- 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) | 5.19 | -44.61 | -69.13 | -48.46 | -83.35 | -491.7 | -45.38 | -60.69 | -381.23 | -53.32 | -74.65 | -435.34 | -12.94 | -15.54 | -127.02 | -3.89 | -23.49 | -140.12 | 0.08 | -27.27 | -55.56 | -27.50 | -69.33 | -699.42 | 191.09 | -16.12 | -11.05 | 106.50 | 14.32 | 22.47 | -7.00 | -210.83 | -153.67 | 55.09 | 57.18 | 152.82 |
| 23Q3 (19) | 9.37 | -30.8 | -28.09 | -26.43 | -196.3 | -268.62 | -28.24 | -168.19 | -303.43 | -30.53 | -170.66 | -317.08 | -11.20 | -87.92 | -161.68 | -3.15 | -94.44 | -152.0 | 0.11 | -35.29 | -42.11 | -16.24 | -427.27 | -860.95 | 227.81 | 2.58 | 8.39 | 93.16 | 9.19 | -8.85 | 6.32 | -59.5 | 387.37 | 35.05 | 53.66 | 74.9 |
| 23Q2 (18) | 13.54 | -21.32 | -3.84 | -8.92 | -149.16 | -1.83 | -10.53 | -129.91 | 14.94 | -11.28 | -116.09 | 9.69 | -5.96 | -94.14 | -7.97 | -1.62 | -116.0 | 8.99 | 0.17 | -10.53 | 13.33 | -3.08 | -285.54 | 49.76 | 222.09 | 4.7 | 14.22 | 85.32 | 9.13 | 20.4 | 15.60 | -28.52 | -46.47 | 22.81 | -0.04 | -1.89 |
| 23Q1 (17) | 17.21 | 2.38 | 45.97 | -3.58 | 56.29 | 75.33 | -4.58 | 51.43 | 67.79 | -5.22 | 47.59 | 65.48 | -3.07 | 46.14 | 52.7 | -0.75 | 53.7 | 62.69 | 0.19 | 5.56 | 35.71 | 1.66 | 148.26 | 121.23 | 212.12 | -1.27 | 12.37 | 78.18 | -10.09 | -22.98 | 21.82 | 67.27 | 1067.27 | 22.82 | 4.73 | -23.27 |
| 22Q4 (16) | 16.81 | 29.01 | 78.64 | -8.19 | -14.23 | 53.15 | -9.43 | -34.71 | 42.18 | -9.96 | -36.07 | 35.32 | -5.70 | -33.18 | 18.8 | -1.62 | -29.6 | 23.94 | 0.18 | -5.26 | 28.57 | -3.44 | -103.55 | 65.81 | 214.84 | 2.22 | -8.15 | 86.96 | -14.91 | -18.95 | 13.04 | 693.48 | 279.05 | 21.79 | 8.73 | -23.54 |
| 22Q3 (15) | 13.03 | -7.46 | -16.63 | -7.17 | 18.15 | 35.92 | -7.00 | 43.46 | 38.33 | -7.32 | 41.39 | 37.06 | -4.28 | 22.46 | 21.03 | -1.25 | 29.78 | 32.8 | 0.19 | 26.67 | 11.76 | -1.69 | 72.43 | 71.74 | 210.18 | 8.1 | 3.69 | 102.20 | 44.21 | 4.02 | -2.20 | -107.54 | -225.27 | 20.04 | -13.81 | -24.12 |
| 22Q2 (14) | 14.08 | 19.42 | -13.83 | -8.76 | 39.63 | -5.8 | -12.38 | 12.94 | -57.11 | -12.49 | 17.39 | -57.5 | -5.52 | 14.95 | -57.26 | -1.78 | 11.44 | -31.85 | 0.15 | 7.14 | -16.67 | -6.13 | 21.61 | -119.71 | 194.44 | 3.0 | 21.47 | 70.87 | -30.18 | -32.55 | 29.13 | 1391.6 | 675.39 | 23.25 | -21.82 | -6.96 |
| 22Q1 (13) | 11.79 | 25.29 | 9.47 | -14.51 | 16.99 | -22.65 | -14.22 | 12.81 | -23.98 | -15.12 | 1.82 | -35.48 | -6.49 | 7.55 | -37.21 | -2.01 | 5.63 | -0.5 | 0.14 | 0.0 | -22.22 | -7.82 | 22.27 | -20.49 | 188.77 | -19.29 | 39.29 | 101.50 | -5.39 | -1.08 | -2.26 | 69.04 | 35.15 | 29.74 | 4.35 | 28.58 |
| 21Q4 (12) | 9.41 | -39.8 | -45.29 | -17.48 | -56.21 | -219.56 | -16.31 | -43.7 | -318.21 | -15.40 | -32.42 | -270.19 | -7.02 | -29.52 | -312.94 | -2.13 | -14.52 | -195.83 | 0.14 | -17.65 | -26.32 | -10.06 | -68.23 | -662.01 | 233.90 | 15.39 | 89.9 | 107.28 | 9.2 | -23.93 | -7.28 | -515.23 | 82.24 | 28.50 | 7.91 | 16.76 |
| 21Q3 (11) | 15.63 | -4.35 | -17.43 | -11.19 | -35.14 | -96.32 | -11.35 | -44.04 | -123.43 | -11.63 | -46.66 | -97.45 | -5.42 | -54.42 | -147.49 | -1.86 | -37.78 | -72.22 | 0.17 | -5.56 | -10.53 | -5.98 | -114.34 | -603.53 | 202.70 | 26.63 | 105.31 | 98.25 | -6.49 | -11.02 | 1.75 | 134.65 | 114.04 | 26.41 | 5.68 | 0.61 |
| 21Q2 (10) | 16.34 | 51.72 | -24.39 | -8.28 | 30.01 | -367.8 | -7.88 | 31.3 | -504.1 | -7.93 | 28.94 | -569.23 | -3.51 | 25.79 | -587.5 | -1.35 | 32.5 | -406.82 | 0.18 | 0.0 | -21.74 | -2.79 | 57.01 | -149.73 | 160.07 | 18.12 | 76.19 | 105.06 | 2.39 | 215.57 | -5.06 | -45.57 | -102.72 | 24.99 | 8.04 | 0 |
| 21Q1 (9) | 10.77 | -37.38 | -35.55 | -11.83 | -116.27 | -1059.8 | -11.47 | -194.1 | -574.71 | -11.16 | -168.27 | -490.48 | -4.73 | -178.24 | -627.69 | -2.00 | -177.78 | -614.29 | 0.18 | -5.26 | 0.0 | -6.49 | -462.57 | -334.3 | 135.52 | 10.03 | 52.77 | 102.61 | -27.24 | 71.01 | -3.48 | 91.52 | -108.7 | 23.13 | -5.24 | 0 |
| 20Q4 (8) | 17.20 | -9.14 | 20.96 | -5.47 | 4.04 | -395.68 | -3.90 | 23.23 | -358.28 | -4.16 | 29.37 | -375.5 | -1.70 | 22.37 | -309.88 | -0.72 | 33.33 | -244.0 | 0.19 | 0.0 | -34.48 | 1.79 | 310.59 | -55.91 | 123.17 | 24.75 | 38.08 | 141.03 | 27.72 | 19.33 | -41.03 | -228.21 | -80.51 | 24.41 | -7.01 | 54.69 |
| 20Q3 (7) | 18.93 | -12.4 | 10.25 | -5.70 | -222.03 | -108.79 | -5.08 | -360.51 | -211.66 | -5.89 | -448.52 | -205.18 | -2.19 | -404.17 | -157.65 | -1.08 | -345.45 | -217.65 | 0.19 | -17.39 | -17.39 | -0.85 | -115.15 | -146.2 | 98.73 | 8.67 | 14.18 | 110.42 | 221.46 | -36.43 | -12.50 | -106.71 | 81.73 | 26.25 | 0 | 33.79 |
| 20Q2 (6) | 21.61 | 29.32 | 6.77 | -1.77 | -73.53 | -364.18 | 1.95 | 214.71 | 490.91 | 1.69 | 189.42 | 4125.0 | 0.72 | 210.77 | 3500.0 | 0.44 | 257.14 | 388.89 | 0.23 | 27.78 | -11.54 | 5.61 | 102.53 | 81.55 | 90.85 | 2.41 | -13.74 | -90.91 | -251.52 | -145.45 | 186.36 | 365.91 | 286.36 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 16.71 | 17.51 | 16.12 | -1.02 | -155.14 | -292.45 | -1.70 | -212.58 | -909.52 | -1.89 | -225.17 | -1360.0 | -0.65 | -180.25 | -822.22 | -0.28 | -156.0 | -300.0 | 0.18 | -37.93 | -37.93 | 2.77 | -31.77 | 1.47 | 88.71 | -0.55 | -16.74 | 60.00 | -49.23 | -73.33 | 40.00 | 276.0 | 132.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 14.22 | -17.18 | 0.0 | 1.85 | 167.77 | 0.0 | 1.51 | 192.64 | 0.0 | 1.51 | 178.24 | 0.0 | 0.81 | 195.29 | 0.0 | 0.50 | 247.06 | 0.0 | 0.29 | 26.09 | 0.0 | 4.06 | 120.65 | 0.0 | 89.20 | 3.16 | 0.0 | 118.18 | -31.96 | 0.0 | -22.73 | 66.78 | 0.0 | 15.78 | -19.57 | 0.0 |
| 19Q3 (3) | 17.17 | -15.17 | 0.0 | -2.73 | -507.46 | 0.0 | -1.63 | -593.94 | 0.0 | -1.93 | -4925.0 | 0.0 | -0.85 | -4350.0 | 0.0 | -0.34 | -477.78 | 0.0 | 0.23 | -11.54 | 0.0 | 1.84 | -40.45 | 0.0 | 86.47 | -17.9 | 0.0 | 173.68 | -13.16 | 0.0 | -68.42 | 31.58 | 0.0 | 19.62 | 32.12 | 0.0 |
| 19Q2 (2) | 20.24 | 40.65 | 0.0 | 0.67 | 26.42 | 0.0 | 0.33 | 57.14 | 0.0 | 0.04 | -73.33 | 0.0 | 0.02 | -77.78 | 0.0 | 0.09 | -35.71 | 0.0 | 0.26 | -10.34 | 0.0 | 3.09 | 13.19 | 0.0 | 105.32 | -1.15 | 0.0 | 200.00 | -11.11 | 0.0 | -100.00 | 20.0 | 0.0 | 14.85 | 14.14 | 0.0 |
| 19Q1 (1) | 14.39 | 0.0 | 0.0 | 0.53 | 0.0 | 0.0 | 0.21 | 0.0 | 0.0 | 0.15 | 0.0 | 0.0 | 0.09 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | 0.29 | 0.0 | 0.0 | 2.73 | 0.0 | 0.0 | 106.55 | 0.0 | 0.0 | 225.00 | 0.0 | 0.0 | -125.00 | 0.0 | 0.0 | 13.01 | 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) | 12.93 | -7.91 | -15.70 | 0 | 5.81 | 43.18 | -16.51 | 0 | -18.48 | 0 | -31.30 | 0 | -9.23 | 0 | 0.56 | -17.65 | -7.19 | 0 | 191.09 | -11.05 | 95.13 | 5.8 | 4.87 | -51.68 | 5.62 | 17.12 | 29.50 | 26.77 |
| 2022 (9) | 14.04 | 7.09 | -9.34 | 0 | 4.06 | 0.37 | -10.40 | 0 | -10.85 | 0 | -24.08 | 0 | -6.84 | 0 | 0.68 | 3.03 | -4.46 | 0 | 214.84 | -8.15 | 89.91 | -13.3 | 10.09 | 0 | 4.80 | 5.55 | 23.27 | -9.46 |
| 2021 (8) | 13.11 | -30.01 | -12.09 | 0 | 4.05 | 21.07 | -11.66 | 0 | -11.45 | 0 | -20.54 | 0 | -7.26 | 0 | 0.66 | -13.16 | -6.26 | 0 | 233.90 | 89.9 | 103.71 | -38.68 | -3.71 | 0 | 4.55 | -19.47 | 25.70 | 7.22 |
| 2020 (7) | 18.73 | 14.07 | -3.47 | 0 | 3.34 | 79.43 | -2.04 | 0 | -2.42 | 0 | -3.76 | 0 | -1.59 | 0 | 0.76 | -28.3 | 2.48 | -15.93 | 123.17 | 38.08 | 169.14 | 43.11 | -69.14 | 0 | 5.65 | -6.04 | 23.97 | 54.35 |
| 2019 (6) | 16.42 | 22.72 | 0.22 | -68.12 | 1.86 | 124.87 | 0.18 | -82.35 | 0.03 | -95.38 | 0.06 | -96.81 | 0.36 | -68.42 | 1.06 | -22.63 | 2.95 | 20.41 | 89.20 | -22.07 | 118.18 | 76.2 | -18.18 | 0 | 6.01 | 18.19 | 15.53 | 28.77 |
| 2018 (5) | 13.38 | -12.72 | 0.69 | -72.29 | 0.83 | -26.43 | 1.02 | -61.51 | 0.65 | -69.48 | 1.88 | -70.16 | 1.14 | -62.99 | 1.37 | 0.74 | 2.45 | -43.29 | 114.46 | 6.4 | 67.07 | -28.65 | 31.71 | 428.46 | 5.09 | -3.48 | 12.06 | -5.56 |
| 2017 (4) | 15.33 | -7.98 | 2.49 | -11.07 | 1.13 | -22.96 | 2.65 | -10.47 | 2.13 | -1.39 | 6.30 | -16.78 | 3.08 | -6.1 | 1.36 | 0.0 | 4.32 | -15.13 | 107.58 | -16.34 | 94.00 | -0.7 | 6.00 | 12.5 | 5.27 | 0 | 12.77 | -6.65 |
| 2016 (3) | 16.66 | 20.81 | 2.80 | 0 | 1.46 | -36.29 | 2.96 | 146.67 | 2.16 | 232.31 | 7.57 | 267.48 | 3.28 | 162.4 | 1.36 | 29.52 | 5.09 | -1.55 | 128.59 | -32.9 | 94.67 | 0 | 5.33 | -97.79 | 0.00 | 0 | 13.68 | -16.38 |
| 2015 (2) | 13.79 | 27.69 | -1.69 | 0 | 2.29 | -20.65 | 1.20 | 0 | 0.65 | 0 | 2.06 | 0 | 1.25 | 0 | 1.05 | 2.94 | 5.17 | 0 | 191.63 | -10.25 | -140.79 | 0 | 240.79 | 1142.47 | 0.00 | 0 | 16.36 | -12.04 |
| 2014 (1) | 10.80 | 0 | -6.64 | 0 | 2.89 | -15.92 | -8.24 | 0 | -8.55 | 0 | -24.20 | 0 | -8.16 | 0 | 1.02 | 7.37 | -3.03 | 0 | 213.52 | 41.25 | 80.62 | -15.76 | 19.38 | 351.35 | 0.00 | 0 | 18.60 | -1.8 |
