- 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) | 17.72 | -38.62 | -59.77 | -68.27 | -180.14 | 38.66 | -19.09 | 47.31 | 85.68 | -20.56 | 31.74 | 84.18 | -0.81 | 56.22 | 73.53 | 0.15 | 314.29 | 128.3 | 0.01 | -50.0 | 0.0 | 61.08 | 241.8 | 656.28 | 290.12 | 2.76 | 9.09 | 358.02 | 432.62 | 328.66 | -258.02 | -887.14 | -1665.94 | 27.62 | 47.23 | -39.5 |
| 23Q3 (19) | 28.87 | -17.96 | -32.21 | -24.37 | 43.38 | 55.7 | -36.23 | 73.98 | 78.22 | -30.12 | 72.94 | 79.04 | -1.85 | 46.53 | 56.16 | -0.07 | 86.0 | 93.14 | 0.02 | 100.0 | 100.0 | 17.87 | 158.94 | 122.0 | 282.34 | 6.72 | 25.92 | 67.22 | 117.1 | 103.46 | 32.78 | -52.52 | -51.05 | 18.76 | -46.28 | -58.5 |
| 23Q2 (18) | 35.19 | 35.87 | 66.94 | -43.04 | -415.54 | 3.39 | -139.22 | -954.11 | -0.5 | -111.31 | -1019.92 | 2.39 | -3.46 | -235.16 | 11.73 | -0.50 | -147.62 | 45.05 | 0.01 | -83.33 | 0.0 | -30.32 | -201.85 | 50.79 | 264.56 | 5.06 | 22.82 | 30.96 | -63.04 | -3.71 | 69.04 | 325.36 | 1.76 | 34.92 | 550.28 | 22.53 |
| 23Q1 (17) | 25.90 | -41.2 | 988.24 | 13.64 | 112.26 | 115.54 | 16.30 | 112.23 | 113.83 | 12.10 | 109.31 | 111.37 | 2.56 | 183.66 | 191.76 | 1.05 | 298.11 | 277.97 | 0.06 | 500.0 | 500.0 | 29.77 | 371.13 | 232.9 | 251.81 | -5.31 | 21.82 | 83.77 | 0.3 | 12.4 | 16.23 | -1.5 | -36.27 | 5.37 | -88.24 | -86.74 |
| 22Q4 (16) | 44.05 | 3.43 | 46.3 | -111.30 | -102.33 | -1094.64 | -133.31 | 19.85 | -7079.58 | -129.96 | 9.57 | -649900.0 | -3.06 | 27.49 | 0 | -0.53 | 48.04 | -186.89 | 0.01 | 0.0 | -83.33 | -10.98 | 86.48 | -152.34 | 265.94 | 18.6 | 34.74 | 83.52 | 152.8 | -85.62 | 16.48 | -75.39 | 103.43 | 45.65 | 1.0 | 881.72 |
| 22Q3 (15) | 42.59 | 102.04 | 63.31 | -55.01 | -23.48 | -3.05 | -166.33 | -20.07 | -168.92 | -143.71 | -26.02 | -143.74 | -4.22 | -7.65 | -118.65 | -1.02 | -12.09 | -229.03 | 0.01 | 0.0 | 0.0 | -81.23 | -31.85 | -690.33 | 224.23 | 4.09 | 12.16 | 33.04 | 2.75 | -61.73 | 66.96 | -1.3 | 389.65 | 45.20 | 58.6 | -31.67 |
| 22Q2 (14) | 21.08 | 785.71 | -17.46 | -44.55 | 49.24 | -101.04 | -138.53 | -17.58 | -327.17 | -114.04 | -7.2 | -271.1 | -3.92 | -40.5 | -104.17 | -0.91 | -54.24 | -160.0 | 0.01 | 0.0 | -50.0 | -61.61 | -175.04 | -824.82 | 215.41 | 4.21 | 28.37 | 32.16 | -56.86 | -52.94 | 67.84 | 166.38 | 114.25 | 28.50 | -29.63 | 179.41 |
| 22Q1 (13) | 2.38 | -92.1 | -78.64 | -87.76 | -884.27 | 48.07 | -117.82 | -6268.59 | 53.01 | -106.38 | -532000.0 | 53.41 | -2.79 | 0 | 13.08 | -0.59 | -196.72 | 31.4 | 0.01 | -83.33 | 0.0 | -22.40 | -206.77 | 67.07 | 206.71 | 4.73 | 25.94 | 74.53 | -87.17 | 10.39 | 25.47 | 105.3 | -21.59 | 40.50 | 770.97 | -46.8 |
| 21Q4 (12) | 30.11 | 15.45 | -9.36 | 11.19 | 120.96 | -46.23 | 1.91 | 103.09 | -92.31 | 0.02 | 100.03 | -99.91 | 0.00 | 100.0 | -100.0 | 0.61 | 296.77 | -77.9 | 0.06 | 500.0 | -45.45 | 20.98 | 52.47 | -34.03 | 197.37 | -1.28 | 26.71 | 580.95 | 572.98 | 593.35 | -480.95 | -3616.96 | -3047.04 | 4.65 | -92.97 | 100.43 |
| 21Q3 (11) | 26.08 | 2.11 | 27.47 | -53.38 | -140.88 | -547.03 | -61.85 | -90.72 | -346.25 | -58.96 | -91.86 | -299.73 | -1.93 | -0.52 | -47.33 | -0.31 | 11.43 | 0 | 0.01 | -50.0 | -66.67 | 13.76 | 61.88 | -23.34 | 199.92 | 19.13 | 8.68 | 86.32 | 26.33 | 44.54 | 13.68 | -56.82 | -66.05 | 66.15 | 548.53 | 368.48 |
| 21Q2 (10) | 25.54 | 129.26 | 22.38 | -22.16 | 86.89 | -102.01 | -32.43 | 87.06 | -18.31 | -30.73 | 86.54 | -27.04 | -1.92 | 40.19 | -28.0 | -0.35 | 59.3 | -118.75 | 0.02 | 100.0 | 0.0 | 8.50 | 112.5 | -31.17 | 167.81 | 2.24 | -5.16 | 68.33 | 1.21 | 70.41 | 31.67 | -2.51 | -47.13 | 10.20 | -86.6 | 0 |
| 21Q1 (9) | 11.14 | -66.47 | -28.91 | -169.01 | -912.16 | -308.83 | -250.71 | -1108.89 | -180.06 | -228.35 | -1151.82 | -196.67 | -3.21 | -148.42 | -9.93 | -0.86 | -131.16 | -24.64 | 0.01 | -90.91 | 0.0 | -68.02 | -313.9 | -166.33 | 164.14 | 5.38 | -6.53 | 67.52 | -19.42 | 46.23 | 32.48 | 99.04 | -39.65 | 76.13 | 3181.47 | 207.6 |
| 20Q4 (8) | 33.22 | 62.37 | -20.68 | 20.81 | 352.24 | -37.6 | 24.85 | 279.29 | -37.75 | 21.71 | 247.19 | -40.81 | 6.63 | 606.11 | -51.39 | 2.76 | 0 | -43.44 | 0.11 | 266.67 | -15.38 | 31.80 | 77.16 | -29.85 | 155.76 | -15.33 | -8.61 | 83.79 | 40.3 | 0.28 | 16.32 | -59.48 | -0.78 | 2.32 | -83.57 | 0 |
| 20Q3 (7) | 20.46 | -1.96 | 3.23 | -8.25 | 24.79 | -169.61 | -13.86 | 49.43 | 34.9 | -14.75 | 39.02 | 23.02 | -1.31 | 12.67 | 52.19 | 0.00 | 100.0 | 100.0 | 0.03 | 50.0 | -40.0 | 17.95 | 45.34 | 295.32 | 183.96 | 3.97 | -15.21 | 59.72 | 48.94 | 312.08 | 40.28 | -32.76 | -52.9 | 14.12 | 0 | 66.12 |
| 20Q2 (6) | 20.87 | 33.18 | -63.11 | -10.97 | 73.46 | -138.16 | -27.41 | 69.38 | 24.28 | -24.19 | 68.57 | 42.85 | -1.50 | 48.63 | 57.75 | -0.16 | 76.81 | 81.82 | 0.02 | 100.0 | -33.33 | 12.35 | 148.36 | 159.86 | 176.94 | 0.76 | -19.25 | 40.10 | -13.15 | 150.55 | 59.90 | 11.28 | -66.65 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 15.67 | -62.58 | -43.2 | -41.34 | -223.96 | -126.4 | -89.52 | -324.25 | -340.55 | -76.97 | -309.84 | -252.91 | -2.92 | -121.41 | -100.0 | -0.69 | -114.14 | -331.25 | 0.01 | -92.31 | -50.0 | -25.54 | -156.34 | -354.38 | 175.61 | 3.04 | -16.8 | 46.17 | -44.74 | -48.49 | 53.83 | 227.27 | 419.28 | 24.75 | 0 | 48.83 |
| 19Q4 (4) | 41.88 | 111.3 | 0.0 | 33.35 | 1189.87 | 0.0 | 39.92 | 287.51 | 0.0 | 36.68 | 291.44 | 0.0 | 13.64 | 597.81 | 0.0 | 4.88 | 941.38 | 0.0 | 0.13 | 160.0 | 0.0 | 45.33 | 593.25 | 0.0 | 170.43 | -21.44 | 0.0 | 83.55 | 476.51 | 0.0 | 16.45 | -80.76 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 19.82 | -64.97 | 0.0 | -3.06 | -110.64 | 0.0 | -21.29 | 41.19 | 0.0 | -19.16 | 54.74 | 0.0 | -2.74 | 22.82 | 0.0 | -0.58 | 34.09 | 0.0 | 0.05 | 66.67 | 0.0 | -9.19 | 55.45 | 0.0 | 216.95 | -0.99 | 0.0 | 14.49 | 118.27 | 0.0 | 85.51 | -52.39 | 0.0 | 8.50 | -37.82 | 0.0 |
| 19Q2 (2) | 56.58 | 105.07 | 0.0 | 28.75 | 257.45 | 0.0 | -36.20 | -78.15 | 0.0 | -42.33 | -94.09 | 0.0 | -3.55 | -143.15 | 0.0 | -0.88 | -450.0 | 0.0 | 0.03 | 50.0 | 0.0 | -20.63 | -305.48 | 0.0 | 219.11 | 3.8 | 0.0 | -79.33 | -188.5 | 0.0 | 179.61 | 1632.7 | 0.0 | 13.67 | -17.8 | 0.0 |
| 19Q1 (1) | 27.59 | 0.0 | 0.0 | -18.26 | 0.0 | 0.0 | -20.32 | 0.0 | 0.0 | -21.81 | 0.0 | 0.0 | -1.46 | 0.0 | 0.0 | -0.16 | 0.0 | 0.0 | 0.02 | 0.0 | 0.0 | 10.04 | 0.0 | 0.0 | 211.08 | 0.0 | 0.0 | 89.63 | 0.0 | 0.0 | 10.37 | 0.0 | 0.0 | 16.63 | 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) | 26.35 | -1.31 | -7.41 | 0 | 14.32 | -65.26 | -11.06 | 0 | -10.22 | 0 | -3.59 | 0 | 0.62 | 0 | 0.09 | 200.0 | 25.72 | 0 | 290.12 | 9.09 | 66.99 | 32.26 | 33.01 | -33.11 | 0.01 | -18.57 | 12.91 | -66.93 |
| 2022 (9) | 26.70 | -3.82 | -70.77 | 0 | 41.20 | 170.58 | -139.68 | 0 | -122.97 | 0 | -14.20 | 0 | -2.97 | 0 | 0.03 | -70.0 | -47.22 | 0 | 265.94 | 34.74 | 50.65 | 6.09 | 49.35 | -5.56 | 0.01 | -23.25 | 39.04 | 143.09 |
| 2021 (8) | 27.76 | -1.07 | -11.87 | 0 | 15.23 | 87.29 | -24.86 | 0 | -24.27 | 0 | -6.87 | 0 | -0.81 | 0 | 0.10 | -44.44 | 13.10 | -41.6 | 197.37 | 26.71 | 47.74 | -82.36 | 52.26 | 0 | 0.02 | -84.08 | 16.06 | 113.0 |
| 2020 (7) | 28.06 | -25.53 | 6.86 | -65.48 | 8.13 | 117.3 | 2.54 | -77.56 | 1.82 | -79.8 | 0.86 | -84.97 | 1.86 | -39.41 | 0.18 | -18.18 | 22.43 | 2.0 | 155.76 | -8.61 | 270.67 | 54.37 | -170.00 | 0 | 0.12 | -37.32 | 7.54 | 6.95 |
| 2019 (6) | 37.68 | 20.27 | 19.87 | 112.06 | 3.74 | -10.87 | 11.32 | 439.05 | 9.01 | 0 | 5.72 | 0 | 3.07 | 198.06 | 0.22 | 15.79 | 21.99 | 54.32 | 170.43 | -17.98 | 175.34 | -60.64 | -75.45 | 0 | 0.20 | -21.94 | 7.05 | -5.11 |
| 2018 (5) | 31.33 | -14.84 | 9.37 | -26.39 | 4.20 | 30.51 | 2.10 | -82.97 | -0.41 | 0 | -0.24 | 0 | 1.03 | -50.72 | 0.19 | 46.15 | 14.25 | -41.48 | 207.80 | -1.46 | 445.45 | 331.91 | -345.45 | 0 | 0.25 | -6.19 | 7.43 | -20.02 |
| 2017 (4) | 36.79 | 22.63 | 12.73 | -0.86 | 3.22 | 40.08 | 12.33 | 158.49 | 10.04 | 111.37 | 4.06 | 38.1 | 2.09 | 27.44 | 0.13 | -27.78 | 24.35 | 79.57 | 210.88 | -7.55 | 103.14 | -61.7 | -3.30 | 0 | 0.27 | 0 | 9.29 | 54.32 |
| 2016 (3) | 30.00 | -10.26 | 12.84 | 45.08 | 2.30 | -6.09 | 4.77 | 527.63 | 4.75 | 0 | 2.94 | 0 | 1.64 | 112.99 | 0.18 | 63.64 | 13.56 | 2.88 | 228.11 | -18.04 | 269.30 | -77.3 | -169.30 | 0 | 0.00 | 0 | 6.02 | -48.06 |
| 2015 (2) | 33.43 | -29.07 | 8.85 | -60.21 | 2.45 | 2370.52 | 0.76 | -96.83 | -0.49 | 0 | -0.19 | 0 | 0.77 | -72.1 | 0.11 | -21.43 | 13.18 | -49.64 | 278.31 | 18.87 | 1186.11 | 1177.92 | -1086.11 | 0 | 0.00 | 0 | 11.59 | 4.32 |
| 2014 (1) | 47.13 | 0 | 22.24 | 0 | 0.10 | 157.22 | 23.98 | 0 | 18.33 | 0 | 7.54 | 0 | 2.76 | 0 | 0.14 | -53.33 | 26.17 | -27.2 | 234.12 | 51.6 | 92.82 | -11.9 | 7.27 | 0 | 0.00 | 0 | 11.11 | 114.89 |
