- 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) | 27.62 | -10.67 | -19.43 | -2.15 | -2787.5 | -203.86 | -23.29 | -1100.52 | 78.26 | -25.14 | -824.26 | 78.88 | -8.87 | -864.13 | 76.54 | -1.89 | -2200.0 | 83.45 | 0.09 | 0.0 | -10.0 | 7.02 | -72.35 | 108.77 | 316.51 | 19.41 | 12.86 | 9.30 | 369.58 | 582.51 | 90.70 | -12.32 | -11.01 | 28.80 | -4.35 | -1.97 |
| 23Q3 (19) | 30.92 | 1.95 | -12.11 | 0.08 | 108.99 | -98.6 | -1.94 | -160.82 | -73.21 | -2.72 | -193.47 | -16.24 | -0.92 | -193.88 | -53.33 | 0.09 | -85.25 | -10.0 | 0.09 | 0.0 | -10.0 | 25.39 | -19.85 | 4.87 | 265.07 | 2.49 | 48.54 | -3.45 | 87.8 | 99.33 | 103.45 | -19.35 | -83.09 | 30.11 | -1.89 | 13.71 |
| 23Q2 (18) | 30.33 | 6.95 | -5.98 | -0.89 | 72.78 | -114.81 | 3.19 | -1.85 | -34.9 | 2.91 | 12.36 | -9.91 | 0.98 | 11.36 | 27.27 | 0.61 | 5.17 | 3.39 | 0.09 | 0.0 | 0.0 | 31.68 | -2.07 | -5.99 | 258.63 | -1.69 | 62.16 | -28.26 | 72.35 | -123.06 | 128.26 | -36.57 | 669.16 | 30.69 | -1.16 | 14.0 |
| 23Q1 (17) | 28.36 | -17.27 | 5.43 | -3.27 | -257.97 | -1121.88 | 3.25 | 103.03 | -55.48 | 2.59 | 102.18 | -55.88 | 0.88 | 102.33 | -33.33 | 0.58 | 105.08 | -29.27 | 0.09 | -10.0 | 0.0 | 32.35 | 140.41 | -6.1 | 263.08 | -6.19 | 66.44 | -102.22 | -5205.97 | -2226.22 | 202.22 | 98.4 | 110.31 | 31.05 | 5.68 | 10.81 |
| 22Q4 (16) | 34.28 | -2.56 | 6.2 | 2.07 | -63.75 | -34.08 | -107.14 | -9466.07 | -1753.4 | -119.06 | -4988.03 | -1926.07 | -37.81 | -6201.67 | -2637.58 | -11.42 | -11520.0 | -1354.95 | 0.10 | 0.0 | 0.0 | -80.06 | -430.69 | -343.27 | 280.45 | 57.16 | 101.72 | -1.93 | 99.62 | -103.93 | 101.93 | -83.34 | 95.86 | 29.38 | 10.95 | 0.03 |
| 22Q3 (15) | 35.18 | 9.05 | 10.04 | 5.71 | -4.99 | -25.75 | -1.12 | -122.86 | -104.55 | -2.34 | -172.45 | -109.54 | -0.60 | -177.92 | -111.41 | 0.10 | -83.05 | -95.93 | 0.10 | 11.11 | 11.11 | 24.21 | -28.16 | -54.05 | 178.45 | 11.89 | 29.69 | -511.76 | -517.65 | -1733.89 | 611.76 | 2814.71 | 790.77 | 26.48 | -1.63 | -2.29 |
| 22Q2 (14) | 32.26 | 19.93 | 3.2 | 6.01 | 1778.12 | 92.01 | 4.90 | -32.88 | -72.46 | 3.23 | -44.97 | -82.91 | 0.77 | -41.67 | -80.46 | 0.59 | -28.05 | -68.45 | 0.09 | 0.0 | 12.5 | 33.70 | -2.18 | -28.39 | 159.49 | 0.9 | 9.79 | 122.54 | 2448.73 | 597.28 | -22.54 | -123.44 | -127.34 | 26.92 | -3.93 | -5.04 |
| 22Q1 (13) | 26.90 | -16.67 | 8.42 | 0.32 | -89.81 | 109.7 | 7.30 | 12.65 | 256.1 | 5.87 | -9.97 | 44.94 | 1.32 | -11.41 | 71.43 | 0.82 | -9.89 | 38.98 | 0.09 | -10.0 | 12.5 | 34.45 | 4.68 | 2.93 | 158.06 | 13.69 | 5.01 | 4.81 | -90.18 | 102.93 | 96.15 | 84.77 | -63.58 | 28.02 | -4.6 | -5.5 |
| 21Q4 (12) | 32.28 | 0.97 | 28.76 | 3.14 | -59.17 | 171.04 | 6.48 | -73.67 | -17.77 | 6.52 | -73.42 | -42.2 | 1.49 | -71.67 | -33.78 | 0.91 | -63.01 | -26.02 | 0.10 | 11.11 | 25.0 | 32.91 | -37.54 | -11.03 | 139.03 | 1.04 | -1.05 | 48.98 | 56.38 | 187.17 | 52.04 | -24.23 | -66.68 | 29.37 | 8.38 | -10.62 |
| 21Q3 (11) | 31.97 | 2.27 | -10.02 | 7.69 | 145.69 | -10.37 | 24.61 | 38.34 | 81.09 | 24.53 | 29.79 | 43.03 | 5.26 | 33.5 | 55.62 | 2.46 | 31.55 | 47.31 | 0.09 | 12.5 | 12.5 | 52.69 | 11.96 | 23.77 | 137.60 | -5.28 | -1.57 | 31.32 | 78.24 | -50.45 | 68.68 | -16.68 | 86.72 | 27.10 | -4.41 | 7.5 |
| 21Q2 (10) | 31.26 | 26.0 | 1.69 | 3.13 | 194.85 | 172.79 | 17.79 | 767.8 | 483.28 | 18.90 | 366.67 | 150.0 | 3.94 | 411.69 | 225.62 | 1.87 | 216.95 | 130.86 | 0.08 | 0.0 | 14.29 | 47.06 | 40.6 | 22.58 | 145.27 | -3.49 | -2.52 | 17.57 | 110.72 | 112.5 | 82.43 | -68.78 | -66.18 | 28.35 | -4.38 | -15.8 |
| 21Q1 (9) | 24.81 | -1.04 | -20.66 | -3.30 | 25.34 | -126.03 | 2.05 | -73.98 | 2377.78 | 4.05 | -64.1 | -1.94 | 0.77 | -65.78 | 14.93 | 0.59 | -52.03 | -1.67 | 0.08 | 0.0 | 14.29 | 33.47 | -9.52 | -2.62 | 150.52 | 7.12 | 27.94 | -164.00 | -191.86 | -110.25 | 264.00 | 69.02 | 117.6 | 29.65 | -9.77 | 0 |
| 20Q4 (8) | 25.07 | -29.44 | -29.38 | -4.42 | -151.52 | -176.34 | 7.88 | -42.02 | -76.62 | 11.28 | -34.23 | -68.27 | 2.25 | -33.43 | -73.68 | 1.23 | -26.35 | -72.23 | 0.08 | 0.0 | 0.0 | 36.99 | -13.11 | -45.15 | 140.51 | 0.52 | 7.19 | -56.19 | -188.88 | -426.84 | 156.19 | 324.64 | 88.62 | 32.86 | 30.35 | 3.4 |
| 20Q3 (7) | 35.53 | 15.58 | 10.93 | 8.58 | 299.53 | 182.24 | 13.59 | 345.57 | 1232.35 | 17.15 | 126.85 | 1894.19 | 3.38 | 179.34 | 3280.0 | 1.67 | 106.17 | 475.86 | 0.08 | 14.29 | 14.29 | 42.57 | 10.89 | 45.29 | 139.79 | -6.2 | 74.37 | 63.22 | 144.96 | -79.89 | 36.78 | -84.91 | 117.16 | 25.21 | -25.13 | -34.38 |
| 20Q2 (6) | 30.74 | -1.69 | -8.97 | -4.30 | -194.52 | 27.24 | 3.05 | 3488.89 | 141.38 | 7.56 | 83.05 | 197.8 | 1.21 | 80.6 | 247.56 | 0.81 | 35.0 | 400.0 | 0.07 | 0.0 | 16.67 | 38.39 | 11.7 | 58.7 | 149.03 | 26.67 | 92.89 | -140.62 | -108.79 | -275.78 | 243.75 | 116.25 | 1118.75 | 33.67 | 0 | -11.56 |
| 20Q1 (5) | 31.27 | -11.92 | 90.09 | -1.46 | -125.22 | 84.55 | -0.09 | -100.27 | -101.14 | 4.13 | -88.38 | -48.18 | 0.67 | -92.16 | -9.46 | 0.60 | -86.46 | -1.64 | 0.07 | -12.5 | 40.0 | 34.37 | -49.04 | -15.43 | 117.65 | -10.25 | 55.19 | 1600.00 | 9206.67 | 1429.23 | -1500.00 | -1911.42 | -775.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 35.50 | 10.83 | 0.0 | 5.79 | 90.46 | 0.0 | 33.71 | 3204.9 | 0.0 | 35.55 | 4033.72 | 0.0 | 8.55 | 8450.0 | 0.0 | 4.43 | 1427.59 | 0.0 | 0.08 | 14.29 | 0.0 | 67.44 | 130.17 | 0.0 | 131.09 | 63.52 | 0.0 | 17.19 | -94.53 | 0.0 | 82.81 | 138.64 | 0.0 | 31.78 | -17.28 | 0.0 |
| 19Q3 (3) | 32.03 | -5.15 | 0.0 | 3.04 | 151.44 | 0.0 | 1.02 | 113.84 | 0.0 | 0.86 | 111.13 | 0.0 | 0.10 | 112.2 | 0.0 | 0.29 | 207.41 | 0.0 | 0.07 | 16.67 | 0.0 | 29.30 | 21.12 | 0.0 | 80.17 | 3.77 | 0.0 | 314.29 | 292.86 | 0.0 | -214.29 | -1171.43 | 0.0 | 38.42 | 0.92 | 0.0 |
| 19Q2 (2) | 33.77 | 105.29 | 0.0 | -5.91 | 37.46 | 0.0 | -7.37 | -193.29 | 0.0 | -7.73 | -196.99 | 0.0 | -0.82 | -210.81 | 0.0 | -0.27 | -144.26 | 0.0 | 0.06 | 20.0 | 0.0 | 24.19 | -40.48 | 0.0 | 77.26 | 1.91 | 0.0 | 80.00 | 166.46 | 0.0 | 20.00 | -91.0 | 0.0 | 38.07 | -4.75 | 0.0 |
| 19Q1 (1) | 16.45 | 0.0 | 0.0 | -9.45 | 0.0 | 0.0 | 7.90 | 0.0 | 0.0 | 7.97 | 0.0 | 0.0 | 0.74 | 0.0 | 0.0 | 0.61 | 0.0 | 0.0 | 0.05 | 0.0 | 0.0 | 40.64 | 0.0 | 0.0 | 75.81 | 0.0 | 0.0 | -120.37 | 0.0 | 0.0 | 222.22 | 0.0 | 0.0 | 39.97 | 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) | 29.30 | -9.15 | -1.54 | 0 | 22.95 | 2.44 | -5.02 | 0 | -5.92 | 0 | -8.35 | 0 | -0.73 | 0 | 0.35 | -7.89 | 23.78 | 1206.59 | 316.51 | 12.86 | 30.72 | 0 | 69.28 | -39.25 | 0.09 | -47.07 | 30.14 | 8.77 |
| 2022 (9) | 32.25 | 6.54 | 3.54 | 24.21 | 22.41 | -6.15 | -25.25 | 0 | -29.42 | 0 | -32.61 | 0 | -9.88 | 0 | 0.38 | 11.76 | 1.82 | -95.62 | 280.45 | 101.72 | -14.05 | 0 | 114.05 | 46.43 | 0.16 | -93.67 | 27.71 | -3.11 |
| 2021 (8) | 30.27 | -0.95 | 2.85 | 0 | 23.88 | -8.75 | 12.88 | 96.64 | 13.59 | 30.3 | 11.18 | 49.67 | 5.78 | 33.49 | 0.34 | 13.33 | 41.56 | 8.74 | 139.03 | -1.05 | 22.11 | 0 | 77.89 | -24.55 | 2.55 | -11.41 | 28.60 | -6.72 |
| 2020 (7) | 30.56 | 1.46 | -0.21 | 0 | 26.16 | -1.6 | 6.55 | -43.19 | 10.43 | -13.3 | 7.47 | 0.54 | 4.33 | 3.34 | 0.30 | 50.0 | 38.22 | -11.73 | 140.51 | 7.19 | -3.23 | 0 | 103.23 | -2.96 | 2.88 | -12.61 | 30.66 | -15.98 |
| 2019 (6) | 30.12 | 19.67 | -0.74 | 0 | 26.59 | 1670.07 | 11.53 | 17.29 | 12.03 | 53.84 | 7.43 | -59.47 | 4.19 | -57.29 | 0.20 | -83.47 | 43.30 | 247.23 | 131.09 | 27.0 | -6.37 | 0 | 106.37 | -12.18 | 3.29 | -86.08 | 36.49 | 119.95 |
| 2018 (5) | 25.17 | 2.36 | -2.08 | 0 | 1.50 | -27.88 | 9.83 | -51.31 | 7.82 | -58.45 | 18.33 | -54.45 | 9.81 | -56.78 | 1.21 | 4.31 | 12.47 | -47.89 | 103.22 | 24.45 | -21.13 | 0 | 121.13 | 8.23 | 23.67 | -1.59 | 16.59 | 1.16 |
| 2017 (4) | 24.59 | -25.35 | -2.41 | 0 | 2.08 | -12.59 | 20.19 | 2303.57 | 18.82 | 4605.0 | 40.24 | 4807.32 | 22.70 | 756.6 | 1.16 | 48.72 | 23.93 | 225.14 | 82.94 | -2.38 | -11.92 | 0 | 111.92 | -51.41 | 24.05 | 0 | 16.40 | -0.91 |
| 2016 (3) | 32.94 | 86.21 | -1.11 | 0 | 2.38 | -7.42 | 0.84 | 0 | 0.40 | 0 | 0.82 | 0 | 2.65 | 0 | 0.78 | 32.2 | 7.36 | 0 | 84.96 | -63.76 | -130.34 | 0 | 230.34 | 667.22 | 0.00 | 0 | 16.55 | 6.23 |
| 2015 (2) | 17.69 | 120.3 | -13.86 | 0 | 2.57 | 17.37 | -19.81 | 0 | -20.53 | 0 | -35.98 | 0 | -10.15 | 0 | 0.59 | -3.28 | -12.53 | 0 | 234.43 | 38.86 | 69.98 | -8.35 | 30.02 | 26.94 | 0.00 | 0 | 15.58 | 10.57 |
| 2014 (1) | 8.03 | 0 | -21.41 | 0 | 2.19 | -27.81 | -28.05 | 0 | -28.94 | 0 | -38.46 | 0 | -15.98 | 0 | 0.61 | 17.31 | -22.28 | 0 | 168.83 | 98.97 | 76.35 | -74.9 | 23.65 | 0 | 0.00 | 0 | 14.09 | -6.44 |
