- 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) | 13.62 | -21.09 | -14.12 | -19.06 | -1113.83 | -47.3 | -23.65 | -825.46 | -86.66 | -18.28 | -946.3 | -77.99 | -4.36 | -878.57 | -60.89 | -1.62 | -526.32 | -84.09 | 0.10 | -9.09 | 0.0 | -12.21 | -192.71 | -322.49 | 143.37 | -1.92 | -11.98 | 80.65 | 39.3 | -21.59 | 19.35 | -54.03 | 777.42 | 33.93 | -7.5 | 39.8 |
| 23Q3 (19) | 17.26 | 2.86 | -16.94 | 1.88 | 288.0 | -75.17 | 3.26 | 329.58 | -53.43 | 2.16 | 366.67 | -68.51 | 0.56 | 380.0 | -78.63 | 0.38 | 533.33 | -62.0 | 0.11 | 10.0 | -15.38 | 13.17 | 54.94 | -2.88 | 146.18 | -2.04 | -17.82 | 57.89 | -22.81 | -46.85 | 42.11 | 68.42 | 571.58 | 36.68 | 7.22 | -5.39 |
| 23Q2 (18) | 16.78 | 70.53 | -6.57 | -1.00 | 94.66 | -114.1 | -1.42 | 91.71 | -119.24 | -0.81 | 94.71 | -113.13 | -0.20 | 94.4 | -106.47 | 0.06 | 104.72 | -94.78 | 0.10 | 11.11 | -44.44 | 8.50 | 253.43 | -23.49 | 149.22 | 9.08 | -22.51 | 75.00 | -32.11 | -21.87 | 25.00 | 368.75 | 525.0 | 34.21 | -8.92 | -11.83 |
| 23Q1 (17) | 9.84 | -37.96 | -31.24 | -18.74 | -44.82 | -975.7 | -17.12 | -35.12 | -1125.15 | -15.31 | -49.07 | -3224.49 | -3.57 | -31.73 | -1528.0 | -1.27 | -44.32 | -1076.92 | 0.09 | -10.0 | -52.63 | -5.54 | -91.7 | -207.16 | 136.80 | -16.01 | -19.64 | 110.47 | 7.4 | -15.84 | -9.30 | -225.58 | 70.23 | 37.56 | 54.76 | 18.41 |
| 22Q4 (16) | 15.86 | -23.68 | 18.36 | -12.94 | -270.94 | -5726.09 | -12.67 | -281.0 | -4323.33 | -10.27 | -249.71 | -610.95 | -2.71 | -203.44 | -391.4 | -0.88 | -188.0 | -320.0 | 0.10 | -23.08 | -44.44 | -2.89 | -121.31 | -192.04 | 162.88 | -8.43 | 2.23 | 102.86 | -5.57 | 54.29 | -2.86 | 68.0 | -108.57 | 24.27 | -37.4 | -34.99 |
| 22Q3 (15) | 20.78 | 15.7 | 77.61 | 7.57 | 6.77 | 591.56 | 7.00 | -5.15 | 500.0 | 6.86 | 11.18 | 333.33 | 2.62 | -15.21 | 316.53 | 1.00 | -13.04 | 322.22 | 0.13 | -27.78 | -18.75 | 13.56 | 22.05 | 951.16 | 177.87 | -7.63 | 14.6 | 108.93 | 13.47 | 27.08 | -8.93 | -323.21 | -162.5 | 38.77 | -0.08 | -10.71 |
| 22Q2 (14) | 17.96 | 25.51 | -12.3 | 7.09 | 231.31 | 1189.09 | 7.38 | 341.92 | 1090.32 | 6.17 | 1159.18 | 1714.71 | 3.09 | 1136.0 | 2475.0 | 1.15 | 784.62 | 1337.5 | 0.18 | -5.26 | 20.0 | 11.11 | 114.89 | 175.68 | 192.57 | 13.12 | 34.02 | 96.00 | -26.86 | -4.0 | 4.00 | 112.8 | 0 | 38.80 | 22.32 | -3.58 |
| 22Q1 (13) | 14.31 | 6.79 | -33.07 | 2.14 | 830.43 | -56.77 | 1.67 | 456.67 | -66.53 | 0.49 | -75.62 | -87.07 | 0.25 | -73.12 | -82.01 | 0.13 | -67.5 | -79.37 | 0.19 | 5.56 | 26.67 | 5.17 | 64.65 | -38.31 | 170.24 | 6.85 | 36.1 | 131.25 | 96.88 | 31.25 | -31.25 | -193.75 | 0 | 31.72 | -15.03 | -8.61 |
| 21Q4 (12) | 13.40 | 14.53 | -37.27 | 0.23 | 114.94 | 111.5 | 0.30 | 117.14 | 118.4 | 2.01 | 168.37 | 220.36 | 0.93 | 176.86 | 240.91 | 0.40 | 188.89 | 290.48 | 0.18 | 12.5 | 12.5 | 3.14 | 143.41 | 56.22 | 159.32 | 2.65 | 5.97 | 66.67 | -22.22 | -43.59 | 33.33 | 133.33 | 283.33 | 37.33 | -14.03 | 1.66 |
| 21Q3 (11) | 11.70 | -42.87 | -53.03 | -1.54 | -380.0 | -140.0 | -1.75 | -382.26 | -145.1 | -2.94 | -964.71 | -170.5 | -1.21 | -1108.33 | -169.14 | -0.45 | -662.5 | -159.21 | 0.16 | 6.67 | -5.88 | 1.29 | -67.99 | -81.52 | 155.21 | 8.02 | 5.37 | 85.71 | -14.29 | -14.29 | 14.29 | 0 | 0 | 43.42 | 7.9 | 13.19 |
| 21Q2 (10) | 20.48 | -4.21 | -20.06 | 0.55 | -88.89 | -94.66 | 0.62 | -87.58 | -94.11 | 0.34 | -91.03 | -95.65 | 0.12 | -91.37 | -96.9 | 0.08 | -87.3 | -95.43 | 0.15 | 0.0 | -31.82 | 4.03 | -51.91 | -69.07 | 143.69 | 14.88 | -2.84 | 100.00 | 0.0 | 1.23 | 0.00 | 0 | -100.0 | 40.24 | 15.93 | 0 |
| 21Q1 (9) | 21.38 | 0.09 | -12.56 | 4.95 | 347.5 | -57.4 | 4.99 | 406.13 | -55.49 | 3.79 | 326.95 | -56.34 | 1.39 | 310.61 | -54.28 | 0.63 | 400.0 | -57.43 | 0.15 | -6.25 | -6.25 | 8.38 | 316.92 | -42.64 | 125.08 | -16.8 | 12.49 | 100.00 | -15.38 | -2.99 | 0.00 | 100.0 | 100.0 | 34.71 | -5.47 | 10.72 |
| 20Q4 (8) | 21.36 | -14.25 | -19.4 | -2.00 | -151.95 | -118.69 | -1.63 | -142.01 | -115.12 | -1.67 | -140.05 | -115.11 | -0.66 | -137.71 | -112.0 | -0.21 | -127.63 | -108.08 | 0.16 | -5.88 | -30.43 | 2.01 | -71.2 | -84.84 | 150.34 | 2.06 | 27.87 | 118.18 | 18.18 | 18.18 | -18.18 | 0 | -1645.45 | 36.72 | -4.28 | 24.43 |
| 20Q3 (7) | 24.91 | -2.77 | 9.78 | 3.85 | -62.59 | -63.71 | 3.88 | -63.15 | -63.74 | 4.17 | -46.68 | -47.01 | 1.75 | -54.78 | -56.68 | 0.76 | -56.57 | -60.42 | 0.17 | -22.73 | -29.17 | 6.98 | -46.43 | -47.2 | 147.30 | -0.4 | 26.86 | 100.00 | 1.23 | 1.19 | 0.00 | -100.0 | -100.0 | 38.36 | 0 | 24.67 |
| 20Q2 (6) | 25.62 | 4.79 | 8.84 | 10.29 | -11.45 | -14.68 | 10.53 | -6.07 | -12.83 | 7.82 | -9.91 | -27.39 | 3.87 | 27.3 | -24.56 | 1.75 | 18.24 | -31.1 | 0.22 | 37.5 | -4.35 | 13.03 | -10.81 | -11.78 | 147.89 | 33.01 | 24.88 | 98.78 | -4.17 | -1.22 | 2.44 | 179.27 | 0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 24.45 | -7.74 | -9.65 | 11.62 | 8.6 | -12.83 | 11.21 | 3.99 | -16.65 | 8.68 | -21.45 | -2.91 | 3.04 | -44.73 | -18.28 | 1.48 | -43.08 | -22.51 | 0.16 | -30.43 | -20.0 | 14.61 | 10.18 | -10.97 | 111.19 | -5.43 | 11.85 | 103.08 | 3.08 | 3.08 | -3.08 | -361.54 | -398.46 | 31.35 | 6.24 | 0.55 |
| 19Q4 (4) | 26.50 | 16.79 | 0.0 | 10.70 | 0.85 | 0.0 | 10.78 | 0.75 | 0.0 | 11.05 | 40.41 | 0.0 | 5.50 | 36.14 | 0.0 | 2.60 | 35.42 | 0.0 | 0.23 | -4.17 | 0.0 | 13.26 | 0.3 | 0.0 | 117.57 | 1.26 | 0.0 | 100.00 | 1.19 | 0.0 | 1.18 | 0.0 | 0.0 | 29.51 | -4.09 | 0.0 |
| 19Q3 (3) | 22.69 | -3.61 | 0.0 | 10.61 | -12.02 | 0.0 | 10.70 | -11.42 | 0.0 | 7.87 | -26.93 | 0.0 | 4.04 | -21.25 | 0.0 | 1.92 | -24.41 | 0.0 | 0.24 | 4.35 | 0.0 | 13.22 | -10.49 | 0.0 | 116.11 | -1.96 | 0.0 | 98.82 | -1.18 | 0.0 | 1.18 | 0 | 0.0 | 30.77 | -1.06 | 0.0 |
| 19Q2 (2) | 23.54 | -13.01 | 0.0 | 12.06 | -9.53 | 0.0 | 12.08 | -10.19 | 0.0 | 10.77 | 20.47 | 0.0 | 5.13 | 37.9 | 0.0 | 2.54 | 32.98 | 0.0 | 0.23 | 15.0 | 0.0 | 14.77 | -9.99 | 0.0 | 118.43 | 19.13 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | -100.0 | 0.0 | 31.10 | -0.26 | 0.0 |
| 19Q1 (1) | 27.06 | 0.0 | 0.0 | 13.33 | 0.0 | 0.0 | 13.45 | 0.0 | 0.0 | 8.94 | 0.0 | 0.0 | 3.72 | 0.0 | 0.0 | 1.91 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 16.41 | 0.0 | 0.0 | 99.41 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | 1.03 | 0.0 | 0.0 | 31.18 | 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) | 14.52 | -15.68 | -8.76 | 0 | 8.66 | 85.48 | -9.24 | 0 | -7.65 | 0 | -7.87 | 0 | -2.48 | 0 | 0.41 | -35.94 | 1.44 | -81.15 | 143.37 | -11.98 | 94.97 | -9.66 | 5.03 | 0 | 0.12 | 4.51 | 35.58 | 3.67 |
| 2022 (9) | 17.22 | 5.58 | 2.45 | 175.28 | 4.67 | 63.28 | 2.31 | 162.5 | 1.96 | 161.33 | 3.29 | 163.2 | 1.58 | 150.79 | 0.64 | -1.54 | 7.64 | 90.05 | 162.88 | 2.23 | 105.13 | 1.23 | -6.41 | 0 | 0.11 | 0 | 34.32 | -11.93 |
| 2021 (8) | 16.31 | -32.46 | 0.89 | -85.19 | 2.86 | 6.79 | 0.88 | -85.55 | 0.75 | -84.38 | 1.25 | -83.68 | 0.63 | -81.95 | 0.65 | -4.41 | 4.02 | -56.3 | 159.32 | 5.97 | 103.85 | 5.15 | 0.00 | 0 | 0.00 | 0 | 38.97 | 11.5 |
| 2020 (7) | 24.15 | -3.01 | 6.01 | -48.37 | 2.68 | 18.72 | 6.09 | -48.04 | 4.80 | -50.36 | 7.66 | -57.59 | 3.49 | -59.98 | 0.68 | -21.84 | 9.20 | -36.16 | 150.34 | 27.87 | 98.76 | -0.42 | 1.24 | 126.09 | 0.00 | 0 | 34.95 | 14.1 |
| 2019 (6) | 24.90 | -6.32 | 11.64 | -28.41 | 2.26 | 25.6 | 11.72 | -28.62 | 9.67 | -23.38 | 18.06 | -24.24 | 8.72 | -29.11 | 0.87 | -8.42 | 14.41 | -23.19 | 117.57 | 6.89 | 99.18 | 0.15 | 0.55 | -43.74 | 0.03 | -49.69 | 30.63 | -4.79 |
| 2018 (5) | 26.58 | -6.44 | 16.26 | 4.7 | 1.80 | -9.58 | 16.42 | 6.55 | 12.62 | -1.1 | 23.84 | 7.48 | 12.30 | 4.86 | 0.95 | 5.56 | 18.76 | 5.39 | 109.99 | 24.39 | 99.02 | -1.71 | 0.98 | 0 | 0.06 | 0 | 32.17 | 15.51 |
| 2017 (4) | 28.41 | -0.35 | 15.53 | 14.7 | 1.99 | -5.17 | 15.41 | 15.69 | 12.76 | 23.17 | 22.18 | 1.37 | 11.73 | 5.96 | 0.90 | -13.46 | 17.80 | 12.02 | 88.42 | -9.49 | 100.74 | -0.87 | -0.74 | 0 | 0.00 | 0 | 27.85 | -6.57 |
| 2016 (3) | 28.51 | 66.92 | 13.54 | 129.1 | 2.09 | -29.74 | 13.32 | 169.64 | 10.36 | 201.16 | 21.88 | 234.56 | 11.07 | 216.29 | 1.04 | 19.54 | 15.89 | 82.22 | 97.69 | -11.16 | 101.63 | -14.94 | -1.63 | 0 | 0.00 | 0 | 29.81 | -8.56 |
| 2015 (2) | 17.08 | 24.58 | 5.91 | 24.42 | 2.98 | -17.12 | 4.94 | 21.08 | 3.44 | 8.52 | 6.54 | 11.41 | 3.50 | 8.02 | 0.87 | 3.57 | 8.72 | 0.69 | 109.96 | -11.78 | 119.47 | 2.74 | -19.47 | 0 | 0.00 | 0 | 32.60 | -9.87 |
| 2014 (1) | 13.71 | 0 | 4.75 | 0 | 3.60 | -21.93 | 4.08 | 0 | 3.17 | 0 | 5.87 | 0 | 3.24 | 0 | 0.84 | 10.53 | 8.66 | 136.61 | 124.65 | 10.0 | 116.28 | 61.78 | -16.28 | 0 | 0.00 | 0 | 36.17 | -0.85 |
