- 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) | 29.17 | 5.04 | 22.87 | -14.03 | -163.83 | -225.27 | -15.38 | -170.52 | -235.15 | -7.88 | -146.35 | -214.37 | -0.33 | -102.36 | -119.41 | -0.07 | -101.77 | -113.46 | 0.01 | -95.65 | -85.71 | 0.00 | -100.0 | -100.0 | 225.74 | 3.92 | -9.65 | 90.91 | -9.72 | -7.73 | 9.09 | 1222.08 | 518.18 | 23.57 | 933.77 | 255.51 |
| 23Q3 (19) | 27.77 | 14.42 | 4.99 | 21.98 | 165.14 | 602.24 | 21.81 | 186.6 | 2592.59 | 17.00 | 192.1 | 358.22 | 14.00 | 2122.22 | 5733.33 | 3.95 | 1978.95 | 3490.91 | 0.23 | 666.67 | 1050.0 | 22.70 | 64.14 | 86.37 | 217.23 | -28.49 | -16.72 | 100.69 | -8.9 | -69.79 | -0.81 | 89.74 | 99.65 | 2.28 | -81.95 | -82.53 |
| 23Q2 (18) | 24.27 | -2.33 | 12.99 | 8.29 | 2027.91 | -38.32 | 7.61 | 542.44 | -45.01 | 5.82 | 434.48 | -57.05 | 0.63 | 625.0 | -86.82 | 0.19 | 2000.0 | -86.03 | 0.03 | 50.0 | -70.0 | 13.83 | 80.78 | -13.89 | 303.78 | 18.16 | 21.27 | 110.53 | 563.16 | 13.98 | -7.89 | -111.84 | -360.53 | 12.63 | -21.55 | 321.0 |
| 23Q1 (17) | 24.85 | 4.68 | 8.28 | -0.43 | -103.84 | -102.57 | -1.72 | -115.11 | -110.76 | -1.74 | -125.25 | -111.51 | -0.12 | -107.06 | -101.61 | -0.01 | -101.92 | -100.52 | 0.02 | -71.43 | -83.33 | 7.65 | -46.99 | -57.59 | 257.10 | 2.91 | -8.28 | 16.67 | -83.08 | -84.09 | 66.67 | 4433.33 | 1500.0 | 16.10 | 142.84 | 596.97 |
| 22Q4 (16) | 23.74 | -10.25 | 2.42 | 11.20 | 257.83 | 787.12 | 11.38 | 1304.94 | 370.31 | 6.89 | 85.71 | -47.24 | 1.70 | 608.33 | 54.55 | 0.52 | 372.73 | 57.58 | 0.07 | 250.0 | 250.0 | 14.43 | 18.47 | 88.14 | 249.84 | -4.22 | -25.89 | 98.53 | -70.44 | 146.32 | 1.47 | 100.63 | -97.55 | 6.63 | -49.2 | -28.48 |
| 22Q3 (15) | 26.45 | 23.14 | -3.92 | 3.13 | -76.71 | 107.69 | 0.81 | -94.15 | 101.67 | 3.71 | -72.62 | 109.64 | 0.24 | -94.98 | 119.83 | 0.11 | -91.91 | 147.83 | 0.02 | -80.0 | 100.0 | 12.18 | -24.16 | 167.7 | 260.84 | 4.13 | -19.15 | 333.33 | 243.75 | 298.81 | -233.33 | -7800.0 | -1521.21 | 13.05 | 335.0 | -43.73 |
| 22Q2 (14) | 21.48 | -6.41 | -46.51 | 13.44 | -19.71 | 2233.33 | 13.84 | -13.45 | 234.24 | 13.55 | -10.38 | 192.74 | 4.78 | -36.01 | 1162.22 | 1.36 | -28.8 | 3500.0 | 0.10 | -16.67 | 900.0 | 16.06 | -10.98 | -24.14 | 250.49 | -10.64 | -13.96 | 96.97 | -7.44 | 1257.58 | 3.03 | 163.64 | -96.74 | 3.00 | 29.87 | -87.43 |
| 22Q1 (13) | 22.95 | -0.99 | -28.21 | 16.74 | 1126.99 | 417.05 | 15.99 | 479.81 | 189.58 | 15.12 | 15.77 | 167.14 | 7.47 | 579.09 | 1198.53 | 1.91 | 478.79 | 1691.67 | 0.12 | 500.0 | 1100.0 | 18.04 | 135.2 | 45.37 | 280.31 | -16.85 | 0.72 | 104.76 | 161.9 | 259.18 | -4.76 | -107.94 | -106.72 | 2.31 | -75.08 | -90.97 |
| 21Q4 (12) | 23.18 | -15.8 | -45.99 | -1.63 | 96.0 | -135.67 | -4.21 | 91.32 | -117.81 | 13.06 | 133.93 | -45.97 | 1.10 | 190.91 | -9.84 | 0.33 | 243.48 | -21.43 | 0.02 | 100.0 | 0.0 | 7.67 | 142.63 | -80.04 | 337.11 | 4.49 | 31.13 | 40.00 | -52.14 | 116.0 | 60.00 | 265.45 | -26.36 | 9.27 | -60.03 | -45.44 |
| 21Q3 (11) | 27.53 | -31.45 | 10.16 | -40.70 | -6360.32 | -1417.15 | -48.51 | -370.51 | -60737.5 | -38.49 | -163.45 | -4129.67 | -1.21 | -168.89 | -2925.0 | -0.23 | -475.0 | -675.0 | 0.01 | 0.0 | 0.0 | -17.99 | -184.98 | -187.03 | 322.61 | 10.82 | 77.26 | 83.58 | 1070.15 | 0 | 16.42 | -82.32 | 0 | 23.19 | -2.85 | 46.59 |
| 21Q2 (10) | 40.16 | 25.62 | 400.12 | -0.63 | 88.07 | 92.55 | -10.31 | 42.24 | -17.29 | -14.61 | 35.12 | -50.0 | -0.45 | 33.82 | 10.0 | -0.04 | 66.67 | 69.23 | 0.01 | 0.0 | -50.0 | 21.17 | 70.59 | 229.24 | 291.12 | 4.61 | 63.1 | 7.14 | -75.51 | -92.86 | 92.86 | 31.09 | 1757.14 | 23.87 | -6.68 | 0 |
| 21Q1 (9) | 31.97 | -25.51 | 64.45 | -5.28 | -215.54 | -191.03 | -17.85 | -175.51 | -523.99 | -22.52 | -193.17 | -718.68 | -0.68 | -155.74 | -342.86 | -0.12 | -128.57 | -175.0 | 0.01 | -50.0 | -66.67 | 12.41 | -67.71 | -17.05 | 278.30 | 8.25 | 68.17 | 29.17 | 57.5 | -79.17 | 70.83 | -13.07 | 277.08 | 25.58 | 50.56 | 0 |
| 20Q4 (8) | 42.92 | 71.75 | 39.49 | 4.57 | 47.9 | -73.26 | 23.64 | 29450.0 | 42.84 | 24.17 | 2756.04 | 55.53 | 1.22 | 3150.0 | -54.14 | 0.42 | 950.0 | -60.38 | 0.02 | 100.0 | -66.67 | 38.43 | 85.92 | 109.31 | 257.09 | 41.26 | 55.19 | 18.52 | 0 | -82.04 | 81.48 | 0 | 2727.78 | 16.99 | 7.4 | 0 |
| 20Q3 (7) | 24.99 | 211.21 | -12.44 | 3.09 | 136.52 | -72.78 | 0.08 | 100.91 | -99.4 | -0.91 | 90.66 | -108.54 | -0.04 | 92.0 | -103.64 | 0.04 | 130.77 | -91.67 | 0.01 | -50.0 | -75.0 | 20.67 | 226.19 | 29.59 | 182.00 | 1.97 | 7.3 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 15.82 | 0 | 112.63 |
| 20Q2 (6) | 8.03 | -58.69 | -72.85 | -8.46 | -245.86 | -153.38 | -8.79 | -308.79 | -161.95 | -9.74 | -367.58 | -163.54 | -0.50 | -278.57 | -125.51 | -0.13 | -181.25 | -114.61 | 0.02 | -33.33 | -60.0 | -16.38 | -209.49 | -196.81 | 178.49 | 7.86 | 11.21 | 100.00 | -28.57 | -10.64 | 5.00 | 112.5 | 142.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 19.44 | -36.82 | -30.89 | 5.80 | -66.06 | -70.65 | 4.21 | -74.56 | -77.34 | 3.64 | -76.58 | -79.1 | 0.28 | -89.47 | -89.93 | 0.16 | -84.91 | -87.97 | 0.03 | -50.0 | -57.14 | 14.96 | -18.52 | -26.27 | 165.49 | -0.1 | 36.97 | 140.00 | 35.79 | 31.54 | -40.00 | -1190.0 | -522.22 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 30.77 | 7.81 | 0.0 | 17.09 | 50.57 | 0.0 | 16.55 | 23.14 | 0.0 | 15.54 | 45.92 | 0.0 | 2.66 | 141.82 | 0.0 | 1.06 | 120.83 | 0.0 | 0.06 | 50.0 | 0.0 | 18.36 | 15.11 | 0.0 | 165.66 | -2.33 | 0.0 | 103.10 | 20.61 | 0.0 | -3.10 | -119.22 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 28.54 | -3.52 | 0.0 | 11.35 | -28.39 | 0.0 | 13.44 | -5.29 | 0.0 | 10.65 | -30.53 | 0.0 | 1.10 | -43.88 | 0.0 | 0.48 | -46.07 | 0.0 | 0.04 | -20.0 | 0.0 | 15.95 | -5.73 | 0.0 | 169.62 | 5.68 | 0.0 | 85.48 | -23.61 | 0.0 | 16.13 | 235.48 | 0.0 | 7.44 | 63.88 | 0.0 |
| 19Q2 (2) | 29.58 | 5.15 | 0.0 | 15.85 | -19.79 | 0.0 | 14.19 | -23.63 | 0.0 | 15.33 | -12.0 | 0.0 | 1.96 | -29.5 | 0.0 | 0.89 | -33.08 | 0.0 | 0.05 | -28.57 | 0.0 | 16.92 | -16.61 | 0.0 | 160.50 | 32.84 | 0.0 | 111.90 | 5.15 | 0.0 | -11.90 | -85.19 | 0.0 | 4.54 | 0.67 | 0.0 |
| 19Q1 (1) | 28.13 | 0.0 | 0.0 | 19.76 | 0.0 | 0.0 | 18.58 | 0.0 | 0.0 | 17.42 | 0.0 | 0.0 | 2.78 | 0.0 | 0.0 | 1.33 | 0.0 | 0.0 | 0.07 | 0.0 | 0.0 | 20.29 | 0.0 | 0.0 | 120.82 | 0.0 | 0.0 | 106.43 | 0.0 | 0.0 | -6.43 | 0.0 | 0.0 | 4.51 | 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) | 27.28 | 19.28 | 17.54 | 27.94 | 2.09 | 6.67 | 17.19 | 28.0 | 13.54 | 11.35 | 13.60 | -4.63 | 4.15 | 7.51 | 0.30 | 0.0 | 19.82 | 21.67 | 225.74 | -9.65 | 102.09 | -0.12 | -1.97 | 0 | 0.02 | 35.9 | 5.17 | 26.1 |
| 2022 (9) | 22.87 | -19.75 | 13.71 | 0 | 1.96 | -85.61 | 13.43 | 0 | 12.16 | 0 | 14.26 | 0 | 3.86 | 0 | 0.30 | 650.0 | 16.29 | 164.02 | 249.84 | -25.89 | 102.20 | 76.67 | -2.07 | 0 | 0.02 | 235.21 | 4.10 | -76.16 |
| 2021 (8) | 28.50 | 23.11 | -9.06 | 0 | 13.62 | 18.48 | -15.59 | 0 | -7.28 | 0 | -1.27 | 0 | -0.04 | 0 | 0.04 | -42.86 | 6.17 | -68.52 | 337.11 | 31.13 | 57.85 | 66.75 | 42.15 | -35.46 | 0.01 | -14.87 | 17.20 | 33.02 |
| 2020 (7) | 23.15 | -21.07 | 1.72 | -89.61 | 11.50 | 1388.1 | 4.89 | -69.51 | 4.41 | -70.91 | 0.96 | -88.69 | 0.48 | -87.27 | 0.07 | -69.57 | 19.60 | 6.81 | 257.09 | 55.19 | 34.69 | -66.44 | 65.31 | 0 | 0.01 | -24.39 | 12.93 | 115.5 |
| 2019 (6) | 29.33 | -8.06 | 16.56 | -31.71 | 0.77 | 362.35 | 16.04 | -34.02 | 15.16 | -31.56 | 8.49 | -60.36 | 3.77 | -58.48 | 0.23 | -42.5 | 18.35 | -26.66 | 165.66 | 37.39 | 103.37 | 3.68 | -3.13 | 0 | 0.01 | 0 | 6.00 | 20.0 |
| 2018 (5) | 31.90 | -9.27 | 24.25 | 24.23 | 0.17 | -58.77 | 24.31 | 27.28 | 22.15 | 17.51 | 21.42 | 212.7 | 9.08 | 219.72 | 0.40 | 166.67 | 25.02 | 25.1 | 120.58 | -26.23 | 99.71 | -2.36 | 0.29 | 0 | 0.00 | 0 | 5.00 | -40.97 |
| 2017 (4) | 35.16 | 32.13 | 19.52 | 188.76 | 0.41 | -19.41 | 19.10 | 135.22 | 18.85 | 214.69 | 6.85 | 392.81 | 2.84 | 242.17 | 0.15 | 50.0 | 20.00 | 80.67 | 163.45 | 24.76 | 102.12 | 23.46 | -2.12 | 0 | 0.01 | 0 | 8.47 | -14.79 |
| 2016 (3) | 26.61 | 6.91 | 6.76 | -62.73 | 0.50 | 277.36 | 8.12 | -53.65 | 5.99 | -61.77 | 1.39 | -90.11 | 0.83 | -86.24 | 0.10 | -73.68 | 11.07 | -38.84 | 131.01 | 11.76 | 82.72 | -20.08 | 17.28 | 0 | 0.00 | 0 | 9.94 | 127.98 |
| 2015 (2) | 24.89 | -16.36 | 18.14 | -10.99 | 0.13 | -14.61 | 17.52 | -10.98 | 15.67 | -14.09 | 14.06 | -7.5 | 6.03 | -3.52 | 0.38 | 11.76 | 18.10 | -9.68 | 117.22 | -27.84 | 103.50 | -0.14 | -3.50 | 0 | 0.00 | 0 | 4.36 | -14.51 |
| 2014 (1) | 29.76 | 0 | 20.38 | 0 | 0.16 | -8.12 | 19.68 | 0 | 18.24 | 0 | 15.20 | 0 | 6.25 | 0 | 0.34 | -2.86 | 20.04 | -12.37 | 162.44 | 27.71 | 103.65 | 1.49 | -3.49 | 0 | 0.00 | 0 | 5.10 | 13.59 |
