- 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) | 12.99 | -26.65 | -25.34 | 2.34 | -65.02 | 1.74 | -0.39 | -102.8 | -139.0 | -5.64 | -150.81 | -1326.09 | -0.73 | -147.1 | -1142.86 | -0.36 | -136.73 | -311.76 | 0.08 | 0.0 | 14.29 | 10.88 | -56.27 | -13.17 | 58.58 | -9.51 | -48.78 | -560.00 | -1266.67 | -351.03 | 640.00 | 1130.77 | 589.41 | 19.68 | -2.48 | -15.57 |
| 23Q3 (19) | 17.71 | 5.86 | 2.07 | 6.69 | 4.69 | 42.95 | 13.94 | -26.48 | -1.62 | 11.10 | -22.54 | -6.33 | 1.55 | -24.39 | -21.72 | 0.98 | -15.52 | -3.92 | 0.08 | 14.29 | 0.0 | 24.88 | -18.37 | 6.05 | 64.74 | -32.55 | -41.79 | 48.00 | 41.63 | 46.06 | 52.00 | -21.84 | -22.55 | 20.18 | -2.28 | 13.63 |
| 23Q2 (18) | 16.73 | 29.79 | -4.18 | 6.39 | 1836.36 | -5.47 | 18.96 | 848.0 | 11.86 | 14.33 | 1251.89 | 30.63 | 2.05 | 1476.92 | 6.22 | 1.16 | 452.38 | 18.37 | 0.07 | 16.67 | -12.5 | 30.48 | 98.44 | 19.3 | 95.98 | -9.24 | -17.02 | 33.89 | 86.4 | -15.11 | 66.53 | -22.97 | 10.74 | 20.65 | -8.26 | 5.63 |
| 23Q1 (17) | 12.89 | -25.92 | -26.43 | 0.33 | -85.65 | -94.6 | 2.00 | 100.0 | -89.88 | 1.06 | 130.43 | -93.76 | 0.13 | 85.71 | -95.53 | 0.21 | 23.53 | -85.11 | 0.06 | -14.29 | -25.0 | 15.36 | 22.59 | -45.71 | 105.75 | -7.55 | -5.82 | 18.18 | -91.85 | -41.11 | 86.36 | 166.04 | 24.93 | 22.51 | -3.43 | 8.53 |
| 22Q4 (16) | 17.40 | 0.29 | -11.22 | 2.30 | -50.85 | -73.65 | 1.00 | -92.94 | -93.17 | 0.46 | -96.12 | -95.54 | 0.07 | -96.46 | -96.71 | 0.17 | -83.33 | -83.17 | 0.07 | -12.5 | -22.22 | 12.53 | -46.59 | -43.05 | 114.38 | 2.84 | -5.49 | 223.08 | 578.79 | 272.77 | -130.77 | -294.78 | -422.48 | 23.31 | 31.25 | 30.59 |
| 22Q3 (15) | 17.35 | -0.63 | -22.85 | 4.68 | -30.77 | -64.41 | 14.17 | -16.4 | -33.32 | 11.85 | 8.02 | -34.53 | 1.98 | 2.59 | -57.6 | 1.02 | 4.08 | -51.2 | 0.08 | 0.0 | -27.27 | 23.46 | -8.18 | -14.22 | 111.22 | -3.84 | -15.31 | 32.86 | -17.69 | -46.79 | 67.14 | 11.75 | 76.57 | 17.76 | -9.16 | 2.96 |
| 22Q2 (14) | 17.46 | -0.34 | -34.09 | 6.76 | 10.64 | -58.76 | 16.95 | -14.22 | -8.13 | 10.97 | -35.47 | -35.43 | 1.93 | -33.68 | -56.43 | 0.98 | -30.5 | -50.51 | 0.08 | 0.0 | -27.27 | 25.55 | -9.69 | 4.37 | 115.66 | 3.01 | -11.02 | 39.93 | 29.32 | -55.03 | 60.07 | -13.1 | 435.21 | 19.55 | -5.74 | 0.93 |
| 22Q1 (13) | 17.52 | -10.61 | -18.89 | 6.11 | -30.01 | -34.58 | 19.76 | 34.88 | 41.14 | 17.00 | 64.73 | 37.99 | 2.91 | 36.62 | 14.12 | 1.41 | 39.6 | 11.9 | 0.08 | -11.11 | -20.0 | 28.29 | 28.59 | 32.38 | 112.28 | -7.23 | -16.35 | 30.87 | -48.41 | -53.69 | 69.13 | 70.47 | 107.38 | 20.74 | 16.19 | -3.13 |
| 21Q4 (12) | 19.60 | -12.85 | -15.63 | 8.73 | -33.61 | -18.03 | 14.65 | -31.06 | 10.73 | 10.32 | -42.98 | -15.69 | 2.13 | -54.39 | -15.48 | 1.01 | -51.67 | -23.48 | 0.09 | -18.18 | -10.0 | 22.00 | -19.56 | -1.7 | 121.03 | -7.84 | 24.58 | 59.84 | -3.1 | -25.85 | 40.55 | 6.65 | 110.13 | 17.85 | 3.48 | -19.74 |
| 21Q3 (11) | 22.49 | -15.1 | -11.14 | 13.15 | -19.77 | -6.74 | 21.25 | 15.18 | 42.43 | 18.10 | 6.53 | 41.74 | 4.67 | 5.42 | 68.59 | 2.09 | 5.56 | 42.18 | 0.11 | 0.0 | 0.0 | 27.35 | 11.72 | 34.33 | 131.33 | 1.03 | 27.36 | 61.76 | -30.43 | -34.62 | 38.02 | 238.74 | 586.93 | 17.25 | -10.94 | 25.36 |
| 21Q2 (10) | 26.49 | 22.64 | -1.34 | 16.39 | 75.48 | 28.95 | 18.45 | 31.79 | 1.37 | 16.99 | 37.91 | 5.2 | 4.43 | 73.73 | 83.06 | 1.98 | 57.14 | 32.0 | 0.11 | 10.0 | 22.22 | 24.48 | 14.55 | 2.3 | 129.99 | -3.16 | 98.0 | 88.78 | 33.16 | 27.35 | 11.22 | -66.33 | -62.94 | 19.37 | -9.53 | 0 |
| 21Q1 (9) | 21.60 | -7.02 | -13.67 | 9.34 | -12.3 | 15.74 | 14.00 | 5.82 | -7.47 | 12.32 | 0.65 | -4.42 | 2.55 | 1.19 | 65.58 | 1.26 | -4.55 | 29.9 | 0.10 | 0.0 | 42.86 | 21.37 | -4.51 | -6.6 | 134.23 | 38.17 | 95.84 | 66.67 | -17.39 | 25.82 | 33.33 | 72.73 | -27.96 | 21.41 | -3.73 | 0 |
| 20Q4 (8) | 23.23 | -8.22 | -14.78 | 10.65 | -24.47 | -5.75 | 13.23 | -11.33 | -12.79 | 12.24 | -4.15 | -4.75 | 2.52 | -9.03 | 31.94 | 1.32 | -10.2 | 12.82 | 0.10 | -9.09 | 11.11 | 22.38 | 9.92 | 4.34 | 97.15 | -5.79 | 42.78 | 80.70 | -14.57 | 8.91 | 19.30 | 248.65 | -23.73 | 22.24 | 61.63 | 0 |
| 20Q3 (7) | 25.31 | -5.74 | 4.5 | 14.10 | 10.94 | 11.82 | 14.92 | -18.02 | -54.48 | 12.77 | -20.93 | -55.89 | 2.77 | 14.46 | -41.44 | 1.47 | -2.0 | -45.96 | 0.11 | 22.22 | 22.22 | 20.36 | -14.92 | -46.94 | 103.12 | 57.08 | 41.03 | 94.46 | 35.51 | 145.61 | 5.54 | -81.73 | -91.01 | 13.76 | 0 | -20.19 |
| 20Q2 (6) | 26.85 | 7.31 | 11.04 | 12.71 | 57.5 | 35.79 | 18.20 | 20.29 | 139.16 | 16.15 | 25.29 | 288.01 | 2.42 | 57.14 | 277.94 | 1.50 | 54.64 | 305.48 | 0.09 | 28.57 | 0.0 | 23.93 | 4.59 | 83.09 | 65.65 | -4.22 | -19.19 | 69.71 | 31.57 | -43.36 | 30.29 | -34.54 | 231.25 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 25.02 | -8.22 | 0.48 | 8.07 | -28.58 | 57.0 | 15.13 | -0.26 | -36.51 | 12.89 | 0.31 | -28.03 | 1.54 | -19.37 | -37.65 | 0.97 | -17.09 | -35.33 | 0.07 | -22.22 | -12.5 | 22.88 | 6.67 | -23.66 | 68.54 | 0.73 | -1.62 | 52.99 | -28.49 | 145.66 | 46.27 | 82.87 | -41.01 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 27.26 | 12.55 | 0.0 | 11.30 | -10.39 | 0.0 | 15.17 | -53.72 | 0.0 | 12.85 | -55.61 | 0.0 | 1.91 | -59.62 | 0.0 | 1.17 | -56.99 | 0.0 | 0.09 | 0.0 | 0.0 | 21.45 | -44.1 | 0.0 | 68.04 | -6.95 | 0.0 | 74.10 | 92.65 | 0.0 | 25.30 | -58.89 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 24.22 | 0.17 | 0.0 | 12.61 | 34.72 | 0.0 | 32.78 | 330.75 | 0.0 | 28.95 | 437.02 | 0.0 | 4.73 | 447.79 | 0.0 | 2.72 | 472.6 | 0.0 | 0.09 | 0.0 | 0.0 | 38.37 | 193.57 | 0.0 | 73.12 | -10.0 | 0.0 | 38.46 | -68.75 | 0.0 | 61.54 | 366.67 | 0.0 | 17.24 | 4.74 | 0.0 |
| 19Q2 (2) | 24.18 | -2.89 | 0.0 | 9.36 | 82.1 | 0.0 | 7.61 | -68.07 | 0.0 | -8.59 | -147.96 | 0.0 | -1.36 | -155.06 | 0.0 | -0.73 | -148.67 | 0.0 | 0.09 | 12.5 | 0.0 | 13.07 | -56.39 | 0.0 | 81.24 | 16.61 | 0.0 | 123.08 | 470.63 | 0.0 | -23.08 | -129.42 | 0.0 | 16.46 | -19.63 | 0.0 |
| 19Q1 (1) | 24.90 | 0.0 | 0.0 | 5.14 | 0.0 | 0.0 | 23.83 | 0.0 | 0.0 | 17.91 | 0.0 | 0.0 | 2.47 | 0.0 | 0.0 | 1.50 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 29.97 | 0.0 | 0.0 | 69.67 | 0.0 | 0.0 | 21.57 | 0.0 | 0.0 | 78.43 | 0.0 | 0.0 | 20.48 | 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) | 15.18 | -12.91 | 4.07 | -20.04 | 9.19 | 18.75 | 8.98 | -33.43 | 5.52 | -47.23 | 2.98 | -57.85 | 2.10 | -42.15 | 0.29 | -6.45 | 20.70 | -9.49 | 58.58 | -48.78 | 45.37 | 20.03 | 54.63 | -12.35 | 0.46 | 140.09 | 20.73 | 2.57 |
| 2022 (9) | 17.43 | -23.35 | 5.09 | -58.28 | 7.74 | 36.92 | 13.49 | -22.38 | 10.46 | -29.13 | 7.07 | -46.96 | 3.63 | -45.5 | 0.31 | -27.91 | 22.87 | -4.83 | 114.38 | -5.49 | 37.80 | -46.13 | 62.33 | 108.95 | 0.19 | 8.61 | 20.21 | 6.93 |
| 2021 (8) | 22.74 | -3.73 | 12.20 | 8.06 | 5.65 | -17.23 | 17.38 | 20.44 | 14.76 | 14.06 | 13.33 | 27.07 | 6.66 | 11.0 | 0.43 | -2.27 | 24.03 | 7.09 | 121.03 | 24.58 | 70.17 | -10.23 | 29.83 | 36.65 | 0.18 | -22.26 | 18.90 | -2.83 |
| 2020 (7) | 23.62 | -5.9 | 11.29 | 16.63 | 6.83 | 47.82 | 14.43 | -27.23 | 12.94 | 2.54 | 10.49 | 37.3 | 6.00 | 27.93 | 0.44 | 25.71 | 22.44 | -12.72 | 97.15 | 42.78 | 78.17 | 60.25 | 21.83 | -57.38 | 0.23 | -94.64 | 19.45 | 9.27 |
| 2019 (6) | 25.10 | 31.21 | 9.68 | 0 | 4.62 | 80.6 | 19.83 | -79.76 | 12.62 | -86.87 | 7.64 | -85.87 | 4.69 | -83.09 | 0.35 | 20.69 | 25.71 | -74.62 | 68.04 | -6.79 | 48.78 | 0 | 51.22 | -52.54 | 4.20 | 11.52 | 17.80 | -37.35 |
| 2018 (5) | 19.13 | 3.24 | -7.78 | 0 | 2.56 | 16.87 | 97.97 | 578.46 | 96.08 | 663.75 | 54.08 | 311.88 | 27.73 | 326.62 | 0.29 | -43.14 | 101.31 | 501.25 | 73.00 | -53.51 | -7.93 | 0 | 107.93 | 78.62 | 3.77 | 9164.39 | 28.41 | 38.05 |
| 2017 (4) | 18.53 | 19.86 | 5.72 | 528.57 | 2.19 | -3.39 | 14.44 | 0 | 12.58 | 0 | 13.13 | 0 | 6.50 | 0 | 0.51 | -32.89 | 16.85 | 1391.15 | 157.03 | 232.41 | 39.57 | 0 | 60.43 | -61.29 | 0.04 | 0 | 20.58 | -1.06 |
| 2016 (3) | 15.46 | -8.68 | 0.91 | -69.57 | 2.26 | -0.95 | -1.61 | 0 | -5.67 | 0 | -6.57 | 0 | -4.15 | 0 | 0.76 | 35.71 | 1.13 | -83.53 | 47.24 | -20.03 | -56.10 | 0 | 156.10 | 485.37 | 0.00 | 0 | 20.80 | 2.97 |
| 2015 (2) | 16.93 | 0.24 | 2.99 | -39.96 | 2.29 | 33.27 | 4.04 | -59.03 | 2.78 | -63.03 | 2.24 | -61.31 | 1.70 | -63.91 | 0.56 | -8.2 | 6.86 | -43.72 | 59.07 | 93.36 | 73.33 | 45.76 | 26.67 | -46.33 | 0.00 | 0 | 20.20 | 16.29 |
| 2014 (1) | 16.89 | 0 | 4.98 | 0 | 1.72 | -38.69 | 9.86 | 0 | 7.52 | 0 | 5.79 | 0 | 4.71 | 0 | 0.61 | -6.15 | 12.19 | -68.75 | 30.55 | 26.4 | 50.31 | 3069.57 | 49.69 | -49.43 | 0.00 | 0 | 17.37 | -3.34 |
