- 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) | 26.35 | 23.25 | 38.68 | 8.10 | 80900.0 | -1.94 | 9.13 | -12.96 | 43.55 | 8.17 | -4.11 | 20.15 | 1.79 | -11.82 | -37.63 | 0.97 | -7.62 | -25.95 | 0.11 | -8.33 | -42.11 | 13.60 | -9.15 | 54.55 | 92.93 | -4.78 | -17.12 | 88.89 | 0 | -31.56 | 11.11 | -88.89 | 137.18 | 26.33 | -0.04 | 100.99 |
| 23Q3 (19) | 21.38 | 0.85 | -15.93 | 0.01 | 100.24 | -99.82 | 10.49 | 1065.56 | -49.88 | 8.52 | 2605.88 | -50.09 | 2.03 | 2637.5 | -58.99 | 1.05 | 5150.0 | -48.28 | 0.12 | 9.09 | 0.0 | 14.97 | 181.92 | -39.17 | 97.59 | -12.76 | -30.99 | 0.00 | 100.0 | -100.0 | 100.00 | -81.08 | 35.0 | 26.34 | 6.94 | 4.03 |
| 23Q2 (18) | 21.20 | 2.61 | -6.15 | -4.12 | -149.58 | -8.99 | 0.90 | -91.47 | -85.71 | -0.34 | -104.09 | -112.59 | -0.08 | -103.85 | -110.67 | 0.02 | -98.11 | -94.12 | 0.11 | -8.33 | 0.0 | 5.31 | -63.28 | -48.5 | 111.87 | 9.5 | -28.98 | -428.57 | -646.58 | -614.29 | 528.57 | 2348.12 | 230.36 | 24.63 | 3.75 | 1.15 |
| 23Q1 (17) | 20.66 | 8.74 | -28.24 | 8.31 | 0.61 | 29.84 | 10.55 | 65.88 | -40.86 | 8.31 | 22.21 | -39.61 | 2.08 | -27.53 | -38.1 | 1.06 | -19.08 | -26.9 | 0.12 | -36.84 | 20.0 | 14.46 | 64.32 | -35.39 | 102.16 | -8.88 | -22.42 | 78.41 | -39.63 | 119.55 | 21.59 | 172.25 | -66.41 | 23.74 | 81.22 | -16.64 |
| 22Q4 (16) | 19.00 | -25.29 | -31.01 | 8.26 | 52.4 | -49.91 | 6.36 | -69.61 | -61.43 | 6.80 | -60.16 | -41.98 | 2.87 | -42.02 | -39.83 | 1.31 | -35.47 | -33.5 | 0.19 | 58.33 | 11.76 | 8.80 | -64.24 | -54.31 | 112.12 | -20.72 | -21.84 | 129.89 | 400.99 | 29.89 | -29.89 | -140.34 | 0 | 13.10 | -48.26 | -29.11 |
| 22Q3 (15) | 25.43 | 12.57 | -9.63 | 5.42 | 243.39 | -57.22 | 20.93 | 232.22 | 75.44 | 17.07 | 532.22 | 102.73 | 4.95 | 560.0 | 68.37 | 2.03 | 497.06 | 65.04 | 0.12 | 9.09 | -14.29 | 24.61 | 138.7 | 60.33 | 141.42 | -10.22 | -2.76 | 25.93 | 143.21 | -75.46 | 74.07 | -53.7 | 1248.15 | 25.32 | 3.98 | 14.93 |
| 22Q2 (14) | 22.59 | -21.54 | -23.86 | -3.78 | -159.06 | -124.37 | 6.30 | -64.69 | -42.31 | 2.70 | -80.38 | -66.91 | 0.75 | -77.68 | -80.82 | 0.34 | -76.55 | -79.14 | 0.11 | 10.0 | -42.11 | 10.31 | -53.93 | -23.8 | 157.51 | 19.61 | 2.99 | -60.00 | -268.0 | -142.22 | 160.00 | 148.89 | 480.0 | 24.35 | -14.5 | 50.49 |
| 22Q1 (13) | 28.79 | 4.54 | 43.52 | 6.40 | -61.19 | -24.26 | 17.84 | 8.19 | 171.54 | 13.76 | 17.41 | 181.39 | 3.36 | -29.56 | 127.03 | 1.45 | -26.4 | 116.42 | 0.10 | -41.18 | -16.67 | 22.38 | 16.2 | 101.62 | 131.69 | -8.2 | -6.7 | 35.71 | -64.29 | -72.22 | 64.29 | 0 | 325.0 | 28.48 | 54.11 | 15.16 |
| 21Q4 (12) | 27.54 | -2.13 | 25.98 | 16.49 | 30.15 | -18.49 | 16.49 | 38.22 | 34.5 | 11.72 | 39.19 | 24.15 | 4.77 | 62.24 | 8.66 | 1.97 | 60.16 | 17.26 | 0.17 | 21.43 | 0.0 | 19.26 | 25.47 | 21.74 | 143.45 | -1.37 | -7.47 | 100.00 | -5.34 | -39.15 | 0.00 | 100.0 | 100.0 | 18.48 | -16.11 | 16.67 |
| 21Q3 (11) | 28.14 | -5.16 | 66.21 | 12.67 | -18.31 | 282.83 | 11.93 | 9.25 | 240.85 | 8.42 | 3.19 | 217.93 | 2.94 | -24.81 | 229.52 | 1.23 | -24.54 | 278.26 | 0.14 | -26.32 | 27.27 | 15.35 | 13.45 | 556.85 | 145.44 | -4.9 | -25.37 | 105.65 | -25.66 | 28.53 | -6.45 | 84.68 | -136.23 | 22.03 | 36.16 | -9.45 |
| 21Q2 (10) | 29.67 | 47.91 | 33.95 | 15.51 | 83.55 | 2720.0 | 10.92 | 66.21 | 710.06 | 8.16 | 66.87 | 986.96 | 3.91 | 164.19 | 1250.0 | 1.63 | 143.28 | 3360.0 | 0.19 | 58.33 | 46.15 | 13.53 | 21.89 | 498.67 | 152.94 | 8.36 | -22.74 | 142.11 | 10.53 | 550.0 | -42.11 | -47.37 | -132.0 | 16.18 | -34.57 | 0 |
| 21Q1 (9) | 20.06 | -8.23 | -28.33 | 8.45 | -58.23 | 1082.56 | 6.57 | -46.41 | 37.74 | 4.89 | -48.2 | 47.73 | 1.48 | -66.29 | 117.65 | 0.67 | -60.12 | 123.33 | 0.12 | -29.41 | 71.43 | 11.10 | -29.84 | -8.19 | 141.14 | -8.96 | -26.45 | 128.57 | -21.76 | 845.71 | -28.57 | 56.02 | -124.37 | 24.73 | 56.12 | -29.04 |
| 20Q4 (8) | 21.86 | 29.12 | -12.56 | 20.23 | 391.92 | 139.41 | 12.26 | 244.75 | 1147.86 | 9.44 | 232.21 | 1756.14 | 4.39 | 293.39 | 2008.7 | 1.68 | 343.48 | 16900.0 | 0.17 | 54.55 | 21.43 | 15.82 | 570.83 | 540.49 | 155.03 | -20.45 | -18.82 | 164.33 | 99.94 | 123.24 | -64.97 | -464.82 | -108.05 | 15.84 | -34.9 | -8.23 |
| 20Q3 (7) | 16.93 | -23.57 | -23.67 | -6.93 | -1360.0 | -224.64 | -8.47 | -373.18 | -229.12 | -7.14 | -676.09 | -233.21 | -2.27 | -567.65 | -186.97 | -0.69 | -1280.0 | -173.4 | 0.11 | -15.38 | -31.25 | -3.36 | -248.67 | -135.63 | 194.89 | -1.55 | 6.7 | 82.19 | 360.27 | -3.24 | 17.81 | -86.47 | 18.3 | 24.33 | 0 | 47.81 |
| 20Q2 (6) | 22.15 | -20.86 | -14.25 | 0.55 | 163.95 | -91.77 | -1.79 | -137.53 | -121.28 | -0.92 | -127.79 | -115.65 | -0.34 | -150.0 | -111.11 | -0.05 | -116.67 | -104.76 | 0.13 | 85.71 | -23.53 | 2.26 | -81.31 | -79.8 | 197.95 | 3.16 | -9.17 | -31.58 | -83.16 | -139.94 | 131.58 | 12.23 | 528.65 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 27.99 | 11.96 | 64.45 | -0.86 | -110.18 | -113.48 | 4.77 | 507.69 | -33.29 | 3.31 | 680.7 | -39.15 | 0.68 | 395.65 | -77.78 | 0.30 | 3100.0 | -72.73 | 0.07 | -50.0 | -63.16 | 12.09 | 389.47 | 25.03 | 191.89 | 0.48 | -6.82 | -17.24 | 97.56 | -119.19 | 117.24 | -85.47 | 964.19 | 34.85 | 101.91 | 144.05 |
| 19Q4 (4) | 25.00 | 12.71 | 0.0 | 8.45 | 51.98 | 0.0 | -1.17 | -117.84 | 0.0 | -0.57 | -110.63 | 0.0 | -0.23 | -108.81 | 0.0 | -0.01 | -101.06 | 0.0 | 0.14 | -12.5 | 0.0 | 2.47 | -73.81 | 0.0 | 190.97 | 4.56 | 0.0 | -707.14 | -932.46 | 0.0 | 807.14 | 5261.73 | 0.0 | 17.26 | 4.86 | 0.0 |
| 19Q3 (3) | 22.18 | -14.13 | 0.0 | 5.56 | -16.77 | 0.0 | 6.56 | -22.0 | 0.0 | 5.36 | -8.84 | 0.0 | 2.61 | -14.71 | 0.0 | 0.94 | -10.48 | 0.0 | 0.16 | -5.88 | 0.0 | 9.43 | -15.73 | 0.0 | 182.65 | -16.19 | 0.0 | 84.95 | 7.43 | 0.0 | 15.05 | -28.08 | 0.0 | 16.46 | 0.3 | 0.0 |
| 19Q2 (2) | 25.83 | 51.76 | 0.0 | 6.68 | 4.7 | 0.0 | 8.41 | 17.62 | 0.0 | 5.88 | 8.09 | 0.0 | 3.06 | 0.0 | 0.0 | 1.05 | -4.55 | 0.0 | 0.17 | -10.53 | 0.0 | 11.19 | 15.72 | 0.0 | 217.94 | 5.83 | 0.0 | 79.07 | -11.98 | 0.0 | 20.93 | 89.98 | 0.0 | 16.41 | 14.92 | 0.0 |
| 19Q1 (1) | 17.02 | 0.0 | 0.0 | 6.38 | 0.0 | 0.0 | 7.15 | 0.0 | 0.0 | 5.44 | 0.0 | 0.0 | 3.06 | 0.0 | 0.0 | 1.10 | 0.0 | 0.0 | 0.19 | 0.0 | 0.0 | 9.67 | 0.0 | 0.0 | 205.94 | 0.0 | 0.0 | 89.83 | 0.0 | 0.0 | 11.02 | 0.0 | 0.0 | 14.28 | 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) | 22.29 | -4.05 | 3.17 | -30.33 | 3.01 | 18.02 | 7.84 | -34.61 | 6.21 | -35.58 | 5.75 | -51.15 | 3.05 | -42.88 | 0.46 | -14.81 | 12.14 | -21.58 | 92.93 | -17.12 | 40.60 | 7.2 | 59.83 | -3.7 | 0.68 | -18.03 | 25.20 | 17.26 |
| 2022 (9) | 23.23 | -13.71 | 4.55 | -67.03 | 2.55 | 7.02 | 11.99 | 1.1 | 9.64 | 12.35 | 11.77 | -9.95 | 5.34 | -1.66 | 0.54 | -11.48 | 15.48 | 2.72 | 112.12 | -21.84 | 37.87 | -67.45 | 62.13 | 0 | 0.83 | 8.28 | 21.49 | 8.7 |
| 2021 (8) | 26.92 | 23.49 | 13.80 | 163.86 | 2.38 | -30.21 | 11.86 | 384.08 | 8.58 | 371.43 | 13.07 | 442.32 | 5.43 | 360.17 | 0.61 | 27.08 | 15.07 | 112.55 | 143.45 | -7.47 | 116.36 | -45.62 | -16.36 | 0 | 0.77 | 6.23 | 19.77 | -9.44 |
| 2020 (7) | 21.80 | -1.98 | 5.23 | -21.71 | 3.41 | 60.49 | 2.45 | -56.56 | 1.82 | -57.77 | 2.41 | -71.85 | 1.18 | -63.69 | 0.48 | -30.43 | 7.09 | -17.08 | 155.03 | -18.82 | 213.98 | 80.72 | -113.98 | 0 | 0.73 | 29.24 | 21.83 | 36.52 |
| 2019 (6) | 22.24 | 36.02 | 6.68 | 26.28 | 2.13 | 45.59 | 5.64 | -22.95 | 4.31 | -29.46 | 8.56 | -45.41 | 3.25 | -34.74 | 0.69 | -11.54 | 8.55 | -7.97 | 190.97 | 2.04 | 118.40 | 63.7 | -18.40 | 0 | 0.56 | -6.98 | 15.99 | 19.15 |
| 2018 (5) | 16.35 | -3.48 | 5.29 | 44.93 | 1.46 | -35.34 | 7.32 | 792.68 | 6.11 | 1228.26 | 15.68 | 2018.92 | 4.98 | 1085.71 | 0.78 | 44.44 | 9.29 | 144.47 | 187.15 | -33.0 | 72.33 | -83.82 | 27.67 | 0 | 0.60 | 0 | 13.42 | -19.4 |
| 2017 (4) | 16.94 | -5.94 | 3.65 | -32.41 | 2.26 | 16.54 | 0.82 | -82.95 | 0.46 | -87.67 | 0.74 | -88.86 | 0.42 | -86.5 | 0.54 | -30.77 | 3.80 | -49.6 | 279.33 | 122.96 | 447.06 | 298.04 | -347.06 | 0 | 0.00 | 0 | 16.65 | 17.34 |
| 2016 (3) | 18.01 | 1.81 | 5.40 | 229.27 | 1.94 | 3.85 | 4.81 | 68.77 | 3.73 | 73.49 | 6.64 | 120.6 | 3.11 | 95.6 | 0.78 | 25.81 | 7.54 | 32.28 | 125.28 | -4.12 | 112.32 | 95.43 | -12.32 | 0 | 0.00 | 0 | 14.19 | -14.1 |
| 2015 (2) | 17.69 | -3.7 | 1.64 | -79.21 | 1.87 | 68.91 | 2.85 | -73.21 | 2.15 | -76.16 | 3.01 | -80.8 | 1.59 | -79.27 | 0.62 | -24.39 | 5.70 | -54.14 | 130.66 | 10.32 | 57.47 | -22.72 | 42.53 | 64.28 | 0.00 | 0 | 16.52 | 35.86 |
| 2014 (1) | 18.37 | 0 | 7.89 | 0 | 1.11 | -29.03 | 10.64 | 0 | 9.02 | 0 | 15.68 | 0 | 7.67 | 0 | 0.82 | 13.89 | 12.43 | 23.56 | 118.44 | 12.17 | 74.37 | -10.0 | 25.89 | 49.02 | 0.00 | 0 | 12.16 | -6.61 |
