- 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) | 31.31 | 893.97 | 4.61 | -45.37 | 67.41 | -41.12 | -15.37 | 75.56 | 18.72 | -15.37 | 75.56 | 18.72 | -2.85 | 52.89 | 33.26 | -0.51 | 64.08 | 47.42 | 0.05 | 66.67 | -16.67 | 3.12 | 111.23 | 173.24 | 293.48 | 5.4 | 12.1 | 300.00 | 37.5 | 80.0 | -200.00 | -69.23 | -200.0 | 58.23 | -45.35 | 29.23 |
| 23Q3 (19) | 3.15 | -83.7 | -16.0 | -139.23 | -20.24 | -245.14 | -62.88 | -5.19 | -308.35 | -62.88 | -5.19 | -308.35 | -6.05 | -4.31 | -169.54 | -1.42 | -3.65 | -157.03 | 0.03 | 0.0 | -62.5 | -27.78 | -25.02 | -164.45 | 278.45 | 8.06 | 5.53 | 218.18 | 14.29 | 270.75 | -118.18 | -30.0 | -151.88 | 106.55 | 6.64 | 224.35 |
| 23Q2 (18) | 19.33 | 866.5 | 1388.67 | -115.79 | -38.65 | -73.08 | -59.78 | -70.17 | -300.13 | -59.78 | -70.17 | -300.13 | -5.80 | -8.01 | -70.09 | -1.37 | -9.6 | -101.47 | 0.03 | -25.0 | -50.0 | -22.22 | -66.69 | -1053.65 | 257.68 | -4.3 | -13.09 | 190.91 | -16.0 | -60.5 | -90.91 | 33.33 | 75.21 | 99.92 | 46.27 | 98.85 |
| 23Q1 (17) | 2.00 | -93.32 | 126.18 | -83.51 | -159.75 | 19.22 | -35.13 | -85.77 | -653.23 | -35.13 | -85.77 | -653.23 | -5.37 | -25.76 | -703.37 | -1.25 | -28.87 | -420.51 | 0.04 | -33.33 | 33.33 | -13.33 | -212.91 | -138.5 | 269.26 | 2.85 | -5.97 | 227.27 | 36.36 | 116.84 | -136.36 | -104.55 | -109.74 | 68.31 | 51.6 | -19.56 |
| 22Q4 (16) | 29.93 | 698.13 | 120.24 | -32.15 | 20.3 | -1686.11 | -18.91 | -162.66 | -700.32 | -18.91 | -162.66 | -700.32 | -4.27 | -149.08 | -206.75 | -0.97 | -138.96 | -197.98 | 0.06 | -25.0 | -76.92 | -4.26 | -109.88 | -169.72 | 261.80 | -0.78 | -26.22 | 166.67 | 230.43 | 391.67 | -66.67 | -129.27 | -142.42 | 45.06 | 37.17 | 290.13 |
| 22Q3 (15) | 3.75 | 350.0 | -72.28 | -40.34 | 39.7 | -490.63 | 30.18 | 302.01 | 1259.46 | 30.18 | 302.01 | 1259.46 | 8.70 | 355.13 | 324.39 | 2.49 | 466.18 | 336.84 | 0.08 | 33.33 | -57.89 | 43.10 | 1749.79 | 534.76 | 263.86 | -11.01 | -36.13 | -127.78 | -126.44 | 53.54 | 227.78 | 162.12 | -39.26 | 32.85 | -34.63 | 57.63 |
| 22Q2 (14) | -1.50 | 80.37 | -120.27 | -66.90 | 35.29 | -150.66 | -14.94 | -335.28 | 12.68 | -14.94 | -335.28 | 12.68 | -3.41 | -483.15 | 64.11 | -0.68 | -274.36 | 66.34 | 0.06 | 100.0 | -53.85 | 2.33 | -93.27 | 121.61 | 296.49 | 3.53 | -21.73 | 483.33 | 135.8 | 222.22 | -366.67 | -126.19 | -560.0 | 50.25 | -40.83 | 57.47 |
| 22Q1 (13) | -7.64 | -156.22 | -177.56 | -103.38 | -5643.33 | -98.88 | 6.35 | 101.59 | 130.59 | 6.35 | 101.59 | 130.59 | 0.89 | -77.75 | 115.14 | 0.39 | -60.61 | 129.55 | 0.03 | -88.46 | -57.14 | 34.62 | 466.61 | 593.16 | 286.37 | -19.3 | -2.25 | -1350.00 | -2262.5 | -658.62 | 1400.00 | 790.91 | 1033.33 | 84.92 | 635.24 | 59.83 |
| 21Q4 (12) | 13.59 | 0.44 | -46.79 | -1.80 | 73.65 | 77.64 | 3.15 | 41.89 | 223.05 | 3.15 | 41.89 | 223.05 | 4.00 | 95.12 | 364.9 | 0.99 | 73.68 | 550.0 | 0.26 | 36.84 | 73.33 | 6.11 | -10.01 | 89.16 | 354.86 | -14.1 | 20.08 | -57.14 | 79.22 | -117.14 | 157.14 | -58.1 | 167.35 | 11.55 | -44.58 | -55.34 |
| 21Q3 (11) | 13.53 | 82.84 | -26.39 | -6.83 | 74.41 | -74.68 | 2.22 | 112.97 | -40.0 | 2.22 | 112.97 | -40.0 | 2.05 | 121.58 | -21.15 | 0.57 | 128.22 | -34.48 | 0.19 | 46.15 | 0.0 | 6.79 | 162.99 | -21.68 | 413.11 | 9.06 | 43.19 | -275.00 | -283.33 | -175.0 | 375.00 | 775.0 | 104.55 | 20.84 | -34.69 | -3.79 |
| 21Q2 (10) | 7.40 | -24.87 | 357.84 | -26.69 | 48.65 | 58.3 | -17.11 | 17.58 | 69.47 | -17.11 | 17.58 | 69.47 | -9.50 | -61.56 | 32.67 | -2.02 | -53.03 | 50.25 | 0.13 | 85.71 | 62.5 | -10.78 | -53.56 | 74.99 | 378.79 | 29.3 | 49.26 | 150.00 | -37.93 | 33.78 | -55.56 | 62.96 | -266.67 | 31.91 | -39.94 | 0 |
| 21Q1 (9) | 9.85 | -61.43 | 6056.25 | -51.98 | -545.71 | -4.8 | -20.76 | -710.94 | 34.1 | -20.76 | -710.94 | 34.1 | -5.88 | -289.4 | 26.87 | -1.32 | -500.0 | 45.23 | 0.07 | -53.33 | -12.5 | -7.02 | -317.34 | 64.37 | 292.95 | -0.87 | 35.41 | 241.67 | -27.5 | 58.59 | -150.00 | 35.71 | -162.5 | 53.13 | 105.45 | 0 |
| 20Q4 (8) | 25.54 | 38.96 | 35.71 | -8.05 | -105.88 | 82.29 | -2.56 | -169.19 | 94.67 | -2.56 | -169.19 | 94.34 | -1.51 | -158.08 | 86.95 | -0.22 | -125.29 | 94.1 | 0.15 | -21.05 | 66.67 | 3.23 | -62.75 | 108.73 | 295.52 | 2.43 | 41.95 | 333.33 | 433.33 | 253.54 | -233.33 | -227.27 | -4183.33 | 25.86 | 19.39 | -48.46 |
| 20Q3 (7) | 18.38 | 740.42 | 33.28 | -3.91 | 93.89 | 80.29 | 3.70 | 106.6 | 130.71 | 3.70 | 106.6 | 129.58 | 2.60 | 118.43 | 154.62 | 0.87 | 121.43 | 160.0 | 0.19 | 137.5 | 46.15 | 8.67 | 120.12 | 304.48 | 288.51 | 13.69 | 52.88 | -100.00 | -189.19 | -160.87 | 183.33 | 1310.0 | 385.19 | 21.66 | 0 | -35.57 |
| 20Q2 (6) | -2.87 | -1893.75 | -124.08 | -64.00 | -29.03 | -182.69 | -56.05 | -77.94 | -520.02 | -56.05 | -77.94 | -485.07 | -14.11 | -75.5 | -299.72 | -4.06 | -68.46 | -279.44 | 0.08 | 0.0 | -38.46 | -43.10 | -118.78 | -4970.59 | 253.78 | 17.31 | 31.29 | 112.12 | -26.42 | -54.32 | -15.15 | 73.48 | 89.58 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 0.16 | -99.15 | -98.77 | -49.60 | -9.13 | -6100.0 | -31.50 | 34.36 | -931.13 | -31.50 | 30.39 | -1221.0 | -8.04 | 30.51 | -403.4 | -2.41 | 35.39 | -297.54 | 0.08 | -11.11 | -77.78 | -19.70 | 46.74 | -384.27 | 216.34 | 3.91 | 30.19 | 152.38 | 61.62 | 938.1 | -57.14 | -1100.0 | -144.9 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 18.82 | 36.48 | 0.0 | -45.45 | -129.08 | 0.0 | -47.99 | -298.26 | 0.0 | -45.25 | -261.71 | 0.0 | -11.57 | -143.07 | 0.0 | -3.73 | -157.24 | 0.0 | 0.09 | -30.77 | 0.0 | -36.99 | -772.41 | 0.0 | 208.19 | 10.32 | 0.0 | 94.29 | -42.61 | 0.0 | 5.71 | 108.89 | 0.0 | 50.17 | 49.23 | 0.0 |
| 19Q3 (3) | 13.79 | 15.69 | 0.0 | -19.84 | 12.37 | 0.0 | -12.05 | -33.3 | 0.0 | -12.51 | -30.58 | 0.0 | -4.76 | -34.84 | 0.0 | -1.45 | -35.51 | 0.0 | 0.13 | 0.0 | 0.0 | -4.24 | -398.82 | 0.0 | 188.72 | -2.36 | 0.0 | 164.29 | -33.07 | 0.0 | -64.29 | 55.8 | 0.0 | 33.62 | -6.06 | 0.0 |
| 19Q2 (2) | 11.92 | -8.45 | 0.0 | -22.64 | -2730.0 | 0.0 | -9.04 | -338.52 | 0.0 | -9.58 | -440.93 | 0.0 | -3.53 | -233.21 | 0.0 | -1.07 | -187.7 | 0.0 | 0.13 | -63.89 | 0.0 | -0.85 | -112.27 | 0.0 | 193.29 | 16.32 | 0.0 | 245.45 | 1450.0 | 0.0 | -145.45 | -214.29 | 0.0 | 35.79 | 152.58 | 0.0 |
| 19Q1 (1) | 13.02 | 0.0 | 0.0 | -0.80 | 0.0 | 0.0 | 3.79 | 0.0 | 0.0 | 2.81 | 0.0 | 0.0 | 2.65 | 0.0 | 0.0 | 1.22 | 0.0 | 0.0 | 0.36 | 0.0 | 0.0 | 6.93 | 0.0 | 0.0 | 166.17 | 0.0 | 0.0 | -18.18 | 0.0 | 0.0 | 127.27 | 0.0 | 0.0 | 14.17 | 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) | 15.04 | 90.62 | -87.00 | 0 | 18.37 | 52.19 | -38.22 | 0 | -38.22 | 0 | -20.15 | 0 | -4.47 | 0 | 0.14 | -36.36 | -11.22 | 0 | 293.48 | 12.1 | 229.73 | 0 | -129.73 | 0 | 0.30 | -25.68 | 77.74 | 61.29 |
| 2022 (9) | 7.89 | -34.47 | -54.02 | 0 | 12.07 | 231.9 | 2.20 | 0 | 2.20 | 0 | 1.98 | 0 | 1.23 | 0 | 0.22 | -67.16 | 18.97 | 942.31 | 261.80 | -26.22 | -2350.00 | 0 | 2450.00 | 0 | 0.41 | -15.45 | 48.20 | 115.56 |
| 2021 (8) | 12.04 | -17.02 | -13.09 | 0 | 3.64 | -34.21 | -3.36 | 0 | -3.36 | 0 | -9.51 | 0 | -1.58 | 0 | 0.67 | 36.73 | 1.82 | 0 | 354.86 | 20.08 | 400.00 | 140.0 | -300.00 | 0 | 0.48 | -2.04 | 22.36 | -28.81 |
| 2020 (7) | 14.51 | 6.38 | -21.50 | 0 | 5.53 | 25.09 | -12.77 | 0 | -12.77 | 0 | -21.53 | 0 | -5.57 | 0 | 0.49 | -34.67 | -5.28 | 0 | 295.52 | 41.95 | 166.67 | -6.98 | -68.63 | 0 | 0.49 | 0.37 | 31.41 | 19.07 |
| 2019 (6) | 13.64 | 45.88 | -14.00 | 0 | 4.42 | 28.15 | -7.89 | 0 | -8.24 | 0 | -17.30 | 0 | -5.42 | 0 | 0.75 | -21.87 | -1.96 | 0 | 208.19 | 35.37 | 179.17 | 12.21 | -77.08 | 0 | 0.49 | -1.59 | 26.38 | 10.38 |
| 2018 (5) | 9.35 | -4.0 | -12.59 | 0 | 3.45 | -16.77 | -7.89 | 0 | -7.89 | 0 | -18.09 | 0 | -7.26 | 0 | 0.96 | 11.63 | -3.96 | 0 | 153.79 | 20.81 | 159.68 | 6.94 | -59.68 | 0 | 0.50 | 0 | 23.90 | -4.36 |
| 2017 (4) | 9.74 | -45.34 | -15.60 | 0 | 4.14 | 35.94 | -10.44 | 0 | -9.39 | 0 | -16.16 | 0 | -7.81 | 0 | 0.86 | -31.2 | -5.86 | 0 | 127.30 | 59.12 | 149.32 | 0 | -49.32 | 0 | 0.00 | 0 | 24.99 | 22.86 |
| 2016 (3) | 17.82 | 14.82 | -1.12 | 0 | 3.05 | 16.14 | 0.47 | 0 | 0.08 | 0 | 0.17 | 0 | 0.43 | 0 | 1.25 | 5.93 | 3.81 | 212.3 | 80.00 | -9.73 | -240.00 | 0 | 340.00 | 0 | 0.00 | 0 | 20.34 | -15.64 |
| 2015 (2) | 15.52 | 30.09 | -3.52 | 0 | 2.62 | 8.22 | -1.71 | 0 | -1.80 | 0 | -4.10 | 0 | -1.85 | 0 | 1.18 | 9.26 | 1.22 | 0 | 88.62 | -7.3 | 211.11 | 25.44 | -105.56 | 0 | 0.00 | 0 | 24.11 | -4.78 |
| 2014 (1) | 11.93 | 0 | -6.66 | 0 | 2.42 | 0.59 | -3.94 | 0 | -3.30 | 0 | -6.96 | 0 | -3.37 | 0 | 1.08 | -11.48 | -1.26 | 0 | 95.60 | 0.27 | 168.29 | 7.52 | -68.29 | 0 | 0.00 | 0 | 25.32 | 12.23 |
