- 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) | 9.90 | -66.37 | -81.17 | -2.05 | -110.37 | -104.64 | 1.49 | -91.34 | -96.6 | 2.28 | -89.64 | -94.25 | 0.32 | -92.51 | -98.96 | 0.29 | -90.3 | -98.32 | 0.10 | -23.08 | -76.74 | 5.84 | -71.72 | -87.55 | 45.87 | -3.61 | -26.54 | -150.00 | -229.45 | -248.26 | 250.00 | 1850.0 | 26725.0 | 15.49 | 60.02 | 64.61 |
| 23Q3 (19) | 29.44 | -47.77 | 68.13 | 19.77 | -61.36 | 66.69 | 17.21 | -66.51 | 51.5 | 22.01 | -44.7 | 122.32 | 4.27 | -70.91 | -41.9 | 2.99 | -72.06 | -22.74 | 0.13 | -51.85 | -64.86 | 20.65 | -61.26 | 8.23 | 47.59 | 8.8 | -53.95 | 115.87 | 16.21 | 10.72 | -14.29 | -2542.86 | -207.14 | 9.68 | 60.26 | 16.49 |
| 23Q2 (18) | 56.37 | 152.55 | 351.68 | 51.16 | 435.71 | 709.49 | 51.39 | 454.97 | 730.21 | 39.80 | 504.86 | 859.04 | 14.68 | 1413.4 | 487.2 | 10.70 | 1345.95 | 627.89 | 0.27 | 170.0 | -15.62 | 53.30 | 239.92 | 251.58 | 43.74 | 38.46 | -53.87 | 99.71 | -4.63 | -2.99 | 0.58 | 112.87 | 121.05 | 6.04 | -60.08 | -24.69 |
| 23Q1 (17) | 22.32 | -57.55 | 86.31 | 9.55 | -78.4 | 26.49 | 9.26 | -78.84 | 34.59 | 6.58 | -83.39 | -0.75 | 0.97 | -96.85 | -70.15 | 0.74 | -95.73 | -58.19 | 0.10 | -76.74 | -60.0 | 15.68 | -66.58 | 8.59 | 31.59 | -49.41 | -63.44 | 104.55 | 3.33 | -4.42 | -4.55 | -384.09 | 51.52 | 15.13 | 60.79 | 126.16 |
| 22Q4 (16) | 52.58 | 200.29 | 238.35 | 44.22 | 272.85 | 528.12 | 43.76 | 285.21 | 4276.0 | 39.62 | 300.2 | 6188.89 | 30.84 | 319.59 | 7610.0 | 17.31 | 347.29 | 3746.67 | 0.43 | 16.22 | 72.0 | 46.92 | 145.91 | 514.14 | 62.44 | -39.58 | -44.35 | 101.17 | -3.32 | -86.51 | -0.94 | 79.81 | 99.86 | 9.41 | 13.24 | -2.99 |
| 22Q3 (15) | 17.51 | 40.3 | 140.19 | 11.86 | 87.66 | 242.38 | 11.36 | 83.52 | 150.67 | 9.90 | 138.55 | 142.69 | 7.35 | 194.0 | 223.95 | 3.87 | 163.27 | 330.36 | 0.37 | 15.62 | 362.5 | 19.08 | 25.86 | 630.0 | 103.34 | 8.99 | -58.08 | 104.65 | 1.82 | 190.7 | -4.65 | -67.44 | -107.27 | 8.31 | 3.62 | -61.51 |
| 22Q2 (14) | 12.48 | 4.17 | 7.4 | 6.32 | -16.29 | 1369.77 | 6.19 | -10.03 | 451.7 | 4.15 | -37.41 | 329.28 | 2.50 | -23.08 | 580.77 | 1.47 | -16.95 | 1737.5 | 0.32 | 28.0 | 190.91 | 15.16 | 4.99 | 2.16 | 94.82 | 9.75 | -41.3 | 102.78 | -6.03 | 305.56 | -2.78 | 70.37 | -101.85 | 8.02 | 19.88 | -56.79 |
| 22Q1 (13) | 11.98 | -22.91 | -18.39 | 7.55 | 7.24 | 1835.9 | 6.88 | 588.0 | 380.82 | 6.63 | 952.38 | 356.98 | 3.25 | 712.5 | 557.75 | 1.77 | 293.33 | 4525.0 | 0.25 | 0.0 | 150.0 | 14.44 | 89.01 | -5.74 | 86.40 | -22.99 | -44.08 | 109.38 | -85.42 | 0 | -9.38 | 98.56 | -107.03 | 6.69 | -31.03 | -63.12 |
| 21Q4 (12) | 15.54 | 113.17 | -18.21 | 7.04 | 184.51 | -52.27 | 1.00 | 104.46 | -88.78 | 0.63 | 102.72 | -92.14 | 0.40 | 106.75 | -84.19 | 0.45 | 126.79 | -58.33 | 0.25 | 212.5 | 150.0 | 7.64 | 312.22 | -69.44 | 112.20 | -54.49 | -41.84 | 750.00 | 1983.33 | 328.57 | -650.00 | -1115.62 | -875.0 | 9.70 | -55.07 | -36.31 |
| 21Q3 (11) | 7.29 | -37.26 | 169.76 | -8.33 | -2037.21 | 73.0 | -22.42 | -1173.86 | 37.98 | -23.19 | -1181.22 | 37.07 | -5.93 | -1040.38 | 27.42 | -1.68 | -2200.0 | 34.63 | 0.08 | -27.27 | 0.0 | -3.60 | -124.26 | 74.03 | 246.54 | 52.63 | 18.22 | 36.00 | 172.0 | -58.19 | 64.00 | -57.33 | 360.8 | 21.59 | 16.33 | 1.65 |
| 21Q2 (10) | 11.62 | -20.84 | 329.19 | 0.43 | 10.26 | 101.7 | -1.76 | 28.16 | 94.27 | -1.81 | 29.84 | 94.2 | -0.52 | 26.76 | 92.22 | 0.08 | 300.0 | 103.56 | 0.11 | 10.0 | 37.5 | 14.84 | -3.13 | 241.6 | 161.53 | 4.54 | -10.3 | -50.00 | 0 | -161.54 | 150.00 | 12.5 | 700.0 | 18.56 | 2.32 | 0 |
| 21Q1 (9) | 14.68 | -22.74 | 41.43 | 0.39 | -97.36 | -49.35 | -2.45 | -127.5 | -122.73 | -2.58 | -132.17 | -76.71 | -0.71 | -128.06 | -36.54 | -0.04 | -103.7 | -300.0 | 0.10 | 0.0 | -28.57 | 15.32 | -38.72 | 37.89 | 154.52 | -19.9 | -5.09 | -0.00 | -100.0 | 100.0 | 133.33 | 300.0 | -11.11 | 18.14 | 19.11 | 45.12 |
| 20Q4 (8) | 19.00 | 281.82 | 89.81 | 14.75 | 147.81 | 1393.86 | 8.91 | 124.65 | 121.14 | 8.02 | 121.76 | 113.72 | 2.53 | 130.97 | 115.12 | 1.08 | 142.02 | 116.29 | 0.10 | 25.0 | -16.67 | 25.00 | 280.38 | 186.42 | 192.91 | -7.49 | 25.36 | 175.00 | 103.23 | 5762.5 | -66.67 | -580.0 | -168.72 | 15.23 | -28.3 | 18.25 |
| 20Q3 (7) | -10.45 | -106.11 | -288.97 | -30.85 | -22.03 | -362.52 | -36.15 | -17.64 | -272.3 | -36.85 | -18.0 | -277.18 | -8.17 | -22.31 | -180.76 | -2.57 | -14.22 | -283.58 | 0.08 | 0.0 | -27.27 | -13.86 | -32.25 | -257.86 | 208.54 | 15.81 | 53.55 | 86.11 | 5.98 | 20.56 | 13.89 | -25.93 | -61.11 | 21.24 | 0 | 18.33 |
| 20Q2 (6) | -5.07 | -148.84 | 12.13 | -25.28 | -3383.12 | 13.9 | -30.73 | -2693.64 | 17.9 | -31.23 | -2039.04 | 16.25 | -6.68 | -1184.62 | 25.7 | -2.25 | -11350.0 | 8.91 | 0.08 | -42.86 | 0.0 | -10.48 | -194.33 | -4.8 | 180.07 | 10.61 | -21.42 | 81.25 | 262.5 | 3.66 | 18.75 | -87.5 | -13.28 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 10.38 | 3.7 | 136.72 | 0.77 | 167.54 | 101.23 | -1.10 | 97.39 | 98.5 | -1.46 | 97.5 | 97.66 | -0.52 | 96.89 | 94.08 | 0.02 | 100.3 | 100.76 | 0.14 | 16.67 | 180.0 | 11.11 | 138.4 | 137.42 | 162.80 | 5.79 | -17.07 | -50.00 | -1775.0 | -158.75 | 150.00 | 54.62 | 907.14 | 12.50 | -2.95 | -74.25 |
| 19Q4 (4) | 10.01 | 81.01 | 0.0 | -1.14 | 82.91 | 0.0 | -42.15 | -334.09 | 0.0 | -58.44 | -498.16 | 0.0 | -16.73 | -474.91 | 0.0 | -6.63 | -889.55 | 0.0 | 0.12 | 9.09 | 0.0 | -28.93 | -429.5 | 0.0 | 153.89 | 13.31 | 0.0 | 2.99 | -95.82 | 0.0 | 97.01 | 171.64 | 0.0 | 12.88 | -28.25 | 0.0 |
| 19Q3 (3) | 5.53 | 195.84 | 0.0 | -6.67 | 77.28 | 0.0 | -9.71 | 74.06 | 0.0 | -9.77 | 73.8 | 0.0 | -2.91 | 67.63 | 0.0 | -0.67 | 72.87 | 0.0 | 0.11 | 37.5 | 0.0 | 8.78 | 187.8 | 0.0 | 135.81 | -40.73 | 0.0 | 71.43 | -8.87 | 0.0 | 35.71 | 65.18 | 0.0 | 17.95 | -36.3 | 0.0 |
| 19Q2 (2) | -5.77 | 79.59 | 0.0 | -29.36 | 52.91 | 0.0 | -37.43 | 48.79 | 0.0 | -37.29 | 40.21 | 0.0 | -8.99 | -2.39 | 0.0 | -2.47 | 6.08 | 0.0 | 0.08 | 60.0 | 0.0 | -10.00 | 66.32 | 0.0 | 229.15 | 16.73 | 0.0 | 78.38 | -7.91 | 0.0 | 21.62 | 45.17 | 0.0 | 28.18 | -41.96 | 0.0 |
| 19Q1 (1) | -28.27 | 0.0 | 0.0 | -62.35 | 0.0 | 0.0 | -73.09 | 0.0 | 0.0 | -62.37 | 0.0 | 0.0 | -8.78 | 0.0 | 0.0 | -2.63 | 0.0 | 0.0 | 0.05 | 0.0 | 0.0 | -29.69 | 0.0 | 0.0 | 196.30 | 0.0 | 0.0 | 85.11 | 0.0 | 0.0 | 14.89 | 0.0 | 0.0 | 48.55 | 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) | 36.51 | 31.33 | 27.89 | 31.0 | 2.72 | -52.32 | 27.96 | 34.04 | 23.83 | 28.53 | 21.75 | -49.95 | 14.48 | -40.83 | 0.60 | -53.49 | 31.37 | 15.25 | 45.87 | -26.54 | 99.77 | -2.25 | 0.23 | 0 | 0.60 | -25.69 | 9.97 | 19.26 |
| 2022 (9) | 27.80 | 103.96 | 21.29 | 660.36 | 5.71 | -36.96 | 20.86 | 0 | 18.54 | 0 | 43.46 | 0 | 24.47 | 0 | 1.29 | 168.75 | 27.22 | 222.89 | 62.44 | -44.35 | 102.07 | 0 | -2.07 | 0 | 0.81 | -27.25 | 8.36 | -40.71 |
| 2021 (8) | 13.63 | 143.39 | 2.80 | 0 | 9.06 | -33.03 | -3.25 | 0 | -3.59 | 0 | -4.12 | 0 | -0.85 | 0 | 0.48 | 20.0 | 8.43 | 47.64 | 112.20 | -41.84 | -84.62 | 0 | 184.62 | 365.55 | 1.11 | -35.8 | 14.10 | -14.75 |
| 2020 (7) | 5.60 | 18566.67 | -6.76 | 0 | 13.52 | -10.29 | -11.07 | 0 | -11.66 | 0 | -12.72 | 0 | -3.78 | 0 | 0.40 | 11.11 | 5.71 | 0 | 192.91 | 25.36 | 62.07 | 27.2 | 39.66 | -22.56 | 1.73 | -10.22 | 16.54 | -25.5 |
| 2019 (6) | 0.03 | 0 | -17.22 | 0 | 15.07 | -42.0 | -35.17 | 0 | -39.18 | 0 | -37.39 | 0 | -12.55 | 0 | 0.36 | 125.0 | -13.38 | 0 | 153.89 | -14.6 | 48.80 | -39.6 | 51.20 | 169.53 | 1.93 | -72.25 | 22.20 | -65.38 |
| 2018 (5) | -123.72 | 0 | -170.59 | 0 | 25.99 | 344.91 | -210.85 | 0 | -178.02 | 0 | -68.57 | 0 | -27.49 | 0 | 0.16 | -75.0 | -172.69 | 0 | 180.20 | 62.49 | 80.79 | -81.36 | 19.00 | 0 | 6.96 | 0 | 64.12 | 301.75 |
| 2017 (4) | 12.83 | -28.36 | 1.47 | -78.45 | 5.84 | 79.22 | 0.30 | -95.33 | 0.22 | -95.86 | 0.30 | -96.42 | 0.78 | -82.71 | 0.64 | -18.99 | 7.56 | -25.37 | 110.90 | -10.7 | 433.33 | 303.95 | -333.33 | 0 | 0.00 | 0 | 15.96 | 6.4 |
| 2016 (3) | 17.91 | -21.69 | 6.82 | -19.29 | 3.26 | 32.01 | 6.42 | -16.3 | 5.31 | -17.42 | 8.39 | 8.26 | 4.51 | -3.01 | 0.79 | 21.54 | 10.13 | -10.51 | 124.19 | 67.6 | 107.27 | -3.19 | -5.45 | 0 | 0.00 | 0 | 15.00 | -28.67 |
| 2015 (2) | 22.87 | -13.17 | 8.45 | -10.39 | 2.47 | -37.24 | 7.67 | -6.58 | 6.43 | -3.74 | 7.75 | -23.72 | 4.65 | -12.26 | 0.65 | -4.41 | 11.32 | -17.79 | 74.10 | -32.1 | 110.81 | -4.47 | -10.81 | 0 | 0.00 | 0 | 21.03 | -28.0 |
| 2014 (1) | 26.34 | 0 | 9.43 | 0 | 3.93 | 43.83 | 8.21 | 0 | 6.68 | 0 | 10.16 | 0 | 5.30 | 0 | 0.68 | -47.69 | 13.77 | 115.83 | 109.13 | -30.76 | 116.00 | -22.67 | -16.00 | 0 | 0.00 | 0 | 29.21 | 7.27 |
