- 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 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23Q1 (20) | 23.75 | -8.69 | 23.7 | 10.49 | 4.07 | 95.34 | 10.13 | -29.41 | 108.87 | 7.34 | -29.69 | 136.01 | 7.35 | -35.75 | 127.55 | 2.57 | -29.59 | 127.43 | 0.32 | -3.03 | 14.29 | 15.12 | -22.26 | 38.84 | 199.14 | -13.68 | -22.26 | 104.05 | 48.24 | -8.56 | -4.05 | -113.6 | 60.81 | 12.05 | -13.0 | -10.67 |
| 22Q4 (19) | 26.01 | 361.99 | 0.5 | 10.08 | 217.07 | 23.83 | 14.35 | 273.31 | 112.28 | 10.44 | 228.73 | 50.22 | 11.44 | 251.52 | 49.35 | 3.65 | 281.59 | 65.91 | 0.33 | 17.86 | 17.86 | 19.45 | 1053.43 | 49.62 | 230.70 | -4.39 | -17.33 | 70.19 | -32.56 | -41.27 | 29.81 | 830.29 | 252.76 | 13.85 | 7.45 | -16.92 |
| 22Q3 (18) | 5.63 | -75.24 | -67.68 | -8.61 | -199.31 | -835.9 | -8.28 | -181.74 | -311.94 | -8.11 | -210.34 | -193.84 | -7.55 | -198.56 | -178.6 | -2.01 | -181.38 | -644.44 | 0.28 | -6.67 | 12.0 | -2.04 | -112.77 | -136.04 | 241.30 | 3.96 | -21.79 | 104.08 | 22.67 | 290.82 | -4.08 | -129.93 | -102.64 | 12.89 | -2.13 | -17.58 |
| 22Q2 (17) | 22.74 | 18.44 | 2.52 | 8.67 | 61.45 | 45.96 | 10.13 | 108.87 | 115.53 | 7.35 | 136.33 | 30.78 | 7.66 | 137.15 | 41.59 | 2.47 | 118.58 | 49.7 | 0.30 | 7.14 | 25.0 | 15.98 | 46.74 | 28.56 | 232.10 | -9.39 | -19.47 | 84.85 | -25.44 | -33.15 | 13.64 | 231.82 | 150.65 | 13.17 | -2.37 | -14.03 |
| 22Q1 (16) | 19.20 | -25.81 | -4.76 | 5.37 | -34.03 | 26.06 | 4.85 | -28.25 | 15.75 | 3.11 | -55.25 | -13.85 | 3.23 | -57.83 | -11.75 | 1.13 | -48.64 | -5.04 | 0.28 | 0.0 | 21.74 | 10.89 | -16.23 | -8.95 | 256.15 | -8.21 | -21.5 | 113.79 | -4.79 | 9.24 | -10.34 | 46.98 | 0 | 13.49 | -19.08 | -12.29 |
| 21Q4 (15) | 25.88 | 48.56 | 39.74 | 8.14 | 595.73 | 450.0 | 6.76 | 436.32 | 345.82 | 6.95 | 351.81 | 272.46 | 7.66 | 382.66 | 288.67 | 2.20 | 914.81 | 479.31 | 0.28 | 12.0 | 21.74 | 13.00 | 129.68 | 142.54 | 279.05 | -9.55 | -20.06 | 119.51 | 319.11 | 312.47 | -19.51 | -112.63 | -113.01 | 16.67 | 6.59 | 6.86 |
| 21Q3 (14) | 17.42 | -21.46 | -5.33 | 1.17 | -80.3 | -68.03 | -2.01 | -142.77 | -138.73 | -2.76 | -149.11 | -159.35 | -2.71 | -150.09 | -153.98 | -0.27 | -116.36 | -118.0 | 0.25 | 4.17 | 4.17 | 5.66 | -54.47 | -57.25 | 308.52 | 7.05 | -8.48 | -54.55 | -142.98 | -179.34 | 154.55 | 674.03 | 449.49 | 15.64 | 2.09 | 7.79 |
| 21Q2 (13) | 22.18 | 10.02 | 15.22 | 5.94 | 39.44 | 13.36 | 4.70 | 12.17 | -31.09 | 5.62 | 55.68 | 11.07 | 5.41 | 47.81 | -8.92 | 1.65 | 38.66 | 1.23 | 0.24 | 4.35 | -4.0 | 12.43 | 3.93 | -14.33 | 288.20 | -11.68 | -20.41 | 126.92 | 21.85 | 65.38 | -26.92 | 0 | -215.77 | 15.32 | -0.39 | 0 |
| 21Q1 (12) | 20.16 | 8.86 | 148.89 | 4.26 | 187.84 | 166.88 | 4.19 | 252.36 | 143.2 | 3.61 | 189.58 | 135.67 | 3.66 | 190.15 | 129.12 | 1.19 | 305.17 | 150.0 | 0.23 | 0.0 | -14.81 | 11.96 | 123.13 | 578.4 | 326.31 | -6.52 | -13.53 | 104.17 | 285.19 | 58.51 | 0.00 | -100.0 | -100.0 | 15.38 | -1.41 | 0 |
| 20Q4 (11) | 18.52 | 0.65 | 123.94 | 1.48 | -59.56 | 120.19 | -2.75 | -152.99 | 73.35 | -4.03 | -186.67 | 64.02 | -4.06 | -180.88 | 67.39 | -0.58 | -138.67 | 78.2 | 0.23 | -4.17 | -14.81 | 5.36 | -59.52 | 268.55 | 349.08 | 3.55 | 4.53 | -56.25 | -181.82 | -179.77 | 150.00 | 433.33 | 408.7 | 15.60 | 7.51 | 37.81 |
| 20Q3 (10) | 18.40 | -4.42 | 10.78 | 3.66 | -30.15 | 66.36 | 5.19 | -23.9 | 10480.0 | 4.65 | -8.1 | 674.07 | 5.02 | -15.49 | 664.04 | 1.50 | -7.98 | 900.0 | 0.24 | -4.0 | -14.29 | 13.24 | -8.75 | 97.02 | 337.10 | -6.9 | 16.98 | 68.75 | -10.42 | 0 | 28.12 | 20.94 | 0 | 14.51 | 0 | 15.25 |
| 20Q2 (9) | 19.25 | 137.65 | 229.06 | 5.24 | 182.26 | 147.59 | 6.82 | 170.31 | 162.51 | 5.06 | 150.0 | 158.29 | 5.94 | 147.26 | 175.09 | 1.63 | 168.49 | 196.45 | 0.25 | -7.41 | 4.17 | 14.51 | 680.4 | 560.63 | 362.10 | -4.04 | 20.58 | 76.74 | 16.78 | -24.25 | 23.26 | -32.17 | 1867.44 | 0.00 | 0 | -100.0 |
| 20Q1 (8) | 8.10 | -2.06 | -44.56 | -6.37 | 13.1 | -1492.5 | -9.70 | 6.01 | -758.41 | -10.12 | 9.64 | -597.93 | -12.57 | -0.96 | -779.02 | -2.38 | 10.53 | -11800.0 | 0.27 | 0.0 | -3.57 | -2.50 | 21.38 | -144.48 | 377.35 | 13.0 | 45.0 | 65.71 | -6.81 | 97.14 | 34.29 | 16.27 | -48.57 | 0.00 | -100.0 | -100.0 |
| 19Q4 (7) | 8.27 | -50.21 | -25.7 | -7.33 | -433.18 | -15.62 | -10.32 | -20540.0 | -65.12 | -11.20 | -1282.72 | -107.79 | -12.45 | -1298.88 | -158.3 | -2.66 | -1873.33 | -160.78 | 0.27 | -3.57 | 8.0 | -3.18 | -147.32 | -667.86 | 333.95 | 15.89 | 31.23 | 70.51 | 0 | -31.02 | 29.49 | 0 | 1426.92 | 11.32 | -10.09 | -12.79 |
| 19Q3 (6) | 16.61 | 183.93 | 149.77 | 2.20 | 119.98 | 125.61 | -0.05 | 99.54 | 99.75 | -0.81 | 90.67 | 95.71 | -0.89 | 88.75 | 94.16 | 0.15 | 108.88 | 103.39 | 0.28 | 16.67 | 12.0 | 6.72 | 313.33 | 147.46 | 288.17 | -4.04 | 16.37 | 0.00 | -100.0 | -100.0 | 0.00 | 100.0 | -100.0 | 12.59 | -10.65 | -7.02 |
| 19Q2 (5) | 5.85 | -59.96 | -55.31 | -11.01 | -2652.5 | -1323.33 | -10.91 | -865.49 | -1535.53 | -8.68 | -498.62 | -1376.47 | -7.91 | -453.15 | -1592.45 | -1.69 | -8350.0 | -475.56 | 0.24 | -14.29 | -14.29 | -3.15 | -156.05 | -165.9 | 300.30 | 15.39 | 56.36 | 101.32 | 203.95 | -13.16 | -1.32 | -101.97 | 92.11 | 14.09 | 8.55 | 22.2 |
| 19Q1 (4) | 14.61 | 31.27 | 0.0 | -0.40 | 93.69 | 0.0 | -1.13 | 81.92 | 0.0 | -1.45 | 73.1 | 0.0 | -1.43 | 70.33 | 0.0 | -0.02 | 98.04 | 0.0 | 0.28 | 12.0 | 0.0 | 5.62 | 903.57 | 0.0 | 260.24 | 2.26 | 0.0 | 33.33 | -67.39 | 0.0 | 66.67 | 3100.0 | 0.0 | 12.98 | 0.0 | 0.0 |
| 18Q4 (3) | 11.13 | 67.37 | 0.0 | -6.34 | 26.19 | 0.0 | -6.25 | 68.87 | 0.0 | -5.39 | 71.48 | 0.0 | -4.82 | 68.35 | 0.0 | -1.02 | 76.98 | 0.0 | 0.25 | 0.0 | 0.0 | 0.56 | 103.95 | 0.0 | 254.48 | 2.76 | 0.0 | 102.22 | 137.96 | 0.0 | -2.22 | -103.9 | 0.0 | 12.98 | -4.14 | 0.0 |
| 18Q3 (2) | 6.65 | -49.2 | 0.0 | -8.59 | -1054.44 | 0.0 | -20.08 | -2742.11 | 0.0 | -18.90 | -2879.41 | 0.0 | -15.23 | -2973.58 | 0.0 | -4.43 | -1084.44 | 0.0 | 0.25 | -10.71 | 0.0 | -14.16 | -396.23 | 0.0 | 247.64 | 28.94 | 0.0 | 42.96 | -63.18 | 0.0 | 57.04 | 442.25 | 0.0 | 13.54 | 17.43 | 0.0 |
| 18Q2 (1) | 13.09 | 0.0 | 0.0 | 0.90 | 0.0 | 0.0 | 0.76 | 0.0 | 0.0 | 0.68 | 0.0 | 0.0 | 0.53 | 0.0 | 0.0 | 0.45 | 0.0 | 0.0 | 0.28 | 0.0 | 0.0 | 4.78 | 0.0 | 0.0 | 192.06 | 0.0 | 0.0 | 116.67 | 0.0 | 0.0 | -16.67 | 0.0 | 0.0 | 11.53 | 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 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 (10) | 18.91 | -12.05 | 4.33 | -12.53 | 4.75 | -14.47 | 5.86 | 67.43 | 3.68 | 6.36 | 14.87 | 5.99 | 5.15 | 9.11 | 1.15 | 17.35 | 11.63 | 7.39 | 230.70 | -17.33 | 73.51 | -47.96 | 25.83 | 0 | 0.00 | 0 | 13.37 | -15.22 |
| 2021 (9) | 21.50 | 36.77 | 4.95 | 597.18 | 5.55 | -3.29 | 3.50 | 0 | 3.46 | 0 | 14.03 | 0 | 4.72 | 5144.44 | 0.98 | 1.03 | 10.83 | 48.15 | 279.05 | -20.06 | 141.25 | 0 | -41.25 | 0 | 0.00 | 0 | 15.77 | 7.28 |
| 2020 (8) | 15.72 | 36.1 | 0.71 | 0 | 5.74 | 11.76 | -0.42 | 0 | -1.41 | 0 | -5.98 | 0 | 0.09 | 0 | 0.97 | -11.01 | 7.31 | 320.11 | 349.08 | 4.53 | -163.64 | 0 | 263.64 | 834.19 | 0.08 | -56.6 | 14.70 | 16.39 |
| 2019 (7) | 11.55 | -2.2 | -3.87 | 0 | 5.13 | 44.09 | -5.37 | 0 | -5.36 | 0 | -22.87 | 0 | -4.29 | 0 | 1.09 | -0.91 | 1.74 | 0 | 333.95 | 31.23 | 72.39 | 46.57 | 28.22 | -43.56 | 0.18 | -63.4 | 12.63 | -1.48 |
| 2018 (6) | 11.81 | -33.16 | -2.87 | 0 | 3.56 | 42.56 | -5.78 | 0 | -5.48 | 0 | -18.14 | 0 | -4.77 | 0 | 1.10 | -12.0 | -0.53 | 0 | 254.48 | 67.06 | 49.39 | -54.81 | 50.00 | 0 | 0.50 | 0 | 12.82 | -3.61 |
| 2017 (5) | 17.67 | -21.68 | 3.80 | -53.26 | 2.50 | 17.07 | 3.45 | -56.05 | 2.45 | -60.42 | 6.71 | -62.91 | 3.85 | -61.81 | 1.25 | -17.76 | 6.85 | -35.07 | 152.33 | 79.8 | 109.30 | 5.44 | -10.47 | 0 | 0.00 | 0 | 13.30 | -5.41 |
| 2016 (4) | 22.56 | -5.29 | 8.13 | -0.61 | 2.13 | 8.93 | 7.85 | -8.93 | 6.19 | -10.42 | 18.09 | 2.78 | 10.08 | -5.79 | 1.52 | 2.7 | 10.55 | -3.56 | 84.72 | -16.4 | 103.66 | 9.19 | -3.66 | 0 | 0.00 | 0 | 14.06 | -6.39 |
| 2015 (3) | 23.82 | -16.39 | 8.18 | -0.85 | 1.96 | -24.55 | 8.62 | -2.71 | 6.91 | -2.54 | 17.60 | 19.08 | 10.70 | -4.12 | 1.48 | -2.63 | 10.94 | -6.97 | 101.34 | 173.74 | 94.94 | 1.97 | 5.06 | -26.58 | 0.00 | 0 | 15.02 | -20.74 |
| 2014 (2) | 28.49 | 14.1 | 8.25 | 47.58 | 2.60 | -0.91 | 8.86 | 52.23 | 7.09 | 54.47 | 14.78 | 48.54 | 11.16 | 46.26 | 1.52 | -3.8 | 11.76 | 34.55 | 37.02 | -3.04 | 93.10 | -2.91 | 6.90 | 67.82 | 0.00 | 0 | 18.95 | 4.12 |
| 2013 (1) | 24.97 | 0 | 5.59 | 0 | 2.62 | 0 | 5.82 | 0 | 4.59 | 0 | 9.95 | 0 | 7.63 | 0 | 1.58 | 0 | 8.74 | 0 | 38.18 | 0 | 95.89 | 0 | 4.11 | 0 | 0.00 | 0 | 18.20 | 0 |
