- 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) | 21.79 | -10.07 | -7.75 | 0.68 | -93.42 | -90.5 | -4.15 | -119.23 | -424.22 | -3.54 | -122.07 | -336.0 | -0.70 | -117.77 | -279.49 | -0.59 | -117.56 | -284.37 | 0.17 | -19.05 | -19.05 | -1.51 | -106.37 | -141.14 | 15.54 | -21.44 | -28.39 | -18.18 | -137.43 | -103.16 | 118.18 | 123.59 | 124.88 | 25.04 | 29.21 | 6.01 |
| 23Q3 (19) | 24.23 | 7.55 | 1.08 | 10.33 | 35.39 | -11.25 | 21.58 | 69.12 | 3.65 | 16.04 | 60.56 | -6.36 | 3.94 | 69.83 | -34.22 | 3.36 | 68.84 | -30.86 | 0.21 | 5.0 | -25.0 | 23.69 | 56.37 | 3.81 | 19.78 | 35.11 | -14.7 | 48.57 | -19.75 | -12.77 | 52.86 | 33.9 | 19.27 | 19.38 | -16.03 | 3.64 |
| 23Q2 (18) | 22.53 | -16.89 | -5.06 | 7.63 | -34.28 | -39.25 | 12.76 | 29.41 | -29.74 | 9.99 | 16.03 | -35.55 | 2.32 | 17.77 | -58.12 | 1.99 | 21.34 | -54.77 | 0.20 | 5.26 | -28.57 | 15.15 | 24.69 | -25.33 | 14.64 | -21.12 | -38.33 | 60.53 | -48.64 | -12.18 | 39.47 | 321.05 | 27.0 | 23.08 | -5.99 | 17.1 |
| 23Q1 (17) | 27.11 | 14.78 | 68.8 | 11.61 | 62.15 | 193.92 | 9.86 | 670.31 | 15.05 | 8.61 | 474.0 | 4.87 | 1.97 | 405.13 | -30.63 | 1.64 | 412.5 | -26.46 | 0.19 | -9.52 | -29.63 | 12.15 | 231.06 | 12.6 | 18.56 | -14.47 | -34.85 | 117.86 | -79.5 | 159.29 | -17.86 | 96.24 | -132.74 | 24.55 | 3.94 | 21.29 |
| 22Q4 (16) | 23.62 | -1.46 | 279.74 | 7.16 | -38.49 | 211.53 | 1.28 | -93.85 | 111.62 | 1.50 | -91.24 | 113.67 | 0.39 | -93.49 | 109.92 | 0.32 | -93.42 | 110.6 | 0.21 | -25.0 | -25.0 | 3.67 | -83.92 | 141.33 | 21.70 | -6.43 | -19.54 | 575.00 | 932.65 | 889.0 | -475.00 | -1171.79 | -1234.72 | 23.62 | 26.31 | 5.26 |
| 22Q3 (15) | 23.97 | 1.01 | 133.4 | 11.64 | -7.32 | 38900.0 | 20.82 | 14.65 | 1326.03 | 17.13 | 10.52 | 1057.43 | 5.99 | 8.12 | 1051.92 | 4.86 | 10.45 | 1115.0 | 0.28 | 0.0 | 3.7 | 22.82 | 12.47 | 546.46 | 23.19 | -2.32 | -29.75 | 55.68 | -19.21 | 0 | 44.32 | 42.59 | -55.68 | 18.70 | -5.12 | -2.2 |
| 22Q2 (14) | 23.73 | 47.76 | 289.66 | 12.56 | 217.97 | 245.54 | 18.16 | 111.9 | 244.93 | 15.50 | 88.79 | 225.1 | 5.54 | 95.07 | 282.84 | 4.40 | 97.31 | 284.1 | 0.28 | 3.7 | 47.37 | 20.29 | 88.04 | 317.7 | 23.74 | -16.67 | -17.25 | 68.92 | 51.62 | 0.51 | 31.08 | -43.02 | -1.11 | 19.71 | -2.62 | -36.36 |
| 22Q1 (13) | 16.06 | 158.2 | 128.12 | 3.95 | 161.53 | 136.71 | 8.57 | 177.77 | 177.63 | 8.21 | 174.84 | 173.57 | 2.84 | 172.26 | 207.58 | 2.23 | 173.84 | 206.19 | 0.27 | -3.57 | 42.11 | 10.79 | 221.51 | 236.41 | 28.49 | 5.64 | 15.81 | 45.45 | -21.82 | -53.03 | 54.55 | 30.3 | 1590.91 | 20.24 | -9.8 | -41.38 |
| 21Q4 (12) | 6.22 | -39.44 | -0.8 | -6.42 | -21300.0 | 17.16 | -11.02 | -854.79 | 13.3 | -10.97 | -841.22 | 15.55 | -3.93 | -855.77 | -20.92 | -3.02 | -855.0 | -18.43 | 0.28 | 3.7 | 40.0 | -8.88 | -351.56 | 7.21 | 26.97 | -18.3 | 0.94 | 58.14 | 0 | -5.52 | 41.86 | -58.14 | 8.84 | 22.44 | 17.36 | -18.58 |
| 21Q3 (11) | 10.27 | 68.64 | -33.27 | -0.03 | 99.65 | -101.22 | 1.46 | 111.65 | -86.37 | 1.48 | 111.95 | -80.47 | 0.52 | 117.16 | -83.39 | 0.40 | 116.74 | -83.74 | 0.27 | 42.11 | -15.62 | 3.53 | 137.88 | -72.36 | 33.01 | 15.06 | 20.34 | 0.00 | -100.0 | -100.0 | 100.00 | 218.18 | 31.71 | 19.12 | -38.26 | -14.45 |
| 21Q2 (10) | 6.09 | -13.49 | -70.57 | -8.63 | 19.8 | -200.7 | -12.53 | -13.5 | -253.93 | -12.39 | -11.02 | -282.21 | -3.03 | -14.77 | -230.04 | -2.39 | -13.81 | -227.13 | 0.19 | 0.0 | -29.63 | -9.32 | -17.83 | -188.17 | 28.69 | 16.63 | 3.13 | 68.57 | -29.14 | -35.35 | 31.43 | 874.29 | 618.57 | 30.97 | -10.31 | 0 |
| 21Q1 (9) | 7.04 | 12.28 | 59.28 | -10.76 | -38.84 | 2.09 | -11.04 | 13.14 | -25.03 | -11.16 | 14.09 | -13.41 | -2.64 | 18.77 | 10.2 | -2.10 | 17.65 | 13.58 | 0.19 | -5.0 | -24.0 | -7.91 | 17.35 | -34.52 | 24.60 | -7.93 | 13.42 | 96.77 | 57.26 | -20.6 | 3.23 | -91.61 | 112.9 | 34.53 | 25.29 | 0 |
| 20Q4 (8) | 6.27 | -59.26 | -36.35 | -7.75 | -416.33 | 15.67 | -12.71 | -218.67 | 9.54 | -12.99 | -271.37 | 1.07 | -3.25 | -203.83 | 21.31 | -2.55 | -203.66 | 25.87 | 0.20 | -37.5 | -23.08 | -9.57 | -174.94 | 20.38 | 26.72 | -2.59 | 37.17 | 61.54 | 176.92 | -5.98 | 38.46 | -49.34 | 11.34 | 27.56 | 23.31 | 19.2 |
| 20Q3 (7) | 15.39 | -25.62 | 37.53 | 2.45 | -71.41 | 497.56 | 10.71 | 31.57 | 711.36 | 7.58 | 11.47 | 12733.33 | 3.13 | 34.33 | 10533.33 | 2.46 | 30.85 | 12400.0 | 0.32 | 18.52 | -15.79 | 12.77 | 20.81 | 351.24 | 27.43 | -1.4 | 34.72 | 22.22 | -79.05 | -11.11 | 75.93 | 1352.78 | 21.48 | 22.35 | 0 | 16.65 |
| 20Q2 (6) | 20.69 | 368.1 | 109.63 | 8.57 | 177.98 | 226.03 | 8.14 | 192.19 | 259.92 | 6.80 | 169.11 | 212.03 | 2.33 | 179.25 | 209.39 | 1.88 | 177.37 | 209.94 | 0.27 | 8.0 | -3.57 | 10.57 | 279.76 | 452.33 | 27.82 | 28.26 | 4.78 | 106.06 | -12.98 | -20.45 | -6.06 | 75.76 | 81.82 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 4.42 | -55.13 | -73.6 | -10.99 | -19.59 | -663.59 | -8.83 | 37.15 | -395.32 | -9.84 | 25.06 | -707.41 | -2.94 | 28.81 | -753.33 | -2.43 | 29.36 | -756.76 | 0.25 | -3.85 | 8.7 | -5.88 | 51.08 | -211.15 | 21.69 | 11.34 | -2.69 | 121.88 | 86.2 | 91.52 | -25.00 | -172.37 | -168.75 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 9.85 | -11.97 | 0.0 | -9.19 | -2341.46 | 0.0 | -14.05 | -1164.39 | 0.0 | -13.13 | -21783.33 | 0.0 | -4.13 | -13666.67 | 0.0 | -3.44 | -17100.0 | 0.0 | 0.26 | -31.58 | 0.0 | -12.02 | -524.73 | 0.0 | 19.48 | -4.32 | 0.0 | 65.45 | 161.82 | 0.0 | 34.55 | -44.73 | 0.0 | 23.12 | 20.67 | 0.0 |
| 19Q3 (3) | 11.19 | 13.37 | 0.0 | 0.41 | 106.03 | 0.0 | 1.32 | 125.93 | 0.0 | -0.06 | 99.01 | 0.0 | -0.03 | 98.59 | 0.0 | -0.02 | 98.83 | 0.0 | 0.38 | 35.71 | 0.0 | 2.83 | 194.33 | 0.0 | 20.36 | -23.31 | 0.0 | 25.00 | -81.25 | 0.0 | 62.50 | 287.5 | 0.0 | 19.16 | -26.22 | 0.0 |
| 19Q2 (2) | 9.87 | -41.04 | 0.0 | -6.80 | -448.72 | 0.0 | -5.09 | -270.23 | 0.0 | -6.07 | -474.69 | 0.0 | -2.13 | -573.33 | 0.0 | -1.71 | -562.16 | 0.0 | 0.28 | 21.74 | 0.0 | -3.00 | -156.71 | 0.0 | 26.55 | 19.11 | 0.0 | 133.33 | 109.52 | 0.0 | -33.33 | -191.67 | 0.0 | 25.97 | -6.45 | 0.0 |
| 19Q1 (1) | 16.74 | 0.0 | 0.0 | 1.95 | 0.0 | 0.0 | 2.99 | 0.0 | 0.0 | 1.62 | 0.0 | 0.0 | 0.45 | 0.0 | 0.0 | 0.37 | 0.0 | 0.0 | 0.23 | 0.0 | 0.0 | 5.29 | 0.0 | 0.0 | 22.29 | 0.0 | 0.0 | 63.64 | 0.0 | 0.0 | 36.36 | 0.0 | 0.0 | 27.76 | 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) | 23.96 | 9.51 | 7.79 | -13.83 | 2.47 | 15.25 | 10.67 | -17.61 | 8.27 | -26.03 | 7.52 | -49.05 | 6.35 | -46.68 | 0.77 | -27.36 | 13.11 | -13.29 | 15.54 | -28.39 | 72.80 | 4.22 | 27.20 | -9.79 | 0.00 | 0 | 22.86 | 12.11 |
| 2022 (9) | 21.88 | 189.8 | 9.04 | 0 | 2.14 | -15.03 | 12.95 | 0 | 11.18 | 0 | 14.76 | 0 | 11.91 | 0 | 1.06 | 12.77 | 15.12 | 0 | 21.70 | -19.54 | 69.85 | -8.93 | 30.15 | 29.4 | 0.00 | 0 | 20.39 | -20.72 |
| 2021 (8) | 7.55 | -39.65 | -5.89 | 0 | 2.52 | 4.07 | -7.66 | 0 | -7.64 | 0 | -9.08 | 0 | -7.14 | 0 | 0.94 | -11.32 | -5.11 | 0 | 26.97 | 0.94 | 76.70 | 0 | 23.30 | -87.62 | 0.00 | 0 | 25.72 | 2.1 |
| 2020 (7) | 12.51 | 6.83 | -0.99 | 0 | 2.42 | 27.19 | 1.07 | 0 | -0.56 | 0 | -0.74 | 0 | -0.57 | 0 | 1.06 | -10.92 | 3.57 | 0 | 26.72 | 37.17 | -94.12 | 0 | 188.24 | 351.76 | 0.26 | -23.33 | 25.19 | 7.19 |
| 2019 (6) | 11.71 | -19.63 | -1.88 | 0 | 1.90 | 64.43 | -3.24 | 0 | -4.02 | 0 | -5.75 | 0 | -4.80 | 0 | 1.19 | 0.0 | -1.31 | 0 | 19.48 | -0.61 | 58.33 | -5.56 | 41.67 | 8.97 | 0.35 | 40.53 | 23.50 | 22.14 |
| 2018 (5) | 14.57 | -9.45 | 3.19 | -39.81 | 1.16 | -0.07 | 5.14 | 29.8 | 3.70 | 13.85 | 5.47 | 27.51 | 4.41 | 32.83 | 1.19 | 16.67 | 6.34 | 23.59 | 19.60 | -30.52 | 61.76 | -53.68 | 38.24 | 0 | 0.25 | 0 | 19.24 | 3.44 |
| 2017 (4) | 16.09 | -16.8 | 5.30 | -42.08 | 1.16 | 13.48 | 3.96 | -54.54 | 3.25 | -51.78 | 4.29 | -58.99 | 3.32 | -58.6 | 1.02 | -14.29 | 5.13 | -47.22 | 28.21 | -5.4 | 133.33 | 26.86 | -33.33 | 0 | 0.00 | 0 | 18.60 | 23.42 |
| 2016 (3) | 19.34 | -6.12 | 9.15 | -20.92 | 1.02 | 34.36 | 8.71 | -36.93 | 6.74 | -38.67 | 10.46 | -41.24 | 8.02 | -41.76 | 1.19 | -4.8 | 9.72 | -33.29 | 29.82 | -4.12 | 105.10 | 25.43 | -5.10 | 0 | 0.00 | 0 | 15.07 | 12.8 |
| 2015 (2) | 20.60 | 10.75 | 11.57 | 3.21 | 0.76 | 54.72 | 13.81 | 10.48 | 10.99 | 8.81 | 17.80 | -9.32 | 13.77 | -7.89 | 1.25 | -15.54 | 14.57 | 12.08 | 31.10 | 13.55 | 83.79 | -6.62 | 16.21 | 57.79 | 0.00 | 0 | 13.36 | 34.41 |
| 2014 (1) | 18.60 | 0 | 11.21 | 0 | 0.49 | 19.55 | 12.50 | 0 | 10.10 | 0 | 19.63 | 0 | 14.95 | 0 | 1.48 | 6.47 | 13.00 | 7.88 | 27.39 | -23.26 | 89.73 | 6.92 | 10.27 | -36.11 | 0.00 | 0 | 9.94 | 9.71 |
