- 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 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 21Q2 (20) | 15.92 | 16.63 | 26.25 | 7.08 | 77.44 | 74.81 | 7.41 | 179.85 | 478.91 | 5.97 | 177.43 | 463.21 | 1.67 | 194.35 | 695.24 | 1.08 | 202.86 | 500.0 | 0.17 | 21.43 | 13.33 | 18.18 | 323.78 | 9.65 | 59.37 | -6.47 | 51.03 | 95.00 | 316.39 | -70.31 | 5.00 | -96.53 | 102.27 | 8.49 | -16.02 | -22.96 |
| 21Q1 (19) | 13.65 | 1.11 | -6.89 | 3.99 | -40.36 | -12.31 | -9.28 | -1700.0 | -270.9 | -7.71 | -1452.63 | -277.65 | -1.77 | -1461.54 | -280.61 | -1.05 | -907.69 | -240.0 | 0.14 | 0.0 | -17.65 | 4.29 | -69.77 | -77.19 | 63.48 | 3.51 | 95.38 | -43.90 | -104.39 | -152.26 | 143.90 | 115.42 | 799.39 | 10.11 | 0 | -6.39 |
| 20Q4 (18) | 13.50 | 38.6 | -9.09 | 6.69 | 56.67 | 16.55 | 0.58 | 203.57 | -70.71 | 0.57 | 371.43 | -71.21 | 0.13 | 360.0 | -74.0 | 0.13 | 1200.0 | -65.79 | 0.14 | -6.67 | -22.22 | 14.19 | 7.01 | -1.66 | 61.33 | -9.26 | 57.54 | 1000.00 | 205.26 | 244.83 | -933.33 | -184.85 | -391.23 | 0.00 | -100.0 | -100.0 |
| 20Q3 (17) | 9.74 | -22.76 | -27.53 | 4.27 | 5.43 | -17.57 | -0.56 | -143.75 | -111.16 | -0.21 | -119.81 | -105.22 | -0.05 | -123.81 | -105.15 | 0.01 | -94.44 | -98.57 | 0.15 | 0.0 | -11.76 | 13.26 | -20.02 | -27.62 | 67.59 | 71.94 | 69.06 | -950.00 | -396.87 | -1012.0 | 1100.00 | 600.0 | 26500.0 | 9.85 | -10.62 | -12.6 |
| 20Q2 (16) | 12.61 | -13.98 | -14.45 | 4.05 | -10.99 | -36.52 | 1.28 | -76.43 | -83.42 | 1.06 | -75.58 | -80.97 | 0.21 | -78.57 | -84.44 | 0.18 | -76.0 | -81.44 | 0.15 | -11.76 | -11.76 | 16.58 | -11.86 | -20.86 | 39.31 | 20.99 | -17.54 | 320.00 | 280.95 | 281.94 | -220.00 | -1475.0 | -1456.67 | 11.02 | 2.04 | -5.57 |
| 20Q1 (15) | 14.66 | -1.28 | 34.99 | 4.55 | -20.73 | 3.17 | 5.43 | 174.24 | 24.54 | 4.34 | 119.19 | 25.43 | 0.98 | 96.0 | 27.27 | 0.75 | 97.37 | 31.58 | 0.17 | -5.56 | 6.25 | 18.81 | 30.35 | -3.79 | 32.49 | -16.54 | -16.56 | 84.00 | -71.03 | -20.2 | 16.00 | 108.42 | 0 | 10.80 | 14.41 | -9.01 |
| 19Q4 (14) | 14.85 | 10.49 | 2.27 | 5.74 | 10.81 | -39.58 | 1.98 | -60.56 | -79.4 | 1.98 | -50.75 | -74.87 | 0.50 | -48.45 | -76.85 | 0.38 | -45.71 | -74.67 | 0.18 | 5.88 | -5.26 | 14.43 | -21.23 | -34.76 | 38.93 | -2.63 | -15.81 | 290.00 | 178.4 | 195.69 | -190.00 | -4460.0 | -9980.0 | 9.44 | -16.24 | -5.88 |
| 19Q3 (13) | 13.44 | -8.82 | 28.49 | 5.18 | -18.81 | 159.0 | 5.02 | -34.97 | 123.11 | 4.02 | -27.83 | 109.37 | 0.97 | -28.15 | 90.2 | 0.70 | -27.84 | 89.19 | 0.17 | 0.0 | -5.56 | 18.32 | -12.55 | 22.54 | 39.98 | -16.13 | -14.21 | 104.17 | 24.33 | 25.0 | -4.17 | -125.69 | -150.0 | 11.27 | -3.43 | 10.71 |
| 19Q2 (12) | 14.74 | 35.73 | 41.32 | 6.38 | 44.67 | 157.26 | 7.72 | 77.06 | 25.32 | 5.57 | 60.98 | -13.64 | 1.35 | 75.32 | -15.62 | 0.97 | 70.18 | -15.65 | 0.17 | 6.25 | 0.0 | 20.95 | 7.16 | 10.91 | 47.67 | 22.42 | 5.68 | 83.78 | -20.41 | 109.46 | 16.22 | 0 | -72.97 | 11.67 | -1.68 | 3.27 |
| 19Q1 (11) | 10.86 | -25.21 | -23.95 | 4.41 | -53.58 | -16.64 | 4.36 | -54.63 | 37.54 | 3.46 | -56.09 | 21.83 | 0.77 | -64.35 | 13.24 | 0.57 | -62.0 | 14.0 | 0.16 | -15.79 | -5.88 | 19.55 | -11.62 | 24.21 | 38.94 | -15.79 | -2.92 | 105.26 | 7.33 | -36.84 | -0.00 | -100.0 | 100.0 | 11.87 | 18.34 | 1.54 |
| 18Q4 (10) | 14.52 | 38.81 | -17.83 | 9.50 | 375.0 | -14.95 | 9.61 | 327.11 | 6.42 | 7.88 | 310.42 | 2.07 | 2.16 | 323.53 | 4.35 | 1.50 | 305.41 | 2.04 | 0.19 | 5.56 | 0.0 | 22.12 | 47.96 | 10.0 | 46.24 | -0.77 | -1.53 | 98.08 | 17.69 | -20.52 | 1.92 | -76.92 | 108.22 | 10.03 | -1.47 | -9.88 |
| 18Q3 (9) | 10.46 | 0.29 | -11.95 | 2.00 | -19.35 | -48.72 | 2.25 | -63.47 | -46.43 | 1.92 | -70.23 | -47.4 | 0.51 | -68.12 | -43.96 | 0.37 | -67.83 | -43.94 | 0.18 | 5.88 | 0.0 | 14.95 | -20.86 | -7.03 | 46.60 | 3.3 | 16.5 | 83.33 | 108.33 | -12.28 | 8.33 | -86.11 | 66.67 | 10.18 | -9.91 | -10.23 |
| 18Q2 (8) | 10.43 | -26.96 | -26.6 | 2.48 | -53.12 | -60.0 | 6.16 | 94.32 | -7.09 | 6.45 | 127.11 | 30.04 | 1.60 | 135.29 | 13.48 | 1.15 | 130.0 | 12.75 | 0.17 | 0.0 | -15.0 | 18.89 | 20.01 | 0 | 45.11 | 12.47 | 3.56 | 40.00 | -76.0 | -56.47 | 60.00 | 190.0 | 1010.0 | 11.30 | -3.34 | 3.96 |
| 18Q1 (7) | 14.28 | -19.19 | 8.35 | 5.29 | -52.64 | -15.76 | 3.17 | -64.89 | 620.45 | 2.84 | -63.21 | 647.37 | 0.68 | -67.15 | 580.0 | 0.50 | -65.99 | 400.0 | 0.17 | -10.53 | -15.0 | 15.74 | -21.73 | 50.48 | 40.11 | -14.59 | 11.02 | 166.67 | 35.06 | -90.2 | -66.67 | -184.85 | 95.83 | 11.69 | 5.03 | 13.28 |
| 17Q4 (6) | 17.67 | 48.74 | 10.78 | 11.17 | 186.41 | 45.06 | 9.03 | 115.0 | 2.5 | 7.72 | 111.51 | 7.67 | 2.07 | 127.47 | 8.95 | 1.47 | 122.73 | 5.0 | 0.19 | 5.56 | 0.0 | 20.11 | 25.06 | 5.95 | 46.96 | 17.4 | 18.23 | 123.40 | 29.9 | 38.45 | -23.40 | -568.09 | -279.43 | 11.13 | -1.85 | 0.09 |
| 17Q3 (5) | 11.88 | -16.4 | -35.47 | 3.90 | -37.1 | -58.6 | 4.20 | -36.65 | -62.63 | 3.65 | -26.41 | -63.28 | 0.91 | -35.46 | -67.38 | 0.66 | -35.29 | -67.65 | 0.18 | -10.0 | -10.0 | 16.08 | 0 | -22.02 | 40.00 | -8.17 | 13.31 | 95.00 | 3.38 | 13.27 | 5.00 | -7.5 | -69.0 | 11.34 | 4.32 | 5.98 |
| 17Q2 (4) | 14.21 | 7.81 | 0.0 | 6.20 | -1.27 | 0.0 | 6.63 | 1406.82 | 0.0 | 4.96 | 1205.26 | 0.0 | 1.41 | 1310.0 | 0.0 | 1.02 | 920.0 | 0.0 | 0.20 | 0.0 | 0.0 | 0.00 | -100.0 | 0.0 | 43.56 | 20.56 | 0.0 | 91.89 | -94.59 | 0.0 | 5.41 | 100.34 | 0.0 | 10.87 | 5.33 | 0.0 |
| 17Q1 (3) | 13.18 | -17.37 | 0.0 | 6.28 | -18.44 | 0.0 | 0.44 | -95.01 | 0.0 | 0.38 | -94.7 | 0.0 | 0.10 | -94.74 | 0.0 | 0.10 | -92.86 | 0.0 | 0.20 | 5.26 | 0.0 | 10.46 | -44.89 | 0.0 | 36.13 | -9.04 | 0.0 | 1700.00 | 1807.32 | 0.0 | -1600.00 | -12366.67 | 0.0 | 10.32 | -7.19 | 0.0 |
| 16Q4 (2) | 15.95 | -13.36 | 0.0 | 7.70 | -18.26 | 0.0 | 8.81 | -21.62 | 0.0 | 7.17 | -27.87 | 0.0 | 1.90 | -31.9 | 0.0 | 1.40 | -31.37 | 0.0 | 0.19 | -5.0 | 0.0 | 18.98 | -7.95 | 0.0 | 39.72 | 12.52 | 0.0 | 89.13 | 6.27 | 0.0 | 13.04 | -19.13 | 0.0 | 11.12 | 3.93 | 0.0 |
| 16Q3 (1) | 18.41 | 0.0 | 0.0 | 9.42 | 0.0 | 0.0 | 11.24 | 0.0 | 0.0 | 9.94 | 0.0 | 0.0 | 2.79 | 0.0 | 0.0 | 2.04 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 20.62 | 0.0 | 0.0 | 35.30 | 0.0 | 0.0 | 83.87 | 0.0 | 0.0 | 16.13 | 0.0 | 0.0 | 10.70 | 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) | 12.64 | -6.58 | 4.92 | -9.72 | 13.75 | 4.11 | 1.70 | -64.21 | 1.46 | -61.07 | 1.29 | -63.97 | 0.99 | -62.21 | 0.59 | -11.94 | 15.75 | -13.46 | 61.33 | 57.54 | 286.67 | 148.08 | -186.67 | 0 | 0.06 | -12.04 | 0.00 | 0 |
| 2019 (9) | 13.53 | 8.85 | 5.45 | 11.45 | 13.20 | 6.64 | 4.75 | -11.71 | 3.75 | -22.36 | 3.58 | -27.09 | 2.62 | -24.06 | 0.67 | -2.9 | 18.20 | 1.39 | 38.93 | -15.81 | 115.56 | 27.35 | -14.44 | 0 | 0.07 | 5.14 | 11.03 | 2.41 |
| 2018 (8) | 12.43 | -12.89 | 4.89 | -29.44 | 12.38 | 17.71 | 5.38 | 6.11 | 4.83 | 16.11 | 4.91 | 11.59 | 3.45 | 9.52 | 0.69 | -6.76 | 17.95 | 14.26 | 46.24 | -1.53 | 90.74 | -34.12 | 9.26 | 0 | 0.07 | 0 | 10.77 | -1.19 |
| 2017 (7) | 14.27 | -23.89 | 6.93 | -26.51 | 10.52 | 11.62 | 5.07 | -51.67 | 4.16 | -51.96 | 4.40 | -51.81 | 3.15 | -53.06 | 0.74 | -3.9 | 15.71 | -21.61 | 46.96 | 18.23 | 137.74 | 53.04 | -36.79 | 0 | 0.00 | 0 | 10.90 | -1.98 |
| 2016 (6) | 18.75 | -0.53 | 9.43 | 20.28 | 9.42 | -7.08 | 10.49 | -24.59 | 8.66 | -28.49 | 9.13 | -19.49 | 6.71 | -19.54 | 0.77 | 13.24 | 20.04 | -17.16 | 39.72 | 13.49 | 90.00 | 59.78 | 10.00 | -77.1 | 0.00 | 0 | 11.12 | -1.94 |
| 2015 (5) | 18.85 | 41.94 | 7.84 | 112.47 | 10.14 | -18.5 | 13.91 | 273.92 | 12.11 | 299.67 | 11.34 | 395.2 | 8.34 | 371.19 | 0.68 | 23.64 | 24.19 | 47.14 | 35.00 | -14.4 | 56.33 | -43.67 | 43.67 | 0 | 0.00 | 0 | 11.34 | 13.06 |
| 2014 (4) | 13.28 | -8.29 | 3.69 | -8.21 | 12.44 | 32.77 | 3.72 | 1.92 | 3.03 | 19.76 | 2.29 | 13.37 | 1.77 | 12.74 | 0.55 | -5.17 | 16.44 | 24.26 | 40.89 | 10.81 | 100.00 | -8.62 | 0.00 | 0 | 0.00 | 0 | 10.03 | 17.04 |
| 2013 (3) | 14.48 | 0 | 4.02 | 0 | 9.37 | 0 | 3.65 | 0 | 2.53 | 0 | 2.02 | 0 | 1.57 | 0 | 0.58 | 0 | 13.23 | 0 | 36.90 | 0 | 109.43 | 0 | -9.43 | 0 | 0.00 | 0 | 8.57 | 0 |
