- 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) | 31.65 | -9.29 | 135.14 | 24.93 | -8.45 | 182.71 | 27.99 | 10.33 | -56.48 | 25.86 | 10.18 | -57.21 | 6.76 | 26.59 | 550.0 | 1.55 | 37.17 | 384.38 | 0.06 | 50.0 | 0 | 31.53 | 4.06 | -74.38 | 357.57 | -7.46 | -12.97 | 89.03 | -16.97 | 290.29 | 10.97 | 248.3 | -92.53 | 3.12 | -12.85 | -88.09 |
| 23Q3 (19) | 34.89 | 21.95 | -2.1 | 27.23 | 167.89 | 79.62 | 25.37 | 142.62 | 390.72 | 23.47 | 135.53 | 1625.74 | 5.34 | 693.33 | 6575.0 | 1.13 | 2925.0 | 841.67 | 0.04 | 0 | 300.0 | 30.30 | 32.31 | 44.49 | 386.39 | -17.76 | -0.84 | 107.23 | 57.81 | -63.42 | -7.39 | -122.18 | 96.17 | 3.58 | -89.38 | -58.99 |
| 23Q2 (18) | 28.61 | -23.73 | 17.54 | -40.11 | 52.69 | -386.91 | -59.52 | -1.07 | -641.09 | -66.06 | -12.18 | -703.29 | -0.90 | -73.08 | -135.57 | -0.04 | -300.0 | -106.45 | 0.00 | 0 | -100.0 | 22.90 | -62.68 | 54.31 | 469.84 | 10.41 | 26.62 | 67.95 | -52.25 | -46.32 | 33.33 | 175.36 | 223.44 | 33.71 | -47.52 | 1439.27 |
| 23Q1 (17) | 37.51 | 178.68 | 42.9 | -84.79 | -181.32 | 31.33 | -58.89 | -191.56 | 72.44 | -58.89 | -197.44 | 72.45 | -0.52 | -150.0 | 61.76 | 0.02 | -93.75 | 111.76 | 0.00 | 0 | 0 | 61.36 | -50.15 | 188.11 | 425.55 | 3.57 | 3.96 | 142.31 | 404.15 | 145.99 | -44.23 | -130.13 | -204.94 | 64.23 | 145.15 | -12.05 |
| 22Q4 (16) | 13.46 | -62.23 | -78.22 | -30.14 | -298.81 | 37.93 | 64.32 | 1144.1 | 111.79 | 60.44 | 4344.12 | 102.41 | 1.04 | 1200.0 | 197.14 | 0.32 | 166.67 | 128.57 | 0.00 | -100.0 | 0 | 123.08 | 486.93 | 39.14 | 410.88 | 5.44 | 7.58 | -46.79 | -115.96 | 70.06 | 146.79 | 176.02 | -42.72 | 26.20 | 200.11 | -30.65 |
| 22Q3 (15) | 35.64 | 46.43 | -32.37 | 15.16 | 8.44 | 486.73 | 5.17 | -53.0 | 169.03 | 1.36 | -87.58 | 116.27 | 0.08 | -96.84 | 150.0 | 0.12 | -80.65 | 300.0 | 0.01 | -80.0 | 0 | 20.97 | 41.31 | -28.11 | 389.67 | 5.02 | 18.85 | 293.10 | 131.55 | 444.33 | -193.10 | -615.09 | -518.39 | 8.73 | 298.63 | -56.04 |
| 22Q2 (14) | 24.34 | -7.28 | 28.78 | 13.98 | 111.32 | 3878.38 | 11.00 | 105.15 | 262.72 | 10.95 | 105.12 | 247.18 | 2.53 | 286.03 | 627.08 | 0.62 | 464.71 | 1340.0 | 0.05 | 0 | 150.0 | 14.84 | 121.31 | 242.73 | 371.06 | -9.35 | 17.22 | 126.58 | 118.81 | 2241.77 | -27.00 | -164.07 | -128.55 | 2.19 | -97.0 | -61.24 |
| 22Q1 (13) | 26.25 | -57.52 | 5.25 | -123.47 | -154.26 | -879.97 | -213.71 | -803.69 | -1492.25 | -213.72 | -815.74 | -1761.9 | -1.36 | -488.57 | -140.72 | -0.17 | -221.43 | -119.1 | 0.00 | 0 | -100.0 | -69.64 | -178.72 | -484.33 | 409.35 | 7.18 | 38.78 | 57.85 | 137.02 | -43.96 | 42.15 | -83.55 | 1406.61 | 73.03 | 93.3 | 2555.64 |
| 21Q4 (12) | 61.79 | 17.25 | 104.4 | -48.56 | -1138.78 | -315.15 | 30.37 | 505.47 | 29.56 | 29.86 | 457.18 | 33.54 | 0.35 | 318.75 | -95.36 | 0.14 | 366.67 | -92.89 | 0.00 | 0 | -100.0 | 88.46 | 203.26 | 239.84 | 381.94 | 16.49 | 20.71 | -156.25 | -390.18 | -262.29 | 256.25 | 455.21 | 6786.72 | 37.78 | 90.23 | 1207.27 |
| 21Q3 (11) | 52.70 | 178.84 | 151.67 | -3.92 | -959.46 | -169.01 | -7.49 | -10.8 | -279.19 | -8.36 | -12.37 | -285.78 | -0.16 | 66.67 | -132.65 | 0.03 | 160.0 | -86.96 | 0.00 | -100.0 | -100.0 | 29.17 | 573.67 | 147.41 | 327.87 | 3.58 | 18.19 | 53.85 | 896.15 | -60.74 | 46.15 | -51.21 | 224.26 | 19.86 | 251.5 | 313.75 |
| 21Q2 (10) | 18.90 | -24.22 | 2.89 | -0.37 | -102.34 | -120.22 | -6.76 | -144.04 | -150.37 | -7.44 | -157.85 | -86.0 | -0.48 | -114.37 | -17.07 | -0.05 | -105.62 | -600.0 | 0.02 | -66.67 | -33.33 | 4.33 | -76.1 | -32.45 | 316.55 | 7.32 | 19.96 | 5.41 | -94.76 | 107.57 | 94.59 | 3032.43 | -44.82 | 5.65 | 105.45 | 0 |
| 21Q1 (9) | 24.94 | -17.5 | 62.58 | 15.83 | -29.86 | 182.68 | 15.35 | -34.51 | 3669.77 | 12.86 | -42.49 | 756.12 | 3.34 | -55.76 | 1213.33 | 0.89 | -54.82 | 1680.0 | 0.06 | -25.0 | 50.0 | 18.12 | -30.39 | 207.64 | 294.97 | -6.78 | 21.92 | 103.23 | 7.22 | 107.7 | -3.23 | -186.69 | -100.22 | 2.75 | -4.84 | 0 |
| 20Q4 (8) | 30.23 | 44.36 | 7.77 | 22.57 | 297.36 | 74.69 | 23.44 | 460.77 | 263.41 | 22.36 | 396.89 | 196.16 | 7.55 | 1440.82 | 711.83 | 1.97 | 756.52 | 358.14 | 0.08 | 166.67 | 100.0 | 26.03 | 120.78 | 73.77 | 316.41 | 14.05 | 34.32 | 96.28 | -29.8 | -52.25 | 3.72 | 110.02 | 103.66 | 2.89 | -39.79 | -45.37 |
| 20Q3 (7) | 20.94 | 13.99 | -47.87 | 5.68 | 210.38 | -77.52 | 4.18 | 254.81 | -82.68 | 4.50 | 212.5 | -80.31 | 0.49 | 219.51 | -78.88 | 0.23 | 2200.0 | -71.25 | 0.03 | 0.0 | 0.0 | 11.79 | 83.93 | -62.39 | 277.42 | 5.13 | 20.93 | 137.14 | 292.0 | 30.94 | -37.14 | -121.67 | -684.13 | 4.80 | 0 | -20.79 |
| 20Q2 (6) | 18.37 | 19.75 | -16.5 | 1.83 | -67.32 | 110.06 | -2.70 | -527.91 | 92.75 | -4.00 | -104.08 | 89.65 | -0.41 | -36.67 | 66.39 | 0.01 | -80.0 | 103.12 | 0.03 | -25.0 | 200.0 | 6.41 | 8.83 | 145.95 | 263.89 | 9.07 | 23.16 | -71.43 | 94.67 | -245.9 | 171.43 | -88.1 | 235.86 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 15.34 | -45.31 | -22.41 | 5.60 | -56.66 | 128.53 | -0.43 | -106.67 | 97.89 | -1.96 | -125.96 | 90.81 | -0.30 | -132.26 | 55.22 | 0.05 | -88.37 | 133.33 | 0.04 | 0.0 | 300.0 | 5.89 | -60.68 | 421.24 | 241.94 | 2.7 | 34.48 | -1340.00 | -764.64 | -1491.54 | 1440.00 | 1517.14 | 38780.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 28.05 | -30.17 | 0.0 | 12.92 | -48.87 | 0.0 | 6.45 | -73.27 | 0.0 | 7.55 | -66.97 | 0.0 | 0.93 | -59.91 | 0.0 | 0.43 | -46.25 | 0.0 | 0.04 | 33.33 | 0.0 | 14.98 | -52.22 | 0.0 | 235.57 | 2.69 | 0.0 | 201.61 | 92.49 | 0.0 | -101.61 | -2045.16 | 0.0 | 5.29 | -12.71 | 0.0 |
| 19Q3 (3) | 40.17 | 82.59 | 0.0 | 25.27 | 238.92 | 0.0 | 24.13 | 164.83 | 0.0 | 22.86 | 159.13 | 0.0 | 2.32 | 290.16 | 0.0 | 0.80 | 350.0 | 0.0 | 0.03 | 200.0 | 0.0 | 31.35 | 324.73 | 0.0 | 229.40 | 7.06 | 0.0 | 104.74 | 113.93 | 0.0 | -4.74 | -109.28 | 0.0 | 6.06 | -65.8 | 0.0 |
| 19Q2 (2) | 22.00 | 11.28 | 0.0 | -18.19 | 7.34 | 0.0 | -37.22 | -82.81 | 0.0 | -38.66 | -81.33 | 0.0 | -1.22 | -82.09 | 0.0 | -0.32 | -113.33 | 0.0 | 0.01 | 0.0 | 0.0 | -13.95 | -1334.51 | 0.0 | 214.27 | 19.1 | 0.0 | 48.96 | -49.16 | 0.0 | 51.04 | 1278.12 | 0.0 | 17.72 | 8.71 | 0.0 |
| 19Q1 (1) | 19.77 | 0.0 | 0.0 | -19.63 | 0.0 | 0.0 | -20.36 | 0.0 | 0.0 | -21.32 | 0.0 | 0.0 | -0.67 | 0.0 | 0.0 | -0.15 | 0.0 | 0.0 | 0.01 | 0.0 | 0.0 | 1.13 | 0.0 | 0.0 | 179.91 | 0.0 | 0.0 | 96.30 | 0.0 | 0.0 | 3.70 | 0.0 | 0.0 | 16.30 | 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) | 33.03 | 27.53 | 22.65 | 151.39 | 2.13 | -40.53 | 23.48 | 171.76 | 21.37 | 179.35 | 10.94 | 357.74 | 2.75 | 205.56 | 0.11 | 83.33 | 31.28 | 51.92 | 357.57 | -12.97 | 96.42 | -7.6 | 3.50 | 0 | 0.20 | -8.07 | 4.99 | -19.26 |
| 2022 (9) | 25.90 | -2.7 | 9.01 | -6.24 | 3.58 | -9.07 | 8.64 | -18.34 | 7.65 | -10.84 | 2.39 | -20.86 | 0.90 | -2.17 | 0.06 | -25.0 | 20.59 | 10.52 | 410.88 | 7.58 | 104.35 | 15.03 | -4.35 | 0 | 0.22 | -14.85 | 6.18 | 14.23 |
| 2021 (8) | 26.62 | 11.1 | 9.61 | -28.44 | 3.94 | 66.52 | 10.58 | -9.57 | 8.58 | -19.89 | 3.02 | -58.8 | 0.92 | -60.52 | 0.08 | -55.56 | 18.63 | 11.03 | 381.94 | 20.71 | 90.71 | -20.9 | 9.29 | 0 | 0.26 | -18.09 | 5.41 | 47.41 |
| 2020 (7) | 23.96 | -21.67 | 13.43 | 36.07 | 2.36 | -57.23 | 11.70 | 160.0 | 10.71 | 152.0 | 7.33 | 521.19 | 2.33 | 191.25 | 0.18 | 100.0 | 16.78 | 6.54 | 316.41 | 34.32 | 114.68 | -47.5 | -14.83 | 0 | 0.31 | -25.52 | 3.67 | -54.52 |
| 2019 (6) | 30.59 | 10.63 | 9.87 | -34.64 | 5.53 | 337.27 | 4.50 | -69.26 | 4.25 | -65.05 | 1.18 | -85.89 | 0.80 | -74.11 | 0.09 | -59.09 | 15.75 | -13.13 | 235.57 | 33.78 | 218.45 | 111.84 | -118.45 | 0 | 0.42 | -10.02 | 8.07 | 122.93 |
| 2018 (5) | 27.65 | -6.87 | 15.10 | -18.86 | 1.26 | 23.77 | 14.64 | -18.94 | 12.16 | -20.0 | 8.36 | -4.13 | 3.09 | 1.64 | 0.22 | 29.41 | 18.13 | -19.78 | 176.09 | -28.21 | 103.12 | 0.04 | -3.12 | 0 | 0.47 | 0 | 3.62 | 27.46 |
| 2017 (4) | 29.69 | -11.85 | 18.61 | -15.1 | 1.02 | 0.07 | 18.06 | 24.04 | 15.20 | 26.98 | 8.72 | 72.67 | 3.04 | 38.81 | 0.17 | 30.77 | 22.60 | 1.94 | 245.29 | 3.64 | 103.08 | -31.53 | -3.08 | 0 | 0.00 | 0 | 2.84 | -8.39 |
| 2016 (3) | 33.68 | -15.25 | 21.92 | -23.06 | 1.02 | 104.57 | 14.56 | -40.55 | 11.97 | -39.61 | 5.05 | -59.08 | 2.19 | -50.34 | 0.13 | -27.78 | 22.17 | -27.6 | 236.68 | 2.32 | 150.53 | 29.34 | -50.53 | 0 | 0.00 | 0 | 3.10 | 12.32 |
| 2015 (2) | 39.74 | 8.25 | 28.49 | -18.48 | 0.50 | -38.56 | 24.49 | -14.13 | 19.82 | -37.73 | 12.34 | 21.22 | 4.41 | 17.91 | 0.18 | 80.0 | 30.62 | -18.69 | 231.32 | -10.8 | 116.39 | -5.09 | -16.30 | 0 | 0.00 | 0 | 2.76 | -44.35 |
| 2014 (1) | 36.71 | 0 | 34.95 | 0 | 0.81 | 175.24 | 28.52 | 0 | 31.83 | 0 | 10.18 | 0 | 3.74 | 0 | 0.10 | -68.75 | 37.66 | 26.97 | 259.32 | 29.42 | 122.63 | 27.35 | -22.63 | 0 | 0.00 | 0 | 4.96 | 161.05 |
