- 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) | 21.04 | -4.84 | 15.1 | -7.23 | -227.07 | -5264.29 | -12.48 | -187.83 | -72.85 | -12.48 | -187.83 | -72.85 | -3.19 | -162.3 | -45.0 | -2.24 | -159.42 | -43.59 | 0.19 | -26.92 | -17.39 | -9.89 | -162.79 | -52.62 | 39.64 | 14.34 | 5.12 | 63.64 | 63.64 | 0 | 45.45 | -25.62 | -54.55 | 26.46 | 58.54 | 70.82 |
| 23Q3 (19) | 22.11 | 2.41 | 59.99 | 5.69 | 15.89 | 73.48 | 14.21 | 36.5 | 17.93 | 14.21 | 45.3 | 17.93 | 5.12 | 45.87 | -20.0 | 3.77 | 42.8 | -20.46 | 0.26 | 0.0 | -33.33 | 15.75 | 30.17 | 25.3 | 34.67 | -19.17 | 3.77 | 38.89 | -15.74 | 42.59 | 61.11 | 13.49 | -15.97 | 16.69 | -7.48 | 157.16 |
| 23Q2 (18) | 21.59 | 0.28 | 24.8 | 4.91 | 1127.5 | -44.14 | 10.41 | 1752.38 | -13.61 | 9.78 | 1652.38 | -18.84 | 3.51 | 1947.37 | -52.11 | 2.64 | 4500.0 | -49.33 | 0.26 | 13.04 | -39.53 | 12.10 | 1187.23 | -1.14 | 42.89 | 40.39 | 5.8 | 46.15 | 0 | -34.84 | 53.85 | -46.15 | 115.38 | 18.04 | 10.74 | 236.57 |
| 23Q1 (17) | 21.53 | 17.78 | 55.45 | 0.40 | 185.71 | -93.01 | -0.63 | 91.27 | -108.08 | -0.63 | 91.27 | -108.08 | -0.19 | 91.36 | -103.57 | -0.06 | 96.15 | -101.59 | 0.23 | 0.0 | -52.08 | 0.94 | 114.51 | -88.61 | 30.55 | -18.99 | -30.79 | -0.00 | 0 | -100.0 | 100.00 | 0.0 | 300.0 | 16.29 | 5.16 | 267.72 |
| 22Q4 (16) | 18.28 | 32.27 | 73.43 | 0.14 | -95.73 | 126.92 | -7.22 | -159.92 | -10214.29 | -7.22 | -159.92 | -10214.29 | -2.20 | -134.38 | -5400.0 | -1.56 | -132.91 | -5100.0 | 0.23 | -41.03 | -50.0 | -6.48 | -151.55 | -668.42 | 37.71 | 12.87 | -8.91 | -0.00 | -100.0 | 0 | 100.00 | 37.5 | 0 | 15.49 | 138.67 | 208.57 |
| 22Q3 (15) | 13.82 | -20.12 | 37.24 | 3.28 | -62.68 | 392.86 | 12.05 | 0.0 | 817.26 | 12.05 | 0.0 | 817.26 | 6.40 | -12.69 | 861.9 | 4.74 | -9.02 | 758.33 | 0.39 | -9.3 | -9.3 | 12.57 | 2.7 | 1976.12 | 33.41 | -17.59 | 112.53 | 27.27 | -61.5 | -72.73 | 72.73 | 190.91 | 45.45 | 6.49 | 21.08 | 14.46 |
| 22Q2 (14) | 17.30 | 24.91 | 51.75 | 8.79 | 53.67 | 380.33 | 12.05 | 54.49 | 1104.17 | 12.05 | 54.49 | 1104.17 | 7.33 | 37.78 | 1457.41 | 5.21 | 37.83 | 1185.42 | 0.43 | -10.42 | 7.5 | 12.24 | 48.36 | 0 | 40.54 | -8.16 | 142.03 | 70.83 | -5.56 | 170.83 | 25.00 | 0.0 | -87.5 | 5.36 | 20.99 | -14.92 |
| 22Q1 (13) | 13.85 | 31.4 | 27.41 | 5.72 | 1200.0 | 35.55 | 7.80 | 11242.86 | 38.3 | 7.80 | 11242.86 | 38.3 | 5.32 | 13400.0 | 49.86 | 3.78 | 12700.0 | 14.89 | 0.48 | 4.35 | -17.24 | 8.25 | 623.68 | 26.53 | 44.14 | 6.62 | 606.24 | 75.00 | 0 | -6.25 | 25.00 | 0 | -16.67 | 4.43 | -11.75 | -3.06 |
| 21Q4 (12) | 10.54 | 4.67 | 498.86 | -0.52 | 53.57 | 96.85 | -0.07 | 95.83 | 99.63 | -0.07 | 95.83 | 99.63 | -0.04 | 95.24 | 99.33 | -0.03 | 95.83 | 99.45 | 0.46 | 6.98 | 58.62 | 1.14 | 270.15 | 106.77 | 41.40 | 163.36 | 339.49 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 5.02 | -11.46 | -41.01 |
| 21Q3 (11) | 10.07 | -11.67 | 27.47 | -1.12 | -161.2 | 61.25 | -1.68 | -40.0 | 77.78 | -1.68 | -40.0 | 77.78 | -0.84 | -55.56 | 70.63 | -0.72 | -50.0 | 72.2 | 0.43 | 7.5 | 26.47 | -0.67 | 0 | 88.8 | 15.72 | -6.15 | 82.58 | 100.00 | 200.0 | 200.0 | 50.00 | -75.0 | -10.0 | 5.67 | -10.0 | -16.74 |
| 21Q2 (10) | 11.40 | 4.88 | 11.33 | 1.83 | -56.64 | 490.32 | -1.20 | -121.28 | -392.68 | -1.20 | -121.28 | -392.68 | -0.54 | -115.21 | -460.0 | -0.48 | -114.59 | -420.0 | 0.40 | -31.03 | 21.21 | 0.00 | -100.0 | -100.0 | 16.75 | 168.0 | 54.66 | -100.00 | -225.0 | 0 | 200.00 | 566.67 | 0 | 6.30 | 37.86 | 0 |
| 21Q1 (9) | 10.87 | 517.61 | 4.12 | 4.22 | 125.56 | 535.05 | 5.64 | 130.13 | 508.7 | 5.64 | 130.13 | 508.7 | 3.55 | 159.27 | 745.45 | 3.29 | 159.93 | 800.0 | 0.58 | 100.0 | 65.71 | 6.52 | 138.72 | 0 | 6.25 | -33.65 | -38.18 | 80.00 | -10.0 | 60.0 | 30.00 | 170.0 | -40.0 | 4.57 | -46.3 | 0 |
| 20Q4 (8) | 1.76 | -77.72 | -90.29 | -16.51 | -471.28 | -271.62 | -18.72 | -147.62 | -306.85 | -18.72 | -147.62 | -306.85 | -5.99 | -109.44 | -218.61 | -5.49 | -111.97 | -231.97 | 0.29 | -14.71 | -36.96 | -16.84 | -181.61 | -270.45 | 9.42 | 9.41 | -44.33 | 88.89 | 166.67 | -16.34 | 11.11 | -80.0 | 277.78 | 8.51 | 24.96 | 96.08 |
| 20Q3 (7) | 7.90 | -22.85 | -22.7 | -2.89 | -1032.26 | -157.68 | -7.56 | -1943.9 | -247.08 | -7.56 | -1943.9 | -247.08 | -2.86 | -2006.67 | -178.14 | -2.59 | -1826.67 | -182.48 | 0.34 | 3.03 | -43.33 | -5.98 | -437.85 | -204.73 | 8.61 | -20.5 | -68.67 | 33.33 | 0 | -66.67 | 55.56 | 0 | 0 | 6.81 | 0 | 151.29 |
| 20Q2 (6) | 10.24 | -1.92 | -9.14 | 0.31 | 131.96 | -91.01 | 0.41 | 129.71 | -91.75 | 0.41 | 129.71 | -91.75 | 0.15 | 127.27 | -93.18 | 0.15 | 131.91 | -92.68 | 0.33 | -5.71 | -19.51 | 1.77 | 0 | -67.88 | 10.83 | 7.12 | 25.78 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 10.44 | -42.42 | -21.62 | -0.97 | -110.08 | -137.45 | -1.38 | -115.25 | -109.16 | -1.38 | -115.25 | -109.16 | -0.55 | -110.89 | -113.03 | -0.47 | -111.3 | -112.3 | 0.35 | -23.91 | 40.0 | -0.00 | -100.0 | -100.0 | 10.11 | -40.25 | 55.78 | 50.00 | -52.94 | 200.0 | 50.00 | 900.0 | -40.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 18.13 | 77.4 | 0.0 | 9.62 | 92.02 | 0.0 | 9.05 | 76.07 | 0.0 | 9.05 | 76.07 | 0.0 | 5.05 | 37.98 | 0.0 | 4.16 | 32.48 | 0.0 | 0.46 | -23.33 | 0.0 | 9.88 | 73.03 | 0.0 | 16.92 | -38.43 | 0.0 | 106.25 | 6.25 | 0.0 | -6.25 | 0 | 0.0 | 4.34 | 60.15 | 0.0 |
| 19Q3 (3) | 10.22 | -9.32 | 0.0 | 5.01 | 45.22 | 0.0 | 5.14 | 3.42 | 0.0 | 5.14 | 3.42 | 0.0 | 3.66 | 66.36 | 0.0 | 3.14 | 53.17 | 0.0 | 0.60 | 46.34 | 0.0 | 5.71 | 3.63 | 0.0 | 27.48 | 219.16 | 0.0 | 100.00 | 50.0 | 0.0 | 0.00 | -100.0 | 0.0 | 2.71 | -39.91 | 0.0 |
| 19Q2 (2) | 11.27 | -15.39 | 0.0 | 3.45 | 33.2 | 0.0 | 4.97 | -67.0 | 0.0 | 4.97 | -67.0 | 0.0 | 2.20 | -47.87 | 0.0 | 2.05 | -46.34 | 0.0 | 0.41 | 64.0 | 0.0 | 5.51 | -66.95 | 0.0 | 8.61 | 32.67 | 0.0 | 66.67 | 300.0 | 0.0 | 33.33 | -60.0 | 0.0 | 4.51 | -49.55 | 0.0 |
| 19Q1 (1) | 13.32 | 0.0 | 0.0 | 2.59 | 0.0 | 0.0 | 15.06 | 0.0 | 0.0 | 15.06 | 0.0 | 0.0 | 4.22 | 0.0 | 0.0 | 3.82 | 0.0 | 0.0 | 0.25 | 0.0 | 0.0 | 16.67 | 0.0 | 0.0 | 6.49 | 0.0 | 0.0 | 16.67 | 0.0 | 0.0 | 83.33 | 0.0 | 0.0 | 8.94 | 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) | 21.61 | 39.33 | 1.60 | -68.5 | 1.12 | 286.72 | 4.23 | -45.7 | 4.05 | -48.01 | 5.20 | -69.07 | 4.07 | -66.94 | 0.93 | -40.0 | 5.80 | -30.7 | 39.64 | 5.12 | 36.84 | -43.16 | 63.16 | 79.5 | 0.20 | -50.82 | 18.95 | 172.66 |
| 2022 (9) | 15.51 | 44.95 | 5.08 | 326.89 | 0.29 | -73.57 | 7.79 | 703.09 | 7.79 | 703.09 | 16.81 | 689.2 | 12.31 | 624.12 | 1.55 | -11.43 | 8.37 | 283.94 | 37.71 | -8.91 | 64.81 | -51.39 | 35.19 | 0 | 0.42 | 73.33 | 6.95 | 30.89 |
| 2021 (8) | 10.70 | 35.44 | 1.19 | 0 | 1.09 | -18.1 | 0.97 | 0 | 0.97 | 0 | 2.13 | 0 | 1.70 | 0 | 1.75 | 33.59 | 2.18 | 0 | 41.40 | 304.69 | 133.33 | 86.67 | -16.67 | 0 | 0.24 | -62.14 | 5.31 | -23.38 |
| 2020 (7) | 7.90 | -40.02 | -4.43 | 0 | 1.33 | 56.53 | -6.20 | 0 | -6.20 | 0 | -9.24 | 0 | -8.08 | 0 | 1.31 | -23.84 | -4.67 | 0 | 10.23 | -39.54 | 71.43 | -4.76 | 28.57 | 14.29 | 0.63 | 134.29 | 6.93 | 57.5 |
| 2019 (6) | 13.17 | 27.62 | 5.70 | 45.41 | 0.85 | 0 | 7.56 | 65.79 | 7.56 | 65.79 | 15.11 | 13.87 | 13.10 | 19.2 | 1.72 | -28.63 | 8.52 | 83.62 | 16.92 | 13.03 | 75.00 | -12.5 | 25.00 | 75.0 | 0.27 | 0 | 4.40 | -46.14 |
| 2018 (5) | 10.32 | -8.51 | 3.92 | -10.3 | 0.00 | 0 | 4.56 | 0.66 | 4.56 | 0.66 | 13.27 | -45.1 | 10.99 | -34.03 | 2.41 | -34.33 | 4.64 | -2.52 | 14.97 | -53.0 | 85.71 | -10.0 | 14.29 | 200.0 | 0.00 | 0 | 8.17 | 1.24 |
| 2017 (4) | 11.28 | -59.51 | 4.37 | 0 | 0.22 | -83.98 | 4.53 | 0 | 4.53 | 0 | 24.17 | 0 | 16.66 | 0 | 3.67 | 205.83 | 4.76 | 0 | 31.85 | -71.02 | 95.24 | 26.98 | 4.76 | -80.95 | 0.00 | 0 | 8.07 | -84.54 |
| 2016 (3) | 27.86 | -23.59 | -7.73 | 0 | 1.35 | 0 | -10.53 | 0 | -10.53 | 0 | -22.65 | 0 | -12.61 | 0 | 1.20 | 6.19 | -9.46 | 0 | 109.90 | 96.95 | 75.00 | 425.0 | 25.00 | -70.83 | 0.00 | 0 | 52.21 | 10.83 |
| 2015 (2) | 36.46 | 320.05 | 1.89 | 0 | 0.00 | 0 | 9.13 | 0 | 9.13 | 0 | 20.14 | 0 | 10.36 | 0 | 1.13 | 17.71 | 9.21 | 0 | 55.80 | -60.81 | 14.29 | -87.39 | 85.71 | 0 | 0.00 | 0 | 47.11 | -9.99 |
| 2014 (1) | 8.68 | 0 | -23.66 | 0 | 1.37 | -82.53 | -19.77 | 0 | -19.77 | 0 | -38.41 | 0 | -18.95 | 0 | 0.96 | 585.71 | -17.81 | 0 | 142.40 | 88.53 | 113.33 | 22.05 | -20.00 | 0 | 0.00 | 0 | 52.34 | -34.77 |
