- 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) | 43.55 | 26.12 | 17.48 | 16.59 | 12.55 | 93.36 | 14.12 | 22.25 | 219.46 | 11.65 | 1.22 | 229.1 | 14.56 | 3.41 | 138.69 | 1.47 | 16.67 | 153.45 | 0.10 | 25.0 | 25.0 | 39.44 | -6.72 | 14.48 | 1048.73 | -13.75 | -44.71 | 117.44 | -8.27 | -38.98 | -17.44 | 37.8 | 81.14 | 26.55 | -15.26 | -10.0 |
| 23Q3 (19) | 34.53 | -6.68 | 25.61 | 14.74 | 94.97 | 364.63 | 11.55 | 182.4 | 200.09 | 11.51 | 226.06 | 219.77 | 14.08 | 197.67 | 215.88 | 1.26 | 117.24 | 534.48 | 0.08 | 0.0 | 33.33 | 42.28 | 17.31 | 58.53 | 1215.97 | -19.16 | -41.61 | 128.03 | -31.41 | 163.74 | -28.03 | 67.66 | -154.47 | 31.33 | 8.78 | 2.35 |
| 23Q2 (18) | 37.00 | -3.29 | 1214.46 | 7.56 | -37.1 | 112.7 | 4.09 | -51.37 | 105.87 | 3.53 | -48.54 | 106.17 | 4.73 | -56.08 | 112.69 | 0.58 | -33.33 | 133.92 | 0.08 | 0.0 | 166.67 | 36.04 | -5.13 | 3893.68 | 1504.24 | -7.63 | -19.55 | 186.67 | 29.63 | 118.97 | -86.67 | -101.55 | -687.41 | 28.80 | 5.11 | -37.86 |
| 23Q1 (17) | 38.26 | 3.21 | 72.34 | 12.02 | 40.09 | 222.25 | 8.41 | 90.27 | 423.46 | 6.86 | 93.79 | 827.03 | 10.77 | 76.56 | 1375.34 | 0.87 | 50.0 | 163.64 | 0.08 | 0.0 | 33.33 | 37.99 | 10.28 | -3.41 | 1628.58 | -14.14 | -2.42 | 144.00 | -25.18 | 200.8 | -43.00 | 53.49 | -117.71 | 27.40 | -7.12 | -18.4 |
| 22Q4 (16) | 37.07 | 34.85 | 81.98 | 8.58 | 254.04 | 155.07 | 4.42 | 138.3 | 120.0 | 3.54 | 136.84 | 119.57 | 6.10 | 150.21 | 137.77 | 0.58 | 300.0 | 178.38 | 0.08 | 33.33 | 33.33 | 34.45 | 29.17 | 66.51 | 1896.75 | -8.92 | 18.55 | 192.45 | 296.45 | 173.57 | -92.45 | -279.67 | -411.8 | 29.50 | -3.63 | -4.47 |
| 22Q3 (15) | 27.49 | 928.01 | 206.8 | -5.57 | 90.64 | 93.8 | -11.54 | 83.45 | 88.28 | -9.61 | 83.19 | 87.36 | -12.15 | 67.4 | 47.29 | -0.29 | 83.04 | 80.41 | 0.06 | 100.0 | 200.0 | 26.67 | 2907.37 | 212.29 | 2082.60 | 11.38 | 54.99 | 48.54 | -43.05 | -46.91 | 51.46 | 248.76 | 500.32 | 30.61 | -33.96 | -60.33 |
| 22Q2 (14) | -3.32 | -114.95 | 82.96 | -59.53 | -1695.98 | 21.31 | -69.72 | -2581.54 | 11.58 | -57.17 | -7825.68 | 8.94 | -37.27 | -5205.48 | -86.26 | -1.71 | -618.18 | -10.32 | 0.03 | -50.0 | 0.0 | -0.95 | -102.42 | -156.21 | 1869.87 | 12.03 | 73.15 | 85.25 | 159.67 | -11.21 | 14.75 | -93.92 | 269.99 | 46.35 | 38.03 | -19.57 |
| 22Q1 (13) | 22.20 | 8.98 | -5.41 | 3.73 | 123.94 | 138.49 | -2.60 | 88.24 | 76.45 | 0.74 | 104.09 | 108.05 | 0.73 | 104.52 | 114.17 | 0.33 | 144.59 | 243.48 | 0.06 | 0.0 | 0.0 | 39.33 | 90.09 | 32.51 | 1669.01 | 4.32 | 84.4 | -142.86 | -303.07 | -262.5 | 242.86 | 719.05 | 1909.09 | 33.58 | 8.74 | -5.06 |
| 21Q4 (12) | 20.37 | 179.14 | -21.14 | -15.58 | 82.67 | -62.97 | -22.10 | 77.55 | -143.66 | -18.09 | 76.2 | -219.05 | -16.15 | 29.93 | -398.46 | -0.74 | 50.0 | -1380.0 | 0.06 | 200.0 | 0.0 | 20.69 | 187.12 | -35.16 | 1599.91 | 19.07 | 83.01 | 70.35 | -23.06 | -33.04 | 29.65 | 245.93 | 685.61 | 30.88 | -59.98 | -12.67 |
| 21Q3 (11) | -25.74 | -32.14 | -200.82 | -89.88 | -18.81 | -56275.0 | -98.46 | -24.87 | -1345.81 | -76.01 | -21.07 | -1776.79 | -23.05 | -15.19 | -1052.5 | -1.48 | 4.52 | -1950.0 | 0.02 | -33.33 | -60.0 | -23.75 | -1505.33 | -167.64 | 1343.66 | 24.42 | 60.07 | 91.43 | -4.77 | 4762.86 | 8.57 | 114.95 | -91.59 | 77.16 | 33.89 | 111.69 |
| 21Q2 (10) | -19.48 | -183.0 | -370.56 | -75.65 | -680.7 | -113.34 | -78.85 | -614.22 | -194.33 | -62.78 | -583.13 | -271.48 | -20.01 | -288.54 | -308.37 | -1.55 | -573.91 | -573.91 | 0.03 | -50.0 | 0.0 | 1.69 | -94.31 | -94.21 | 1079.94 | 19.31 | 23.87 | 96.01 | 9.21 | -27.55 | 3.99 | -67.01 | 112.26 | 57.63 | 62.93 | 5.76 |
| 21Q1 (9) | 23.47 | -9.14 | 13.77 | -9.69 | -1.36 | 59.17 | -11.04 | -21.72 | 65.63 | -9.19 | -62.08 | 65.55 | -5.15 | -58.95 | 53.1 | -0.23 | -360.0 | 76.53 | 0.06 | 0.0 | 20.0 | 29.68 | -6.99 | 75.62 | 905.12 | 3.54 | 12.44 | 87.91 | -16.32 | 18.91 | 12.09 | 338.74 | -53.63 | 35.37 | 0.03 | -12.65 |
| 20Q4 (8) | 25.83 | 1.18 | -40.22 | -9.56 | -6075.0 | -168.68 | -9.07 | -33.19 | -178.12 | -5.67 | -40.0 | -160.32 | -3.24 | -62.0 | -150.47 | -0.05 | -162.5 | -104.81 | 0.06 | 20.0 | -25.0 | 31.91 | -9.11 | -21.42 | 874.21 | 4.14 | 19.61 | 105.06 | 5458.23 | -12.04 | -5.06 | -104.97 | 74.86 | 35.36 | -2.99 | 0 |
| 20Q3 (7) | 25.53 | 254.58 | -31.66 | 0.16 | 100.45 | -90.91 | -6.81 | 74.58 | -112.81 | -4.05 | 76.04 | -51.69 | -2.00 | 59.18 | -30.72 | 0.08 | 134.78 | -33.33 | 0.05 | 66.67 | -16.67 | 35.11 | 20.28 | 8.43 | 839.44 | -3.72 | 7.16 | -1.96 | -101.48 | 96.51 | 101.96 | 413.53 | -34.75 | 36.45 | -33.11 | 21.06 |
| 20Q2 (6) | 7.20 | -65.1 | -81.37 | -35.46 | -49.43 | -952.4 | -26.79 | 16.59 | -17960.0 | -16.90 | 36.66 | -13100.0 | -4.90 | 55.37 | -6225.0 | -0.23 | 76.53 | -176.67 | 0.03 | -40.0 | -57.14 | 29.19 | 72.72 | -14.35 | 871.84 | 8.31 | 10.55 | 132.52 | 79.25 | -93.98 | -32.52 | -224.75 | 98.49 | 54.49 | 34.58 | 79.48 |
| 20Q1 (5) | 20.63 | -52.26 | -47.84 | -23.73 | -270.47 | -412.65 | -32.12 | -376.66 | -994.71 | -26.68 | -383.83 | -1046.1 | -10.98 | -271.03 | -727.43 | -0.98 | -194.23 | -220.99 | 0.05 | -37.5 | -58.33 | 16.90 | -58.38 | -51.55 | 804.95 | 10.13 | 7.62 | 73.93 | -38.1 | -64.71 | 26.07 | 229.44 | 123.8 | 40.49 | 0 | 37.02 |
| 19Q4 (4) | 43.21 | 15.66 | 0.0 | 13.92 | 690.91 | 0.0 | 11.61 | 462.81 | 0.0 | 9.40 | 452.06 | 0.0 | 6.42 | 519.61 | 0.0 | 1.04 | 766.67 | 0.0 | 0.08 | 33.33 | 0.0 | 40.61 | 25.42 | 0.0 | 730.89 | -6.7 | 0.0 | 119.44 | 312.35 | 0.0 | -20.14 | -112.89 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 37.36 | -3.34 | 0.0 | 1.76 | -57.69 | 0.0 | -3.20 | -2233.33 | 0.0 | -2.67 | -2153.85 | 0.0 | -1.53 | -2012.5 | 0.0 | 0.12 | -60.0 | 0.0 | 0.06 | -14.29 | 0.0 | 32.38 | -4.99 | 0.0 | 783.36 | -0.67 | 0.0 | -56.25 | -102.56 | 0.0 | 156.25 | 107.27 | 0.0 | 30.11 | -0.82 | 0.0 |
| 19Q2 (2) | 38.65 | -2.28 | 0.0 | 4.16 | -45.19 | 0.0 | 0.15 | -95.82 | 0.0 | 0.13 | -95.39 | 0.0 | 0.08 | -95.43 | 0.0 | 0.30 | -62.96 | 0.0 | 0.07 | -41.67 | 0.0 | 34.08 | -2.29 | 0.0 | 788.62 | 5.44 | 0.0 | 2200.00 | 950.0 | 0.0 | -2150.00 | -1863.04 | 0.0 | 30.36 | 2.74 | 0.0 |
| 19Q1 (1) | 39.55 | 0.0 | 0.0 | 7.59 | 0.0 | 0.0 | 3.59 | 0.0 | 0.0 | 2.82 | 0.0 | 0.0 | 1.75 | 0.0 | 0.0 | 0.81 | 0.0 | 0.0 | 0.12 | 0.0 | 0.0 | 34.88 | 0.0 | 0.0 | 747.94 | 0.0 | 0.0 | 209.52 | 0.0 | 0.0 | -109.52 | 0.0 | 0.0 | 29.55 | 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) | 38.60 | 55.39 | 12.95 | 0 | 25.05 | -27.67 | 9.80 | 0 | 8.57 | 0 | 43.47 | 0 | 4.09 | 0 | 0.35 | 45.83 | 39.00 | 38.74 | 1048.73 | -44.71 | 132.35 | 152.03 | -32.35 | 0 | 0.04 | -29.76 | 28.41 | -14.79 |
| 2022 (9) | 24.84 | 207.81 | -6.73 | 0 | 34.63 | -21.76 | -12.80 | 0 | -9.88 | 0 | -44.46 | 0 | -1.20 | 0 | 0.24 | 50.0 | 28.11 | 95.21 | 1896.75 | 18.55 | 52.51 | -40.81 | 47.49 | 316.79 | 0.06 | 22.08 | 33.34 | -23.44 |
| 2021 (8) | 8.07 | -62.22 | -34.35 | 0 | 44.26 | 16.87 | -38.75 | 0 | -30.83 | 0 | -62.39 | 0 | -3.92 | 0 | 0.16 | -15.79 | 14.40 | -49.28 | 1599.91 | 83.01 | 88.72 | 3.61 | 11.39 | -19.58 | 0.05 | 151.0 | 43.55 | 8.58 |
| 2020 (7) | 21.36 | -46.4 | -14.86 | 0 | 37.87 | 40.26 | -17.34 | 0 | -12.52 | 0 | -20.80 | 0 | -1.18 | 0 | 0.19 | -59.57 | 28.39 | -20.5 | 874.21 | 19.61 | 85.63 | -59.18 | 14.17 | 0 | 0.02 | -54.46 | 40.11 | 36.66 |
| 2019 (6) | 39.85 | 9.24 | 7.20 | 271.13 | 27.00 | 347.38 | 3.45 | 19.79 | 2.75 | 5.36 | 6.60 | 7.67 | 3.19 | 1.59 | 0.47 | -60.83 | 35.71 | 294.15 | 730.89 | 656.85 | 209.74 | 208.44 | -109.09 | 0 | 0.04 | -85.05 | 29.35 | -1.91 |
| 2018 (5) | 36.48 | -2.09 | 1.94 | -9.77 | 6.03 | 9.02 | 2.88 | -14.03 | 2.61 | -7.77 | 6.13 | -1.45 | 3.14 | -5.14 | 1.20 | 2.56 | 9.06 | 1.0 | 96.57 | 2.85 | 68.00 | 5.78 | 32.80 | -8.16 | 0.30 | 0 | 29.92 | -1.61 |
| 2017 (4) | 37.26 | -7.86 | 2.15 | -70.22 | 5.54 | -4.33 | 3.35 | -58.69 | 2.83 | -57.76 | 6.22 | -62.95 | 3.31 | -60.92 | 1.17 | -7.14 | 8.97 | -35.88 | 93.89 | 13.03 | 64.29 | -27.92 | 35.71 | 230.12 | 0.00 | 0 | 30.41 | 3.89 |
| 2016 (3) | 40.44 | -0.34 | 7.22 | 3.44 | 5.79 | -9.7 | 8.11 | -0.12 | 6.70 | -1.62 | 16.79 | -24.44 | 8.47 | -13.75 | 1.26 | -11.89 | 13.99 | -4.57 | 83.07 | -31.22 | 89.18 | 3.85 | 10.82 | -23.42 | 0.00 | 0 | 29.27 | 3.72 |
| 2015 (2) | 40.58 | -0.47 | 6.98 | -3.72 | 6.41 | -16.54 | 8.12 | -0.73 | 6.81 | 6.74 | 22.22 | 5.31 | 9.82 | 10.34 | 1.43 | 4.38 | 14.66 | -8.66 | 120.78 | -10.63 | 85.87 | -2.96 | 14.13 | 22.77 | 0.00 | 0 | 28.22 | 3.79 |
| 2014 (1) | 40.77 | 0 | 7.25 | 0 | 7.68 | 3.83 | 8.18 | 0 | 6.38 | 0 | 21.10 | 0 | 8.90 | 0 | 1.37 | 14.17 | 16.05 | -8.75 | 135.14 | -8.32 | 88.49 | -16.14 | 11.51 | 0 | 0.00 | 0 | 27.19 | 7.47 |
