- 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) | 17.55 | -24.55 | 1.56 | -15.03 | -1241.96 | -98.55 | -17.68 | -875.44 | -1.67 | -18.42 | -1265.82 | -6.84 | -3.41 | -1074.29 | -26.77 | -2.52 | -912.9 | -24.14 | 0.14 | -17.65 | 16.67 | -6.85 | -159.05 | -61.18 | 29.81 | -16.55 | 11.27 | 84.71 | 257.31 | 97.65 | 15.29 | -90.06 | -72.55 | 33.74 | 24.27 | 9.3 |
| 23Q3 (19) | 23.26 | 1.13 | 6561.11 | -1.12 | 69.4 | 96.1 | 2.28 | 182.31 | 110.0 | 1.58 | 152.15 | 107.21 | 0.35 | 162.5 | 109.56 | 0.31 | 177.5 | 111.61 | 0.17 | 21.43 | 41.67 | 11.60 | 36.95 | 208.82 | 35.72 | 8.47 | 6.53 | -53.85 | -141.18 | -142.74 | 153.85 | 600.0 | 691.72 | 27.15 | -3.55 | -26.9 |
| 23Q2 (18) | 23.00 | 87.6 | 130.23 | -3.66 | 77.25 | 51.84 | -2.77 | 77.57 | 21.31 | -3.03 | 75.7 | 14.65 | -0.56 | 73.71 | 36.36 | -0.40 | 75.31 | 32.2 | 0.14 | 7.69 | -17.65 | 8.47 | 3582.61 | 75.73 | 32.93 | 0.92 | -14.2 | 130.77 | 0.45 | -39.64 | -30.77 | -1.92 | 73.63 | 28.15 | -22.0 | -0.42 |
| 23Q1 (17) | 12.26 | -29.05 | -36.71 | -16.09 | -112.55 | -495.33 | -12.35 | 28.98 | -306.18 | -12.47 | 27.67 | -332.22 | -2.13 | 20.82 | -226.04 | -1.62 | 20.2 | -244.64 | 0.13 | 8.33 | -38.1 | 0.23 | 105.41 | -98.17 | 32.63 | 21.8 | -36.79 | 130.19 | 203.77 | 91.67 | -30.19 | -154.18 | -194.12 | 36.09 | 16.91 | 63.16 |
| 22Q4 (16) | 17.28 | 4900.0 | -3.57 | -7.57 | 73.62 | -318.79 | -17.39 | 23.69 | -463.81 | -17.24 | 21.35 | -517.43 | -2.69 | 26.5 | -289.44 | -2.03 | 23.97 | -323.08 | 0.12 | 0.0 | -45.45 | -4.25 | 60.13 | -139.57 | 26.79 | -20.1 | -48.81 | 42.86 | -65.99 | -41.56 | 55.71 | 314.29 | 92.86 | 30.87 | -16.88 | 55.28 |
| 22Q3 (15) | -0.36 | -103.6 | -102.83 | -28.70 | -277.63 | -853.49 | -22.79 | -547.44 | -1000.97 | -21.92 | -517.46 | -1204.76 | -3.66 | -315.91 | -553.57 | -2.67 | -352.54 | -685.29 | 0.12 | -29.41 | -42.86 | -10.66 | -321.16 | -380.53 | 33.53 | -12.64 | -46.09 | 126.00 | -41.85 | -14.5 | -26.00 | 77.71 | 45.11 | 37.14 | 31.38 | 90.36 |
| 22Q2 (14) | 9.99 | -48.43 | -35.09 | -7.60 | -286.73 | -411.48 | -3.52 | -158.76 | -181.11 | -3.55 | -166.11 | -208.9 | -0.88 | -152.07 | -174.58 | -0.59 | -152.68 | -181.94 | 0.17 | -19.05 | -22.73 | 4.82 | -61.56 | -50.21 | 38.38 | -25.65 | -39.62 | 216.67 | 218.98 | 288.19 | -116.67 | -463.73 | -364.04 | 28.27 | 27.8 | 42.78 |
| 22Q1 (13) | 19.37 | 8.09 | 63.32 | 4.07 | 17.63 | 97.57 | 5.99 | 25.31 | 144.49 | 5.37 | 30.02 | 155.71 | 1.69 | 19.01 | 40.83 | 1.12 | 23.08 | 57.75 | 0.21 | -4.55 | -36.36 | 12.54 | 16.76 | 98.1 | 51.62 | -1.36 | -29.1 | 67.92 | -7.38 | -21.46 | 32.08 | 11.03 | 97.8 | 22.12 | 11.27 | 67.2 |
| 21Q4 (12) | 17.92 | 40.77 | 88.24 | 3.46 | 214.95 | 432.31 | 4.78 | 330.92 | 1870.37 | 4.13 | 345.83 | 2273.68 | 1.42 | 353.57 | 1390.91 | 0.91 | 367.65 | 2375.0 | 0.22 | 4.76 | -29.03 | 10.74 | 182.63 | 172.59 | 52.33 | -15.87 | -30.38 | 73.33 | -50.24 | 129.33 | 28.89 | 160.99 | -91.75 | 19.88 | 1.9 | 86.49 |
| 21Q3 (11) | 12.73 | -17.28 | 70.87 | -3.01 | -223.36 | -210.66 | -2.07 | -147.7 | -144.9 | -1.68 | -151.53 | -143.3 | -0.56 | -147.46 | -124.78 | -0.34 | -147.22 | -127.2 | 0.21 | -4.55 | -32.26 | 3.80 | -60.74 | -57.49 | 62.20 | -2.14 | -31.37 | 147.37 | 164.04 | 154.21 | -47.37 | -207.2 | -216.73 | 19.51 | -1.46 | 29.38 |
| 21Q2 (10) | 15.39 | 29.76 | 98.58 | 2.44 | 18.45 | 206.55 | 4.34 | 77.14 | 259.56 | 3.26 | 55.24 | 209.03 | 1.18 | -1.67 | 166.67 | 0.72 | 1.41 | 175.0 | 0.22 | -33.33 | -33.33 | 9.68 | 52.92 | 490.24 | 63.56 | -12.7 | -21.25 | 55.81 | -35.47 | -32.35 | 44.19 | 172.48 | 194.57 | 19.80 | 49.66 | 0 |
| 21Q1 (9) | 11.86 | 24.58 | 695.97 | 2.06 | 216.92 | 117.31 | 2.45 | 1007.41 | 120.68 | 2.10 | 1205.26 | 117.89 | 1.20 | 1190.91 | 125.16 | 0.71 | 1875.0 | 125.63 | 0.33 | 6.45 | 37.5 | 6.33 | 60.66 | 207.47 | 72.81 | -3.13 | -4.12 | 86.49 | 134.59 | -13.51 | 16.22 | -95.37 | 2094.59 | 13.23 | 24.11 | -35.08 |
| 20Q4 (8) | 9.52 | 27.79 | 2.59 | 0.65 | -76.1 | -16.67 | -0.27 | -105.86 | 88.66 | -0.19 | -104.9 | 92.75 | -0.11 | -104.87 | 90.83 | -0.04 | -103.2 | 94.44 | 0.31 | 0.0 | 10.71 | 3.94 | -55.93 | 36.81 | 75.16 | -17.07 | 15.65 | -250.00 | -531.25 | -625.0 | 350.00 | 762.5 | 167.11 | 10.66 | -29.31 | -42.66 |
| 20Q3 (7) | 7.45 | -3.87 | -47.9 | 2.72 | 218.78 | 205.62 | 4.61 | 269.49 | 1820.83 | 3.88 | 229.77 | 632.08 | 2.26 | 227.68 | 976.19 | 1.25 | 230.21 | 635.29 | 0.31 | -6.06 | 19.23 | 8.94 | 445.12 | 39.47 | 90.63 | 12.29 | 57.13 | 57.97 | -29.73 | -82.61 | 40.58 | 170.53 | 117.39 | 15.08 | 0 | -17.19 |
| 20Q2 (6) | 7.75 | 420.13 | -7.74 | -2.29 | 80.76 | 69.3 | -2.72 | 77.05 | 59.46 | -2.99 | 74.53 | 54.35 | -1.77 | 62.89 | 22.37 | -0.96 | 65.34 | 35.57 | 0.33 | 37.5 | 43.48 | 1.64 | 127.84 | 281.4 | 80.71 | 6.28 | 54.2 | 82.50 | -17.5 | -25.75 | 15.00 | 1945.0 | 235.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 1.49 | -83.94 | 15.5 | -11.90 | -1625.64 | 20.13 | -11.85 | -397.9 | 20.52 | -11.74 | -348.09 | 20.84 | -4.77 | -297.5 | -11.97 | -2.77 | -284.72 | -6.95 | 0.24 | -14.29 | 33.33 | -5.89 | -304.51 | 5.0 | 75.94 | 16.85 | 45.7 | 100.00 | 390.0 | 0.0 | -0.81 | -100.62 | 0 | 20.38 | 9.63 | -25.84 |
| 19Q4 (4) | 9.28 | -35.1 | 0.0 | 0.78 | -12.36 | 0.0 | -2.38 | -1091.67 | 0.0 | -2.62 | -594.34 | 0.0 | -1.20 | -671.43 | 0.0 | -0.72 | -523.53 | 0.0 | 0.28 | 7.69 | 0.0 | 2.88 | -55.07 | 0.0 | 64.99 | 12.67 | 0.0 | -34.48 | -110.34 | 0.0 | 131.03 | 156.16 | 0.0 | 18.59 | 2.09 | 0.0 |
| 19Q3 (3) | 14.30 | 70.24 | 0.0 | 0.89 | 111.93 | 0.0 | 0.24 | 103.58 | 0.0 | 0.53 | 108.09 | 0.0 | 0.21 | 109.21 | 0.0 | 0.17 | 111.41 | 0.0 | 0.26 | 13.04 | 0.0 | 6.41 | 1390.7 | 0.0 | 57.68 | 10.2 | 0.0 | 333.33 | 200.0 | 0.0 | -233.33 | -2000.0 | 0.0 | 18.21 | -20.17 | 0.0 |
| 19Q2 (2) | 8.40 | 551.16 | 0.0 | -7.46 | 49.93 | 0.0 | -6.71 | 55.0 | 0.0 | -6.55 | 55.83 | 0.0 | -2.28 | 46.48 | 0.0 | -1.49 | 42.47 | 0.0 | 0.23 | 27.78 | 0.0 | 0.43 | 106.94 | 0.0 | 52.34 | 0.42 | 0.0 | 111.11 | 11.11 | 0.0 | -11.11 | 0 | 0.0 | 22.81 | -16.99 | 0.0 |
| 19Q1 (1) | 1.29 | 0.0 | 0.0 | -14.90 | 0.0 | 0.0 | -14.91 | 0.0 | 0.0 | -14.83 | 0.0 | 0.0 | -4.26 | 0.0 | 0.0 | -2.59 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | -6.20 | 0.0 | 0.0 | 52.12 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 27.48 | 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) | 19.40 | 52.16 | -8.40 | 0 | 8.36 | 5.02 | -7.01 | 0 | -7.48 | 0 | -5.76 | 0 | -4.34 | 0 | 0.60 | -7.69 | 3.80 | 14.46 | 29.81 | 11.27 | 120.29 | -1.96 | -20.29 | 0 | 3.43 | 1126.0 | 30.96 | 10.33 |
| 2022 (9) | 12.75 | -9.89 | -7.17 | 0 | 7.96 | 79.53 | -5.85 | 0 | -5.90 | 0 | -5.34 | 0 | -3.73 | 0 | 0.65 | -34.34 | 3.32 | -55.91 | 26.79 | -48.81 | 122.70 | 115.22 | -22.70 | 0 | 0.28 | -65.07 | 28.06 | 60.71 |
| 2021 (8) | 14.15 | 103.01 | 1.39 | 0 | 4.44 | 10.98 | 2.43 | 0 | 2.01 | 0 | 3.25 | 0 | 2.04 | 0 | 0.99 | -18.85 | 7.53 | 164.21 | 52.33 | -30.38 | 57.01 | -47.79 | 42.99 | 0 | 0.80 | -24.49 | 17.46 | 18.61 |
| 2020 (7) | 6.97 | -20.98 | -1.95 | 0 | 4.00 | -31.04 | -1.79 | 0 | -2.02 | 0 | -4.19 | 0 | -2.35 | 0 | 1.22 | 40.23 | 2.85 | 97.92 | 75.16 | 15.65 | 109.18 | 34.09 | -9.18 | 0 | 1.06 | -37.49 | 14.72 | -30.73 |
| 2019 (6) | 8.82 | 46.76 | -4.24 | 0 | 5.80 | 8.96 | -5.19 | 0 | -5.13 | 0 | -7.53 | 0 | -4.37 | 0 | 0.87 | 0.0 | 1.44 | 0 | 64.99 | -10.52 | 81.43 | -12.18 | 18.10 | 148.66 | 1.70 | -14.63 | 21.25 | -3.28 |
| 2018 (5) | 6.01 | -53.34 | -8.51 | 0 | 5.32 | 18.66 | -9.19 | 0 | -8.33 | 0 | -12.43 | 0 | -7.22 | 0 | 0.87 | -15.53 | -3.17 | 0 | 72.63 | 2.34 | 92.72 | -18.52 | 7.28 | 0 | 1.99 | 1042.84 | 21.97 | 18.56 |
| 2017 (4) | 12.88 | 4.04 | 2.21 | 32.34 | 4.48 | -0.83 | 1.94 | 22.01 | 1.64 | 70.83 | 2.94 | 68.97 | 1.70 | 61.9 | 1.03 | -5.5 | 6.51 | 4.66 | 70.97 | -6.33 | 113.79 | 8.27 | -13.79 | 0 | 0.17 | 0 | 18.53 | 4.04 |
| 2016 (3) | 12.38 | -26.92 | 1.67 | -73.41 | 4.52 | 5.65 | 1.59 | -76.16 | 0.96 | -82.73 | 1.74 | -82.39 | 1.05 | -81.64 | 1.09 | 5.83 | 6.22 | -44.06 | 75.77 | 26.43 | 105.10 | 11.6 | -5.10 | 0 | 0.00 | 0 | 17.81 | -10.73 |
| 2015 (2) | 16.94 | 1.44 | 6.28 | -15.7 | 4.28 | 12.32 | 6.67 | -16.1 | 5.56 | -6.24 | 9.88 | -32.7 | 5.72 | -25.03 | 1.03 | -20.16 | 11.12 | -6.95 | 59.93 | -30.58 | 94.17 | 0.39 | 5.83 | -8.58 | 0.00 | 0 | 19.95 | 17.77 |
| 2014 (1) | 16.70 | 0 | 7.45 | 0 | 3.81 | -26.73 | 7.95 | 0 | 5.93 | 0 | 14.68 | 0 | 7.63 | 0 | 1.29 | -20.37 | 11.95 | -28.61 | 86.33 | -15.5 | 93.81 | -4.03 | 6.37 | 182.23 | 0.00 | 0 | 16.94 | -0.24 |
