- 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) | 17.90 | 19.97 | 10.56 | 4.39 | 593.26 | 227.25 | 1.09 | -41.4 | 115.42 | 1.72 | 975.0 | 135.76 | 0.97 | 977.78 | 143.89 | 0.58 | 190.0 | 164.44 | 0.24 | -7.69 | 14.29 | 3.43 | -16.34 | 158.04 | 136.60 | 2.51 | 12.71 | 393.33 | 919.44 | 721.37 | -293.33 | -292.98 | -678.52 | 16.34 | 10.78 | -33.87 |
| 23Q3 (19) | 14.92 | -3.8 | -5.81 | -0.89 | 22.61 | 83.96 | 1.86 | -72.57 | -54.96 | 0.16 | -97.09 | -72.41 | 0.09 | -96.99 | -62.5 | 0.20 | -86.39 | 5.26 | 0.26 | 8.33 | 36.84 | 4.10 | -55.87 | -51.13 | 133.26 | 6.83 | 14.39 | -48.00 | -181.14 | 64.24 | 152.00 | 29.83 | -35.1 | 14.75 | -7.52 | -26.54 |
| 23Q2 (18) | 15.51 | -7.73 | -2.45 | -1.15 | -153.99 | 11.54 | 6.78 | 101.79 | -26.7 | 5.50 | 133.05 | -33.89 | 2.99 | 141.13 | -30.63 | 1.47 | 113.04 | -26.5 | 0.24 | 0.0 | 4.35 | 9.29 | 53.81 | -19.57 | 124.74 | 1.5 | 2.67 | -17.07 | -127.03 | -24.39 | 117.07 | 217.77 | 2.94 | 15.95 | 13.04 | 1.59 |
| 23Q1 (17) | 16.81 | 3.83 | 34.27 | 2.13 | 161.74 | 21400.0 | 3.36 | 147.52 | 102.41 | 2.36 | 149.06 | 1342.11 | 1.24 | 156.11 | 1227.27 | 0.69 | 176.67 | 1280.0 | 0.24 | 14.29 | -4.0 | 6.04 | 202.2 | 58.53 | 122.90 | 1.4 | -2.8 | 63.16 | 31.89 | 0 | 36.84 | -27.34 | -63.16 | 14.11 | -42.9 | 3.83 |
| 22Q4 (16) | 16.19 | 2.21 | 29.0 | -3.45 | 37.84 | -107.83 | -7.07 | -271.19 | -141.3 | -4.81 | -929.31 | -353.77 | -2.21 | -1020.83 | -256.45 | -0.90 | -573.68 | -246.15 | 0.21 | 10.53 | -19.23 | -5.91 | -170.44 | -1274.42 | 121.20 | 4.03 | -3.43 | 47.89 | 135.68 | -14.31 | 50.70 | -78.35 | 14.93 | 24.71 | 23.06 | 175.47 |
| 22Q3 (15) | 15.84 | -0.38 | 16.64 | -5.55 | -326.92 | -55600.0 | 4.13 | -55.35 | -57.25 | 0.58 | -93.03 | -93.42 | 0.24 | -94.43 | -95.52 | 0.19 | -90.5 | -92.18 | 0.19 | -17.39 | -29.63 | 8.39 | -27.36 | -28.72 | 116.50 | -4.12 | -2.32 | -134.21 | -877.82 | 0 | 234.21 | 105.94 | 134.21 | 20.08 | 27.9 | 17.91 |
| 22Q2 (14) | 15.90 | 27.0 | 12.37 | -1.30 | -12900.0 | -168.42 | 9.25 | 457.23 | 1041.98 | 8.32 | 4478.95 | 775.79 | 4.31 | 4018.18 | 606.56 | 2.00 | 3900.0 | 455.56 | 0.23 | -8.0 | -14.81 | 11.55 | 203.15 | 347.67 | 121.50 | -3.91 | -12.86 | -13.73 | 0 | -105.97 | 113.73 | 13.73 | 187.48 | 15.70 | 15.53 | 43.64 |
| 22Q1 (13) | 12.52 | -0.24 | -26.78 | -0.01 | 99.4 | -100.21 | 1.66 | 156.66 | -70.88 | -0.19 | 82.08 | -104.63 | -0.11 | 82.26 | -104.49 | 0.05 | 119.23 | -95.45 | 0.25 | -3.85 | 0.0 | 3.81 | 986.05 | -51.71 | 126.44 | 0.74 | -9.49 | 0.00 | -100.0 | -100.0 | 100.00 | 126.67 | 530.0 | 13.59 | 51.51 | 1.04 |
| 21Q4 (12) | 12.55 | -7.58 | -5.43 | -1.66 | -16700.0 | 72.79 | -2.93 | -130.33 | 75.79 | -1.06 | -112.03 | 92.0 | -0.62 | -111.57 | 91.82 | -0.26 | -110.7 | 91.8 | 0.26 | -3.7 | 4.0 | -0.43 | -103.65 | 95.67 | 125.51 | 5.23 | -14.21 | 55.88 | 0 | 10.07 | 44.12 | -55.88 | -10.39 | 8.97 | -47.33 | -40.12 |
| 21Q3 (11) | 13.58 | -4.03 | -34.52 | 0.01 | -99.47 | -99.84 | 9.66 | 1092.59 | 235.42 | 8.81 | 827.37 | 503.42 | 5.36 | 778.69 | 561.73 | 2.43 | 575.0 | 350.0 | 0.27 | 0.0 | 0.0 | 11.77 | 356.2 | 128.54 | 119.27 | -14.46 | -0.46 | 0.00 | -100.0 | -100.0 | 100.00 | 176.92 | 188.57 | 17.03 | 55.81 | 16.64 |
| 21Q2 (10) | 14.15 | -17.25 | -28.5 | 1.90 | -60.08 | -78.14 | 0.81 | -85.79 | -90.9 | 0.95 | -76.83 | -87.9 | 0.61 | -75.1 | -88.36 | 0.36 | -67.27 | -87.71 | 0.27 | 8.0 | -25.0 | 2.58 | -67.3 | -75.5 | 139.43 | -0.19 | 50.01 | 230.00 | 178.65 | 134.22 | -130.00 | -919.0 | -4910.0 | 10.93 | -18.74 | 0 |
| 21Q1 (9) | 17.10 | 28.86 | 14.46 | 4.76 | 178.03 | 274.8 | 5.70 | 147.11 | 85.06 | 4.10 | 130.94 | 736.73 | 2.45 | 132.32 | 1125.0 | 1.10 | 134.7 | 478.95 | 0.25 | 0.0 | 8.7 | 7.89 | 179.38 | 41.14 | 139.70 | -4.51 | 85.77 | 82.54 | 62.58 | 98.1 | 15.87 | -67.76 | -72.79 | 13.45 | -10.21 | 6.32 |
| 20Q4 (8) | 13.27 | -36.02 | -19.09 | -6.10 | -199.35 | -2872.73 | -12.10 | -520.14 | -490.24 | -13.25 | -1007.53 | -117.57 | -7.58 | -1035.8 | -166.9 | -3.17 | -687.04 | -126.43 | 0.25 | -7.41 | 0.0 | -9.94 | -293.01 | -1813.79 | 146.30 | 22.1 | 70.75 | 50.77 | -76.15 | 556.92 | 49.23 | 143.6 | -53.36 | 14.98 | 2.6 | -1.19 |
| 20Q3 (7) | 20.74 | 4.8 | 10.03 | 6.14 | -29.34 | -4.36 | 2.88 | -67.64 | -70.61 | 1.46 | -81.4 | -81.06 | 0.81 | -84.54 | -81.42 | 0.54 | -81.57 | -76.92 | 0.27 | -25.0 | -3.57 | 5.15 | -51.09 | -57.89 | 119.82 | 28.91 | 26.47 | 212.90 | 116.81 | 228.08 | -112.90 | -4277.42 | -431.65 | 14.60 | 0 | -3.05 |
| 20Q2 (6) | 19.79 | 32.46 | 24.62 | 8.69 | 584.25 | 516.31 | 8.90 | 188.96 | 179.0 | 7.85 | 1502.04 | 164.31 | 5.24 | 2520.0 | 197.73 | 2.93 | 1442.11 | 195.96 | 0.36 | 56.52 | 33.33 | 10.53 | 88.37 | 75.21 | 92.95 | 23.6 | -16.92 | 98.20 | 135.68 | 129.13 | 2.70 | -95.37 | -94.95 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 14.94 | -8.9 | 19.14 | 1.27 | 477.27 | 178.88 | 3.08 | 250.24 | 180.0 | 0.49 | 108.05 | 114.29 | 0.20 | 107.04 | 109.95 | 0.19 | 113.57 | 133.93 | 0.23 | -8.0 | 0.0 | 5.59 | 863.79 | 4092.86 | 75.20 | -12.23 | -40.43 | 41.67 | 475.0 | 2.27 | 58.33 | -44.74 | -1.56 | 12.65 | -16.56 | -21.28 |
| 19Q4 (4) | 16.40 | -13.0 | 0.0 | 0.22 | -96.57 | 0.0 | -2.05 | -120.92 | 0.0 | -6.09 | -178.99 | 0.0 | -2.84 | -165.14 | 0.0 | -1.40 | -159.83 | 0.0 | 0.25 | -10.71 | 0.0 | 0.58 | -95.26 | 0.0 | 85.68 | -9.56 | 0.0 | -11.11 | -117.12 | 0.0 | 105.56 | 210.07 | 0.0 | 15.16 | 0.66 | 0.0 |
| 19Q3 (3) | 18.85 | 18.7 | 0.0 | 6.42 | 355.32 | 0.0 | 9.80 | 207.21 | 0.0 | 7.71 | 159.6 | 0.0 | 4.36 | 147.73 | 0.0 | 2.34 | 136.36 | 0.0 | 0.28 | 3.7 | 0.0 | 12.23 | 103.49 | 0.0 | 94.74 | -15.32 | 0.0 | 64.89 | 51.42 | 0.0 | 34.04 | -36.45 | 0.0 | 15.06 | -2.78 | 0.0 |
| 19Q2 (2) | 15.88 | 26.63 | 0.0 | 1.41 | 187.58 | 0.0 | 3.19 | 182.86 | 0.0 | 2.97 | 186.59 | 0.0 | 1.76 | 187.56 | 0.0 | 0.99 | 276.79 | 0.0 | 0.27 | 17.39 | 0.0 | 6.01 | 4392.86 | 0.0 | 111.88 | -11.37 | 0.0 | 42.86 | 5.19 | 0.0 | 53.57 | -9.6 | 0.0 | 15.49 | -3.61 | 0.0 |
| 19Q1 (1) | 12.54 | 0.0 | 0.0 | -1.61 | 0.0 | 0.0 | -3.85 | 0.0 | 0.0 | -3.43 | 0.0 | 0.0 | -2.01 | 0.0 | 0.0 | -0.56 | 0.0 | 0.0 | 0.23 | 0.0 | 0.0 | -0.14 | 0.0 | 0.0 | 126.23 | 0.0 | 0.0 | 40.74 | 0.0 | 0.0 | 59.26 | 0.0 | 0.0 | 16.07 | 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) | 16.27 | 8.18 | 1.13 | 0 | 1.61 | -12.29 | 3.17 | 49.53 | 2.34 | 108.93 | 5.20 | 130.09 | 2.86 | 107.25 | 0.97 | 7.78 | 5.60 | 23.62 | 136.60 | 12.71 | 35.62 | 0 | 64.38 | -69.87 | 0.65 | -23.47 | 15.32 | -16.1 |
| 2022 (9) | 15.04 | 5.17 | -2.41 | 0 | 1.83 | 30.94 | 2.12 | -34.97 | 1.12 | -64.78 | 2.26 | -70.73 | 1.38 | -61.45 | 0.90 | -12.62 | 4.53 | -16.27 | 121.20 | -3.43 | -113.64 | 0 | 213.64 | 239.57 | 0.85 | 0.53 | 18.26 | 45.27 |
| 2021 (8) | 14.30 | -18.05 | 1.21 | -57.54 | 1.40 | -1.15 | 3.26 | 279.07 | 3.18 | 0 | 7.72 | 0 | 3.58 | 0 | 1.03 | -1.9 | 5.41 | 83.39 | 125.51 | -14.21 | 37.09 | -88.78 | 62.91 | 0 | 0.84 | -5.17 | 12.57 | -7.71 |
| 2020 (7) | 17.45 | 8.05 | 2.85 | 50.79 | 1.42 | -21.34 | 0.86 | -61.95 | -0.60 | 0 | -1.37 | 0 | -0.25 | 0 | 1.05 | -0.94 | 2.95 | -41.93 | 146.30 | 70.75 | 330.56 | 297.7 | -230.56 | 0 | 0.89 | -22.19 | 13.62 | -11.67 |
| 2019 (6) | 16.15 | 46.15 | 1.89 | 0 | 1.80 | 32.16 | 2.26 | 237.31 | 0.68 | -29.17 | 1.59 | -44.01 | 1.45 | -27.5 | 1.06 | -4.5 | 5.08 | 56.79 | 85.68 | -52.44 | 83.12 | 0 | 16.88 | -87.34 | 1.14 | 142.38 | 15.42 | -8.54 |
| 2018 (5) | 11.05 | 13.22 | -0.25 | 0 | 1.36 | -28.65 | 0.67 | 0 | 0.96 | 0 | 2.84 | 0 | 2.00 | 0 | 1.11 | 11.0 | 3.24 | 0 | 180.14 | 15.76 | -38.10 | 0 | 133.33 | 93.61 | 0.47 | 0 | 16.86 | -3.27 |
| 2017 (4) | 9.76 | -17.08 | -1.24 | 0 | 1.91 | -14.95 | -3.97 | 0 | -3.50 | 0 | -8.74 | 0 | -2.66 | 0 | 1.00 | 3.09 | -0.90 | 0 | 155.62 | 6.63 | 31.13 | -46.23 | 68.87 | 67.76 | 0.00 | 0 | 17.43 | -5.73 |
| 2016 (3) | 11.77 | 46.21 | 2.11 | 0 | 2.25 | -25.0 | 3.60 | 0 | 1.93 | 0 | 4.47 | 0 | 2.57 | 0 | 0.97 | 11.49 | 6.96 | 116.82 | 145.95 | 9.98 | 57.89 | -77.73 | 41.05 | 0 | 0.00 | 0 | 18.49 | -11.62 |
| 2015 (2) | 8.05 | -16.15 | -2.81 | 0 | 2.99 | -6.75 | -1.10 | 0 | -1.42 | 0 | -2.81 | 0 | -0.51 | 0 | 0.87 | -3.33 | 3.21 | -53.21 | 132.70 | 10.45 | 260.00 | 0 | -156.00 | 0 | 0.00 | 0 | 20.92 | -16.22 |
| 2014 (1) | 9.60 | 0 | -1.46 | 0 | 3.21 | -18.54 | 2.08 | 0 | 1.62 | 0 | 3.59 | 0 | 2.34 | 0 | 0.90 | 11.11 | 6.86 | 0 | 120.14 | -34.36 | -70.21 | 0 | 170.21 | 616.69 | 0.00 | 0 | 24.97 | -19.24 |
