- 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) | 16.59 | -25.97 | -59.8 | -5.80 | 6.0 | -154.21 | -19.54 | -166.17 | -615.57 | -16.59 | -168.47 | -345.78 | -1.60 | -172.07 | -342.42 | -1.20 | -168.97 | -322.22 | 0.08 | 14.29 | 14.29 | -10.81 | -128.03 | -193.67 | 27.78 | 4.08 | -19.83 | 28.57 | 250.0 | -89.29 | 71.43 | -40.0 | 142.86 | 25.17 | -9.33 | -17.72 |
| 23Q3 (19) | 22.41 | -29.31 | -51.39 | -6.17 | -263.23 | -126.38 | 29.53 | 140.28 | -27.8 | 24.23 | 250.65 | -32.49 | 2.22 | 241.54 | -54.88 | 1.74 | 216.36 | -49.57 | 0.07 | 0.0 | -22.22 | 38.57 | 87.69 | -19.0 | 26.69 | -34.15 | -36.62 | -19.05 | -157.14 | -132.76 | 119.05 | 78.57 | 184.39 | 27.76 | 5.71 | 26.58 |
| 23Q2 (18) | 31.70 | -9.4 | -29.18 | 3.78 | -66.9 | -84.78 | 12.29 | -37.99 | -56.56 | 6.91 | -52.7 | -72.34 | 0.65 | -55.17 | -85.68 | 0.55 | -52.59 | -82.26 | 0.07 | 0.0 | -41.67 | 20.55 | -26.21 | -38.34 | 40.53 | 31.55 | -19.38 | 33.33 | -40.74 | -62.63 | 66.67 | 52.38 | 393.33 | 26.26 | 7.18 | 33.43 |
| 23Q1 (17) | 34.99 | -15.22 | -1.3 | 11.42 | 6.73 | -18.43 | 19.82 | 422.96 | -29.96 | 14.61 | 116.44 | -35.78 | 1.45 | 119.7 | -62.24 | 1.16 | 114.81 | -55.56 | 0.07 | 0.0 | -36.36 | 27.85 | 141.33 | -18.54 | 30.81 | -11.08 | -39.01 | 56.25 | -78.91 | 16.02 | 43.75 | 126.25 | -15.07 | 24.50 | -19.91 | 19.28 |
| 22Q4 (16) | 41.27 | -10.48 | 45.88 | 10.70 | -54.25 | 2.59 | 3.79 | -90.73 | -70.78 | 6.75 | -81.19 | -48.39 | 0.66 | -86.59 | -72.15 | 0.54 | -84.35 | -67.07 | 0.07 | -22.22 | -41.67 | 11.54 | -75.77 | -33.53 | 34.65 | -17.72 | -34.52 | 266.67 | 358.67 | 228.21 | -166.67 | -498.15 | -988.89 | 30.59 | 39.49 | 60.24 |
| 22Q3 (15) | 46.10 | 2.99 | 107.38 | 23.39 | -5.8 | 252.79 | 40.90 | 44.57 | 331.89 | 35.89 | 43.67 | 436.47 | 4.92 | 8.37 | 267.16 | 3.45 | 11.29 | 259.38 | 0.09 | -25.0 | -35.71 | 47.62 | 42.87 | 272.61 | 42.11 | -16.23 | -10.0 | 58.14 | -34.81 | -16.02 | 41.86 | 209.77 | 36.05 | 21.93 | 11.43 | 31.24 |
| 22Q2 (14) | 44.76 | 26.26 | 56.56 | 24.83 | 77.36 | 201.33 | 28.29 | -0.04 | 1635.58 | 24.98 | 9.8 | 2675.56 | 4.54 | 18.23 | 2926.67 | 3.10 | 18.77 | 1966.67 | 0.12 | 9.09 | 9.09 | 33.33 | -2.52 | 366.81 | 50.27 | -0.49 | 6.48 | 89.19 | 83.95 | -80.18 | 13.51 | -73.77 | 103.86 | 19.68 | -4.19 | -7.56 |
| 22Q1 (13) | 35.45 | 25.31 | 20.25 | 14.00 | 34.23 | 596.52 | 28.30 | 118.2 | 591.93 | 22.75 | 73.93 | 1313.04 | 3.84 | 62.03 | 1645.45 | 2.61 | 59.15 | 1205.0 | 0.11 | -8.33 | 10.0 | 34.19 | 96.95 | 218.05 | 50.52 | -4.54 | 19.83 | 48.48 | -40.33 | -3.03 | 51.52 | 174.75 | 3.03 | 20.54 | 7.6 | -22.72 |
| 21Q4 (12) | 28.29 | 27.26 | 59.83 | 10.43 | 57.32 | 3264.52 | 12.97 | 36.96 | 155.31 | 13.08 | 95.52 | 1912.31 | 2.37 | 76.87 | 2533.33 | 1.64 | 70.83 | 1390.91 | 0.12 | -14.29 | 33.33 | 17.36 | 35.84 | 40.45 | 52.92 | 13.1 | 32.17 | 81.25 | 17.36 | 0 | 18.75 | -39.06 | -76.56 | 19.09 | 14.24 | -12.99 |
| 21Q3 (11) | 22.23 | -22.25 | 7.86 | 6.63 | -19.54 | 180.17 | 9.47 | 480.98 | 753.1 | 6.69 | 643.33 | 239.38 | 1.34 | 793.33 | 397.78 | 0.96 | 540.0 | 455.56 | 0.14 | 27.27 | 100.0 | 12.78 | 78.99 | 66.19 | 46.79 | -0.89 | 5.72 | 69.23 | -84.62 | -86.15 | 30.77 | 108.79 | 107.69 | 16.71 | -21.51 | -38.13 |
| 21Q2 (10) | 28.59 | -3.02 | 116.59 | 8.24 | 309.95 | 177.81 | 1.63 | -60.15 | 108.54 | 0.90 | -44.1 | 104.8 | 0.15 | -31.82 | 109.38 | 0.15 | -25.0 | 112.93 | 0.11 | 10.0 | 83.33 | 7.14 | -33.58 | 175.0 | 47.21 | 11.98 | 10.61 | 450.00 | 800.0 | 671.43 | -350.00 | -800.0 | -940.0 | 21.29 | -19.9 | 0 |
| 21Q1 (9) | 29.48 | 66.55 | 24.02 | 2.01 | 548.39 | 143.41 | 4.09 | -19.49 | 843.64 | 1.61 | 147.69 | 175.59 | 0.22 | 144.44 | 237.5 | 0.20 | 81.82 | 350.0 | 0.10 | 11.11 | 66.67 | 10.75 | -13.03 | 7.5 | 42.16 | 5.29 | 63.41 | 50.00 | 0 | 0 | 50.00 | -37.5 | 0 | 26.58 | 21.15 | 0 |
| 20Q4 (8) | 17.70 | -14.12 | -28.46 | 0.31 | 103.75 | -90.1 | 5.08 | 450.34 | 149.56 | 0.65 | 113.54 | 104.94 | 0.09 | 120.0 | 106.82 | 0.11 | 140.74 | 111.0 | 0.09 | 28.57 | 12.5 | 12.36 | 60.73 | 450.14 | 40.04 | -9.53 | 57.02 | 0.00 | -100.0 | 100.0 | 80.00 | 120.0 | -34.55 | 21.94 | -18.77 | 0 |
| 20Q3 (7) | 20.61 | 56.14 | 2.03 | -8.27 | 21.91 | -544.62 | -1.45 | 92.4 | 69.28 | -4.80 | 74.41 | -4.12 | -0.45 | 71.88 | 11.76 | -0.27 | 76.72 | 22.86 | 0.07 | 16.67 | -22.22 | 7.69 | 180.78 | 238.77 | 44.26 | 3.7 | 77.39 | 500.00 | 757.14 | 1100.0 | -400.00 | -1060.0 | -366.67 | 27.01 | 0 | 14.69 |
| 20Q2 (6) | 13.20 | -44.47 | -39.25 | -10.59 | -128.73 | -938.24 | -19.08 | -3369.09 | -515.48 | -18.76 | -780.75 | -412.57 | -1.60 | -900.0 | -290.24 | -1.16 | -1350.0 | -364.0 | 0.06 | 0.0 | -33.33 | -9.52 | -195.2 | -326.13 | 42.68 | 65.43 | 64.47 | 58.33 | 0 | 75.0 | 41.67 | 0 | -37.5 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 23.77 | -3.92 | 7.31 | -4.63 | -247.92 | -306.7 | -0.55 | 94.63 | -104.3 | -2.13 | 83.81 | -104.12 | -0.16 | 87.88 | -115.09 | -0.08 | 92.0 | -108.99 | 0.06 | -25.0 | -33.33 | 10.00 | 383.29 | -47.64 | 25.80 | 1.18 | 40.29 | 0.00 | 100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 24.74 | 22.48 | 0.0 | 3.13 | 68.28 | 0.0 | -10.25 | -117.16 | 0.0 | -13.16 | -185.47 | 0.0 | -1.32 | -158.82 | 0.0 | -1.00 | -185.71 | 0.0 | 0.08 | -11.11 | 0.0 | -3.53 | -255.51 | 0.0 | 25.50 | 2.2 | 0.0 | -33.33 | 33.33 | 0.0 | 122.22 | -18.52 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 20.20 | -7.04 | 0.0 | 1.86 | 282.35 | 0.0 | -4.72 | -52.26 | 0.0 | -4.61 | -25.96 | 0.0 | -0.51 | -24.39 | 0.0 | -0.35 | -40.0 | 0.0 | 0.09 | 0.0 | 0.0 | 2.27 | -46.08 | 0.0 | 24.95 | -3.85 | 0.0 | -50.00 | -250.0 | 0.0 | 150.00 | 125.0 | 0.0 | 23.55 | -8.01 | 0.0 |
| 19Q2 (2) | 21.73 | -1.9 | 0.0 | -1.02 | -145.54 | 0.0 | -3.10 | -124.24 | 0.0 | -3.66 | -107.08 | 0.0 | -0.41 | -138.68 | 0.0 | -0.25 | -128.09 | 0.0 | 0.09 | 0.0 | 0.0 | 4.21 | -77.96 | 0.0 | 25.95 | 41.11 | 0.0 | 33.33 | 83.33 | 0.0 | 66.67 | -18.52 | 0.0 | 25.60 | -1.65 | 0.0 |
| 19Q1 (1) | 22.15 | 0.0 | 0.0 | 2.24 | 0.0 | 0.0 | 12.79 | 0.0 | 0.0 | 51.67 | 0.0 | 0.0 | 1.06 | 0.0 | 0.0 | 0.89 | 0.0 | 0.0 | 0.09 | 0.0 | 0.0 | 19.10 | 0.0 | 0.0 | 18.39 | 0.0 | 0.0 | 18.18 | 0.0 | 0.0 | 81.82 | 0.0 | 0.0 | 26.03 | 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) | 26.61 | -36.54 | 1.07 | -94.37 | 6.76 | 32.68 | 10.43 | -61.3 | 7.20 | -69.68 | 2.77 | -80.23 | 2.38 | -76.44 | 0.29 | -29.27 | 18.92 | -42.84 | 27.78 | -19.83 | 9.68 | -86.19 | 90.32 | 210.82 | 0.31 | -16.37 | 25.87 | 15.39 |
| 2022 (9) | 41.93 | 56.16 | 19.00 | 168.36 | 5.09 | 29.86 | 26.95 | 264.68 | 23.75 | 301.18 | 14.01 | 247.64 | 10.10 | 241.22 | 0.41 | -10.87 | 33.10 | 171.31 | 34.65 | -34.52 | 70.09 | -27.79 | 29.06 | 888.03 | 0.38 | -22.78 | 22.42 | 9.58 |
| 2021 (8) | 26.85 | 43.81 | 7.08 | 0 | 3.92 | -48.46 | 7.39 | 0 | 5.92 | 0 | 4.03 | 0 | 2.96 | 0 | 0.46 | 64.29 | 12.20 | 110.34 | 52.92 | 32.17 | 97.06 | -41.76 | 2.94 | 0 | 0.49 | -7.87 | 20.46 | -21.13 |
| 2020 (7) | 18.67 | -15.79 | -5.26 | 0 | 7.61 | 23.12 | -3.19 | 0 | -5.66 | 0 | -2.13 | 0 | -1.42 | 0 | 0.28 | -22.22 | 5.80 | -1.69 | 40.04 | 57.02 | 166.67 | 0 | -66.67 | 0 | 0.53 | 161.6 | 25.94 | 6.05 |
| 2019 (6) | 22.17 | 24.13 | 1.49 | 0.0 | 6.18 | 71.94 | -1.24 | 0 | 7.62 | 0 | -1.12 | 0 | -0.71 | 0 | 0.36 | -21.74 | 5.90 | -0.34 | 25.50 | 28.85 | -125.00 | 0 | 250.00 | 733.33 | 0.20 | -32.53 | 24.46 | 9.15 |
| 2018 (5) | 17.86 | -5.9 | 1.49 | -12.35 | 3.59 | 25.37 | 2.04 | 85.45 | -4.96 | 0 | 0.92 | 0 | 0.86 | 0 | 0.46 | -16.36 | 5.92 | 46.17 | 19.79 | 55.46 | 70.00 | -51.0 | 30.00 | 0 | 0.30 | 0 | 22.41 | -3.9 |
| 2017 (4) | 18.98 | 23.25 | 1.70 | 0 | 2.87 | -43.12 | 1.10 | 0 | -0.15 | 0 | -0.09 | 0 | -0.08 | 0 | 0.55 | 27.91 | 4.05 | 0 | 12.73 | 24.56 | 142.86 | 166.67 | -57.14 | 0 | 0.00 | 0 | 23.32 | 0.73 |
| 2016 (3) | 15.40 | 101.31 | -3.03 | 0 | 5.04 | 0.96 | -5.56 | 0 | -6.02 | 0 | -2.82 | 0 | -2.58 | 0 | 0.43 | -18.87 | -0.40 | 0 | 10.22 | 22.1 | 53.57 | -80.95 | 46.43 | 0 | 0.00 | 0 | 23.15 | 32.82 |
| 2015 (2) | 7.65 | -33.94 | -6.77 | 0 | 4.99 | 11.78 | -2.39 | 0 | -3.23 | 0 | -1.92 | 0 | -1.67 | 0 | 0.53 | -15.87 | 2.72 | -64.63 | 8.37 | -42.51 | 281.25 | 0 | -181.25 | 0 | 0.00 | 0 | 17.43 | 17.14 |
| 2014 (1) | 11.58 | 0 | -0.25 | 0 | 4.47 | 4.75 | 3.10 | 0 | 0.81 | 0 | 0.59 | 0 | 0.56 | 0 | 0.63 | 10.53 | 7.69 | 27.11 | 14.56 | 0.34 | -8.00 | 0 | 108.00 | 0 | 0.00 | 0 | 14.88 | 14.46 |
