- 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) | 3.25 | 377.94 | -49.85 | -2.60 | 57.65 | -1957.14 | -6.36 | -59.0 | -83.82 | -6.27 | -53.3 | -136.6 | -1.43 | -66.28 | -160.0 | -0.68 | -112.5 | -466.67 | 0.13 | 8.33 | 18.18 | 1.98 | -64.07 | -65.51 | 66.85 | -5.19 | -22.38 | 43.75 | -73.75 | 0 | 56.25 | 201.25 | -50.0 | 10.72 | -1.92 | -5.47 |
| 23Q3 (19) | 0.68 | 325.0 | -93.7 | -6.14 | 28.52 | -271.03 | -4.00 | 51.52 | -173.39 | -4.09 | 51.08 | -194.68 | -0.86 | 36.3 | -196.63 | -0.32 | 44.83 | -154.24 | 0.12 | 33.33 | 9.09 | 5.51 | 28.14 | -61.58 | 70.51 | -8.57 | -25.48 | 166.67 | 56.25 | 140.74 | -55.56 | -733.33 | -244.44 | 10.93 | -27.33 | -16.63 |
| 23Q2 (18) | 0.16 | -95.27 | -98.73 | -8.59 | -154.14 | -233.8 | -8.25 | -47.32 | -234.58 | -8.36 | -47.18 | -271.66 | -1.35 | -16.38 | -207.14 | -0.58 | -28.89 | -171.6 | 0.09 | -18.18 | -35.71 | 4.30 | 4.12 | -65.82 | 77.12 | -4.67 | -19.2 | 106.67 | 86.67 | 1.33 | -6.67 | -118.67 | -26.67 | 15.04 | 19.75 | 47.02 |
| 23Q1 (17) | 3.38 | -47.84 | -77.21 | -3.38 | -2514.29 | -136.86 | -5.60 | -61.85 | -158.52 | -5.68 | -114.34 | -174.44 | -1.16 | -110.91 | -152.97 | -0.45 | -275.0 | -132.14 | 0.11 | 0.0 | -35.29 | 4.13 | -28.05 | -72.81 | 80.90 | -6.06 | 17.37 | 57.14 | 0 | -39.39 | 35.71 | -68.25 | 1150.0 | 12.56 | 10.76 | 29.22 |
| 22Q4 (16) | 6.48 | -40.0 | -58.43 | 0.14 | -96.1 | -98.63 | -3.46 | -163.49 | -133.69 | -2.65 | -161.34 | -131.93 | -0.55 | -161.8 | -124.02 | -0.12 | -120.34 | -108.0 | 0.11 | 0.0 | -35.29 | 5.74 | -59.97 | -64.3 | 86.12 | -8.98 | 42.49 | -0.00 | -100.0 | -100.0 | 112.50 | 192.5 | 0 | 11.34 | -13.5 | 4.52 |
| 22Q3 (15) | 10.80 | -14.35 | -42.77 | 3.59 | -44.08 | -74.3 | 5.45 | -11.09 | -60.71 | 4.32 | -11.29 | -61.08 | 0.89 | -29.37 | -75.88 | 0.59 | -27.16 | -75.52 | 0.11 | -21.43 | -47.62 | 14.34 | 13.99 | -22.74 | 94.62 | -0.86 | 64.79 | 69.23 | -34.23 | -30.77 | 38.46 | 830.77 | 0 | 13.11 | 28.15 | 42.19 |
| 22Q2 (14) | 12.61 | -14.97 | -32.09 | 6.42 | -29.99 | -52.37 | 6.13 | -35.95 | -52.26 | 4.87 | -36.17 | -52.58 | 1.26 | -42.47 | -65.1 | 0.81 | -42.14 | -65.38 | 0.14 | -17.65 | -36.36 | 12.58 | -17.18 | -28.32 | 95.44 | 38.46 | 69.37 | 105.26 | 11.64 | -0.38 | -5.26 | -284.21 | 7.02 | 10.23 | 5.25 | 17.72 |
| 22Q1 (13) | 14.83 | -4.87 | -4.2 | 9.17 | -10.54 | -4.08 | 9.57 | -6.82 | 1.92 | 7.63 | -8.07 | 1.46 | 2.19 | -4.37 | -7.98 | 1.40 | -6.67 | -8.5 | 0.17 | 0.0 | -10.53 | 15.19 | -5.53 | 2.36 | 68.93 | 14.05 | 10.04 | 94.29 | -5.71 | -8.41 | 2.86 | 0 | 197.14 | 9.72 | -10.41 | 5.42 |
| 21Q4 (12) | 15.59 | -17.38 | 26.13 | 10.25 | -26.63 | 32.09 | 10.27 | -25.96 | 54.9 | 8.30 | -25.23 | 40.68 | 2.29 | -37.94 | 22.46 | 1.50 | -37.76 | 27.12 | 0.17 | -19.05 | -5.56 | 16.08 | -13.36 | 27.52 | 60.44 | 5.26 | -12.67 | 100.00 | 0.0 | -14.29 | 0.00 | 0 | 100.0 | 10.85 | 17.68 | 21.91 |
| 21Q3 (11) | 18.87 | 1.62 | 136.47 | 13.97 | 3.64 | 352.1 | 13.87 | 8.02 | 524.77 | 11.10 | 8.08 | 523.6 | 3.69 | 2.22 | 638.0 | 2.41 | 2.99 | 517.95 | 0.21 | -4.55 | 31.25 | 18.56 | 5.75 | 94.35 | 57.42 | 1.9 | -27.08 | 100.00 | -5.36 | -30.0 | 0.00 | 100.0 | 100.0 | 9.22 | 6.1 | 0.88 |
| 21Q2 (10) | 18.57 | 19.96 | 174.7 | 13.48 | 41.0 | 2968.09 | 12.84 | 36.74 | 1237.5 | 10.27 | 36.57 | 992.55 | 3.61 | 51.68 | 1800.0 | 2.34 | 52.94 | 963.64 | 0.22 | 15.79 | 100.0 | 17.55 | 18.26 | 62.2 | 56.35 | -10.04 | -32.33 | 105.66 | 2.64 | 311.32 | -5.66 | -92.45 | -103.77 | 8.69 | -5.75 | 0 |
| 21Q1 (9) | 15.48 | 25.24 | 180.94 | 9.56 | 23.2 | 95500.0 | 9.39 | 41.63 | 1441.43 | 7.52 | 27.46 | 1174.29 | 2.38 | 27.27 | 1500.0 | 1.53 | 29.66 | 3725.0 | 0.19 | 5.56 | 46.15 | 14.84 | 17.68 | 99.19 | 62.64 | -9.49 | -24.05 | 102.94 | -11.76 | 0 | -2.94 | 82.35 | -102.94 | 9.22 | 3.6 | -12.36 |
| 20Q4 (8) | 12.36 | 54.89 | 77.84 | 7.76 | 151.13 | 388.05 | 6.63 | 198.65 | 657.14 | 5.90 | 231.46 | 866.23 | 1.87 | 274.0 | 1035.0 | 1.18 | 202.56 | 3833.33 | 0.18 | 12.5 | 28.57 | 12.61 | 32.04 | 97.03 | 69.21 | -12.1 | -19.94 | 116.67 | -18.33 | 193.33 | -16.67 | 61.11 | -108.33 | 8.90 | -2.63 | -8.06 |
| 20Q3 (7) | 7.98 | 18.05 | 8.42 | 3.09 | 757.45 | 81.76 | 2.22 | 131.25 | 246.88 | 1.78 | 89.36 | 263.27 | 0.50 | 163.16 | 284.62 | 0.39 | 77.27 | 85.71 | 0.16 | 45.45 | 14.29 | 9.55 | -11.74 | 18.49 | 78.74 | -5.44 | -11.47 | 142.86 | 385.71 | -42.86 | -42.86 | -128.57 | 71.43 | 9.14 | 0 | -6.64 |
| 20Q2 (6) | 6.76 | 22.69 | -28.54 | -0.47 | -4800.0 | -112.81 | 0.96 | 237.14 | -68.73 | 0.94 | 234.29 | -61.16 | 0.19 | 211.76 | -71.21 | 0.22 | 450.0 | -54.17 | 0.11 | -15.38 | -21.43 | 10.82 | 45.23 | 4.24 | 83.27 | 0.97 | -13.77 | -50.00 | 0 | -141.67 | 150.00 | 50.0 | 850.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 5.51 | -20.72 | -42.48 | 0.01 | -99.37 | -99.78 | -0.70 | 41.18 | -116.95 | -0.70 | 9.09 | -121.34 | -0.17 | 15.0 | -119.77 | 0.04 | 33.33 | -93.22 | 0.13 | -7.14 | -7.14 | 7.45 | 16.41 | -35.83 | 82.47 | -4.6 | -7.07 | -0.00 | 100.0 | -100.0 | 100.00 | -50.0 | 1400.0 | 10.52 | 8.68 | -1.59 |
| 19Q4 (4) | 6.95 | -5.57 | 0.0 | 1.59 | -6.47 | 0.0 | -1.19 | -285.94 | 0.0 | -0.77 | -257.14 | 0.0 | -0.20 | -253.85 | 0.0 | 0.03 | -85.71 | 0.0 | 0.14 | 0.0 | 0.0 | 6.40 | -20.6 | 0.0 | 86.45 | -2.8 | 0.0 | -125.00 | -150.0 | 0.0 | 200.00 | 233.33 | 0.0 | 9.68 | -1.12 | 0.0 |
| 19Q3 (3) | 7.36 | -22.2 | 0.0 | 1.70 | -53.68 | 0.0 | 0.64 | -79.15 | 0.0 | 0.49 | -79.75 | 0.0 | 0.13 | -80.3 | 0.0 | 0.21 | -56.25 | 0.0 | 0.14 | 0.0 | 0.0 | 8.06 | -22.35 | 0.0 | 88.94 | -7.9 | 0.0 | 250.00 | 108.33 | 0.0 | -150.00 | -650.0 | 0.0 | 9.79 | 6.3 | 0.0 |
| 19Q2 (2) | 9.46 | -1.25 | 0.0 | 3.67 | -18.44 | 0.0 | 3.07 | -25.67 | 0.0 | 2.42 | -26.22 | 0.0 | 0.66 | -23.26 | 0.0 | 0.48 | -18.64 | 0.0 | 0.14 | 0.0 | 0.0 | 10.38 | -10.59 | 0.0 | 96.57 | 8.82 | 0.0 | 120.00 | 11.43 | 0.0 | -20.00 | -160.0 | 0.0 | 9.21 | -13.84 | 0.0 |
| 19Q1 (1) | 9.58 | 0.0 | 0.0 | 4.50 | 0.0 | 0.0 | 4.13 | 0.0 | 0.0 | 3.28 | 0.0 | 0.0 | 0.86 | 0.0 | 0.0 | 0.59 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | 11.61 | 0.0 | 0.0 | 88.74 | 0.0 | 0.0 | 107.69 | 0.0 | 0.0 | -7.69 | 0.0 | 0.0 | 10.69 | 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) | 2.00 | -82.82 | -4.94 | 0 | 7.86 | 29.42 | -5.94 | 0 | -5.98 | 0 | -4.78 | 0 | -2.01 | 0 | 0.45 | -18.18 | 3.82 | -68.99 | 66.85 | -22.38 | 83.33 | -21.96 | 16.67 | 0 | 0.00 | 0 | 12.14 | 11.27 |
| 2022 (9) | 11.64 | -32.52 | 5.37 | -55.06 | 6.07 | 28.73 | 5.05 | -56.91 | 4.04 | -56.98 | 3.87 | -67.78 | 2.75 | -63.72 | 0.55 | -29.49 | 12.32 | -27.14 | 86.12 | 42.49 | 106.78 | 5.02 | -6.78 | 0 | 0.00 | 0 | 10.91 | 15.57 |
| 2021 (8) | 17.25 | 103.66 | 11.95 | 289.25 | 4.72 | -27.45 | 11.72 | 349.04 | 9.39 | 313.66 | 12.01 | 408.9 | 7.58 | 321.11 | 0.78 | 34.48 | 16.91 | 66.77 | 60.44 | -12.67 | 101.68 | -12.45 | -2.23 | 0 | 0.00 | 0 | 9.44 | -5.69 |
| 2020 (7) | 8.47 | 1.32 | 3.07 | 6.23 | 6.50 | 5.77 | 2.61 | 53.53 | 2.27 | 64.49 | 2.36 | 60.54 | 1.80 | 35.34 | 0.58 | 3.57 | 10.14 | 10.94 | 69.21 | -19.94 | 116.13 | -32.26 | -16.13 | 0 | 0.00 | 0 | 10.01 | 1.73 |
| 2019 (6) | 8.36 | -33.81 | 2.89 | -58.71 | 6.15 | 18.71 | 1.70 | -73.81 | 1.38 | -73.31 | 1.47 | -76.7 | 1.33 | -65.72 | 0.56 | -12.5 | 9.14 | -28.09 | 86.45 | -8.46 | 171.43 | 59.55 | -71.43 | 0 | 0.00 | 0 | 9.84 | 7.31 |
| 2018 (5) | 12.63 | -18.41 | 7.00 | -29.44 | 5.18 | 0.44 | 6.49 | -26.33 | 5.17 | -27.49 | 6.31 | -28.21 | 3.88 | -27.88 | 0.64 | -4.48 | 12.71 | -15.15 | 94.44 | 11.07 | 107.45 | -4.66 | -7.45 | 0 | 0.00 | 0 | 9.17 | -6.9 |
| 2017 (4) | 15.48 | 8.94 | 9.92 | 20.39 | 5.16 | -3.6 | 8.81 | 22.19 | 7.13 | -0.14 | 8.79 | -2.55 | 5.38 | -0.19 | 0.67 | 0.0 | 14.98 | 9.99 | 85.03 | 5.93 | 112.70 | -1.87 | -12.70 | 0 | 0.00 | 0 | 9.85 | 4.23 |
| 2016 (3) | 14.21 | 53.13 | 8.24 | 156.7 | 5.35 | 5.46 | 7.21 | 187.25 | 7.14 | 185.6 | 9.02 | 192.86 | 5.39 | 141.7 | 0.67 | 4.69 | 13.62 | 54.07 | 80.27 | -17.54 | 114.85 | -8.64 | -13.86 | 0 | 0.00 | 0 | 9.45 | 12.1 |
| 2015 (2) | 9.28 | -19.72 | 3.21 | -44.66 | 5.07 | 26.89 | 2.51 | -55.58 | 2.50 | -67.53 | 3.08 | -61.55 | 2.23 | -51.52 | 0.64 | -11.11 | 8.84 | -18.0 | 97.34 | 7.33 | 125.71 | 23.2 | -28.57 | 0 | 0.00 | 0 | 8.43 | 6.98 |
| 2014 (1) | 11.56 | 0 | 5.80 | 0 | 4.00 | 0.57 | 5.65 | 0 | 7.70 | 0 | 8.01 | 0 | 4.60 | 0 | 0.72 | 10.77 | 10.78 | 9.11 | 90.69 | -21.61 | 102.04 | -22.59 | -3.06 | 0 | 0.00 | 0 | 7.88 | -1.38 |
