- 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) | 10.01 | -37.86 | -16.09 | -5.03 | -152.07 | -1624.24 | -6.19 | -145.02 | -2713.64 | -4.70 | -143.24 | -5975.0 | -1.22 | -117.11 | -3150.0 | -0.61 | -115.44 | -535.71 | 0.15 | -57.14 | -34.78 | -1.33 | -108.39 | -150.96 | 57.83 | -26.69 | -15.92 | 80.98 | 15.23 | 153.99 | 18.40 | -38.07 | -92.33 | 43.47 | 144.35 | 54.04 |
| 23Q3 (19) | 16.11 | -2.19 | -10.25 | 9.66 | 14.86 | -17.08 | 13.75 | 51.93 | -18.01 | 10.87 | 71.99 | -17.59 | 7.13 | 128.53 | -36.23 | 3.95 | 115.85 | -23.75 | 0.35 | 34.62 | -7.89 | 15.85 | 31.43 | -13.48 | 78.88 | -19.22 | -34.07 | 70.28 | -24.45 | 1.12 | 29.72 | 326.0 | -2.55 | 17.79 | -38.57 | -0.84 |
| 23Q2 (18) | 16.47 | 12.12 | -13.81 | 8.41 | 804.3 | -22.77 | 9.05 | 761.9 | -22.72 | 6.32 | 742.67 | -23.76 | 3.12 | 1460.0 | -32.76 | 1.83 | 695.65 | -20.78 | 0.26 | 73.33 | -3.7 | 12.06 | 114.97 | -13.3 | 97.65 | 18.38 | -19.94 | 93.02 | 4.19 | 0.11 | 6.98 | -34.88 | -1.45 | 28.96 | -31.23 | 9.37 |
| 23Q1 (17) | 14.69 | 23.13 | 6.06 | 0.93 | 181.82 | -62.5 | 1.05 | 577.27 | -67.19 | 0.75 | 837.5 | -64.62 | 0.20 | 400.0 | -73.33 | 0.23 | 64.29 | -51.06 | 0.15 | -34.78 | -21.05 | 5.61 | 114.94 | -13.02 | 82.49 | 19.93 | -11.67 | 89.29 | 159.52 | 15.83 | 10.71 | -95.54 | -53.25 | 42.11 | 49.22 | 14.24 |
| 22Q4 (16) | 11.93 | -33.54 | 14.49 | 0.33 | -97.17 | -74.42 | -0.22 | -101.31 | -103.35 | 0.08 | -99.39 | -98.0 | 0.04 | -99.64 | -97.75 | 0.14 | -97.3 | -86.79 | 0.23 | -39.47 | -4.17 | 2.61 | -85.75 | -71.51 | 68.78 | -42.52 | -10.49 | -150.00 | -315.82 | -859.38 | 240.00 | 686.93 | 199.08 | 28.22 | 57.3 | 2.73 |
| 22Q3 (15) | 17.95 | -6.07 | 21.69 | 11.65 | 6.98 | 39.52 | 16.77 | 43.21 | 78.78 | 13.19 | 59.11 | 81.93 | 11.18 | 140.95 | 191.91 | 5.18 | 124.24 | 152.68 | 0.38 | 40.74 | 40.74 | 18.32 | 31.7 | 59.72 | 119.65 | -1.9 | 35.38 | 69.50 | -25.2 | -21.74 | 30.50 | 330.79 | 178.55 | 17.94 | -32.25 | 11.92 |
| 22Q2 (14) | 19.11 | 37.98 | -5.86 | 10.89 | 339.11 | -6.28 | 11.71 | 265.94 | -8.08 | 8.29 | 291.04 | -19.36 | 4.64 | 518.67 | 8.41 | 2.31 | 391.49 | 0.43 | 0.27 | 42.11 | 22.73 | 13.91 | 115.66 | -8.37 | 121.97 | 30.6 | 19.64 | 92.92 | 20.55 | 1.86 | 7.08 | -69.11 | -19.33 | 26.48 | -28.16 | -15.94 |
| 22Q1 (13) | 13.85 | 32.92 | 42.49 | 2.48 | 92.25 | 131.16 | 3.20 | -51.29 | 144.08 | 2.12 | -47.0 | 137.26 | 0.75 | -57.87 | 168.81 | 0.47 | -55.66 | 178.33 | 0.19 | -20.83 | 72.73 | 6.45 | -29.59 | 432.47 | 93.39 | 21.54 | 20.18 | 77.08 | 290.23 | -29.81 | 22.92 | -71.44 | 333.33 | 36.86 | 34.18 | -38.79 |
| 21Q4 (12) | 10.42 | -29.36 | 241.64 | 1.29 | -84.55 | 112.66 | 6.57 | -29.96 | 27.33 | 4.00 | -44.83 | -0.5 | 1.78 | -53.52 | 97.78 | 1.06 | -48.29 | 76.67 | 0.24 | -11.11 | 84.62 | 9.16 | -20.14 | -4.18 | 76.84 | -13.06 | 32.83 | 19.75 | -77.76 | 109.99 | 80.25 | 632.92 | -73.05 | 27.47 | 71.37 | -34.75 |
| 21Q3 (11) | 14.75 | -27.34 | 42.24 | 8.35 | -28.14 | 54.92 | 9.38 | -26.37 | 41.48 | 7.25 | -29.47 | 34.76 | 3.83 | -10.51 | -5.2 | 2.05 | -10.87 | -2.84 | 0.27 | 22.73 | -27.03 | 11.47 | -24.44 | 41.26 | 88.38 | -13.31 | 2.55 | 88.81 | -2.65 | 9.18 | 10.95 | 24.76 | -41.33 | 16.03 | -49.11 | -10.04 |
| 21Q2 (10) | 20.30 | 108.85 | 18.3 | 11.62 | 245.98 | 18.81 | 12.74 | 275.48 | 25.02 | 10.28 | 280.67 | 26.45 | 4.28 | 492.66 | 22.29 | 2.30 | 483.33 | 22.99 | 0.22 | 100.0 | 0.0 | 15.18 | 882.47 | 19.53 | 101.95 | 31.19 | -11.54 | 91.22 | -16.93 | -4.96 | 8.78 | 189.36 | 118.72 | 31.50 | -47.69 | 2.34 |
| 21Q1 (9) | 9.72 | 218.69 | 43.15 | -7.96 | 21.88 | -1.79 | -7.26 | -240.7 | -54.14 | -5.69 | -241.54 | -68.84 | -1.09 | -221.11 | -34.57 | -0.60 | -200.0 | -39.53 | 0.11 | -15.38 | -26.67 | -1.94 | -120.29 | -177.14 | 77.71 | 34.33 | 0.79 | 109.82 | 155.53 | -33.65 | -9.82 | -103.3 | 85.01 | 60.22 | 43.04 | 14.42 |
| 20Q4 (8) | 3.05 | -70.59 | -68.46 | -10.19 | -289.05 | -774.83 | 5.16 | -22.17 | 500.0 | 4.02 | -25.28 | 658.49 | 0.90 | -77.72 | 328.57 | 0.60 | -71.56 | 160.87 | 0.13 | -64.86 | -48.0 | 9.56 | 17.73 | 163.36 | 57.85 | -32.87 | 16.87 | -197.78 | -343.16 | -213.62 | 297.78 | 1495.56 | 502.0 | 42.10 | 136.25 | 10.3 |
| 20Q3 (7) | 10.37 | -39.57 | -41.64 | 5.39 | -44.89 | -57.66 | 6.63 | -34.94 | -49.12 | 5.38 | -33.83 | -47.77 | 4.04 | 15.43 | -56.65 | 2.11 | 12.83 | -58.13 | 0.37 | 68.18 | -22.92 | 8.12 | -36.06 | -43.85 | 86.18 | -25.22 | 14.97 | 81.34 | -15.26 | -16.78 | 18.66 | 365.14 | 725.84 | 17.82 | -42.11 | 34.39 |
| 20Q2 (6) | 17.16 | 152.72 | -15.09 | 9.78 | 225.06 | -25.68 | 10.19 | 316.35 | -20.64 | 8.13 | 341.25 | -22.5 | 3.50 | 532.1 | -39.55 | 1.87 | 534.88 | -42.46 | 0.22 | 46.67 | -26.67 | 12.70 | 1914.29 | -15.39 | 115.25 | 49.48 | 7.72 | 95.99 | -42.01 | -6.36 | 4.01 | 106.12 | 259.88 | 30.78 | -41.52 | 14.64 |
| 20Q1 (5) | 6.79 | -29.78 | -28.83 | -7.82 | -617.88 | -198.47 | -4.71 | -647.67 | -146.6 | -3.37 | -735.85 | -87.22 | -0.81 | -485.71 | -44.64 | -0.43 | -286.96 | -48.28 | 0.15 | -40.0 | -25.0 | -0.70 | -119.28 | -145.16 | 77.10 | 55.76 | 25.39 | 165.52 | -4.92 | 19.39 | -65.52 | 11.55 | -80.17 | 52.63 | 37.88 | 28.96 |
| 19Q4 (4) | 9.67 | -45.58 | 0.0 | 1.51 | -88.14 | 0.0 | 0.86 | -93.4 | 0.0 | 0.53 | -94.85 | 0.0 | 0.21 | -97.75 | 0.0 | 0.23 | -95.44 | 0.0 | 0.25 | -47.92 | 0.0 | 3.63 | -74.9 | 0.0 | 49.50 | -33.96 | 0.0 | 174.07 | 78.1 | 0.0 | -74.07 | -3377.78 | 0.0 | 38.17 | 187.86 | 0.0 |
| 19Q3 (3) | 17.77 | -12.07 | 0.0 | 12.73 | -3.27 | 0.0 | 13.03 | 1.48 | 0.0 | 10.30 | -1.81 | 0.0 | 9.32 | 60.97 | 0.0 | 5.04 | 55.08 | 0.0 | 0.48 | 60.0 | 0.0 | 14.46 | -3.66 | 0.0 | 74.96 | -29.94 | 0.0 | 97.74 | -4.65 | 0.0 | 2.26 | 190.05 | 0.0 | 13.26 | -50.61 | 0.0 |
| 19Q2 (2) | 20.21 | 111.84 | 0.0 | 13.16 | 602.29 | 0.0 | 12.84 | 772.25 | 0.0 | 10.49 | 682.78 | 0.0 | 5.79 | 1133.93 | 0.0 | 3.25 | 1220.69 | 0.0 | 0.30 | 50.0 | 0.0 | 15.01 | 868.39 | 0.0 | 106.99 | 74.0 | 0.0 | 102.51 | -26.06 | 0.0 | -2.51 | 93.1 | 0.0 | 26.85 | -34.21 | 0.0 |
| 19Q1 (1) | 9.54 | 0.0 | 0.0 | -2.62 | 0.0 | 0.0 | -1.91 | 0.0 | 0.0 | -1.80 | 0.0 | 0.0 | -0.56 | 0.0 | 0.0 | -0.29 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 1.55 | 0.0 | 0.0 | 61.49 | 0.0 | 0.0 | 138.64 | 0.0 | 0.0 | -36.36 | 0.0 | 0.0 | 40.81 | 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) | 15.02 | -7.74 | 5.57 | -26.52 | 2.36 | 33.89 | 7.19 | -26.26 | 5.46 | -26.71 | 9.18 | -44.23 | 6.26 | -37.46 | 1.03 | -19.53 | 10.38 | -13.5 | 57.83 | -15.92 | 77.33 | -0.57 | 22.59 | 1.61 | 2.50 | 7.52 | 28.98 | 15.41 |
| 2022 (9) | 16.28 | 13.29 | 7.58 | 44.11 | 1.76 | -21.86 | 9.75 | 30.35 | 7.45 | 33.51 | 16.46 | 87.47 | 10.01 | 80.69 | 1.28 | 36.17 | 12.00 | 17.76 | 68.78 | -10.49 | 77.77 | 10.58 | 22.23 | -25.09 | 2.33 | -3.99 | 25.11 | -12.11 |
| 2021 (8) | 14.37 | 36.21 | 5.26 | 128.7 | 2.26 | 10.08 | 7.48 | 32.86 | 5.58 | 21.83 | 8.78 | 25.43 | 5.54 | 13.06 | 0.94 | -5.05 | 10.19 | 24.57 | 76.84 | 32.83 | 70.33 | 72.3 | 29.67 | -49.87 | 2.43 | -21.35 | 28.57 | -4.61 |
| 2020 (7) | 10.55 | -32.59 | 2.30 | -72.94 | 2.05 | 21.26 | 5.63 | -33.92 | 4.58 | -32.15 | 7.00 | -51.36 | 4.90 | -52.24 | 0.99 | -31.72 | 8.18 | -23.41 | 57.85 | 16.87 | 40.82 | -59.1 | 59.18 | 27223.13 | 3.08 | -6.86 | 29.95 | 18.24 |
| 2019 (6) | 15.65 | -5.95 | 8.50 | 2.04 | 1.69 | -0.61 | 8.52 | 1.43 | 6.75 | 4.65 | 14.39 | 17.76 | 10.26 | 12.25 | 1.45 | 6.62 | 10.68 | 1.81 | 49.50 | 9.39 | 99.78 | 0.69 | 0.22 | -75.83 | 3.31 | -12.75 | 25.33 | -4.85 |
| 2018 (5) | 16.64 | 19.28 | 8.33 | 29.75 | 1.70 | 6.54 | 8.40 | 25.56 | 6.45 | 20.34 | 12.22 | 46.88 | 9.14 | 35.01 | 1.36 | 11.48 | 10.49 | 21.98 | 45.25 | 40.62 | 99.10 | 3.34 | 0.90 | -78.14 | 3.80 | 0 | 26.62 | 3.46 |
| 2017 (4) | 13.95 | -16.67 | 6.42 | -20.94 | 1.60 | 0.97 | 6.69 | -31.94 | 5.36 | -30.66 | 8.32 | -32.79 | 6.77 | -29.11 | 1.22 | 1.67 | 8.60 | -26.93 | 32.18 | 38.71 | 95.90 | 16.15 | 4.10 | -76.33 | 0.00 | 0 | 25.73 | -5.27 |
| 2016 (3) | 16.74 | -13.44 | 8.12 | -26.05 | 1.58 | 14.0 | 9.83 | -24.62 | 7.73 | -23.01 | 12.38 | -41.49 | 9.55 | -33.63 | 1.20 | -14.29 | 11.77 | -20.2 | 23.20 | -51.72 | 82.56 | -1.85 | 17.32 | 9.68 | 0.00 | 0 | 27.16 | 9.38 |
| 2015 (2) | 19.34 | -5.98 | 10.98 | -8.5 | 1.39 | 12.19 | 13.04 | -1.88 | 10.04 | -5.64 | 21.16 | -18.74 | 14.39 | -13.47 | 1.40 | -7.28 | 14.75 | -1.54 | 48.05 | -9.68 | 84.12 | -6.88 | 15.79 | 61.96 | 0.00 | 0 | 24.83 | 12.71 |
| 2014 (1) | 20.57 | 0 | 12.00 | 0 | 1.24 | 1451.68 | 13.29 | 0 | 10.64 | 0 | 26.04 | 0 | 16.63 | 0 | 1.51 | 38.53 | 14.98 | -8.88 | 53.20 | -29.54 | 90.34 | 41.48 | 9.75 | -73.02 | 0.00 | 0 | 22.03 | 814.11 |
