- 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) | 15.71 | -18.22 | -43.53 | -5.95 | -775.0 | -162.83 | -26.52 | -397.98 | -2093.98 | -20.88 | -452.7 | -567.11 | -2.28 | -396.1 | -421.13 | -1.13 | -294.83 | -317.31 | 0.06 | -14.29 | -33.33 | -2.72 | -109.28 | -113.63 | 79.42 | 1.44 | -3.02 | 21.79 | 448.72 | -96.81 | 78.21 | -26.4 | 113.41 | 39.63 | 50.4 | 40.04 |
| 23Q3 (19) | 19.21 | 86.32 | 55.42 | -0.68 | 94.27 | 91.94 | 8.90 | 318.67 | 4.83 | 5.92 | 241.97 | 3.14 | 0.77 | 287.8 | -6.1 | 0.58 | 744.44 | 3.57 | 0.07 | 16.67 | -12.5 | 29.30 | 20.87 | 1.21 | 78.29 | 4.39 | -7.73 | -6.25 | -102.22 | 93.75 | 106.25 | 155.65 | -46.88 | 26.35 | -33.02 | -8.38 |
| 23Q2 (18) | 10.31 | -56.84 | 229.39 | -11.86 | -254.63 | 30.76 | -4.07 | -207.11 | 39.16 | -4.17 | -266.14 | 59.12 | -0.41 | -217.14 | 69.17 | -0.09 | -127.27 | 84.75 | 0.06 | -25.0 | -14.29 | 24.24 | -4.04 | 46.73 | 75.00 | -4.12 | -16.15 | 281.82 | 36.05 | 9.86 | -190.91 | -78.18 | -21.97 | 39.34 | 40.75 | 47.07 |
| 23Q1 (17) | 23.89 | -14.13 | 208.05 | 7.67 | -19.01 | 117.15 | 3.80 | 185.71 | 112.65 | 2.51 | -43.85 | 107.11 | 0.35 | -50.7 | 111.04 | 0.33 | -36.54 | 120.37 | 0.08 | -11.11 | 60.0 | 25.26 | 26.62 | 409.27 | 78.22 | -4.48 | -12.56 | 207.14 | -69.69 | 40.01 | -107.14 | 81.63 | -123.47 | 27.95 | -1.24 | -25.21 |
| 22Q4 (16) | 27.82 | 125.08 | 155.12 | 9.47 | 212.2 | 112.51 | 1.33 | -84.33 | 101.57 | 4.47 | -22.13 | 106.53 | 0.71 | -13.41 | 120.06 | 0.52 | -7.14 | 127.51 | 0.09 | 12.5 | 200.0 | 19.95 | -31.09 | 214.92 | 81.89 | -3.49 | -0.05 | 683.33 | 783.33 | 658.56 | -583.33 | -391.67 | -5529.49 | 28.30 | -1.6 | -49.96 |
| 22Q3 (15) | 12.36 | 294.89 | 116.1 | -8.44 | 50.73 | 92.95 | 8.49 | 226.91 | 107.44 | 5.74 | 156.27 | 106.25 | 0.82 | 161.65 | 123.77 | 0.56 | 194.92 | 129.32 | 0.08 | 14.29 | 300.0 | 28.95 | 75.24 | 211.65 | 84.85 | -5.14 | 10.11 | -100.00 | -138.98 | -195.38 | 200.00 | 227.78 | 4233.33 | 28.76 | 7.51 | -65.88 |
| 22Q2 (14) | 3.13 | 114.16 | 106.2 | -17.13 | 61.69 | 77.6 | -6.69 | 77.73 | 92.41 | -10.20 | 71.09 | 85.27 | -1.33 | 58.04 | 65.63 | -0.59 | 63.58 | 73.78 | 0.07 | 40.0 | 133.33 | 16.52 | 233.06 | 156.31 | 89.45 | -0.01 | 28.58 | 256.52 | 73.39 | 196.6 | -156.52 | -226.46 | -1258.26 | 26.75 | -28.42 | -48.54 |
| 22Q1 (13) | -22.11 | 56.19 | -71.13 | -44.71 | 40.93 | -43.99 | -30.04 | 64.43 | 6.1 | -35.28 | 48.5 | -36.64 | -3.17 | 10.45 | -69.52 | -1.62 | 14.29 | -48.62 | 0.05 | 66.67 | 25.0 | 4.96 | 128.57 | -68.41 | 89.46 | 9.19 | 43.11 | 147.95 | 64.23 | 52.23 | -47.95 | -546.26 | -1802.05 | 37.37 | -33.92 | -6.01 |
| 21Q4 (12) | -50.47 | 34.27 | -3051.46 | -75.69 | 36.81 | -346.02 | -84.46 | 26.03 | -313.82 | -68.50 | 25.39 | -580.91 | -3.54 | -2.61 | -297.75 | -1.89 | 1.05 | -285.71 | 0.03 | 50.0 | -50.0 | -17.36 | 33.05 | -187.1 | 81.93 | 6.32 | 38.21 | 90.08 | -14.08 | 7.33 | 10.74 | 322.04 | -33.15 | 56.55 | -32.9 | 63.2 |
| 21Q3 (11) | -76.78 | -51.98 | -3527.68 | -119.78 | -56.6 | -905.71 | -114.18 | -29.49 | -823.04 | -91.81 | -32.6 | -676.08 | -3.45 | 10.85 | -180.49 | -1.91 | 15.11 | -165.28 | 0.02 | -33.33 | -71.43 | -25.93 | 11.62 | -214.43 | 77.06 | 10.77 | 35.45 | 104.84 | 21.22 | 10.22 | -4.84 | -135.81 | -199.19 | 84.28 | 62.14 | 203.17 |
| 21Q2 (10) | -50.52 | -291.02 | -100.95 | -76.49 | -146.34 | -65.35 | -88.18 | -175.65 | -106.95 | -69.24 | -168.16 | -115.9 | -3.87 | -106.95 | -87.86 | -2.25 | -106.42 | -78.57 | 0.03 | -25.0 | -25.0 | -29.34 | -286.88 | -347.59 | 69.57 | 11.29 | 25.67 | 86.49 | -11.01 | -20.57 | 13.51 | 379.73 | 252.03 | 51.98 | 30.73 | 0 |
| 21Q1 (9) | -12.92 | -855.56 | -158.81 | -31.05 | -82.97 | -561.37 | -31.99 | -56.74 | -490.6 | -25.82 | -156.66 | -497.23 | -1.87 | -110.11 | -339.74 | -1.09 | -122.45 | -287.93 | 0.04 | -33.33 | -50.0 | 15.70 | -21.22 | -57.38 | 62.51 | 5.45 | 10.97 | 97.18 | 15.79 | 18.78 | 2.82 | -82.47 | -84.51 | 39.76 | 14.75 | 0 |
| 20Q4 (8) | 1.71 | -23.66 | -93.64 | -16.97 | -42.49 | -218.09 | -20.41 | -65.0 | -363.7 | -10.06 | 14.96 | -264.11 | -0.89 | 27.64 | -205.95 | -0.49 | 31.94 | -177.78 | 0.06 | -14.29 | -33.33 | 19.93 | -12.05 | -39.15 | 59.28 | 4.2 | 16.42 | 83.93 | -11.77 | -55.49 | 16.07 | 229.46 | 118.75 | 34.65 | 24.64 | 37.01 |
| 20Q3 (7) | 2.24 | 108.91 | -93.86 | -11.91 | 74.25 | -144.0 | -12.37 | 70.97 | -147.11 | -11.83 | 63.11 | -156.44 | -1.23 | 40.29 | -130.22 | -0.72 | 42.86 | -126.87 | 0.07 | 75.0 | -41.67 | 22.66 | 91.22 | -48.41 | 56.89 | 2.76 | 1.66 | 95.12 | -12.64 | -7.66 | 4.88 | 154.88 | 261.95 | 27.80 | 0 | 59.5 |
| 20Q2 (6) | -25.14 | -214.43 | -184.85 | -46.26 | -787.37 | -368.64 | -42.61 | -620.27 | -329.58 | -32.07 | -593.38 | -330.55 | -2.06 | -364.1 | -182.07 | -1.26 | -317.24 | -176.36 | 0.04 | -50.0 | -63.64 | 11.85 | -67.83 | -69.08 | 55.36 | -1.72 | -3.3 | 108.89 | 33.09 | 17.69 | -8.89 | -148.89 | -218.89 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 21.97 | -18.33 | -35.85 | 6.73 | -53.17 | -72.41 | 8.19 | 5.81 | -66.25 | 6.50 | 6.04 | -66.53 | 0.78 | -7.14 | -80.4 | 0.58 | -7.94 | -77.25 | 0.08 | -11.11 | -38.46 | 36.84 | 12.49 | -11.06 | 56.33 | 10.62 | -8.73 | 81.82 | -56.61 | -18.71 | 18.18 | 121.21 | 2900.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 26.90 | -26.22 | 0.0 | 14.37 | -46.92 | 0.0 | 7.74 | -70.53 | 0.0 | 6.13 | -70.75 | 0.0 | 0.84 | -79.36 | 0.0 | 0.63 | -76.49 | 0.0 | 0.09 | -25.0 | 0.0 | 32.75 | -25.43 | 0.0 | 50.92 | -9.01 | 0.0 | 188.57 | 83.06 | 0.0 | -85.71 | -2745.71 | 0.0 | 25.29 | 45.09 | 0.0 |
| 19Q3 (3) | 36.46 | 23.05 | 0.0 | 27.07 | 57.2 | 0.0 | 26.26 | 41.49 | 0.0 | 20.96 | 50.68 | 0.0 | 4.07 | 62.15 | 0.0 | 2.68 | 62.42 | 0.0 | 0.12 | 9.09 | 0.0 | 43.92 | 14.58 | 0.0 | 55.96 | -2.25 | 0.0 | 103.01 | 11.34 | 0.0 | -3.01 | -140.29 | 0.0 | 17.43 | -11.84 | 0.0 |
| 19Q2 (2) | 29.63 | -13.49 | 0.0 | 17.22 | -29.4 | 0.0 | 18.56 | -23.53 | 0.0 | 13.91 | -28.37 | 0.0 | 2.51 | -36.93 | 0.0 | 1.65 | -35.29 | 0.0 | 0.11 | -15.38 | 0.0 | 38.33 | -7.46 | 0.0 | 57.25 | -7.24 | 0.0 | 92.52 | -8.07 | 0.0 | 7.48 | 1251.4 | 0.0 | 19.77 | 21.66 | 0.0 |
| 19Q1 (1) | 34.25 | 0.0 | 0.0 | 24.39 | 0.0 | 0.0 | 24.27 | 0.0 | 0.0 | 19.42 | 0.0 | 0.0 | 3.98 | 0.0 | 0.0 | 2.55 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 41.42 | 0.0 | 0.0 | 61.72 | 0.0 | 0.0 | 100.65 | 0.0 | 0.0 | -0.65 | 0.0 | 0.0 | 16.25 | 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) | 17.97 | 102.36 | -1.70 | 0 | 20.43 | -2.84 | -3.31 | 0 | -3.25 | 0 | -1.57 | 0 | -0.30 | 0 | 0.27 | -3.57 | 19.81 | 4.1 | 79.42 | -3.02 | 51.16 | -81.34 | 48.84 | 0 | 0.02 | 2.85 | 32.50 | 9.76 |
| 2022 (9) | 8.88 | 0 | -11.34 | 0 | 21.03 | -64.13 | -4.13 | 0 | -5.68 | 0 | -2.93 | 0 | -1.16 | 0 | 0.28 | 115.38 | 19.03 | 0 | 81.89 | -0.05 | 274.14 | 191.74 | -174.14 | 0 | 0.02 | -49.43 | 29.61 | -45.37 |
| 2021 (8) | -41.87 | 0 | -67.82 | 0 | 58.63 | 62.91 | -72.21 | 0 | -57.80 | 0 | -12.72 | 0 | -7.17 | 0 | 0.13 | -45.83 | -10.26 | 0 | 81.93 | 38.21 | 93.97 | -7.83 | 6.03 | 0 | 0.04 | -33.35 | 54.20 | 65.14 |
| 2020 (7) | 3.84 | -88.09 | -12.90 | 0 | 35.99 | 93.49 | -12.69 | 0 | -8.93 | 0 | -3.37 | 0 | -1.90 | 0 | 0.24 | -48.94 | 24.82 | -37.37 | 59.28 | 16.42 | 101.95 | -4.07 | -1.95 | 0 | 0.06 | -24.14 | 32.82 | 70.49 |
| 2019 (6) | 32.24 | 12.81 | 21.35 | 23.05 | 18.60 | -1.61 | 20.10 | 8.36 | 15.82 | 5.05 | 11.44 | 8.13 | 7.69 | 11.61 | 0.47 | 6.82 | 39.63 | 3.07 | 50.92 | -14.98 | 106.28 | 13.76 | -6.28 | 0 | 0.08 | -3.17 | 19.25 | -6.82 |
| 2018 (5) | 28.58 | -9.73 | 17.35 | -4.72 | 18.91 | 12.43 | 18.55 | 22.04 | 15.06 | 38.55 | 10.58 | 39.58 | 6.89 | 35.1 | 0.44 | 0.0 | 38.45 | 16.16 | 59.89 | -4.25 | 93.42 | -22.24 | 6.32 | 0 | 0.08 | 24.39 | 20.66 | -19.64 |
| 2017 (4) | 31.66 | -33.74 | 18.21 | -49.22 | 16.82 | 102.2 | 15.20 | -57.15 | 10.87 | -61.93 | 7.58 | -75.07 | 5.10 | -74.29 | 0.44 | -35.29 | 33.10 | -25.53 | 62.55 | 8.59 | 120.14 | 18.92 | -19.79 | 0 | 0.07 | 0 | 25.71 | 43.79 |
| 2016 (3) | 47.78 | 0.1 | 35.86 | 10.68 | 8.32 | 39.85 | 35.47 | 7.16 | 28.55 | 2.85 | 30.41 | -13.78 | 19.84 | -14.63 | 0.68 | -18.07 | 44.45 | 12.33 | 57.60 | 7.4 | 101.02 | 3.16 | -1.14 | 0 | 0.00 | 0 | 17.88 | -11.96 |
| 2015 (2) | 47.73 | 26.44 | 32.40 | 46.81 | 5.95 | -26.07 | 33.10 | 42.61 | 27.76 | 42.36 | 35.27 | 73.06 | 23.24 | 71.01 | 0.83 | 22.06 | 39.57 | 23.27 | 53.63 | -0.74 | 97.93 | 2.74 | 2.07 | -58.51 | 0.00 | 0 | 20.31 | -7.85 |
| 2014 (1) | 37.75 | 0 | 22.07 | 0 | 8.04 | 10.39 | 23.21 | 0 | 19.50 | 0 | 20.38 | 0 | 13.59 | 0 | 0.68 | 1.49 | 32.10 | 15.1 | 54.03 | -0.75 | 95.31 | -2.61 | 5.00 | 134.0 | 0.00 | 0 | 22.04 | -4.67 |
