- 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 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 21Q2 (20) | 51.45 | -12.62 | 12.04 | -198.57 | -3.55 | -13.33 | -1334.28 | -413.5 | -82.26 | -1355.30 | -472.32 | -72.76 | -5.28 | -407.69 | -82.7 | -2.46 | -547.37 | -82.22 | 0.00 | 0 | 0 | -1237.31 | -785.44 | -107.68 | 110.92 | 6.52 | 15.24 | 14.89 | -79.75 | -37.94 | 85.11 | 227.6 | 11.98 | 0.00 | 0 | 0 |
| 21Q1 (19) | 58.88 | -15.8 | -1.34 | -191.77 | 18.44 | -23.56 | -259.84 | 70.59 | -15.66 | -236.81 | 72.05 | -14.05 | -1.04 | 73.13 | -10.64 | -0.38 | 79.46 | -2.7 | 0.00 | 0 | 0 | -139.74 | 82.38 | -14.33 | 104.13 | 2.83 | 12.62 | 73.53 | 176.2 | 6.33 | 25.98 | -64.59 | -15.77 | 0.00 | 0 | 0 |
| 20Q4 (18) | 69.93 | 3.48 | 52.79 | -235.14 | -133.39 | 1.39 | -883.37 | -106.17 | -681.09 | -847.15 | -103.74 | -599.35 | -3.87 | -94.47 | -539.77 | -1.85 | -115.12 | -455.77 | 0.00 | 0 | 0 | -792.86 | -151.25 | -472.46 | 101.26 | 2.93 | 12.09 | 26.62 | 13.22 | 117.01 | 73.38 | -4.06 | -71.39 | 0.00 | 0 | -100.0 |
| 20Q3 (17) | 67.58 | 47.17 | 20.87 | -100.75 | 42.5 | 33.07 | -428.46 | 41.47 | -1346.97 | -415.79 | 47.0 | -1286.28 | -1.99 | 31.14 | -1095.0 | -0.86 | 36.3 | -530.0 | 0.00 | 0 | 0 | -315.56 | 47.03 | -391.3 | 98.38 | 2.21 | 6.54 | 23.51 | -1.99 | 105.37 | 76.49 | 0.63 | -85.78 | 0.00 | 0 | -100.0 |
| 20Q2 (16) | 45.92 | -23.06 | -24.22 | -175.21 | -12.89 | -16.49 | -732.06 | -225.87 | -4002.24 | -784.48 | -277.83 | -12300.31 | -2.89 | -207.45 | -9733.33 | -1.35 | -264.86 | -1327.27 | 0.00 | 0 | 0 | -595.77 | -387.46 | -708.86 | 96.25 | 4.1 | 3.35 | 23.99 | -65.31 | 102.91 | 76.01 | 146.41 | -91.82 | 0.00 | 0 | -100.0 |
| 20Q1 (15) | 59.68 | 30.39 | 23.95 | -155.21 | 34.91 | 20.04 | -224.65 | -247.78 | -370.17 | -207.63 | -222.39 | -331.65 | -0.94 | -206.82 | -313.64 | -0.37 | -171.15 | -197.37 | 0.00 | 0 | 0 | -122.22 | -157.42 | -161.78 | 92.46 | 2.35 | -0.87 | 69.15 | 144.19 | 129.53 | 30.85 | -87.97 | -90.81 | 0.00 | -100.0 | -100.0 |
| 19Q4 (14) | 45.77 | -18.14 | 30.7 | -238.45 | -58.41 | 10.24 | 152.02 | 342.43 | -65.21 | 169.65 | 384.02 | -58.08 | 0.88 | 340.0 | -49.71 | 0.52 | 160.0 | -48.51 | 0.00 | 0 | 0 | 212.87 | 96.5 | -58.46 | 90.34 | -2.17 | 0.1 | -156.49 | 64.26 | -156.68 | 256.49 | -52.31 | 59.34 | 123.32 | 36.31 | -12.6 |
| 19Q3 (13) | 55.91 | -7.74 | -19.03 | -150.53 | -0.08 | -5.26 | 34.36 | 83.16 | 134.89 | 35.05 | 445.1 | 142.06 | 0.20 | 566.67 | 151.28 | 0.20 | 81.82 | 300.0 | 0.00 | 0 | 0 | 108.33 | 10.71 | 590.4 | 92.34 | -0.85 | 1.25 | -437.84 | 46.83 | -399.01 | 537.84 | -42.13 | 1288.9 | 90.47 | -6.47 | -0.62 |
| 19Q2 (12) | 60.60 | 25.86 | 92.56 | -150.41 | 22.52 | -22.37 | 18.76 | -77.44 | -76.48 | 6.43 | -92.83 | -93.38 | 0.03 | -93.18 | -95.59 | 0.11 | -71.05 | -75.0 | 0.00 | 0 | 0 | 97.85 | -50.54 | -20.61 | 93.13 | -0.15 | -0.62 | -823.53 | -251.62 | -433.48 | 929.41 | 177.0 | 265.38 | 96.73 | -15.42 | 63.37 |
| 19Q1 (11) | 48.15 | 37.49 | -13.55 | -194.12 | 26.93 | 17.74 | 83.15 | -80.97 | 10.87 | 89.63 | -77.85 | 180.53 | 0.44 | -74.86 | 266.67 | 0.38 | -62.38 | 111.11 | 0.00 | 0 | 0 | 197.83 | -61.4 | 10.79 | 93.27 | 3.35 | 4.28 | -234.21 | -284.15 | 25.22 | 335.53 | 108.44 | -18.8 | 114.37 | -18.94 | -15.98 |
| 18Q4 (10) | 35.02 | -49.28 | -26.98 | -265.66 | -85.76 | 27.85 | 436.93 | 543.67 | -3.79 | 404.74 | 585.65 | 1.56 | 1.75 | 548.72 | 29.63 | 1.01 | 1110.0 | 3.06 | 0.00 | 0 | 0 | 512.50 | 2420.05 | -7.36 | 90.25 | -1.04 | -2.15 | -60.97 | -141.64 | 24.53 | 160.97 | 455.83 | -10.96 | 141.10 | 55.0 | -12.98 |
| 18Q3 (9) | 69.05 | 119.42 | 22.89 | -143.01 | -16.35 | 28.2 | -98.48 | -223.45 | -78.41 | -83.34 | -185.76 | 30.01 | -0.39 | -157.35 | 18.75 | -0.10 | -122.73 | -600.0 | 0.00 | 0 | 0 | -22.09 | -117.92 | -173.29 | 91.20 | -2.68 | 0.18 | 146.43 | 194.86 | -59.61 | -45.24 | -117.78 | 82.77 | 91.03 | 53.74 | -1.54 |
| 18Q2 (8) | 31.47 | -43.5 | -66.57 | -122.91 | 47.92 | -340.95 | 79.77 | 6.36 | 32.99 | 97.18 | 204.16 | 64.29 | 0.68 | 466.67 | -56.41 | 0.44 | 144.44 | -60.36 | 0.00 | 0 | -100.0 | 123.26 | -30.97 | 0 | 93.71 | 4.77 | 7.49 | -154.37 | 50.71 | -281.69 | 254.37 | -38.44 | 1591.85 | 59.21 | -56.5 | 276.41 |
| 18Q1 (7) | 55.70 | 16.14 | -28.2 | -235.99 | 35.91 | -740.72 | 75.00 | -83.49 | 286.2 | 31.95 | -91.98 | 76.23 | 0.12 | -91.11 | -25.0 | 0.18 | -81.63 | -45.45 | 0.00 | 0 | 0 | 178.57 | -67.72 | 244.07 | 89.44 | -3.03 | -0.81 | -313.21 | -287.72 | -120.67 | 413.21 | 128.57 | 70.79 | 136.12 | -16.05 | 185.85 |
| 17Q4 (6) | 47.96 | -14.65 | 3.45 | -368.20 | -84.87 | -68.4 | 454.14 | 922.72 | 265.45 | 398.53 | 434.7 | 333.61 | 1.35 | 381.25 | 221.43 | 0.98 | 4800.0 | 108.51 | 0.00 | 0 | 0 | 553.23 | 1735.53 | 223.38 | 92.23 | 1.31 | 8.24 | -80.78 | -122.28 | 53.77 | 180.78 | 168.87 | -34.2 | 162.14 | 75.38 | 56.95 |
| 17Q3 (5) | 56.19 | -40.31 | 3.12 | -199.17 | -490.45 | -27.98 | -55.20 | -192.03 | 72.45 | -119.07 | -301.3 | 40.8 | -0.48 | -130.77 | 40.0 | 0.02 | -98.2 | 109.52 | 0.00 | -100.0 | 0 | 30.14 | 0 | 122.37 | 91.04 | 4.43 | 14.26 | 362.50 | 326.65 | 366.07 | -262.50 | -1845.93 | -1281.25 | 92.45 | 487.73 | 20.98 |
| 17Q2 (4) | 94.14 | 21.35 | 0.0 | 51.01 | 281.72 | 0.0 | 59.98 | 208.86 | 0.0 | 59.15 | 226.25 | 0.0 | 1.56 | 875.0 | 0.0 | 1.11 | 236.36 | 0.0 | 0.01 | 0 | 0.0 | 0.00 | -100.0 | 0.0 | 87.18 | -3.32 | 0.0 | 84.97 | 159.86 | 0.0 | 15.03 | -93.79 | 0.0 | 15.73 | -66.97 | 0.0 |
| 17Q1 (3) | 77.58 | 67.34 | 0.0 | -28.07 | 87.16 | 0.0 | 19.42 | -84.37 | 0.0 | 18.13 | -80.27 | 0.0 | 0.16 | -61.9 | 0.0 | 0.33 | -29.79 | 0.0 | 0.00 | 0 | 0.0 | 51.90 | -69.66 | 0.0 | 90.17 | 5.82 | 0.0 | -141.94 | 18.78 | 0.0 | 241.94 | -11.95 | 0.0 | 47.62 | -53.91 | 0.0 |
| 16Q4 (2) | 46.36 | -14.92 | 0.0 | -218.65 | -40.5 | 0.0 | 124.27 | 162.03 | 0.0 | 91.91 | 145.7 | 0.0 | 0.42 | 152.5 | 0.0 | 0.47 | 323.81 | 0.0 | 0.00 | 0 | 0.0 | 171.08 | 226.99 | 0.0 | 85.21 | 6.94 | 0.0 | -174.76 | -324.69 | 0.0 | 274.76 | 1136.41 | 0.0 | 103.31 | 35.19 | 0.0 |
| 16Q3 (1) | 54.49 | 0.0 | 0.0 | -155.62 | 0.0 | 0.0 | -200.33 | 0.0 | 0.0 | -201.12 | 0.0 | 0.0 | -0.80 | 0.0 | 0.0 | -0.21 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | -134.72 | 0.0 | 0.0 | 79.68 | 0.0 | 0.0 | 77.78 | 0.0 | 0.0 | 22.22 | 0.0 | 0.0 | 76.42 | 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 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 (10) | 61.45 | 16.83 | -164.75 | 0 | 36.12 | 18.59 | -552.19 | 0 | -546.29 | 0 | -9.69 | 0 | -4.45 | 0 | 0.01 | 0.0 | -442.69 | 0 | 101.26 | 12.09 | 29.85 | 0 | 70.15 | -80.15 | 0.14 | -10.02 | 98.51 | -7.04 |
| 2019 (9) | 52.60 | 15.02 | -183.27 | 0 | 30.46 | 68.9 | 72.30 | -37.44 | 75.62 | -31.19 | 1.55 | -28.57 | 1.22 | -19.74 | 0.01 | 0.0 | 153.55 | -16.62 | 90.34 | 0.1 | -253.33 | 0 | 353.33 | 37.88 | 0.16 | -17.88 | 105.97 | 6.52 |
| 2018 (8) | 45.73 | -45.19 | -180.78 | 0 | 18.03 | 106.7 | 115.56 | 59.53 | 109.89 | 79.74 | 2.17 | -16.22 | 1.52 | -12.64 | 0.01 | -50.0 | 184.15 | 80.4 | 90.25 | -2.15 | -156.26 | 0 | 256.26 | 95.53 | 0.19 | -19.07 | 99.48 | 140.76 |
| 2017 (7) | 83.43 | 65.4 | -22.62 | 0 | 8.72 | -34.46 | 72.44 | -47.32 | 61.14 | -27.76 | 2.59 | 85.0 | 1.74 | 51.3 | 0.02 | 100.0 | 102.08 | -49.31 | 92.23 | 8.24 | -31.24 | 0 | 131.06 | -46.16 | 0.24 | 0 | 41.32 | -58.3 |
| 2016 (6) | 50.44 | -35.31 | -197.39 | 0 | 13.31 | 162.66 | 137.52 | -62.98 | 84.63 | -75.43 | 1.40 | -88.61 | 1.15 | -84.05 | 0.01 | -50.0 | 201.37 | -48.24 | 85.21 | 13.42 | -143.42 | 0 | 243.42 | 107.8 | 0.00 | 0 | 99.08 | 73.1 |
| 2015 (5) | 77.97 | -19.28 | -63.65 | 0 | 5.07 | 377.68 | 371.43 | 21.86 | 344.49 | 16.18 | 12.29 | -69.44 | 7.21 | -66.94 | 0.02 | -71.43 | 389.02 | 26.68 | 75.13 | -0.33 | -17.14 | 0 | 117.14 | 42.07 | 0.00 | 0 | 57.24 | 249.02 |
| 2014 (4) | 96.59 | 68.01 | 53.43 | 52.53 | 1.06 | 68.15 | 304.81 | 202.93 | 296.51 | 200.72 | 40.21 | 49.93 | 21.81 | 83.74 | 0.07 | -41.67 | 307.09 | 200.92 | 75.38 | -23.57 | 17.52 | -49.69 | 82.46 | 26.46 | 0.00 | 0 | 16.40 | 82.22 |
| 2013 (3) | 57.49 | -62.38 | 35.03 | -16.06 | 0.63 | -85.82 | 100.62 | 99.21 | 98.60 | 120.68 | 26.82 | 1066.09 | 11.87 | 979.09 | 0.12 | 500.0 | 102.05 | 37.26 | 98.63 | -40.52 | 34.84 | -57.72 | 65.20 | 270.13 | 0.00 | 0 | 9.00 | -81.02 |
| 2012 (2) | 152.82 | 0 | 41.73 | 0 | 4.45 | 0 | 50.51 | 0 | 44.68 | 0 | 2.30 | 0 | 1.10 | 0 | 0.02 | 0 | 74.35 | 0 | 165.83 | 0 | 82.38 | 0 | 17.62 | 0 | 0.00 | 0 | 47.42 | 0 |
