- 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) | 13.61 | 94.15 | 176.06 | -0.09 | 98.64 | 98.99 | 5.34 | -45.29 | 175.85 | 6.92 | -31.89 | 227.44 | 0.32 | -33.33 | 228.0 | 0.28 | -26.32 | 315.38 | 0.03 | 0.0 | 0.0 | 15.86 | -23.34 | 346.76 | 43.34 | -11.15 | -1.03 | 0.00 | 100.0 | -100.0 | 100.00 | -41.67 | 433.33 | 22.38 | 4.34 | -14.09 |
| 23Q3 (19) | 7.01 | 9.7 | -77.92 | -6.64 | 11.94 | -137.9 | 9.76 | -17.22 | -68.33 | 10.16 | -17.8 | -61.73 | 0.48 | -12.73 | -65.47 | 0.38 | -11.63 | -62.0 | 0.03 | 0.0 | -25.0 | 20.69 | -8.57 | -48.75 | 48.78 | 0.25 | 13.07 | -71.43 | -14.29 | -227.55 | 171.43 | 1.59 | 308.16 | 21.45 | -2.68 | -11.4 |
| 23Q2 (18) | 6.39 | 340.69 | -79.39 | -7.54 | 38.8 | -139.05 | 11.79 | 243.08 | -56.96 | 12.36 | 293.12 | -45.65 | 0.55 | 289.66 | -62.07 | 0.43 | 386.67 | -58.65 | 0.03 | 0.0 | -25.0 | 22.63 | 947.69 | -35.93 | 48.66 | -1.26 | 11.22 | -62.50 | -140.44 | -188.14 | 168.75 | 409.38 | 480.08 | 22.04 | -12.78 | 13.55 |
| 23Q1 (17) | 1.45 | -70.59 | -94.06 | -12.32 | -38.12 | -186.76 | -8.24 | -17.05 | -151.6 | -6.40 | -17.86 | -150.63 | -0.29 | -16.0 | -139.73 | -0.15 | -15.38 | -127.78 | 0.03 | 0.0 | -25.0 | 2.16 | -39.15 | -91.31 | 49.28 | 12.54 | 20.67 | 154.55 | 18.88 | 78.32 | -54.55 | -81.82 | -645.45 | 25.27 | -2.99 | 25.41 |
| 22Q4 (16) | 4.93 | -84.47 | -81.38 | -8.92 | -150.91 | -154.03 | -7.04 | -122.84 | -136.53 | -5.43 | -120.45 | -134.39 | -0.25 | -117.99 | -123.81 | -0.13 | -113.0 | -117.11 | 0.03 | -25.0 | -40.0 | 3.55 | -91.21 | -86.86 | 43.79 | 1.51 | 1.39 | 130.00 | 132.14 | 52.29 | -30.00 | -171.43 | -305.0 | 26.05 | 7.6 | 32.91 |
| 22Q3 (15) | 31.75 | 2.39 | 35.34 | 17.52 | -9.27 | 41.18 | 30.82 | 12.52 | -7.31 | 26.55 | 16.75 | -12.35 | 1.39 | -4.14 | -26.46 | 1.00 | -3.85 | -25.93 | 0.04 | 0.0 | 0.0 | 40.37 | 14.3 | -3.7 | 43.14 | -1.39 | 1.32 | 56.00 | -21.03 | 47.84 | 42.00 | 44.38 | -32.39 | 24.21 | 24.73 | 26.75 |
| 22Q2 (14) | 31.01 | 27.09 | 40.89 | 19.31 | 35.99 | 62.68 | 27.39 | 71.51 | 63.82 | 22.74 | 79.91 | 42.3 | 1.45 | 98.63 | 46.46 | 1.04 | 92.59 | 44.44 | 0.04 | 0.0 | 0.0 | 35.32 | 42.08 | 39.16 | 43.75 | 7.13 | 5.02 | 70.91 | -18.18 | 1.74 | 29.09 | 190.91 | -4.0 | 19.41 | -3.67 | 6.24 |
| 22Q1 (13) | 24.40 | -7.82 | 27.08 | 14.20 | -13.99 | 48.69 | 15.97 | -17.13 | 65.66 | 12.64 | -19.95 | 45.96 | 0.73 | -30.48 | 30.36 | 0.54 | -28.95 | 28.57 | 0.04 | -20.0 | -20.0 | 24.86 | -7.96 | 36.37 | 40.84 | -5.44 | -6.48 | 86.67 | 1.52 | -8.77 | 10.00 | -31.67 | 0 | 20.15 | 2.81 | 35.05 |
| 21Q4 (12) | 26.47 | 12.83 | 80.93 | 16.51 | 33.04 | 325.52 | 19.27 | -42.05 | 154.56 | 15.79 | -47.87 | 175.57 | 1.05 | -44.44 | 169.23 | 0.76 | -43.7 | 153.33 | 0.05 | 25.0 | 0.0 | 27.01 | -35.57 | 69.24 | 43.19 | 1.43 | 3.9 | 85.37 | 125.37 | 70.73 | 14.63 | -76.44 | -70.73 | 19.60 | 2.62 | 80.31 |
| 21Q3 (11) | 23.46 | 6.59 | 137.45 | 12.41 | 4.55 | 861.35 | 33.25 | 98.86 | 6.47 | 30.29 | 89.55 | -0.98 | 1.89 | 90.91 | 18.87 | 1.35 | 87.5 | 19.47 | 0.04 | 0.0 | 0.0 | 41.92 | 65.17 | -2.78 | 42.58 | 2.21 | -4.98 | 37.88 | -45.65 | 731.31 | 62.12 | 105.0 | -41.4 | 19.10 | 4.54 | 10.02 |
| 21Q2 (10) | 22.01 | 14.64 | 49.02 | 11.87 | 24.29 | 702.03 | 16.72 | 73.44 | 6.16 | 15.98 | 84.53 | 0.13 | 0.99 | 76.79 | 57.14 | 0.72 | 71.43 | 56.52 | 0.04 | -20.0 | 33.33 | 25.38 | 39.22 | -19.86 | 41.66 | -4.6 | -10.6 | 69.70 | -26.63 | 562.12 | 30.30 | 0 | -66.13 | 18.27 | 22.45 | 0 |
| 21Q1 (9) | 19.20 | 31.24 | 2441.46 | 9.55 | 146.13 | 202.8 | 9.64 | 27.34 | 190.43 | 8.66 | 51.13 | 184.32 | 0.56 | 43.59 | 178.87 | 0.42 | 40.0 | 193.33 | 0.05 | 0.0 | 0.0 | 18.23 | 14.22 | 1374.83 | 43.67 | 5.05 | -2.59 | 95.00 | 90.0 | 4.5 | 0.00 | -100.0 | -100.0 | 14.92 | 37.26 | 3.54 |
| 20Q4 (8) | 14.63 | 48.08 | 712.78 | 3.88 | 338.04 | 135.21 | 7.57 | -75.76 | -73.47 | 5.73 | -81.27 | -79.95 | 0.39 | -75.47 | -75.78 | 0.30 | -73.45 | -73.21 | 0.05 | 25.0 | 25.0 | 15.96 | -62.99 | -59.98 | 41.57 | -7.23 | -12.8 | 50.00 | 933.33 | 228.95 | 50.00 | -52.83 | -63.97 | 10.87 | -37.38 | 0 |
| 20Q3 (7) | 9.88 | -33.11 | 3852.0 | -1.63 | -210.14 | 84.84 | 31.23 | 98.29 | 1461.5 | 30.59 | 91.67 | 896.42 | 1.59 | 152.38 | 736.84 | 1.13 | 145.65 | 564.71 | 0.04 | 33.33 | 0.0 | 43.12 | 36.15 | 241.41 | 44.81 | -3.84 | -14.4 | -6.00 | -157.0 | 98.8 | 106.00 | 18.47 | -82.33 | 17.36 | 0 | -12.41 |
| 20Q2 (6) | 14.77 | 1901.22 | 306.89 | 1.48 | 115.93 | 129.78 | 15.75 | 247.75 | 485.09 | 15.96 | 255.4 | 598.75 | 0.63 | 188.73 | 373.91 | 0.46 | 202.22 | 560.0 | 0.03 | -40.0 | -40.0 | 31.67 | 2314.69 | 472.69 | 46.60 | 3.95 | -7.39 | 10.53 | -88.42 | -91.39 | 89.47 | 556.14 | 502.63 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | -0.82 | -145.56 | -173.21 | -9.29 | 15.7 | -35.03 | -10.66 | -137.36 | -50.35 | -10.27 | -135.93 | -83.39 | -0.71 | -144.1 | -86.84 | -0.45 | -140.18 | -114.29 | 0.05 | 25.0 | 0.0 | -1.43 | -103.59 | -150.35 | 44.83 | -5.96 | -8.42 | 90.91 | 334.45 | -9.09 | 13.64 | -90.17 | 0 | 14.41 | 0 | -15.19 |
| 19Q4 (4) | 1.80 | 620.0 | 0.0 | -11.02 | -2.51 | 0.0 | 28.53 | 1326.5 | 0.0 | 28.58 | 830.94 | 0.0 | 1.61 | 747.37 | 0.0 | 1.12 | 558.82 | 0.0 | 0.04 | 0.0 | 0.0 | 39.88 | 215.76 | 0.0 | 47.67 | -8.94 | 0.0 | -38.78 | 92.24 | 0.0 | 138.78 | -76.87 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 0.25 | -93.11 | 0.0 | -10.75 | -116.3 | 0.0 | 2.00 | 148.9 | 0.0 | 3.07 | 195.94 | 0.0 | 0.19 | 182.61 | 0.0 | 0.17 | 270.0 | 0.0 | 0.04 | -20.0 | 0.0 | 12.63 | 128.39 | 0.0 | 52.35 | 4.03 | 0.0 | -500.00 | -509.09 | 0.0 | 600.00 | 2800.0 | 0.0 | 19.82 | 16.25 | 0.0 |
| 19Q2 (2) | 3.63 | 224.11 | 0.0 | -4.97 | 27.76 | 0.0 | -4.09 | 42.31 | 0.0 | -3.20 | 42.86 | 0.0 | -0.23 | 39.47 | 0.0 | -0.10 | 52.38 | 0.0 | 0.05 | 0.0 | 0.0 | 5.53 | 94.72 | 0.0 | 50.32 | 2.8 | 0.0 | 122.22 | 22.22 | 0.0 | -22.22 | 0 | 0.0 | 17.05 | 0.35 | 0.0 |
| 19Q1 (1) | 1.12 | 0.0 | 0.0 | -6.88 | 0.0 | 0.0 | -7.09 | 0.0 | 0.0 | -5.60 | 0.0 | 0.0 | -0.38 | 0.0 | 0.0 | -0.21 | 0.0 | 0.0 | 0.05 | 0.0 | 0.0 | 2.84 | 0.0 | 0.0 | 48.95 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 16.99 | 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) | 7.18 | -70.17 | -6.58 | 0 | 8.29 | 1.99 | 4.70 | -73.99 | 5.80 | -61.72 | 1.05 | -68.18 | 0.96 | -60.33 | 0.13 | -13.33 | 15.34 | -43.48 | 43.34 | -1.03 | -137.04 | 0 | 237.04 | 573.4 | 0.00 | 0 | 22.77 | 3.08 |
| 2022 (9) | 24.07 | 5.48 | 11.74 | -7.05 | 8.13 | 6.18 | 18.07 | -8.09 | 15.15 | -13.92 | 3.30 | -26.67 | 2.42 | -25.99 | 0.15 | -16.67 | 27.14 | -3.14 | 43.79 | 1.39 | 64.80 | 1.01 | 35.20 | -1.81 | 0.00 | 0 | 22.09 | 22.86 |
| 2021 (8) | 22.82 | 154.97 | 12.63 | 0 | 7.65 | -22.13 | 19.66 | 121.15 | 17.60 | 111.03 | 4.50 | 139.36 | 3.27 | 130.28 | 0.18 | 12.5 | 28.02 | 42.52 | 43.19 | 3.9 | 64.15 | 0 | 35.85 | -70.36 | 0.00 | 0 | 17.98 | 17.59 |
| 2020 (7) | 8.95 | 411.43 | -1.72 | 0 | 9.83 | 9.5 | 8.89 | 140.92 | 8.34 | 81.3 | 1.88 | 59.32 | 1.42 | 43.43 | 0.16 | -5.88 | 19.66 | 40.13 | 41.57 | -12.8 | -19.35 | 0 | 120.97 | -62.68 | 0.00 | 0 | 15.29 | -15.85 |
| 2019 (6) | 1.75 | -79.82 | -8.19 | 0 | 8.98 | 19.88 | 3.69 | 6.03 | 4.60 | 16.46 | 1.18 | -4.84 | 0.99 | 2.06 | 0.17 | -22.73 | 14.03 | 20.02 | 47.67 | 2.8 | -224.14 | 0 | 324.14 | 293.6 | 0.00 | 0 | 18.17 | 23.19 |
| 2018 (5) | 8.67 | 65.77 | 0.65 | 0 | 7.49 | -16.38 | 3.48 | -69.79 | 3.95 | -65.04 | 1.24 | -57.24 | 0.97 | -53.59 | 0.22 | 29.41 | 11.69 | -45.48 | 46.37 | 6.35 | 17.65 | 0 | 82.35 | -44.07 | 0.02 | 0 | 14.75 | -29.56 |
| 2017 (4) | 5.23 | -29.13 | -5.34 | 0 | 8.95 | 32.19 | 11.52 | 0 | 11.30 | 0 | 2.90 | 0 | 2.09 | 2222.22 | 0.17 | -19.05 | 21.44 | 183.22 | 43.60 | -18.64 | -46.15 | 0 | 147.25 | 0 | 0.00 | 0 | 20.94 | 27.06 |
| 2016 (3) | 7.38 | 64.37 | -1.52 | 0 | 6.77 | 8.86 | -0.11 | 0 | -0.32 | 0 | -0.10 | 0 | 0.09 | -72.73 | 0.21 | -8.7 | 7.57 | 2.16 | 53.59 | -3.23 | 1500.00 | 0 | -1400.00 | 0 | 0.00 | 0 | 16.48 | 12.72 |
| 2015 (2) | 4.49 | -15.92 | -1.39 | 0 | 6.22 | 31.75 | 0.25 | -92.82 | 0.66 | -81.09 | 0.23 | -83.92 | 0.33 | -69.44 | 0.23 | -17.86 | 7.41 | -13.94 | 55.38 | 5.35 | -500.00 | 0 | 600.00 | 590.0 | 0.00 | 0 | 14.62 | 15.48 |
| 2014 (1) | 5.34 | 0 | 0.41 | 0 | 4.72 | 3.81 | 3.48 | 0 | 3.49 | 0 | 1.43 | 0 | 1.08 | 0 | 0.28 | -6.67 | 8.61 | -39.87 | 52.57 | 48.13 | 10.87 | -85.69 | 86.96 | 261.85 | 0.00 | 0 | 12.66 | 2.18 |
