |
35.23% | |
31.18% | |
31.31% | |
31.05% | |
30.89% | |
31.08% | |
30.13% | |
29.18% | |
30.75% | |
31.25% | |
32.75% | |
33.33% | |
|
|
收入 |
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
|
|
服務費用 |
-46.43% | |
-43.17% | |
-45.64% | |
-49.46% | |
-50.13% | |
-47.87% | |
-48.75% | |
-49.49% | |
-50.71% | |
-49.54% | |
-52.47% | |
-52.94% | |
-53.37% | |
-52.68% | |
-53.16% | |
-54.92% | |
-56.81% | |
-56.88% | |
-57.02% | |
-57.21% | |
-58.03% | |
|
|
銷售成本 |
-38.31% | |
-39.07% | |
-36.91% | |
-31.68% | |
-30.95% | |
-31.01% | |
-30.27% | |
-29.97% | |
-29.77% | |
-30.47% | |
-26.86% | |
-27.34% | |
-27.87% | |
-27.36% | |
-27.64% | |
-27.28% | |
-27.27% | |
-25.64% | |
-26.13% | |
-27.42% | |
-28.20% | |
|
|
收入成本 |
-84.74% |
|
-82.24% |
|
-82.55% |
|
-81.14% |
|
-81.08% |
|
-78.88% |
|
-79.02% |
|
-79.46% |
|
-80.48% |
|
-80.01% |
|
-79.33% |
|
-80.28% |
|
-81.24% |
|
-80.05% |
|
-80.81% |
|
-82.21% |
|
-84.08% |
|
-82.52% |
|
-83.15% |
|
-84.63% |
|
-86.23% |
|
|
|
毛利率 |
15.26% |
|
17.76% |
|
17.45% |
|
18.86% |
|
18.92% |
|
21.12% |
|
20.98% |
|
20.54% |
|
19.52% |
|
19.99% |
|
20.67% |
|
19.72% |
|
18.76% |
|
19.95% |
|
19.19% |
|
17.79% |
|
15.92% |
|
17.48% |
|
16.85% |
|
15.37% |
|
13.77% |
|
|
|
研究與工程 |
-1.88% | |
-1.92% | |
-1.90% | |
-2.11% | |
-2.03% | |
-2.07% | |
-2.04% | |
-2.06% | |
-2.09% | |
-2.09% | |
-2.24% | |
-2.01% | |
-2.25% | |
-2.27% | |
-2.14% | |
-2.27% | |
-2.36% | |
-2.33% | |
-2.39% | |
-2.38% | |
-2.58% | |
|
|
一般與行政 |
-1.11% | |
-0.87% | |
-0.81% | |
-1.02% | |
-1.13% | |
-0.86% | |
-0.98% | |
-1.03% | |
-1.39% | |
-1.07% | |
-0.97% | |
-1.19% | |
-1.18% | |
-1.26% | |
-1.26% | |
-1.27% | |
-1.63% | |
-1.73% | |
-1.37% | |
-1.24% | |
-1.55% | |
|
|
重組 |
0.00% | |
-0.56% | |
-1.22% | |
-1.58% | |
-1.86% | |
-2.40% | |
-0.71% | |
-1.21% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
|
|
損傷 |
0.00% | |
-3.40% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
|
|
合併與整合 |
-0.47% | |
-0.78% | |
-1.60% | |
-0.41% | |
-0.57% | |
-0.68% | |
-0.36% | |
-0.18% | |
-0.13% | |
-0.50% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
|
|
營業利潤 |
11.80% |
|
10.23% |
|
11.92% |
|
13.75% |
|
13.33% |
|
15.11% |
|
16.89% |
|
16.06% |
|
15.92% |
|
16.33% |
|
17.46% |
|
16.52% |
|
15.33% |
|
16.42% |
|
15.80% |
|
14.25% |
|
11.93% |
|
13.41% |
|
13.08% |
|
11.75% |
|
9.63% |
|
|
|
利息和其他收入 |
0.49% | |
0.75% | |
0.87% | |
2.95% | |
0.92% | |
1.24% | |
1.05% | |
0.93% | |
0.96% | |
1.06% | |
0.88% | |
1.01% | |
1.19% | |
2.21% | |
1.00% | |
4.59% | |
0.84% | |
0.92% | |
0.96% | |
0.28% | |
0.36% | |
|
|
利息支出 |
-1.33% | |
-1.30% | |
-1.59% | |
-1.66% | |
-1.73% | |
-1.41% | |
-1.48% | |
-1.44% | |
-1.30% | |
-1.45% | |
-1.55% | |
-1.57% | |
-1.51% | |
-1.54% | |
-1.63% | |
-1.83% | |
-2.06% | |
-2.20% | |
-2.22% | |
-2.41% | |
-2.60% | |
|
|
稅前利潤 |
10.96% |
|
9.68% |
|
11.20% |
|
15.04% |
|
12.52% |
|
14.94% |
|
16.45% |
|
15.55% |
|
15.59% |
|
15.94% |
|
16.79% |
|
15.96% |
|
15.01% |
|
17.10% |
|
15.17% |
|
17.01% |
|
10.70% |
|
12.13% |
|
11.82% |
|
9.62% |
|
7.39% |
|
|
|
稅費費用 |
-2.24% | |
-1.47% | |
-2.53% | |
-2.77% | |
-2.76% | |
-2.90% | |
-3.16% | |
-3.02% | |
-2.97% | |
-3.17% | |
-3.12% | |
-3.04% | |
-2.81% | |
-3.35% | |
-2.88% | |
-2.69% | |
-1.98% | |
-2.31% | |
-2.21% | |
-1.76% | |
-1.42% | |
|
|
淨收入 |
8.73% |
|
8.21% |
|
8.67% |
|
12.26% |
|
9.76% |
|
12.04% |
|
13.30% |
|
12.53% |
|
12.61% |
|
12.77% |
|
13.67% |
|
12.93% |
|
12.20% |
|
13.75% |
|
12.29% |
|
14.32% |
|
8.72% |
|
9.82% |
|
9.61% |
|
7.86% |
|
5.97% |
|
|
|
歸屬於非控制性權益的凈利潤 |
-0.10% | |
0.25% | |
-0.39% | |
-0.40% | |
-0.38% | |
-0.25% | |
-0.35% | |
-0.36% | |
-0.34% | |
-0.39% | |
-0.16% | |
-0.17% | |
-0.13% | |
-0.23% | |
-0.16% | |
-0.16% | |
-0.17% | |
-0.16% | |
-0.21% | |
-0.21% | |
-0.25% | |
|
|
歸因於SLB的淨收入 |
8.62% |
|
8.46% |
|
8.28% |
|
11.87% |
|
9.39% |
|
11.79% |
|
12.95% |
|
12.17% |
|
12.27% |
|
12.38% |
|
13.51% |
|
12.75% |
|
12.07% |
|
13.52% |
|
12.13% |
|
14.16% |
|
8.55% |
|
9.65% |
|
9.41% |
|
7.65% |
|
5.72% |
|
根據報告：
10-Q (報告日期： 2026-03-31), 10-K (報告日期： 2025-12-31), 10-Q (報告日期： 2025-09-30), 10-Q (報告日期： 2025-06-30), 10-Q (報告日期： 2025-03-31), 10-K (報告日期： 2024-12-31), 10-Q (報告日期： 2024-09-30), 10-Q (報告日期： 2024-06-30), 10-Q (報告日期： 2024-03-31), 10-K (報告日期： 2023-12-31), 10-Q (報告日期： 2023-09-30), 10-Q (報告日期： 2023-06-30), 10-Q (報告日期： 2023-03-31), 10-K (報告日期： 2022-12-31), 10-Q (報告日期： 2022-09-30), 10-Q (報告日期： 2022-06-30), 10-Q (報告日期： 2022-03-31), 10-K (報告日期： 2021-12-31), 10-Q (報告日期： 2021-09-30), 10-Q (報告日期： 2021-06-30), 10-Q (報告日期： 2021-03-31).
收入結構在觀察期間內呈現明顯的轉移趨勢。服務收入佔比在 2021 年至 2023 年初維持在 66% 至 71% 之間，但自 2023 年第四季起開始逐步下降，至 2025 年第四季降至 54.96% 的低點。與此相對，產品銷售的佔比由早期的 30% 左右逐步提升，在 2025 年第四季達到 45.04% 的峰值，顯示營收組成正從服務主導轉向產品銷售的比重增加。
- 成本與毛利率分析
- 毛利率在 2021 年第一季的 13.77% 起步後呈現上升趨勢，於 2024 年第四季達到 21.12% 的最高點。然而，隨後毛利率開始下滑，至 2026 年第一季降至 15.26%。此變化與成本結構的變動相關：服務費用佔比從早期的 58% 逐漸降低至 43% 至 50% 區間，但產品銷售成本（銷售成本）則從 25% 至 28% 的水平大幅上升，在 2025 年第四季達到 39.07% 的高位，抵消了服務成本下降的優勢。
- 營業利潤與費用趨勢
- 營業利潤率在 2021 年至 2023 年間顯著成長，從 9.63% 提升至 2023 年第三季的 17.46% 峰值。隨後，利潤率開始回落，至 2026 年第一季為 11.8%。研究與工程以及一般行政費用佔比在期間內相對穩定且略有下降。值得注意的是，從 2024 年起出現了重組費用以及合併與整合費用，這些非經常性支出對後期的營業利潤造成了壓力。
- 淨利與財務成本分析
- 歸因於 SLB 的淨收入率隨營業利潤同步波動，在 2022 年至 2024 年間維持在 12% 左右的高位，隨後在 2025 年下滑至 8% 至 9% 的區間。在財務成本方面，利息支出佔比呈現下降趨勢，從 2021 年初的 2.6% 逐步降低至 1.3% 左右，有助於緩解部分利潤壓力。稅費費用則相對穩定，維持在收入的 1.5% 至 3.2% 之間。
綜合分析顯示，該實體在 2021 年至 2024 年間經歷了獲利能力的擴張期，毛利率與營業利潤率均顯著提升。然而，近期營收結構的轉向（產品銷售增加）伴隨著更高比例的銷售成本，加上重組與整合費用的增加，導致整體獲利能力在 2025 年後出現下滑趨勢。
