- 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 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 19Q3 (20) | 22.19 | 0.18 | -6.84 | 0.91 | -50.81 | -76.42 | -1.77 | 91.5 | -212.03 | -1.79 | 91.5 | -214.74 | -0.39 | 92.09 | -195.12 | 0.07 | 104.61 | -81.08 | 0.07 | -12.5 | -12.5 | 9.25 | 184.24 | -16.82 | 193.22 | 2.33 | -4.83 | -50.00 | -469.05 | -120.65 | 150.00 | 37.88 | 205.56 | 13.34 | 11.26 | 3.09 |
| 19Q2 (19) | 22.15 | -5.66 | -3.74 | 1.85 | -54.09 | -69.72 | -20.83 | -4351.02 | -514.12 | -21.05 | -3998.15 | -628.89 | -4.93 | -3892.31 | -491.27 | -1.52 | -708.0 | -353.33 | 0.08 | 0.0 | -20.0 | -10.98 | -211.02 | -183.24 | 188.82 | 6.23 | -14.41 | -8.79 | -101.1 | -107.25 | 108.79 | 115.54 | 614.92 | 11.99 | 1.18 | 15.51 |
| 19Q1 (18) | 23.48 | 12.83 | 11.28 | 4.03 | 183.8 | -32.27 | 0.49 | 123.79 | -80.78 | 0.54 | 123.89 | -80.85 | 0.13 | 122.03 | -84.34 | 0.25 | 733.33 | -45.65 | 0.08 | -11.11 | -11.11 | 9.89 | 31.52 | -16.12 | 177.75 | -12.31 | -22.43 | 800.00 | 1255.56 | 244.3 | -700.00 | -523.26 | -428.89 | 11.85 | 12.11 | 27.01 |
| 18Q4 (17) | 20.81 | -12.64 | 287.31 | 1.42 | -63.21 | 101.79 | -2.06 | -230.38 | 98.07 | -2.26 | -244.87 | 97.88 | -0.59 | -243.9 | 97.98 | 0.03 | -91.89 | 100.31 | 0.09 | 12.5 | 0.0 | 7.52 | -32.37 | 107.94 | 202.70 | -0.16 | -8.86 | -69.23 | -128.6 | -194.02 | 165.38 | 216.38 | 549.13 | 10.57 | -18.32 | -36.44 |
| 18Q3 (16) | 23.82 | 3.52 | 5.26 | 3.86 | -36.82 | 1508.33 | 1.58 | -68.59 | 118.04 | 1.56 | -60.8 | 118.86 | 0.41 | -67.46 | 121.47 | 0.37 | -38.33 | 174.0 | 0.08 | -20.0 | 0.0 | 11.12 | -15.69 | 111.41 | 203.02 | -7.98 | 17.41 | 242.11 | 99.88 | 10026.32 | -142.11 | -572.63 | -237.63 | 12.94 | 24.66 | 6.41 |
| 18Q2 (15) | 23.01 | 9.05 | 3.23 | 6.11 | 2.69 | 30450.0 | 5.03 | 97.25 | 408.08 | 3.98 | 41.13 | 637.04 | 1.26 | 51.81 | 950.0 | 0.60 | 30.43 | 150.0 | 0.10 | 11.11 | 25.0 | 13.19 | 11.87 | 0 | 220.62 | -3.72 | 29.75 | 121.13 | -47.87 | 0 | -21.13 | 84.04 | -122.89 | 10.38 | 11.25 | -15.88 |
| 18Q1 (14) | 21.10 | 289.92 | 0.72 | 5.95 | 107.48 | 364.44 | 2.55 | 102.39 | 122.89 | 2.82 | 102.65 | 126.86 | 0.83 | 102.84 | 131.56 | 0.46 | 104.74 | 159.74 | 0.09 | 0.0 | 0.0 | 11.79 | 112.45 | 0 | 229.14 | 3.03 | 30.83 | 232.35 | 215.57 | 1061.76 | -132.35 | -619.49 | -265.44 | 9.33 | -43.9 | -24.64 |
| 17Q4 (13) | -11.11 | -149.09 | -180.8 | -79.53 | -33237.5 | -262.65 | -106.75 | -1118.61 | -279.08 | -106.39 | -1186.46 | -262.24 | -29.18 | -1427.75 | -274.1 | -9.70 | -1840.0 | -271.65 | 0.09 | 12.5 | -10.0 | -94.69 | -1900.19 | 0 | 222.41 | 28.62 | 27.61 | 73.63 | 3118.85 | -2.51 | 25.48 | -75.32 | 4.09 | 16.63 | 36.76 | 42.87 |
| 17Q3 (12) | 22.63 | 1.53 | 3.48 | 0.24 | 1100.0 | -95.17 | -8.76 | -984.85 | -4480.0 | -8.27 | -1631.48 | -2767.74 | -1.91 | -1691.67 | -1836.36 | -0.50 | -308.33 | -350.0 | 0.08 | 0.0 | -33.33 | 5.26 | 0 | -42.64 | 172.92 | 1.69 | -6.15 | -2.44 | 0 | -100.09 | 103.25 | 11.86 | 103.79 | 12.16 | -1.46 | 33.33 |
| 17Q2 (11) | 22.29 | 6.4 | 13.61 | 0.02 | 100.89 | -99.18 | 0.99 | 108.89 | -45.6 | 0.54 | 105.14 | -58.46 | 0.12 | 104.56 | -72.73 | 0.24 | 131.17 | -22.58 | 0.08 | -11.11 | -33.33 | 0.00 | 0 | -100.0 | 170.04 | -2.91 | -4.96 | 0.00 | -100.0 | -100.0 | 92.31 | 15.38 | 800.0 | 12.34 | -0.32 | 25.79 |
| 17Q1 (10) | 20.95 | 52.36 | 0 | -2.25 | 89.74 | 0 | -11.14 | 60.44 | 0 | -10.50 | 64.25 | 0 | -2.63 | 66.28 | 0 | -0.77 | 70.5 | 0 | 0.09 | -10.0 | 0 | 0.00 | 0 | 0 | 175.14 | 0.49 | 0 | 20.00 | -73.52 | 0 | 80.00 | 226.84 | 0 | 12.38 | 6.36 | 0 |
| 16Q4 (9) | 13.75 | -37.13 | 0 | -21.93 | -541.25 | 0 | -28.16 | -14180.0 | 0 | -29.37 | -9574.19 | 0 | -7.80 | -7190.91 | 0 | -2.61 | -1405.0 | 0 | 0.10 | -16.67 | 0 | 0.00 | -100.0 | 0 | 174.29 | -5.41 | 0 | 75.52 | -97.33 | 0 | 24.48 | 100.9 | 0 | 11.64 | 27.63 | 0 |
| 16Q3 (8) | 21.87 | 11.47 | 0 | 4.97 | 104.53 | 0 | 0.20 | -89.01 | 0 | 0.31 | -76.15 | 0 | 0.11 | -75.0 | 0 | 0.20 | -35.48 | 0 | 0.12 | 0.0 | 0 | 9.17 | -17.68 | 0 | 184.26 | 2.99 | 0 | 2825.00 | 3047.86 | 0 | -2725.00 | -26668.75 | 0 | 9.12 | -7.03 | 0 |
| 16Q2 (7) | 19.62 | 0 | 0 | 2.43 | 0 | 0 | 1.82 | 0 | 0 | 1.30 | 0 | 0 | 0.44 | 0 | 0 | 0.31 | 0 | 0 | 0.12 | 0 | 0 | 11.14 | 0 | 0 | 178.91 | 0 | 0 | 89.74 | 0 | 0 | 10.26 | 0 | 0 | 9.81 | 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 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 (10) | 22.18 | 64.91 | 4.42 | 0 | 5.73 | -44.48 | 1.89 | 0 | 1.62 | 0 | 1.81 | 0 | 1.46 | 0 | 0.36 | 2.86 | 10.99 | 0 | 202.70 | -8.86 | 232.65 | 259.54 | -132.65 | 0 | 1.00 | 1394.87 | 10.75 | -19.84 |
| 2017 (9) | 13.45 | -30.42 | -20.93 | 0 | 10.32 | 29.47 | -32.34 | 0 | -32.05 | 0 | -32.98 | 0 | -10.41 | 0 | 0.35 | -23.91 | -19.10 | 0 | 222.41 | 27.61 | 64.71 | 79.61 | 35.29 | -44.83 | 0.07 | 0 | 13.41 | 27.71 |
| 2016 (8) | 19.33 | 14.45 | -1.94 | 0 | 7.97 | 20.01 | -5.39 | 0 | -5.73 | 0 | -7.01 | 0 | -1.96 | 0 | 0.46 | -4.17 | 4.47 | -58.07 | 174.29 | 8.26 | 36.03 | -43.05 | 63.97 | 74.15 | 0.00 | 0 | 10.50 | -4.28 |
| 2015 (7) | 16.89 | -17.85 | 1.48 | -79.07 | 6.64 | 52.9 | 2.33 | -52.16 | 2.28 | -44.79 | 2.79 | -49.36 | 1.68 | -40.64 | 0.48 | -12.73 | 10.66 | 0.47 | 160.99 | 7.25 | 63.27 | -56.37 | 36.73 | 0 | 0.00 | 0 | 10.97 | 21.35 |
| 2014 (6) | 20.56 | 12.66 | 7.07 | 128.06 | 4.34 | -19.68 | 4.87 | 57.61 | 4.13 | 40.0 | 5.51 | 58.79 | 2.83 | 40.8 | 0.55 | 14.58 | 10.61 | 3.82 | 150.11 | 16.63 | 145.00 | 44.34 | -45.00 | 0 | 0.00 | 0 | 9.04 | -1.42 |
| 2013 (5) | 18.25 | 0 | 3.10 | 0 | 5.41 | 0 | 3.09 | 0 | 2.95 | 0 | 3.47 | 0 | 2.01 | 0 | 0.48 | 0 | 10.22 | 0 | 128.71 | 0 | 100.46 | 0 | -0.46 | 0 | 0.00 | 0 | 9.17 | 0 |
