- 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) | 31.08 | 18.26 | 42.05 | 10.29 | 170.79 | 90.91 | 4.48 | -61.87 | 146.15 | 3.71 | -39.97 | 194.44 | 1.06 | -45.36 | 100.0 | 0.79 | -39.69 | 107.89 | 0.20 | 0.0 | -23.08 | 7.34 | -47.8 | 84.42 | 38.09 | -24.17 | -33.16 | 225.00 | 639.29 | -19.64 | -125.00 | -291.67 | 30.56 | 26.33 | 37.49 | 32.11 |
| 23Q3 (19) | 26.28 | 35.53 | 176.63 | 3.80 | -67.74 | 127.1 | 11.75 | -18.85 | 430.99 | 6.18 | -41.75 | 348.19 | 1.94 | -46.41 | 308.6 | 1.31 | -45.19 | 362.0 | 0.20 | -9.09 | -9.09 | 14.06 | -18.07 | 1662.22 | 50.23 | -9.85 | -25.43 | 30.43 | -61.96 | -92.15 | 65.22 | 226.09 | 122.68 | 19.15 | 4.13 | 15.64 |
| 23Q2 (18) | 19.39 | -0.15 | 49.96 | 11.78 | 420.98 | 308.5 | 14.48 | 512.54 | 946.78 | 10.61 | 452.49 | 1868.33 | 3.62 | 511.36 | 1673.91 | 2.39 | 559.62 | 2755.56 | 0.22 | 15.79 | -8.33 | 17.16 | 3058.62 | 1872.41 | 55.72 | 3.63 | -12.95 | 80.00 | -20.0 | -75.38 | 20.00 | 0 | 108.89 | 18.39 | 2.85 | 18.42 |
| 23Q1 (17) | 19.42 | -11.24 | 20.47 | -3.67 | -168.09 | 58.48 | -3.51 | -292.86 | -119.37 | -3.01 | -338.89 | 11.21 | -0.88 | -266.04 | 1.12 | -0.52 | -236.84 | -4.0 | 0.19 | -26.92 | 18.75 | -0.58 | -114.57 | -130.53 | 53.77 | -5.65 | -10.58 | 100.00 | -64.29 | -78.57 | -0.00 | 100.0 | 100.0 | 17.88 | -10.29 | -12.74 |
| 22Q4 (16) | 21.88 | 130.32 | 54.3 | 5.39 | 138.45 | 459.33 | 1.82 | 151.27 | 295.7 | 1.26 | 150.6 | 329.09 | 0.53 | 156.99 | 330.43 | 0.38 | 176.0 | 522.22 | 0.26 | 18.18 | 4.0 | 3.98 | 542.22 | 231.67 | 56.99 | -15.39 | -8.35 | 280.00 | -27.74 | 40.0 | -180.00 | 37.39 | -260.0 | 19.93 | 20.35 | 5.79 |
| 22Q3 (15) | 9.50 | -26.53 | -42.7 | -14.02 | -148.14 | -694.07 | -3.55 | -107.6 | -231.0 | -2.49 | -315.0 | -208.26 | -0.93 | -304.35 | -189.42 | -0.50 | -455.56 | -174.63 | 0.22 | -8.33 | -18.52 | -0.90 | -203.45 | -120.41 | 67.36 | 5.23 | -5.42 | 387.50 | 19.23 | 352.08 | -287.50 | -27.78 | -2112.5 | 16.56 | 6.63 | 21.23 |
| 22Q2 (14) | 12.93 | -19.79 | -24.16 | -5.65 | 36.09 | -242.68 | -1.71 | -6.87 | -160.85 | -0.60 | 82.3 | -125.1 | -0.23 | 74.16 | -121.3 | -0.09 | 82.0 | -111.84 | 0.24 | 50.0 | -20.0 | 0.87 | -54.21 | -81.8 | 64.01 | 6.45 | 6.9 | 325.00 | -30.36 | 136.36 | -225.00 | 38.64 | -500.0 | 15.53 | -24.21 | 19.92 |
| 22Q1 (13) | 16.12 | 13.68 | -4.1 | -8.84 | -489.33 | -337.62 | -1.60 | -72.04 | 0.0 | -3.39 | -516.36 | -32.42 | -0.89 | -286.96 | -21.92 | -0.50 | -455.56 | -13.64 | 0.16 | -36.0 | -15.79 | 1.90 | 58.33 | 62.39 | 60.13 | -3.3 | 29.31 | 466.67 | 133.33 | 366.67 | -366.67 | -633.33 | -1000.0 | 20.49 | 8.76 | 7.28 |
| 21Q4 (12) | 14.18 | -14.48 | -26.03 | -1.50 | -163.56 | -123.89 | -0.93 | -134.32 | -126.27 | -0.55 | -123.91 | -116.37 | -0.23 | -122.12 | -114.84 | -0.09 | -113.43 | -108.65 | 0.25 | -7.41 | -13.79 | 1.20 | -72.79 | -78.14 | 62.18 | -12.69 | 20.88 | 200.00 | 133.33 | 17.65 | -50.00 | -450.0 | 28.57 | 18.84 | 37.92 | 30.56 |
| 21Q3 (11) | 16.58 | -2.76 | -29.86 | 2.36 | -40.4 | -80.18 | 2.71 | -3.56 | -72.23 | 2.30 | -3.77 | -67.47 | 1.04 | -3.7 | -76.79 | 0.67 | -11.84 | -76.74 | 0.27 | -10.0 | -32.5 | 4.41 | -7.74 | -61.08 | 71.22 | 18.94 | 11.7 | 85.71 | -37.66 | -30.23 | 14.29 | 138.1 | 162.5 | 13.66 | 5.48 | 13.27 |
| 21Q2 (10) | 17.05 | 1.43 | -15.05 | 3.96 | 296.04 | -1.49 | 2.81 | 275.62 | -20.62 | 2.39 | 193.36 | -32.49 | 1.08 | 247.95 | -14.96 | 0.76 | 272.73 | -17.39 | 0.30 | 57.89 | 25.0 | 4.78 | 308.55 | -26.12 | 59.88 | 28.77 | 10.66 | 137.50 | 37.5 | 20.31 | -37.50 | -12.5 | -162.5 | 12.95 | -32.2 | 0 |
| 21Q1 (9) | 16.81 | -12.31 | -2.04 | -2.02 | -132.17 | 82.33 | -1.60 | -145.2 | 82.49 | -2.56 | -176.19 | 73.88 | -0.73 | -147.1 | 63.32 | -0.44 | -142.31 | 66.92 | 0.19 | -34.48 | 35.71 | 1.17 | -78.69 | 126.9 | 46.50 | -9.6 | 12.56 | 100.00 | -41.18 | -15.38 | -33.33 | 52.38 | -22.22 | 19.10 | 32.36 | 0 |
| 20Q4 (8) | 19.17 | -18.91 | -16.22 | 6.28 | -47.27 | 17.16 | 3.54 | -63.73 | 1870.0 | 3.36 | -52.48 | 380.0 | 1.55 | -65.4 | 545.83 | 1.04 | -63.89 | 352.17 | 0.29 | -27.5 | 26.09 | 5.49 | -51.54 | 114.45 | 51.44 | -19.32 | 19.66 | 170.00 | 38.37 | 0 | -70.00 | -206.25 | 0 | 14.43 | 19.65 | 0 |
| 20Q3 (7) | 23.64 | 17.79 | 22.36 | 11.91 | 196.27 | 19750.0 | 9.76 | 175.71 | 687.1 | 7.07 | 99.72 | 751.81 | 4.48 | 252.76 | 1500.0 | 2.88 | 213.04 | 1052.0 | 0.40 | 66.67 | 81.82 | 11.33 | 75.12 | 181.84 | 63.76 | 17.83 | 26.16 | 122.86 | 7.5 | 0 | -22.86 | -60.0 | -122.86 | 12.06 | 0 | -34.81 |
| 20Q2 (6) | 20.07 | 16.96 | 17.99 | 4.02 | 135.17 | 691.18 | 3.54 | 138.73 | 49.37 | 3.54 | 136.12 | 145.83 | 1.27 | 163.82 | 144.23 | 0.92 | 169.17 | 124.39 | 0.24 | 71.43 | 4.35 | 6.47 | 248.74 | 19.15 | 54.11 | 30.99 | -0.9 | 114.29 | -3.3 | 385.71 | -14.29 | 47.62 | -110.2 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 17.16 | -25.0 | 21.62 | -11.43 | -313.25 | -2830.77 | -9.14 | -4470.0 | -970.48 | -9.80 | -1500.0 | -1309.88 | -1.99 | -929.17 | -763.33 | -1.33 | -678.26 | -575.0 | 0.14 | -39.13 | -39.13 | -4.35 | -269.92 | -214.17 | 41.31 | -3.91 | -35.76 | 118.18 | 0 | 336.36 | -27.27 | 0 | -118.18 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 22.88 | 18.43 | 0.0 | 5.36 | 8833.33 | 0.0 | -0.20 | -116.13 | 0.0 | 0.70 | -15.66 | 0.0 | 0.24 | -14.29 | 0.0 | 0.23 | -8.0 | 0.0 | 0.23 | 4.55 | 0.0 | 2.56 | -36.32 | 0.0 | 42.99 | -14.94 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | -100.0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 19.32 | 13.58 | 0.0 | 0.06 | 108.82 | 0.0 | 1.24 | -47.68 | 0.0 | 0.83 | -42.36 | 0.0 | 0.28 | -46.15 | 0.0 | 0.25 | -39.02 | 0.0 | 0.22 | -4.35 | 0.0 | 4.02 | -25.97 | 0.0 | 50.54 | -7.44 | 0.0 | 0.00 | 100.0 | 0.0 | 100.00 | -28.57 | 0.0 | 18.50 | 10.51 | 0.0 |
| 19Q2 (2) | 17.01 | 20.55 | 0.0 | -0.68 | -74.36 | 0.0 | 2.37 | 125.71 | 0.0 | 1.44 | 77.78 | 0.0 | 0.52 | 73.33 | 0.0 | 0.41 | 46.43 | 0.0 | 0.23 | 0.0 | 0.0 | 5.43 | 42.52 | 0.0 | 54.60 | -15.1 | 0.0 | -40.00 | 20.0 | 0.0 | 140.00 | -6.67 | 0.0 | 16.74 | 20.78 | 0.0 |
| 19Q1 (1) | 14.11 | 0.0 | 0.0 | -0.39 | 0.0 | 0.0 | 1.05 | 0.0 | 0.0 | 0.81 | 0.0 | 0.0 | 0.30 | 0.0 | 0.0 | 0.28 | 0.0 | 0.0 | 0.23 | 0.0 | 0.0 | 3.81 | 0.0 | 0.0 | 64.31 | 0.0 | 0.0 | -50.00 | 0.0 | 0.0 | 150.00 | 0.0 | 0.0 | 13.86 | 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) | 23.95 | 57.05 | 5.80 | 0 | 2.28 | 3.04 | 7.25 | 0 | 4.69 | 0 | 5.76 | 0 | 4.10 | 0 | 0.83 | -7.78 | 9.93 | 609.29 | 38.09 | -33.16 | 79.63 | -81.9 | 20.37 | 0 | 0.12 | 9.01 | 20.36 | 13.17 |
| 2022 (9) | 15.25 | -5.46 | -5.16 | 0 | 2.21 | 18.72 | -1.13 | 0 | -1.06 | 0 | -1.51 | 0 | -0.73 | 0 | 0.90 | -11.76 | 1.40 | -54.98 | 56.99 | -8.35 | 440.00 | 340.0 | -350.00 | 0 | 0.11 | 5.58 | 17.99 | 14.15 |
| 2021 (8) | 16.13 | -22.53 | 1.04 | -82.07 | 1.87 | -6.64 | 1.04 | -76.2 | 0.73 | -77.33 | 1.17 | -77.59 | 0.94 | -75.2 | 1.02 | -7.27 | 3.11 | -53.02 | 62.18 | 20.88 | 100.00 | -23.64 | 0.00 | 0 | 0.10 | 0 | 15.76 | 3.89 |
| 2020 (7) | 20.82 | 15.09 | 5.80 | 510.53 | 2.00 | -15.09 | 4.37 | 280.0 | 3.22 | 238.95 | 5.22 | 286.67 | 3.79 | 221.19 | 1.10 | 20.88 | 6.62 | 65.5 | 51.44 | 19.66 | 130.95 | 63.69 | -33.33 | 0 | 0.00 | 0 | 15.17 | -7.05 |
| 2019 (6) | 18.09 | -17.36 | 0.95 | -86.69 | 2.35 | 192.24 | 1.15 | -87.18 | 0.95 | -84.99 | 1.35 | -89.44 | 1.18 | -85.06 | 0.91 | -25.41 | 4.00 | -59.92 | 42.99 | -35.21 | 80.00 | -0.22 | 20.00 | -3.48 | 0.00 | 0 | 16.32 | 13.33 |
| 2018 (5) | 21.89 | 14.19 | 7.14 | 48.75 | 0.81 | -17.58 | 8.97 | 231.0 | 6.33 | 210.29 | 12.78 | 246.34 | 7.90 | 230.54 | 1.22 | 8.93 | 9.98 | 155.24 | 66.35 | 1.41 | 80.18 | -53.97 | 20.72 | 0 | 0.10 | 0 | 14.40 | 6.75 |
| 2017 (4) | 19.17 | -0.26 | 4.80 | -20.79 | 0.98 | 11.77 | 2.71 | -54.3 | 2.04 | -47.42 | 3.69 | -55.38 | 2.39 | -56.47 | 1.12 | -20.0 | 3.91 | -43.5 | 65.43 | 9.95 | 174.19 | 70.0 | -74.19 | 0 | 0.00 | 0 | 13.49 | 6.3 |
| 2016 (3) | 19.22 | 6.25 | 6.06 | 37.41 | 0.87 | -18.34 | 5.93 | 4.4 | 3.88 | -10.39 | 8.27 | -18.28 | 5.49 | -22.89 | 1.40 | -15.15 | 6.92 | 1.47 | 59.51 | 32.95 | 102.47 | 31.97 | -2.47 | 0 | 0.00 | 0 | 12.69 | 4.02 |
| 2015 (2) | 18.09 | 4.69 | 4.41 | 40.89 | 1.07 | -28.0 | 5.68 | 16.63 | 4.33 | 27.35 | 10.12 | 51.5 | 7.12 | 44.72 | 1.65 | 13.79 | 6.82 | 5.9 | 44.76 | 14.18 | 77.65 | 20.56 | 22.35 | -37.2 | 0.00 | 0 | 12.20 | -4.31 |
| 2014 (1) | 17.28 | 0 | 3.13 | 0 | 1.49 | -2.23 | 4.87 | 0 | 3.40 | 0 | 6.68 | 0 | 4.92 | 0 | 1.45 | 3.57 | 6.44 | 81.41 | 39.20 | 22.27 | 64.41 | -14.12 | 35.59 | 42.37 | 0.00 | 0 | 12.75 | 4.17 |
