- 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) | 35.07 | 24.23 | 14.16 | 13.16 | 63.48 | 49.04 | -2.43 | -125.21 | 88.77 | -5.78 | -180.28 | 75.0 | -0.93 | -186.92 | 69.1 | -0.52 | -162.65 | 72.92 | 0.11 | 10.0 | 37.5 | 8.88 | -62.53 | 200.23 | 48.10 | -1.15 | -9.23 | -552.38 | -762.86 | -1246.43 | 652.38 | 3814.29 | 362.6 | 16.81 | -6.71 | -15.31 |
| 23Q3 (19) | 28.23 | 9.08 | 9.8 | 8.05 | 30.05 | 63.62 | 9.64 | 425.68 | 36.35 | 7.20 | 337.62 | -13.57 | 1.07 | 332.61 | 7.0 | 0.83 | 515.0 | 3.75 | 0.10 | 0.0 | 25.0 | 23.70 | 115.06 | -2.55 | 48.66 | 2.1 | -10.8 | 83.33 | 139.22 | 19.05 | 16.67 | -94.67 | -44.44 | 18.02 | -0.93 | -9.49 |
| 23Q2 (18) | 25.88 | 3.98 | -20.49 | 6.19 | 154.73 | -51.07 | -2.96 | 8.64 | -154.81 | -3.03 | 40.12 | 63.36 | -0.46 | 22.03 | 57.8 | -0.20 | 31.03 | 72.22 | 0.10 | 25.0 | 11.11 | 11.02 | -26.09 | -39.55 | 47.66 | -4.24 | -9.06 | -212.50 | -197.5 | -191.07 | 312.50 | 82.29 | 334.38 | 18.19 | -14.72 | 7.57 |
| 23Q1 (17) | 24.89 | -18.98 | -1.62 | 2.43 | -72.48 | -57.81 | -3.24 | 85.02 | -468.18 | -5.06 | 78.11 | -246.58 | -0.59 | 80.4 | -247.06 | -0.29 | 84.9 | -2800.0 | 0.08 | 0.0 | 0.0 | 14.91 | 268.28 | -10.18 | 49.77 | -6.08 | 12.78 | -71.43 | -74.11 | -111.63 | 171.43 | 21.56 | 133.33 | 21.33 | 7.46 | 21.89 |
| 22Q4 (16) | 30.72 | 19.49 | 40.21 | 8.83 | 79.47 | 4104.76 | -21.63 | -405.94 | -343.31 | -23.12 | -377.55 | -579.67 | -3.01 | -401.0 | -556.06 | -1.92 | -340.0 | -484.0 | 0.08 | 0.0 | -11.11 | -8.86 | -136.43 | -143.22 | 52.99 | -2.86 | 13.91 | -41.03 | -158.61 | -1720.51 | 141.03 | 370.09 | 44.69 | 19.85 | -0.3 | 8.83 |
| 22Q3 (15) | 25.71 | -21.01 | -11.56 | 4.92 | -61.11 | -29.21 | 7.07 | 30.93 | -95.27 | 8.33 | 200.73 | -93.39 | 1.00 | 191.74 | -94.73 | 0.80 | 211.11 | -93.1 | 0.08 | -11.11 | -11.11 | 24.32 | 33.41 | -85.05 | 54.55 | 4.08 | 3.57 | 70.00 | -70.0 | 1393.33 | 30.00 | 122.5 | -68.55 | 19.91 | 17.74 | 9.4 |
| 22Q2 (14) | 32.55 | 28.66 | 17.93 | 12.65 | 119.62 | 72.34 | 5.40 | 513.64 | 174.11 | -8.27 | -466.44 | -324.1 | -1.09 | -541.18 | -263.33 | -0.72 | -7100.0 | -1700.0 | 0.09 | 12.5 | 12.5 | 18.23 | 9.82 | 1.5 | 52.41 | 18.76 | -34.24 | 233.33 | -62.02 | -37.78 | -133.33 | 74.07 | 51.52 | 16.91 | -3.37 | -1.97 |
| 22Q1 (13) | 25.30 | 15.47 | 113.5 | 5.76 | 2642.86 | 133.1 | 0.88 | -90.1 | 103.2 | -1.46 | -130.29 | 94.87 | -0.17 | -125.76 | 94.52 | -0.01 | -102.0 | 99.36 | 0.08 | -11.11 | 33.33 | 16.60 | -19.02 | 407.98 | 44.13 | -5.14 | -44.48 | 614.29 | 24164.29 | 878.09 | -514.29 | -627.64 | -1505.71 | 17.50 | -4.06 | -35.14 |
| 21Q4 (12) | 21.91 | -24.63 | -49.77 | 0.21 | -96.98 | -98.14 | 8.89 | -94.05 | -47.61 | 4.82 | -96.18 | -63.65 | 0.66 | -96.52 | -68.57 | 0.50 | -95.69 | -61.83 | 0.09 | 0.0 | 0.0 | 20.50 | -87.4 | -33.2 | 46.52 | -11.68 | -41.37 | 2.53 | -45.99 | -96.18 | 97.47 | 2.18 | 194.39 | 18.24 | 0.22 | -57.27 |
| 21Q3 (11) | 29.07 | 5.33 | 14.81 | 6.95 | -5.31 | 456.0 | 149.40 | 7483.76 | 2692.52 | 126.03 | 6563.08 | 6363.08 | 18.97 | 6423.33 | 5648.48 | 11.60 | 29100.0 | 2952.63 | 0.09 | 12.5 | -10.0 | 162.67 | 805.73 | 714.16 | 52.67 | -33.91 | -34.43 | 4.69 | -98.75 | -79.12 | 95.39 | 134.69 | 23.0 | 18.20 | 5.51 | -5.26 |
| 21Q2 (10) | 27.60 | 132.91 | 578.13 | 7.34 | 142.18 | 137.74 | 1.97 | 107.16 | 109.34 | -1.95 | 93.15 | 91.63 | -0.30 | 90.32 | 93.74 | -0.04 | 97.44 | 98.48 | 0.08 | 33.33 | -33.33 | 17.96 | 433.21 | 296.5 | 79.70 | 0.28 | 10.69 | 375.00 | 497.09 | 307.24 | -275.00 | -851.67 | -3573.68 | 17.25 | -36.06 | 0 |
| 21Q1 (9) | 11.85 | -72.83 | 143.33 | -17.40 | -254.12 | 50.06 | -27.53 | -262.23 | 30.04 | -28.47 | -314.71 | 27.92 | -3.10 | -247.62 | 33.62 | -1.56 | -219.08 | 39.3 | 0.06 | -33.33 | -14.29 | -5.39 | -117.56 | 69.69 | 79.48 | 0.16 | 12.59 | 62.80 | -5.15 | -29.05 | 36.59 | 10.5 | 218.65 | 26.98 | -36.8 | 0 |
| 20Q4 (8) | 43.62 | 72.27 | 108.81 | 11.29 | 803.2 | 293.99 | 16.97 | 217.2 | 381.89 | 13.26 | 580.0 | 313.18 | 2.10 | 536.36 | 269.35 | 1.31 | 244.74 | 362.0 | 0.09 | -10.0 | -25.0 | 30.69 | 53.6 | 377.29 | 79.35 | -1.22 | 18.29 | 66.22 | 194.96 | -31.89 | 33.11 | -57.31 | 1091.89 | 42.69 | 122.23 | 60.07 |
| 20Q3 (7) | 25.32 | 522.11 | -11.56 | 1.25 | 106.43 | 86.57 | 5.35 | 125.37 | 225.29 | 1.95 | 108.37 | 140.62 | 0.33 | 106.89 | 134.74 | 0.38 | 114.45 | 208.57 | 0.10 | -16.67 | -9.09 | 19.98 | 318.6 | 134.51 | 80.33 | 11.57 | 16.67 | 22.45 | -75.62 | 245.92 | 77.55 | 879.59 | -32.79 | 19.21 | 0 | -5.46 |
| 20Q2 (6) | 4.07 | -16.43 | -86.34 | -19.45 | 44.17 | -620.05 | -21.09 | 46.4 | -2671.95 | -23.31 | 40.99 | -2478.57 | -4.79 | -2.57 | -2182.61 | -2.63 | -2.33 | -948.39 | 0.12 | 71.43 | -7.69 | -9.14 | 48.59 | -176.49 | 72.00 | 2.0 | -2.66 | 92.08 | 4.03 | -79.91 | 7.92 | -31.05 | 102.21 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 4.87 | -76.69 | -11.93 | -34.84 | -498.63 | 2.76 | -39.35 | -553.65 | -7.72 | -39.50 | -535.05 | -7.95 | -4.67 | -276.61 | 3.31 | -2.57 | -414.0 | -0.39 | 0.07 | -41.67 | -12.5 | -17.78 | -376.52 | -9.55 | 70.59 | 5.23 | -9.49 | 88.52 | -8.95 | -9.71 | 11.48 | 313.33 | 485.56 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 20.89 | -27.03 | 0.0 | -5.82 | -968.66 | 0.0 | -6.02 | -40.98 | 0.0 | -6.22 | -29.58 | 0.0 | -1.24 | -30.53 | 0.0 | -0.50 | -42.86 | 0.0 | 0.12 | 9.09 | 0.0 | 6.43 | -24.53 | 0.0 | 67.08 | -2.57 | 0.0 | 97.22 | 731.94 | 0.0 | 2.78 | -97.59 | 0.0 | 26.67 | 31.25 | 0.0 |
| 19Q3 (3) | 28.63 | -3.93 | 0.0 | 0.67 | -82.09 | 0.0 | -4.27 | -620.73 | 0.0 | -4.80 | -589.8 | 0.0 | -0.95 | -513.04 | 0.0 | -0.35 | -212.9 | 0.0 | 0.11 | -15.38 | 0.0 | 8.52 | -28.7 | 0.0 | 68.85 | -6.92 | 0.0 | -15.38 | -103.36 | 0.0 | 115.38 | 132.2 | 0.0 | 20.32 | 8.32 | 0.0 |
| 19Q2 (2) | 29.80 | 438.88 | 0.0 | 3.74 | 110.44 | 0.0 | 0.82 | 102.24 | 0.0 | 0.98 | 102.68 | 0.0 | 0.23 | 104.76 | 0.0 | 0.31 | 112.11 | 0.0 | 0.13 | 62.5 | 0.0 | 11.95 | 173.63 | 0.0 | 73.97 | -5.15 | 0.0 | 458.33 | 367.5 | 0.0 | -358.33 | -18375.0 | 0.0 | 18.76 | -31.43 | 0.0 |
| 19Q1 (1) | 5.53 | 0.0 | 0.0 | -35.83 | 0.0 | 0.0 | -36.53 | 0.0 | 0.0 | -36.59 | 0.0 | 0.0 | -4.83 | 0.0 | 0.0 | -2.56 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | -16.23 | 0.0 | 0.0 | 77.99 | 0.0 | 0.0 | 98.04 | 0.0 | 0.0 | 1.96 | 0.0 | 0.0 | 27.36 | 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) | 28.85 | 0.49 | 7.86 | -4.26 | 11.82 | -5.23 | 0.37 | 0 | -1.58 | 0 | -0.92 | 0 | -0.20 | 0 | 0.38 | 11.76 | 14.47 | 13.58 | 48.10 | -9.23 | 2050.00 | 0 | -1958.33 | 0 | 1.69 | 1.97 | 18.40 | -0.38 |
| 2022 (9) | 28.71 | 22.12 | 8.21 | 1125.37 | 12.48 | -0.51 | -1.83 | 0 | -6.26 | 0 | -3.15 | 0 | -1.80 | 0 | 0.34 | 3.03 | 12.74 | -76.82 | 52.99 | 13.91 | -449.09 | 0 | 549.09 | 458.72 | 1.66 | 9.5 | 18.47 | -5.72 |
| 2021 (8) | 23.51 | 22.77 | 0.67 | 0 | 12.54 | 7.24 | 39.80 | 0 | 30.93 | 0 | 16.50 | 0 | 10.66 | 0 | 0.33 | -8.33 | 54.96 | 789.32 | 46.52 | -41.37 | 1.72 | -98.46 | 98.28 | 0 | 1.51 | -2.82 | 19.59 | -27.31 |
| 2020 (7) | 19.15 | -16.52 | -9.71 | 0 | 11.69 | 9.96 | -8.68 | 0 | -11.16 | 0 | -7.04 | 0 | -3.39 | 0 | 0.36 | -20.0 | 6.18 | 32.33 | 79.35 | 18.29 | 111.82 | 52.25 | -11.82 | 0 | 1.56 | -7.07 | 26.95 | 18.77 |
| 2019 (6) | 22.94 | 3.99 | -6.49 | 0 | 10.63 | 0.47 | -8.84 | 0 | -8.99 | 0 | -6.89 | 0 | -3.23 | 0 | 0.45 | 0.0 | 4.67 | 103.93 | 67.08 | -6.77 | 73.44 | 2.17 | 26.79 | -5.29 | 1.67 | 0.35 | 22.69 | -0.57 |
| 2018 (5) | 22.06 | -22.38 | -8.04 | 0 | 10.58 | -8.28 | -11.19 | 0 | -11.39 | 0 | -8.51 | 0 | -4.27 | 0 | 0.45 | 4.65 | 2.29 | -83.14 | 71.95 | 12.63 | 71.89 | 0 | 28.29 | -83.5 | 1.67 | -2.05 | 22.82 | 7.29 |
| 2017 (4) | 28.42 | -8.47 | 0.70 | -60.67 | 11.54 | -3.79 | -1.01 | 0 | -1.87 | 0 | -1.29 | 0 | 0.01 | -99.17 | 0.43 | 7.5 | 13.58 | -19.26 | 63.88 | 7.72 | -69.39 | 0 | 171.43 | 0 | 1.70 | 0 | 21.27 | 0.05 |
| 2016 (3) | 31.05 | -0.93 | 1.78 | -55.05 | 12.00 | 9.42 | 1.28 | 184.44 | 0.69 | 0 | 0.47 | 0 | 1.21 | 89.06 | 0.40 | -9.09 | 16.82 | 10.08 | 59.30 | -25.98 | 137.50 | -84.53 | -39.06 | 0 | 0.00 | 0 | 21.26 | 17.85 |
| 2015 (2) | 31.34 | 4.47 | 3.96 | -11.41 | 10.96 | 13.25 | 0.45 | 0 | -1.20 | 0 | -0.98 | 0 | 0.64 | 0 | 0.44 | -12.0 | 15.28 | 86.34 | 80.11 | -7.5 | 888.89 | 0 | -785.19 | 0 | 0.00 | 0 | 18.04 | 11.63 |
| 2014 (1) | 30.00 | 0 | 4.47 | 0 | 9.68 | 23.8 | -4.48 | 0 | -7.19 | 0 | -6.46 | 0 | -2.55 | 0 | 0.50 | -5.66 | 8.20 | -49.0 | 86.61 | 17.17 | -99.68 | 0 | 199.68 | 0 | 0.00 | 0 | 16.16 | 13.32 |
