- 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) | -51.65 | -177.09 | -253.28 | -133.13 | -149.35 | -125.99 | -121.49 | -150.03 | -114.95 | -190.01 | -339.53 | -267.95 | -5.28 | -137.84 | -185.41 | -3.47 | -69.27 | -105.33 | 0.02 | -60.0 | -33.33 | -85.00 | -176.24 | -197.51 | 95.62 | 1300.0 | 1161.48 | 112.50 | 1.79 | 5.88 | -8.33 | 20.83 | -33.33 | 91.35 | 106.86 | 69.17 |
| 23Q3 (19) | -18.64 | -413.8 | -314.22 | -53.39 | -82.65 | -114.68 | -48.59 | -133.61 | -191.13 | -43.23 | -111.91 | -203.37 | -2.22 | -149.44 | -113.46 | -2.05 | -150.0 | -122.83 | 0.05 | 25.0 | -28.57 | -30.77 | -946.6 | -1720.71 | 6.83 | -8.69 | -30.8 | 110.53 | -22.63 | -26.32 | -10.53 | 75.44 | 78.95 | 44.16 | -17.32 | 34.55 |
| 23Q2 (18) | 5.94 | 290.79 | -69.16 | -29.23 | 36.17 | -369.18 | -20.80 | 44.55 | -560.32 | -20.40 | 41.24 | -270.24 | -0.89 | 19.82 | -122.5 | -0.82 | 19.61 | -141.18 | 0.04 | 33.33 | -33.33 | -2.94 | 75.5 | -124.79 | 7.48 | 8.25 | -42.51 | 142.86 | 16.88 | -28.57 | -42.86 | -92.86 | 57.14 | 53.41 | -22.2 | 31.97 |
| 23Q1 (17) | 1.52 | 110.4 | -94.43 | -45.79 | 22.27 | -1017.64 | -37.51 | 33.63 | -473.23 | -34.72 | 32.77 | -680.6 | -1.11 | 40.0 | -341.3 | -1.02 | 39.64 | -342.86 | 0.03 | 0.0 | -57.14 | -12.00 | 58.0 | -151.19 | 6.91 | -8.84 | -49.3 | 122.22 | 15.03 | 144.44 | -22.22 | -255.56 | -144.44 | 68.65 | 27.13 | 61.19 |
| 22Q4 (16) | -14.62 | -224.89 | -141.28 | -58.91 | -136.87 | -545.95 | -56.52 | -238.65 | -482.41 | -51.64 | -262.39 | -654.08 | -1.85 | -77.88 | -317.65 | -1.69 | -83.7 | -325.33 | 0.03 | -57.14 | -62.5 | -28.57 | -1590.53 | -207.12 | 7.58 | -23.2 | -60.75 | 106.25 | -29.17 | 16.88 | -6.25 | 87.5 | -168.75 | 54.00 | 64.53 | 30.59 |
| 22Q3 (15) | -4.50 | -123.36 | -119.41 | -24.87 | -299.2 | -459.91 | -16.69 | -429.84 | -295.66 | -14.25 | -158.62 | -353.11 | -1.04 | -160.0 | -242.47 | -0.92 | -170.59 | -243.75 | 0.07 | 16.67 | -36.36 | -1.69 | -114.25 | -109.86 | 9.87 | -24.14 | -36.2 | 150.00 | -25.0 | 92.86 | -50.00 | 50.0 | -325.0 | 32.82 | -18.9 | 20.93 |
| 22Q2 (14) | 19.26 | -29.4 | -20.22 | -6.23 | -224.85 | -220.5 | -3.15 | -131.34 | -151.39 | -5.51 | -192.14 | -263.02 | -0.40 | -186.96 | -197.56 | -0.34 | -180.95 | -194.44 | 0.06 | -14.29 | -40.0 | 11.86 | -49.4 | -31.64 | 13.01 | -4.55 | -21.48 | 200.00 | 300.0 | 140.0 | -100.00 | -300.0 | -700.0 | 40.47 | -4.98 | 34.41 |
| 22Q1 (13) | 27.28 | -22.98 | 32.68 | 4.99 | -62.23 | 54.97 | 10.05 | -32.0 | 120.88 | 5.98 | -35.84 | 184.76 | 0.46 | -45.88 | 84.0 | 0.42 | -44.0 | 82.61 | 0.07 | -12.5 | -30.0 | 23.44 | -12.11 | 35.1 | 13.63 | -29.41 | -15.97 | 50.00 | -45.0 | -33.33 | 50.00 | 450.0 | 100.0 | 42.59 | 3.0 | 36.38 |
| 21Q4 (12) | 35.42 | 52.8 | 62.4 | 13.21 | 91.17 | 11108.33 | 14.78 | 73.27 | 0.75 | 9.32 | 65.54 | -23.42 | 0.85 | 16.44 | -33.59 | 0.75 | 17.19 | -33.63 | 0.08 | -27.27 | -11.11 | 26.67 | 55.6 | -15.06 | 19.31 | 24.82 | 27.46 | 90.91 | 16.88 | 0 | 9.09 | -59.09 | -90.91 | 41.35 | 52.36 | 12.03 |
| 21Q3 (11) | 23.18 | -3.98 | -14.84 | 6.91 | 33.66 | 43.06 | 8.53 | 39.15 | -30.25 | 5.63 | 66.57 | -34.61 | 0.73 | 78.05 | -20.65 | 0.64 | 77.78 | -20.99 | 0.11 | 10.0 | 22.22 | 17.14 | -1.21 | -43.3 | 15.47 | -6.64 | 10.19 | 77.78 | -6.67 | 113.89 | 22.22 | 33.33 | -59.26 | 27.14 | -9.86 | -31.55 |
| 21Q2 (10) | 24.14 | 17.41 | 36.15 | 5.17 | 60.56 | 274.64 | 6.13 | 34.73 | -11.8 | 3.38 | 60.95 | -26.2 | 0.41 | 64.0 | -25.45 | 0.36 | 56.52 | -25.0 | 0.10 | 0.0 | 0.0 | 17.35 | 0.0 | -24.3 | 16.57 | 2.16 | -12.24 | 83.33 | 11.11 | 483.33 | 16.67 | -33.33 | -76.67 | 30.11 | -3.59 | -8.62 |
| 21Q1 (9) | 20.56 | -5.73 | 42.78 | 3.22 | 2783.33 | 0 | 4.55 | -68.98 | 269.92 | 2.10 | -82.74 | 2725.0 | 0.25 | -80.47 | 2600.0 | 0.23 | -79.65 | 1050.0 | 0.10 | 11.11 | -9.09 | 17.35 | -44.75 | 13.25 | 16.22 | 7.06 | -24.31 | 75.00 | 0 | 0 | 25.00 | -75.0 | -75.0 | 31.23 | -15.39 | 0 |
| 20Q4 (8) | 21.81 | -19.88 | -14.94 | -0.12 | -102.48 | -101.28 | 14.67 | 19.95 | 11.9 | 12.17 | 41.35 | 10.24 | 1.28 | 39.13 | -20.5 | 1.13 | 39.51 | -17.52 | 0.09 | 0.0 | -25.0 | 31.40 | 3.87 | 17.74 | 15.15 | 7.91 | -21.71 | 0.00 | -100.0 | -100.0 | 100.00 | 83.33 | 300.0 | 36.91 | -6.91 | 0 |
| 20Q3 (7) | 27.22 | 53.53 | 4.69 | 4.83 | 250.0 | -52.88 | 12.23 | 75.97 | 6.53 | 8.61 | 87.99 | 2.14 | 0.92 | 67.27 | -11.54 | 0.81 | 68.75 | -8.99 | 0.09 | -10.0 | -10.0 | 30.23 | 31.89 | 7.96 | 14.04 | -25.64 | -32.08 | 36.36 | 154.55 | -60.0 | 54.55 | -23.64 | 500.0 | 39.65 | 20.33 | 1.28 |
| 20Q2 (6) | 17.73 | 23.12 | -27.45 | 1.38 | 0 | -76.21 | 6.95 | 465.04 | -4.4 | 4.58 | 5825.0 | -6.91 | 0.55 | 5600.0 | -14.06 | 0.48 | 2300.0 | -14.29 | 0.10 | -9.09 | -9.09 | 22.92 | 49.61 | 1.24 | 18.88 | -11.9 | -9.79 | 14.29 | 0 | -80.95 | 71.43 | -28.57 | 185.71 | 32.95 | 0 | -20.31 |
| 20Q1 (5) | 14.40 | -43.84 | -40.12 | 0.00 | -100.0 | -100.0 | 1.23 | -90.62 | 101.69 | -0.08 | -100.72 | 99.9 | -0.01 | -100.62 | 99.9 | 0.02 | -98.54 | 100.25 | 0.11 | -8.33 | 10.0 | 15.32 | -42.56 | 126.37 | 21.43 | 10.75 | -2.46 | -0.00 | -100.0 | 100.0 | 100.00 | 300.0 | -10.47 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 25.64 | -1.38 | 0.0 | 9.40 | -8.29 | 0.0 | 13.11 | 14.2 | 0.0 | 11.04 | 30.96 | 0.0 | 1.61 | 54.81 | 0.0 | 1.37 | 53.93 | 0.0 | 0.12 | 20.0 | 0.0 | 26.67 | -4.75 | 0.0 | 19.35 | -6.39 | 0.0 | 68.75 | -24.37 | 0.0 | 25.00 | 175.0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 26.00 | 6.38 | 0.0 | 10.25 | 76.72 | 0.0 | 11.48 | 57.91 | 0.0 | 8.43 | 71.34 | 0.0 | 1.04 | 62.5 | 0.0 | 0.89 | 58.93 | 0.0 | 0.10 | -9.09 | 0.0 | 28.00 | 23.67 | 0.0 | 20.67 | -1.24 | 0.0 | 90.91 | 21.21 | 0.0 | 9.09 | -63.64 | 0.0 | 39.15 | -5.32 | 0.0 |
| 19Q2 (2) | 24.44 | 1.62 | 0.0 | 5.80 | -35.34 | 0.0 | 7.27 | 109.96 | 0.0 | 4.92 | 106.25 | 0.0 | 0.64 | 106.46 | 0.0 | 0.56 | 106.88 | 0.0 | 0.11 | 10.0 | 0.0 | 22.64 | 138.97 | 0.0 | 20.93 | -4.73 | 0.0 | 75.00 | 741.67 | 0.0 | 25.00 | -77.62 | 0.0 | 41.35 | 6.65 | 0.0 |
| 19Q1 (1) | 24.05 | 0.0 | 0.0 | 8.97 | 0.0 | 0.0 | -72.97 | 0.0 | 0.0 | -78.68 | 0.0 | 0.0 | -9.90 | 0.0 | 0.0 | -8.14 | 0.0 | 0.0 | 0.10 | 0.0 | 0.0 | -58.10 | 0.0 | 0.0 | 21.97 | 0.0 | 0.0 | -11.69 | 0.0 | 0.0 | 111.69 | 0.0 | 0.0 | 38.77 | 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) | -12.97 | 0 | -58.49 | 0 | 21.19 | 48.31 | -50.74 | 0 | -59.98 | 0 | -9.55 | 0 | -6.31 | 0 | 0.11 | -52.17 | -27.97 | 0 | 95.62 | 1161.48 | 115.00 | -24.53 | -15.00 | 0 | 0.29 | 146.38 | 60.06 | 47.21 |
| 2022 (9) | 10.52 | -58.25 | -15.10 | 0 | 14.29 | 49.21 | -10.09 | 0 | -10.66 | 0 | -2.78 | 0 | -2.39 | 0 | 0.23 | -41.03 | 6.19 | -67.68 | 7.58 | -60.75 | 152.38 | 88.95 | -52.38 | 0 | 0.12 | 16.98 | 40.80 | 28.22 |
| 2021 (8) | 25.20 | 27.08 | 6.76 | 376.06 | 9.57 | -36.34 | 8.12 | -1.22 | 4.86 | -16.78 | 2.22 | -17.16 | 1.96 | -17.3 | 0.39 | 0.0 | 19.15 | -21.1 | 19.31 | 27.46 | 80.65 | 400.0 | 16.13 | -80.77 | 0.10 | -3.76 | 31.82 | -9.65 |
| 2020 (7) | 19.83 | -20.81 | 1.42 | -83.51 | 15.04 | 6.26 | 8.22 | 0 | 5.84 | 0 | 2.68 | 0 | 2.37 | 0 | 0.39 | -9.3 | 24.27 | 375.88 | 15.15 | -21.71 | 16.13 | 0 | 83.87 | -55.41 | 0.11 | -47.57 | 35.22 | -6.78 |
| 2019 (6) | 25.04 | -16.28 | 8.61 | -45.33 | 14.15 | 14.25 | -9.70 | 0 | -12.95 | 0 | -6.68 | 0 | -5.45 | 0 | 0.43 | 0.0 | 5.10 | -83.23 | 19.35 | -5.52 | -88.10 | 0 | 188.10 | 2282.54 | 0.20 | 1.61 | 37.78 | 5.68 |
| 2018 (5) | 29.91 | -18.37 | 15.75 | 73.84 | 12.39 | 16.22 | 17.20 | 1408.77 | 12.02 | 0 | 6.38 | 0 | 5.34 | 0 | 0.43 | -8.51 | 30.41 | 127.45 | 20.48 | -19.31 | 92.11 | -88.24 | 7.89 | 0 | 0.20 | -30.76 | 35.75 | 8.2 |
| 2017 (4) | 36.64 | 12.95 | 9.06 | -26.22 | 10.66 | -14.73 | 1.14 | -90.87 | -3.55 | 0 | -2.11 | 0 | -1.42 | 0 | 0.47 | 17.5 | 13.37 | -51.31 | 25.38 | -15.09 | 783.33 | 697.58 | -683.33 | 0 | 0.29 | 0 | 33.04 | -1.78 |
| 2016 (3) | 32.44 | -17.54 | 12.28 | -52.46 | 12.50 | 46.63 | 12.49 | -42.6 | 8.04 | -44.09 | 4.53 | -65.29 | 3.56 | -60.36 | 0.40 | -32.2 | 27.46 | -14.53 | 29.89 | -48.21 | 98.21 | -16.8 | 1.79 | 0 | 0.00 | 0 | 33.64 | 33.28 |
| 2015 (2) | 39.34 | -4.05 | 25.83 | 22.13 | 8.52 | -3.2 | 21.76 | -8.38 | 14.38 | -1.44 | 13.05 | 8.84 | 8.98 | 6.4 | 0.59 | 5.36 | 32.13 | -4.97 | 57.71 | 14.07 | 118.05 | 34.0 | -18.80 | 0 | 0.00 | 0 | 25.24 | -8.65 |
| 2014 (1) | 41.00 | 0 | 21.15 | 0 | 8.81 | -58.48 | 23.75 | 0 | 14.59 | 0 | 11.99 | 0 | 8.44 | 0 | 0.56 | 366.67 | 33.81 | 0 | 50.59 | 49.06 | 88.10 | -60.59 | 10.71 | 0 | 0.00 | 0 | 27.63 | -54.47 |
