- 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) | 24.68 | 0.78 | 153.65 | -22.36 | -30.3 | 39.58 | -16.94 | -30.91 | -124.76 | -48.16 | -241.56 | -182.72 | -3.23 | -213.59 | -197.88 | -2.49 | -227.63 | -193.96 | 0.05 | -16.67 | 25.0 | 11.63 | 491.58 | -86.4 | 27.37 | 7.67 | 40.58 | 126.67 | -3.14 | 332.9 | -33.33 | -8.33 | -121.59 | 69.99 | 17.63 | -12.85 |
| 23Q3 (19) | 24.49 | -12.32 | 76.19 | -17.16 | -271.43 | 45.7 | -12.94 | -439.17 | 44.44 | -14.10 | -1115.52 | 53.83 | -1.03 | -1187.5 | 42.78 | -0.76 | -3700.0 | 40.16 | 0.06 | 0.0 | 50.0 | -2.97 | -118.93 | -23.24 | 25.42 | 5.7 | -27.66 | 130.77 | -47.69 | -4.44 | -30.77 | 69.23 | 16.48 | 59.50 | -0.82 | -14.43 |
| 23Q2 (18) | 27.93 | -5.74 | -5.86 | -4.62 | 71.79 | 22.87 | -2.40 | -105.28 | -7900.0 | -1.16 | -115.57 | 76.13 | -0.08 | -117.39 | 80.49 | -0.02 | -104.65 | 91.67 | 0.06 | 20.0 | 0.0 | 15.69 | -72.98 | 17.7 | 24.05 | 36.18 | -29.55 | 250.00 | 800.0 | 0 | -100.00 | -172.41 | 0 | 59.99 | -5.21 | 4.77 |
| 23Q1 (17) | 29.63 | 204.52 | -12.6 | -16.38 | 55.74 | -320.75 | 45.42 | -33.62 | 297.38 | 7.45 | -87.2 | 83.95 | 0.46 | -86.06 | -4.17 | 0.43 | -83.77 | -2.27 | 0.05 | 25.0 | -44.44 | 58.06 | -32.13 | 162.83 | 17.66 | -9.3 | -40.98 | -35.71 | 34.33 | -154.95 | 138.10 | -10.55 | 294.56 | 63.29 | -21.19 | 29.16 |
| 22Q4 (16) | 9.73 | -30.0 | -74.88 | -37.01 | -17.12 | -457.93 | 68.42 | 393.77 | 158.87 | 58.22 | 290.64 | 280.52 | 3.30 | 283.33 | 34.69 | 2.65 | 308.66 | 42.47 | 0.04 | 0.0 | -63.64 | 85.54 | 3649.38 | 144.54 | 19.47 | -44.59 | -40.17 | -54.39 | -139.74 | -239.51 | 154.39 | 519.05 | 153.02 | 80.31 | 15.5 | 73.38 |
| 22Q3 (15) | 13.90 | -53.15 | -57.83 | -31.60 | -427.55 | -884.12 | -23.29 | -77533.33 | -409.3 | -30.54 | -528.4 | -3692.94 | -1.80 | -339.02 | -1736.36 | -1.27 | -429.17 | -768.42 | 0.04 | -33.33 | -50.0 | -2.41 | -118.08 | -110.44 | 35.14 | 2.93 | -24.15 | 136.84 | 0 | 154.14 | -36.84 | 0 | -179.82 | 69.53 | 21.43 | 38.18 |
| 22Q2 (14) | 29.67 | -12.48 | -25.06 | -5.99 | -180.73 | -150.98 | -0.03 | -100.26 | -100.24 | -4.86 | -220.0 | -187.25 | -0.41 | -185.42 | -146.59 | -0.24 | -154.55 | -132.43 | 0.06 | -33.33 | -45.45 | 13.33 | -39.66 | -47.42 | 34.14 | 14.1 | -23.19 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 57.26 | 16.86 | 21.36 |
| 22Q1 (13) | 33.90 | -12.49 | 1.35 | 7.42 | -28.24 | 168.84 | 11.43 | -56.75 | 193.83 | 4.05 | -73.53 | 220.9 | 0.48 | -80.41 | 202.13 | 0.44 | -76.34 | 393.33 | 0.09 | -18.18 | 0.0 | 22.09 | -36.85 | 17.19 | 29.92 | -8.05 | -41.64 | 65.00 | 66.74 | -9.0 | 35.00 | -42.64 | 22.5 | 49.00 | 5.79 | -3.81 |
| 21Q4 (12) | 38.74 | 17.54 | -2.76 | 10.34 | 156.58 | -17.61 | 26.43 | 251.0 | 267.59 | 15.30 | 1700.0 | 888.66 | 2.45 | 2127.27 | 916.67 | 1.86 | 878.95 | 0 | 0.11 | 37.5 | 10.0 | 34.98 | 51.56 | 61.94 | 32.54 | -29.76 | -44.88 | 38.98 | -27.6 | -78.34 | 61.02 | 32.2 | 183.2 | 46.32 | -7.95 | -9.34 |
| 21Q3 (11) | 32.96 | -16.75 | -9.75 | 4.03 | -65.7 | -39.31 | 7.53 | -38.53 | 38.17 | 0.85 | -84.74 | 133.86 | 0.11 | -87.5 | 132.35 | 0.19 | -74.32 | 480.0 | 0.08 | -27.27 | -11.11 | 23.08 | -8.95 | 8.31 | 46.33 | 4.23 | -20.65 | 53.85 | -41.85 | -55.13 | 46.15 | 1146.15 | 330.77 | 50.32 | 6.66 | 3.07 |
| 21Q2 (10) | 39.59 | 18.36 | 20.15 | 11.75 | 325.72 | 167.05 | 12.25 | 214.91 | 169.82 | 5.57 | 266.27 | 303.28 | 0.88 | 287.23 | 325.64 | 0.74 | 593.33 | 840.0 | 0.11 | 22.22 | 22.22 | 25.35 | 34.48 | 18.07 | 44.45 | -13.3 | -17.55 | 92.59 | 29.63 | 4.17 | 3.70 | -87.04 | 0 | 47.18 | -7.38 | 0 |
| 21Q1 (9) | 33.45 | -16.04 | 270.84 | 2.76 | -78.01 | 107.24 | 3.89 | -45.9 | 110.37 | -3.35 | -72.68 | 92.25 | -0.47 | -56.67 | 84.44 | -0.15 | 0 | 92.02 | 0.09 | -10.0 | 80.0 | 18.85 | -12.73 | 557.52 | 51.27 | -13.15 | 4.87 | 71.43 | -60.32 | -30.5 | 28.57 | 138.96 | 1128.57 | 50.94 | -0.29 | -15.16 |
| 20Q4 (8) | 39.84 | 9.09 | 74.28 | 12.55 | 89.01 | 160.72 | 7.19 | 31.93 | 110.73 | -1.94 | 22.71 | 97.29 | -0.30 | 11.76 | 95.86 | 0.00 | 100.0 | 100.0 | 0.10 | 11.11 | 42.86 | 21.60 | 1.36 | 165.67 | 59.03 | 1.1 | 22.06 | 180.00 | 50.0 | 480.65 | -73.33 | -266.67 | -206.28 | 51.09 | 4.65 | -13.25 |
| 20Q3 (7) | 36.52 | 10.83 | 163.68 | 6.64 | 50.91 | 127.0 | 5.45 | 20.04 | 125.54 | -2.51 | 8.39 | 91.76 | -0.34 | 12.82 | 87.41 | -0.05 | 50.0 | 97.14 | 0.09 | 0.0 | 50.0 | 21.31 | -0.75 | 148.66 | 58.39 | 8.31 | 33.8 | 120.00 | 35.0 | 5.88 | -20.00 | 0 | -20.0 | 48.82 | 0 | -1.37 |
| 20Q2 (6) | 32.95 | 265.3 | 96.95 | 4.40 | 111.55 | 122.12 | 4.54 | 112.1 | 125.28 | -2.74 | 93.66 | 88.64 | -0.39 | 87.09 | 81.34 | -0.10 | 94.68 | 92.75 | 0.09 | 80.0 | 50.0 | 21.47 | 621.12 | 70.53 | 53.91 | 10.27 | 32.46 | 88.89 | -13.51 | -17.46 | 0.00 | 100.0 | 100.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 9.02 | -60.54 | 23.9 | -38.10 | -84.33 | -304.46 | -37.51 | 44.0 | -607.74 | -43.20 | 39.71 | -272.41 | -3.02 | 58.34 | -282.28 | -1.88 | 58.22 | -347.62 | 0.05 | -28.57 | 0.0 | -4.12 | 87.47 | -109.99 | 48.89 | 1.1 | 32.28 | 102.78 | 231.54 | -43.94 | -2.78 | -104.03 | 96.67 | 60.04 | 1.95 | 2.14 |
| 19Q4 (4) | 22.86 | 65.05 | 0.0 | -20.67 | 15.94 | 0.0 | -66.98 | -213.87 | 0.0 | -71.65 | -135.3 | 0.0 | -7.25 | -168.52 | 0.0 | -4.50 | -157.14 | 0.0 | 0.07 | 16.67 | 0.0 | -32.89 | -483.78 | 0.0 | 48.36 | 10.82 | 0.0 | 31.00 | -72.65 | 0.0 | 69.00 | 514.0 | 0.0 | 58.89 | 18.97 | 0.0 |
| 19Q3 (3) | 13.85 | -17.21 | 0.0 | -24.59 | -23.63 | 0.0 | -21.34 | -18.82 | 0.0 | -30.45 | -26.19 | 0.0 | -2.70 | -29.19 | 0.0 | -1.75 | -26.81 | 0.0 | 0.06 | 0.0 | 0.0 | 8.57 | -31.93 | 0.0 | 43.64 | 7.22 | 0.0 | 113.33 | 5.24 | 0.0 | -16.67 | -44.44 | 0.0 | 49.50 | -2.37 | 0.0 |
| 19Q2 (2) | 16.73 | 129.81 | 0.0 | -19.89 | -111.15 | 0.0 | -17.96 | -238.87 | 0.0 | -24.13 | -108.02 | 0.0 | -2.09 | -164.56 | 0.0 | -1.38 | -228.57 | 0.0 | 0.06 | 20.0 | 0.0 | 12.59 | -69.46 | 0.0 | 40.70 | 10.12 | 0.0 | 107.69 | -41.26 | 0.0 | -11.54 | 86.15 | 0.0 | 50.70 | -13.75 | 0.0 |
| 19Q1 (1) | 7.28 | 0.0 | 0.0 | -9.42 | 0.0 | 0.0 | -5.30 | 0.0 | 0.0 | -11.60 | 0.0 | 0.0 | -0.79 | 0.0 | 0.0 | -0.42 | 0.0 | 0.0 | 0.05 | 0.0 | 0.0 | 41.23 | 0.0 | 0.0 | 36.96 | 0.0 | 0.0 | 183.33 | 0.0 | 0.0 | -83.33 | 0.0 | 0.0 | 58.78 | 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) | 26.70 | 7.7 | -14.79 | 0 | 15.40 | 21.38 | 3.18 | -74.56 | -13.05 | 0 | -3.68 | 0 | -2.76 | 0 | 0.23 | -8.0 | 19.84 | -26.27 | 27.37 | 40.58 | -475.00 | 0 | 575.00 | 203.47 | 0.58 | 13.97 | 62.91 | 3.88 |
| 2022 (9) | 24.79 | -32.04 | -11.22 | 0 | 12.69 | 14.08 | 12.50 | -5.37 | 5.30 | 2.71 | 1.67 | -43.39 | 1.60 | -37.01 | 0.25 | -35.9 | 26.91 | 3.5 | 19.47 | -40.17 | -89.47 | 0 | 189.47 | 346.32 | 0.51 | 850.08 | 60.56 | 24.87 |
| 2021 (8) | 36.48 | 11.7 | 7.58 | 405.33 | 11.12 | -28.11 | 13.21 | 0 | 5.16 | 0 | 2.95 | 0 | 2.54 | 0 | 0.39 | 21.88 | 26.00 | 45.99 | 32.54 | -44.88 | 57.55 | 0 | 42.45 | -93.47 | 0.05 | 0 | 48.50 | -3.6 |
| 2020 (7) | 32.66 | 108.16 | 1.50 | 0 | 15.47 | -48.7 | -0.36 | 0 | -8.17 | 0 | -4.00 | 0 | -1.95 | 0 | 0.32 | 28.0 | 17.81 | 247.85 | 59.03 | 22.06 | -500.00 | 0 | 650.00 | 1747.37 | 0.00 | 0 | 50.31 | -7.38 |
| 2019 (6) | 15.69 | 503.46 | -19.11 | 0 | 30.16 | -6.08 | -29.57 | 0 | -36.11 | 0 | -12.84 | 0 | -7.97 | 0 | 0.25 | 8.7 | 5.12 | 0 | 48.36 | 14.38 | 64.81 | -31.28 | 35.19 | 518.85 | 0.05 | 12.47 | 54.32 | -10.04 |
| 2018 (5) | 2.60 | -45.49 | -48.97 | 0 | 32.12 | 11.07 | -51.90 | 0 | -58.69 | 0 | -18.35 | 0 | -13.32 | 0 | 0.23 | -4.17 | -17.36 | 0 | 42.28 | 61.74 | 94.31 | -1.8 | 5.69 | 43.56 | 0.04 | 0 | 60.38 | 27.25 |
| 2017 (4) | 4.77 | -71.61 | -29.23 | 0 | 28.92 | 4.05 | -30.42 | 0 | -36.62 | 0 | -11.11 | 0 | -8.63 | 0 | 0.24 | -4.0 | 0.00 | 0 | 26.14 | 11.9 | 96.04 | 23.28 | 3.96 | -82.08 | 0.00 | 0 | 47.45 | 3.35 |
| 2016 (3) | 16.80 | -27.4 | -33.51 | 0 | 27.79 | 44.07 | -42.98 | 0 | -49.43 | 0 | -15.06 | 0 | -12.06 | 0 | 0.25 | -10.71 | -13.90 | 0 | 23.36 | 6.76 | 77.90 | -32.95 | 22.10 | 0 | 0.00 | 0 | 45.91 | 26.4 |
| 2015 (2) | 23.14 | 30.88 | -13.41 | 0 | 19.29 | 19.03 | -11.49 | 0 | -14.34 | 0 | -5.06 | 0 | -3.90 | 0 | 0.28 | 3.7 | 8.63 | 3495.83 | 21.88 | -18.54 | 116.18 | 45.88 | -16.91 | 0 | 0.00 | 0 | 36.32 | -17.19 |
| 2014 (1) | 17.68 | 0 | -13.91 | 0 | 16.21 | 13.83 | -17.46 | 0 | -19.61 | 0 | -6.83 | 0 | -5.05 | 0 | 0.27 | -6.9 | 0.24 | -99.0 | 26.86 | -3.1 | 79.64 | 0 | 20.36 | -89.09 | 0.00 | 0 | 43.86 | -1.59 |
