- 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) | 11.65 | -49.35 | -22.64 | -17.82 | -353.12 | -6753.85 | -27.08 | -308.31 | -664.97 | -23.28 | -310.68 | -274.88 | -7.71 | -215.77 | -105.6 | -3.62 | -204.93 | -122.09 | 0.16 | -46.67 | -42.86 | -20.69 | -225.93 | -2278.16 | 111.94 | 12.99 | -2.37 | 67.74 | 26.45 | 441.94 | 35.48 | -23.57 | -59.45 | 28.30 | 171.07 | 78.21 |
| 23Q3 (19) | 23.00 | 139.83 | 93.77 | 7.04 | 150.0 | 324.92 | 13.00 | 198.86 | 219.41 | 11.05 | 188.12 | 243.17 | 6.66 | 231.1 | 221.74 | 3.45 | 243.75 | 238.24 | 0.30 | 50.0 | 3.45 | 16.43 | 312.0 | 120.83 | 99.07 | -4.73 | -18.69 | 53.57 | -49.11 | 166.96 | 46.43 | 982.14 | -72.69 | 10.44 | -38.11 | -12.34 |
| 23Q2 (18) | 9.59 | -26.34 | -29.85 | -14.08 | -18.62 | -116.28 | -13.15 | -12.2 | -298.48 | -12.54 | -35.57 | -6700.0 | -5.08 | -53.94 | -5744.44 | -2.40 | -65.52 | -2100.0 | 0.20 | 17.65 | -13.04 | -7.75 | -26.02 | -1483.93 | 103.99 | 9.73 | -13.06 | 105.26 | 5.26 | -47.37 | -5.26 | 0 | 94.74 | 16.87 | -2.2 | 22.87 |
| 23Q1 (17) | 13.02 | -13.55 | 91.75 | -11.87 | -4465.38 | 28.79 | -11.72 | -231.07 | -53.2 | -9.25 | -48.95 | -18.74 | -3.30 | 12.0 | -7.14 | -1.45 | 11.04 | -0.69 | 0.17 | -39.29 | -10.53 | -6.15 | -606.9 | -80.88 | 94.77 | -17.35 | -7.69 | 100.00 | 700.0 | -54.17 | -0.00 | -100.0 | 100.0 | 17.25 | 8.63 | -4.85 |
| 22Q4 (16) | 15.06 | 26.87 | 3573.17 | -0.26 | 91.69 | 98.24 | -3.54 | -186.98 | 73.42 | -6.21 | -292.86 | 56.72 | -3.75 | -281.16 | 55.14 | -1.63 | -259.8 | 56.65 | 0.28 | -3.45 | 3.7 | -0.87 | -111.69 | 91.66 | 114.66 | -5.89 | 8.89 | 12.50 | 115.62 | -88.6 | 87.50 | -48.53 | 1004.17 | 15.88 | 33.33 | 20.67 |
| 22Q3 (15) | 11.87 | -13.17 | 202.04 | -3.13 | 51.92 | 80.86 | 4.07 | 223.33 | 125.52 | 3.22 | 1594.74 | 125.33 | 2.07 | 2200.0 | 139.35 | 1.02 | 750.0 | 144.54 | 0.29 | 26.09 | 61.11 | 7.44 | 1228.57 | 156.28 | 121.84 | 1.86 | -6.16 | -80.00 | -140.0 | -177.24 | 170.00 | 270.0 | 4860.0 | 11.91 | -13.26 | -29.11 |
| 22Q2 (14) | 13.67 | 101.33 | 31.95 | -6.51 | 60.95 | 24.83 | -3.30 | 56.86 | 79.1 | 0.19 | 102.44 | 101.29 | 0.09 | 102.92 | 101.4 | 0.12 | 108.33 | 104.17 | 0.23 | 21.05 | 15.0 | 0.56 | 116.47 | 104.06 | 119.61 | 16.51 | 0.82 | 200.00 | -8.33 | 264.71 | -100.00 | 15.38 | -321.43 | 13.73 | -24.27 | -10.55 |
| 22Q1 (13) | 6.79 | 1556.1 | -18.49 | -16.67 | -12.94 | -101.82 | -7.65 | 42.57 | -364.71 | -7.79 | 45.71 | -176.15 | -3.08 | 63.16 | -164.44 | -1.44 | 61.7 | -165.45 | 0.19 | -29.63 | -9.52 | -3.40 | 67.4 | -171.73 | 102.66 | -2.51 | -14.13 | 218.18 | 98.93 | 177.01 | -118.18 | -1121.21 | -129.55 | 18.13 | 37.77 | 20.39 |
| 21Q4 (12) | 0.41 | -89.57 | -95.77 | -14.76 | 9.72 | -71.23 | -13.32 | 16.49 | -55.97 | -14.35 | -12.9 | -83.04 | -8.36 | -58.94 | -115.46 | -3.76 | -64.19 | -113.64 | 0.27 | 50.0 | 17.39 | -10.43 | 21.1 | -46.69 | 105.30 | -18.9 | -18.3 | 109.68 | 5.9 | 9.68 | -9.68 | -170.97 | 0 | 13.16 | -21.67 | 9.94 |
| 21Q3 (11) | 3.93 | -62.07 | -75.47 | -16.35 | -88.8 | -626.67 | -15.95 | -1.01 | -113.45 | -12.71 | 13.48 | -113.75 | -5.26 | 18.32 | -109.05 | -2.29 | 20.49 | -108.82 | 0.18 | -10.0 | -35.71 | -13.22 | 4.06 | -111.03 | 129.84 | 9.44 | 36.86 | 103.57 | 88.87 | 5796.43 | -3.57 | -107.91 | -103.5 | 16.80 | 9.45 | 20.26 |
| 21Q2 (10) | 10.36 | 24.37 | -56.03 | -8.66 | -4.84 | -204.21 | -15.79 | -646.37 | -306.68 | -14.69 | -243.6 | -282.94 | -6.44 | -234.73 | -199.54 | -2.88 | -230.91 | -211.63 | 0.20 | -4.76 | -35.48 | -13.78 | -390.72 | -245.36 | 118.64 | -0.76 | -32.69 | 54.84 | 119.35 | -51.25 | 45.16 | -88.71 | 822.58 | 15.35 | 1.93 | 0 |
| 21Q1 (9) | 8.33 | -14.12 | -51.91 | -8.26 | 4.18 | 9.53 | 2.89 | 133.84 | 138.95 | 10.23 | 230.48 | 234.61 | 4.78 | 223.2 | 255.19 | 2.20 | 225.0 | 276.0 | 0.21 | -8.7 | 16.67 | 4.74 | 166.67 | 267.49 | 119.55 | -7.24 | -15.51 | -283.33 | -383.33 | -326.67 | 400.00 | 0 | 1700.0 | 15.06 | 25.81 | 0 |
| 20Q4 (8) | 9.70 | -39.45 | -23.92 | -8.62 | -283.11 | 52.35 | -8.54 | -107.2 | 60.5 | -7.84 | -108.48 | 65.08 | -3.88 | -106.68 | 49.28 | -1.76 | -106.78 | 48.84 | 0.23 | -17.86 | 43.75 | -7.11 | -105.93 | 57.78 | 128.88 | 35.85 | 12.63 | 100.00 | 5600.0 | 17.65 | -0.00 | -100.0 | -100.0 | 11.97 | -14.32 | -54.14 |
| 20Q3 (7) | 16.02 | -32.0 | 28.67 | -2.25 | -127.08 | 84.67 | 118.58 | 1452.09 | 1004.5 | 92.43 | 1051.06 | 817.07 | 58.09 | 797.84 | 1283.1 | 25.95 | 905.81 | 1129.76 | 0.28 | -9.68 | 33.33 | 119.83 | 1164.03 | 1466.36 | 94.87 | -46.17 | -14.8 | -1.82 | -101.62 | -101.6 | 102.18 | 1734.91 | 866.36 | 13.97 | 0 | -39.08 |
| 20Q2 (6) | 23.56 | 36.03 | 163.83 | 8.31 | 191.02 | 136.7 | 7.64 | 202.96 | 133.36 | 8.03 | 205.66 | 138.48 | 6.47 | 310.06 | 193.36 | 2.58 | 306.4 | 162.77 | 0.31 | 72.22 | 55.0 | 9.48 | 434.98 | 153.38 | 176.25 | 24.57 | 191.08 | 112.50 | -10.0 | 12.5 | -6.25 | 75.0 | 0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 17.32 | 35.84 | 84.65 | -9.13 | 49.53 | 52.55 | -7.42 | 65.68 | 48.11 | -7.60 | 66.15 | 55.87 | -3.08 | 59.74 | 42.21 | -1.25 | 63.66 | 58.88 | 0.18 | 12.5 | 0.0 | -2.83 | 83.19 | 69.99 | 141.49 | 23.65 | 118.65 | 125.00 | 47.06 | -6.25 | -25.00 | -266.67 | 25.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 12.75 | 2.41 | 0.0 | -18.09 | -23.23 | 0.0 | -21.62 | -64.91 | 0.0 | -22.45 | -74.17 | 0.0 | -7.65 | -55.8 | 0.0 | -3.44 | -36.51 | 0.0 | 0.16 | -23.81 | 0.0 | -16.84 | -92.02 | 0.0 | 114.43 | 2.77 | 0.0 | 85.00 | -25.0 | 0.0 | 15.00 | 212.5 | 0.0 | 26.10 | 13.82 | 0.0 |
| 19Q3 (3) | 12.45 | 39.42 | 0.0 | -14.68 | 35.16 | 0.0 | -13.11 | 42.75 | 0.0 | -12.89 | 38.24 | 0.0 | -4.91 | 29.15 | 0.0 | -2.52 | 38.69 | 0.0 | 0.21 | 5.0 | 0.0 | -8.77 | 50.62 | 0.0 | 111.35 | 83.9 | 0.0 | 113.33 | 13.33 | 0.0 | -13.33 | 0 | 0.0 | 22.93 | -13.41 | 0.0 |
| 19Q2 (2) | 8.93 | -4.8 | 0.0 | -22.64 | -17.67 | 0.0 | -22.90 | -60.14 | 0.0 | -20.87 | -21.2 | 0.0 | -6.93 | -30.02 | 0.0 | -4.11 | -35.2 | 0.0 | 0.20 | 11.11 | 0.0 | -17.76 | -88.34 | 0.0 | 60.55 | -6.43 | 0.0 | 100.00 | -25.0 | 0.0 | 0.00 | 100.0 | 0.0 | 26.48 | 4.66 | 0.0 |
| 19Q1 (1) | 9.38 | 0.0 | 0.0 | -19.24 | 0.0 | 0.0 | -14.30 | 0.0 | 0.0 | -17.22 | 0.0 | 0.0 | -5.33 | 0.0 | 0.0 | -3.04 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | -9.43 | 0.0 | 0.0 | 64.71 | 0.0 | 0.0 | 133.33 | 0.0 | 0.0 | -33.33 | 0.0 | 0.0 | 25.30 | 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) | 15.49 | 26.45 | -6.83 | 0 | 3.33 | 26.46 | -6.25 | 0 | -5.53 | 0 | -9.39 | 0 | -3.84 | 0 | 0.80 | -20.79 | -1.33 | 0 | 111.94 | -2.37 | 107.89 | -63.22 | -10.53 | 0 | 0.56 | -35.7 | 16.87 | 15.47 |
| 2022 (9) | 12.25 | 117.2 | -5.57 | 0 | 2.63 | 42.46 | -1.94 | 0 | -2.20 | 0 | -4.67 | 0 | -1.91 | 0 | 1.01 | 10.99 | 1.50 | 0 | 114.66 | 8.89 | 293.33 | 151.0 | -193.33 | 0 | 0.88 | 579.0 | 14.61 | -2.4 |
| 2021 (8) | 5.64 | -65.63 | -11.93 | 0 | 1.85 | 29.98 | -10.26 | 0 | -7.68 | 0 | -15.22 | 0 | -6.71 | 0 | 0.91 | -7.14 | -7.76 | 0 | 105.30 | -18.3 | 116.87 | 0 | -16.87 | 0 | 0.13 | 0 | 14.97 | 7.08 |
| 2020 (7) | 16.41 | 51.1 | -2.17 | 0 | 1.42 | -60.11 | 34.17 | 0 | 26.61 | 0 | 58.28 | 0 | 26.40 | 0 | 0.98 | 36.11 | 36.18 | 0 | 128.88 | 12.63 | -6.42 | 0 | 106.04 | 0 | 0.00 | 0 | 13.98 | -44.39 |
| 2019 (6) | 10.86 | 7.74 | -18.61 | 0 | 3.56 | 37.62 | -17.80 | 0 | -18.15 | 0 | -24.80 | 0 | -12.55 | 0 | 0.72 | -32.08 | -13.06 | 0 | 114.43 | 63.31 | 104.00 | -16.07 | -4.00 | 0 | 0.00 | 0 | 25.14 | 20.75 |
| 2018 (5) | 10.08 | 1.51 | -9.24 | 0 | 2.59 | -13.59 | -7.52 | 0 | -6.23 | 0 | -10.34 | 0 | -6.32 | 0 | 1.06 | 20.45 | -4.21 | 0 | 70.07 | 52.53 | 123.91 | 38.93 | -23.91 | 0 | 0.17 | 0 | 20.82 | -8.84 |
| 2017 (4) | 9.93 | 8.41 | -12.32 | 0 | 3.00 | 5.2 | -13.94 | 0 | -12.73 | 0 | -15.97 | 0 | -11.19 | 0 | 0.88 | -6.38 | -10.49 | 0 | 45.94 | 15.6 | 89.19 | -6.24 | 12.16 | 149.32 | 0.00 | 0 | 22.84 | -3.63 |
| 2016 (3) | 9.16 | 11.03 | -12.38 | 0 | 2.85 | -2.45 | -12.99 | 0 | -11.94 | 0 | -14.93 | 0 | -11.27 | 0 | 0.94 | 5.62 | -9.81 | 0 | 39.74 | 51.33 | 95.12 | -18.0 | 4.88 | 0 | 0.00 | 0 | 23.70 | 3.99 |
| 2015 (2) | 8.25 | 7.84 | -12.76 | 0 | 2.92 | -9.64 | -10.90 | 0 | -9.06 | 0 | -10.60 | 0 | -8.06 | 0 | 0.89 | 34.85 | -7.74 | 0 | 26.26 | -25.86 | 116.00 | -18.8 | -17.33 | 0 | 0.00 | 0 | 22.79 | -7.24 |
| 2014 (1) | 7.65 | 0 | -14.47 | 0 | 3.23 | 106.94 | -10.17 | 0 | -8.53 | 0 | -8.10 | 0 | -5.60 | 0 | 0.66 | -49.62 | -6.30 | 0 | 35.42 | -32.55 | 142.86 | 320.17 | -42.86 | 0 | 0.00 | 0 | 24.57 | 98.47 |
