- 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) | 21.69 | -55.11 | 106.25 | 3.81 | -42.71 | 100.91 | 6.48 | -88.01 | 107.53 | 2.36 | -95.28 | 102.59 | 0.19 | -86.71 | 109.5 | 0.25 | -75.96 | 120.66 | 0.05 | 150.0 | 400.0 | 13.92 | -81.42 | 123.28 | 52.97 | -1.67 | 2.3 | 58.33 | 387.25 | -87.98 | 41.67 | -52.28 | 110.82 | 9.61 | -61.44 | -71.58 |
| 23Q3 (19) | 48.32 | 6.29 | 2.83 | 6.65 | 190.35 | 109.12 | 54.05 | 308.93 | 47.64 | 49.97 | 218.44 | 52.12 | 1.43 | 258.89 | 78.75 | 1.04 | 316.67 | 62.5 | 0.02 | 100.0 | 0.0 | 74.90 | 7243.14 | 25.02 | 53.87 | -0.28 | 7.74 | 11.97 | -56.39 | 41.95 | 87.32 | 23.71 | -4.63 | 24.92 | -14.8 | -3.75 |
| 23Q2 (18) | 45.46 | -27.47 | 3.32 | -7.36 | -125.55 | -101.89 | -25.87 | -199.27 | -106.23 | -42.19 | -318.15 | -111.29 | -0.90 | -250.0 | -109.43 | -0.48 | -192.31 | -107.73 | 0.01 | -50.0 | -50.0 | 1.02 | -97.8 | -99.77 | 54.02 | 2.78 | 6.44 | 27.45 | -75.19 | -70.69 | 70.59 | 761.76 | 1015.29 | 29.25 | 24.2 | -20.3 |
| 23Q1 (17) | 62.68 | 118.08 | 32.94 | 28.81 | 106.91 | 2150.78 | 26.06 | 130.29 | 319.36 | 19.34 | 121.21 | 226.24 | 0.60 | 130.0 | 266.67 | 0.52 | 142.98 | 750.0 | 0.02 | 100.0 | 100.0 | 46.34 | 177.49 | 156.16 | 52.56 | 1.51 | -17.86 | 110.67 | -77.19 | 985.33 | -10.67 | 97.23 | -109.85 | 23.55 | -30.37 | -23.36 |
| 22Q4 (16) | -346.77 | -837.97 | -803.24 | -417.14 | -13217.61 | -3607.91 | -86.03 | -334.99 | -1200.13 | -91.18 | -377.56 | -50555.56 | -2.00 | -350.0 | 0 | -1.21 | -289.06 | -906.67 | 0.01 | -50.0 | -50.0 | -59.80 | -199.82 | -266.53 | 51.78 | 3.56 | -18.41 | 485.14 | 5652.41 | 429.9 | -385.14 | -520.62 | -255.89 | 33.82 | 30.63 | 10.7 |
| 22Q3 (15) | 46.99 | 6.8 | 27.38 | 3.18 | -99.18 | 117.5 | 36.61 | -91.18 | 15.85 | 32.85 | -91.21 | 22.21 | 0.80 | -91.61 | 40.35 | 0.64 | -89.69 | 28.0 | 0.02 | 0.0 | 100.0 | 59.91 | -86.45 | -8.88 | 50.00 | -1.48 | -20.41 | 8.43 | -91.0 | 114.57 | 91.57 | 1346.75 | -42.01 | 25.89 | -29.46 | -22.69 |
| 22Q2 (14) | 44.00 | -6.68 | 19.08 | 388.72 | 30268.75 | 2810.74 | 414.92 | 3592.59 | 2316.45 | 373.54 | 2538.25 | 1866.15 | 9.54 | 2750.0 | 1900.0 | 6.21 | 7862.5 | 3550.0 | 0.02 | 100.0 | 0.0 | 442.11 | 2343.95 | 4490.97 | 50.75 | -20.69 | -20.23 | 93.67 | 849.37 | 23.89 | 6.33 | -94.16 | -74.05 | 36.70 | 19.43 | 55.97 |
| 22Q1 (13) | 47.15 | -4.38 | 44.1 | 1.28 | 111.38 | -93.22 | -11.88 | -251.92 | -171.05 | -15.32 | -8411.11 | -205.66 | -0.36 | 0 | -120.57 | -0.08 | -153.33 | -106.56 | 0.01 | -50.0 | -85.71 | 18.09 | -49.62 | -20.94 | 63.99 | 0.84 | 2.07 | -12.50 | 91.5 | -111.05 | 108.33 | -56.15 | 924.28 | 30.73 | 0.59 | 506.11 |
| 21Q4 (12) | 49.31 | 33.67 | 64.92 | -11.25 | 38.08 | -352.81 | 7.82 | -75.25 | -0.64 | -0.18 | -100.67 | -102.57 | 0.00 | -100.0 | -100.0 | 0.15 | -70.0 | -87.7 | 0.02 | 100.0 | -86.67 | 35.91 | -45.38 | 241.35 | 63.46 | 1.02 | -7.0 | -147.06 | -154.01 | -359.85 | 247.06 | 56.47 | 469.17 | 30.55 | -8.78 | 960.76 |
| 21Q3 (11) | 36.89 | -0.16 | 73.68 | -18.17 | -26.71 | 16.11 | 31.60 | 268.8 | 302.18 | 26.88 | 227.09 | 239.64 | 0.57 | 207.55 | 193.44 | 0.50 | 377.78 | 433.33 | 0.01 | -50.0 | -50.0 | 65.75 | 582.76 | 489.69 | 62.82 | -1.26 | -30.29 | -57.89 | -176.57 | -141.92 | 157.89 | 547.37 | 514.47 | 33.49 | 42.33 | 71.3 |
| 21Q2 (10) | 36.95 | 12.93 | -1.07 | -14.34 | -175.95 | 37.19 | -18.72 | -211.96 | -236.69 | -21.15 | -245.86 | -359.78 | -0.53 | -130.29 | -381.82 | -0.18 | -114.75 | -250.0 | 0.02 | -71.43 | 100.0 | 9.63 | -57.91 | -66.14 | 63.62 | 1.48 | -29.88 | 75.61 | -33.17 | -81.1 | 24.39 | 285.58 | 108.13 | 23.53 | 364.1 | 0 |
| 21Q1 (9) | 32.72 | 9.43 | -36.16 | 18.88 | 324.27 | 239.96 | 16.72 | 112.45 | 141.52 | 14.50 | 106.85 | 132.95 | 1.75 | -8.38 | 324.36 | 1.22 | 0.0 | 630.43 | 0.07 | -53.33 | 600.0 | 22.88 | 117.49 | 283.89 | 62.69 | -8.13 | -30.52 | 113.14 | 99.92 | 245.09 | -13.14 | -130.28 | -120.04 | 5.07 | 76.04 | -86.23 |
| 20Q4 (8) | 29.90 | 40.77 | -13.21 | 4.45 | 120.54 | 120.54 | 7.87 | 150.35 | 154.05 | 7.01 | 136.42 | 135.84 | 1.91 | 413.11 | 489.8 | 1.22 | 913.33 | 1209.09 | 0.15 | 650.0 | 1400.0 | 10.52 | -5.65 | -30.83 | 68.24 | -24.27 | -20.36 | 56.59 | -59.02 | -61.47 | 43.41 | 213.94 | 192.6 | 2.88 | -85.27 | -88.06 |
| 20Q3 (7) | 21.24 | -43.13 | -56.71 | -21.66 | 5.12 | -314.88 | -15.63 | -181.12 | -146.05 | -19.25 | -318.48 | -164.1 | -0.61 | -454.55 | -171.76 | -0.15 | -225.0 | -125.42 | 0.02 | 100.0 | 0.0 | 11.15 | -60.79 | -81.44 | 90.11 | -0.68 | 3.96 | 138.10 | -65.48 | 371.83 | -38.10 | 87.3 | -153.86 | 19.55 | 0 | -10.32 |
| 20Q2 (6) | 37.35 | -27.12 | -14.41 | -22.83 | -69.24 | -134.39 | -5.56 | 86.19 | 69.72 | -4.60 | 89.55 | 82.32 | -0.11 | 85.9 | 82.54 | 0.12 | 152.17 | 170.59 | 0.01 | 0.0 | 0.0 | 28.44 | 377.18 | 119.11 | 90.73 | 0.55 | 5.21 | 400.00 | 1120.0 | 660.0 | -300.00 | -557.5 | -733.33 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 51.25 | 48.77 | 3.33 | -13.49 | 37.75 | -29.84 | -40.27 | -176.58 | -240.41 | -44.01 | -125.0 | -187.84 | -0.78 | -59.18 | -168.97 | -0.23 | -109.09 | -2200.0 | 0.01 | 0.0 | 0.0 | 5.96 | -60.82 | -75.87 | 90.23 | 5.3 | 9.8 | 32.79 | -77.68 | -61.43 | 65.57 | 239.89 | 555.74 | 36.83 | 52.63 | 8.16 |
| 19Q4 (4) | 34.45 | -29.79 | 0.0 | -21.67 | -314.98 | 0.0 | -14.56 | -142.9 | 0.0 | -19.56 | -165.13 | 0.0 | -0.49 | -157.65 | 0.0 | -0.11 | -118.64 | 0.0 | 0.01 | -50.0 | 0.0 | 15.21 | -74.68 | 0.0 | 85.69 | -1.14 | 0.0 | 146.88 | 401.82 | 0.0 | -46.88 | -166.27 | 0.0 | 24.13 | 10.69 | 0.0 |
| 19Q3 (3) | 49.07 | 12.44 | 0.0 | 10.08 | 203.49 | 0.0 | 33.94 | 284.86 | 0.0 | 30.03 | 215.41 | 0.0 | 0.85 | 234.92 | 0.0 | 0.59 | 447.06 | 0.0 | 0.02 | 100.0 | 0.0 | 60.08 | 362.87 | 0.0 | 86.68 | 0.51 | 0.0 | 29.27 | -44.39 | 0.0 | 70.73 | 49.32 | 0.0 | 21.80 | -13.18 | 0.0 |
| 19Q2 (2) | 43.64 | -12.02 | 0.0 | -9.74 | 6.26 | 0.0 | -18.36 | -55.2 | 0.0 | -26.02 | -70.18 | 0.0 | -0.63 | -117.24 | 0.0 | -0.17 | -1600.0 | 0.0 | 0.01 | 0.0 | 0.0 | 12.98 | -47.45 | 0.0 | 86.24 | 4.94 | 0.0 | 52.63 | -38.08 | 0.0 | 47.37 | 373.68 | 0.0 | 25.11 | -26.26 | 0.0 |
| 19Q1 (1) | 49.60 | 0.0 | 0.0 | -10.39 | 0.0 | 0.0 | -11.83 | 0.0 | 0.0 | -15.29 | 0.0 | 0.0 | -0.29 | 0.0 | 0.0 | -0.01 | 0.0 | 0.0 | 0.01 | 0.0 | 0.0 | 24.70 | 0.0 | 0.0 | 82.18 | 0.0 | 0.0 | 85.00 | 0.0 | 0.0 | 10.00 | 0.0 | 0.0 | 34.05 | 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) | 37.45 | 0 | 7.66 | 34.62 | 8.95 | -41.89 | 14.39 | -85.17 | 8.16 | -90.17 | 1.35 | -83.1 | 1.36 | -75.63 | 0.11 | 83.33 | 29.21 | -76.34 | 52.97 | 2.3 | 53.27 | 804.52 | 46.73 | -50.35 | 0.01 | 4.64 | 17.61 | -44.57 |
| 2022 (9) | -47.22 | 0 | 5.69 | -13.0 | 15.40 | 89.02 | 97.03 | 675.0 | 82.99 | 799.13 | 7.99 | 346.37 | 5.58 | 230.18 | 0.06 | -50.0 | 123.45 | 348.91 | 51.78 | -18.41 | 5.89 | -88.71 | 94.11 | 96.69 | 0.01 | 0.5 | 31.77 | 128.07 |
| 2021 (8) | 35.92 | 16.85 | 6.54 | 0 | 8.15 | 82.11 | 12.52 | 444.35 | 9.23 | 688.89 | 1.79 | 347.5 | 1.69 | 77.89 | 0.12 | -36.84 | 27.50 | 137.27 | 63.46 | -7.0 | 52.15 | 0 | 47.85 | -64.25 | 0.01 | 3.14 | 13.93 | 87.23 |
| 2020 (7) | 30.74 | -30.15 | -0.80 | 0 | 4.47 | -71.51 | 2.30 | 0 | 1.17 | 0 | 0.40 | 0 | 0.95 | 227.59 | 0.19 | 280.0 | 11.59 | -61.03 | 68.24 | -20.36 | -35.29 | 0 | 133.82 | 0 | 0.01 | 0 | 7.44 | -71.02 |
| 2019 (6) | 44.01 | -5.62 | -7.21 | 0 | 15.71 | 111.08 | -0.85 | 0 | -5.89 | 0 | -0.57 | 0 | 0.29 | -87.11 | 0.05 | -54.55 | 29.74 | -14.71 | 85.69 | 6.04 | 857.14 | 1134.6 | -757.14 | 0 | 0.00 | 0 | 25.67 | 65.4 |
| 2018 (5) | 46.63 | -4.52 | 13.42 | 290.12 | 7.44 | -3.87 | 19.31 | 74.12 | 14.60 | 242.72 | 2.96 | 228.89 | 2.25 | 89.08 | 0.11 | 0.0 | 34.87 | 26.75 | 80.81 | -16.05 | 69.43 | 122.42 | 30.57 | -55.92 | 0.00 | 0 | 15.52 | -14.3 |
| 2017 (4) | 48.84 | -6.19 | 3.44 | -60.28 | 7.74 | 37.62 | 11.09 | -10.56 | 4.26 | -42.2 | 0.90 | -60.87 | 1.19 | -38.66 | 0.11 | -26.67 | 27.51 | 12.33 | 96.26 | -4.95 | 31.21 | -55.21 | 69.36 | 131.48 | 0.00 | 0 | 18.11 | 15.57 |
| 2016 (3) | 52.06 | -5.31 | 8.66 | 6.65 | 5.63 | -18.47 | 12.40 | -4.02 | 7.37 | -21.85 | 2.30 | -14.5 | 1.94 | -13.39 | 0.15 | 7.14 | 24.49 | -13.8 | 101.27 | -0.68 | 69.69 | 11.33 | 29.97 | -19.09 | 0.00 | 0 | 15.67 | -6.45 |
| 2015 (2) | 54.98 | 26.95 | 8.12 | -42.86 | 6.90 | 56.36 | 12.92 | -17.13 | 9.43 | -8.71 | 2.69 | -51.96 | 2.24 | -37.25 | 0.14 | -44.0 | 28.41 | 12.56 | 101.96 | -11.39 | 62.59 | -31.39 | 37.04 | 322.08 | 0.00 | 0 | 16.75 | 57.57 |
| 2014 (1) | 43.31 | 0 | 14.21 | 0 | 4.41 | -13.37 | 15.59 | 0 | 10.33 | 0 | 5.60 | 0 | 3.57 | 0 | 0.25 | 19.05 | 25.24 | -31.73 | 115.07 | -9.11 | 91.23 | 0 | 8.77 | -91.86 | 0.00 | 0 | 10.63 | -29.09 |
