- 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) | 12.54 | 32.84 | 7.92 | -9.14 | 17.73 | -14.11 | -9.38 | -6.96 | 4.87 | -9.35 | -2.97 | -16.15 | -2.19 | -0.92 | -3.79 | -1.31 | -2.34 | -15.93 | 0.15 | 0.0 | 0.0 | 2.79 | -16.72 | 520.0 | 57.43 | -1.44 | -15.59 | 98.51 | -22.86 | 20.71 | 2.99 | 111.41 | -83.77 | 33.04 | -1.84 | 2.01 |
| 23Q3 (19) | 9.44 | -13.24 | -46.03 | -11.11 | -2.59 | -602.71 | -8.77 | -1.98 | -239.21 | -9.08 | -10.33 | -285.31 | -2.17 | -2.84 | -211.28 | -1.28 | -4.07 | -213.27 | 0.15 | -6.25 | -31.82 | 3.35 | 52.27 | -74.21 | 58.27 | -3.38 | -27.77 | 127.69 | 1.57 | 257.54 | -26.15 | -1.71 | -139.94 | 33.66 | 1.45 | 24.07 |
| 23Q2 (18) | 10.88 | 17.75 | -45.84 | -10.83 | -5.97 | -417.6 | -8.60 | 26.75 | -262.57 | -8.23 | 29.9 | -313.77 | -2.11 | 19.47 | -242.57 | -1.23 | 18.54 | -243.02 | 0.16 | 14.29 | -20.0 | 2.20 | 714.81 | -82.36 | 60.31 | -0.84 | -32.52 | 125.71 | 44.15 | 95.88 | -25.71 | -301.04 | -171.79 | 33.18 | -9.42 | 15.65 |
| 23Q1 (17) | 9.24 | -20.48 | -49.4 | -10.22 | -27.59 | -851.47 | -11.74 | -19.07 | -533.21 | -11.74 | -45.84 | -705.15 | -2.62 | -24.17 | -463.89 | -1.51 | -33.63 | -428.26 | 0.14 | -6.67 | -30.0 | 0.27 | -40.0 | -97.36 | 60.82 | -10.61 | -30.35 | 87.21 | 6.86 | 79.87 | 12.79 | -30.45 | -73.62 | 36.63 | 13.09 | 29.21 |
| 22Q4 (16) | 11.62 | -33.56 | -29.23 | -8.01 | -462.44 | -3582.61 | -9.86 | -256.51 | -1469.44 | -8.05 | -264.29 | -913.13 | -2.11 | -208.21 | -627.5 | -1.13 | -200.0 | -503.57 | 0.15 | -31.82 | -31.82 | 0.45 | -96.54 | -94.2 | 68.04 | -15.66 | -21.4 | 81.61 | 128.51 | 144.83 | 18.39 | -71.91 | -72.41 | 32.39 | 19.39 | 25.54 |
| 22Q3 (15) | 17.49 | -12.94 | -13.71 | 2.21 | -35.19 | -39.45 | 6.30 | 19.09 | 50.72 | 4.90 | 27.27 | 62.79 | 1.95 | 31.76 | 78.9 | 1.13 | 31.4 | 71.21 | 0.22 | 10.0 | 10.0 | 12.99 | 4.17 | 7.53 | 80.67 | -9.73 | -0.85 | 35.71 | -44.35 | -59.18 | 65.48 | 82.79 | 423.81 | 27.13 | -5.44 | -4.81 |
| 22Q2 (14) | 20.09 | 10.02 | 9.36 | 3.41 | 150.74 | 121.43 | 5.29 | 95.2 | 160.59 | 3.85 | 98.45 | 231.9 | 1.48 | 105.56 | 260.98 | 0.86 | 86.96 | 196.55 | 0.20 | 0.0 | 0.0 | 12.47 | 21.9 | 19.1 | 89.37 | 2.35 | 12.9 | 64.18 | 32.37 | -16.94 | 35.82 | -26.12 | 57.61 | 28.69 | 1.2 | 2.39 |
| 22Q1 (13) | 18.26 | 11.21 | 34.36 | 1.36 | 491.3 | 141.09 | 2.71 | 276.39 | 202.26 | 1.94 | 95.96 | 161.01 | 0.72 | 80.0 | 169.23 | 0.46 | 64.29 | 186.79 | 0.20 | -9.09 | 5.26 | 10.23 | 31.83 | 60.34 | 87.32 | 0.87 | 15.35 | 48.48 | 45.45 | -61.5 | 48.48 | -27.27 | 287.01 | 28.35 | 9.88 | -2.68 |
| 21Q4 (12) | 16.42 | -18.99 | -14.48 | 0.23 | -93.7 | 105.78 | 0.72 | -82.78 | 112.54 | 0.99 | -67.11 | 115.59 | 0.40 | -63.3 | 119.23 | 0.28 | -57.58 | 125.69 | 0.22 | 10.0 | 22.22 | 7.76 | -35.76 | 153.59 | 86.57 | 6.4 | 18.01 | 33.33 | -61.9 | -52.38 | 66.67 | 433.33 | 122.22 | 25.80 | -9.47 | -0.81 |
| 21Q3 (11) | 20.27 | 10.34 | 13.24 | 3.65 | 137.01 | 177.0 | 4.18 | 105.91 | 206.36 | 3.01 | 159.48 | 168.41 | 1.09 | 165.85 | 173.15 | 0.66 | 127.59 | 191.67 | 0.20 | 0.0 | 11.11 | 12.08 | 15.38 | 165.49 | 81.36 | 2.78 | -1.25 | 87.50 | 13.24 | -27.64 | 12.50 | -45.0 | 159.72 | 28.50 | 1.71 | 3.3 |
| 21Q2 (10) | 18.37 | 35.17 | -3.72 | 1.54 | 146.53 | 143.63 | 2.03 | 176.6 | 156.86 | 1.16 | 136.48 | 134.22 | 0.41 | 139.42 | 137.27 | 0.29 | 154.72 | 156.86 | 0.20 | 5.26 | 17.65 | 10.47 | 64.11 | 106.1 | 79.16 | 4.57 | -15.24 | 77.27 | -38.64 | -20.64 | 22.73 | 187.66 | 0 | 28.02 | -3.81 | -1.75 |
| 21Q1 (9) | 13.59 | -29.22 | -14.53 | -3.31 | 16.83 | 77.87 | -2.65 | 53.83 | 79.85 | -3.18 | 49.92 | 74.02 | -1.04 | 50.0 | 58.89 | -0.53 | 51.38 | 59.85 | 0.19 | 5.56 | 58.33 | 6.38 | 108.5 | 2300.0 | 75.70 | 3.19 | -2.69 | 125.93 | 79.89 | 11.4 | -25.93 | -186.42 | -83.48 | 29.13 | 12.0 | -29.52 |
| 20Q4 (8) | 19.20 | 7.26 | -6.8 | -3.98 | 16.03 | -38.19 | -5.74 | -46.06 | -29.28 | -6.35 | -44.32 | -56.79 | -2.08 | -39.6 | -50.72 | -1.09 | -51.39 | -62.69 | 0.18 | 0.0 | 0.0 | 3.06 | -32.75 | 2.68 | 73.36 | -10.96 | -9.66 | 70.00 | -42.12 | 7.06 | 30.00 | 243.33 | -13.33 | 26.01 | -5.73 | -9.28 |
| 20Q3 (7) | 17.90 | -6.18 | -24.34 | -4.74 | -34.28 | -620.88 | -3.93 | -10.08 | -283.64 | -4.40 | -29.79 | -449.21 | -1.49 | -35.45 | -446.51 | -0.72 | -41.18 | -325.0 | 0.18 | 5.88 | -5.26 | 4.55 | -10.43 | -50.49 | 82.39 | -11.78 | -5.55 | 120.93 | 24.2 | 185.84 | -20.93 | 0 | -136.28 | 27.59 | -3.26 | -6.12 |
| 20Q2 (6) | 19.08 | 20.0 | -16.21 | -3.53 | 76.4 | -525.3 | -3.57 | 72.85 | -268.4 | -3.39 | 72.3 | -221.51 | -1.10 | 56.52 | -218.28 | -0.51 | 61.36 | -183.61 | 0.17 | 41.67 | -10.53 | 5.08 | 1851.72 | -44.05 | 93.39 | 20.05 | 20.04 | 97.37 | -13.87 | 143.42 | 0.00 | 100.0 | -100.0 | 28.52 | -30.99 | 3.45 |
| 20Q1 (5) | 15.90 | -22.82 | -14.05 | -14.96 | -419.44 | -4036.84 | -13.15 | -196.17 | -2678.43 | -12.24 | -202.22 | -3321.05 | -2.53 | -83.33 | -2046.15 | -1.32 | -97.01 | -876.47 | 0.12 | -33.33 | -42.86 | -0.29 | -109.73 | -104.14 | 77.79 | -4.2 | 10.18 | 113.04 | 72.89 | 35.65 | -14.13 | -140.82 | -142.39 | 41.33 | 44.16 | 82.23 |
| 19Q4 (4) | 20.60 | -12.93 | 0.0 | -2.88 | -416.48 | 0.0 | -4.44 | -307.48 | 0.0 | -4.05 | -421.43 | 0.0 | -1.38 | -420.93 | 0.0 | -0.67 | -309.38 | 0.0 | 0.18 | -5.26 | 0.0 | 2.98 | -67.57 | 0.0 | 81.20 | -6.91 | 0.0 | 65.38 | 54.55 | 0.0 | 34.62 | -40.0 | 0.0 | 28.67 | -2.45 | 0.0 |
| 19Q3 (3) | 23.66 | 3.91 | 0.0 | 0.91 | 9.64 | 0.0 | 2.14 | 0.94 | 0.0 | 1.26 | -54.84 | 0.0 | 0.43 | -53.76 | 0.0 | 0.32 | -47.54 | 0.0 | 0.19 | 0.0 | 0.0 | 9.19 | 1.21 | 0.0 | 87.23 | 12.12 | 0.0 | 42.31 | 5.77 | 0.0 | 57.69 | -3.85 | 0.0 | 29.39 | 6.6 | 0.0 |
| 19Q2 (2) | 22.77 | 23.08 | 0.0 | 0.83 | 118.42 | 0.0 | 2.12 | 315.69 | 0.0 | 2.79 | 634.21 | 0.0 | 0.93 | 615.38 | 0.0 | 0.61 | 258.82 | 0.0 | 0.19 | -9.52 | 0.0 | 9.08 | 29.53 | 0.0 | 77.80 | 10.2 | 0.0 | 40.00 | -52.0 | 0.0 | 60.00 | 80.0 | 0.0 | 27.57 | 21.56 | 0.0 |
| 19Q1 (1) | 18.50 | 0.0 | 0.0 | 0.38 | 0.0 | 0.0 | 0.51 | 0.0 | 0.0 | 0.38 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 0.21 | 0.0 | 0.0 | 7.01 | 0.0 | 0.0 | 70.60 | 0.0 | 0.0 | 83.33 | 0.0 | 0.0 | 33.33 | 0.0 | 0.0 | 22.68 | 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) | 10.52 | -39.12 | -10.35 | 0 | 10.47 | 53.18 | -9.59 | 0 | -9.56 | 0 | -9.12 | 0 | -5.27 | 0 | 0.59 | -27.16 | 2.19 | -77.61 | 57.43 | -15.59 | 107.61 | 473.93 | -7.96 | 0 | 1.59 | -1.67 | 34.10 | 18.2 |
| 2022 (9) | 17.28 | 0.41 | 0.38 | -36.67 | 6.83 | -6.39 | 2.06 | 80.7 | 1.42 | 140.68 | 2.04 | 140.0 | 1.47 | 104.17 | 0.81 | 1.25 | 9.78 | 6.54 | 68.04 | -21.4 | 18.75 | -63.89 | 81.25 | 69.0 | 1.62 | -0.98 | 28.85 | 3.89 |
| 2021 (8) | 17.21 | -5.49 | 0.60 | 0 | 7.30 | -14.4 | 1.14 | 0 | 0.59 | 0 | 0.85 | 0 | 0.72 | 0 | 0.80 | 19.4 | 9.18 | 169.21 | 86.57 | 18.01 | 51.92 | -48.74 | 48.08 | 0 | 1.63 | 0.08 | 27.77 | -7.03 |
| 2020 (7) | 18.21 | -14.71 | -6.03 | 0 | 8.53 | 36.07 | -5.96 | 0 | -6.05 | 0 | -7.16 | 0 | -3.72 | 0 | 0.67 | -17.28 | 3.41 | -51.63 | 73.36 | -9.66 | 101.29 | 0 | -1.29 | 0 | 1.63 | 34.53 | 29.87 | 10.55 |
| 2019 (6) | 21.35 | 6.54 | -0.17 | 0 | 6.27 | 70.59 | 0.10 | -97.44 | 0.11 | -96.18 | 0.15 | -97.13 | 0.43 | -87.43 | 0.81 | -28.32 | 7.05 | -10.65 | 81.20 | 32.12 | -160.00 | 0 | 260.00 | 723.9 | 1.21 | 109.52 | 27.02 | 23.94 |
| 2018 (5) | 20.04 | 9.87 | 2.66 | 0 | 3.67 | -26.29 | 3.90 | 0 | 2.88 | 0 | 5.22 | 0 | 3.42 | 0 | 1.13 | 37.8 | 7.89 | 226.03 | 61.46 | 3.52 | 68.44 | -32.56 | 31.56 | 0 | 0.58 | 0 | 21.80 | -14.64 |
| 2017 (4) | 18.24 | -13.76 | -3.05 | 0 | 4.98 | -8.84 | -3.01 | 0 | -3.33 | 0 | -4.26 | 0 | -2.55 | 0 | 0.82 | 10.81 | 2.42 | 27.37 | 59.37 | 9.24 | 101.49 | -9.97 | -1.49 | 0 | 0.00 | 0 | 25.54 | -10.07 |
| 2016 (3) | 21.15 | -23.09 | -4.51 | 0 | 5.47 | 0.33 | -4.01 | 0 | -4.92 | 0 | -5.32 | 0 | -3.53 | 0 | 0.74 | -3.9 | 1.90 | -80.51 | 54.35 | 44.09 | 112.73 | 98.13 | -12.73 | 0 | 0.00 | 0 | 28.40 | -4.51 |
| 2015 (2) | 27.50 | 2.8 | 2.22 | -44.91 | 5.45 | 10.87 | 3.91 | -30.05 | 2.88 | -25.19 | 3.17 | -33.68 | 2.30 | -31.55 | 0.77 | -8.33 | 9.75 | -11.28 | 37.72 | -21.43 | 56.90 | -21.13 | 43.68 | 54.81 | 0.00 | 0 | 29.74 | 8.54 |
| 2014 (1) | 26.75 | 0 | 4.03 | 0 | 4.91 | 9.97 | 5.59 | 0 | 3.85 | 0 | 4.78 | 0 | 3.36 | 0 | 0.84 | -4.55 | 10.99 | -4.43 | 48.01 | -1.86 | 72.14 | -10.52 | 28.21 | 45.64 | 0.00 | 0 | 27.40 | 5.59 |
