- 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) | 0.69 | -97.41 | -97.17 | -38.82 | -339.14 | -55.9 | -99.16 | -1729.52 | -54.89 | -99.81 | -1741.51 | -55.9 | -9.55 | -1636.36 | -74.27 | -5.13 | -1732.14 | -49.56 | 0.05 | -16.67 | 0.0 | -93.10 | -3083.97 | -68.75 | 100.19 | 40.6 | 57.11 | 37.93 | -74.71 | 2.96 | 58.62 | 217.24 | 1.25 | 20.14 | 6.73 | -17.96 |
| 23Q3 (19) | 26.62 | 283.57 | -29.48 | -8.84 | 74.08 | -160.0 | -5.42 | 82.35 | -29.05 | -5.42 | 82.35 | -29.05 | -0.55 | 81.73 | -25.0 | -0.28 | 83.91 | -300.0 | 0.06 | 0.0 | 0.0 | 3.12 | 114.26 | -54.78 | 71.26 | -1.64 | 38.4 | 150.00 | 36.36 | 50.0 | -50.00 | -400.0 | 0 | 18.87 | 3.4 | -5.98 |
| 23Q2 (18) | 6.94 | -74.73 | -77.59 | -34.11 | -37.76 | -492.07 | -30.70 | -23.1 | -434.42 | -30.70 | -23.1 | -434.42 | -3.01 | -65.38 | -235.59 | -1.74 | -65.71 | -237.01 | 0.06 | 50.0 | -50.0 | -21.88 | -31.25 | -256.29 | 72.45 | 7.24 | -38.08 | 110.00 | 10.0 | 37.5 | -10.00 | 0 | 0 | 18.25 | -29.1 | 55.98 |
| 23Q1 (17) | 27.46 | 12.73 | -36.15 | -24.76 | 0.56 | -205.41 | -24.94 | 61.04 | -203.7 | -24.94 | 61.04 | -203.7 | -1.82 | 66.79 | -129.84 | -1.05 | 69.39 | -126.45 | 0.04 | -20.0 | -75.0 | -16.67 | 69.78 | -160.73 | 67.56 | 5.94 | -4.79 | 100.00 | 171.43 | 0.0 | -0.00 | -100.0 | 0 | 25.74 | 4.85 | 135.28 |
| 22Q4 (16) | 24.36 | -35.47 | -38.53 | -24.90 | -632.35 | -807.39 | -64.02 | -1424.29 | -1209.53 | -64.02 | -1424.29 | -1209.53 | -5.48 | -1145.45 | -541.94 | -3.43 | -4800.0 | -457.29 | 0.05 | -16.67 | -66.67 | -55.17 | -899.57 | -552.21 | 63.77 | 23.85 | 53.81 | 36.84 | -63.16 | -26.32 | 57.89 | 0 | 15.79 | 24.55 | 22.32 | 77.64 |
| 22Q3 (15) | 37.75 | 21.89 | -10.14 | -3.40 | -139.08 | -122.14 | -4.20 | -145.75 | -125.32 | -4.20 | -145.75 | -125.32 | -0.44 | -119.82 | -113.75 | -0.07 | -105.51 | -103.06 | 0.06 | -50.0 | -53.85 | 6.90 | -50.71 | -72.4 | 51.49 | -55.99 | 7.86 | 100.00 | 25.0 | 0.0 | -0.00 | 0 | 0 | 20.07 | 71.54 | 46.07 |
| 22Q2 (14) | 30.97 | -27.99 | -22.23 | 8.70 | -62.96 | -28.92 | 9.18 | -61.83 | 23.39 | 9.18 | -61.83 | 23.39 | 2.22 | -63.61 | 53.1 | 1.27 | -68.01 | 22.12 | 0.12 | -25.0 | -7.69 | 14.00 | -49.0 | 0.79 | 117.00 | 64.88 | 193.23 | 80.00 | -20.0 | -40.0 | 0.00 | 0 | 100.0 | 11.70 | 6.95 | -7.58 |
| 22Q1 (13) | 43.01 | 8.53 | 9.22 | 23.49 | 567.33 | 266.24 | 24.05 | 316.81 | 217.78 | 24.05 | 316.81 | 217.78 | 6.10 | 391.94 | 242.52 | 3.97 | 313.54 | 287.26 | 0.16 | 6.67 | 45.45 | 27.45 | 125.0 | 374.5 | 70.96 | 71.15 | 25.06 | 100.00 | 100.0 | 50.0 | 0.00 | -100.0 | -100.0 | 10.94 | -20.84 | -39.12 |
| 21Q4 (12) | 39.63 | -5.67 | 26.69 | 3.52 | -77.08 | -38.25 | 5.77 | -65.22 | 124.03 | 5.77 | -65.22 | 124.03 | 1.24 | -61.25 | 113.25 | 0.96 | -58.08 | 125.74 | 0.15 | 15.38 | -6.25 | 12.20 | -51.2 | 187.46 | 41.46 | -13.15 | -72.54 | 50.00 | -50.0 | 350.0 | 50.00 | 0 | -61.54 | 13.82 | 0.58 | 9.16 |
| 21Q3 (11) | 42.01 | 5.5 | 14.47 | 15.36 | 25.49 | 165.53 | 16.59 | 122.98 | 106.6 | 16.59 | 122.98 | 106.6 | 3.20 | 120.69 | 71.12 | 2.29 | 120.19 | 138.54 | 0.13 | 0.0 | 44.44 | 25.00 | 79.99 | -3.59 | 47.74 | 19.65 | -63.52 | 100.00 | -25.0 | 133.33 | 0.00 | 100.0 | -100.0 | 13.74 | 8.53 | -16.47 |
| 21Q2 (10) | 39.82 | 1.12 | 10.09 | 12.24 | 186.62 | 223.81 | 7.44 | 136.43 | 327.59 | 7.44 | 136.43 | 325.14 | 1.45 | 133.88 | 133.87 | 1.04 | 149.06 | 147.62 | 0.13 | 18.18 | -7.14 | 13.89 | 238.9 | -2.8 | 39.90 | -29.68 | -75.03 | 133.33 | 100.0 | -33.33 | -66.67 | -300.0 | 33.33 | 12.66 | -29.55 | 0 |
| 21Q1 (9) | 39.38 | 25.9 | 4.37 | -14.13 | -347.89 | 26.98 | -20.42 | 14.95 | -12.76 | -20.42 | 14.95 | -12.76 | -4.28 | 54.27 | 8.35 | -2.12 | 43.16 | -26.95 | 0.11 | -31.25 | 10.0 | -10.00 | 28.32 | -209.6 | 56.74 | -62.43 | -65.28 | 66.67 | 433.33 | -33.33 | 33.33 | -74.36 | 0 | 17.97 | 41.94 | -19.2 |
| 20Q4 (8) | 31.28 | -14.77 | -12.09 | 5.70 | 124.32 | 139.5 | -24.01 | -399.0 | 88.55 | -24.01 | -399.0 | 88.56 | -9.36 | -600.53 | 81.83 | -3.73 | -488.54 | 85.83 | 0.16 | 77.78 | 23.08 | -13.95 | -153.8 | 93.03 | 151.01 | 15.4 | 1.64 | -20.00 | 93.33 | -383.33 | 130.00 | -71.11 | 39.87 | 12.66 | -23.04 | 0 |
| 20Q3 (7) | 36.70 | 1.47 | 0.16 | -23.44 | -720.11 | 36.17 | 8.03 | 361.49 | 159.84 | 8.03 | 358.86 | 159.84 | 1.87 | 201.61 | 193.97 | 0.96 | 128.57 | 200.0 | 0.09 | -35.71 | 0.0 | 25.93 | 81.46 | 314.88 | 130.86 | -18.09 | 110.56 | -300.00 | -250.0 | -200.0 | 450.00 | 550.0 | 357.14 | 16.45 | 0 | -60.94 |
| 20Q2 (6) | 36.17 | -4.13 | 37.79 | 3.78 | 119.53 | 111.25 | 1.74 | 109.61 | 105.26 | 1.75 | 109.66 | 105.29 | 0.62 | 113.28 | 111.99 | 0.42 | 125.15 | 116.03 | 0.14 | 40.0 | 55.56 | 14.29 | 542.41 | 183.37 | 159.76 | -2.24 | 86.94 | 200.00 | 100.0 | 100.0 | -100.00 | 0 | 0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 37.73 | 6.04 | 25.77 | -19.35 | -34.1 | 69.76 | -18.11 | 91.37 | 69.74 | -18.11 | 91.37 | 69.74 | -4.67 | 90.93 | 34.41 | -1.67 | 93.66 | 57.07 | 0.10 | -23.08 | 42.86 | -3.23 | 98.39 | 91.78 | 163.42 | 10.0 | 105.2 | 100.00 | 1316.67 | -5.56 | -0.00 | -100.0 | 100.0 | 22.24 | 0 | -58.21 |
| 19Q4 (4) | 35.58 | -2.89 | 0.0 | -14.43 | 60.7 | 0.0 | -209.75 | -1462.97 | 0.0 | -209.92 | -1464.23 | 0.0 | -51.50 | -2487.94 | 0.0 | -26.33 | -2642.71 | 0.0 | 0.13 | 44.44 | 0.0 | -200.00 | -3300.0 | 0.0 | 148.57 | 139.05 | 0.0 | 7.06 | -97.65 | 0.0 | 92.94 | 153.11 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 36.64 | 39.58 | 0.0 | -36.72 | -9.25 | 0.0 | -13.42 | 59.44 | 0.0 | -13.42 | 59.44 | 0.0 | -1.99 | 61.51 | 0.0 | -0.96 | 63.36 | 0.0 | 0.09 | 0.0 | 0.0 | 6.25 | 136.46 | 0.0 | 62.15 | -27.28 | 0.0 | 300.00 | 200.0 | 0.0 | -175.00 | 0 | 0.0 | 42.12 | 10.52 | 0.0 |
| 19Q2 (2) | 26.25 | -12.5 | 0.0 | -33.61 | 47.47 | 0.0 | -33.09 | 44.71 | 0.0 | -33.09 | 44.71 | 0.0 | -5.17 | 27.39 | 0.0 | -2.62 | 32.65 | 0.0 | 0.09 | 28.57 | 0.0 | -17.14 | 56.38 | 0.0 | 85.46 | 7.31 | 0.0 | 100.00 | -5.56 | 0.0 | -0.00 | 100.0 | 0.0 | 38.11 | -28.39 | 0.0 |
| 19Q1 (1) | 30.00 | 0.0 | 0.0 | -63.98 | 0.0 | 0.0 | -59.85 | 0.0 | 0.0 | -59.85 | 0.0 | 0.0 | -7.12 | 0.0 | 0.0 | -3.89 | 0.0 | 0.0 | 0.07 | 0.0 | 0.0 | -39.29 | 0.0 | 0.0 | 79.64 | 0.0 | 0.0 | 105.88 | 0.0 | 0.0 | -5.88 | 0.0 | 0.0 | 53.22 | 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) | 15.02 | -56.86 | -26.43 | 0 | 6.03 | 37.93 | -39.56 | 0 | -39.73 | 0 | -14.90 | 0 | -8.12 | 0 | 0.21 | -46.15 | -31.90 | 0 | 100.19 | 57.11 | 67.39 | 0 | 32.61 | -91.11 | 0.17 | -94.72 | 20.43 | 33.01 |
| 2022 (9) | 34.82 | -13.45 | 5.00 | -0.6 | 4.38 | -37.0 | -1.99 | 0 | -1.99 | 0 | -1.21 | 0 | -0.31 | 0 | 0.39 | -27.78 | 4.38 | -62.91 | 63.77 | 53.81 | -266.67 | 0 | 366.67 | 0 | 3.30 | -70.86 | 15.36 | 6.89 |
| 2021 (8) | 40.23 | 14.48 | 5.03 | 0 | 6.94 | -37.93 | 3.48 | 0 | 3.48 | 0 | 3.37 | 0 | 2.25 | 0 | 0.54 | 5.88 | 11.81 | 181.19 | 41.46 | -72.54 | 140.00 | 127.5 | -40.00 | 0 | 11.31 | -9.49 | 14.37 | -14.41 |
| 2020 (7) | 35.14 | 9.0 | -5.80 | 0 | 11.19 | 1.45 | -9.09 | 0 | -9.09 | 0 | -11.55 | 0 | -3.91 | 0 | 0.51 | 34.21 | 4.20 | 0 | 151.01 | 1.64 | 61.54 | 54.5 | 38.46 | -35.16 | 12.50 | 18.75 | 16.79 | -57.81 |
| 2019 (6) | 32.24 | -2.63 | -34.90 | 0 | 11.03 | 26.84 | -86.70 | 0 | -86.75 | 0 | -65.19 | 0 | -32.45 | 0 | 0.38 | 18.75 | -69.12 | 0 | 148.57 | 116.07 | 39.83 | -58.53 | 59.32 | 1402.82 | 10.53 | -62.79 | 39.80 | -25.61 |
| 2018 (5) | 33.11 | 12.28 | -53.09 | 0 | 8.70 | -6.21 | -55.52 | 0 | -55.52 | 0 | -28.39 | 0 | -17.51 | 0 | 0.32 | 3.23 | -41.30 | 0 | 68.76 | 41.71 | 96.05 | 7.0 | 3.95 | -61.4 | 28.29 | 0 | 53.50 | -4.48 |
| 2017 (4) | 29.49 | 24.59 | -52.72 | 0 | 9.27 | 96.76 | -58.46 | 0 | -71.74 | 0 | -31.73 | 0 | -21.65 | 0 | 0.31 | -13.89 | -44.37 | 0 | 48.52 | 24.09 | 89.77 | -9.0 | 10.23 | 656.82 | 0.00 | 0 | 56.01 | 38.54 |
| 2016 (3) | 23.67 | -1.66 | -38.23 | 0 | 4.71 | 147.97 | -38.67 | 0 | -38.67 | 0 | -20.70 | 0 | -13.57 | 0 | 0.36 | -53.85 | -31.94 | 0 | 39.10 | -33.34 | 98.65 | 97.3 | 1.35 | -96.85 | 0.00 | 0 | 40.43 | 120.81 |
| 2015 (2) | 24.07 | 49.88 | -1.74 | 0 | 1.90 | -10.5 | -3.24 | 0 | -3.24 | 0 | -3.99 | 0 | -2.18 | 0 | 0.78 | -19.59 | -0.71 | 0 | 58.66 | 2.27 | 50.00 | -53.33 | 42.86 | 0 | 0.00 | 0 | 18.31 | -2.14 |
| 2014 (1) | 16.06 | 0 | -9.56 | 0 | 2.12 | -59.93 | -9.02 | 0 | -9.02 | 0 | -12.97 | 0 | -8.45 | 0 | 0.97 | 29.33 | -6.37 | 0 | 57.36 | 58.63 | 107.14 | 42.86 | -7.14 | 0 | 0.00 | 0 | 18.71 | -34.56 |
