- 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) | 19.89 | -17.67 | -18.52 | -3.38 | -249.56 | -589.86 | -8.22 | -130.13 | -1811.63 | -7.60 | -130.39 | -1026.83 | -1.48 | -129.42 | -922.22 | -0.96 | -128.83 | -633.33 | 0.13 | 0.0 | 8.33 | -4.96 | -115.58 | -225.25 | 53.37 | 21.63 | -41.86 | 42.11 | 389.95 | 128.07 | 57.89 | -36.66 | -71.05 | 18.46 | 50.2 | 10.87 |
| 23Q3 (19) | 24.16 | 28.99 | 15.54 | 2.26 | -23.13 | 305.45 | 27.28 | 200.44 | 283.15 | 25.01 | 234.81 | 389.43 | 5.03 | 155.33 | 393.14 | 3.33 | 168.55 | 382.61 | 0.13 | -18.75 | 8.33 | 31.84 | 147.2 | 184.03 | 43.88 | -32.55 | -38.75 | 8.59 | -74.22 | 151.56 | 91.41 | 33.4 | -18.75 | 12.29 | 4.33 | -30.84 |
| 23Q2 (18) | 18.73 | -31.97 | -20.06 | 2.94 | 159.27 | 297.32 | 9.08 | 383.75 | 140.85 | 7.47 | 256.6 | 204.9 | 1.97 | 377.46 | 418.42 | 1.24 | 513.33 | 327.59 | 0.16 | 100.0 | 77.78 | 12.88 | 175.21 | 60.4 | 65.06 | -9.43 | 1.32 | 33.33 | -77.78 | 175.0 | 68.52 | 237.04 | -52.56 | 11.78 | -45.66 | -44.3 |
| 23Q1 (17) | 27.53 | 12.78 | -9.86 | -4.96 | -818.84 | -219.52 | -3.20 | -644.19 | -122.87 | -4.77 | -681.71 | -148.62 | -0.71 | -494.44 | -145.22 | -0.30 | -266.67 | -130.0 | 0.08 | -33.33 | -20.0 | 4.68 | 18.18 | -74.26 | 71.83 | -21.75 | 5.82 | 150.00 | 200.0 | 425.0 | -50.00 | -125.0 | -170.0 | 21.68 | 30.21 | 9.72 |
| 22Q4 (16) | 24.41 | 16.74 | -6.48 | 0.69 | 162.73 | 111.44 | -0.43 | -106.04 | 78.06 | 0.82 | -83.95 | 446.67 | 0.18 | -82.35 | 500.0 | 0.18 | -73.91 | 157.14 | 0.12 | 0.0 | 9.09 | 3.96 | -64.67 | 125.0 | 91.80 | 28.14 | 39.05 | -150.00 | -800.0 | -152.94 | 200.00 | 77.78 | 200.0 | 16.65 | -6.3 | -0.12 |
| 22Q3 (15) | 20.91 | -10.76 | -27.97 | -1.10 | 26.17 | -143.14 | 7.12 | 88.86 | -56.35 | 5.11 | 108.57 | -6.24 | 1.02 | 168.42 | -8.93 | 0.69 | 137.93 | -6.76 | 0.12 | 33.33 | -7.69 | 11.21 | 39.6 | -43.04 | 71.64 | 11.57 | 28.43 | -16.67 | 62.5 | -206.25 | 112.50 | -22.12 | 33.43 | 17.77 | -15.98 | -16.02 |
| 22Q2 (14) | 23.43 | -23.28 | -32.44 | -1.49 | -135.9 | -120.81 | 3.77 | -73.05 | -46.07 | 2.45 | -75.03 | -52.33 | 0.38 | -75.8 | -55.81 | 0.29 | -71.0 | -48.21 | 0.09 | -10.0 | -10.0 | 8.03 | -55.83 | -25.65 | 64.21 | -5.41 | -12.05 | -44.44 | -255.56 | -141.98 | 144.44 | 102.22 | 0 | 21.15 | 7.03 | 28.26 |
| 22Q1 (13) | 30.54 | 17.01 | -12.49 | 4.15 | 168.82 | 361.01 | 13.99 | 813.78 | 138.74 | 9.81 | 6440.0 | 284.71 | 1.57 | 5133.33 | 361.76 | 1.00 | 1328.57 | 284.62 | 0.10 | -9.09 | 25.0 | 18.18 | 932.95 | 73.97 | 67.88 | 2.82 | -1.54 | 28.57 | -89.92 | 214.29 | 71.43 | 135.71 | -42.86 | 19.76 | 18.54 | -40.8 |
| 21Q4 (12) | 26.10 | -10.09 | -28.28 | -6.03 | -336.47 | 27.35 | -1.96 | -112.02 | 70.7 | 0.15 | -97.25 | 102.69 | 0.03 | -97.32 | 103.61 | 0.07 | -90.54 | 115.22 | 0.11 | -15.38 | 22.22 | 1.76 | -91.06 | 165.43 | 66.02 | 18.36 | 1.4 | 283.33 | 1706.25 | 123.68 | -200.00 | -337.21 | -650.0 | 16.67 | -21.22 | -44.27 |
| 21Q3 (11) | 29.03 | -16.29 | -27.8 | 2.55 | -64.39 | -76.26 | 16.31 | 133.33 | 41.46 | 5.45 | 6.03 | -56.57 | 1.12 | 30.23 | -45.37 | 0.74 | 32.14 | -45.19 | 0.13 | 30.0 | 30.0 | 19.68 | 82.22 | 29.22 | 55.78 | -23.6 | -6.57 | 15.69 | -85.19 | -83.11 | 84.31 | 0 | 1080.39 | 21.16 | 28.32 | -17.05 |
| 21Q2 (10) | 34.68 | -0.63 | -8.64 | 7.16 | 550.31 | -8.79 | 6.99 | 19.28 | 4.02 | 5.14 | 101.57 | 14.22 | 0.86 | 152.94 | 34.37 | 0.56 | 115.38 | 16.67 | 0.10 | 25.0 | 11.11 | 10.80 | 3.35 | 3.55 | 73.01 | 5.9 | 30.14 | 105.88 | 523.53 | -12.8 | 0.00 | -100.0 | 100.0 | 16.49 | -50.6 | 0 |
| 21Q1 (9) | 34.90 | -4.09 | -14.4 | -1.59 | 80.84 | -117.87 | 5.86 | 187.59 | -2.5 | 2.55 | 145.78 | -39.57 | 0.34 | 140.96 | -30.61 | 0.26 | 156.52 | -35.0 | 0.08 | -11.11 | 0.0 | 10.45 | 488.48 | -0.19 | 68.94 | 5.88 | 46.06 | -25.00 | -119.74 | -116.67 | 125.00 | 568.75 | 350.0 | 33.38 | 11.6 | 0 |
| 20Q4 (8) | 36.39 | -9.5 | 12.84 | -8.30 | -177.28 | 43.92 | -6.69 | -158.02 | 69.27 | -5.57 | -144.38 | -1395.35 | -0.83 | -140.49 | -730.0 | -0.46 | -134.07 | 0 | 0.09 | -10.0 | 28.57 | -2.69 | -117.66 | 83.51 | 65.11 | 9.06 | 37.83 | 126.67 | 36.41 | 86.98 | -26.67 | -473.33 | -182.67 | 29.91 | 17.25 | 0 |
| 20Q3 (7) | 40.21 | 5.93 | 19.07 | 10.74 | 36.82 | 384.88 | 11.53 | 71.58 | 216.58 | 12.55 | 178.89 | 217.73 | 2.05 | 220.31 | 291.59 | 1.35 | 181.25 | 301.49 | 0.10 | 11.11 | 42.86 | 15.23 | 46.02 | 424.04 | 59.70 | 6.42 | 39.49 | 92.86 | -23.53 | 132.14 | 7.14 | 150.0 | -88.1 | 25.51 | 0 | 22.17 |
| 20Q2 (6) | 37.96 | -6.89 | 5.44 | 7.85 | -11.8 | 238.94 | 6.72 | 11.81 | 215.46 | 4.50 | 6.64 | 177.99 | 0.64 | 30.61 | 203.23 | 0.48 | 20.0 | 241.18 | 0.09 | 12.5 | 28.57 | 10.43 | -0.38 | 1755.56 | 56.10 | 18.86 | 17.36 | 121.43 | -19.05 | 21.43 | -14.29 | 71.43 | 0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 40.77 | 26.42 | 16.72 | 8.90 | 160.14 | 4338.1 | 6.01 | 127.61 | 1.69 | 4.22 | 881.4 | 1.2 | 0.49 | 590.0 | 0.0 | 0.40 | 0 | -2.44 | 0.08 | 14.29 | 0.0 | 10.47 | 164.19 | 1.75 | 47.20 | -0.08 | 1.72 | 150.00 | 121.43 | 0 | -50.00 | -255.0 | -145.45 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 32.25 | -4.5 | 0.0 | -14.80 | -292.57 | 0.0 | -21.77 | -120.12 | 0.0 | 0.43 | 104.03 | 0.0 | -0.10 | 90.65 | 0.0 | 0.00 | 100.0 | 0.0 | 0.07 | 0.0 | 0.0 | -16.31 | -247.02 | 0.0 | 47.24 | 10.37 | 0.0 | 67.74 | 69.35 | 0.0 | 32.26 | -46.24 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 33.77 | -6.19 | 0.0 | -3.77 | 33.27 | 0.0 | -9.89 | -69.93 | 0.0 | -10.66 | -84.75 | 0.0 | -1.07 | -72.58 | 0.0 | -0.67 | -97.06 | 0.0 | 0.07 | 0.0 | 0.0 | -4.70 | -646.03 | 0.0 | 42.80 | -10.46 | 0.0 | 40.00 | -60.0 | 0.0 | 60.00 | 0 | 0.0 | 20.88 | -34.32 | 0.0 |
| 19Q2 (2) | 36.00 | 3.06 | 0.0 | -5.65 | -2590.48 | 0.0 | -5.82 | -198.48 | 0.0 | -5.77 | -238.37 | 0.0 | -0.62 | -226.53 | 0.0 | -0.34 | -182.93 | 0.0 | 0.07 | -12.5 | 0.0 | -0.63 | -106.12 | 0.0 | 47.80 | 3.02 | 0.0 | 100.00 | 0 | 0.0 | 0.00 | -100.0 | 0.0 | 31.79 | 20.55 | 0.0 |
| 19Q1 (1) | 34.93 | 0.0 | 0.0 | -0.21 | 0.0 | 0.0 | 5.91 | 0.0 | 0.0 | 4.17 | 0.0 | 0.0 | 0.49 | 0.0 | 0.0 | 0.41 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 10.29 | 0.0 | 0.0 | 46.40 | 0.0 | 0.0 | -0.00 | 0.0 | 0.0 | 110.00 | 0.0 | 0.0 | 26.37 | 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) | 21.85 | -10.93 | -0.13 | 0 | 3.72 | 12.56 | 7.35 | 33.64 | 6.14 | 46.19 | 5.49 | 77.1 | 3.52 | 76.0 | 0.53 | 29.27 | 11.86 | 21.77 | 53.37 | -41.86 | -1.49 | 0 | 102.24 | 12.3 | 0.17 | -8.9 | 15.22 | -17.86 |
| 2022 (9) | 24.53 | -20.1 | 0.48 | -9.43 | 3.30 | 11.77 | 5.50 | -23.08 | 4.20 | 23.89 | 3.10 | 32.48 | 2.00 | 22.7 | 0.41 | -2.38 | 9.74 | -10.4 | 91.80 | 39.05 | 8.96 | 11.94 | 91.04 | -1.04 | 0.18 | 369.51 | 18.53 | -12.47 |
| 2021 (8) | 30.70 | -20.79 | 0.53 | -88.6 | 2.96 | -3.39 | 7.15 | 61.4 | 3.39 | -17.32 | 2.34 | -0.85 | 1.63 | -6.32 | 0.42 | 13.51 | 10.87 | 30.18 | 66.02 | 1.4 | 8.00 | -92.21 | 92.00 | 0 | 0.04 | -5.33 | 21.17 | -20.14 |
| 2020 (7) | 38.76 | 12.94 | 4.65 | 0 | 3.06 | -13.38 | 4.43 | 0 | 4.10 | 0 | 2.36 | 0 | 1.74 | 0 | 0.37 | 27.59 | 8.35 | 0 | 65.11 | 37.83 | 102.63 | 25.44 | -5.26 | 0 | 0.04 | -55.92 | 26.51 | -15.33 |
| 2019 (6) | 34.32 | 6.78 | -5.74 | 0 | 3.53 | 7.57 | -7.10 | 0 | -2.76 | 0 | -1.31 | 0 | -0.60 | 0 | 0.29 | -21.62 | -2.09 | 0 | 47.24 | -1.83 | 81.82 | -88.71 | 18.18 | 0 | 0.09 | -32.62 | 31.31 | 13.9 |
| 2018 (5) | 32.14 | 10.67 | -3.60 | 0 | 3.28 | -13.91 | -0.48 | 0 | 20.74 | 0 | -3.48 | 0 | -1.98 | 0 | 0.37 | 5.71 | 3.91 | 0 | 48.12 | -24.33 | 725.00 | 532.33 | -625.00 | 0 | 0.14 | -2.25 | 27.49 | -22.17 |
| 2017 (4) | 29.04 | -8.51 | -32.66 | 0 | 3.81 | 26.7 | -28.51 | 0 | -28.25 | 0 | -16.02 | 0 | -9.48 | 0 | 0.35 | -20.45 | -23.49 | 0 | 63.59 | 0.89 | 114.66 | 0 | -14.66 | 0 | 0.14 | 0 | 35.32 | 30.19 |
| 2016 (3) | 31.74 | 3.46 | -1.95 | 0 | 3.01 | -3.86 | 3.73 | -34.1 | 2.02 | -39.88 | 1.48 | -40.56 | 1.30 | -32.99 | 0.44 | -4.35 | 8.00 | -18.45 | 63.03 | -9.6 | -53.49 | 0 | 153.49 | 40.87 | 0.00 | 0 | 27.13 | 5.69 |
| 2015 (2) | 30.68 | 10.28 | -0.52 | 0 | 3.13 | -0.17 | 5.66 | 14.81 | 3.36 | 11.63 | 2.49 | 8.73 | 1.94 | 8.99 | 0.46 | -8.0 | 9.81 | 11.35 | 69.72 | 36.73 | -8.96 | 0 | 108.96 | -15.74 | 0.00 | 0 | 25.67 | 3.01 |
| 2014 (1) | 27.82 | 0 | -1.46 | 0 | 3.14 | -6.01 | 4.93 | 0 | 3.01 | 0 | 2.29 | 0 | 1.78 | 0 | 0.50 | -9.09 | 8.81 | 2.44 | 50.99 | -0.58 | -29.31 | 0 | 129.31 | 16.59 | 0.00 | 0 | 24.92 | 1.42 |
