- 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 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 21Q1 (20) | -20.57 | -274.0 | -193.63 | -70.22 | -55.56 | -461.31 | -84.71 | -31.76 | -537.4 | -84.72 | -28.52 | -679.39 | -55.17 | -0.09 | -1012.3 | -8.77 | 24.46 | -596.03 | 0.11 | -38.89 | -26.67 | -63.66 | -22.94 | 0 | 666.88 | 57.84 | 211.58 | 82.99 | 18.12 | -12.01 | 17.01 | -42.82 | 199.71 | 0.00 | 0 | 0 |
| 20Q4 (19) | -5.50 | -138.04 | -119.88 | -45.14 | -177.61 | -317.19 | -64.29 | -128.22 | -313.44 | -65.92 | -54.52 | -423.59 | -55.12 | -54.92 | -867.02 | -11.61 | -24.04 | -772.93 | 0.18 | -21.74 | 20.0 | -51.78 | -168.57 | -2683.87 | 422.50 | 31.35 | 99.17 | 70.26 | 21.52 | 1.36 | 29.74 | -29.89 | -1.25 | 0.00 | 0 | -100.0 |
| 20Q3 (18) | 14.46 | -35.01 | -54.7 | -16.26 | -42.51 | -651.19 | -28.17 | -110.07 | -2732.71 | -42.66 | -264.93 | -4840.0 | -35.58 | -498.99 | -6813.21 | -9.36 | -524.0 | -1497.01 | 0.23 | 43.75 | 27.78 | -19.28 | -2042.22 | -255.61 | 321.67 | 40.35 | 57.02 | 57.82 | -32.08 | -78.49 | 42.42 | 185.35 | 124.24 | 0.00 | -100.0 | -100.0 |
| 20Q2 (17) | 22.25 | 1.27 | -13.56 | -11.41 | 8.79 | -78.84 | -13.41 | -0.9 | -80.48 | -11.69 | -7.54 | -132.41 | -5.94 | -19.76 | -109.15 | -1.50 | -19.05 | -265.85 | 0.16 | 6.67 | -5.88 | -0.90 | 0 | -121.33 | 229.19 | 7.08 | -3.26 | 85.14 | -9.74 | -0.52 | 14.86 | 161.99 | 3.06 | 17.47 | 0 | -12.17 |
| 20Q1 (16) | 21.97 | -20.6 | -12.71 | -12.51 | -15.62 | 24.64 | -13.29 | 14.53 | 42.39 | -10.87 | 13.66 | 44.46 | -4.96 | 12.98 | 30.43 | -1.26 | 5.26 | 36.36 | 0.15 | 0.0 | 25.0 | -0.00 | 100.0 | 100.0 | 214.03 | 0.9 | -2.28 | 94.33 | 36.08 | 30.37 | 5.67 | -81.16 | -79.82 | 0.00 | -100.0 | -100.0 |
| 19Q4 (15) | 27.67 | -13.31 | 18.65 | -10.82 | -466.78 | 32.16 | -15.55 | -1553.27 | 14.09 | -12.59 | -1498.89 | 13.17 | -5.70 | -1175.47 | -8.57 | -1.33 | -298.51 | 8.9 | 0.15 | -16.67 | 15.38 | -1.86 | -115.01 | 51.94 | 212.13 | 3.55 | 19.99 | 69.32 | -74.21 | -20.91 | 30.11 | 117.21 | 155.25 | 17.41 | 14.46 | -4.65 |
| 19Q3 (14) | 31.92 | 24.01 | 29.07 | 2.95 | 146.24 | 134.3 | 1.07 | 114.4 | 108.68 | 0.90 | 117.89 | 109.25 | 0.53 | 118.66 | 113.95 | 0.67 | 263.41 | 170.53 | 0.18 | 5.88 | 28.57 | 12.39 | 193.6 | 2653.33 | 204.86 | -13.53 | 15.01 | 268.75 | 214.04 | 283.53 | -175.00 | -1313.33 | -670.83 | 15.21 | -23.53 | -14.84 |
| 19Q2 (13) | 25.74 | 2.26 | 9.86 | -6.38 | 61.57 | 29.81 | -7.43 | 67.79 | 36.0 | -5.03 | 74.3 | 57.48 | -2.84 | 60.17 | 38.26 | -0.41 | 79.29 | 72.67 | 0.17 | 41.67 | 6.25 | 4.22 | 165.22 | 1341.18 | 236.92 | 8.17 | 47.0 | 85.58 | 18.28 | 10.14 | 14.42 | -48.69 | -33.17 | 19.89 | -0.75 | -12.38 |
| 19Q1 (12) | 25.17 | 7.93 | -10.04 | -16.60 | -4.08 | -256.31 | -23.07 | -27.46 | -432.9 | -19.57 | -34.97 | -550.92 | -7.13 | -35.81 | -652.71 | -1.98 | -35.62 | -335.71 | 0.12 | -7.69 | -7.69 | -6.47 | -67.18 | -135.49 | 219.02 | 23.89 | 59.95 | 72.35 | -17.45 | -52.97 | 28.11 | 138.27 | 152.21 | 20.04 | 9.75 | -2.95 |
| 18Q4 (11) | 23.32 | -5.7 | -23.69 | -15.95 | -85.47 | -275.66 | -18.10 | -46.8 | -347.27 | -14.50 | -49.02 | -358.47 | -5.25 | -38.16 | -450.0 | -1.46 | -53.68 | -262.22 | 0.13 | -7.14 | 18.18 | -3.87 | -960.0 | 0 | 176.79 | -0.75 | 32.56 | 87.64 | 25.07 | -29.89 | 11.80 | -61.52 | 147.19 | 18.26 | 2.24 | -58.06 |
| 18Q3 (10) | 24.73 | 5.55 | -28.73 | -8.60 | 5.39 | -226.1 | -12.33 | -6.2 | -301.8 | -9.73 | 17.75 | -262.44 | -3.80 | 17.39 | -251.39 | -0.95 | 36.67 | -167.86 | 0.14 | -12.5 | -17.65 | 0.45 | 232.35 | -97.34 | 178.13 | 10.52 | 26.53 | 70.07 | -9.81 | -37.26 | 30.66 | 42.04 | 362.29 | 17.86 | -21.32 | 4.94 |
| 18Q2 (9) | 23.43 | -16.26 | -34.46 | -9.09 | -185.59 | -214.63 | -11.61 | -267.53 | -280.84 | -11.83 | -372.58 | -403.33 | -4.60 | -456.59 | -327.72 | -1.50 | -278.57 | -220.97 | 0.16 | 23.08 | -23.81 | -0.34 | -101.87 | 0 | 161.17 | 17.7 | 3.65 | 77.70 | -49.5 | -37.34 | 21.58 | 140.08 | 189.93 | 22.70 | 9.93 | 54.95 |
| 18Q1 (8) | 27.98 | -8.44 | -26.43 | 10.62 | 16.96 | -3.72 | 6.93 | -5.33 | -21.25 | 4.34 | -22.64 | -28.38 | 1.29 | -14.0 | -55.21 | 0.84 | -6.67 | -48.78 | 0.13 | 18.18 | -38.1 | 18.23 | 0 | 3.82 | 136.93 | 2.67 | -3.09 | 153.85 | 23.08 | 22.51 | -53.85 | -115.38 | -110.49 | 20.65 | -52.57 | 30.2 |
| 17Q4 (7) | 30.56 | -11.93 | -16.62 | 9.08 | 33.14 | -1.73 | 7.32 | 19.8 | -3.43 | 5.61 | -6.34 | 3.31 | 1.50 | -40.24 | -29.25 | 0.90 | -35.71 | -32.33 | 0.11 | -35.29 | -38.89 | 0.00 | -100.0 | 0 | 133.37 | -5.26 | 10.3 | 125.00 | 11.92 | 2.68 | -25.00 | -113.89 | -15.0 | 43.54 | 155.82 | 146.83 |
| 17Q3 (6) | 34.70 | -2.94 | 1.61 | 6.82 | -14.0 | -46.26 | 6.11 | -4.83 | -45.05 | 5.99 | 53.59 | -32.24 | 2.51 | 24.26 | -35.48 | 1.40 | 12.9 | -32.04 | 0.17 | -19.05 | -10.53 | 16.90 | 0 | -19.14 | 140.78 | -9.47 | 14.18 | 111.69 | -9.93 | -1.95 | -11.69 | 51.3 | 15.96 | 17.02 | 16.18 | 6.11 |
| 17Q2 (5) | 35.75 | -6.0 | 2.35 | 7.93 | -28.11 | -36.66 | 6.42 | -27.05 | -46.9 | 3.90 | -35.64 | -56.18 | 2.02 | -29.86 | -51.21 | 1.24 | -24.39 | -41.78 | 0.21 | 0.0 | 5.0 | 0.00 | -100.0 | 0 | 155.50 | 10.05 | 16.2 | 124.00 | -1.26 | 19.87 | -24.00 | 6.18 | -596.0 | 14.65 | -7.63 | -6.39 |
| 17Q1 (4) | 38.03 | 3.77 | 0.0 | 11.03 | 19.37 | 0.0 | 8.80 | 16.09 | 0.0 | 6.06 | 11.6 | 0.0 | 2.88 | 35.85 | 0.0 | 1.64 | 23.31 | 0.0 | 0.21 | 16.67 | 0.0 | 17.56 | 0 | 0.0 | 141.30 | 16.85 | 0.0 | 125.58 | 3.16 | 0.0 | -25.58 | -17.67 | 0.0 | 15.86 | -10.09 | 0.0 |
| 16Q4 (3) | 36.65 | 7.32 | 0.0 | 9.24 | -27.19 | 0.0 | 7.58 | -31.83 | 0.0 | 5.43 | -38.57 | 0.0 | 2.12 | -45.5 | 0.0 | 1.33 | -35.44 | 0.0 | 0.18 | -5.26 | 0.0 | 0.00 | -100.0 | 0.0 | 120.92 | -1.93 | 0.0 | 121.74 | 6.88 | 0.0 | -21.74 | -56.31 | 0.0 | 17.64 | 9.98 | 0.0 |
| 16Q3 (2) | 34.15 | -2.23 | 0.0 | 12.69 | 1.36 | 0.0 | 11.12 | -8.02 | 0.0 | 8.84 | -0.67 | 0.0 | 3.89 | -6.04 | 0.0 | 2.06 | -3.29 | 0.0 | 0.19 | -5.0 | 0.0 | 20.90 | 0 | 0.0 | 123.30 | -7.86 | 0.0 | 113.91 | 10.11 | 0.0 | -13.91 | -303.31 | 0.0 | 16.04 | 2.49 | 0.0 |
| 16Q2 (1) | 34.93 | 0.0 | 0.0 | 12.52 | 0.0 | 0.0 | 12.09 | 0.0 | 0.0 | 8.90 | 0.0 | 0.0 | 4.14 | 0.0 | 0.0 | 2.13 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 133.82 | 0.0 | 0.0 | 103.45 | 0.0 | 0.0 | -3.45 | 0.0 | 0.0 | 15.65 | 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 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 (10) | 13.70 | -50.93 | -20.49 | 0 | 8.85 | -0.25 | -29.10 | 0 | -33.14 | 0 | -93.76 | 0 | -23.87 | 0 | 0.76 | 13.43 | -17.57 | 0 | 422.50 | 99.17 | 70.46 | 4.29 | 29.54 | -9.51 | 0.00 | 0 | 15.26 | -15.03 |
| 2019 (9) | 27.92 | 12.76 | -6.56 | 0 | 8.87 | 4.47 | -9.72 | 0 | -7.76 | 0 | -15.22 | 0 | -3.17 | 0 | 0.67 | 15.52 | 3.23 | 1.25 | 212.13 | 19.99 | 67.57 | 0.7 | 32.64 | -0.02 | 2.31 | 9.26 | 17.96 | -16.0 |
| 2018 (8) | 24.76 | -29.88 | -6.18 | 0 | 8.49 | 13.51 | -9.19 | 0 | -8.31 | 0 | -12.19 | 0 | -3.21 | 0 | 0.58 | -19.44 | 3.19 | -81.75 | 176.79 | 32.56 | 67.10 | -44.91 | 32.65 | 0 | 2.12 | 0 | 21.38 | 5.58 |
| 2017 (7) | 35.31 | 1.47 | 8.73 | -24.94 | 7.48 | 6.58 | 7.17 | -30.72 | 5.31 | -32.53 | 8.71 | -38.27 | 5.34 | -29.37 | 0.72 | -8.86 | 17.48 | -11.36 | 133.37 | 10.3 | 121.80 | 8.35 | -21.80 | 0 | 0.00 | 0 | 20.25 | 26.96 |
| 2016 (6) | 34.80 | 7.57 | 11.63 | 77.29 | 7.02 | 9.0 | 10.35 | 81.26 | 7.87 | 113.28 | 14.11 | 123.61 | 7.56 | 82.17 | 0.79 | 0.0 | 19.72 | 38.78 | 120.92 | -10.89 | 112.41 | -2.13 | -12.41 | 0 | 0.00 | 0 | 15.95 | -9.32 |
| 2015 (5) | 32.35 | 6.94 | 6.56 | -3.95 | 6.44 | 4.07 | 5.71 | 8.76 | 3.69 | 5.43 | 6.31 | 3.44 | 4.15 | -3.49 | 0.79 | -8.14 | 14.21 | 5.73 | 135.69 | 43.48 | 114.86 | -11.75 | -14.86 | 0 | 0.00 | 0 | 17.59 | 2.81 |
| 2014 (4) | 30.25 | -1.31 | 6.83 | -48.65 | 6.19 | 7.97 | 5.25 | -51.57 | 3.50 | -62.08 | 6.10 | -65.4 | 4.30 | -54.11 | 0.86 | 0.0 | 13.44 | -28.24 | 94.57 | -15.49 | 130.16 | 6.08 | -30.16 | 0 | 0.00 | 0 | 17.11 | 1.91 |
| 2013 (3) | 30.65 | -10.9 | 13.30 | -23.08 | 5.73 | -5.44 | 10.84 | -30.65 | 9.23 | -28.45 | 17.63 | -11.76 | 9.37 | -23.13 | 0.86 | 0.0 | 18.73 | -20.13 | 111.91 | -16.99 | 122.70 | 10.99 | -22.70 | 0 | 0.00 | 0 | 16.79 | 2.44 |
| 2012 (2) | 34.40 | 0 | 17.29 | 0 | 6.06 | 0 | 15.63 | 0 | 12.90 | 0 | 19.98 | 0 | 12.19 | 0 | 0.86 | 0 | 23.45 | 0 | 134.81 | 0 | 110.54 | 0 | -10.71 | 0 | 0.00 | 0 | 16.39 | 0 |
