- 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) | 34.97 | -9.61 | -4.58 | -9.53 | -10.3 | -9.04 | -8.03 | -5.24 | 14.12 | -8.03 | -5.24 | 14.12 | -1.27 | -13.39 | 19.11 | -1.10 | -14.58 | 18.52 | 0.14 | 7.69 | -6.67 | 7.55 | 25.83 | 51.0 | 14.33 | -6.83 | -15.06 | 125.00 | 25.0 | 50.0 | -25.00 | 0.0 | 0 | 25.53 | -12.3 | -4.7 |
| 23Q3 (19) | 38.69 | -3.9 | -5.33 | -8.64 | 47.83 | -73.49 | -7.63 | 35.28 | -76400.0 | -7.63 | 35.28 | -76400.0 | -1.12 | 18.84 | 0 | -0.96 | 20.0 | -9700.0 | 0.13 | 30.0 | 0.0 | 6.00 | 145.9 | -47.0 | 15.38 | 5.49 | 1.65 | 100.00 | -28.57 | 0 | -25.00 | 37.5 | 0 | 29.11 | -19.43 | 6.55 |
| 23Q2 (18) | 40.26 | 7.59 | 3.39 | -16.56 | -48.12 | -105.2 | -11.79 | -1.64 | -223.9 | -11.79 | -1.64 | -223.9 | -1.38 | 12.1 | -165.38 | -1.20 | 11.11 | -172.73 | 0.10 | -16.67 | -16.67 | 2.44 | -42.72 | -84.45 | 14.58 | -0.27 | -13.01 | 140.00 | 40.0 | -30.0 | -40.00 | 0 | 60.0 | 36.13 | 16.06 | 27.76 |
| 23Q1 (17) | 37.42 | 2.1 | -3.31 | -11.18 | -27.92 | -1315.19 | -11.60 | -24.06 | -6544.44 | -11.60 | -24.06 | -6544.44 | -1.57 | 0.0 | -5333.33 | -1.35 | 0.0 | -3475.0 | 0.12 | -20.0 | -14.29 | 4.26 | -14.8 | -80.01 | 14.62 | -13.34 | -13.34 | 100.00 | 20.0 | 0 | -0.00 | 0 | 0 | 31.13 | 16.2 | 29.92 |
| 22Q4 (16) | 36.65 | -10.33 | -2.11 | -8.74 | -75.5 | 13.64 | -9.35 | -93600.0 | 58.41 | -9.35 | -93600.0 | 58.41 | -1.57 | 0 | 51.39 | -1.35 | -13600.0 | 50.0 | 0.15 | 15.38 | 25.0 | 5.00 | -55.83 | 151.98 | 16.87 | 11.5 | -15.18 | 83.33 | 0 | 100.0 | -0.00 | 0 | -100.0 | 26.79 | -1.94 | -0.78 |
| 22Q3 (15) | 40.87 | 4.96 | 54.46 | -4.98 | 38.29 | 80.69 | 0.01 | 100.27 | 100.07 | 0.01 | 100.27 | 100.07 | 0.00 | 100.0 | 100.0 | 0.01 | 102.27 | 100.7 | 0.13 | 8.33 | 30.0 | 11.32 | -27.85 | 143.44 | 15.13 | -9.73 | -18.13 | 0.00 | -100.0 | -100.0 | 0.00 | 100.0 | 100.0 | 27.32 | -3.39 | -12.41 |
| 22Q2 (14) | 38.94 | 0.62 | 43.9 | -8.07 | -921.52 | 65.5 | -3.64 | -2122.22 | 83.57 | -3.64 | -2122.22 | 83.57 | -0.52 | -1833.33 | 81.29 | -0.44 | -1200.0 | 80.79 | 0.12 | -14.29 | 20.0 | 15.69 | -26.37 | 476.26 | 16.76 | -0.65 | -14.27 | 200.00 | 0 | 100.0 | -100.00 | 0 | -1000.0 | 28.28 | 18.03 | -6.82 |
| 22Q1 (13) | 38.70 | 3.37 | 6.97 | -0.79 | 92.19 | 86.66 | 0.18 | 100.8 | 108.22 | 0.18 | 100.8 | 108.22 | 0.03 | 100.93 | 108.57 | 0.04 | 101.48 | 114.81 | 0.14 | 16.67 | 7.69 | 21.31 | 321.52 | 46.76 | 16.87 | -15.18 | -21.06 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | 100.0 | 23.96 | -11.26 | -1.6 |
| 21Q4 (12) | 37.44 | 41.5 | -28.29 | -10.12 | 60.76 | -217.81 | -22.48 | -50.17 | -250.47 | -22.48 | -50.17 | -253.45 | -3.23 | -87.79 | -252.36 | -2.70 | -88.81 | -252.54 | 0.12 | 20.0 | 0.0 | -9.62 | -306.88 | -137.8 | 19.89 | 7.63 | -4.83 | 41.67 | -77.27 | -33.33 | 50.00 | 160.0 | 0.0 | 27.00 | -13.43 | 3.57 |
| 21Q3 (11) | 26.46 | -2.22 | -42.62 | -25.79 | -10.26 | -258.19 | -14.97 | 32.42 | -891.39 | -14.97 | 32.42 | -891.39 | -1.72 | 38.13 | -681.82 | -1.43 | 37.55 | -741.18 | 0.10 | 0.0 | -16.67 | 4.65 | 211.51 | -57.38 | 18.48 | -5.47 | -10.42 | 183.33 | 83.33 | -54.17 | -83.33 | -816.67 | 72.22 | 31.19 | 2.77 | -8.99 |
| 21Q2 (10) | 27.06 | -25.21 | -26.33 | -23.39 | -295.1 | -98.89 | -22.15 | -911.42 | -142.87 | -22.15 | -911.42 | -142.87 | -2.78 | -694.29 | -105.93 | -2.29 | -748.15 | -108.18 | 0.10 | -23.08 | -16.67 | -4.17 | -128.72 | -216.81 | 19.55 | -8.52 | -10.32 | 100.00 | -75.0 | -28.57 | -9.09 | 95.45 | 54.55 | 30.35 | 24.64 | 0 |
| 21Q1 (9) | 36.18 | -30.7 | -4.79 | -5.92 | -168.92 | -1309.52 | -2.19 | -114.66 | -676.32 | -2.19 | -114.95 | -676.32 | -0.35 | -116.51 | -537.5 | -0.27 | -115.25 | -485.71 | 0.13 | 8.33 | -23.53 | 14.52 | -42.95 | -19.11 | 21.37 | 2.25 | 0.75 | 400.00 | 540.0 | 0 | -200.00 | -500.0 | 0 | 24.35 | -6.6 | 14.7 |
| 20Q4 (8) | 52.21 | 13.23 | 0 | 8.59 | 219.31 | 0 | 14.94 | 1089.4 | 0 | 14.65 | 1070.2 | 0 | 2.12 | 1063.64 | -42.39 | 1.77 | 1141.18 | -37.23 | 0.12 | 0.0 | 400.0 | 25.45 | 133.27 | 123.14 | 20.90 | 1.31 | -17.55 | 62.50 | -84.38 | -25.0 | 50.00 | 116.67 | 200.0 | 26.07 | -23.93 | 124.41 |
| 20Q3 (7) | 46.11 | 25.54 | 4.82 | -7.20 | 38.78 | -418.58 | -1.51 | 83.44 | -146.32 | -1.51 | 83.44 | -149.51 | -0.22 | 83.7 | -124.18 | -0.17 | 84.55 | -124.29 | 0.12 | 0.0 | -47.83 | 10.91 | 205.6 | -2.59 | 20.63 | -5.37 | -33.24 | 400.00 | 185.71 | 433.33 | -300.00 | -1400.0 | -1300.0 | 34.27 | 0 | 57.56 |
| 20Q2 (6) | 36.73 | -3.34 | 49.25 | -11.76 | -2700.0 | 53.46 | -9.12 | -2500.0 | 81.24 | -9.12 | -2500.0 | 81.52 | -1.35 | -1787.5 | 88.21 | -1.10 | -1671.43 | 87.36 | 0.12 | -29.41 | -33.33 | 3.57 | -80.11 | 110.21 | 21.80 | 2.78 | -31.47 | 140.00 | 0 | 169.23 | -20.00 | 0 | -141.67 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 38.00 | 0 | 15.5 | -0.42 | 0 | 97.14 | 0.38 | 0 | 102.4 | 0.38 | 0 | 102.59 | 0.08 | -97.83 | 102.38 | 0.07 | -97.52 | 102.7 | 0.17 | 525.0 | -5.56 | 17.95 | 116.32 | 589.1 | 21.21 | -16.33 | -30.6 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 21.23 | 119.88 | -22.15 |
| 19Q4 (4) | 0.00 | -100.0 | 0.0 | 0.00 | -100.0 | 0.0 | 0.00 | -100.0 | 0.0 | 0.00 | -100.0 | 0.0 | 3.68 | 304.4 | 0.0 | 2.82 | 302.86 | 0.0 | -0.04 | -117.39 | 0.0 | -110.00 | -1082.14 | 0.0 | 25.35 | -17.96 | 0.0 | 83.33 | 11.11 | 0.0 | 16.67 | -33.33 | 0.0 | -106.78 | -590.94 | 0.0 |
| 19Q3 (3) | 43.99 | 78.75 | 0.0 | 2.26 | 108.94 | 0.0 | 3.26 | 106.71 | 0.0 | 3.05 | 106.18 | 0.0 | 0.91 | 107.95 | 0.0 | 0.70 | 108.05 | 0.0 | 0.23 | 27.78 | 0.0 | 11.20 | 132.05 | 0.0 | 30.90 | -2.86 | 0.0 | 75.00 | 44.23 | 0.0 | 25.00 | -47.92 | 0.0 | 21.75 | -12.62 | 0.0 |
| 19Q2 (2) | 24.61 | -25.2 | 0.0 | -25.27 | -72.37 | 0.0 | -48.62 | -206.56 | 0.0 | -49.36 | -236.7 | 0.0 | -11.45 | -240.77 | 0.0 | -8.70 | -235.91 | 0.0 | 0.18 | 0.0 | 0.0 | -34.95 | -852.32 | 0.0 | 31.81 | 4.09 | 0.0 | 52.00 | -44.75 | 0.0 | 48.00 | 716.0 | 0.0 | 24.89 | -8.73 | 0.0 |
| 19Q1 (1) | 32.90 | 0.0 | 0.0 | -14.66 | 0.0 | 0.0 | -15.86 | 0.0 | 0.0 | -14.66 | 0.0 | 0.0 | -3.36 | 0.0 | 0.0 | -2.59 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | -3.67 | 0.0 | 0.0 | 30.56 | 0.0 | 0.0 | 94.12 | 0.0 | 0.0 | 5.88 | 0.0 | 0.0 | 27.27 | 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) | 37.67 | -2.71 | -11.19 | 0 | 6.28 | 8.74 | -9.60 | 0 | -9.60 | 0 | -5.33 | 0 | -4.57 | 0 | 0.48 | -9.43 | 5.24 | -60.69 | 14.33 | -15.06 | 116.67 | -31.94 | -16.67 | 0 | 4.42 | 82.36 | 30.10 | 13.63 |
| 2022 (9) | 38.72 | 19.73 | -5.55 | 0 | 5.78 | -9.33 | -3.26 | 0 | -3.26 | 0 | -2.07 | 0 | -1.70 | 0 | 0.53 | 15.22 | 13.33 | 806.8 | 16.87 | -15.18 | 171.43 | 65.9 | -71.43 | 0 | 2.42 | -52.78 | 26.49 | -4.92 |
| 2021 (8) | 32.34 | -24.33 | -15.24 | 0 | 6.37 | -2.42 | -14.71 | 0 | -14.71 | 0 | -8.07 | 0 | -6.64 | 0 | 0.46 | -11.54 | 1.47 | -89.99 | 19.89 | -4.83 | 103.33 | 0 | -3.33 | 0 | 5.13 | 26.05 | 27.86 | 3.72 |
| 2020 (7) | 42.74 | 14.1 | -2.52 | 0 | 6.53 | -28.61 | 1.05 | 0 | 0.99 | 0 | 0.63 | 0 | 0.54 | 0 | 0.52 | -10.34 | 14.69 | 0 | 20.90 | -17.55 | -200.00 | 0 | 300.00 | 595.45 | 4.07 | 30.19 | 26.86 | -17.68 |
| 2019 (6) | 37.46 | 6.57 | -9.15 | 0 | 9.15 | 204.75 | -16.08 | 0 | -29.01 | 0 | -11.09 | 0 | -8.80 | 0 | 0.58 | -31.76 | -0.95 | 0 | 25.35 | -1.05 | 56.86 | -47.75 | 43.14 | 0 | 3.12 | -0.33 | 32.63 | 40.95 |
| 2018 (5) | 35.15 | 4.46 | -6.97 | 0 | 3.00 | 65.92 | -6.43 | 0 | -6.50 | 0 | -6.92 | 0 | -5.50 | 0 | 0.85 | -6.59 | 4.50 | -53.61 | 25.62 | -2.29 | 108.82 | 0 | -8.82 | 0 | 3.14 | 0 | 23.15 | 31.46 |
| 2017 (4) | 33.65 | 70.21 | -0.61 | 0 | 1.81 | 151.12 | 0.99 | 0 | 0.78 | 0 | 0.91 | 0 | 0.72 | 0 | 0.91 | -4.21 | 9.70 | 220.13 | 26.22 | -14.57 | -66.67 | 0 | 166.67 | 10233.33 | 0.00 | 0 | 17.61 | 19.23 |
| 2016 (3) | 19.77 | -28.16 | -8.88 | 0 | 0.72 | 15.27 | -8.96 | 0 | -9.06 | 0 | -11.24 | 0 | -8.53 | 0 | 0.95 | -5.94 | 3.03 | -64.35 | 30.69 | -3.79 | 100.00 | -50.0 | 1.61 | 0 | 0.00 | 0 | 14.77 | 10.39 |
| 2015 (2) | 27.52 | -5.91 | 1.80 | 0 | 0.62 | -90.91 | 0.82 | 0 | 0.14 | 0 | 0.19 | 0 | 0.20 | 0 | 1.01 | 14.77 | 8.50 | 25.93 | 31.90 | -14.2 | 200.00 | -60.0 | -114.29 | 0 | 0.00 | 0 | 13.38 | -14.29 |
| 2014 (1) | 29.25 | 0 | -1.21 | 0 | 6.88 | 1427.97 | -0.29 | 0 | -0.42 | 0 | -0.58 | 0 | -0.29 | 0 | 0.88 | 7.32 | 6.75 | 0 | 37.18 | -51.78 | 500.00 | 419.61 | -350.00 | 0 | 0.00 | 0 | 15.61 | -11.26 |
