- 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) | -87.46 | -1306.34 | -535.34 | -339.82 | -701.27 | -931.01 | -422.60 | -374.72 | -802.8 | -422.61 | -368.21 | -785.79 | -10.64 | 4.23 | -114.95 | -5.38 | -11.39 | -195.6 | 0.01 | -83.33 | -75.0 | -376.47 | -421.28 | -1204.92 | 88.22 | -4.73 | -37.83 | 79.45 | 69.5 | 12.17 | 19.18 | -62.81 | -34.25 | 85.45 | 180.9 | 138.69 |
| 23Q3 (19) | 7.25 | -71.47 | -24.71 | -42.41 | -697.18 | -65.86 | -89.02 | -1060.63 | -173.82 | -90.26 | -578.14 | -159.59 | -11.11 | -209.47 | -89.27 | -4.83 | -323.68 | -156.91 | 0.06 | -40.0 | 0.0 | -72.22 | -4530.67 | -246.71 | 92.60 | -42.92 | -35.13 | 46.88 | -39.73 | -40.79 | 51.56 | 54.69 | 147.5 | 30.42 | 74.33 | 15.62 |
| 23Q2 (18) | 25.41 | 64.15 | 74.64 | -5.32 | 84.84 | 74.24 | -7.67 | 88.48 | 67.17 | -13.31 | 80.15 | 51.71 | -3.59 | 59.53 | 28.91 | -1.14 | 65.77 | 14.93 | 0.10 | 100.0 | 66.67 | 1.63 | 103.26 | 114.06 | 162.23 | 4.65 | -29.48 | 77.78 | 45.41 | -11.11 | 33.33 | -28.33 | 166.67 | 17.45 | -45.6 | -33.01 |
| 23Q1 (17) | 15.48 | -22.95 | 17.27 | -35.10 | -6.49 | -53.01 | -66.58 | -42.23 | -151.53 | -67.05 | -40.54 | -144.53 | -8.87 | -79.19 | -106.28 | -3.33 | -82.97 | -187.07 | 0.05 | 25.0 | 0.0 | -50.00 | -73.31 | -287.6 | 155.02 | 9.25 | -31.01 | 53.49 | -24.49 | -38.87 | 46.51 | 59.47 | 272.09 | 32.08 | -10.39 | 12.68 |
| 22Q4 (16) | 20.09 | 108.62 | 88.28 | -32.96 | -28.9 | -144.87 | -46.81 | -43.99 | -137.37 | -47.71 | -37.22 | -141.57 | -4.95 | 15.67 | 10.0 | -1.82 | 3.19 | -14.47 | 0.04 | -33.33 | -55.56 | -28.85 | -38.5 | -123.12 | 141.89 | -0.6 | -33.17 | 70.83 | -10.53 | 1.82 | 29.17 | 40.0 | -4.17 | 35.80 | 36.07 | 192.96 |
| 22Q3 (15) | 9.63 | -33.81 | 1.26 | -25.57 | -23.83 | -2.44 | -32.51 | -39.17 | -14.88 | -34.77 | -26.16 | 30.14 | -5.87 | -16.24 | 25.13 | -1.88 | -40.3 | 25.69 | 0.06 | 0.0 | 20.0 | -20.83 | -79.72 | -12.17 | 142.75 | -37.95 | -29.21 | 79.17 | -9.52 | -12.04 | 20.83 | 66.67 | 108.33 | 26.31 | 1.0 | 43.69 |
| 22Q2 (14) | 14.55 | 10.23 | 128.06 | -20.65 | 9.98 | 26.33 | -23.36 | 11.75 | 29.74 | -27.56 | -0.51 | 17.11 | -5.05 | -17.44 | -2.64 | -1.34 | -15.52 | 23.43 | 0.06 | 20.0 | 0.0 | -11.59 | 10.16 | 50.02 | 230.04 | 2.38 | 25.38 | 87.50 | 0.0 | 5.92 | 12.50 | 0.0 | -28.12 | 26.05 | -8.5 | -0.88 |
| 22Q1 (13) | 13.20 | 23.71 | -32.72 | -22.94 | -70.43 | -2798.82 | -26.47 | -34.23 | -12131.82 | -27.42 | -38.84 | -12563.64 | -4.30 | 21.82 | -8700.0 | -1.16 | 27.04 | -710.53 | 0.05 | -44.44 | -50.0 | -12.90 | 0.23 | -299.07 | 224.70 | 5.83 | 67.59 | 87.50 | 25.78 | 0 | 12.50 | -58.93 | 0 | 28.47 | 132.98 | 70.89 |
| 21Q4 (12) | 10.67 | 12.2 | -55.74 | -13.46 | 46.07 | -76.18 | -19.72 | 30.32 | -540.26 | -19.75 | 60.32 | -541.23 | -5.50 | 29.85 | -832.2 | -1.59 | 37.15 | -1490.0 | 0.09 | 80.0 | 12.5 | -12.93 | 30.37 | -391.22 | 212.32 | 5.29 | 55.66 | 69.57 | -22.71 | -70.19 | 30.43 | 204.35 | 122.83 | 12.22 | -33.26 | -44.63 |
| 21Q3 (11) | 9.51 | 49.06 | -41.04 | -24.96 | 10.95 | -427.7 | -28.30 | 14.89 | -4953.57 | -49.77 | -49.68 | -8787.5 | -7.84 | -59.35 | -8611.11 | -2.53 | -44.57 | -2046.15 | 0.05 | -16.67 | -16.67 | -18.57 | 19.92 | -293.64 | 201.65 | 9.9 | 40.5 | 90.00 | 8.95 | 0 | 10.00 | -42.5 | 0 | 18.31 | -30.33 | 10.04 |
| 21Q2 (10) | 6.38 | -67.48 | -70.1 | -28.03 | -3397.65 | -62.68 | -33.25 | -15213.64 | -85.86 | -33.25 | -15213.64 | -85.86 | -4.92 | -9940.0 | -92.19 | -1.75 | -1021.05 | -98.86 | 0.06 | -40.0 | 0.0 | -23.19 | -457.87 | -215.51 | 183.48 | 36.84 | 26.61 | 82.61 | 0 | -17.39 | 17.39 | 0 | 0 | 26.28 | 57.74 | 0 |
| 21Q1 (9) | 19.62 | -18.62 | 308.75 | 0.85 | 111.13 | 103.01 | 0.22 | 107.14 | 100.72 | 0.22 | 107.14 | 100.72 | 0.05 | 108.47 | 100.94 | 0.19 | 290.0 | 109.31 | 0.10 | 25.0 | 42.86 | 6.48 | 45.95 | 129.33 | 134.08 | -1.7 | -2.98 | 0.00 | -100.0 | -100.0 | 0.00 | 100.0 | -100.0 | 16.66 | -24.51 | 0 |
| 20Q4 (8) | 24.11 | 49.47 | 70.27 | -7.64 | -61.52 | -492.25 | -3.08 | -450.0 | -16.23 | -3.08 | -450.0 | -16.23 | -0.59 | -555.56 | 42.72 | -0.10 | -176.92 | 44.44 | 0.08 | 33.33 | -50.0 | 4.44 | -53.7 | 194.04 | 136.40 | -4.96 | -3.91 | 233.33 | 0 | 288.89 | -133.33 | 0 | -322.22 | 22.07 | 32.63 | 107.04 |
| 20Q3 (7) | 16.13 | -24.41 | -21.93 | -4.73 | 72.55 | -149.63 | -0.56 | 96.87 | -106.13 | -0.56 | 96.87 | -106.13 | -0.09 | 96.48 | -101.18 | 0.13 | 114.77 | -95.06 | 0.06 | 0.0 | -77.78 | 9.59 | 230.48 | -9.95 | 143.52 | -0.97 | -7.72 | 0.00 | -100.0 | -100.0 | 0.00 | 0 | 100.0 | 16.64 | 0 | 175.95 |
| 20Q2 (6) | 21.34 | 344.58 | 20.09 | -17.23 | 38.92 | -229.65 | -17.89 | 41.82 | -230.49 | -17.89 | 41.82 | -230.49 | -2.56 | 52.06 | -111.62 | -0.88 | 56.86 | -117.05 | 0.06 | -14.29 | -83.78 | -7.35 | 66.73 | -151.15 | 144.92 | 4.86 | -44.71 | 100.00 | 8.33 | 2.17 | 0.00 | -100.0 | -100.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 4.80 | -66.1 | -69.54 | -28.21 | -2086.82 | -708.31 | -30.75 | -1060.38 | -613.46 | -30.75 | -1060.38 | -613.46 | -5.34 | -418.45 | -265.75 | -2.04 | -1033.33 | -827.27 | 0.07 | -56.25 | 0.0 | -22.09 | -1562.91 | -2768.83 | 138.20 | -2.64 | -66.84 | 92.31 | 53.85 | 10.77 | 7.69 | -87.18 | -53.85 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 14.16 | -31.46 | 0.0 | -1.29 | -113.54 | 0.0 | -2.65 | -128.99 | 0.0 | -2.65 | -128.99 | 0.0 | -1.03 | -113.52 | 0.0 | -0.18 | -106.84 | 0.0 | 0.16 | -40.74 | 0.0 | 1.51 | -85.82 | 0.0 | 141.95 | -8.73 | 0.0 | 60.00 | -41.54 | 0.0 | 60.00 | 1240.0 | 0.0 | 10.66 | 76.78 | 0.0 |
| 19Q3 (3) | 20.66 | 16.26 | 0.0 | 9.53 | -28.29 | 0.0 | 9.14 | -33.33 | 0.0 | 9.14 | -33.33 | 0.0 | 7.62 | -65.41 | 0.0 | 2.63 | -49.03 | 0.0 | 0.27 | -27.03 | 0.0 | 10.65 | -25.89 | 0.0 | 155.53 | -40.66 | 0.0 | 102.63 | 4.86 | 0.0 | -5.26 | -264.91 | 0.0 | 6.03 | 60.8 | 0.0 |
| 19Q2 (2) | 17.77 | 12.75 | 0.0 | 13.29 | 480.8 | 0.0 | 13.71 | 418.1 | 0.0 | 13.71 | 418.1 | 0.0 | 22.03 | 1608.9 | 0.0 | 5.16 | 2445.45 | 0.0 | 0.37 | 428.57 | 0.0 | 14.37 | 1966.23 | 0.0 | 262.09 | -37.11 | 0.0 | 97.87 | 17.45 | 0.0 | 3.19 | -80.85 | 0.0 | 3.75 | -77.99 | 0.0 |
| 19Q1 (1) | 15.76 | 0.0 | 0.0 | -3.49 | 0.0 | 0.0 | -4.31 | 0.0 | 0.0 | -4.31 | 0.0 | 0.0 | -1.46 | 0.0 | 0.0 | -0.22 | 0.0 | 0.0 | 0.07 | 0.0 | 0.0 | -0.77 | 0.0 | 0.0 | 416.75 | 0.0 | 0.0 | 83.33 | 0.0 | 0.0 | 16.67 | 0.0 | 0.0 | 17.04 | 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) | 11.37 | -18.44 | -42.67 | 0 | 8.70 | 38.59 | -68.29 | 0 | -71.23 | 0 | -34.16 | 0 | -15.18 | 0 | 0.23 | 9.52 | -52.90 | 0 | 88.22 | -37.83 | 62.43 | -21.96 | 37.57 | 87.83 | 0.16 | -91.93 | 28.45 | -0.8 |
| 2022 (9) | 13.94 | 13.43 | -25.09 | 0 | 6.27 | 42.75 | -31.45 | 0 | -33.64 | 0 | -18.86 | 0 | -6.07 | 0 | 0.21 | -32.26 | -18.04 | 0 | 141.89 | -33.17 | 80.00 | 1.54 | 20.00 | -5.71 | 2.04 | -16.79 | 28.68 | 64.83 |
| 2021 (8) | 12.29 | -25.24 | -14.21 | 0 | 4.40 | -12.91 | -18.03 | 0 | -22.20 | 0 | -18.44 | 0 | -6.09 | 0 | 0.31 | 14.81 | -9.89 | 0 | 212.32 | 55.66 | 78.79 | -28.06 | 21.21 | 0 | 2.45 | 1267.29 | 17.40 | -23.75 |
| 2020 (7) | 16.44 | -8.26 | -14.60 | 0 | 5.05 | 502.31 | -13.18 | 0 | -13.18 | 0 | -8.53 | 0 | -2.90 | 0 | 0.27 | -70.0 | -4.10 | 0 | 136.40 | -3.91 | 109.52 | 6.87 | -11.90 | 0 | 0.18 | 120.45 | 22.82 | 246.81 |
| 2019 (6) | 17.92 | 29.57 | 8.65 | 0 | 0.84 | -54.5 | 8.47 | 0 | 8.47 | 0 | 27.09 | 0 | 8.10 | 0 | 0.90 | 181.25 | 10.20 | 0 | 141.95 | -64.69 | 102.48 | 9.31 | -2.48 | 0 | 0.08 | 58.18 | 6.58 | -59.13 |
| 2018 (5) | 13.83 | 39.56 | -5.52 | 0 | 1.84 | -13.08 | -5.83 | 0 | -4.68 | 0 | -6.36 | 0 | -1.25 | 0 | 0.32 | -17.95 | -2.39 | 0 | 401.99 | 66.09 | 93.75 | 3.13 | 6.25 | -31.25 | 0.05 | 0 | 16.10 | -7.52 |
| 2017 (4) | 9.91 | -33.18 | -12.65 | 0 | 2.12 | 9.46 | -13.99 | 0 | -13.99 | 0 | -14.81 | 0 | -5.18 | 0 | 0.39 | -42.65 | -10.38 | 0 | 242.03 | 124.18 | 90.91 | 9.09 | 9.09 | -45.45 | 0.00 | 0 | 17.41 | 48.68 |
| 2016 (3) | 14.83 | -10.12 | 0.75 | -81.3 | 1.94 | 6.28 | 0.89 | -77.86 | 0.81 | -79.85 | 1.05 | -80.04 | 0.91 | -75.93 | 0.68 | -18.07 | 3.71 | -42.57 | 107.96 | 45.81 | 83.33 | -16.67 | 16.67 | 0 | 0.00 | 0 | 11.71 | 9.34 |
| 2015 (2) | 16.50 | 4.56 | 4.01 | 0 | 1.82 | -28.43 | 4.02 | 0 | 4.02 | 0 | 5.26 | 0 | 3.78 | 0 | 0.83 | 18.57 | 6.46 | 0 | 74.04 | 87.25 | 100.00 | 30.77 | 0.00 | 0 | 0.00 | 0 | 10.71 | -29.72 |
| 2014 (1) | 15.78 | 0 | -3.25 | 0 | 2.54 | -45.75 | -4.35 | 0 | -4.35 | 0 | -4.46 | 0 | -2.54 | 0 | 0.70 | -12.5 | -1.02 | 0 | 39.54 | -30.34 | 76.47 | 73.33 | 23.53 | -57.89 | 0.00 | 0 | 15.24 | -13.75 |
