- 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) | 40.67 | 7.34 | -2.35 | -28.89 | -1.83 | 44.45 | -148.08 | -250.57 | 91.11 | -146.24 | -277.1 | 91.36 | -1.03 | -232.26 | 90.93 | -0.49 | -600.0 | 92.66 | 0.00 | 0 | 0 | -84.44 | -762.27 | 94.74 | 69.85 | 1.7 | 2.33 | 19.55 | -71.01 | 526.79 | 80.45 | 147.1 | -16.96 | 58.28 | 21.9 | -21.71 |
| 23Q3 (19) | 37.89 | -2.72 | -13.45 | -28.37 | 10.34 | -5.74 | -42.24 | 28.46 | -9.2 | -38.78 | 34.82 | -8.99 | -0.31 | 26.19 | -19.23 | -0.07 | 46.15 | -16.67 | 0.00 | 0 | 0 | 12.75 | 1048.65 | -23.52 | 68.68 | -0.19 | 3.7 | 67.44 | 23.26 | -2.33 | 32.56 | -30.98 | 5.19 | 47.81 | -18.43 | -20.16 |
| 23Q2 (18) | 38.95 | 36.76 | -17.2 | -31.64 | 24.99 | 45.14 | -59.04 | 8.72 | 20.16 | -59.50 | 7.75 | 19.4 | -0.42 | 14.29 | -5.0 | -0.13 | 27.78 | 18.75 | 0.00 | 0 | 0 | 1.11 | 110.88 | 129.6 | 68.81 | 1.65 | 4.81 | 54.72 | -15.92 | -29.82 | 47.17 | 35.08 | 114.08 | 58.61 | 0.26 | -28.78 |
| 23Q1 (17) | 28.48 | -31.62 | -33.74 | -42.18 | 18.9 | -29.07 | -64.68 | 96.12 | -343.71 | -64.50 | 96.19 | -337.66 | -0.49 | 95.69 | -372.22 | -0.18 | 97.31 | -194.74 | 0.00 | 0 | 0 | -10.20 | 99.37 | -112.52 | 67.69 | -0.84 | 4.46 | 65.08 | 1986.61 | 152.88 | 34.92 | -63.96 | -84.07 | 58.46 | -21.47 | -15.07 |
| 22Q4 (16) | 41.65 | -4.87 | 42.34 | -52.01 | -93.85 | 3.42 | -1665.42 | -4205.64 | -55.01 | -1692.76 | -4657.62 | -57.84 | -11.36 | -4269.23 | -62.52 | -6.68 | -11033.33 | -58.29 | 0.00 | 0 | 0 | -1606.52 | -9737.19 | -56.7 | 68.26 | 3.07 | 4.68 | 3.12 | -95.48 | -37.39 | 96.88 | 213.0 | 1.96 | 74.44 | 24.32 | -9.75 |
| 22Q3 (15) | 43.78 | -6.93 | 35.42 | -26.83 | 53.48 | 35.58 | -38.68 | 47.69 | -41.01 | -35.58 | 51.8 | -27.44 | -0.26 | 35.0 | -44.44 | -0.06 | 62.5 | -50.0 | 0.00 | 0 | 0 | 16.67 | 544.53 | -6.45 | 66.23 | 0.88 | 10.13 | 69.05 | -11.44 | -53.97 | 30.95 | 40.48 | 161.9 | 59.88 | -27.23 | -10.51 |
| 22Q2 (14) | 47.04 | 9.45 | 60.0 | -57.67 | -76.47 | 8.46 | -73.95 | -378.64 | -54.03 | -73.82 | -372.0 | -68.35 | -0.40 | -322.22 | -81.82 | -0.16 | -184.21 | -128.57 | 0.00 | 0 | 0 | -3.75 | -104.6 | -148.76 | 65.65 | 1.31 | 9.42 | 77.97 | 163.35 | -41.13 | 22.03 | -89.95 | 167.94 | 82.29 | 19.56 | -4.43 |
| 22Q1 (13) | 42.98 | 46.89 | 18.96 | -32.68 | 39.31 | 21.69 | 26.54 | 102.47 | 566.43 | 27.14 | 102.53 | 935.88 | 0.18 | 102.58 | 800.0 | 0.19 | 104.5 | 171.43 | 0.00 | 0 | 0 | 81.44 | 107.94 | 90.01 | 64.80 | -0.63 | 10.05 | -123.08 | -2570.83 | -116.19 | 219.23 | 130.72 | 133.22 | 68.83 | -16.55 | -3.04 |
| 21Q4 (12) | 29.26 | -9.5 | -25.41 | -53.85 | -29.29 | -16.28 | -1074.41 | -3816.92 | -1324.96 | -1072.46 | -3741.19 | -1283.21 | -6.99 | -3783.33 | -1526.53 | -4.22 | -10450.0 | -1240.54 | 0.00 | 0 | 0 | -1025.25 | -5853.37 | -838.55 | 65.21 | 8.43 | 10.66 | 4.98 | -96.68 | 109.58 | 95.02 | 290.04 | -37.49 | 82.48 | 23.27 | 13.81 |
| 21Q3 (11) | 32.33 | 9.97 | -12.65 | -41.65 | 33.89 | -0.99 | -27.43 | 42.87 | 40.02 | -27.92 | 36.33 | 33.98 | -0.18 | 18.18 | 21.74 | -0.04 | 42.86 | 50.0 | 0.00 | 0 | 0 | 17.82 | 131.73 | 278.34 | 60.14 | 0.23 | 1.86 | 150.00 | 13.27 | 67.14 | -50.00 | -54.17 | -587.5 | 66.91 | -22.29 | -9.87 |
| 21Q2 (10) | 29.40 | -18.63 | -27.39 | -63.00 | -50.97 | -34.04 | -48.01 | -743.76 | -18.66 | -43.85 | -1773.66 | -30.54 | -0.22 | -1200.0 | -37.5 | -0.07 | -200.0 | -75.0 | 0.00 | 0 | 0 | 7.69 | -82.06 | -56.23 | 60.00 | 1.9 | 3.31 | 132.43 | -82.57 | 13.51 | -32.43 | 95.09 | -94.59 | 86.10 | 21.28 | 0 |
| 21Q1 (9) | 36.13 | -7.9 | -18.15 | -41.73 | 9.89 | 26.42 | -5.69 | -106.49 | 90.05 | 2.62 | -97.11 | 105.22 | 0.02 | -95.92 | 109.52 | 0.07 | -81.08 | 200.0 | 0.00 | 0 | 0 | 42.86 | -69.13 | 378.35 | 58.88 | -0.08 | 3.1 | 760.00 | 1561.54 | 660.0 | -660.00 | -534.21 | 0 | 70.99 | -2.04 | 0 |
| 20Q4 (8) | 39.23 | 6.0 | 3.56 | -46.31 | -12.29 | 12.51 | 87.71 | 291.8 | 146.47 | 90.64 | 314.33 | 148.59 | 0.49 | 313.04 | 154.44 | 0.37 | 562.5 | 172.55 | 0.00 | 0 | 0 | 138.82 | 2847.35 | 206.57 | 58.93 | -0.19 | 5.18 | -52.00 | -157.94 | -285.9 | 152.00 | 1382.0 | 111.03 | 72.47 | -2.38 | -4.83 |
| 20Q3 (7) | 37.01 | -8.59 | -6.87 | -41.24 | 12.26 | 32.54 | -45.73 | -13.03 | 10.79 | -42.29 | -25.9 | 3.43 | -0.23 | -43.75 | -15.0 | -0.08 | -100.0 | -14.29 | 0.00 | 0 | 0 | 4.71 | -73.19 | -30.33 | 59.04 | 1.65 | 8.31 | 89.74 | -23.08 | -24.22 | 10.26 | 161.54 | 155.68 | 74.24 | 0 | -13.29 |
| 20Q2 (6) | 40.49 | -8.27 | -3.85 | -47.00 | 17.12 | 11.5 | -40.46 | 29.24 | -145.22 | -33.59 | 33.11 | -133.78 | -0.16 | 23.81 | -134.78 | -0.04 | 42.86 | -110.81 | 0.00 | 0 | 0 | 17.57 | 96.09 | -88.07 | 58.08 | 1.7 | 7.86 | 116.67 | 16.67 | 300.43 | -16.67 | 0 | -110.53 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 44.14 | 16.53 | 5.12 | -56.71 | -7.14 | 3.95 | -57.18 | 69.71 | 25.98 | -50.22 | 73.08 | 17.94 | -0.21 | 76.67 | 25.0 | -0.07 | 86.27 | 46.15 | 0.00 | 0 | 0 | 8.96 | 106.88 | 137.33 | 57.11 | 1.93 | 9.97 | 100.00 | 257.5 | 31.82 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 37.88 | -4.68 | 0.0 | -52.93 | 13.41 | 0.0 | -188.76 | -268.24 | 0.0 | -186.55 | -326.01 | 0.0 | -0.90 | -350.0 | 0.0 | -0.51 | -628.57 | 0.0 | 0.00 | 0 | 0.0 | -130.26 | -2026.92 | 0.0 | 56.03 | 2.79 | 0.0 | 27.97 | -76.38 | 0.0 | 72.03 | 491.01 | 0.0 | 76.15 | -11.06 | 0.0 |
| 19Q3 (3) | 39.74 | -5.63 | 0.0 | -61.13 | -15.1 | 0.0 | -51.26 | -157.29 | 0.0 | -43.79 | -144.04 | 0.0 | -0.20 | -143.48 | 0.0 | -0.07 | -118.92 | 0.0 | 0.00 | 0 | 0.0 | 6.76 | -95.41 | 0.0 | 54.51 | 1.23 | 0.0 | 118.42 | 303.44 | 0.0 | -18.42 | -111.64 | 0.0 | 85.62 | 10.62 | 0.0 |
| 19Q2 (2) | 42.11 | 0.29 | 0.0 | -53.11 | 10.04 | 0.0 | 89.47 | 215.82 | 0.0 | 99.44 | 262.48 | 0.0 | 0.46 | 264.29 | 0.0 | 0.37 | 384.62 | 0.0 | 0.00 | 0 | 0.0 | 147.30 | 713.75 | 0.0 | 53.85 | 3.7 | 0.0 | -58.21 | -176.73 | 0.0 | 158.21 | 555.44 | 0.0 | 77.40 | 2.88 | 0.0 |
| 19Q1 (1) | 41.99 | 0.0 | 0.0 | -59.04 | 0.0 | 0.0 | -77.25 | 0.0 | 0.0 | -61.20 | 0.0 | 0.0 | -0.28 | 0.0 | 0.0 | -0.13 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | -24.00 | 0.0 | 0.0 | 51.93 | 0.0 | 0.0 | 75.86 | 0.0 | 0.0 | 24.14 | 0.0 | 0.0 | 75.23 | 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) | 36.38 | -16.83 | -32.83 | 0 | 24.74 | -20.29 | -77.04 | 0 | -75.75 | 0 | -2.24 | 0 | -0.87 | 0 | 0.02 | 0.0 | -19.21 | 0 | 69.85 | 2.33 | 42.81 | 345.76 | 57.53 | -36.35 | 0.05 | 1.25 | 55.60 | -21.12 |
| 2022 (9) | 43.74 | 37.42 | -41.03 | 0 | 31.03 | 15.67 | -428.09 | 0 | -433.72 | 0 | -11.82 | 0 | -6.71 | 0 | 0.02 | 100.0 | -367.11 | 0 | 68.26 | 4.68 | 9.60 | -40.44 | 90.40 | 7.77 | 0.05 | 121.96 | 70.49 | -7.42 |
| 2021 (8) | 31.83 | -20.39 | -49.45 | 0 | 26.83 | -10.95 | -307.32 | 0 | -303.99 | 0 | -7.37 | 0 | -4.28 | 0 | 0.01 | 0.0 | -257.99 | 0 | 65.21 | 10.66 | 16.12 | -96.4 | 83.88 | 0 | 0.02 | 158.75 | 76.14 | -4.62 |
| 2020 (7) | 39.98 | -1.09 | -47.33 | 0 | 30.13 | -3.14 | -10.44 | 0 | -5.57 | 0 | -0.11 | 0 | 0.18 | 0 | 0.01 | 0.0 | 45.19 | 0 | 58.93 | 5.18 | 448.48 | 359.1 | -348.48 | 0 | 0.01 | -2.0 | 79.83 | 1.59 |
| 2019 (6) | 40.42 | -11.11 | -56.53 | 0 | 31.10 | -9.19 | -57.71 | 0 | -48.81 | 0 | -0.91 | 0 | -0.35 | 0 | 0.01 | 0.0 | -1.00 | 0 | 56.03 | 10.3 | 97.69 | -69.51 | 2.31 | 0 | 0.01 | -0.98 | 78.58 | -10.07 |
| 2018 (5) | 45.47 | 38.37 | -67.91 | 0 | 34.25 | 757.06 | -21.23 | 0 | -16.52 | 0 | -0.26 | 0 | 0.01 | -99.64 | 0.01 | -88.89 | 35.04 | 6.5 | 50.80 | 12.81 | 320.37 | 402.13 | -220.37 | 0 | 0.01 | 0 | 87.38 | 641.77 |
| 2017 (4) | 32.86 | -27.08 | 17.12 | 0 | 4.00 | -69.85 | 26.86 | -46.41 | 27.62 | -45.61 | 3.85 | 99.48 | 2.75 | 89.66 | 0.09 | 350.0 | 32.90 | -55.53 | 45.03 | -13.02 | 63.80 | 0 | 36.20 | -67.8 | 0.00 | 0 | 11.78 | -64.45 |
| 2016 (3) | 45.06 | 5.63 | -6.26 | 0 | 13.26 | 91.1 | 50.12 | -35.21 | 50.78 | -37.43 | 1.93 | -60.45 | 1.45 | -56.85 | 0.02 | -50.0 | 73.98 | -16.68 | 51.77 | -13.02 | -12.42 | 0 | 112.42 | 25.2 | 0.00 | 0 | 33.14 | 40.25 |
| 2015 (2) | 42.66 | 28.65 | 7.85 | -42.19 | 6.94 | 57.3 | 77.36 | 66.08 | 81.16 | 74.46 | 4.88 | -17.01 | 3.36 | -19.04 | 0.04 | -55.56 | 88.79 | 66.62 | 59.52 | 36.01 | 10.21 | -65.03 | 89.79 | 26.81 | 0.00 | 0 | 23.63 | 30.26 |
| 2014 (1) | 33.16 | 0 | 13.58 | 0 | 4.41 | 4.37 | 46.58 | 0 | 46.52 | 0 | 5.88 | 0 | 4.15 | 0 | 0.09 | 12.5 | 53.29 | -15.84 | 43.76 | -12.9 | 29.19 | 48.87 | 70.81 | -11.92 | 0.00 | 0 | 18.14 | -7.16 |
