- 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 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 20Q1 (20) | 15.11 | -34.19 | -28.35 | 2.64 | -78.16 | -69.66 | 9.62 | -29.73 | -30.09 | 4.82 | -55.08 | -54.7 | 0.77 | -62.62 | -52.76 | 0.63 | -60.38 | -50.0 | 0.12 | -14.29 | 9.09 | 0.00 | -100.0 | -100.0 | 37.54 | 6.41 | -0.48 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 11.68 | 0 | 2.46 |
| 19Q4 (19) | 22.96 | 13.72 | 5.71 | 12.09 | 30.56 | 21.63 | 13.69 | 8.22 | 185.21 | 10.73 | 8.38 | 300.37 | 2.06 | 12.57 | 402.44 | 1.59 | 13.57 | 307.69 | 0.14 | 7.69 | 27.27 | 19.25 | 2.34 | 40.72 | 35.28 | -2.03 | -8.17 | 88.46 | 20.97 | -57.08 | 11.54 | -57.07 | 110.87 | 0.00 | -100.0 | -100.0 |
| 19Q3 (18) | 20.19 | -4.81 | 4.18 | 9.26 | 4.87 | 12.93 | 12.65 | 11.95 | -7.12 | 9.90 | 30.95 | -2.27 | 1.83 | 45.24 | 38.64 | 1.40 | 42.86 | 42.86 | 0.13 | 8.33 | 30.0 | 18.81 | 4.21 | 3.07 | 36.01 | -12.36 | -11.76 | 73.12 | -6.4 | 21.87 | 26.88 | 22.86 | -32.81 | 10.61 | 5.57 | 20.98 |
| 19Q2 (17) | 21.21 | 0.57 | 0.9 | 8.83 | 1.49 | -8.88 | 11.30 | -17.88 | -49.05 | 7.56 | -28.95 | -55.5 | 1.26 | -22.7 | -37.31 | 0.98 | -22.22 | -36.77 | 0.12 | 9.09 | 33.33 | 18.05 | -13.68 | -36.17 | 41.09 | 8.93 | 28.25 | 78.12 | 24.13 | 77.95 | 21.88 | -40.98 | -61.01 | 10.05 | -11.84 | -12.3 |
| 19Q1 (16) | 21.09 | -2.9 | 9.67 | 8.70 | -12.47 | 28.89 | 13.76 | 186.67 | -62.65 | 10.64 | 297.01 | -65.26 | 1.63 | 297.56 | -52.34 | 1.26 | 223.08 | -52.09 | 0.11 | 0.0 | 22.22 | 20.91 | 52.85 | -51.5 | 37.72 | -1.82 | 31.47 | 62.94 | -69.47 | 243.42 | 37.06 | 134.92 | -54.62 | 11.40 | 6.15 | -2.06 |
| 18Q4 (15) | 21.72 | 12.07 | 31.0 | 9.94 | 21.22 | 77.5 | 4.80 | -64.76 | -66.9 | 2.68 | -73.54 | -75.75 | 0.41 | -68.94 | -71.92 | 0.39 | -60.2 | -64.55 | 0.11 | 10.0 | 10.0 | 13.68 | -25.04 | -31.26 | 38.42 | -5.86 | 16.18 | 206.12 | 243.54 | 434.04 | -106.12 | -365.31 | -272.83 | 10.74 | 22.46 | -5.37 |
| 18Q3 (14) | 19.38 | -7.8 | -6.38 | 8.20 | -15.38 | -8.38 | 13.62 | -38.59 | 14.45 | 10.13 | -40.38 | 15.24 | 1.32 | -34.33 | 17.86 | 0.98 | -36.77 | 15.29 | 0.10 | 11.11 | 11.11 | 18.25 | -35.47 | 4.41 | 40.81 | 27.37 | 11.2 | 60.00 | 36.67 | -19.71 | 40.00 | -28.7 | 65.45 | 8.77 | -23.47 | -8.36 |
| 18Q2 (13) | 21.02 | 9.31 | -6.45 | 9.69 | 43.56 | 14.27 | 22.18 | -39.79 | 97.33 | 16.99 | -44.53 | 98.02 | 2.01 | -41.23 | 95.15 | 1.55 | -41.06 | 98.72 | 0.09 | 0.0 | 0.0 | 28.28 | -34.4 | 0 | 32.04 | 11.68 | -5.4 | 43.90 | 139.55 | -42.2 | 56.10 | -31.31 | 133.25 | 11.46 | -1.55 | -4.74 |
| 18Q1 (12) | 19.23 | 15.98 | 4.85 | 6.75 | 20.54 | -11.07 | 36.84 | 154.07 | 401.22 | 30.63 | 177.19 | 481.21 | 3.42 | 134.25 | 410.45 | 2.63 | 139.09 | 415.69 | 0.09 | -10.0 | 0.0 | 43.11 | 116.63 | 0 | 28.69 | -13.24 | -30.41 | 18.33 | -52.52 | -81.99 | 81.67 | 33.01 | 2386.85 | 11.64 | 2.56 | -13.84 |
| 17Q4 (11) | 16.58 | -19.9 | 528.42 | 5.60 | -37.43 | 139.38 | 14.50 | 21.85 | 142.8 | 11.05 | 25.71 | 134.81 | 1.46 | 30.36 | 123.7 | 1.10 | 29.41 | 125.29 | 0.10 | 11.11 | -28.57 | 19.90 | 13.84 | 0 | 33.07 | -9.89 | -19.05 | 38.60 | -48.35 | -8.05 | 61.40 | 153.99 | 5.82 | 11.35 | 18.6 | -46.64 |
| 17Q3 (10) | 20.70 | -7.88 | 72.5 | 8.95 | 5.54 | 280.85 | 11.90 | 5.87 | 69.03 | 8.79 | 2.45 | 48.23 | 1.12 | 8.74 | 15.46 | 0.85 | 8.97 | 21.43 | 0.09 | 0.0 | -18.18 | 17.48 | 0 | 12.99 | 36.70 | 8.36 | -10.05 | 74.73 | -1.61 | 124.18 | 24.18 | 0.52 | -63.74 | 9.57 | -20.45 | -27.5 |
| 17Q2 (9) | 22.47 | 22.52 | 59.14 | 8.48 | 11.73 | 113.6 | 11.24 | 52.93 | 205.43 | 8.58 | 62.81 | 741.18 | 1.03 | 53.73 | 472.22 | 0.78 | 52.94 | 358.82 | 0.09 | 0.0 | -25.0 | 0.00 | 0 | -100.0 | 33.87 | -17.85 | -28.8 | 75.95 | -25.38 | -29.23 | 24.05 | 773.42 | 428.69 | 12.03 | -10.95 | 14.79 |
| 17Q1 (8) | 18.34 | 573.9 | 0 | 7.59 | 153.38 | 0 | 7.35 | 121.69 | 0 | 5.27 | 116.6 | 0 | 0.67 | 110.88 | 0 | 0.51 | 111.72 | 0 | 0.09 | -35.71 | 0 | 0.00 | 0 | 0 | 41.23 | 0.93 | 0 | 101.79 | 142.49 | 0 | -3.57 | -106.16 | 0 | 13.51 | -36.48 | 0 |
| 16Q4 (7) | -3.87 | -132.25 | 0 | -14.22 | -705.11 | 0 | -33.88 | -581.25 | 0 | -31.74 | -635.24 | 0 | -6.16 | -735.05 | 0 | -4.35 | -721.43 | 0 | 0.14 | 27.27 | 0 | 0.00 | -100.0 | 0 | 40.85 | 0.12 | 0 | 41.98 | 25.93 | 0 | 58.02 | -12.96 | 0 | 21.27 | 61.14 | 0 |
| 16Q3 (6) | 12.00 | -15.01 | 0 | 2.35 | -40.81 | 0 | 7.04 | 91.3 | 0 | 5.93 | 481.37 | 0 | 0.97 | 438.89 | 0 | 0.70 | 311.76 | 0 | 0.11 | -8.33 | 0 | 15.47 | 41.28 | 0 | 40.80 | -14.23 | 0 | 33.33 | -68.94 | 0 | 66.67 | 1011.11 | 0 | 13.20 | 25.95 | 0 |
| 16Q2 (5) | 14.12 | 0 | 0 | 3.97 | 0 | 0 | 3.68 | 0 | 0 | 1.02 | 0 | 0 | 0.18 | 0 | 0 | 0.17 | 0 | 0 | 0.12 | 0 | 0 | 10.95 | 0 | 0 | 47.57 | 0 | 0 | 107.32 | 0 | 0 | -7.32 | 0 | 0 | 10.48 | 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 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2019 (10) | 21.40 | 4.7 | 9.83 | 12.09 | 5.58 | -8.86 | 12.86 | -27.1 | 9.74 | -28.49 | 6.80 | -3.27 | 5.28 | -0.56 | 0.51 | 34.21 | 19.21 | -20.91 | 35.28 | -8.17 | 76.35 | 53.49 | 23.65 | -52.94 | 0.02 | -1.18 | 10.45 | -1.23 |
| 2018 (9) | 20.44 | 5.14 | 8.77 | 15.09 | 6.13 | 16.01 | 17.64 | 56.38 | 13.62 | 61.18 | 7.03 | 66.19 | 5.31 | 65.94 | 0.38 | 2.7 | 24.29 | 43.13 | 38.42 | 16.18 | 49.74 | -26.15 | 50.26 | 55.35 | 0.02 | 0 | 10.58 | -8.79 |
| 2017 (8) | 19.44 | 128.71 | 7.62 | 0 | 5.28 | -0.2 | 11.28 | 0 | 8.45 | 0 | 4.23 | 0 | 3.20 | 0 | 0.37 | -22.92 | 16.97 | 2551.56 | 33.07 | -19.05 | 67.35 | 132.22 | 32.35 | -54.43 | 0.00 | 0 | 11.60 | -21.25 |
| 2016 (7) | 8.50 | -36.71 | -1.53 | 0 | 5.29 | -13.96 | -5.31 | 0 | -5.96 | 0 | -4.18 | 0 | -2.69 | 0 | 0.48 | -23.81 | 0.64 | -94.36 | 40.85 | -23.01 | 29.00 | -70.16 | 71.00 | 2800.68 | 0.00 | 0 | 14.73 | 41.36 |
| 2015 (6) | 13.43 | -3.38 | 4.44 | -5.53 | 6.15 | 29.17 | 4.56 | 171.43 | 3.17 | 466.07 | 3.14 | 406.45 | 2.22 | 252.38 | 0.63 | -3.08 | 11.34 | 59.72 | 53.06 | -14.64 | 97.20 | -65.15 | 2.45 | 0 | 0.00 | 0 | 10.42 | 11.21 |
| 2014 (5) | 13.90 | 79.35 | 4.70 | 0 | 4.76 | -8.96 | 1.68 | 1580.0 | 0.56 | 7.69 | 0.62 | 10.71 | 0.63 | 6.78 | 0.65 | 4.84 | 7.10 | 17.74 | 62.16 | -15.36 | 278.95 | 0 | -179.82 | 0 | 0.00 | 0 | 9.37 | -7.41 |
| 2013 (4) | 7.75 | 0 | -1.80 | 0 | 5.23 | 0 | 0.10 | 0 | 0.52 | 0 | 0.56 | 0 | 0.59 | 0 | 0.62 | 0 | 6.03 | 0 | 73.44 | 0 | -1700.00 | 0 | 1785.71 | 0 | 0.00 | 0 | 10.12 | 0 |
