- 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) | 13.79 | -7.88 | 22.91 | 6.23 | 268.64 | 187.1 | 4.68 | 7.34 | 554.37 | 4.04 | 20.24 | 496.08 | 1.33 | 27.88 | 592.59 | 0.88 | 22.22 | 0 | 0.18 | 5.88 | 28.57 | 13.18 | -7.18 | 21.7 | 77.89 | -8.15 | -7.97 | 132.35 | 242.91 | 163.53 | -32.35 | -152.69 | -110.49 | 19.07 | -21.33 | 2.09 |
| 23Q3 (19) | 14.97 | 3.96 | 87.83 | 1.69 | -52.66 | 158.89 | 4.36 | -46.63 | 15.34 | 3.36 | -51.16 | 19.15 | 1.04 | -47.74 | 25.3 | 0.72 | -41.94 | 24.14 | 0.17 | 6.25 | 13.33 | 14.20 | -25.34 | -2.54 | 84.80 | -1.52 | -6.49 | 38.60 | -11.14 | 151.46 | 61.40 | 8.55 | -64.91 | 24.24 | 8.8 | 15.15 |
| 23Q2 (18) | 14.40 | 7.87 | 5.34 | 3.57 | 84.02 | 162.5 | 8.17 | 332.28 | 96.39 | 6.88 | 468.6 | 124.84 | 1.99 | 521.88 | 95.1 | 1.24 | 275.76 | 87.88 | 0.16 | 14.29 | -5.88 | 19.02 | 38.63 | 39.24 | 86.11 | 8.21 | -16.14 | 43.43 | -56.57 | 30.3 | 56.57 | 0 | -15.15 | 22.28 | -0.8 | 6.45 |
| 23Q1 (17) | 13.35 | 18.98 | 17.93 | 1.94 | -10.6 | 369.44 | 1.89 | 283.5 | -26.74 | 1.21 | 218.63 | -32.78 | 0.32 | 218.52 | -42.86 | 0.33 | 0 | -21.43 | 0.14 | 0.0 | -12.5 | 13.72 | 26.69 | 9.85 | 79.58 | -5.98 | -16.45 | 100.00 | 148.0 | 440.0 | 0.00 | -100.0 | -100.0 | 22.46 | 20.24 | 0.85 |
| 22Q4 (16) | 11.22 | 40.78 | -36.14 | 2.17 | 175.61 | -65.99 | -1.03 | -127.25 | -128.89 | -1.02 | -136.17 | -212.09 | -0.27 | -132.53 | -181.82 | 0.00 | -100.0 | -100.0 | 0.14 | -6.67 | -26.32 | 10.83 | -25.67 | 27.26 | 84.64 | -6.67 | -15.15 | -208.33 | -177.78 | 84.97 | 308.33 | 76.19 | -79.05 | 18.68 | -11.26 | -11.05 |
| 22Q3 (15) | 7.97 | -41.7 | -62.62 | -2.87 | -311.03 | -129.65 | 3.78 | -9.13 | -67.77 | 2.82 | -7.84 | -69.05 | 0.83 | -18.63 | -79.95 | 0.58 | -12.12 | -74.45 | 0.15 | -11.76 | -37.5 | 14.57 | 6.66 | -25.66 | 90.69 | -11.68 | 9.77 | -75.00 | -325.0 | -191.14 | 175.00 | 162.5 | 888.24 | 21.05 | 0.57 | -2.27 |
| 22Q2 (14) | 13.67 | 20.76 | -34.75 | 1.36 | 288.89 | -87.69 | 4.16 | 61.24 | -60.19 | 3.06 | 70.0 | -66.15 | 1.02 | 82.14 | -77.48 | 0.66 | 57.14 | -71.67 | 0.17 | 6.25 | -29.17 | 13.66 | 9.37 | -27.11 | 102.68 | 7.8 | -2.64 | 33.33 | 213.33 | -68.45 | 66.67 | -48.48 | 1277.78 | 20.93 | -6.02 | 7.22 |
| 22Q1 (13) | 11.32 | -35.57 | -36.55 | -0.72 | -111.29 | -108.51 | 2.58 | 673.33 | -68.95 | 1.80 | 97.8 | -71.52 | 0.56 | 69.7 | -80.21 | 0.42 | 40.0 | -71.81 | 0.16 | -15.79 | -27.27 | 12.49 | 46.77 | -31.37 | 95.25 | -4.51 | -8.12 | -29.41 | 97.88 | -128.88 | 129.41 | -91.21 | 7152.94 | 22.27 | 6.05 | 14.09 |
| 21Q4 (12) | 17.57 | -17.59 | 17.06 | 6.38 | -34.09 | 406.73 | -0.45 | -103.84 | 88.72 | 0.91 | -90.01 | 115.14 | 0.33 | -92.03 | 113.15 | 0.30 | -86.78 | 127.78 | 0.19 | -20.83 | -5.0 | 8.51 | -56.58 | 25.52 | 99.75 | 20.73 | -8.7 | -1385.71 | -1783.91 | -2760.57 | 1471.43 | 8209.24 | 2970.81 | 21.00 | -2.51 | -2.96 |
| 21Q3 (11) | 21.32 | 1.77 | 72.63 | 9.68 | -12.4 | 764.29 | 11.73 | 12.25 | 2543.75 | 9.11 | 0.77 | 1069.15 | 4.14 | -8.61 | 1218.92 | 2.27 | -2.58 | 3883.33 | 0.24 | 0.0 | 26.32 | 19.60 | 4.59 | 82.16 | 82.62 | -21.66 | -22.76 | 82.29 | -22.12 | 131.65 | 17.71 | 412.85 | -95.08 | 21.54 | 10.35 | 3.91 |
| 21Q2 (10) | 20.95 | 17.43 | 52.25 | 11.05 | 30.61 | 241.05 | 10.45 | 25.75 | 716.41 | 9.04 | 43.04 | 1744.9 | 4.53 | 60.07 | 2564.71 | 2.33 | 56.38 | 1009.52 | 0.24 | 9.09 | 33.33 | 18.74 | 2.97 | 38.0 | 105.46 | 1.73 | 1.23 | 105.66 | 3.76 | -58.38 | -5.66 | -208.49 | 96.32 | 19.52 | 0.0 | 0 |
| 21Q1 (9) | 17.84 | 18.85 | 155.59 | 8.46 | 506.73 | 202.3 | 8.31 | 308.27 | 175.96 | 6.32 | 205.16 | 166.46 | 2.83 | 212.75 | 205.6 | 1.49 | 237.96 | 221.14 | 0.22 | 10.0 | 57.14 | 18.20 | 168.44 | 316.48 | 103.67 | -5.11 | 4.01 | 101.83 | 95.52 | 34.78 | -1.83 | -103.83 | -107.51 | 19.52 | -9.8 | -24.02 |
| 20Q4 (8) | 15.01 | 21.54 | 69.03 | -2.08 | -285.71 | 74.42 | -3.99 | -731.25 | 65.96 | -6.01 | -539.36 | 31.47 | -2.51 | -578.38 | 8.06 | -1.08 | -1700.0 | 15.62 | 0.20 | 5.26 | 25.0 | 6.78 | -36.99 | 613.68 | 109.25 | 2.14 | 13.35 | 52.08 | 120.03 | -24.92 | 47.92 | -86.69 | 56.43 | 21.64 | 4.39 | -2.87 |
| 20Q3 (7) | 12.35 | -10.25 | 36.92 | 1.12 | -65.43 | 117.36 | -0.48 | -137.5 | 93.38 | -0.94 | -291.84 | 85.54 | -0.37 | -317.65 | 80.32 | -0.06 | -128.57 | 92.94 | 0.19 | 5.56 | 26.67 | 10.76 | -20.77 | 79.93 | 106.96 | 2.67 | 12.71 | -260.00 | -202.42 | -395.25 | 360.00 | 334.0 | 3345.71 | 20.73 | 0 | -15.77 |
| 20Q2 (6) | 13.76 | 97.13 | 15.63 | 3.24 | 139.18 | 614.29 | 1.28 | 111.7 | 31.96 | 0.49 | 105.15 | -63.43 | 0.17 | 106.34 | -58.54 | 0.21 | 117.07 | -32.26 | 0.18 | 28.57 | 12.5 | 13.58 | 210.76 | 0.3 | 104.18 | 4.52 | 10.56 | 253.85 | 235.97 | 523.08 | -153.85 | -729.37 | -196.15 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 6.98 | -21.4 | 17.91 | -8.27 | -1.72 | 0.0 | -10.94 | 6.66 | -33.41 | -9.51 | -8.44 | -38.83 | -2.68 | 1.83 | -55.81 | -1.23 | 3.91 | -55.7 | 0.14 | -12.5 | 7.69 | 4.37 | 360.0 | -37.39 | 99.67 | 3.41 | 8.94 | 75.56 | 8.92 | -25.56 | 24.44 | -20.2 | 1737.78 | 25.69 | 15.31 | -2.87 |
| 19Q4 (4) | 8.88 | -1.55 | 0.0 | -8.13 | -26.05 | 0.0 | -11.72 | -61.66 | 0.0 | -8.77 | -34.92 | 0.0 | -2.73 | -45.21 | 0.0 | -1.28 | -50.59 | 0.0 | 0.16 | 6.67 | 0.0 | 0.95 | -84.11 | 0.0 | 96.38 | 1.56 | 0.0 | 69.37 | -21.22 | 0.0 | 30.63 | 193.18 | 0.0 | 22.28 | -9.47 | 0.0 |
| 19Q3 (3) | 9.02 | -24.2 | 0.0 | -6.45 | -923.81 | 0.0 | -7.25 | -847.42 | 0.0 | -6.50 | -585.07 | 0.0 | -1.88 | -558.54 | 0.0 | -0.85 | -374.19 | 0.0 | 0.15 | -6.25 | 0.0 | 5.98 | -55.83 | 0.0 | 94.90 | 0.71 | 0.0 | 88.06 | 246.77 | 0.0 | 10.45 | -93.47 | 0.0 | 24.61 | 1.95 | 0.0 |
| 19Q2 (2) | 11.90 | 101.01 | 0.0 | -0.63 | 92.38 | 0.0 | 0.97 | 111.83 | 0.0 | 1.34 | 119.56 | 0.0 | 0.41 | 123.84 | 0.0 | 0.31 | 139.24 | 0.0 | 0.16 | 23.08 | 0.0 | 13.54 | 93.98 | 0.0 | 94.23 | 2.99 | 0.0 | -60.00 | -159.12 | 0.0 | 160.00 | 10820.0 | 0.0 | 24.14 | -8.73 | 0.0 |
| 19Q1 (1) | 5.92 | 0.0 | 0.0 | -8.27 | 0.0 | 0.0 | -8.20 | 0.0 | 0.0 | -6.85 | 0.0 | 0.0 | -1.72 | 0.0 | 0.0 | -0.79 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 6.98 | 0.0 | 0.0 | 91.49 | 0.0 | 0.0 | 101.49 | 0.0 | 0.0 | -1.49 | 0.0 | 0.0 | 26.45 | 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) | 14.15 | 27.13 | 3.48 | 0 | 8.82 | -3.74 | 4.82 | 92.03 | 3.92 | 121.47 | 4.62 | 112.9 | 3.17 | 82.18 | 0.65 | 1.56 | 14.95 | 15.44 | 77.89 | -7.97 | 72.54 | 0 | 27.87 | -72.55 | 0.31 | 19.94 | 21.91 | 5.34 |
| 2022 (9) | 11.13 | -42.95 | -0.03 | 0 | 9.16 | 15.49 | 2.51 | -66.84 | 1.77 | -72.34 | 2.17 | -79.76 | 1.74 | -69.58 | 0.64 | -21.95 | 12.95 | -20.41 | 84.64 | -15.15 | -0.77 | 0 | 101.54 | 0 | 0.26 | 45.22 | 20.80 | 1.71 |
| 2021 (8) | 19.51 | 57.21 | 8.92 | 0 | 7.93 | -29.31 | 7.57 | 0 | 6.40 | 0 | 10.72 | 0 | 5.72 | 0 | 0.82 | 17.14 | 16.27 | 79.78 | 99.75 | -8.7 | 117.88 | 228.56 | -17.88 | 0 | 0.18 | 34.17 | 20.45 | -9.43 |
| 2020 (7) | 12.41 | 36.82 | -1.12 | 0 | 11.22 | -9.41 | -3.11 | 0 | -3.73 | 0 | -5.33 | 0 | -2.15 | 0 | 0.70 | 16.67 | 9.05 | 30.03 | 109.25 | 13.35 | 35.88 | -59.85 | 64.12 | 502.75 | 0.13 | -14.45 | 22.58 | -7.04 |
| 2019 (6) | 9.07 | 7.21 | -5.73 | 0 | 12.39 | 9.54 | -6.42 | 0 | -5.06 | 0 | -5.95 | 0 | -2.62 | 0 | 0.60 | 0.0 | 6.96 | -23.52 | 96.38 | 4.19 | 89.36 | -41.66 | 10.64 | 0 | 0.15 | 222.32 | 24.29 | 6.63 |
| 2018 (5) | 8.46 | -1.97 | -4.84 | 0 | 11.31 | -6.85 | -3.15 | 0 | -2.89 | 0 | -3.50 | 0 | -1.30 | 0 | 0.60 | 3.45 | 9.10 | 5.45 | 92.50 | -16.73 | 153.17 | 130.36 | -53.97 | 0 | 0.05 | 67.84 | 22.78 | 9.57 |
| 2017 (4) | 8.63 | -11.31 | -3.08 | 0 | 12.14 | -3.95 | -4.62 | 0 | -3.90 | 0 | -4.73 | 0 | -1.77 | 0 | 0.58 | -6.45 | 8.63 | -18.89 | 111.08 | 4.26 | 66.49 | 61.8 | 33.51 | -43.11 | 0.03 | 0 | 20.79 | 11.3 |
| 2016 (3) | 9.73 | 52.75 | -1.24 | 0 | 12.64 | 24.83 | -3.01 | 0 | -2.28 | 0 | -3.04 | 0 | -0.93 | 0 | 0.62 | -12.68 | 10.64 | 86.99 | 106.54 | -10.81 | 41.10 | -42.53 | 58.90 | 106.78 | 0.00 | 0 | 18.68 | 8.29 |
| 2015 (2) | 6.37 | -42.87 | -3.80 | 0 | 10.12 | 5.27 | -5.31 | 0 | -4.62 | 0 | -7.22 | 0 | -2.79 | 0 | 0.71 | -7.79 | 5.69 | -59.67 | 119.45 | -0.33 | 71.51 | -12.22 | 28.49 | 53.71 | 0.00 | 0 | 17.25 | 8.9 |
| 2014 (1) | 11.15 | 0 | 2.98 | 0 | 9.62 | -6.89 | 3.66 | 0 | 2.85 | 0 | 4.86 | 0 | 2.72 | 0 | 0.77 | 1.32 | 14.11 | -7.41 | 119.85 | -1.43 | 81.47 | 3.91 | 18.53 | -15.76 | 0.00 | 0 | 15.84 | -6.88 |
