- 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) | 25.94 | -27.88 | -34.79 | -32.09 | -133.72 | -147.99 | -53.37 | -567.96 | -325.6 | -53.58 | -558.23 | -300.15 | -10.27 | -613.19 | -354.42 | -6.39 | -679.27 | -340.69 | 0.12 | 0.0 | 9.09 | -45.70 | 0 | -872.34 | 61.87 | 12.45 | 34.5 | 59.26 | -64.44 | -40.74 | 39.51 | 152.67 | 850.62 | 50.34 | 21.54 | 13.66 |
| 23Q3 (19) | 35.97 | -1.75 | -1.18 | -13.73 | 50.65 | -420.08 | -7.99 | 66.97 | -1501.75 | -8.14 | 66.88 | -3114.81 | -1.44 | 62.5 | -2500.0 | -0.82 | 66.53 | -845.45 | 0.12 | 20.0 | -20.0 | 0.00 | 100.0 | -100.0 | 55.02 | 6.5 | 12.93 | 166.67 | 44.14 | 133.33 | -75.00 | -380.0 | -110.71 | 41.42 | -19.53 | 31.24 |
| 23Q2 (18) | 36.61 | -8.79 | -1.45 | -27.82 | -152.91 | -858.04 | -24.19 | -120.51 | -569.71 | -24.58 | -110.45 | -594.57 | -3.84 | -86.41 | -347.74 | -2.45 | -88.46 | -331.13 | 0.10 | -16.67 | -50.0 | -15.04 | -357.14 | -253.31 | 51.66 | 0.02 | -2.6 | 115.62 | 15.62 | 61.87 | -15.62 | 0 | -154.69 | 51.47 | 33.86 | 97.96 |
| 23Q1 (17) | 40.14 | 0.9 | 20.07 | -11.00 | 14.99 | -4683.33 | -10.97 | 12.52 | -418.9 | -11.68 | 12.77 | -448.66 | -2.06 | 8.85 | -285.59 | -1.30 | 10.34 | -271.05 | 0.12 | 9.09 | -40.0 | -3.29 | 30.0 | -142.29 | 51.65 | 12.28 | -6.58 | 100.00 | 0.0 | 800.0 | -0.00 | 100.0 | -100.0 | 38.45 | -13.19 | 45.2 |
| 22Q4 (16) | 39.78 | 9.29 | 18.6 | -12.94 | -390.15 | -540.59 | -12.54 | -2300.0 | -473.21 | -13.39 | -5059.26 | -509.48 | -2.26 | -3866.67 | -315.24 | -1.45 | -1418.18 | -316.42 | 0.11 | -26.67 | -42.11 | -4.70 | -180.62 | -155.1 | 46.00 | -5.58 | -37.94 | 100.00 | 120.0 | 280.0 | -5.26 | -100.75 | -103.38 | 44.29 | 40.34 | 56.78 |
| 22Q3 (15) | 36.40 | -2.02 | 3.35 | -2.64 | -171.93 | -159.46 | 0.57 | -88.93 | -87.66 | 0.27 | -94.57 | -92.86 | 0.06 | -96.13 | -95.2 | 0.11 | -89.62 | -86.42 | 0.15 | -25.0 | -21.05 | 5.83 | -40.57 | -41.05 | 48.72 | -8.14 | -33.56 | -500.00 | -800.0 | -600.0 | 700.00 | 2350.0 | 0 | 31.56 | 21.38 | 27.05 |
| 22Q2 (14) | 37.15 | 11.13 | -2.52 | 3.67 | 1429.17 | 388.98 | 5.15 | 49.71 | 419.88 | 4.97 | 48.36 | 238.06 | 1.55 | 39.64 | 259.79 | 1.06 | 39.47 | 358.54 | 0.20 | 0.0 | 33.33 | 9.81 | 26.09 | 75.81 | 53.04 | -4.07 | -30.57 | 71.43 | 542.86 | -28.57 | 28.57 | -71.43 | -14.29 | 26.00 | -1.81 | -15.36 |
| 22Q1 (13) | 33.43 | -0.33 | -14.28 | 0.24 | 111.88 | 105.96 | 3.44 | 2.38 | 175.11 | 3.35 | 2.45 | 170.08 | 1.11 | 5.71 | 187.4 | 0.76 | 13.43 | 238.18 | 0.20 | 5.26 | 42.86 | 7.78 | -8.79 | 231.06 | 55.29 | -25.4 | -37.62 | 11.11 | 120.0 | -87.65 | 100.00 | -35.71 | 900.0 | 26.48 | -6.27 | -21.28 |
| 21Q4 (12) | 33.54 | -4.77 | -1.81 | -2.02 | -145.5 | 83.1 | 3.36 | -27.27 | 128.84 | 3.27 | -13.49 | 125.39 | 1.05 | -16.0 | 129.41 | 0.67 | -17.28 | 139.18 | 0.19 | 0.0 | 35.71 | 8.53 | -13.75 | 347.25 | 74.12 | 1.08 | -19.51 | -55.56 | -155.56 | -153.57 | 155.56 | 0 | 4300.0 | 28.25 | 13.73 | -29.23 |
| 21Q3 (11) | 35.22 | -7.58 | 16.01 | 4.44 | 449.61 | 130.75 | 4.62 | 386.96 | 137.2 | 3.78 | 205.0 | 128.64 | 1.25 | 228.87 | 134.92 | 0.81 | 297.56 | 148.21 | 0.19 | 26.67 | 35.71 | 9.89 | 77.24 | 331.62 | 73.33 | -4.01 | -23.86 | 100.00 | 0.0 | -14.71 | 0.00 | -100.0 | 100.0 | 24.84 | -19.14 | -30.17 |
| 21Q2 (10) | 38.11 | -2.28 | 23.21 | -1.27 | 68.49 | 94.97 | -1.61 | 64.85 | -104.93 | -3.60 | 24.69 | -112.31 | -0.97 | 23.62 | -113.47 | -0.41 | 25.45 | -111.11 | 0.15 | 7.14 | 25.0 | 5.58 | 137.45 | -86.81 | 76.39 | -13.81 | -22.34 | 100.00 | 11.11 | 230.77 | 33.33 | 233.33 | -81.11 | 30.72 | -8.68 | 0 |
| 21Q1 (9) | 39.00 | 14.17 | 20.97 | -4.03 | 66.28 | 71.38 | -4.58 | 60.69 | 71.99 | -4.78 | 62.89 | 70.92 | -1.27 | 64.43 | 77.64 | -0.55 | 67.84 | 78.35 | 0.14 | 0.0 | -12.5 | 2.35 | 168.12 | 125.24 | 88.63 | -3.76 | -16.96 | 90.00 | -13.21 | 3.17 | 10.00 | 370.0 | -32.86 | 33.64 | -15.73 | 0 |
| 20Q4 (8) | 34.16 | 12.52 | 32.1 | -11.95 | 17.24 | 37.83 | -11.65 | 6.2 | 48.34 | -12.88 | 2.42 | 52.1 | -3.57 | 0.28 | 66.88 | -1.71 | -1.79 | 66.21 | 0.14 | 0.0 | -26.32 | -3.45 | 19.2 | 77.14 | 92.09 | -4.38 | -23.35 | 103.70 | -11.55 | 22.69 | -3.70 | 78.52 | -125.93 | 39.92 | 12.23 | 21.04 |
| 20Q3 (7) | 30.36 | -1.84 | -4.47 | -14.44 | 42.83 | 43.64 | -12.42 | -138.05 | 55.37 | -13.20 | -145.13 | 54.59 | -3.58 | -149.72 | 54.39 | -1.68 | -145.53 | 58.82 | 0.14 | 16.67 | 0.0 | -4.27 | -110.09 | 77.44 | 96.31 | -2.08 | -1.53 | 117.24 | 253.32 | 27.01 | -17.24 | -109.77 | -324.14 | 35.57 | 0 | -17.03 |
| 20Q2 (6) | 30.93 | -4.06 | -17.08 | -25.26 | -79.4 | -35.81 | 32.64 | 299.63 | 263.36 | 29.25 | 277.92 | 245.81 | 7.20 | 226.76 | 232.11 | 3.69 | 245.28 | 224.24 | 0.12 | -25.0 | -20.0 | 42.31 | 554.46 | 444.26 | 98.36 | -7.84 | 26.07 | -76.47 | -187.66 | -181.93 | 176.47 | 1084.87 | 2547.06 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 32.24 | 24.67 | 16.1 | -14.08 | 26.74 | 50.11 | -16.35 | 27.49 | 43.7 | -16.44 | 38.86 | 43.52 | -5.68 | 47.31 | 22.09 | -2.54 | 49.8 | 35.7 | 0.16 | -15.79 | 14.29 | -9.31 | 38.3 | 55.28 | 106.73 | -11.16 | 35.56 | 87.23 | 3.21 | -10.66 | 14.89 | 4.26 | 532.98 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 25.86 | -18.63 | 0.0 | -19.22 | 24.98 | 0.0 | -22.55 | 18.97 | 0.0 | -26.89 | 7.5 | 0.0 | -10.78 | -37.32 | 0.0 | -5.06 | -24.02 | 0.0 | 0.19 | 35.71 | 0.0 | -15.09 | 20.29 | 0.0 | 120.14 | 22.83 | 0.0 | 84.52 | -8.43 | 0.0 | 14.29 | 85.71 | 0.0 | 32.98 | -23.07 | 0.0 |
| 19Q3 (3) | 31.78 | -14.8 | 0.0 | -25.62 | -37.74 | 0.0 | -27.83 | -39.29 | 0.0 | -29.07 | -44.92 | 0.0 | -7.85 | -44.04 | 0.0 | -4.08 | -37.37 | 0.0 | 0.14 | -6.67 | 0.0 | -18.93 | -54.03 | 0.0 | 97.81 | 25.37 | 0.0 | 92.31 | -1.1 | 0.0 | 7.69 | 15.38 | 0.0 | 42.87 | 3.13 | 0.0 |
| 19Q2 (2) | 37.30 | 34.32 | 0.0 | -18.60 | 34.09 | 0.0 | -19.98 | 31.2 | 0.0 | -20.06 | 31.09 | 0.0 | -5.45 | 25.24 | 0.0 | -2.97 | 24.81 | 0.0 | 0.15 | 7.14 | 0.0 | -12.29 | 40.97 | 0.0 | 78.02 | -0.9 | 0.0 | 93.33 | -4.42 | 0.0 | 6.67 | 183.33 | 0.0 | 41.57 | -5.13 | 0.0 |
| 19Q1 (1) | 27.77 | 0.0 | 0.0 | -28.22 | 0.0 | 0.0 | -29.04 | 0.0 | 0.0 | -29.11 | 0.0 | 0.0 | -7.29 | 0.0 | 0.0 | -3.95 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | -20.82 | 0.0 | 0.0 | 78.73 | 0.0 | 0.0 | 97.65 | 0.0 | 0.0 | 2.35 | 0.0 | 0.0 | 43.82 | 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) | 34.61 | -4.63 | -20.96 | 0 | 5.98 | 43.91 | -24.17 | 0 | -24.53 | 0 | -17.85 | 0 | -11.25 | 0 | 0.47 | -29.85 | -16.07 | 0 | 61.87 | 34.5 | 87.23 | 0 | 13.48 | -96.63 | 1.51 | -12.33 | 45.23 | 48.3 |
| 2022 (9) | 36.29 | 0.06 | -1.61 | 0 | 4.16 | -17.81 | 0.61 | -23.75 | 0.32 | 540.0 | 0.33 | 450.0 | 0.49 | 16.67 | 0.67 | 4.69 | 5.96 | -11.57 | 46.00 | -37.94 | -280.00 | 0 | 400.00 | 166.67 | 1.73 | 141.59 | 30.50 | 4.92 |
| 2021 (8) | 36.27 | 13.45 | -0.51 | 0 | 5.06 | -27.3 | 0.80 | 0 | 0.05 | 0 | 0.06 | 0 | 0.42 | 0 | 0.64 | 14.29 | 6.74 | 50.78 | 74.12 | -19.51 | -62.50 | 0 | 150.00 | 0 | 0.71 | 1019.37 | 29.07 | -24.43 |
| 2020 (7) | 31.97 | 5.16 | -16.06 | 0 | 6.96 | 0.8 | -3.71 | 0 | -4.95 | 0 | -5.69 | 0 | -2.25 | 0 | 0.56 | -8.2 | 4.47 | 0 | 92.09 | -23.35 | 430.56 | 368.73 | -330.56 | 0 | 0.06 | 21.26 | 38.47 | -3.41 |
| 2019 (6) | 30.40 | -5.56 | -22.63 | 0 | 6.90 | 125.43 | -24.65 | 0 | -26.25 | 0 | -31.56 | 0 | -15.68 | 0 | 0.61 | -26.51 | -16.69 | 0 | 120.14 | 53.83 | 91.86 | 76.36 | 8.14 | -83.01 | 0.05 | -62.17 | 39.83 | 30.89 |
| 2018 (5) | 32.19 | -12.19 | -1.36 | 0 | 3.06 | -31.56 | -2.64 | 0 | -3.48 | 0 | -5.14 | 0 | -2.54 | 0 | 0.83 | 13.7 | 1.15 | 0 | 78.10 | 1.47 | 52.08 | -30.84 | 47.92 | 92.67 | 0.14 | -47.96 | 30.43 | -25.73 |
| 2017 (4) | 36.66 | -8.37 | -23.60 | 0 | 4.47 | 44.02 | -31.40 | 0 | -32.84 | 0 | -38.04 | 0 | -23.86 | 0 | 0.73 | -19.78 | -23.73 | 0 | 76.97 | 70.06 | 75.30 | 21.74 | 24.87 | -34.8 | 0.27 | 0 | 40.97 | 36.02 |
| 2016 (3) | 40.01 | -5.44 | -7.23 | 0 | 3.11 | -7.12 | -11.68 | 0 | -12.28 | 0 | -15.67 | 0 | -11.09 | 0 | 0.91 | -1.09 | -5.91 | 0 | 45.26 | 27.85 | 61.86 | -47.17 | 38.14 | 0 | 0.00 | 0 | 30.12 | 17.24 |
| 2015 (2) | 42.31 | -7.7 | 4.57 | -61.85 | 3.34 | 57.64 | 3.90 | -70.18 | 2.59 | -75.82 | 3.27 | -81.31 | 2.46 | -80.19 | 0.92 | -20.0 | 8.73 | -46.83 | 35.40 | -10.24 | 117.09 | 27.58 | -17.09 | 0 | 0.00 | 0 | 25.69 | 7.44 |
| 2014 (1) | 45.84 | 0 | 11.98 | 0 | 2.12 | 21.8 | 13.08 | 0 | 10.71 | 0 | 17.50 | 0 | 12.42 | 0 | 1.15 | -3.36 | 16.42 | 19.77 | 39.44 | -11.79 | 91.78 | -6.23 | 8.42 | 297.7 | 0.00 | 0 | 23.91 | 3.06 |
