- 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) | 24.27 | -0.74 | -9.27 | 6.22 | 606.82 | 81.34 | 4.56 | 56.16 | 90.79 | 4.70 | 135.0 | 335.0 | 3.53 | 135.33 | 261.93 | 1.71 | 122.08 | 306.02 | 0.33 | 3.13 | -28.26 | 8.77 | 19.0 | 46.9 | 120.60 | -7.47 | -18.96 | 138.71 | 339.25 | -2.39 | -35.48 | -148.16 | 15.73 | 11.17 | -21.94 | -17.93 |
| 23Q3 (19) | 24.45 | -2.51 | -16.44 | 0.88 | 120.0 | -75.49 | 2.92 | 65.91 | -47.48 | 2.00 | 56.25 | -37.3 | 1.50 | 30.43 | -57.75 | 0.77 | 28.33 | -54.17 | 0.32 | -3.03 | -36.0 | 7.37 | 19.45 | -20.75 | 130.34 | -6.73 | 5.21 | 31.58 | 26.32 | -52.09 | 73.68 | -1.75 | 102.63 | 14.31 | 1.49 | 5.22 |
| 23Q2 (18) | 25.08 | -2.94 | -14.84 | 0.40 | 107.34 | -93.2 | 1.76 | 130.03 | -73.25 | 1.28 | 121.84 | -52.42 | 1.15 | 120.39 | -59.65 | 0.60 | 131.75 | -55.56 | 0.33 | -2.94 | -28.26 | 6.17 | 471.69 | -41.41 | 139.75 | -36.34 | 11.35 | 25.00 | -72.92 | -72.09 | 75.00 | 875.0 | 620.0 | 14.10 | -27.62 | 3.83 |
| 23Q1 (17) | 25.84 | -3.4 | -2.38 | -5.45 | -258.89 | -617.11 | -5.86 | -345.19 | -987.88 | -5.86 | -193.0 | -1990.32 | -5.64 | -158.72 | -1919.35 | -1.89 | -127.71 | -887.5 | 0.34 | -26.09 | -22.73 | -1.66 | -127.81 | -136.09 | 219.54 | 47.53 | 64.88 | 92.31 | -35.04 | 192.31 | 7.69 | 118.27 | -96.15 | 19.48 | 43.13 | 25.35 |
| 22Q4 (16) | 26.75 | -8.58 | 27.99 | 3.43 | -4.46 | 3911.11 | 2.39 | -57.01 | 190.53 | -2.00 | -162.7 | 69.14 | -2.18 | -161.41 | 69.64 | -0.83 | -149.4 | 74.14 | 0.46 | -8.0 | -9.8 | 5.97 | -35.81 | 665.38 | 148.81 | 20.12 | 14.69 | 142.11 | 115.61 | 2742.11 | -42.11 | -215.79 | -142.11 | 13.61 | 0.07 | 25.09 |
| 22Q3 (15) | 29.26 | -0.65 | -6.84 | 3.59 | -38.95 | -58.78 | 5.56 | -15.5 | -30.67 | 3.19 | 18.59 | -44.81 | 3.55 | 24.56 | -38.79 | 1.68 | 24.44 | -42.47 | 0.50 | 8.7 | 2.04 | 9.30 | -11.68 | -11.43 | 123.88 | -1.29 | 17.76 | 65.91 | -26.43 | -38.41 | 36.36 | 249.09 | 514.55 | 13.60 | 0.15 | 36.41 |
| 22Q2 (14) | 29.45 | 11.26 | 5.63 | 5.88 | 873.68 | 8.09 | 6.58 | 896.97 | -68.33 | 2.69 | 767.74 | -85.86 | 2.85 | 819.35 | -86.08 | 1.35 | 462.5 | -85.91 | 0.46 | 4.55 | -8.0 | 10.53 | 128.91 | -56.51 | 125.50 | -5.75 | 18.43 | 89.58 | 189.58 | 243.4 | 10.42 | -94.79 | -85.91 | 13.58 | -12.61 | 52.41 |
| 22Q1 (13) | 26.47 | 26.65 | 9.43 | -0.76 | -744.44 | -121.84 | 0.66 | 125.0 | -77.85 | 0.31 | 104.78 | -86.34 | 0.31 | 104.32 | -85.02 | 0.24 | 107.48 | -76.47 | 0.44 | -13.73 | -4.35 | 4.60 | 489.74 | -24.84 | 133.15 | 2.62 | 3.5 | -100.00 | -2100.0 | -185.0 | 200.00 | 100.0 | 1233.33 | 15.54 | 42.83 | 32.71 |
| 21Q4 (12) | 20.90 | -33.46 | -3.37 | -0.09 | -101.03 | 90.91 | -2.64 | -132.92 | -133.04 | -6.48 | -212.11 | -188.04 | -7.18 | -223.79 | -189.41 | -3.21 | -209.93 | -184.92 | 0.51 | 4.08 | 0.0 | 0.78 | -92.57 | -92.95 | 129.75 | 23.34 | 6.51 | 5.00 | -95.33 | 139.17 | 100.00 | 1240.0 | -11.32 | 10.88 | 9.13 | -30.3 |
| 21Q3 (11) | 31.41 | 12.66 | 29.1 | 8.71 | 60.11 | 24.96 | 8.02 | -61.41 | 11.54 | 5.78 | -69.63 | 8.44 | 5.80 | -71.68 | 107.89 | 2.92 | -69.52 | 74.85 | 0.49 | -2.0 | 68.97 | 10.50 | -56.63 | -6.58 | 105.20 | -0.73 | -9.47 | 107.02 | 310.23 | 12.96 | -8.77 | -111.87 | -266.67 | 9.97 | 11.9 | -2.92 |
| 21Q2 (10) | 27.88 | 15.25 | 276.76 | 5.44 | 56.32 | 100.1 | 20.78 | 597.32 | -99.33 | 19.03 | 738.33 | -99.36 | 20.48 | 889.37 | 879.9 | 9.58 | 839.22 | 470.24 | 0.50 | 8.7 | 0 | 24.21 | 295.59 | 0 | 105.97 | -17.63 | 140.19 | 26.09 | -77.83 | 114.49 | 73.91 | 518.84 | -72.62 | 8.91 | -23.91 | -99.27 |
| 21Q1 (9) | 24.19 | 11.84 | 224.26 | 3.48 | 451.52 | 100.29 | 2.98 | -62.7 | 100.43 | 2.27 | -69.16 | 100.33 | 2.07 | -74.22 | 320.21 | 1.02 | -73.02 | 215.91 | 0.46 | -9.8 | 0 | 6.12 | -44.72 | 106.12 | 128.65 | 5.61 | 2286.83 | 117.65 | 1021.57 | -21.57 | -17.65 | -115.65 | 76.47 | 11.71 | -24.98 | -98.05 |
| 20Q4 (8) | 21.63 | -11.1 | 169.36 | -0.99 | -114.2 | 99.92 | 7.99 | 11.13 | 100.35 | 7.36 | 38.09 | 100.32 | 8.03 | 187.81 | 388.85 | 3.78 | 126.35 | 244.27 | 0.51 | 75.86 | 0 | 11.07 | -1.51 | 0 | 121.82 | 4.83 | 2102.89 | -12.77 | -113.48 | -123.4 | 112.77 | 2042.55 | 148.09 | 15.61 | 52.0 | 0 |
| 20Q3 (7) | 24.33 | 228.78 | 228.34 | 6.97 | 100.12 | 100.57 | 7.19 | -99.77 | 100.63 | 5.33 | -99.82 | 100.47 | 2.79 | 33.49 | 288.51 | 1.67 | -0.6 | 220.14 | 0.29 | 0 | 0 | 11.24 | 0 | 102.81 | 116.21 | 163.4 | 1975.18 | 94.74 | 152.63 | -18.8 | 5.26 | -98.05 | 131.58 | 10.27 | -99.16 | -97.93 |
| 20Q2 (6) | 7.40 | -0.8 | -19.65 | -5668.81 | -377.82 | -194.08 | 3097.11 | 544.34 | 266.28 | 2955.63 | 524.04 | 258.68 | 2.09 | 322.34 | 225.15 | 1.68 | 290.91 | 207.01 | 0.00 | 0 | 0 | 0.00 | 100.0 | 0 | 44.12 | 718.55 | 718.55 | -180.00 | -220.0 | -280.0 | 270.00 | 460.0 | 0 | 1216.40 | 102.17 | 75.69 |
| 20Q1 (5) | 7.46 | -7.1 | -16.83 | -1186.38 | 5.64 | -46.14 | -697.01 | 69.27 | -138.82 | -697.01 | 69.27 | -138.82 | -0.94 | 66.19 | -62.07 | -0.88 | 66.41 | -62.96 | 0.00 | 0 | 0 | -100.00 | 0 | 0 | 5.39 | -2.53 | -8.8 | 150.00 | 175.0 | -57.14 | -75.00 | -265.0 | 62.5 | 601.68 | 0 | 92.24 |
| 19Q4 (4) | 8.03 | 8.37 | 0.0 | -1257.23 | -1.92 | 0.0 | -2268.47 | -98.86 | 0.0 | -2268.47 | -98.86 | 0.0 | -2.78 | -87.84 | 0.0 | -2.62 | -88.49 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 100.0 | 0.0 | 5.53 | -1.25 | 0.0 | 54.55 | -53.25 | 0.0 | 45.45 | 372.73 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 7.41 | -19.54 | 0.0 | -1233.52 | 36.01 | 0.0 | -1140.74 | 38.76 | 0.0 | -1140.74 | 38.76 | 0.0 | -1.48 | 11.38 | 0.0 | -1.39 | 11.46 | 0.0 | 0.00 | 0 | 0.0 | -400.00 | 0 | 0.0 | 5.60 | 3.9 | 0.0 | 116.67 | 16.67 | 0.0 | -16.67 | 0 | 0.0 | 495.74 | -28.4 | 0.0 |
| 19Q2 (2) | 9.21 | 2.68 | 0.0 | -1927.63 | -137.45 | 0.0 | -1862.63 | -538.21 | 0.0 | -1862.63 | -538.21 | 0.0 | -1.67 | -187.93 | 0.0 | -1.57 | -190.74 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 5.39 | -8.8 | 0.0 | 100.00 | -71.43 | 0.0 | -0.00 | 100.0 | 0.0 | 692.37 | 121.21 | 0.0 |
| 19Q1 (1) | 8.97 | 0.0 | 0.0 | -811.81 | 0.0 | 0.0 | -291.85 | 0.0 | 0.0 | -291.85 | 0.0 | 0.0 | -0.58 | 0.0 | 0.0 | -0.54 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 5.91 | 0.0 | 0.0 | 350.00 | 0.0 | 0.0 | -200.00 | 0.0 | 0.0 | 312.99 | 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) | 24.91 | -11.04 | 0.55 | -82.26 | 2.10 | 3.78 | 0.88 | -77.14 | 0.57 | -45.71 | 1.88 | -58.77 | 1.41 | -38.43 | 1.42 | -21.98 | 5.16 | -32.46 | 120.60 | -18.96 | 62.50 | -22.04 | 37.50 | 89.13 | 9.70 | -29.24 | 14.73 | 4.84 |
| 2022 (9) | 28.00 | 7.57 | 3.10 | -27.91 | 2.03 | 22.27 | 3.85 | -45.31 | 1.05 | -78.08 | 4.56 | -78.42 | 2.29 | -76.51 | 1.82 | -7.61 | 7.64 | -24.8 | 148.81 | 14.69 | 80.17 | 30.88 | 19.83 | -48.82 | 13.70 | -23.79 | 14.05 | 35.88 |
| 2021 (8) | 26.03 | 16.0 | 4.30 | 0 | 1.66 | -26.31 | 7.04 | -16.59 | 4.79 | -35.09 | 21.13 | 63.29 | 9.75 | 24.68 | 1.97 | 89.42 | 10.16 | -18.26 | 129.75 | 6.51 | 61.26 | 0 | 38.74 | -66.86 | 17.98 | -20.85 | 10.34 | -30.14 |
| 2020 (7) | 22.44 | 166.19 | -1.40 | 0 | 2.25 | -99.55 | 8.44 | 0 | 7.38 | 0 | 12.94 | 0 | 7.82 | 0 | 1.04 | 10300.0 | 12.43 | 0 | 121.82 | 2102.89 | -16.90 | 0 | 116.90 | 0 | 22.72 | 0 | 14.80 | -96.87 |
| 2019 (6) | 8.43 | 465.77 | -1197.48 | 0 | 500.00 | 288.89 | -1192.36 | 0 | -1192.36 | 0 | -6.51 | 0 | -6.14 | 0 | 0.01 | -50.0 | -850.00 | 0 | 5.53 | 8.01 | 100.00 | -68.75 | -0.00 | 0 | 0.00 | 0 | 473.02 | 72.6 |
| 2018 (5) | 1.49 | -65.27 | -231.02 | 0 | 128.57 | 257.14 | -64.31 | 0 | -64.31 | 0 | -1.06 | 0 | -0.99 | 0 | 0.02 | -66.67 | 71.43 | 792.88 | 5.12 | 28.64 | 320.00 | -32.63 | -240.00 | 0 | 0.00 | 0 | 274.06 | 215.05 |
| 2017 (4) | 4.29 | -70.97 | -147.96 | 0 | 36.00 | 278.0 | -30.97 | 0 | -30.97 | 0 | -1.79 | 0 | -1.71 | 0 | 0.06 | -72.73 | 8.00 | 0 | 3.98 | -8.29 | 475.00 | 226.56 | -375.00 | 0 | 0.00 | 0 | 86.99 | 254.34 |
| 2016 (3) | 14.78 | -35.6 | -30.34 | 0 | 9.52 | -21.69 | -21.32 | 0 | -24.34 | 0 | -5.58 | 0 | -5.30 | 0 | 0.22 | -12.0 | -11.43 | 0 | 4.34 | -27.18 | 145.45 | 27.27 | -40.91 | 0 | 0.00 | 0 | 24.55 | -54.24 |
| 2015 (2) | 22.95 | 8.87 | -42.98 | 0 | 12.16 | 9.03 | -37.89 | 0 | -17.07 | 0 | -11.66 | 0 | -9.59 | 0 | 0.25 | -26.47 | -25.68 | 0 | 5.96 | -83.75 | 114.29 | -8.57 | -14.29 | 0 | 0.00 | 0 | 53.65 | -19.99 |
| 2014 (1) | 21.08 | 0 | -41.95 | 0 | 11.16 | 86.93 | -33.34 | 0 | -52.51 | 0 | -15.00 | 0 | -11.28 | 0 | 0.34 | -52.11 | -21.91 | 0 | 36.67 | 25.24 | 125.00 | -23.0 | -26.19 | 0 | 0.00 | 0 | 67.05 | 97.38 |
