- 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) | 19.38 | -5.14 | -10.28 | 6.36 | -7.29 | -8.88 | -3.02 | -149.35 | -17.05 | 3.08 | -22.42 | 13.24 | 0.50 | -16.67 | 47.06 | 0.40 | -6.98 | 21.21 | 0.07 | 0.0 | 16.67 | 1.21 | -88.8 | -60.2 | 129.28 | 1.64 | 3.15 | -210.29 | -287.69 | 22.22 | 310.29 | 2676.79 | -16.05 | 8.60 | 0.82 | -4.66 |
| 23Q3 (19) | 20.43 | -0.05 | -3.68 | 6.86 | -16.44 | 1.48 | 6.12 | -3.32 | 67.21 | 3.97 | -3.87 | 297.0 | 0.60 | 1.69 | 328.57 | 0.43 | 0.0 | 86.96 | 0.07 | 16.67 | 16.67 | 10.80 | -1.91 | 22.87 | 127.20 | -2.29 | 1.21 | 112.04 | -13.65 | -39.51 | -12.04 | 59.53 | 85.87 | 8.53 | 6.76 | -8.77 |
| 23Q2 (18) | 20.44 | 2.3 | -20.78 | 8.21 | 14.99 | -29.83 | 6.33 | -36.83 | 722.08 | 4.13 | -37.04 | 535.38 | 0.59 | -32.18 | 742.86 | 0.43 | -23.21 | 138.89 | 0.06 | 0.0 | 20.0 | 11.01 | -28.18 | 81.98 | 130.18 | 2.46 | 6.23 | 129.76 | 82.26 | -91.47 | -29.76 | -203.97 | 97.91 | 7.99 | -11.91 | -19.78 |
| 23Q1 (17) | 19.98 | -7.5 | -5.13 | 7.14 | 2.29 | -24.04 | 10.02 | 488.37 | -17.67 | 6.56 | 141.18 | -29.23 | 0.87 | 155.88 | -38.73 | 0.56 | 69.7 | -27.27 | 0.06 | 0.0 | -14.29 | 15.33 | 404.28 | -1.22 | 127.05 | 1.37 | 3.28 | 71.20 | 126.33 | -7.87 | 28.62 | -92.26 | 25.97 | 9.07 | 0.55 | 4.37 |
| 22Q4 (16) | 21.60 | 1.84 | 22.66 | 6.98 | 3.25 | 12.94 | -2.58 | -170.49 | -129.28 | 2.72 | 172.0 | -64.72 | 0.34 | 142.86 | -76.39 | 0.33 | 43.48 | -57.14 | 0.06 | 0.0 | -25.0 | 3.04 | -65.42 | -74.26 | 125.33 | -0.28 | 3.58 | -270.37 | -245.96 | -485.84 | 369.63 | 533.64 | 1135.15 | 9.02 | -3.53 | 2.97 |
| 22Q3 (15) | 21.21 | -17.79 | 12.76 | 6.76 | -42.22 | -1.31 | 3.66 | 375.32 | -57.74 | 1.00 | 53.85 | -85.21 | 0.14 | 100.0 | -88.62 | 0.23 | 27.78 | -65.15 | 0.06 | 20.0 | -25.0 | 8.79 | 45.29 | -24.74 | 125.68 | 2.56 | -4.79 | 185.24 | -87.83 | 134.12 | -85.24 | 94.0 | -508.25 | 9.35 | -6.12 | 10.39 |
| 22Q2 (14) | 25.80 | 22.51 | 25.0 | 11.70 | 24.47 | 27.17 | 0.77 | -93.67 | -90.25 | 0.65 | -92.99 | -89.34 | 0.07 | -95.07 | -92.71 | 0.18 | -76.62 | -67.27 | 0.05 | -28.57 | -28.57 | 6.05 | -61.02 | -47.75 | 122.54 | -0.38 | -10.27 | 1521.62 | 1869.01 | 1208.7 | -1421.62 | -6356.74 | -8532.5 | 9.96 | 14.61 | 22.81 |
| 22Q1 (13) | 21.06 | 19.59 | -6.9 | 9.40 | 52.1 | 0.0 | 12.17 | 38.14 | 56.63 | 9.27 | 20.23 | 62.35 | 1.42 | -1.39 | 77.5 | 0.77 | 0.0 | 60.42 | 0.07 | -12.5 | 16.67 | 15.52 | 31.41 | 30.97 | 123.01 | 1.66 | -9.42 | 77.28 | 10.28 | -36.21 | 22.72 | -24.07 | 208.61 | 8.69 | -0.8 | -10.5 |
| 21Q4 (12) | 17.61 | -6.38 | -3.35 | 6.18 | -9.78 | 70.72 | 8.81 | 1.73 | 344.95 | 7.71 | 14.05 | 20.66 | 1.44 | 17.07 | 61.8 | 0.77 | 16.67 | 45.28 | 0.08 | 0.0 | 33.33 | 11.81 | 1.11 | 68.47 | 121.00 | -8.33 | -11.28 | 70.07 | -11.43 | -61.78 | 29.93 | 43.33 | 135.91 | 8.76 | 3.42 | -11.43 |
| 21Q3 (11) | 18.81 | -8.87 | -6.32 | 6.85 | -25.54 | 9.42 | 8.66 | 9.62 | 60.67 | 6.76 | 10.82 | 84.7 | 1.23 | 28.13 | 123.64 | 0.66 | 20.0 | 69.23 | 0.08 | 14.29 | 33.33 | 11.68 | 0.86 | 8.45 | 132.00 | -3.34 | -14.08 | 79.12 | -31.95 | -32.03 | 20.88 | 226.78 | 227.32 | 8.47 | 4.44 | -4.4 |
| 21Q2 (10) | 20.64 | -8.75 | -8.23 | 9.20 | -2.13 | -16.97 | 7.90 | 1.67 | 6.9 | 6.10 | 6.83 | 13.59 | 0.96 | 20.0 | 23.08 | 0.55 | 14.58 | 12.24 | 0.07 | 16.67 | 16.67 | 11.58 | -2.28 | -9.81 | 136.56 | 0.55 | -14.67 | 116.27 | -4.03 | -22.55 | -16.47 | 21.28 | 67.14 | 8.11 | -16.48 | 0 |
| 21Q1 (9) | 22.62 | 24.15 | -18.22 | 9.40 | 159.67 | 7.55 | 7.77 | 292.42 | 298.21 | 5.71 | -10.64 | 201.6 | 0.80 | -10.11 | 263.27 | 0.48 | -9.43 | 4700.0 | 0.06 | 0.0 | 100.0 | 11.85 | 69.04 | 118.23 | 135.81 | -0.42 | -12.02 | 121.15 | -33.92 | 154.52 | -20.92 | 74.9 | -106.51 | 9.71 | -1.82 | 0 |
| 20Q4 (8) | 18.22 | -9.26 | -16.99 | 3.62 | -42.17 | -16.78 | 1.98 | -63.27 | 441.38 | 6.39 | 74.59 | 315.88 | 0.89 | 61.82 | 328.21 | 0.53 | 35.9 | 2550.0 | 0.06 | 0.0 | 20.0 | 7.01 | -34.91 | 52.06 | 136.38 | -11.23 | -10.43 | 183.33 | 57.5 | 124.71 | -83.33 | -408.17 | -109.9 | 9.89 | 11.63 | -4.81 |
| 20Q3 (7) | 20.08 | -10.72 | -13.67 | 6.26 | -43.5 | 11.79 | 5.39 | -27.06 | -49.39 | 3.66 | -31.84 | -52.53 | 0.55 | -29.49 | -50.0 | 0.39 | -20.41 | -40.0 | 0.06 | 0.0 | 0.0 | 10.77 | -16.12 | -33.8 | 153.63 | -4.01 | -0.75 | 116.40 | -22.46 | 121.58 | -16.40 | 67.28 | -134.55 | 8.86 | 0 | -18.11 |
| 20Q2 (6) | 22.49 | -18.69 | -9.02 | 11.08 | 26.77 | 172.24 | 7.39 | 288.52 | -26.17 | 5.37 | 195.55 | -0.37 | 0.78 | 259.18 | 23.81 | 0.49 | 4800.0 | 6.52 | 0.06 | 100.0 | 20.0 | 12.84 | 136.46 | -23.66 | 160.04 | 3.67 | 1.84 | 150.12 | 167.55 | 268.35 | -50.12 | -115.59 | -184.6 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 27.66 | 26.01 | 23.37 | 8.74 | 100.92 | 322.22 | -3.92 | -575.86 | -133.76 | -5.62 | -89.86 | -163.15 | -0.49 | -25.64 | -141.53 | 0.01 | -50.0 | -98.48 | 0.03 | -40.0 | -40.0 | 5.43 | 17.79 | -69.63 | 154.37 | 1.39 | -0.43 | -222.22 | 70.05 | -1344.06 | 321.48 | -61.82 | 291.39 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 21.95 | -5.63 | 0.0 | 4.35 | -22.32 | 0.0 | -0.58 | -105.45 | 0.0 | -2.96 | -138.39 | 0.0 | -0.39 | -135.45 | 0.0 | 0.02 | -96.92 | 0.0 | 0.05 | -16.67 | 0.0 | 4.61 | -71.67 | 0.0 | 152.26 | -1.63 | 0.0 | -741.94 | -1512.36 | 0.0 | 841.94 | 1673.68 | 0.0 | 10.39 | -3.97 | 0.0 |
| 19Q3 (3) | 23.26 | -5.91 | 0.0 | 5.60 | 37.59 | 0.0 | 10.65 | 6.39 | 0.0 | 7.71 | 43.04 | 0.0 | 1.10 | 74.6 | 0.0 | 0.65 | 41.3 | 0.0 | 0.06 | 20.0 | 0.0 | 16.27 | -3.27 | 0.0 | 154.79 | -1.5 | 0.0 | 52.53 | 28.89 | 0.0 | 47.47 | -19.88 | 0.0 | 10.82 | -4.75 | 0.0 |
| 19Q2 (2) | 24.72 | 10.26 | 0.0 | 4.07 | 96.62 | 0.0 | 10.01 | -13.78 | 0.0 | 5.39 | -39.44 | 0.0 | 0.63 | -46.61 | 0.0 | 0.46 | -30.3 | 0.0 | 0.05 | 0.0 | 0.0 | 16.82 | -5.93 | 0.0 | 157.15 | 1.36 | 0.0 | 40.76 | 128.16 | 0.0 | 59.24 | -27.87 | 0.0 | 11.36 | 12.36 | 0.0 |
| 19Q1 (1) | 22.42 | 0.0 | 0.0 | 2.07 | 0.0 | 0.0 | 11.61 | 0.0 | 0.0 | 8.90 | 0.0 | 0.0 | 1.18 | 0.0 | 0.0 | 0.66 | 0.0 | 0.0 | 0.05 | 0.0 | 0.0 | 17.88 | 0.0 | 0.0 | 155.04 | 0.0 | 0.0 | 17.86 | 0.0 | 0.0 | 82.14 | 0.0 | 0.0 | 10.11 | 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) | 20.04 | -9.93 | 7.11 | -17.71 | 1.17 | -14.06 | 4.52 | 12.44 | 4.35 | 17.25 | 2.56 | 29.29 | 1.83 | 19.61 | 0.26 | 8.33 | 9.22 | 5.01 | 129.28 | 3.15 | 157.35 | -26.86 | -57.35 | 0 | 0.05 | -15.75 | 8.54 | -7.27 |
| 2022 (9) | 22.25 | 13.0 | 8.64 | 11.63 | 1.37 | 38.52 | 4.02 | -51.8 | 3.71 | -44.29 | 1.98 | -55.3 | 1.53 | -38.55 | 0.24 | -17.24 | 8.78 | -25.15 | 125.33 | 3.58 | 215.13 | 131.71 | -115.13 | 0 | 0.06 | 212.39 | 9.21 | 5.5 |
| 2021 (8) | 19.69 | -8.5 | 7.74 | 6.17 | 0.99 | -31.22 | 8.34 | 142.44 | 6.66 | 101.82 | 4.43 | 165.27 | 2.49 | 74.13 | 0.29 | 38.1 | 11.73 | 24.52 | 121.00 | -11.28 | 92.85 | -56.22 | 7.15 | 0 | 0.02 | -40.05 | 8.73 | -9.16 |
| 2020 (7) | 21.52 | -6.68 | 7.29 | 80.45 | 1.43 | 7.84 | 3.44 | -57.16 | 3.30 | -32.65 | 1.67 | -36.5 | 1.43 | -22.28 | 0.21 | 0.0 | 9.42 | -34.85 | 136.38 | -10.43 | 212.07 | 322.22 | -112.07 | 0 | 0.03 | 10.04 | 9.61 | -9.85 |
| 2019 (6) | 23.06 | -13.54 | 4.04 | -45.48 | 1.33 | 70.8 | 8.03 | -32.52 | 4.90 | -33.42 | 2.63 | -23.99 | 1.84 | -4.17 | 0.21 | 16.67 | 14.46 | -15.98 | 152.26 | -9.73 | 50.23 | -19.34 | 49.72 | 31.76 | 0.03 | 60.04 | 10.66 | -10.27 |
| 2018 (5) | 26.67 | 16.51 | 7.41 | 124.55 | 0.78 | -4.47 | 11.90 | 65.28 | 7.36 | 113.33 | 3.46 | 105.95 | 1.92 | 37.14 | 0.18 | -5.26 | 17.21 | 31.37 | 168.68 | 1.69 | 62.27 | 36.03 | 37.73 | -30.41 | 0.02 | -32.25 | 11.88 | 2.24 |
| 2017 (4) | 22.89 | -25.71 | 3.30 | -68.93 | 0.81 | 47.32 | 7.20 | 21.21 | 3.45 | 14.24 | 1.68 | 29.23 | 1.40 | 13.82 | 0.19 | 11.76 | 13.10 | 11.21 | 165.88 | 3.19 | 45.78 | -74.39 | 54.22 | 0 | 0.03 | 0 | 11.62 | -7.11 |
| 2016 (3) | 30.81 | -10.9 | 10.62 | -18.06 | 0.55 | -7.59 | 5.94 | -34.29 | 3.02 | -43.23 | 1.30 | -37.2 | 1.23 | -22.15 | 0.17 | 6.25 | 11.78 | -21.52 | 160.75 | 5.57 | 178.74 | 24.68 | -78.82 | 0 | 0.00 | 0 | 12.51 | -7.54 |
| 2015 (2) | 34.58 | -2.78 | 12.96 | -5.12 | 0.60 | -12.33 | 9.04 | -49.13 | 5.32 | -56.54 | 2.07 | -56.24 | 1.58 | -44.37 | 0.16 | -11.11 | 15.01 | -34.6 | 152.27 | 20.35 | 143.35 | 86.55 | -43.35 | 0 | 0.00 | 0 | 13.53 | -2.17 |
| 2014 (1) | 35.57 | 0 | 13.66 | 0 | 0.68 | -23.3 | 17.77 | 0 | 12.24 | 0 | 4.73 | 0 | 2.84 | 0 | 0.18 | -5.26 | 22.95 | -29.25 | 126.52 | 18.95 | 76.85 | 33.95 | 23.15 | -45.66 | 0.00 | 0 | 13.83 | -1.28 |
