- 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) | 30.22 | 17.04 | -5.83 | 19.61 | 133.22 | 114.89 | 25.72 | -82.77 | -90.9 | 20.07 | -86.46 | -91.16 | 4.96 | 303.25 | 204.29 | 1.51 | 287.18 | 196.08 | 0.07 | 0 | 0 | 27.30 | -85.61 | -91.35 | 229.11 | -5.45 | -1.19 | 76.04 | 295.05 | 262.94 | 23.64 | -82.99 | -83.88 | 5.35 | -95.28 | -96.62 |
| 23Q3 (19) | 25.82 | 8.03 | 33.51 | -59.03 | -557.24 | 34.52 | 149.31 | 686.26 | 254.79 | 148.22 | 824.06 | 251.09 | 1.23 | -71.13 | 286.36 | 0.39 | -69.05 | 295.0 | 0.00 | -100.0 | 0 | 189.74 | 836.53 | 416.23 | 242.31 | 3.79 | 8.19 | -38.98 | -157.61 | -141.87 | 138.98 | 335.73 | 1915.25 | 113.33 | 13077.91 | -15.61 |
| 23Q2 (18) | 23.90 | 8.64 | -14.83 | 12.91 | 113.64 | -35.42 | 18.99 | 107.33 | 2.76 | 16.04 | 106.31 | 1.65 | 4.26 | 369.62 | 162.96 | 1.26 | 380.0 | 125.0 | 0.08 | 0 | 166.67 | 20.26 | 109.15 | -1.94 | 233.47 | -9.72 | 17.3 | 67.67 | 87.4 | -37.53 | 31.90 | -50.07 | 482.76 | 0.86 | -99.66 | -89.45 |
| 23Q1 (17) | 22.00 | -31.44 | -41.98 | -94.65 | 28.12 | 6.76 | -258.92 | -191.59 | -383.87 | -254.24 | -211.96 | -440.8 | -1.58 | -196.93 | -403.85 | -0.45 | -188.24 | -325.0 | 0.00 | 0 | 0 | -221.43 | -170.16 | -276.0 | 258.62 | 11.53 | 31.93 | 36.11 | 177.38 | 132.62 | 63.89 | -56.44 | -70.19 | 250.27 | 57.95 | 94.72 |
| 22Q4 (16) | 32.09 | 65.93 | -11.16 | -131.68 | -46.07 | -1123.15 | 282.69 | 393.06 | 876.81 | 227.09 | 331.49 | 697.93 | 1.63 | 346.97 | -7.39 | 0.51 | 355.0 | -22.73 | 0.00 | 0 | -100.0 | 315.62 | 626.03 | 857.58 | 231.88 | 3.53 | 32.43 | -46.67 | -150.12 | -204.0 | 146.67 | 2026.67 | 166.05 | 158.45 | 17.98 | 680.93 |
| 22Q3 (15) | 19.34 | -31.08 | -43.6 | -90.15 | -550.98 | -2908.41 | -96.46 | -621.97 | -334.58 | -98.10 | -721.67 | -406.37 | -0.66 | -140.74 | -175.86 | -0.20 | -135.71 | -158.82 | 0.00 | -100.0 | -100.0 | -60.00 | -390.42 | -220.0 | 223.97 | 12.53 | 33.22 | 93.10 | -14.06 | 1017.24 | 6.90 | 182.76 | -92.64 | 134.30 | 1547.85 | 381.19 |
| 22Q2 (14) | 28.06 | -26.0 | -23.58 | 19.99 | 119.69 | -29.91 | 18.48 | -79.74 | -48.03 | 15.78 | -78.85 | -55.67 | 1.62 | 211.54 | -79.44 | 0.56 | 180.0 | -80.0 | 0.03 | 0 | -62.5 | 20.66 | -83.58 | -43.64 | 199.03 | 1.53 | 22.62 | 108.33 | 197.85 | 35.11 | -8.33 | -103.89 | -142.05 | 8.15 | -93.66 | 94.51 |
| 22Q1 (13) | 37.92 | 4.98 | 2.21 | -101.51 | -888.73 | -761.3 | 91.21 | 215.17 | 454.81 | 74.60 | 162.12 | 362.21 | 0.52 | -70.45 | -41.57 | 0.20 | -69.7 | -35.48 | 0.00 | -100.0 | -100.0 | 125.81 | 281.71 | 486.25 | 196.03 | 11.96 | -3.9 | -110.71 | -346.73 | -217.23 | 214.29 | 288.7 | 3757.14 | 128.53 | 533.46 | 702.81 |
| 21Q4 (12) | 36.12 | 5.34 | 126.6 | 12.87 | 300.93 | 175.0 | 28.94 | -29.62 | 213.54 | 28.46 | -11.12 | 185.17 | 1.76 | 102.3 | -62.63 | 0.66 | 94.12 | -57.14 | 0.02 | 100.0 | -86.67 | 32.96 | -34.08 | 161.17 | 175.09 | 4.15 | -9.16 | 44.87 | 438.46 | -11.22 | 55.13 | -41.2 | 11.47 | 20.29 | -27.3 | 120.07 |
| 21Q3 (11) | 34.29 | -6.62 | 82.78 | 3.21 | -88.74 | -42.37 | 41.12 | 15.64 | 886.09 | 32.02 | -10.06 | 852.98 | 0.87 | -88.96 | -21.62 | 0.34 | -87.86 | -8.11 | 0.01 | -87.5 | -90.0 | 50.00 | 36.39 | 491.02 | 168.12 | 3.57 | -28.07 | 8.33 | -89.61 | -93.75 | 93.75 | 373.08 | 381.25 | 27.91 | 566.11 | 239.95 |
| 21Q2 (10) | 36.72 | -1.02 | 181.16 | 28.52 | 85.8 | 614.8 | 35.56 | 116.3 | 479.15 | 35.60 | 120.57 | 947.06 | 7.88 | 785.39 | 994.44 | 2.80 | 803.23 | 976.92 | 0.08 | 300.0 | 14.29 | 36.66 | 70.83 | 187.08 | 162.32 | -20.43 | -25.28 | 80.18 | -15.1 | 189.26 | 19.82 | 256.71 | -89.65 | 4.19 | -73.83 | 0 |
| 21Q1 (9) | 37.10 | 132.75 | 212.29 | 15.35 | 227.99 | 275.23 | 16.44 | 78.11 | 174.42 | 16.14 | 61.72 | 186.17 | 0.89 | -81.1 | 125.43 | 0.31 | -79.87 | 128.7 | 0.02 | -86.67 | -66.67 | 21.46 | 70.05 | 259.2 | 203.99 | 5.84 | 0.53 | 94.44 | 86.86 | 136.74 | 5.56 | -88.77 | -90.84 | 16.01 | 73.64 | 0 |
| 20Q4 (8) | 15.94 | -15.03 | -12.61 | 4.68 | -15.98 | -7.51 | 9.23 | 121.34 | 263.39 | 9.98 | 197.02 | 264.23 | 4.71 | 324.32 | 390.62 | 1.54 | 316.22 | 234.78 | 0.15 | 50.0 | 15.38 | 12.62 | 49.17 | 64.75 | 192.74 | -17.54 | -1.81 | 50.54 | -62.09 | -74.73 | 49.46 | 248.37 | 149.46 | 9.22 | 12.3 | 8.09 |
| 20Q3 (7) | 18.76 | 43.64 | 34.38 | 5.57 | 200.54 | 226.02 | 4.17 | -32.08 | 456.41 | 3.36 | -1.18 | 187.96 | 1.11 | 54.17 | 219.35 | 0.37 | 42.31 | 215.62 | 0.10 | 42.86 | -9.09 | 8.46 | -33.75 | 55.8 | 233.73 | 7.59 | 85.77 | 133.33 | 248.43 | -63.12 | -33.33 | -117.4 | 87.62 | 8.21 | 0 | -19.27 |
| 20Q2 (6) | 13.06 | 9.93 | 0.38 | -5.54 | 36.76 | -124.29 | 6.14 | 127.8 | 115.44 | 3.40 | 118.15 | 22.74 | 0.72 | 120.57 | -5.26 | 0.26 | 124.07 | -45.83 | 0.07 | 16.67 | -50.0 | 12.77 | 194.73 | 49.71 | 217.25 | 7.07 | 99.18 | -89.83 | -325.18 | -5.87 | 191.53 | 215.85 | 3.61 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 11.88 | -34.87 | -25.98 | -8.76 | -273.12 | -9833.33 | -22.09 | -969.69 | -170.73 | -18.73 | -783.58 | -163.71 | -3.50 | -464.58 | -144.3 | -1.08 | -334.78 | -126.67 | 0.06 | -53.85 | -53.85 | -13.48 | -275.98 | -136.7 | 202.91 | 3.37 | 117.13 | 39.89 | -80.05 | 13623.4 | 60.64 | 160.64 | -39.18 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 18.24 | 30.66 | 0.0 | 5.06 | 214.48 | 0.0 | 2.54 | 317.09 | 0.0 | 2.74 | 171.73 | 0.0 | 0.96 | 203.23 | 0.0 | 0.46 | 243.75 | 0.0 | 0.13 | 18.18 | 0.0 | 7.66 | 41.07 | 0.0 | 196.30 | 56.02 | 0.0 | 200.00 | -44.68 | 0.0 | -100.00 | 62.86 | 0.0 | 8.53 | -16.13 | 0.0 |
| 19Q3 (3) | 13.96 | 7.3 | 0.0 | -4.42 | -78.95 | 0.0 | -1.17 | -141.05 | 0.0 | -3.82 | -237.91 | 0.0 | -0.93 | -222.37 | 0.0 | -0.32 | -166.67 | 0.0 | 0.11 | -21.43 | 0.0 | 5.43 | -36.34 | 0.0 | 125.82 | 15.36 | 0.0 | 361.54 | 526.1 | 0.0 | -269.23 | -245.65 | 0.0 | 10.17 | 3.67 | 0.0 |
| 19Q2 (2) | 13.01 | -18.94 | 0.0 | -2.47 | -2844.44 | 0.0 | 2.85 | -90.87 | 0.0 | 2.77 | -90.58 | 0.0 | 0.76 | -90.38 | 0.0 | 0.48 | -88.15 | 0.0 | 0.14 | 7.69 | 0.0 | 8.53 | -76.78 | 0.0 | 109.07 | 16.71 | 0.0 | -84.85 | -29287.88 | 0.0 | 184.85 | 85.39 | 0.0 | 9.81 | -3.25 | 0.0 |
| 19Q1 (1) | 16.05 | 0.0 | 0.0 | 0.09 | 0.0 | 0.0 | 31.23 | 0.0 | 0.0 | 29.40 | 0.0 | 0.0 | 7.90 | 0.0 | 0.0 | 4.05 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 36.73 | 0.0 | 0.0 | 93.45 | 0.0 | 0.0 | 0.29 | 0.0 | 0.0 | 99.71 | 0.0 | 0.0 | 10.14 | 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) | 26.98 | -4.93 | 13.83 | 0 | 1.40 | -76.82 | 21.20 | -33.23 | 17.06 | -32.38 | 8.92 | 186.82 | 2.80 | 164.15 | 0.16 | 300.0 | 23.57 | -40.31 | 229.11 | -1.19 | 65.16 | 0 | 34.84 | -66.87 | 0.01 | -40.42 | 7.59 | -75.18 |
| 2022 (9) | 28.38 | -22.2 | -1.71 | 0 | 6.03 | 188.07 | 31.75 | -1.03 | 25.23 | -19.34 | 3.11 | -72.86 | 1.06 | -74.08 | 0.04 | -69.23 | 39.49 | 13.41 | 231.88 | 32.43 | -5.17 | 0 | 105.17 | 232.48 | 0.02 | -51.51 | 30.58 | 189.86 |
| 2021 (8) | 36.48 | 134.45 | 21.92 | 2282.61 | 2.09 | -52.09 | 32.08 | 1351.58 | 31.28 | 1260.0 | 11.46 | 303.52 | 4.09 | 246.61 | 0.13 | -69.05 | 34.82 | 378.95 | 175.09 | -9.16 | 68.37 | 63.24 | 31.63 | -45.57 | 0.04 | -19.97 | 10.55 | -0.57 |
| 2020 (7) | 15.56 | -0.32 | 0.92 | 513.33 | 4.37 | -2.78 | 2.21 | -73.05 | 2.30 | -68.36 | 2.84 | -66.07 | 1.18 | -67.49 | 0.42 | -6.67 | 7.27 | -47.51 | 192.74 | -1.81 | 41.88 | 2323.08 | 58.12 | -40.86 | 0.05 | -94.29 | 10.61 | 11.22 |
| 2019 (6) | 15.61 | -36.42 | 0.15 | -98.92 | 4.50 | 687.3 | 8.20 | -40.49 | 7.27 | -49.05 | 8.37 | -68.88 | 3.63 | -68.87 | 0.45 | -43.75 | 13.85 | -7.23 | 196.30 | 82.81 | 1.73 | -98.28 | 98.27 | 0 | 0.91 | -46.03 | 9.54 | 82.76 |
| 2018 (5) | 24.55 | 57.07 | 13.89 | 0 | 0.57 | -50.1 | 13.78 | 0 | 14.27 | 0 | 26.90 | 0 | 11.66 | 0 | 0.80 | 166.67 | 14.93 | 0 | 107.38 | -41.01 | 100.71 | -38.5 | -0.71 | 0 | 1.68 | 0 | 5.22 | -62.09 |
| 2017 (4) | 15.63 | -11.09 | -6.83 | 0 | 1.14 | -0.05 | -4.17 | 0 | -4.33 | 0 | -3.43 | 0 | -1.18 | 0 | 0.30 | -16.67 | -2.24 | 0 | 182.02 | 25.52 | 163.75 | 0 | -63.75 | 0 | 0.00 | 0 | 13.77 | 8.94 |
| 2016 (3) | 17.58 | -33.43 | -2.92 | 0 | 1.15 | -16.94 | 2.05 | -57.82 | 1.37 | -67.15 | 1.17 | -50.0 | 0.60 | -48.72 | 0.36 | 44.0 | 3.80 | -44.85 | 145.01 | 14.33 | -143.59 | 0 | 243.59 | 421.98 | 0.00 | 0 | 12.64 | -21.3 |
| 2015 (2) | 26.41 | 8.64 | 2.55 | -28.97 | 1.38 | -4.96 | 4.86 | -69.64 | 4.17 | -70.36 | 2.34 | -64.33 | 1.17 | -63.55 | 0.25 | 13.64 | 6.89 | -62.0 | 126.83 | 11.06 | 53.33 | 134.67 | 46.67 | -40.11 | 0.00 | 0 | 16.06 | 17.31 |
| 2014 (1) | 24.31 | 0 | 3.59 | 0 | 1.45 | -4.01 | 16.01 | 0 | 14.07 | 0 | 6.56 | 0 | 3.21 | 0 | 0.22 | -8.33 | 18.13 | -7.74 | 114.20 | 6.05 | 22.73 | 2831.82 | 77.92 | -21.47 | 0.00 | 0 | 13.69 | 4.03 |
