- 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) | 6.15 | -75.46 | -77.7 | -16.55 | -1273.76 | -157.39 | -16.25 | -246.66 | -313.25 | -14.77 | -266.7 | -282.12 | -3.32 | -361.42 | -477.27 | -1.02 | -250.0 | -224.39 | 0.08 | 60.0 | -20.0 | -4.58 | -119.49 | -137.54 | 169.37 | -2.93 | 1755.09 | 102.17 | 581.16 | 222.61 | -2.17 | -102.42 | -101.19 | 9.71 | -39.31 | -43.91 |
| 23Q3 (19) | 25.06 | 33.09 | -7.8 | 1.41 | -85.25 | 210.16 | 11.08 | 45.98 | 69.94 | 8.86 | 23.92 | 38.01 | 1.27 | -60.19 | 76.39 | 0.68 | -45.6 | 1.49 | 0.05 | -68.75 | -50.0 | 23.50 | 115.2 | 73.05 | 174.49 | 8.2 | 1166.26 | 15.00 | -88.06 | 175.0 | 90.00 | 451.0 | -25.0 | 16.00 | 280.95 | -6.6 |
| 23Q2 (18) | 18.83 | -7.33 | -31.5 | 9.56 | 38.95 | 1174.16 | 7.59 | 427.08 | 55.85 | 7.15 | 511.11 | 53.1 | 3.19 | 1081.48 | 578.72 | 1.25 | 468.18 | 177.78 | 0.16 | 60.0 | 77.78 | 10.92 | 107.6 | -4.13 | 161.27 | -25.74 | 1154.04 | 125.64 | -73.08 | 602.56 | -25.64 | 93.01 | -120.51 | 4.20 | -49.7 | -73.91 |
| 23Q1 (17) | 20.32 | -26.32 | -25.4 | 6.88 | 207.0 | 433.98 | 1.44 | -81.1 | -41.7 | 1.17 | -85.57 | -46.82 | 0.27 | -69.32 | 17.39 | 0.22 | -73.17 | -12.0 | 0.10 | 0.0 | 11.11 | 5.26 | -56.89 | -46.76 | 217.17 | 2278.64 | 1564.14 | 466.67 | 660.0 | 566.67 | -366.67 | -300.0 | -283.33 | 8.35 | -51.76 | -52.01 |
| 22Q4 (16) | 27.58 | 1.47 | 5.75 | -6.43 | -402.34 | -396.31 | 7.62 | 16.87 | 12.56 | 8.11 | 26.32 | 6.71 | 0.88 | 22.22 | -19.27 | 0.82 | 22.39 | -17.17 | 0.10 | 0.0 | -23.08 | 12.20 | -10.16 | -6.15 | 9.13 | -33.74 | -25.71 | -83.33 | -316.67 | -391.67 | 183.33 | 52.78 | 156.67 | 17.31 | 1.05 | 17.36 |
| 22Q3 (15) | 27.18 | -1.13 | -1.45 | -1.28 | -43.82 | -346.15 | 6.52 | 33.88 | 258.24 | 6.42 | 37.47 | 187.89 | 0.72 | 53.19 | 148.28 | 0.67 | 48.89 | 131.03 | 0.10 | 11.11 | -16.67 | 13.58 | 19.23 | 72.55 | 13.78 | 7.15 | 1.62 | -20.00 | 20.0 | 0 | 120.00 | -4.0 | 140.0 | 17.13 | 6.4 | -6.7 |
| 22Q2 (14) | 27.49 | 0.92 | -16.16 | -0.89 | 56.8 | -116.36 | 4.87 | 97.17 | 59.15 | 4.67 | 112.27 | 54.13 | 0.47 | 104.35 | 17.5 | 0.45 | 80.0 | 18.42 | 0.09 | 0.0 | -25.0 | 11.39 | 15.28 | 30.92 | 12.86 | -1.46 | 74.73 | -25.00 | 75.0 | -115.0 | 125.00 | -37.5 | 287.5 | 16.10 | -7.47 | 0.0 |
| 22Q1 (13) | 27.24 | 4.45 | 7.8 | -2.06 | -194.93 | -520.41 | 2.47 | -63.52 | 126.61 | 2.20 | -71.05 | 368.09 | 0.23 | -78.9 | 228.57 | 0.25 | -74.75 | 212.5 | 0.09 | -30.77 | -40.0 | 9.88 | -24.0 | 49.7 | 13.05 | 6.18 | 83.03 | -100.00 | -450.0 | -200.0 | 200.00 | 180.0 | 100.0 | 17.40 | 17.97 | 21.25 |
| 21Q4 (12) | 26.08 | -5.44 | -18.68 | 2.17 | 317.31 | 127.16 | 6.77 | 271.98 | 4935.71 | 7.60 | 240.81 | 3023.08 | 1.09 | 275.86 | 2825.0 | 0.99 | 241.38 | 3400.0 | 0.13 | 8.33 | 0.0 | 13.00 | 65.18 | 103.76 | 12.29 | -9.37 | 113.37 | 28.57 | 0 | 0 | 71.43 | 42.86 | 0 | 14.75 | -19.66 | -50.55 |
| 21Q3 (11) | 27.58 | -15.89 | -11.66 | 0.52 | -90.44 | -81.56 | 1.82 | -40.52 | 336.36 | 2.23 | -26.4 | 385.9 | 0.29 | -27.5 | 422.22 | 0.29 | -23.68 | 462.5 | 0.12 | 0.0 | 9.09 | 7.87 | -9.54 | 24.33 | 13.56 | 84.24 | 123.39 | 0.00 | -100.0 | 100.0 | 50.00 | 175.0 | -83.33 | 18.36 | 14.04 | -2.13 |
| 21Q2 (10) | 32.79 | 29.76 | -6.26 | 5.44 | 1010.2 | 41.67 | 3.06 | 180.73 | 3160.0 | 3.03 | 544.68 | 380.95 | 0.40 | 471.43 | 471.43 | 0.38 | 375.0 | 375.0 | 0.12 | -20.0 | 20.0 | 8.70 | 31.82 | 10.27 | 7.36 | 3.23 | 12.71 | 166.67 | 66.67 | 0 | -66.67 | -166.67 | 0 | 16.10 | 12.2 | 0 |
| 21Q1 (9) | 25.27 | -21.2 | 5.6 | 0.49 | 106.13 | -69.75 | 1.09 | 878.57 | -70.93 | 0.47 | 280.77 | -85.27 | 0.07 | 275.0 | -84.09 | 0.08 | 366.67 | -80.95 | 0.15 | 15.38 | 15.38 | 6.60 | 3.45 | -37.32 | 7.13 | 23.78 | -1.66 | 100.00 | 0 | 100.0 | 100.00 | 0 | 100.0 | 14.35 | -51.89 | 0 |
| 20Q4 (8) | 32.07 | 2.72 | 8.71 | -7.99 | -383.33 | -3059.26 | -0.14 | 81.82 | 97.39 | -0.26 | 66.67 | 95.08 | -0.04 | 55.56 | 94.74 | -0.03 | 62.5 | 95.65 | 0.13 | 18.18 | 0.0 | 6.38 | 0.79 | 531.68 | 5.76 | -5.11 | -24.61 | 0.00 | 100.0 | 0 | 0.00 | -100.0 | -100.0 | 29.83 | 59.01 | 69.1 |
| 20Q3 (7) | 31.22 | -10.75 | 33.36 | 2.82 | -26.56 | 184.18 | -0.77 | -670.0 | -1000.0 | -0.78 | -223.81 | -387.5 | -0.09 | -228.57 | -350.0 | -0.08 | -200.0 | 0 | 0.11 | 10.0 | -8.33 | 6.33 | -19.77 | -1.86 | 6.07 | -7.04 | -29.25 | -200.00 | 0 | 0 | 300.00 | 0 | 0 | 18.76 | 0 | -1.99 |
| 20Q2 (6) | 34.98 | 46.18 | 52.09 | 3.84 | 137.04 | 420.0 | -0.10 | -102.67 | 77.27 | 0.63 | -80.25 | 450.0 | 0.07 | -84.09 | 333.33 | 0.08 | -80.95 | 900.0 | 0.10 | -23.08 | -28.57 | 7.89 | -25.07 | 44.77 | 6.53 | -9.93 | -41.9 | 0.00 | -100.0 | 0 | 0.00 | -100.0 | 0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 23.93 | -18.88 | 7.5 | 1.62 | 500.0 | 116.1 | 3.75 | 169.96 | 158.96 | 3.19 | 160.42 | 151.29 | 0.44 | 157.89 | 158.67 | 0.42 | 160.87 | 162.69 | 0.13 | 0.0 | 18.18 | 10.53 | 942.57 | 0 | 7.25 | -5.1 | -39.48 | 50.00 | 0 | -72.22 | 50.00 | -58.33 | 183.33 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 29.50 | 26.01 | 0.0 | 0.27 | 108.06 | 0.0 | -5.36 | -7557.14 | 0.0 | -5.28 | -3200.0 | 0.0 | -0.76 | -3700.0 | 0.0 | -0.69 | 0 | 0.0 | 0.13 | 8.33 | 0.0 | 1.01 | -84.34 | 0.0 | 7.64 | -10.96 | 0.0 | -0.00 | 0 | 0.0 | 120.00 | 0 | 0.0 | 17.64 | -7.84 | 0.0 |
| 19Q3 (3) | 23.41 | 1.78 | 0.0 | -3.35 | -179.17 | 0.0 | -0.07 | 84.09 | 0.0 | -0.16 | 11.11 | 0.0 | -0.02 | 33.33 | 0.0 | 0.00 | 100.0 | 0.0 | 0.12 | -14.29 | 0.0 | 6.45 | 18.35 | 0.0 | 8.58 | -23.67 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 19.14 | 14.95 | 0.0 |
| 19Q2 (2) | 23.00 | 3.32 | 0.0 | -1.20 | 88.07 | 0.0 | -0.44 | 93.08 | 0.0 | -0.18 | 97.11 | 0.0 | -0.03 | 96.0 | 0.0 | -0.01 | 98.51 | 0.0 | 0.14 | 27.27 | 0.0 | 5.45 | 0 | 0.0 | 11.24 | -6.18 | 0.0 | 0.00 | -100.0 | 0.0 | 0.00 | 100.0 | 0.0 | 16.65 | -26.13 | 0.0 |
| 19Q1 (1) | 22.26 | 0.0 | 0.0 | -10.06 | 0.0 | 0.0 | -6.36 | 0.0 | 0.0 | -6.22 | 0.0 | 0.0 | -0.75 | 0.0 | 0.0 | -0.67 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | -0.00 | 0.0 | 0.0 | 11.98 | 0.0 | 0.0 | 180.00 | 0.0 | 0.0 | -60.00 | 0.0 | 0.0 | 22.54 | 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) | 17.03 | -37.78 | 1.60 | 0 | 3.70 | -29.69 | 1.35 | -74.91 | 1.13 | -78.92 | 1.28 | -43.36 | 1.57 | -27.65 | 0.55 | 44.74 | 8.16 | -30.61 | 169.37 | 1755.09 | 118.75 | 0 | -18.75 | 0 | 20.02 | 1264.66 | 8.06 | -52.56 |
| 2022 (9) | 27.37 | -1.51 | -2.68 | 0 | 5.26 | 7.2 | 5.38 | 68.12 | 5.36 | 60.96 | 2.26 | 22.83 | 2.17 | 24.71 | 0.38 | -25.49 | 11.76 | 30.09 | 9.13 | -25.71 | -52.94 | 0 | 152.94 | 358.82 | 1.47 | -20.96 | 16.99 | 7.6 |
| 2021 (8) | 27.79 | -8.19 | 2.11 | 0 | 4.91 | -15.8 | 3.20 | 305.06 | 3.33 | 332.47 | 1.84 | 371.79 | 1.74 | 335.0 | 0.51 | 8.51 | 9.04 | 19.26 | 12.29 | 113.37 | 66.67 | 0 | 33.33 | -75.0 | 1.86 | -25.23 | 15.79 | -27.37 |
| 2020 (7) | 30.27 | 23.05 | -0.25 | 0 | 5.83 | 12.54 | 0.79 | 0 | 0.77 | 0 | 0.39 | 0 | 0.40 | 0 | 0.47 | -9.62 | 7.58 | 124.93 | 5.76 | -24.61 | -33.33 | 0 | 133.33 | 0 | 2.48 | -35.0 | 21.74 | 15.7 |
| 2019 (6) | 24.60 | -1.52 | -3.28 | 0 | 5.18 | 141.22 | -2.90 | 0 | -2.80 | 0 | -1.56 | 0 | -1.39 | 0 | 0.52 | -1.89 | 3.37 | 0 | 7.64 | -1.8 | 118.18 | 0 | -9.09 | 0 | 3.82 | -6.6 | 18.79 | 11.45 |
| 2018 (5) | 24.98 | -22.71 | 0.30 | -96.75 | 2.15 | 7.94 | -9.74 | 0 | -10.04 | 0 | -5.80 | 0 | -5.34 | 0 | 0.53 | -11.67 | -6.68 | 0 | 7.78 | -12.98 | -2.44 | 0 | 102.44 | -9.76 | 4.09 | 0 | 16.86 | 24.8 |
| 2017 (4) | 32.32 | 30.8 | 9.24 | 0 | 1.99 | -4.92 | -70.02 | 0 | -70.49 | 0 | -45.94 | 0 | -42.02 | 0 | 0.60 | -18.92 | -67.91 | 0 | 8.94 | -9.42 | -13.17 | 0 | 113.52 | 7.93 | 0.00 | 0 | 13.51 | -47.39 |
| 2016 (3) | 24.71 | 149.34 | -2.31 | 0 | 2.09 | -75.41 | 45.02 | 0 | 41.29 | 0 | 44.99 | 0 | 30.57 | 0 | 0.74 | 32.14 | 47.44 | 0 | 9.87 | -90.94 | -5.18 | 0 | 105.18 | 78.56 | 0.00 | 0 | 25.68 | 49.65 |
| 2015 (2) | 9.91 | 186.42 | -4.35 | 0 | 8.51 | 16.65 | -10.41 | 0 | -62.17 | 0 | -12.15 | 0 | -5.63 | 0 | 0.56 | 21.74 | -1.28 | 0 | 108.97 | 5.86 | 42.47 | 0 | 58.90 | -55.88 | 0.00 | 0 | 17.16 | 21.88 |
| 2014 (1) | 3.46 | 0 | -6.86 | 0 | 7.30 | -2.0 | 20.46 | 0 | -4.40 | 0 | 19.86 | 0 | 9.44 | 0 | 0.46 | -16.36 | 28.54 | 138.43 | 102.94 | -19.47 | -33.51 | 0 | 133.51 | -69.03 | 0.00 | 0 | 14.08 | 11.22 |
