- 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) | 32.13 | -7.49 | -9.52 | -13.83 | -392.17 | -805.61 | -27.50 | -1007.59 | -2050.35 | -25.71 | -1153.69 | -490.73 | -4.26 | -1026.09 | -432.81 | -1.80 | -550.0 | -343.24 | 0.08 | -11.11 | -11.11 | -17.88 | -262.55 | -286.44 | 115.91 | 2.45 | -2.34 | 51.02 | 151.02 | -61.73 | 51.02 | -74.49 | 253.06 | 40.10 | 18.89 | 41.0 |
| 23Q3 (19) | 34.73 | 7.96 | 12.29 | -2.81 | 83.25 | 62.13 | 3.03 | 115.07 | -31.76 | 2.44 | 109.89 | 0.0 | 0.46 | 113.37 | -2.13 | 0.40 | 127.59 | 14.29 | 0.09 | 28.57 | 12.5 | 11.00 | 221.82 | -12.0 | 113.14 | -2.4 | -10.85 | -100.00 | -219.23 | 37.5 | 200.00 | 1140.0 | -23.08 | 33.73 | -20.97 | 1.26 |
| 23Q2 (18) | 32.17 | -10.56 | 13.76 | -16.78 | -457.48 | 3.4 | -20.10 | -363.13 | -109.59 | -24.66 | -642.77 | -178.96 | -3.44 | -493.1 | -186.67 | -1.45 | -1350.0 | -326.47 | 0.07 | -12.5 | 16.67 | -9.03 | -299.78 | -438.2 | 115.92 | 7.49 | -18.91 | 83.87 | 25.81 | -54.84 | 16.13 | -51.61 | 118.82 | 42.68 | 27.75 | -4.9 |
| 23Q1 (17) | 35.97 | 1.3 | 30.37 | -3.01 | -253.57 | 80.71 | -4.34 | -407.8 | 45.34 | -3.32 | -150.46 | 71.23 | -0.58 | -145.31 | 68.31 | -0.10 | -113.51 | 83.61 | 0.08 | -11.11 | 33.33 | 4.52 | -52.87 | 167.46 | 107.84 | -9.14 | -24.55 | 66.67 | -50.0 | -66.67 | 33.33 | 200.0 | 133.33 | 33.41 | 17.48 | -9.75 |
| 22Q4 (16) | 35.51 | 14.81 | 27.83 | 1.96 | 126.42 | 119.25 | 1.41 | -68.24 | 106.29 | 6.58 | 169.67 | 131.63 | 1.28 | 172.34 | 130.62 | 0.74 | 111.43 | 154.81 | 0.09 | 12.5 | 28.57 | 9.59 | -23.28 | 170.67 | 118.69 | -6.48 | -20.95 | 133.33 | 183.33 | 200.0 | -33.33 | -112.82 | -162.5 | 28.44 | -14.62 | -40.87 |
| 22Q3 (15) | 30.93 | 9.37 | 39.07 | -7.42 | 57.28 | 26.97 | 4.44 | 146.3 | 146.84 | 2.44 | 127.6 | 123.69 | 0.47 | 139.17 | 116.73 | 0.35 | 202.94 | 146.67 | 0.08 | 33.33 | -11.11 | 12.50 | 368.16 | 695.24 | 126.91 | -11.22 | -41.53 | -160.00 | -186.15 | -253.33 | 260.00 | 403.33 | 3090.0 | 33.31 | -25.78 | 78.8 |
| 22Q2 (14) | 28.28 | 2.5 | 9.02 | -17.37 | -11.35 | -74.22 | -9.59 | -20.78 | 52.71 | -8.84 | 23.4 | 61.31 | -1.20 | 34.43 | 77.06 | -0.34 | 44.26 | 78.62 | 0.06 | 0.0 | -25.0 | 2.67 | 57.99 | 122.21 | 142.95 | 0.02 | -31.58 | 185.71 | -7.14 | 271.43 | -85.71 | 14.29 | -271.43 | 44.88 | 21.23 | 35.79 |
| 22Q1 (13) | 27.59 | -0.68 | 16.36 | -15.60 | -53.24 | 1.39 | -7.94 | 64.6 | 38.02 | -11.54 | 44.52 | 10.47 | -1.83 | 56.22 | 25.0 | -0.61 | 54.81 | 12.86 | 0.06 | -14.29 | -14.29 | 1.69 | 112.45 | 150.45 | 142.92 | -4.81 | -26.52 | 200.00 | 350.0 | 64.29 | -100.00 | -287.5 | -360.0 | 37.02 | -23.04 | 5.2 |
| 21Q4 (12) | 27.78 | 24.91 | 127.15 | -10.18 | -0.2 | 67.66 | -22.43 | -136.6 | 30.92 | -20.80 | -101.94 | 36.02 | -4.18 | -48.75 | 27.93 | -1.35 | -80.0 | 30.05 | 0.07 | -22.22 | 16.67 | -13.57 | -546.19 | 39.12 | 150.14 | -30.83 | -19.66 | 44.44 | -57.41 | -53.94 | 53.33 | 713.33 | 1420.0 | 48.10 | 158.19 | 24.87 |
| 21Q3 (11) | 22.24 | -14.26 | -15.41 | -10.16 | -1.91 | 26.54 | -9.48 | 53.25 | 51.53 | -10.30 | 54.92 | 43.25 | -2.81 | 46.27 | -1.08 | -0.75 | 52.83 | 11.76 | 0.09 | 12.5 | 80.0 | -2.10 | 82.53 | 74.64 | 217.06 | 3.89 | 24.7 | 104.35 | 108.7 | 47.04 | -8.70 | -117.39 | -129.95 | 18.63 | -43.63 | -60.56 |
| 21Q2 (10) | 25.94 | 9.41 | -10.09 | -9.97 | 36.98 | 2.25 | -20.28 | -58.31 | -35.38 | -22.85 | -77.27 | -71.93 | -5.23 | -114.34 | -138.81 | -1.59 | -127.14 | -148.44 | 0.08 | 14.29 | 33.33 | -12.02 | -258.81 | -160.17 | 208.94 | 7.42 | 11.97 | 50.00 | -58.93 | -27.78 | 50.00 | 330.0 | 62.5 | 33.05 | -6.08 | 0 |
| 21Q1 (9) | 23.71 | 93.87 | -7.27 | -15.82 | 49.75 | 37.3 | -12.81 | 60.55 | 50.33 | -12.89 | 60.35 | 55.13 | -2.44 | 57.93 | 40.2 | -0.70 | 63.73 | 46.56 | 0.07 | 16.67 | 40.0 | -3.35 | 84.97 | 75.44 | 194.51 | 4.08 | 6.76 | 121.74 | 26.17 | 24.86 | -21.74 | -719.57 | -969.57 | 35.19 | -8.64 | -24.55 |
| 20Q4 (8) | 12.23 | -53.48 | -53.71 | -31.48 | -127.62 | -66.38 | -32.47 | -66.0 | -4.91 | -32.51 | -79.12 | -18.18 | -5.80 | -108.63 | -1.05 | -1.93 | -127.06 | 0.52 | 0.06 | 20.0 | -25.0 | -22.29 | -169.2 | 1.76 | 186.88 | 7.37 | 6.36 | 96.49 | 35.96 | 58.67 | 3.51 | -87.91 | -91.05 | 38.52 | -18.46 | 0 |
| 20Q3 (7) | 26.29 | -8.87 | -0.76 | -13.83 | -35.59 | -704.07 | -19.56 | -30.57 | -124.83 | -18.15 | -36.57 | -108.14 | -2.78 | -26.94 | -72.67 | -0.85 | -32.81 | -88.89 | 0.05 | -16.67 | -28.57 | -8.28 | -79.22 | 0 | 174.06 | -6.72 | 0.46 | 70.97 | 2.51 | 237.1 | 29.03 | -5.65 | -63.23 | 47.24 | 0 | 37.33 |
| 20Q2 (6) | 28.85 | 12.83 | -27.29 | -10.20 | 59.57 | -258.63 | -14.98 | 41.92 | -314.92 | -13.29 | 53.74 | -363.69 | -2.19 | 46.32 | -295.54 | -0.64 | 51.15 | -214.29 | 0.06 | 20.0 | -33.33 | -4.62 | 66.13 | -133.67 | 186.60 | 2.41 | 9.06 | 69.23 | -28.99 | -26.92 | 30.77 | 1130.77 | 192.31 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 25.57 | -3.22 | -25.95 | -25.23 | -33.35 | -1629.09 | -25.79 | 16.67 | -613.75 | -28.73 | -4.43 | -950.0 | -4.08 | 28.92 | -718.18 | -1.31 | 32.47 | -435.9 | 0.05 | -37.5 | -37.5 | -13.64 | 39.89 | -214.14 | 182.20 | 3.7 | 27.47 | 97.50 | 60.33 | 216.87 | 2.50 | -93.62 | -95.94 | 46.64 | 0 | 49.2 |
| 19Q4 (4) | 26.42 | -0.26 | 0.0 | -18.92 | -1000.0 | 0.0 | -30.95 | -255.75 | 0.0 | -27.51 | -215.48 | 0.0 | -5.74 | -256.52 | 0.0 | -1.94 | -331.11 | 0.0 | 0.08 | 14.29 | 0.0 | -22.69 | 0 | 0.0 | 175.70 | 1.4 | 0.0 | 60.81 | 188.85 | 0.0 | 39.19 | -50.36 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 26.49 | -33.24 | 0.0 | -1.72 | -126.75 | 0.0 | -8.70 | -224.82 | 0.0 | -8.72 | -273.02 | 0.0 | -1.61 | -243.75 | 0.0 | -0.45 | -180.36 | 0.0 | 0.07 | -22.22 | 0.0 | 0.00 | -100.0 | 0.0 | 173.27 | 1.27 | 0.0 | 21.05 | -77.78 | 0.0 | 78.95 | 650.0 | 0.0 | 34.40 | 20.96 | 0.0 |
| 19Q2 (2) | 39.68 | 14.91 | 0.0 | 6.43 | 289.7 | 0.0 | 6.97 | 38.84 | 0.0 | 5.04 | 49.11 | 0.0 | 1.12 | 69.7 | 0.0 | 0.56 | 43.59 | 0.0 | 0.09 | 12.5 | 0.0 | 13.72 | 14.81 | 0.0 | 171.10 | 19.7 | 0.0 | 94.74 | 207.89 | 0.0 | 10.53 | -82.89 | 0.0 | 28.44 | -9.02 | 0.0 |
| 19Q1 (1) | 34.53 | 0.0 | 0.0 | 1.65 | 0.0 | 0.0 | 5.02 | 0.0 | 0.0 | 3.38 | 0.0 | 0.0 | 0.66 | 0.0 | 0.0 | 0.39 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 11.95 | 0.0 | 0.0 | 142.94 | 0.0 | 0.0 | 30.77 | 0.0 | 0.0 | 61.54 | 0.0 | 0.0 | 31.26 | 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) | 33.90 | 9.53 | -8.44 | 0 | 6.47 | -1.41 | -11.16 | 0 | -11.57 | 0 | -7.84 | 0 | -2.89 | 0 | 0.31 | 6.9 | -1.89 | 0 | 115.91 | -2.34 | 75.90 | -81.32 | 24.10 | 0 | 0.26 | 8.27 | 37.05 | 5.68 |
| 2022 (9) | 30.95 | 24.65 | -8.59 | 0 | 6.56 | 10.34 | -2.08 | 0 | -1.85 | 0 | -1.25 | 0 | 0.07 | 0 | 0.29 | -3.33 | 7.09 | 0 | 118.69 | -20.95 | 406.25 | 476.61 | -312.50 | 0 | 0.24 | 0 | 35.06 | 6.24 |
| 2021 (8) | 24.83 | 7.72 | -11.35 | 0 | 5.95 | -24.75 | -16.06 | 0 | -16.57 | 0 | -13.12 | 0 | -4.34 | 0 | 0.30 | 30.43 | -7.65 | 0 | 150.14 | -19.66 | 70.45 | -18.95 | 29.55 | 126.02 | 0.00 | 0 | 33.00 | -22.37 |
| 2020 (7) | 23.05 | -28.48 | -20.24 | 0 | 7.90 | 46.87 | -23.25 | 0 | -23.17 | 0 | -14.78 | 0 | -4.69 | 0 | 0.23 | -28.12 | -12.31 | 0 | 186.88 | 6.36 | 86.93 | 96.39 | 13.07 | -76.55 | 0.00 | 0 | 42.51 | 31.77 |
| 2019 (6) | 32.23 | -15.52 | -2.72 | 0 | 5.38 | 79.32 | -6.17 | 0 | -6.30 | 0 | -5.21 | 0 | -1.50 | 0 | 0.32 | -34.69 | 1.42 | -92.02 | 175.70 | 27.68 | 44.26 | -52.56 | 55.74 | 801.09 | 0.03 | -0.62 | 32.26 | 46.11 |
| 2018 (5) | 38.15 | 4.49 | 12.65 | -10.98 | 3.00 | 2.64 | 13.50 | 10.47 | 10.42 | 10.38 | 11.74 | -10.59 | 5.52 | -13.21 | 0.49 | -22.22 | 17.79 | 10.63 | 137.61 | 9.27 | 93.30 | -19.78 | 6.19 | 0 | 0.03 | 0 | 22.08 | 5.8 |
| 2017 (4) | 36.51 | -10.01 | 14.21 | -15.06 | 2.92 | 27.18 | 12.22 | -20.29 | 9.44 | -19.93 | 13.13 | -32.07 | 6.36 | -31.54 | 0.63 | -17.11 | 16.08 | -12.23 | 125.94 | 7.72 | 116.30 | 6.32 | -16.30 | 0 | 0.00 | 0 | 20.87 | 2.61 |
| 2016 (3) | 40.57 | -0.15 | 16.73 | 3.14 | 2.30 | 19.24 | 15.33 | -10.92 | 11.79 | -16.09 | 19.33 | -15.44 | 9.29 | -12.19 | 0.76 | 4.11 | 18.32 | -7.38 | 116.91 | 4.23 | 109.39 | 15.59 | -9.39 | 0 | 0.00 | 0 | 20.34 | 0.44 |
| 2015 (2) | 40.63 | -3.63 | 16.22 | -34.25 | 1.93 | 67.58 | 17.21 | -33.63 | 14.05 | -34.16 | 22.86 | -60.79 | 10.58 | -51.56 | 0.73 | -27.72 | 19.78 | -28.36 | 112.17 | -16.45 | 94.63 | -0.62 | 5.85 | 22.51 | 0.00 | 0 | 20.25 | 36.46 |
| 2014 (1) | 42.16 | 0 | 24.67 | 0 | 1.15 | -55.13 | 25.93 | 0 | 21.34 | 0 | 58.30 | 0 | 21.84 | 0 | 1.01 | 248.28 | 27.61 | 153.3 | 134.25 | -58.53 | 95.22 | -30.17 | 4.78 | 0 | 0.00 | 0 | 14.84 | 3.2 |
