- 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) | 20.22 | -20.36 | -34.12 | -2.33 | -876.67 | -127.03 | 3.01 | 14.45 | -67.56 | 1.50 | 6.38 | -80.08 | 0.48 | 4.35 | -86.29 | 0.36 | 5.88 | -83.26 | 0.22 | 4.76 | -21.43 | 5.98 | 12.2 | -44.22 | 43.34 | -11.26 | -29.29 | -76.79 | -746.28 | -182.63 | 176.79 | 100.62 | 2399.38 | 18.08 | -0.39 | 27.23 |
| 23Q3 (19) | 25.39 | 0.55 | 23.37 | 0.30 | -72.22 | -50.0 | 2.63 | -76.45 | 66.46 | 1.41 | -85.83 | 33.02 | 0.46 | -88.17 | -9.8 | 0.34 | -86.4 | 3.03 | 0.21 | -16.0 | -27.59 | 5.33 | -61.12 | 79.46 | 48.84 | -15.03 | -28.31 | 11.88 | 22.51 | -68.76 | 88.12 | -2.42 | 42.19 | 18.15 | 4.79 | 32.1 |
| 23Q2 (18) | 25.25 | -0.04 | -14.46 | 1.08 | -70.57 | -80.22 | 11.17 | 157.37 | 241.59 | 9.95 | 142.09 | 947.37 | 3.89 | 113.74 | 784.09 | 2.50 | 115.52 | 762.07 | 0.25 | -10.71 | -10.71 | 13.71 | 136.38 | 183.26 | 57.48 | -5.16 | -13.13 | 9.70 | -88.5 | -94.19 | 90.30 | 496.64 | 234.96 | 17.32 | 21.89 | 18.79 |
| 23Q1 (17) | 25.26 | -17.69 | 25.55 | 3.67 | -57.42 | 279.9 | 4.34 | -53.23 | 209.05 | 4.11 | -45.42 | 203.27 | 1.82 | -48.0 | 201.68 | 1.16 | -46.05 | 206.42 | 0.28 | 0.0 | 0.0 | 5.80 | -45.9 | 347.86 | 60.61 | -1.11 | 0.38 | 84.32 | -9.26 | 64.54 | 15.14 | 113.98 | -68.95 | 14.21 | 0.0 | -4.57 |
| 22Q4 (16) | 30.69 | 49.13 | 32.46 | 8.62 | 1336.67 | 728.85 | 9.28 | 487.34 | -10.34 | 7.53 | 610.38 | -26.75 | 3.50 | 586.27 | -30.14 | 2.15 | 551.52 | -28.81 | 0.28 | -3.45 | -3.45 | 10.72 | 260.94 | -10.29 | 61.29 | -10.04 | 0.29 | 92.93 | 144.36 | 818.94 | 7.07 | -88.59 | -92.13 | 14.21 | 3.42 | -0.42 |
| 22Q3 (15) | 20.58 | -30.28 | -19.73 | 0.60 | -89.01 | -74.47 | 1.58 | -51.68 | 618.18 | 1.06 | 11.58 | 2220.0 | 0.51 | 15.91 | 2650.0 | 0.33 | 13.79 | 1550.0 | 0.29 | 3.57 | 11.54 | 2.97 | -38.64 | 44.88 | 68.13 | 2.96 | -7.83 | 38.03 | -77.22 | -96.32 | 61.97 | 192.62 | 106.64 | 13.74 | -5.76 | -11.81 |
| 22Q2 (14) | 29.52 | 46.72 | 5.2 | 5.46 | 367.65 | 284.46 | 3.27 | 182.16 | 163.99 | 0.95 | 123.87 | 115.55 | 0.44 | 124.58 | 120.56 | 0.29 | 126.61 | 122.66 | 0.28 | 0.0 | 27.27 | 4.84 | 306.84 | 279.26 | 66.17 | 9.59 | 3.18 | 166.91 | 225.68 | 187.09 | -66.91 | -237.25 | -259.84 | 14.58 | -2.08 | -27.75 |
| 22Q1 (13) | 20.12 | -13.16 | -36.37 | -2.04 | -296.15 | -160.18 | -3.98 | -138.45 | -237.24 | -3.98 | -138.72 | -285.12 | -1.79 | -135.73 | -308.14 | -1.09 | -136.09 | -294.64 | 0.28 | -3.45 | 12.0 | -2.34 | -119.58 | -148.05 | 60.38 | -1.19 | 2.36 | 51.25 | 406.81 | -56.13 | 48.75 | -45.77 | 389.93 | 14.89 | 4.34 | -18.68 |
| 21Q4 (12) | 23.17 | -9.63 | -26.07 | 1.04 | -55.74 | 38.67 | 10.35 | 4604.55 | -61.26 | 10.28 | 20660.0 | -57.54 | 5.01 | 25150.0 | -53.99 | 3.02 | 15000.0 | -53.96 | 0.29 | 11.54 | 7.41 | 11.95 | 482.93 | -58.25 | 61.11 | -17.33 | -4.14 | 10.11 | -99.02 | 262.09 | 89.89 | 109.63 | -7.53 | 14.27 | -8.41 | -20.55 |
| 21Q3 (11) | 25.64 | -8.62 | -21.61 | 2.35 | 179.39 | -51.35 | 0.22 | 104.31 | -97.35 | -0.05 | 99.18 | -100.65 | -0.02 | 99.07 | -100.54 | 0.02 | 101.56 | -99.1 | 0.26 | 18.18 | -7.14 | 2.05 | 175.93 | -80.08 | 73.92 | 15.27 | 5.84 | 1033.33 | 1677.33 | 1673.63 | -933.33 | -2329.63 | -2320.69 | 15.58 | -22.79 | -4.3 |
| 21Q2 (10) | 28.06 | -11.26 | -13.13 | -2.96 | -187.32 | 3.27 | -5.11 | -276.21 | -409.7 | -6.11 | -384.19 | -960.56 | -2.14 | -348.84 | -892.59 | -1.28 | -328.57 | -709.52 | 0.22 | -12.0 | 0.0 | -2.70 | -155.44 | -162.94 | 64.13 | 8.71 | -4.57 | 58.14 | -50.23 | 131.44 | 41.86 | 348.96 | -85.21 | 20.18 | 10.21 | 0 |
| 21Q1 (9) | 31.62 | 0.89 | 7.4 | 3.39 | 352.0 | 330.61 | 2.90 | -89.15 | 1006.25 | 2.15 | -91.12 | 302.83 | 0.86 | -92.1 | 291.11 | 0.56 | -91.46 | 366.67 | 0.25 | -7.41 | 0.0 | 4.87 | -82.98 | 141.09 | 58.99 | -7.47 | -11.11 | 116.81 | 4082.7 | -74.04 | -16.81 | -117.3 | 95.2 | 18.31 | 1.95 | -6.34 |
| 20Q4 (8) | 31.34 | -4.19 | 12.41 | 0.75 | -84.47 | 205.63 | 26.72 | 221.93 | 7758.82 | 24.21 | 214.01 | 7665.62 | 10.89 | 195.12 | 6906.25 | 6.56 | 194.17 | 13220.0 | 0.27 | -3.57 | -3.57 | 28.62 | 178.13 | 1138.96 | 63.75 | -8.72 | -16.13 | 2.79 | -95.21 | 101.31 | 97.21 | 131.29 | -68.98 | 17.96 | 10.32 | 11.41 |
| 20Q3 (7) | 32.71 | 1.27 | 13.54 | 4.83 | 257.84 | 675.0 | 8.30 | 403.03 | 1637.04 | 7.71 | 985.92 | 675.37 | 3.69 | 1266.67 | 685.71 | 2.23 | 961.9 | 868.97 | 0.28 | 27.27 | 7.69 | 10.29 | 139.86 | 531.29 | 69.84 | 3.93 | -13.26 | 58.26 | 131.51 | -62.78 | 42.03 | -85.15 | 174.36 | 16.28 | 0 | -6.33 |
| 20Q2 (6) | 32.30 | 9.71 | 22.63 | -3.06 | -108.16 | 43.23 | 1.65 | 615.62 | 136.67 | 0.71 | 166.98 | 113.08 | 0.27 | 160.0 | 111.54 | 0.21 | 200.0 | 117.07 | 0.22 | -12.0 | -8.33 | 4.29 | 112.38 | 299.53 | 67.20 | 1.27 | -21.66 | -184.91 | -141.09 | -254.37 | 283.02 | 180.86 | 1530.82 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 29.44 | 5.6 | 3.52 | -1.47 | -107.04 | 37.18 | -0.32 | -194.12 | 86.5 | -1.06 | -231.25 | 70.22 | -0.45 | -181.25 | 71.15 | -0.21 | -320.0 | 74.39 | 0.25 | -10.71 | 4.17 | 2.02 | -12.55 | 1542.86 | 66.36 | -12.7 | -14.5 | 450.00 | 310.94 | 354.59 | -350.00 | -211.7 | -34750.0 | 19.55 | 21.28 | 6.19 |
| 19Q4 (4) | 27.88 | -3.23 | 0.0 | -0.71 | 15.48 | 0.0 | 0.34 | 162.96 | 0.0 | -0.32 | 76.12 | 0.0 | -0.16 | 74.6 | 0.0 | -0.05 | 82.76 | 0.0 | 0.28 | 7.69 | 0.0 | 2.31 | 41.72 | 0.0 | 76.01 | -5.6 | 0.0 | -213.33 | -236.3 | 0.0 | 313.33 | 654.36 | 0.0 | 16.12 | -7.25 | 0.0 |
| 19Q3 (3) | 28.81 | 9.38 | 0.0 | -0.84 | 84.42 | 0.0 | -0.54 | 88.0 | 0.0 | -1.34 | 75.32 | 0.0 | -0.63 | 73.08 | 0.0 | -0.29 | 76.42 | 0.0 | 0.26 | 8.33 | 0.0 | 1.63 | 175.81 | 0.0 | 80.52 | -6.13 | 0.0 | 156.52 | 30.67 | 0.0 | -56.52 | -185.75 | 0.0 | 17.38 | -6.21 | 0.0 |
| 19Q2 (2) | 26.34 | -7.38 | 0.0 | -5.39 | -130.34 | 0.0 | -4.50 | -89.87 | 0.0 | -5.43 | -52.53 | 0.0 | -2.34 | -50.0 | 0.0 | -1.23 | -50.0 | 0.0 | 0.24 | 0.0 | 0.0 | -2.15 | -1435.71 | 0.0 | 85.78 | 10.53 | 0.0 | 119.78 | 21.0 | 0.0 | -19.78 | -2058.24 | 0.0 | 18.53 | 0.65 | 0.0 |
| 19Q1 (1) | 28.44 | 0.0 | 0.0 | -2.34 | 0.0 | 0.0 | -2.37 | 0.0 | 0.0 | -3.56 | 0.0 | 0.0 | -1.56 | 0.0 | 0.0 | -0.82 | 0.0 | 0.0 | 0.24 | 0.0 | 0.0 | -0.14 | 0.0 | 0.0 | 77.61 | 0.0 | 0.0 | 98.99 | 0.0 | 0.0 | 1.01 | 0.0 | 0.0 | 18.41 | 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) | 24.12 | -4.55 | 0.79 | -75.62 | 1.94 | 59.15 | 5.40 | 101.49 | 4.38 | 188.16 | 6.60 | 134.88 | 4.52 | 146.99 | 1.00 | -12.28 | 7.80 | 86.6 | 43.34 | -29.29 | 14.63 | -87.88 | 85.37 | 0 | 4.72 | 40.88 | 16.86 | 17.57 |
| 2022 (9) | 25.27 | -6.34 | 3.24 | 197.25 | 1.22 | -17.79 | 2.68 | 5.51 | 1.52 | -25.85 | 2.81 | -17.11 | 1.83 | -17.94 | 1.14 | 11.76 | 4.18 | -6.49 | 61.29 | 0.29 | 120.74 | 180.55 | -20.74 | 0 | 3.35 | 3.01 | 14.34 | -15.15 |
| 2021 (8) | 26.98 | -14.24 | 1.09 | 105.66 | 1.48 | -8.59 | 2.54 | -74.24 | 2.05 | -76.25 | 3.39 | -75.85 | 2.23 | -73.52 | 1.02 | 6.25 | 4.47 | -62.87 | 61.11 | -4.14 | 43.04 | 705.35 | 56.96 | -39.82 | 3.25 | 1.58 | 16.90 | -8.7 |
| 2020 (7) | 31.46 | 12.8 | 0.53 | 0 | 1.62 | 1.27 | 9.86 | 0 | 8.63 | 0 | 14.04 | 0 | 8.42 | 0 | 0.96 | -5.88 | 12.04 | 2517.39 | 63.75 | -16.13 | 5.34 | -95.97 | 94.66 | 0 | 3.20 | -14.11 | 18.51 | 5.29 |
| 2019 (6) | 27.89 | -3.49 | -2.26 | 0 | 1.60 | 172.11 | -1.70 | 0 | -2.60 | 0 | -4.76 | 0 | -2.46 | 0 | 1.02 | -8.11 | 0.46 | -81.45 | 76.01 | -8.51 | 132.76 | 58.35 | -32.76 | 0 | 3.73 | 5.58 | 17.58 | 13.27 |
| 2018 (5) | 28.90 | 7.4 | 1.28 | 0 | 0.59 | -17.08 | 1.53 | 0 | 0.75 | 0 | 1.53 | 0 | 0.95 | 0 | 1.11 | 4.72 | 2.48 | 504.88 | 83.08 | 0.25 | 83.84 | -77.12 | 16.16 | 0 | 3.53 | 0 | 15.52 | -0.77 |
| 2017 (4) | 26.91 | 2.51 | -2.37 | 0 | 0.71 | 12.12 | -0.65 | 0 | -0.89 | 0 | -1.78 | 0 | -0.84 | 0 | 1.06 | -6.19 | 0.41 | 0 | 82.87 | -13.01 | 366.40 | 238.12 | -265.60 | 0 | 0.00 | 0 | 15.64 | -1.08 |
| 2016 (3) | 26.25 | 8.61 | -3.73 | 0 | 0.63 | 2.66 | -3.44 | 0 | -3.97 | 0 | -8.67 | 0 | -4.34 | 0 | 1.13 | -0.88 | -2.44 | 0 | 95.26 | 2.98 | 108.37 | 42.85 | -8.37 | 0 | 0.00 | 0 | 15.81 | 0.38 |
| 2015 (2) | 24.17 | -11.47 | -5.96 | 0 | 0.62 | 2.61 | -7.86 | 0 | -6.86 | 0 | -15.06 | 0 | -7.66 | 0 | 1.14 | -6.56 | -6.89 | 0 | 92.50 | 0.02 | 75.86 | -64.66 | 24.14 | 0 | 0.00 | 0 | 15.75 | 22.38 |
| 2014 (1) | 27.30 | 0 | 1.01 | 0 | 0.60 | -9.15 | 0.47 | 0 | 0.37 | 0 | 0.83 | 0 | 0.52 | 0 | 1.22 | -1.61 | 1.26 | -62.28 | 92.48 | 15.77 | 214.69 | 302.4 | -114.69 | 0 | 0.00 | 0 | 12.87 | 2.63 |
