- 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) | 31.28 | -8.03 | 28.41 | -12.24 | -27.77 | 45.48 | -8.18 | -138.88 | 73.38 | -11.80 | -170.7 | 66.75 | -0.87 | -167.44 | 62.5 | -0.65 | -162.5 | 62.86 | 0.06 | 0.0 | 20.0 | -0.60 | -102.12 | 97.21 | 28.41 | 6.76 | -11.22 | 142.86 | 402.52 | 93.28 | -50.00 | -133.96 | -291.67 | 37.47 | 0.92 | -9.45 |
| 23Q3 (19) | 34.01 | 25.13 | 32.28 | -9.58 | 60.93 | 12.59 | 21.04 | 45.91 | -1.27 | 16.69 | 9.08 | -19.29 | 1.29 | 48.28 | -24.56 | 1.04 | 44.44 | -23.53 | 0.06 | 50.0 | 0.0 | 28.32 | 15.12 | -1.15 | 26.61 | -2.71 | -2.24 | -47.22 | 72.58 | 7.8 | 147.22 | -45.92 | -2.64 | 37.13 | -12.26 | 15.45 |
| 23Q2 (18) | 27.18 | -1.66 | -23.84 | -24.52 | 18.13 | -3.2 | 14.42 | 1130.0 | -35.22 | 15.30 | 368.42 | -19.9 | 0.87 | 410.71 | 6.1 | 0.72 | 500.0 | 9.09 | 0.04 | 0.0 | 33.33 | 24.60 | 127.57 | -33.02 | 27.35 | -9.65 | -9.97 | -172.22 | -110.44 | -64.73 | 272.22 | 117.01 | 33.09 | 42.32 | -11.41 | -20.29 |
| 23Q1 (17) | 27.64 | 13.46 | 0.66 | -29.95 | -33.41 | -17.45 | -1.40 | 95.44 | -110.33 | -5.70 | 83.94 | -149.39 | -0.28 | 87.93 | -147.46 | -0.18 | 89.71 | -136.73 | 0.04 | -20.0 | 0.0 | 10.81 | 150.33 | -58.57 | 30.27 | -5.41 | 2.16 | 1650.00 | 2132.35 | 1010.34 | -1600.00 | -6233.33 | -668.89 | 47.77 | 15.44 | 1.75 |
| 22Q4 (16) | 24.36 | -5.25 | -24.35 | -22.45 | -104.84 | -183.46 | -30.73 | -244.2 | -365.14 | -35.49 | -271.62 | -609.18 | -2.32 | -235.67 | -521.82 | -1.75 | -228.68 | -488.89 | 0.05 | -16.67 | -16.67 | -21.48 | -174.97 | -209.31 | 32.00 | 17.56 | 11.34 | 73.91 | 244.31 | 205.59 | 26.09 | -82.75 | -84.65 | 41.38 | 28.67 | 15.43 |
| 22Q3 (15) | 25.71 | -27.96 | -20.3 | -10.96 | 53.87 | 14.58 | 21.31 | -4.27 | 452.07 | 20.68 | 8.27 | 1431.85 | 1.71 | 108.54 | 1800.0 | 1.36 | 106.06 | 1260.0 | 0.06 | 100.0 | 20.0 | 28.65 | -22.0 | 117.71 | 27.22 | -10.4 | -5.85 | -51.22 | 51.01 | 84.63 | 151.22 | -26.07 | -63.71 | 32.16 | -39.42 | -17.16 |
| 22Q2 (14) | 35.69 | 29.97 | 12.09 | -23.76 | 6.82 | -135.71 | 22.26 | 64.28 | 496.78 | 19.10 | 65.51 | 1790.27 | 0.82 | 38.98 | 1125.0 | 0.66 | 34.69 | 2300.0 | 0.03 | -25.0 | -50.0 | 36.73 | 40.78 | 193.84 | 30.38 | 2.53 | 8.19 | -104.55 | 42.32 | 60.8 | 204.55 | -27.27 | -44.21 | 53.09 | 13.08 | 49.05 |
| 22Q1 (13) | 27.46 | -14.72 | -20.86 | -25.50 | -221.97 | -163.98 | 13.55 | 16.91 | 43.54 | 11.54 | 65.57 | 112.52 | 0.59 | 7.27 | 68.57 | 0.49 | 8.89 | 63.33 | 0.04 | -33.33 | -20.0 | 26.09 | 32.77 | 36.24 | 29.63 | 3.1 | 4.92 | -181.25 | -158.93 | -68.3 | 281.25 | 65.44 | 35.42 | 46.95 | 30.96 | 21.85 |
| 21Q4 (12) | 32.20 | -0.19 | -0.65 | -7.92 | 38.27 | -62.63 | 11.59 | 200.26 | 729.89 | 6.97 | 416.3 | 313.8 | 0.55 | 511.11 | 303.7 | 0.45 | 350.0 | 364.71 | 0.06 | 20.0 | 0.0 | 19.65 | 49.32 | 201.38 | 28.74 | -0.59 | -7.23 | -70.00 | 79.0 | -123.33 | 170.00 | -59.2 | 185.0 | 35.85 | -7.65 | 15.94 |
| 21Q3 (11) | 32.26 | 1.32 | -3.12 | -12.83 | -27.28 | -21.61 | 3.86 | 3.49 | -81.39 | 1.35 | 219.47 | -87.55 | 0.09 | 212.5 | -88.31 | 0.10 | 433.33 | -83.87 | 0.05 | -16.67 | 0.0 | 13.16 | 5.28 | -55.66 | 28.91 | 2.96 | -8.69 | -333.33 | -25.0 | -566.67 | 416.67 | 13.64 | 172.11 | 38.82 | 8.98 | 10.57 |
| 21Q2 (10) | 31.84 | -8.24 | -7.25 | -10.08 | -4.35 | -119.13 | 3.73 | -60.49 | -84.33 | -1.13 | -120.81 | -108.57 | -0.08 | -122.86 | -108.33 | -0.03 | -110.0 | -103.9 | 0.06 | 20.0 | 0.0 | 12.50 | -34.73 | -62.02 | 28.08 | -0.57 | -10.66 | -266.67 | -147.62 | -1347.62 | 366.67 | 76.54 | 209.63 | 35.62 | -7.55 | 9.03 |
| 21Q1 (9) | 34.70 | 7.07 | 18.96 | -9.66 | -98.36 | 76.49 | 9.44 | 613.04 | 220.25 | 5.43 | 266.56 | 146.61 | 0.35 | 229.63 | 176.09 | 0.30 | 276.47 | 196.77 | 0.05 | -16.67 | 66.67 | 19.15 | 193.71 | 105.91 | 28.24 | -8.84 | -4.11 | -107.69 | -135.9 | -121.54 | 207.69 | 203.85 | 150.13 | 38.53 | 24.61 | -32.23 |
| 20Q4 (8) | 32.41 | -2.67 | 7.07 | -4.87 | 53.84 | 73.24 | -1.84 | -108.87 | -115.01 | -3.26 | -130.07 | -151.58 | -0.27 | -135.06 | -158.7 | -0.17 | -127.42 | -143.59 | 0.06 | 20.0 | 0.0 | 6.52 | -78.03 | -69.32 | 30.98 | -2.15 | -1.37 | 300.00 | 700.0 | 306.9 | -200.00 | -230.61 | -181.63 | 30.92 | -11.93 | -32.37 |
| 20Q3 (7) | 33.30 | -3.0 | 17.88 | -10.55 | -129.35 | 65.18 | 20.74 | -12.86 | 559.87 | 10.84 | -17.82 | 259.88 | 0.77 | -19.79 | 302.63 | 0.62 | -19.48 | 348.0 | 0.05 | -16.67 | 25.0 | 29.68 | -9.81 | 315.69 | 31.66 | 0.73 | 5.67 | -50.00 | -171.43 | -107.89 | 153.12 | 29.31 | 128.71 | 35.11 | 7.47 | -26.66 |
| 20Q2 (6) | 34.33 | 17.69 | 13.71 | -4.60 | 88.81 | 85.82 | 23.80 | 403.18 | 1130.3 | 13.19 | 213.22 | 388.62 | 0.96 | 308.7 | 536.36 | 0.77 | 348.39 | 692.31 | 0.06 | 100.0 | 50.0 | 32.91 | 253.87 | 178.43 | 31.43 | 6.72 | 5.26 | -18.42 | -103.68 | -101.54 | 118.42 | 128.58 | 110.77 | 32.67 | -42.53 | -34.33 |
| 20Q1 (5) | 29.17 | -3.63 | -3.95 | -41.09 | -125.77 | -31.53 | -7.85 | -164.03 | -161.67 | -11.65 | -284.34 | -239.19 | -0.46 | -200.0 | -209.52 | -0.31 | -179.49 | -181.58 | 0.03 | -50.0 | -25.0 | 9.30 | -56.24 | -65.29 | 29.45 | -6.24 | -1.57 | 500.00 | 444.83 | 300.0 | -414.29 | -269.1 | -218.37 | 56.85 | 24.34 | 19.06 |
| 19Q4 (4) | 30.27 | 7.15 | 0.0 | -18.20 | 39.93 | 0.0 | 12.26 | 371.84 | 0.0 | 6.32 | 193.22 | 0.0 | 0.46 | 221.05 | 0.0 | 0.39 | 256.0 | 0.0 | 0.06 | 50.0 | 0.0 | 21.25 | 197.62 | 0.0 | 31.41 | 4.84 | 0.0 | -145.00 | -122.89 | 0.0 | 245.00 | 145.94 | 0.0 | 45.72 | -4.49 | 0.0 |
| 19Q3 (3) | 28.25 | -6.43 | 0.0 | -30.30 | 6.57 | 0.0 | -4.51 | -95.24 | 0.0 | -6.78 | -48.36 | 0.0 | -0.38 | -72.73 | 0.0 | -0.25 | -92.31 | 0.0 | 0.04 | 0.0 | 0.0 | 7.14 | -39.59 | 0.0 | 29.96 | 0.33 | 0.0 | 633.33 | -47.22 | 0.0 | -533.33 | 51.52 | 0.0 | 47.87 | -3.78 | 0.0 |
| 19Q2 (2) | 30.19 | -0.59 | 0.0 | -32.43 | -3.81 | 0.0 | -2.31 | -118.15 | 0.0 | -4.57 | -154.6 | 0.0 | -0.22 | -152.38 | 0.0 | -0.13 | -134.21 | 0.0 | 0.04 | 0.0 | 0.0 | 11.82 | -55.88 | 0.0 | 29.86 | -0.2 | 0.0 | 1200.00 | 580.0 | 0.0 | -1100.00 | -414.29 | 0.0 | 49.75 | 4.19 | 0.0 |
| 19Q1 (1) | 30.37 | 0.0 | 0.0 | -31.24 | 0.0 | 0.0 | 12.73 | 0.0 | 0.0 | 8.37 | 0.0 | 0.0 | 0.42 | 0.0 | 0.0 | 0.38 | 0.0 | 0.0 | 0.04 | 0.0 | 0.0 | 26.79 | 0.0 | 0.0 | 29.92 | 0.0 | 0.0 | -250.00 | 0.0 | 0.0 | 350.00 | 0.0 | 0.0 | 47.75 | 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) | 30.50 | 10.99 | -17.55 | 0 | 8.16 | -11.2 | 6.85 | 16.7 | 3.87 | 14.16 | 1.00 | 17.65 | 0.90 | 15.38 | 0.20 | 5.26 | 15.97 | 0.69 | 28.41 | -11.22 | -258.97 | 0 | 361.54 | -14.78 | 1.75 | 2.79 | 40.42 | -2.44 |
| 2022 (9) | 27.48 | -15.94 | -19.34 | 0 | 9.19 | 12.79 | 5.87 | -18.7 | 3.39 | 6.27 | 0.85 | -5.56 | 0.78 | -3.7 | 0.19 | -13.64 | 15.86 | -1.67 | 32.00 | 11.34 | -324.24 | 0 | 424.24 | 76.77 | 1.70 | -3.02 | 41.43 | 11.61 |
| 2021 (8) | 32.69 | 0.0 | -10.06 | 0 | 8.15 | -10.54 | 7.22 | -29.35 | 3.19 | -13.78 | 0.90 | -8.16 | 0.81 | -8.99 | 0.22 | 10.0 | 16.13 | -19.75 | 28.74 | -7.23 | -140.00 | 0 | 240.00 | 13.39 | 1.75 | 1.61 | 37.12 | 2.15 |
| 2020 (7) | 32.69 | 9.77 | -11.67 | 0 | 9.11 | -14.33 | 10.22 | 101.98 | 3.70 | 213.56 | 0.98 | 262.96 | 0.89 | 128.21 | 0.20 | 5.26 | 20.10 | 18.72 | 30.98 | -1.37 | -113.33 | 0 | 211.67 | -66.44 | 1.72 | -0.79 | 36.34 | -23.61 |
| 2019 (6) | 29.78 | -10.94 | -27.16 | 0 | 10.63 | 68.07 | 5.06 | 69.8 | 1.18 | 0 | 0.27 | 0 | 0.39 | 0 | 0.19 | -9.52 | 16.93 | 76.91 | 31.41 | 85.09 | -530.77 | 0 | 630.77 | -26.55 | 1.74 | -9.28 | 47.57 | 21.76 |
| 2018 (5) | 33.44 | 3.66 | -21.99 | 0 | 6.32 | -14.75 | 2.98 | -97.47 | -2.18 | 0 | -0.57 | 0 | -0.45 | 0 | 0.21 | -8.7 | 9.57 | -92.37 | 16.97 | -37.63 | -758.82 | 0 | 858.82 | 620.09 | 1.91 | 11.57 | 39.07 | 20.1 |
| 2017 (4) | 32.26 | -7.35 | -22.72 | 0 | 7.42 | -27.34 | 117.95 | 2436.56 | 80.60 | 2641.5 | 25.65 | 2130.43 | 18.23 | 2207.59 | 0.23 | -4.17 | 125.50 | 723.49 | 27.21 | -53.46 | -19.27 | 0 | 119.27 | -73.59 | 1.72 | 0 | 32.53 | 3.4 |
| 2016 (3) | 34.82 | -7.2 | -16.24 | 0 | 10.21 | 5.89 | 4.65 | -39.77 | 2.94 | -9.82 | 1.15 | -27.22 | 0.79 | -37.3 | 0.24 | -20.0 | 15.24 | -17.26 | 58.46 | -11.63 | -351.52 | 0 | 451.52 | 102.85 | 0.00 | 0 | 31.46 | 8.45 |
| 2015 (2) | 37.52 | -5.61 | -9.34 | 0 | 9.64 | 79.15 | 7.72 | -62.06 | 3.26 | -82.7 | 1.58 | -85.94 | 1.26 | -83.57 | 0.30 | -18.92 | 18.42 | -34.0 | 66.15 | 27.02 | -122.58 | 0 | 222.58 | 67.19 | 0.00 | 0 | 29.01 | -2.29 |
| 2014 (1) | 39.75 | 0 | -6.77 | 0 | 5.38 | -35.51 | 20.35 | 0 | 18.84 | 0 | 11.24 | 0 | 7.67 | 0 | 0.37 | 5.71 | 27.91 | 39.97 | 52.08 | -23.82 | -33.13 | 0 | 133.13 | -54.66 | 0.00 | 0 | 29.69 | -13.84 |
