- 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) | 26.98 | -4.16 | 31.61 | 0.74 | -79.89 | -85.2 | 0.37 | -92.99 | -89.02 | -0.04 | -101.35 | -102.68 | -0.01 | -100.66 | -101.09 | 0.13 | -83.95 | -75.93 | 0.18 | -10.0 | -30.77 | 4.53 | -50.81 | -29.0 | 65.73 | -51.81 | -51.21 | 200.00 | 186.61 | 34.72 | -100.00 | -430.91 | -106.35 | 24.43 | -2.63 | 32.41 |
| 23Q3 (19) | 28.15 | 12.96 | 98.66 | 3.68 | -6.36 | 657.58 | 5.28 | -1.49 | 162.69 | 2.97 | -19.51 | 364.06 | 1.52 | -18.72 | 289.74 | 0.81 | -8.99 | 170.0 | 0.20 | 0.0 | -25.93 | 9.21 | 0.77 | 89.51 | 136.40 | -21.22 | -1.32 | 69.78 | -4.54 | 312.13 | 30.22 | 12.34 | -77.26 | 25.09 | 19.19 | 42.8 |
| 23Q2 (18) | 24.92 | 4.79 | 77.87 | 3.93 | 35.05 | 1191.67 | 5.36 | 48.07 | 243.59 | 3.69 | 135.03 | 79.13 | 1.87 | 167.14 | 59.83 | 0.89 | 97.78 | 39.06 | 0.20 | 5.26 | -25.93 | 9.14 | 14.97 | 111.09 | 173.15 | 30.08 | 47.58 | 73.10 | -8.85 | 422.86 | 26.90 | 35.85 | -78.07 | 21.05 | -2.77 | 13.78 |
| 23Q1 (17) | 23.78 | 16.0 | 109.15 | 2.91 | -41.8 | 161.01 | 3.62 | 7.42 | 250.83 | 1.57 | 5.37 | 157.93 | 0.70 | -23.91 | 151.09 | 0.45 | -16.67 | 183.33 | 0.19 | -26.92 | -17.39 | 7.95 | 24.61 | 1142.19 | 133.11 | -1.2 | 23.31 | 80.20 | -45.98 | -59.62 | 19.80 | 140.86 | 120.08 | 21.65 | 17.34 | 7.6 |
| 22Q4 (16) | 20.50 | 44.67 | 50.51 | 5.00 | 857.58 | 2480.95 | 3.37 | 67.66 | 1972.22 | 1.49 | 132.81 | 482.05 | 0.92 | 135.9 | 417.24 | 0.54 | 80.0 | 1900.0 | 0.26 | -3.7 | -13.33 | 6.38 | 31.28 | 196.74 | 134.73 | -2.53 | 1.15 | 148.46 | 551.32 | 29.9 | -48.46 | -136.47 | -239.23 | 18.45 | 5.01 | 8.72 |
| 22Q3 (15) | 14.17 | 1.14 | 12.19 | -0.66 | -83.33 | 58.49 | 2.01 | 28.85 | 409.23 | 0.64 | -68.93 | 228.0 | 0.39 | -66.67 | 208.33 | 0.30 | -53.12 | 600.0 | 0.27 | 0.0 | 0.0 | 4.86 | 12.24 | 134.78 | 138.23 | 17.81 | -17.01 | -32.89 | -45.29 | -113.16 | 132.89 | 8.36 | 188.6 | 17.57 | -5.03 | -8.77 |
| 22Q2 (14) | 14.01 | 23.22 | 23.76 | -0.36 | 92.45 | 90.5 | 1.56 | 165.0 | 143.33 | 2.06 | 176.01 | 152.15 | 1.17 | 185.4 | 146.8 | 0.64 | 218.52 | 171.11 | 0.27 | 17.39 | 12.5 | 4.33 | 576.56 | 821.67 | 117.33 | 8.69 | -29.65 | -22.64 | -111.4 | -121.58 | 122.64 | 224.39 | 2601.89 | 18.50 | -8.05 | -10.28 |
| 22Q1 (13) | 11.37 | -16.52 | 19.31 | -4.77 | -2171.43 | 30.57 | -2.40 | -1233.33 | 63.91 | -2.71 | -594.87 | 59.61 | -1.37 | -372.41 | 62.67 | -0.54 | -1700.0 | 64.0 | 0.23 | -23.33 | 0.0 | 0.64 | -70.23 | 118.71 | 107.95 | -18.96 | -29.2 | 198.59 | 73.77 | 91.78 | -98.59 | -590.14 | -2677.0 | 20.12 | 18.56 | -9.29 |
| 21Q4 (12) | 13.62 | 7.84 | 10.02 | -0.21 | 86.79 | 92.19 | -0.18 | 72.31 | -800.0 | -0.39 | 22.0 | -149.37 | -0.29 | 19.44 | -164.44 | -0.03 | 50.0 | -111.54 | 0.30 | 11.11 | 11.11 | 2.15 | 3.86 | -30.19 | 133.20 | -20.03 | 12.5 | 114.29 | -54.29 | -98.41 | -14.29 | 90.48 | 99.8 | 16.97 | -11.89 | -20.25 |
| 21Q3 (11) | 12.63 | 11.57 | -7.74 | -1.59 | 58.05 | 18.88 | -0.65 | 81.94 | -201.56 | -0.50 | 87.34 | -163.29 | -0.36 | 85.6 | -183.72 | -0.06 | 93.33 | -123.08 | 0.27 | 12.5 | 0.0 | 2.07 | 445.0 | -48.76 | 166.57 | -0.12 | 58.01 | 250.00 | 138.32 | 181.63 | -150.00 | -2960.0 | -136.36 | 19.26 | -6.6 | -8.37 |
| 21Q2 (10) | 11.32 | 18.78 | -12.59 | -3.79 | 44.83 | -27.61 | -3.60 | 45.86 | -304.49 | -3.95 | 41.13 | -184.17 | -2.50 | 31.88 | -242.47 | -0.90 | 40.0 | -172.73 | 0.24 | 4.35 | -14.29 | -0.60 | 82.46 | -123.44 | 166.77 | 9.38 | 71.03 | 104.90 | 1.31 | -68.39 | -4.90 | -38.07 | 97.89 | 20.62 | -7.03 | -1.86 |
| 21Q1 (9) | 9.53 | -23.02 | -17.13 | -6.87 | -155.39 | 38.44 | -6.65 | -33150.0 | 27.72 | -6.71 | -949.37 | 33.56 | -3.67 | -915.56 | -9.88 | -1.50 | -676.92 | 13.29 | 0.23 | -14.81 | 27.78 | -3.42 | -211.04 | 2.29 | 152.47 | 28.78 | 85.1 | 103.55 | -98.56 | -14.48 | -3.55 | 99.95 | 83.16 | 22.18 | 4.23 | -14.92 |
| 20Q4 (8) | 12.38 | -9.57 | -18.23 | -2.69 | -37.24 | -589.09 | -0.02 | -103.12 | -120.0 | 0.79 | 0.0 | 1416.67 | 0.45 | 4.65 | 1600.0 | 0.26 | 0.0 | 766.67 | 0.27 | 0.0 | 0.0 | 3.08 | -23.76 | -16.76 | 118.40 | 12.31 | 26.0 | 7200.00 | 2451.02 | 1442.86 | -7100.00 | -1821.21 | -1836.36 | 21.28 | 1.24 | 2.36 |
| 20Q3 (7) | 13.69 | 5.71 | -15.07 | -1.96 | 34.01 | -275.0 | 0.64 | 171.91 | -50.0 | 0.79 | 156.83 | -63.93 | 0.43 | 158.9 | -62.93 | 0.26 | 178.79 | -61.76 | 0.27 | -3.57 | -6.9 | 4.04 | 57.81 | -16.87 | 105.42 | 8.11 | 24.76 | -306.25 | -192.29 | -447.08 | 412.50 | 277.94 | 3406.25 | 21.02 | 0.05 | 16.07 |
| 20Q2 (6) | 12.95 | 12.61 | -4.07 | -2.97 | 73.39 | -56.32 | -0.89 | 90.33 | -1.14 | -1.39 | 86.24 | -230.95 | -0.73 | 78.14 | -231.82 | -0.33 | 80.92 | -312.5 | 0.28 | 55.56 | -3.45 | 2.56 | 173.14 | 0.39 | 97.51 | 18.38 | 12.57 | 331.82 | 174.03 | 56.15 | -231.82 | -999.27 | -98.7 | 21.01 | -19.41 | 9.2 |
| 20Q1 (5) | 11.50 | -24.04 | -7.18 | -11.16 | -2129.09 | -332.56 | -9.20 | -9300.0 | -355.45 | -10.10 | -16733.33 | -231.15 | -3.34 | -11033.33 | -103.66 | -1.73 | -5866.67 | -118.99 | 0.18 | -33.33 | -35.71 | -3.50 | -194.59 | -346.48 | 82.37 | -12.34 | -2.82 | 121.09 | -74.05 | -6.2 | -21.09 | 94.25 | 27.51 | 26.07 | 25.4 | 37.94 |
| 19Q4 (4) | 15.14 | -6.08 | 0.0 | 0.55 | -50.89 | 0.0 | 0.10 | -92.19 | 0.0 | -0.06 | -102.74 | 0.0 | -0.03 | -102.59 | 0.0 | 0.03 | -95.59 | 0.0 | 0.27 | -6.9 | 0.0 | 3.70 | -23.87 | 0.0 | 93.97 | 11.21 | 0.0 | 466.67 | 428.89 | 0.0 | -366.67 | -3216.67 | 0.0 | 20.79 | 14.8 | 0.0 |
| 19Q3 (3) | 16.12 | 19.41 | 0.0 | 1.12 | 158.95 | 0.0 | 1.28 | 245.45 | 0.0 | 2.19 | 621.43 | 0.0 | 1.16 | 627.27 | 0.0 | 0.68 | 950.0 | 0.0 | 0.29 | 0.0 | 0.0 | 4.86 | 90.59 | 0.0 | 84.50 | -2.45 | 0.0 | 88.24 | -58.48 | 0.0 | 11.76 | 110.08 | 0.0 | 18.11 | -5.87 | 0.0 |
| 19Q2 (2) | 13.50 | 8.96 | 0.0 | -1.90 | 26.36 | 0.0 | -0.88 | 56.44 | 0.0 | -0.42 | 86.23 | 0.0 | -0.22 | 86.59 | 0.0 | -0.08 | 89.87 | 0.0 | 0.29 | 3.57 | 0.0 | 2.55 | 79.58 | 0.0 | 86.62 | 2.19 | 0.0 | 212.50 | 64.61 | 0.0 | -116.67 | -301.04 | 0.0 | 19.24 | 1.8 | 0.0 |
| 19Q1 (1) | 12.39 | 0.0 | 0.0 | -2.58 | 0.0 | 0.0 | -2.02 | 0.0 | 0.0 | -3.05 | 0.0 | 0.0 | -1.64 | 0.0 | 0.0 | -0.79 | 0.0 | 0.0 | 0.28 | 0.0 | 0.0 | 1.42 | 0.0 | 0.0 | 84.76 | 0.0 | 0.0 | 129.09 | 0.0 | 0.0 | -29.09 | 0.0 | 0.0 | 18.90 | 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) | 26.05 | 70.48 | 2.88 | 2780.0 | 2.83 | 25.94 | 3.77 | 181.34 | 2.13 | 317.65 | 3.36 | 184.75 | 2.43 | 155.79 | 0.82 | -17.17 | 7.80 | 83.1 | 65.73 | -51.21 | 76.51 | 927.4 | 23.71 | -74.39 | 0.30 | 7.35 | 23.11 | 24.38 |
| 2022 (9) | 15.28 | 27.44 | 0.10 | 0 | 2.25 | -3.48 | 1.34 | 0 | 0.51 | 0 | 1.18 | 0 | 0.95 | 0 | 0.99 | -2.94 | 4.26 | 1152.94 | 134.73 | 1.15 | 7.45 | -93.45 | 92.55 | 0 | 0.28 | 23.41 | 18.58 | -4.57 |
| 2021 (8) | 11.99 | -5.89 | -2.76 | 0 | 2.33 | -30.12 | -2.43 | 0 | -2.54 | 0 | -5.91 | 0 | -2.34 | 0 | 1.02 | 9.68 | 0.34 | -83.5 | 133.20 | 12.5 | 113.76 | -53.34 | -13.76 | 0 | 0.23 | -15.72 | 19.47 | -11.38 |
| 2020 (7) | 12.74 | -10.72 | -4.03 | 0 | 3.33 | 6.06 | -1.66 | 0 | -1.67 | 0 | -3.20 | 0 | -1.37 | 0 | 0.93 | -13.08 | 2.06 | -33.97 | 118.40 | 26.0 | 243.79 | 31.27 | -143.14 | 0 | 0.27 | -21.96 | 21.97 | 14.19 |
| 2019 (6) | 14.27 | 37.08 | -0.73 | 0 | 3.14 | 24.63 | -0.39 | 0 | -0.36 | 0 | -0.76 | 0 | -0.20 | 0 | 1.07 | -8.55 | 3.12 | 122.86 | 93.97 | -11.16 | 185.71 | -7.4 | -85.71 | 0 | 0.35 | 13.35 | 19.24 | -5.27 |
| 2018 (5) | 10.41 | -10.57 | -2.97 | 0 | 2.52 | -8.24 | -1.48 | 0 | -2.03 | 0 | -4.71 | 0 | -2.20 | 0 | 1.17 | 13.59 | 1.40 | -64.91 | 105.78 | 15.22 | 200.56 | 0 | -100.56 | 0 | 0.31 | 0 | 20.31 | -0.68 |
| 2017 (4) | 11.64 | -3.4 | -1.83 | 0 | 2.75 | -15.02 | 0.72 | 0 | 0.06 | 0 | 0.13 | 0 | 0.33 | 0 | 1.03 | 5.1 | 3.99 | 189.13 | 91.81 | -31.1 | -251.22 | 0 | 350.00 | 0 | 0.00 | 0 | 20.45 | -1.54 |
| 2016 (3) | 12.05 | 32.56 | -2.72 | 0 | 3.23 | -7.08 | -2.31 | 0 | -2.65 | 0 | -5.67 | 0 | -2.37 | 0 | 0.98 | 1.03 | 1.38 | 0 | 133.25 | 30.15 | 117.94 | -11.26 | -17.94 | 0 | 0.00 | 0 | 20.77 | -9.5 |
| 2015 (2) | 9.09 | -34.7 | -5.55 | 0 | 3.48 | 7.9 | -4.18 | 0 | -4.60 | 0 | -8.58 | 0 | -4.24 | 0 | 0.97 | -14.91 | -0.27 | 0 | 102.38 | 23.95 | 132.90 | 2229.72 | -32.90 | 0 | 0.00 | 0 | 22.95 | 7.65 |
| 2014 (1) | 13.92 | 0 | 0.14 | 0 | 3.22 | -7.25 | 2.39 | 0 | 1.19 | 0 | 2.42 | 0 | 1.55 | 0 | 1.14 | -5.79 | 5.94 | -3.57 | 82.60 | 11.2 | 5.70 | -88.93 | 94.30 | 95.84 | 0.00 | 0 | 21.32 | 5.65 |
