- 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) | 13.00 | -49.49 | -61.69 | -27.00 | -1321.72 | -295.94 | -20.13 | -309.47 | -202.91 | -16.77 | -265.71 | -208.4 | -2.18 | -233.74 | -139.78 | -1.45 | -219.83 | -140.39 | 0.09 | -25.0 | -60.87 | -10.00 | -162.15 | -141.1 | 48.94 | 31.56 | -30.24 | 134.21 | 490.53 | 92.56 | -34.21 | -144.27 | -218.84 | 30.30 | 74.94 | 128.16 |
| 23Q3 (19) | 25.74 | -15.22 | -12.83 | 2.21 | -81.48 | -85.3 | 9.61 | -43.24 | -73.32 | 10.12 | -28.53 | -68.64 | 1.63 | -59.15 | -86.96 | 1.21 | -54.85 | -84.68 | 0.12 | -33.33 | -50.0 | 16.09 | -25.41 | -59.58 | 37.20 | -6.39 | -8.08 | 22.73 | -67.85 | -45.16 | 77.27 | 163.64 | 31.96 | 17.32 | 28.97 | 22.32 |
| 23Q2 (18) | 30.36 | -5.71 | 33.16 | 11.93 | -22.13 | 25.98 | 16.93 | 4.51 | 18.39 | 14.16 | 10.54 | 0.0 | 3.99 | -12.11 | -46.94 | 2.68 | -2.9 | -33.17 | 0.18 | -14.29 | -35.71 | 21.57 | 4.66 | 22.63 | 39.74 | -44.36 | -52.98 | 70.69 | -25.45 | 4.89 | 29.31 | 466.67 | -15.73 | 13.43 | 13.72 | 8.48 |
| 23Q1 (17) | 32.20 | -5.1 | 94.09 | 15.32 | 11.18 | 633.01 | 16.20 | -17.18 | 173.19 | 12.81 | -17.19 | 129.57 | 4.54 | -17.15 | 64.49 | 2.76 | -23.12 | 94.37 | 0.21 | -8.7 | -12.5 | 20.61 | -15.29 | 104.46 | 71.42 | 1.81 | -29.36 | 94.83 | 36.06 | 184.48 | 5.17 | -82.03 | -92.24 | 11.81 | -11.07 | -11.87 |
| 22Q4 (16) | 33.93 | 14.9 | 115.29 | 13.78 | -8.32 | 2013.89 | 19.56 | -45.7 | 12940.0 | 15.47 | -52.06 | 2048.61 | 5.48 | -56.16 | 1381.08 | 3.59 | -54.56 | 1531.82 | 0.23 | -4.17 | -4.17 | 24.33 | -38.88 | 464.5 | 70.15 | 73.34 | -38.67 | 69.70 | 68.18 | 0 | 28.79 | -50.84 | 0 | 13.28 | -6.21 | -12.98 |
| 22Q3 (15) | 29.53 | 29.52 | 67.4 | 15.03 | 58.71 | 294.49 | 36.02 | 151.89 | 442.47 | 32.27 | 127.9 | 342.66 | 12.50 | 66.22 | 204.88 | 7.90 | 97.01 | 303.06 | 0.24 | -14.29 | -4.0 | 39.81 | 126.32 | 288.01 | 40.47 | -52.11 | -65.03 | 41.44 | -38.51 | -25.41 | 58.56 | 68.36 | 31.76 | 14.16 | 14.38 | 6.23 |
| 22Q2 (14) | 22.80 | 37.43 | 36.94 | 9.47 | 353.11 | 663.71 | 14.30 | 141.15 | 254.84 | 14.16 | 153.76 | 256.68 | 7.52 | 172.46 | 166.67 | 4.01 | 182.39 | 226.02 | 0.28 | 16.67 | 0.0 | 17.59 | 74.5 | 125.8 | 84.51 | -16.41 | -33.16 | 67.39 | 102.17 | 124.64 | 34.78 | -47.83 | -50.31 | 12.38 | -7.61 | -19.66 |
| 22Q1 (13) | 16.59 | 5.27 | 16.34 | 2.09 | 390.28 | 151.1 | 5.93 | 3853.33 | 814.46 | 5.58 | 675.0 | 1014.75 | 2.76 | 645.95 | 584.21 | 1.42 | 545.45 | 2128.57 | 0.24 | 0.0 | -25.0 | 10.08 | 133.87 | 147.06 | 101.10 | -11.62 | -51.67 | 33.33 | 0 | -91.67 | 66.67 | 0 | 122.22 | 13.40 | -12.19 | -30.17 |
| 21Q4 (12) | 15.76 | -10.66 | 45.52 | -0.72 | -118.9 | 94.53 | 0.15 | -97.74 | 101.8 | 0.72 | -90.12 | 108.17 | 0.37 | -90.98 | 105.92 | 0.22 | -88.78 | 109.87 | 0.24 | -4.0 | -11.11 | 4.31 | -57.99 | 319.9 | 114.39 | -1.15 | -31.35 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | 100.0 | 15.26 | 14.48 | -27.54 |
| 21Q3 (11) | 17.64 | 5.95 | 14.77 | 3.81 | 207.26 | 290.5 | 6.64 | 64.76 | 251.6 | 7.29 | 83.63 | 249.69 | 4.10 | 45.39 | 189.13 | 1.96 | 59.35 | 220.25 | 0.25 | -10.71 | -30.56 | 10.26 | 31.71 | 2237.5 | 115.72 | -8.48 | -30.65 | 55.56 | 85.19 | 25.0 | 44.44 | -36.51 | -20.0 | 13.33 | -13.5 | -38.34 |
| 21Q2 (10) | 16.65 | 16.76 | -20.56 | 1.24 | 130.32 | -79.3 | 4.03 | 585.54 | -35.31 | 3.97 | 750.82 | -31.55 | 2.82 | 594.74 | -50.87 | 1.23 | 1857.14 | -48.54 | 0.28 | -12.5 | -28.21 | 7.79 | 90.93 | -18.77 | 126.44 | -39.55 | -21.9 | 30.00 | -92.5 | -67.69 | 70.00 | 123.33 | 880.0 | 15.41 | -19.7 | 0 |
| 21Q1 (9) | 14.26 | 31.67 | -1.25 | -4.09 | 68.94 | 39.94 | -0.83 | 90.04 | 87.78 | -0.61 | 93.08 | 91.06 | -0.57 | 90.88 | 86.68 | -0.07 | 96.86 | 95.86 | 0.32 | 18.52 | 18.52 | 4.08 | 308.16 | 383.33 | 209.17 | 25.54 | 45.25 | 400.00 | 160.0 | 300.0 | -300.00 | -457.14 | 0 | 19.19 | -8.88 | 0 |
| 20Q4 (8) | 10.83 | -29.54 | -40.23 | -13.17 | -558.5 | -989.86 | -8.33 | -90.18 | -128.85 | -8.81 | -80.9 | -130.63 | -6.25 | -35.87 | -117.01 | -2.23 | -36.81 | -95.61 | 0.27 | -25.0 | -18.18 | -1.96 | -308.33 | -271.93 | 166.62 | -0.15 | 31.52 | 153.85 | 246.15 | 407.69 | -53.85 | -196.92 | -135.9 | 21.06 | -2.59 | 0 |
| 20Q3 (7) | 15.37 | -26.67 | -14.47 | -2.00 | -133.39 | -178.43 | -4.38 | -170.3 | -194.19 | -4.87 | -183.97 | -205.41 | -4.60 | -180.14 | -209.79 | -1.63 | -168.2 | -185.34 | 0.36 | -7.69 | -2.7 | -0.48 | -105.01 | -105.68 | 166.87 | 3.08 | 29.78 | 44.44 | -52.14 | -11.11 | 55.56 | 677.78 | 38.89 | 21.62 | 0 | 81.99 |
| 20Q2 (6) | 20.96 | 45.15 | 41.72 | 5.99 | 187.96 | 223.78 | 6.23 | 191.75 | 20.74 | 5.80 | 185.04 | -4.45 | 5.74 | 234.11 | -2.88 | 2.39 | 241.42 | 1.7 | 0.39 | 44.44 | 5.41 | 9.59 | 765.97 | 12.03 | 161.89 | 12.42 | -2.6 | 92.86 | -7.14 | 155.36 | 7.14 | 0 | -88.78 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 14.44 | -20.31 | 35.59 | -6.81 | -560.14 | -48.37 | -6.79 | -86.54 | -0.59 | -6.82 | -78.53 | -0.15 | -4.28 | -48.61 | 39.38 | -1.69 | -48.25 | 22.48 | 0.27 | -18.18 | -22.86 | -1.44 | -226.32 | 52.94 | 144.01 | 13.67 | -12.52 | 100.00 | 300.0 | 44.44 | -0.00 | -100.0 | -100.0 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 18.12 | 0.83 | 0.0 | 1.48 | -41.96 | 0.0 | -3.64 | -178.28 | 0.0 | -3.82 | -182.68 | 0.0 | -2.88 | -168.74 | 0.0 | -1.14 | -159.69 | 0.0 | 0.33 | -10.81 | 0.0 | 1.14 | -86.51 | 0.0 | 126.69 | -1.47 | 0.0 | -50.00 | -200.0 | 0.0 | 150.00 | 275.0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 17.97 | 21.5 | 0.0 | 2.55 | 37.84 | 0.0 | 4.65 | -9.88 | 0.0 | 4.62 | -23.89 | 0.0 | 4.19 | -29.1 | 0.0 | 1.91 | -18.72 | 0.0 | 0.37 | 0.0 | 0.0 | 8.45 | -1.29 | 0.0 | 128.58 | -22.64 | 0.0 | 50.00 | 37.5 | 0.0 | 40.00 | -37.14 | 0.0 | 11.88 | -13.03 | 0.0 |
| 19Q2 (2) | 14.79 | 38.87 | 0.0 | 1.85 | 140.31 | 0.0 | 5.16 | 176.44 | 0.0 | 6.07 | 189.13 | 0.0 | 5.91 | 183.71 | 0.0 | 2.35 | 207.8 | 0.0 | 0.37 | 5.71 | 0.0 | 8.56 | 379.74 | 0.0 | 166.22 | 0.97 | 0.0 | 36.36 | -47.47 | 0.0 | 63.64 | 106.82 | 0.0 | 13.66 | -16.81 | 0.0 |
| 19Q1 (1) | 10.65 | 0.0 | 0.0 | -4.59 | 0.0 | 0.0 | -6.75 | 0.0 | 0.0 | -6.81 | 0.0 | 0.0 | -7.06 | 0.0 | 0.0 | -2.18 | 0.0 | 0.0 | 0.35 | 0.0 | 0.0 | -3.06 | 0.0 | 0.0 | 164.62 | 0.0 | 0.0 | 69.23 | 0.0 | 0.0 | 30.77 | 0.0 | 0.0 | 16.42 | 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) | 27.07 | 3.16 | 4.44 | -57.71 | 4.99 | 42.54 | 8.92 | -54.14 | 7.66 | -55.65 | 7.04 | -75.23 | 4.76 | -69.55 | 0.58 | -34.83 | 14.71 | -37.27 | 48.94 | -30.24 | 50.00 | -7.36 | 50.00 | 8.64 | 1.89 | -22.42 | 16.56 | 24.6 |
| 2022 (9) | 26.24 | 61.88 | 10.50 | 2737.84 | 3.50 | -0.2 | 19.45 | 604.71 | 17.27 | 453.53 | 28.42 | 236.33 | 15.63 | 282.15 | 0.89 | -24.58 | 23.45 | 244.35 | 70.15 | -38.67 | 53.97 | 264.33 | 46.03 | -45.97 | 2.44 | 31.87 | 13.29 | -14.53 |
| 2021 (8) | 16.21 | 1.76 | 0.37 | 0 | 3.51 | -12.89 | 2.76 | 0 | 3.12 | 0 | 8.45 | 0 | 4.09 | 0 | 1.18 | -11.94 | 6.81 | 206.76 | 114.39 | -31.35 | 14.81 | -87.3 | 85.19 | 0 | 1.85 | -47.97 | 15.55 | -12.98 |
| 2020 (7) | 15.93 | 3.85 | -2.87 | 0 | 4.03 | 25.02 | -2.46 | 0 | -2.84 | 0 | -9.34 | 0 | -3.30 | 0 | 1.34 | -12.42 | 2.22 | -45.72 | 166.62 | 31.52 | 116.67 | -22.22 | -16.67 | 0 | 3.55 | 508.64 | 17.87 | 16.27 |
| 2019 (6) | 15.34 | 129.3 | 0.39 | 0 | 3.22 | 53.32 | 0.21 | 0 | 0.40 | 0 | 1.69 | 0 | 1.32 | 0 | 1.53 | 7.75 | 4.09 | 0 | 126.69 | -48.71 | 150.00 | 48.17 | -50.00 | 0 | 0.58 | -21.06 | 15.37 | -35.15 |
| 2018 (5) | 6.69 | -0.3 | -10.12 | 0 | 2.10 | 0.98 | -9.97 | 0 | -10.24 | 0 | -46.95 | 0 | -13.90 | 0 | 1.42 | 0.71 | -7.17 | 0 | 247.00 | 20.85 | 101.23 | 19.91 | -1.23 | 0 | 0.74 | 0 | 23.70 | -12.09 |
| 2017 (4) | 6.71 | -50.19 | -11.27 | 0 | 2.08 | 4.24 | -13.33 | 0 | -13.41 | 0 | -47.86 | 0 | -18.57 | 0 | 1.41 | -6.62 | -10.84 | 0 | 204.39 | 68.57 | 84.43 | 0 | 15.57 | -93.27 | 0.00 | 0 | 26.96 | 5.15 |
| 2016 (3) | 13.47 | 49.33 | -1.89 | 0 | 2.00 | -8.98 | 1.48 | 0 | 0.75 | 0 | 2.57 | 0 | 1.37 | 0 | 1.51 | 15.27 | 3.81 | 0 | 121.25 | -9.56 | -131.25 | 0 | 231.25 | 0 | 0.00 | 0 | 25.64 | -18.16 |
| 2015 (2) | 9.02 | -12.43 | -6.87 | 0 | 2.19 | 9.29 | -5.36 | 0 | -7.39 | 0 | -20.04 | 0 | -9.23 | 0 | 1.31 | -8.39 | -2.59 | 0 | 134.07 | 54.89 | 127.78 | 21.83 | -27.78 | 0 | 0.00 | 0 | 31.33 | 9.93 |
| 2014 (1) | 10.30 | 0 | -3.75 | 0 | 2.01 | -31.05 | -3.62 | 0 | -3.74 | 0 | -10.00 | 0 | -5.18 | 0 | 1.43 | 15.32 | -1.40 | 0 | 86.56 | -1.73 | 104.88 | 11.96 | -4.88 | 0 | 0.00 | 0 | 28.50 | 1.32 |
