- 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) | 16.18 | -15.07 | 68.02 | -11.71 | -475.32 | -52.87 | 0.21 | -97.98 | 105.93 | 2.09 | -71.25 | 163.53 | 0.28 | -76.67 | 156.0 | 0.28 | -62.16 | 275.0 | 0.07 | -22.22 | -12.5 | 8.29 | -49.14 | 167.42 | 80.66 | -1.77 | -3.53 | -6800.00 | -22273.91 | -3238.46 | 6900.00 | 9664.15 | 6014.29 | 26.92 | 19.64 | 4.1 |
| 23Q3 (19) | 19.05 | 45.53 | 51.79 | 3.12 | 152.44 | 175.0 | 10.41 | 308.24 | -8.04 | 7.27 | 605.83 | -58.07 | 1.20 | 650.0 | -58.9 | 0.74 | 335.29 | -50.99 | 0.09 | 12.5 | 12.5 | 16.30 | 80.71 | -3.44 | 82.11 | -3.24 | -15.52 | 30.67 | 112.91 | 182.42 | 70.67 | -79.44 | -48.5 | 22.50 | 1.21 | -13.93 |
| 23Q2 (18) | 13.09 | 718.12 | -17.57 | -5.95 | 75.23 | -287.7 | 2.55 | 128.15 | -65.12 | 1.03 | 108.61 | 160.95 | 0.16 | 114.95 | 141.03 | 0.17 | 134.0 | 213.33 | 0.08 | 60.0 | -33.33 | 9.02 | 395.6 | -15.31 | 84.86 | -0.12 | -15.91 | -237.50 | -190.35 | -644.85 | 343.75 | 311.07 | 509.38 | 22.23 | -37.43 | 1.32 |
| 23Q1 (17) | 1.60 | -83.39 | -89.56 | -24.02 | -213.58 | -1370.9 | -9.06 | -155.93 | -177.17 | -11.96 | -263.53 | -1358.54 | -1.07 | -114.0 | -529.41 | -0.50 | -212.5 | -900.0 | 0.05 | -37.5 | -54.55 | 1.82 | -41.29 | -87.95 | 84.96 | 1.61 | -7.34 | 262.86 | 21.32 | 1490.98 | -162.86 | -39.59 | -293.08 | 35.53 | 37.39 | 56.11 |
| 22Q4 (16) | 9.63 | -23.27 | -40.07 | -7.66 | -84.13 | -337.89 | -3.54 | -131.27 | -390.16 | -3.29 | -118.97 | -404.63 | -0.50 | -117.12 | -292.31 | -0.16 | -110.6 | -180.0 | 0.08 | 0.0 | -33.33 | 3.10 | -81.64 | -27.4 | 83.61 | -13.98 | -12.44 | 216.67 | 682.29 | -15.74 | -116.67 | -185.03 | 25.76 | 25.86 | -1.07 | -0.61 |
| 22Q3 (15) | 12.55 | -20.97 | -26.95 | -4.16 | -231.23 | -207.77 | 11.32 | 54.86 | 113.18 | 17.34 | 1126.04 | 174.8 | 2.92 | 848.72 | 117.91 | 1.51 | 1106.67 | 112.68 | 0.08 | -33.33 | -27.27 | 16.88 | 58.5 | 101.67 | 97.20 | -3.69 | -8.51 | -37.21 | -185.36 | -150.57 | 137.21 | 143.23 | 384.81 | 26.14 | 19.14 | -4.63 |
| 22Q2 (14) | 15.88 | 3.59 | 9.14 | 3.17 | 67.72 | 239.65 | 7.31 | -37.73 | -27.48 | -1.69 | -106.1 | -115.45 | -0.39 | -129.41 | -118.66 | -0.15 | -200.0 | -113.51 | 0.12 | 9.09 | 20.0 | 10.65 | -29.47 | -20.88 | 100.92 | 10.07 | 9.71 | 43.59 | 163.83 | 290.96 | 56.41 | -33.12 | -54.07 | 21.94 | -3.6 | -34.35 |
| 22Q1 (13) | 15.33 | -4.6 | -18.11 | 1.89 | -41.3 | 116.77 | 11.74 | 862.3 | -96.52 | -0.82 | -175.93 | -100.41 | -0.17 | -165.38 | -100.48 | -0.05 | -125.0 | -100.33 | 0.11 | -8.33 | 37.5 | 15.10 | 253.63 | -95.59 | 91.69 | -3.98 | -3.24 | 16.52 | -93.57 | 592.63 | 84.35 | 153.68 | -18.36 | 22.76 | -12.53 | -32.12 |
| 21Q4 (12) | 16.07 | -6.46 | -21.65 | 3.22 | -16.58 | -40.15 | 1.22 | -77.02 | -76.45 | 1.08 | -82.88 | -77.36 | 0.26 | -80.6 | -81.69 | 0.20 | -71.83 | -71.83 | 0.12 | 9.09 | 0.0 | 4.27 | -48.98 | -57.0 | 95.49 | -10.12 | -50.26 | 257.14 | 249.45 | 147.44 | -157.14 | -655.24 | -3907.14 | 26.02 | -5.07 | 11.2 |
| 21Q3 (11) | 17.18 | 18.08 | -25.85 | 3.86 | 270.04 | -34.02 | 5.31 | -47.32 | 2.91 | 6.31 | -42.32 | 2.77 | 1.34 | -35.89 | -12.99 | 0.71 | -36.04 | -8.97 | 0.11 | 10.0 | -8.33 | 8.37 | -37.82 | -9.61 | 106.24 | 15.49 | 3.95 | 73.58 | 422.37 | -35.61 | 28.30 | -76.96 | 298.11 | 27.41 | -17.98 | 9.99 |
| 21Q2 (10) | 14.55 | -22.28 | -35.96 | -2.27 | 79.86 | -150.9 | 10.08 | -97.02 | 16.94 | 10.94 | -94.54 | -11.13 | 2.09 | -94.15 | -18.68 | 1.11 | -92.73 | -17.78 | 0.10 | 25.0 | -9.09 | 13.46 | -96.07 | 1.43 | 91.99 | -2.92 | -9.88 | -22.83 | -580.61 | -144.18 | 122.83 | 18.89 | 154.12 | 33.42 | -0.33 | 0 |
| 21Q1 (9) | 18.72 | -8.73 | -20.34 | -11.27 | -309.48 | -928.68 | 337.77 | 6420.66 | 23855.32 | 200.49 | 4103.14 | 14219.01 | 35.75 | 2417.61 | 16350.0 | 15.26 | 2049.3 | 15360.0 | 0.08 | -33.33 | -11.11 | 342.54 | 3349.55 | 4800.43 | 94.76 | -50.64 | 11.27 | -3.35 | -103.23 | -103.83 | 103.31 | 2734.48 | 0 | 33.53 | 43.29 | 0 |
| 20Q4 (8) | 20.51 | -11.48 | -7.65 | 5.38 | -8.03 | -37.66 | 5.18 | 0.39 | -50.71 | 4.77 | -22.31 | -63.59 | 1.42 | -7.79 | -65.37 | 0.71 | -8.97 | -70.54 | 0.12 | 0.0 | -33.33 | 9.93 | 7.24 | -27.78 | 191.98 | 87.85 | 145.84 | 103.92 | -9.07 | 25.8 | -3.92 | 72.55 | -121.48 | 23.40 | -6.1 | 36.76 |
| 20Q3 (7) | 23.17 | 1.98 | -11.43 | 5.85 | 31.17 | -52.17 | 5.16 | -40.14 | -67.77 | 6.14 | -50.12 | -40.04 | 1.54 | -40.08 | -46.34 | 0.78 | -42.22 | -53.57 | 0.12 | 9.09 | -25.0 | 9.26 | -30.22 | -52.17 | 102.20 | 0.13 | 39.85 | 114.29 | 121.2 | 50.12 | -14.29 | -129.56 | -159.85 | 24.92 | 0 | 21.68 |
| 20Q2 (6) | 22.72 | -3.32 | 4.51 | 4.46 | 227.94 | -47.28 | 8.62 | 511.35 | -30.26 | 12.31 | 966.9 | 18.37 | 2.57 | 1268.18 | -18.15 | 1.35 | 1450.0 | -27.81 | 0.11 | 22.22 | -38.89 | 13.27 | 89.84 | -14.39 | 102.07 | 19.86 | 39.12 | 51.67 | -40.95 | -24.26 | 48.33 | 0 | 52.07 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 23.50 | 5.81 | 8.8 | 1.36 | -84.24 | -73.28 | 1.41 | -86.58 | -87.29 | -1.42 | -110.84 | -116.3 | -0.22 | -105.37 | -111.4 | -0.10 | -104.15 | -108.47 | 0.09 | -50.0 | -30.77 | 6.99 | -49.16 | -54.93 | 85.16 | 9.05 | 30.91 | 87.50 | 5.92 | 88.46 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 22.21 | -15.1 | 0.0 | 8.63 | -29.44 | 0.0 | 10.51 | -34.35 | 0.0 | 13.10 | 27.93 | 0.0 | 4.10 | 42.86 | 0.0 | 2.41 | 43.45 | 0.0 | 0.18 | 12.5 | 0.0 | 13.75 | -28.98 | 0.0 | 78.09 | 6.86 | 0.0 | 82.61 | 8.51 | 0.0 | 18.26 | -23.5 | 0.0 | 17.11 | -16.46 | 0.0 |
| 19Q3 (3) | 26.16 | 20.33 | 0.0 | 12.23 | 44.56 | 0.0 | 16.01 | 29.53 | 0.0 | 10.24 | -1.54 | 0.0 | 2.87 | -8.6 | 0.0 | 1.68 | -10.16 | 0.0 | 0.16 | -11.11 | 0.0 | 19.36 | 24.9 | 0.0 | 73.08 | -0.4 | 0.0 | 76.13 | 11.6 | 0.0 | 23.87 | -24.89 | 0.0 | 20.48 | 11.0 | 0.0 |
| 19Q2 (2) | 21.74 | 0.65 | 0.0 | 8.46 | 66.21 | 0.0 | 12.36 | 11.45 | 0.0 | 10.40 | 19.4 | 0.0 | 3.14 | 62.69 | 0.0 | 1.87 | 58.47 | 0.0 | 0.18 | 38.46 | 0.0 | 15.50 | -0.06 | 0.0 | 73.37 | 12.79 | 0.0 | 68.22 | 46.93 | 0.0 | 31.78 | -41.96 | 0.0 | 18.45 | -19.15 | 0.0 |
| 19Q1 (1) | 21.60 | 0.0 | 0.0 | 5.09 | 0.0 | 0.0 | 11.09 | 0.0 | 0.0 | 8.71 | 0.0 | 0.0 | 1.93 | 0.0 | 0.0 | 1.18 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 15.51 | 0.0 | 0.0 | 65.05 | 0.0 | 0.0 | 46.43 | 0.0 | 0.0 | 54.76 | 0.0 | 0.0 | 22.82 | 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) | 13.82 | 0.22 | -7.53 | 0 | 5.36 | 53.45 | 2.50 | -65.89 | 1.09 | -54.58 | 0.59 | -68.28 | 0.71 | -41.8 | 0.30 | -26.83 | 9.82 | -16.78 | 80.66 | -3.53 | -303.45 | 0 | 403.45 | 259.87 | 0.19 | -29.17 | 25.67 | 7.63 |
| 2022 (9) | 13.79 | -16.47 | -0.89 | 0 | 3.49 | 22.94 | 7.33 | -89.4 | 2.40 | -94.45 | 1.86 | -95.44 | 1.22 | -93.01 | 0.41 | 2.5 | 11.80 | -83.77 | 83.61 | -12.44 | -12.11 | 0 | 112.11 | 10.96 | 0.27 | 64.84 | 23.85 | -19.51 |
| 2021 (8) | 16.51 | -25.86 | -0.73 | 0 | 2.84 | -27.07 | 69.18 | 1207.75 | 43.22 | 649.05 | 40.80 | 700.0 | 17.45 | 633.19 | 0.40 | 5.26 | 72.69 | 627.63 | 95.49 | -50.26 | -1.04 | 0 | 101.04 | 644.0 | 0.17 | -9.95 | 29.63 | 23.3 |
| 2020 (7) | 22.27 | -2.96 | 4.58 | -47.9 | 3.90 | 25.67 | 5.29 | -57.68 | 5.77 | -46.57 | 5.10 | -57.71 | 2.38 | -66.62 | 0.38 | -41.54 | 9.99 | -37.37 | 191.98 | 145.84 | 86.42 | 23.02 | 13.58 | -54.36 | 0.18 | -2.9 | 24.03 | 23.61 |
| 2019 (6) | 22.95 | 15.56 | 8.79 | 74.4 | 3.10 | -8.68 | 12.50 | 74.34 | 10.80 | 120.41 | 12.06 | 144.62 | 7.13 | 127.07 | 0.65 | 6.56 | 15.95 | 45.0 | 78.09 | 17.32 | 70.25 | 0.3 | 29.75 | -0.69 | 0.19 | -3.13 | 19.44 | -8.22 |
| 2018 (5) | 19.86 | -21.9 | 5.04 | -55.04 | 3.40 | 1.92 | 7.17 | -47.16 | 4.90 | -49.8 | 4.93 | -50.0 | 3.14 | -51.24 | 0.61 | -6.15 | 11.00 | -36.31 | 66.56 | 8.56 | 70.04 | -15.22 | 29.96 | 72.36 | 0.20 | -21.81 | 21.18 | 16.89 |
| 2017 (4) | 25.43 | 9.09 | 11.21 | 15.33 | 3.33 | -16.19 | 13.57 | 7.53 | 9.76 | 1.67 | 9.86 | 2.18 | 6.44 | -0.31 | 0.65 | -1.52 | 17.27 | 1.53 | 61.31 | 22.23 | 82.62 | 6.94 | 17.38 | -24.3 | 0.25 | 0 | 18.12 | 3.54 |
| 2016 (3) | 23.31 | 34.58 | 9.72 | 89.47 | 3.98 | -5.11 | 12.62 | 45.22 | 9.60 | 38.13 | 9.65 | 21.38 | 6.46 | 21.89 | 0.66 | -9.59 | 17.01 | 25.54 | 50.16 | -7.69 | 77.25 | 31.15 | 22.96 | -43.75 | 0.00 | 0 | 17.50 | 5.42 |
| 2015 (2) | 17.32 | 100.46 | 5.13 | 0 | 4.19 | -15.88 | 8.69 | 0 | 6.95 | 0 | 7.95 | 0 | 5.30 | 0 | 0.73 | 21.67 | 13.55 | 0 | 54.34 | -5.23 | 58.90 | -32.64 | 40.82 | 237.16 | 0.00 | 0 | 16.60 | -19.38 |
| 2014 (1) | 8.64 | 0 | -5.21 | 0 | 4.98 | 91.0 | -5.94 | 0 | -5.81 | 0 | -5.16 | 0 | -3.41 | 0 | 0.60 | -43.93 | -0.45 | 0 | 57.34 | 36.91 | 87.44 | -6.61 | 12.11 | 90.04 | 0.00 | 0 | 20.59 | 46.03 |
