- 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) | 22.28 | -39.04 | -27.07 | -3.03 | -115.67 | -138.16 | -1.39 | -107.26 | -116.03 | -0.60 | -103.91 | -107.41 | -0.07 | -102.63 | -106.67 | -0.03 | -101.55 | -104.17 | 0.08 | -33.33 | -11.11 | 15.94 | -48.08 | -16.59 | 42.88 | 0.61 | -17.89 | 200.00 | 95.24 | 133.33 | -100.00 | 0 | -1500.0 | 44.27 | 44.96 | 8.08 |
| 23Q3 (19) | 36.55 | 41.07 | -15.53 | 19.34 | 613.65 | -27.27 | 19.14 | 653.54 | -15.61 | 15.33 | 662.69 | -32.5 | 2.66 | 1008.33 | -34.64 | 1.94 | 646.15 | -32.4 | 0.12 | 50.0 | -7.69 | 30.70 | 53.5 | -2.85 | 42.62 | -5.12 | -5.23 | 102.44 | 2.44 | -12.2 | 0.00 | 0 | 100.0 | 30.54 | -21.73 | 15.33 |
| 23Q2 (18) | 25.91 | -18.47 | 236.23 | 2.71 | -72.87 | 103.99 | 2.54 | -77.08 | 103.89 | 2.01 | -77.31 | 103.08 | 0.24 | -78.95 | 107.06 | 0.26 | -66.67 | 110.36 | 0.08 | -11.11 | 100.0 | 20.00 | -19.48 | 153.05 | 44.92 | -9.36 | 11.05 | 100.00 | 6.25 | -4.76 | 0.00 | -100.0 | 100.0 | 39.02 | -0.99 | -46.25 |
| 23Q1 (17) | 31.78 | 4.03 | 17.05 | 9.99 | 25.82 | 692.86 | 11.08 | 27.8 | 241.98 | 8.86 | 9.38 | 170.12 | 1.14 | 8.57 | 307.14 | 0.78 | 8.33 | 212.0 | 0.09 | 0.0 | 28.57 | 24.84 | 29.98 | 43.5 | 49.56 | -5.09 | 83.49 | 94.12 | 9.8 | 182.35 | 11.76 | 64.71 | -82.35 | 39.41 | -3.78 | -15.28 |
| 22Q4 (16) | 30.55 | -29.4 | 42.09 | 7.94 | -70.14 | 227.04 | 8.67 | -61.77 | 252.11 | 8.10 | -64.33 | 248.62 | 1.05 | -74.2 | 338.64 | 0.72 | -74.91 | 300.0 | 0.09 | -30.77 | 28.57 | 19.11 | -39.53 | 105.93 | 52.22 | 16.12 | 141.65 | 85.71 | -26.53 | -14.29 | 7.14 | 142.86 | 142.86 | 40.96 | 54.68 | -19.94 |
| 22Q3 (15) | 43.27 | 327.5 | 741.04 | 26.59 | 139.17 | 157.89 | 22.68 | 134.74 | 196.35 | 22.71 | 134.77 | 196.11 | 4.07 | 219.71 | 436.36 | 2.87 | 214.34 | 381.37 | 0.13 | 225.0 | 225.0 | 31.60 | 183.82 | 2026.83 | 44.97 | 11.17 | 153.21 | 116.67 | 11.11 | -41.67 | -16.67 | -233.33 | 83.33 | 26.48 | -63.53 | -60.87 |
| 22Q2 (14) | -19.02 | -170.06 | -1393.88 | -67.89 | -5488.1 | -88.79 | -65.29 | -2115.12 | -104.93 | -65.31 | -2091.16 | -145.25 | -3.40 | -1314.29 | -159.54 | -2.51 | -1104.0 | -124.11 | 0.04 | -42.86 | 0.0 | -37.70 | -317.79 | -289.46 | 40.45 | 49.76 | 113.91 | 105.00 | 215.0 | -4.55 | -5.00 | -107.5 | 66.67 | 72.60 | 56.06 | 7.89 |
| 22Q1 (13) | 27.15 | 26.28 | -29.46 | 1.26 | 120.16 | -90.88 | 3.24 | 156.84 | -77.97 | 3.28 | 160.18 | -72.13 | 0.28 | 163.64 | -76.67 | 0.25 | 169.44 | -75.96 | 0.07 | 0.0 | -22.22 | 17.31 | 86.53 | -29.14 | 27.01 | 24.99 | 94.88 | 33.33 | -66.67 | -64.81 | 66.67 | 500.0 | 1166.67 | 46.52 | -9.07 | 17.98 |
| 21Q4 (12) | 21.50 | 418.52 | -41.78 | -6.25 | 86.39 | -146.43 | -5.70 | 75.79 | -140.45 | -5.45 | 76.94 | -148.32 | -0.44 | 63.64 | -130.77 | -0.36 | 64.71 | -129.27 | 0.07 | 75.0 | -36.36 | 9.28 | 665.85 | -58.5 | 21.61 | 21.68 | 25.57 | 100.00 | -50.0 | 4.55 | -16.67 | 83.33 | -483.33 | 51.16 | -24.41 | 20.09 |
| 21Q3 (11) | -6.75 | -559.18 | -112.91 | -45.93 | -27.73 | -223.27 | -23.54 | 26.11 | -162.96 | -23.63 | 11.27 | -175.18 | -1.21 | 7.63 | -121.92 | -1.02 | 8.93 | -121.7 | 0.04 | 0.0 | -73.33 | -1.64 | 83.06 | -103.77 | 17.76 | -6.08 | 11.84 | 200.00 | 81.82 | 102.5 | -100.00 | -566.67 | 0 | 67.68 | 0.58 | 149.19 |
| 21Q2 (10) | 1.47 | -96.18 | -93.96 | -35.96 | -360.39 | -2281.46 | -31.86 | -316.59 | -383.45 | -26.63 | -326.25 | -335.66 | -1.31 | -209.17 | -236.46 | -1.12 | -207.69 | -234.94 | 0.04 | -55.56 | -42.86 | -9.68 | -139.62 | -139.11 | 18.91 | 36.44 | -0.89 | 110.00 | 16.11 | 705.0 | -15.00 | -385.0 | -112.69 | 67.29 | 70.66 | 0 |
| 21Q1 (9) | 38.49 | 4.22 | 36.98 | 13.81 | 2.6 | 4045.71 | 14.71 | 4.4 | 73450.0 | 11.77 | 4.34 | 117800.0 | 1.20 | -16.08 | 0 | 1.04 | -15.45 | 5100.0 | 0.09 | -18.18 | 28.57 | 24.43 | 9.26 | 78.58 | 13.86 | -19.47 | -31.25 | 94.74 | -0.96 | 0 | 5.26 | 21.05 | 0 | 39.43 | -7.44 | 0 |
| 20Q4 (8) | 36.93 | -29.37 | 62.54 | 13.46 | -63.88 | 217.55 | 14.09 | -62.32 | 219.81 | 11.28 | -64.11 | 197.41 | 1.43 | -74.09 | 258.89 | 1.23 | -73.83 | 270.83 | 0.11 | -26.67 | 83.33 | 22.36 | -48.62 | 940.0 | 17.21 | 8.38 | -33.63 | 95.65 | -3.15 | -4.35 | 4.35 | 0 | 0 | 42.60 | 56.85 | -21.69 |
| 20Q3 (7) | 52.29 | 114.74 | 55.67 | 37.26 | 2567.55 | 293.45 | 37.39 | 232.65 | 296.5 | 31.43 | 178.14 | 230.49 | 5.52 | 475.0 | 367.8 | 4.70 | 466.27 | 374.75 | 0.15 | 114.29 | 50.0 | 43.52 | 75.84 | 146.01 | 15.88 | -16.77 | -21.39 | 98.77 | 643.21 | -1.23 | 0.00 | -100.0 | 0 | 27.16 | 0 | -28.07 |
| 20Q2 (6) | 24.35 | -13.35 | 4.69 | -1.51 | -331.43 | 79.4 | 11.24 | 56100.0 | 249.67 | 11.30 | 113100.0 | 255.86 | 0.96 | 0 | 257.38 | 0.83 | 4050.0 | 280.43 | 0.07 | 0.0 | 0.0 | 24.75 | 80.92 | 390.1 | 19.08 | -5.36 | -19.15 | -18.18 | 0 | -118.18 | 118.18 | 0 | 0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 28.10 | 23.68 | 41.42 | -0.35 | 96.94 | 97.49 | 0.02 | 100.17 | 100.14 | -0.01 | 99.91 | 99.93 | 0.00 | 100.0 | 100.0 | 0.02 | 102.78 | 102.53 | 0.07 | 16.67 | 16.67 | 13.68 | 536.28 | 1089.57 | 20.16 | -22.25 | -9.19 | 0.00 | -100.0 | -100.0 | 0.00 | 0 | 0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 22.72 | -32.36 | 0.0 | -11.45 | -220.91 | 0.0 | -11.76 | -224.71 | 0.0 | -11.58 | -221.77 | 0.0 | -0.90 | -176.27 | 0.0 | -0.72 | -172.73 | 0.0 | 0.06 | -40.0 | 0.0 | 2.15 | -87.85 | 0.0 | 25.93 | 28.37 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0.0 | 54.40 | 44.07 | 0.0 |
| 19Q3 (3) | 33.59 | 44.41 | 0.0 | 9.47 | 229.2 | 0.0 | 9.43 | 225.57 | 0.0 | 9.51 | 231.17 | 0.0 | 1.18 | 293.44 | 0.0 | 0.99 | 315.22 | 0.0 | 0.10 | 42.86 | 0.0 | 17.69 | 250.3 | 0.0 | 20.20 | -14.41 | 0.0 | 100.00 | 0.0 | 0.0 | -0.00 | 0 | 0.0 | 37.76 | -21.04 | 0.0 |
| 19Q2 (2) | 23.26 | 17.06 | 0.0 | -7.33 | 47.42 | 0.0 | -7.51 | 45.93 | 0.0 | -7.25 | 47.8 | 0.0 | -0.61 | 39.6 | 0.0 | -0.46 | 41.77 | 0.0 | 0.07 | 16.67 | 0.0 | 5.05 | 339.13 | 0.0 | 23.60 | 6.31 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0.0 | 47.82 | -16.78 | 0.0 |
| 19Q1 (1) | 19.87 | 0.0 | 0.0 | -13.94 | 0.0 | 0.0 | -13.89 | 0.0 | 0.0 | -13.89 | 0.0 | 0.0 | -1.01 | 0.0 | 0.0 | -0.79 | 0.0 | 0.0 | 0.06 | 0.0 | 0.0 | 1.15 | 0.0 | 0.0 | 22.20 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | -0.00 | 0.0 | 0.0 | 57.46 | 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) | 30.04 | 2.74 | 8.70 | 63.53 | 13.11 | 10.91 | 9.20 | 97.0 | 7.47 | 64.9 | 3.96 | 98.0 | 2.93 | 89.03 | 0.36 | 12.5 | 23.78 | 36.28 | 42.88 | -17.89 | 95.00 | -15.18 | 5.00 | 0 | 0.06 | -48.41 | 37.44 | -6.24 |
| 2022 (9) | 29.24 | 50.8 | 5.32 | 0 | 11.82 | -18.65 | 4.67 | 0 | 4.53 | 0 | 2.00 | 0 | 1.55 | 0 | 0.32 | 33.33 | 17.45 | 85.64 | 52.22 | 141.65 | 112.00 | -41.05 | -12.00 | 0 | 0.11 | -21.84 | 39.93 | -23.94 |
| 2021 (8) | 19.39 | -50.31 | -10.91 | 0 | 14.53 | 69.91 | -5.78 | 0 | -5.91 | 0 | -1.68 | 0 | -1.39 | 0 | 0.24 | -36.84 | 9.40 | -67.74 | 21.61 | 25.57 | 190.00 | 118.5 | -90.00 | 0 | 0.14 | -48.17 | 52.50 | 38.27 |
| 2020 (7) | 39.02 | 49.96 | 17.47 | 0 | 8.55 | -22.67 | 20.02 | 0 | 16.99 | 0 | 7.90 | 0 | 6.56 | 0 | 0.38 | 31.03 | 29.14 | 264.25 | 17.21 | -33.63 | 86.96 | -7.61 | 13.04 | 0 | 0.27 | -0.73 | 37.97 | -20.47 |
| 2019 (6) | 26.02 | 20.35 | -3.77 | 0 | 11.06 | -12.94 | -3.88 | 0 | -3.76 | 0 | -1.34 | 0 | -0.97 | 0 | 0.29 | 16.0 | 8.00 | 169.36 | 25.93 | 17.28 | 94.12 | -3.41 | -0.00 | 0 | 0.27 | -21.45 | 47.74 | -7.86 |
| 2018 (5) | 21.62 | -30.19 | -10.36 | 0 | 12.70 | 21.08 | -10.56 | 0 | -8.46 | 0 | -2.57 | 0 | -2.02 | 0 | 0.25 | -16.67 | 2.97 | -80.71 | 22.11 | 18.55 | 97.44 | 2.56 | 2.56 | -48.72 | 0.34 | 0 | 51.81 | 19.02 |
| 2017 (4) | 30.97 | -18.09 | 4.32 | -68.74 | 10.49 | 15.4 | 4.50 | -68.99 | 3.67 | -69.52 | 1.30 | -72.97 | 1.17 | -71.32 | 0.30 | -9.09 | 15.40 | -35.27 | 18.65 | -5.47 | 95.00 | 0.35 | 5.00 | -6.25 | 0.00 | 0 | 43.53 | 15.19 |
| 2016 (3) | 37.81 | -5.85 | 13.82 | -25.86 | 9.09 | 2.97 | 14.51 | -24.58 | 12.04 | -24.56 | 4.81 | -28.64 | 4.08 | -27.4 | 0.33 | -5.71 | 23.79 | -15.91 | 19.73 | 0.56 | 94.67 | -1.66 | 5.33 | 90.22 | 0.00 | 0 | 37.79 | 5.06 |
| 2015 (2) | 40.16 | 0.02 | 18.64 | -4.21 | 8.83 | 4.39 | 19.24 | -1.23 | 15.96 | -2.03 | 6.74 | -10.61 | 5.62 | -8.32 | 0.35 | -5.41 | 28.29 | -0.25 | 19.62 | -10.0 | 96.26 | -3.74 | 2.80 | 0 | 0.00 | 0 | 35.97 | 11.09 |
| 2014 (1) | 40.15 | 0 | 19.46 | 0 | 8.46 | -13.76 | 19.48 | 0 | 16.29 | 0 | 7.54 | 0 | 6.13 | 0 | 0.37 | 19.35 | 28.36 | 7.63 | 21.80 | -28.38 | 100.00 | -7.32 | 0.00 | 0 | 0.00 | 0 | 32.38 | -3.57 |
