- 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) | 33.12 | -10.82 | 41.42 | -30.73 | -59.8 | -31.89 | -33.11 | -146.17 | -39.29 | 3.26 | 131.41 | 116.8 | 0.74 | 124.5 | 111.97 | 0.52 | 141.94 | 117.99 | 0.10 | -28.57 | -37.5 | -25.33 | -250.83 | -41.59 | 114.43 | -7.0 | 8.04 | 92.00 | -37.05 | -8.0 | 8.00 | 117.33 | 132.0 | 52.93 | 20.05 | 42.17 |
| 23Q3 (19) | 37.14 | 11.16 | 31.14 | -19.23 | -6.36 | -11918.75 | -13.45 | 13.11 | -314.86 | -10.38 | 31.58 | -352.55 | -3.02 | 25.62 | -261.5 | -1.24 | 29.94 | -218.1 | 0.14 | 7.69 | -39.13 | -7.22 | 16.05 | -172.2 | 123.04 | 17.24 | 18.98 | 146.15 | 20.36 | 0 | -46.15 | -223.08 | -142.31 | 44.09 | 5.4 | 81.07 |
| 23Q2 (18) | 33.41 | 2.36 | 2.74 | -18.08 | -35.33 | -9944.44 | -15.48 | -17.36 | -1358.54 | -15.17 | -1.88 | -25383.33 | -4.06 | 4.92 | -13633.33 | -1.77 | 5.85 | -1461.54 | 0.13 | -7.14 | -45.83 | -8.60 | -28.94 | -265.07 | 104.95 | -7.1 | 6.41 | 121.43 | 21.43 | 0 | -14.29 | 0 | -109.52 | 41.83 | 9.19 | 58.51 |
| 23Q1 (17) | 32.64 | 39.37 | 4.92 | -13.36 | 42.66 | -1047.52 | -13.19 | 44.51 | -389.89 | -14.89 | 23.29 | -767.71 | -4.27 | 30.91 | -495.37 | -1.88 | 34.95 | -403.23 | 0.14 | -12.5 | -39.13 | -6.67 | 62.72 | -185.4 | 112.97 | 6.67 | 6.79 | 100.00 | 0.0 | 200.0 | -0.00 | -100.0 | -100.0 | 38.31 | 2.9 | 54.29 |
| 22Q4 (16) | 23.42 | -17.3 | -20.85 | -23.30 | -14462.5 | -2812.5 | -23.77 | -479.71 | -1227.93 | -19.41 | -572.26 | -698.77 | -6.18 | -430.48 | -332.17 | -2.89 | -375.24 | -398.28 | 0.16 | -30.43 | -42.86 | -17.89 | -278.9 | -1476.15 | 105.91 | 2.42 | -4.62 | 100.00 | 0 | 100.0 | 3.45 | -96.84 | -93.1 | 37.23 | 52.9 | 58.49 |
| 22Q3 (15) | 28.32 | -12.92 | -12.48 | -0.16 | 11.11 | -101.36 | 6.26 | 408.94 | -48.09 | 4.11 | 6750.0 | -44.68 | 1.87 | 6133.33 | -62.6 | 1.05 | 707.69 | -58.17 | 0.23 | -4.17 | -30.3 | 10.00 | 91.94 | -31.83 | 103.41 | 4.85 | -5.28 | 0.00 | 0 | -100.0 | 109.09 | -27.27 | 3281.82 | 24.35 | -7.73 | 41.98 |
| 22Q2 (14) | 32.52 | 4.53 | 4.57 | -0.18 | -112.77 | -104.4 | 1.23 | -72.97 | -59.0 | 0.06 | -97.31 | -86.96 | 0.03 | -97.22 | -87.5 | 0.13 | -79.03 | -38.1 | 0.24 | 4.35 | -7.69 | 5.21 | -33.29 | -20.21 | 98.63 | -6.77 | -5.52 | 0.00 | -100.0 | -100.0 | 150.00 | 125.0 | 550.0 | 26.39 | 6.28 | 19.2 |
| 22Q1 (13) | 31.11 | 5.14 | 4.78 | 1.41 | 276.25 | 128.48 | 4.55 | 354.19 | 205.08 | 2.23 | 191.77 | 146.07 | 1.08 | 175.52 | 152.17 | 0.62 | 206.9 | 163.27 | 0.23 | -17.86 | 4.55 | 7.81 | 500.77 | 1380.33 | 105.79 | -4.73 | 13.18 | 33.33 | -33.33 | -70.83 | 66.67 | 33.33 | 566.67 | 24.83 | 5.7 | -15.52 |
| 21Q4 (12) | 29.59 | -8.56 | -4.89 | -0.80 | -106.8 | -112.66 | -1.79 | -114.84 | -130.44 | -2.43 | -132.71 | -169.63 | -1.43 | -128.6 | -168.1 | -0.58 | -123.11 | -147.93 | 0.28 | -15.15 | -12.5 | 1.30 | -91.14 | -84.92 | 111.04 | 1.71 | 19.3 | 50.00 | -50.0 | -53.33 | 50.00 | 1450.0 | 800.0 | 23.49 | 36.97 | 47.37 |
| 21Q3 (11) | 32.36 | 4.05 | 14.63 | 11.76 | 187.53 | 64.94 | 12.06 | 302.0 | 19.52 | 7.43 | 1515.22 | 1.09 | 5.00 | 1983.33 | 5.71 | 2.51 | 1095.24 | -5.64 | 0.33 | 26.92 | -5.71 | 14.67 | 124.66 | 16.89 | 109.17 | 4.58 | 38.29 | 100.00 | -25.0 | 41.18 | 3.23 | 109.68 | -88.94 | 17.15 | -22.54 | -4.14 |
| 21Q2 (10) | 31.10 | 4.75 | 11.83 | 4.09 | 182.63 | 2305.88 | 3.00 | 169.28 | 147.93 | 0.46 | 109.5 | -70.51 | 0.24 | 111.59 | -68.42 | 0.21 | 121.43 | -57.14 | 0.26 | 18.18 | -7.14 | 6.53 | 1170.49 | 46.09 | 104.39 | 11.68 | 21.67 | 133.33 | 16.67 | 0 | -33.33 | -133.33 | -133.33 | 22.14 | -24.67 | 0 |
| 21Q1 (9) | 29.69 | -4.56 | -4.84 | -4.95 | -178.32 | -25.0 | -4.33 | -173.64 | -20.95 | -4.84 | -238.68 | 30.96 | -2.07 | -198.57 | 25.54 | -0.98 | -180.99 | 41.32 | 0.22 | -31.25 | -12.0 | -0.61 | -107.08 | 0 | 93.47 | 0.42 | 36.43 | 114.29 | 6.67 | -4.76 | -14.29 | -100.0 | 28.57 | 29.39 | 84.38 | 0 |
| 20Q4 (8) | 31.11 | 10.2 | 11.11 | 6.32 | -11.36 | 177.93 | 5.88 | -41.72 | 149.04 | 3.49 | -52.52 | 128.47 | 2.10 | -55.6 | 143.39 | 1.21 | -54.51 | 139.41 | 0.32 | -8.57 | 23.08 | 8.62 | -31.31 | 204.11 | 93.08 | 17.91 | 73.85 | 107.14 | 51.26 | 56.59 | -7.14 | -124.49 | -122.62 | 15.94 | -10.9 | -43.01 |
| 20Q3 (7) | 28.23 | 1.51 | -4.24 | 7.13 | 4094.12 | 158.01 | 10.09 | 733.88 | 184.86 | 7.35 | 371.15 | 169.21 | 4.73 | 522.37 | 244.21 | 2.66 | 442.86 | 226.07 | 0.35 | 25.0 | 75.0 | 12.55 | 180.76 | 265.57 | 78.94 | -8.0 | 44.58 | 70.83 | 0 | -29.17 | 29.17 | -70.83 | 566.67 | 17.89 | 0 | -43.67 |
| 20Q2 (6) | 27.81 | -10.87 | -6.68 | 0.17 | 104.29 | 105.09 | 1.21 | 133.8 | 132.01 | 1.56 | 122.25 | 155.32 | 0.76 | 127.34 | 175.25 | 0.49 | 129.34 | 177.78 | 0.28 | 12.0 | 16.67 | 4.47 | 0 | 0 | 85.80 | 25.24 | 76.58 | 0.00 | -100.0 | -100.0 | 100.00 | 600.0 | 500.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 31.20 | 11.43 | -8.75 | -3.96 | 51.17 | -187.42 | -3.58 | 70.14 | -219.33 | -7.01 | 42.82 | -731.53 | -2.78 | 42.56 | -778.05 | -1.67 | 45.6 | -606.06 | 0.25 | -3.85 | 0.0 | 0.00 | 100.0 | -100.0 | 68.51 | 27.96 | 33.73 | 120.00 | 75.38 | -25.0 | -20.00 | -163.33 | 66.67 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 28.00 | -5.02 | 0.0 | -8.11 | 34.01 | 0.0 | -11.99 | -0.84 | 0.0 | -12.26 | -15.44 | 0.0 | -4.84 | -47.56 | 0.0 | -3.07 | -45.5 | 0.0 | 0.26 | 30.0 | 0.0 | -8.28 | -9.23 | 0.0 | 53.54 | -1.94 | 0.0 | 68.42 | -31.58 | 0.0 | 31.58 | 605.26 | 0.0 | 27.97 | -11.93 | 0.0 |
| 19Q3 (3) | 29.48 | -1.07 | 0.0 | -12.29 | -267.96 | 0.0 | -11.89 | -214.55 | 0.0 | -10.62 | -276.6 | 0.0 | -3.28 | -224.75 | 0.0 | -2.11 | -234.92 | 0.0 | 0.20 | -16.67 | 0.0 | -7.58 | 0 | 0.0 | 54.60 | 12.37 | 0.0 | 100.00 | 20.0 | 0.0 | -6.25 | -137.5 | 0.0 | 31.76 | 29.69 | 0.0 |
| 19Q2 (2) | 29.80 | -12.84 | 0.0 | -3.34 | -173.73 | 0.0 | -3.78 | -226.0 | 0.0 | -2.82 | -354.05 | 0.0 | -1.01 | -346.34 | 0.0 | -0.63 | -290.91 | 0.0 | 0.24 | -4.0 | 0.0 | -0.00 | -100.0 | 0.0 | 48.59 | -5.15 | 0.0 | 83.33 | -47.92 | 0.0 | 16.67 | 127.78 | 0.0 | 24.49 | 5.02 | 0.0 |
| 19Q1 (1) | 34.19 | 0.0 | 0.0 | 4.53 | 0.0 | 0.0 | 3.00 | 0.0 | 0.0 | 1.11 | 0.0 | 0.0 | 0.41 | 0.0 | 0.0 | 0.33 | 0.0 | 0.0 | 0.25 | 0.0 | 0.0 | 6.29 | 0.0 | 0.0 | 51.23 | 0.0 | 0.0 | 160.00 | 0.0 | 0.0 | -60.00 | 0.0 | 0.0 | 23.32 | 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) | 34.11 | 16.02 | -19.62 | 0 | 4.05 | 63.83 | -17.88 | 0 | -10.09 | 0 | -10.59 | 0 | -4.38 | 0 | 0.50 | -41.86 | -10.81 | 0 | 114.43 | 8.04 | 110.61 | -71.32 | -9.09 | 0 | 0.84 | 7.27 | 43.68 | 59.65 |
| 2022 (9) | 29.40 | -4.55 | -3.86 | 0 | 2.47 | 24.31 | -0.99 | 0 | -1.75 | 0 | -3.15 | 0 | -1.05 | 0 | 0.86 | -20.37 | 3.06 | -50.72 | 105.91 | -4.62 | 385.71 | 245.81 | -285.71 | 0 | 0.78 | 7.82 | 27.36 | 22.2 |
| 2021 (8) | 30.80 | 4.3 | 3.35 | 3.08 | 1.99 | -6.32 | 3.04 | -29.47 | 0.77 | -65.47 | 1.68 | -63.24 | 1.19 | -59.11 | 1.08 | -8.47 | 6.21 | -15.85 | 111.04 | 19.3 | 111.54 | 45.86 | -11.54 | 0 | 0.73 | -8.59 | 22.39 | 10.57 |
| 2020 (7) | 29.53 | -3.21 | 3.25 | 0 | 2.12 | -25.98 | 4.31 | 0 | 2.23 | 0 | 4.57 | 0 | 2.91 | 0 | 1.18 | 21.65 | 7.38 | 0 | 93.08 | 73.85 | 76.47 | 2.94 | 23.53 | -8.5 | 0.79 | -20.9 | 20.25 | -23.76 |
| 2019 (6) | 30.51 | -14.71 | -4.22 | 0 | 2.87 | 81.64 | -5.65 | 0 | -5.73 | 0 | -8.29 | 0 | -5.33 | 0 | 0.97 | -3.96 | -2.07 | 0 | 53.54 | 16.26 | 74.29 | -41.35 | 25.71 | 0 | 1.00 | 16.39 | 26.56 | 11.5 |
| 2018 (5) | 35.77 | -7.02 | 5.42 | -30.96 | 1.58 | 3.84 | 4.35 | -39.33 | 2.64 | -43.95 | 3.78 | -37.42 | 2.81 | -39.96 | 1.01 | 4.12 | 6.75 | -27.26 | 46.05 | 20.14 | 126.67 | 14.49 | -23.33 | 0 | 0.86 | 0 | 23.82 | 1.66 |
| 2017 (4) | 38.47 | 10.29 | 7.85 | -27.11 | 1.52 | 45.27 | 7.17 | -35.58 | 4.71 | -45.23 | 6.04 | -57.55 | 4.68 | -58.14 | 0.97 | -25.38 | 9.28 | -25.52 | 38.33 | 48.51 | 110.64 | 15.45 | -8.51 | 0 | 0.00 | 0 | 23.43 | 22.22 |
| 2016 (3) | 34.88 | 6.18 | 10.77 | -19.63 | 1.05 | 9.75 | 11.13 | -22.6 | 8.60 | -23.62 | 14.23 | -35.26 | 11.18 | -29.86 | 1.30 | -7.8 | 12.46 | -19.66 | 25.81 | -12.33 | 95.83 | 3.53 | 3.12 | -52.73 | 0.00 | 0 | 19.17 | 22.18 |
| 2015 (2) | 32.85 | -9.65 | 13.40 | -13.1 | 0.95 | 19.17 | 14.38 | -10.79 | 11.26 | -11.48 | 21.98 | -29.69 | 15.94 | -22.09 | 1.41 | -11.88 | 15.51 | -9.25 | 29.44 | -42.34 | 92.56 | -3.45 | 6.61 | 60.0 | 0.00 | 0 | 15.69 | -2.85 |
| 2014 (1) | 36.36 | 0 | 15.42 | 0 | 0.80 | -27.77 | 16.12 | 0 | 12.72 | 0 | 31.26 | 0 | 20.46 | 0 | 1.60 | 7.38 | 17.09 | 20.1 | 51.06 | -10.73 | 95.87 | 1.77 | 4.13 | -42.98 | 0.00 | 0 | 16.15 | 11.69 |
