- 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) | 7.61 | -83.97 | -82.29 | -69.42 | -171.38 | 47.83 | -126.32 | -61.41 | 24.73 | -126.80 | -55.32 | 24.57 | -42.63 | -32.85 | -13.17 | -8.67 | -16.22 | 20.75 | 0.08 | -20.0 | 14.29 | -36.59 | -24.41 | 66.46 | 327.16 | -4.66 | 14.47 | 55.77 | 77.15 | -29.47 | 46.15 | -30.77 | 120.51 | 12.23 | 81.72 | 115.7 |
| 23Q3 (19) | 47.47 | -6.37 | 62.46 | -25.58 | -2086.32 | 38.73 | -78.26 | 0 | -37.35 | -81.64 | -5379.19 | -40.73 | -32.09 | -6071.15 | -290.39 | -7.46 | -2294.12 | -220.17 | 0.10 | 11.11 | 100.0 | -29.41 | -161.41 | -217.64 | 343.16 | 23.66 | 73.62 | 31.48 | 0 | -57.19 | 66.67 | 0 | 151.85 | 6.73 | 11.98 | -24.72 |
| 23Q2 (18) | 50.70 | 39.55 | 11.7 | -1.17 | 97.03 | 96.86 | 0.00 | 100.0 | 100.0 | -1.49 | 98.09 | 96.74 | -0.52 | 97.22 | 92.71 | 0.34 | 107.52 | 115.53 | 0.09 | 50.0 | 50.0 | 47.89 | 447.28 | 187.28 | 277.50 | 1.86 | 47.05 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 6.01 | -25.53 | -21.34 |
| 23Q1 (17) | 36.33 | -15.45 | 20.1 | -39.34 | 70.43 | 30.95 | -78.17 | 53.42 | -0.75 | -78.17 | 53.5 | -0.75 | -18.70 | 50.36 | -87.94 | -4.52 | 58.68 | -31.78 | 0.06 | -14.29 | 20.0 | -13.79 | 87.36 | -194.03 | 272.42 | -4.68 | 67.93 | 51.11 | -35.36 | -29.01 | 51.11 | 144.2 | 96.58 | 8.07 | 42.33 | -23.29 |
| 22Q4 (16) | 42.97 | 47.06 | -13.45 | -133.06 | -218.71 | -1715.28 | -167.82 | -194.52 | -890.09 | -168.11 | -189.79 | -845.5 | -37.67 | -358.27 | -1103.51 | -10.94 | -369.53 | -1250.62 | 0.07 | 40.0 | 0.0 | -109.09 | -536.36 | -416.75 | 285.81 | 44.6 | 86.18 | 79.07 | 7.53 | 69.44 | 20.93 | -20.93 | -65.12 | 5.67 | -36.58 | -23.38 |
| 22Q3 (15) | 29.22 | -35.62 | -25.04 | -41.75 | -12.05 | -786.41 | -56.98 | -25.23 | -376.82 | -58.01 | -27.1 | -369.72 | -8.22 | -15.29 | -359.22 | -2.33 | -6.39 | -796.15 | 0.05 | -16.67 | -16.67 | 25.00 | 49.97 | -50.0 | 197.65 | 4.74 | 28.33 | 73.53 | -10.13 | 65.44 | 26.47 | 45.59 | -52.35 | 8.94 | 17.02 | 48.75 |
| 22Q2 (14) | 45.39 | 50.05 | -8.41 | -37.26 | 34.6 | -252.7 | -45.50 | 41.36 | -324.36 | -45.64 | 41.18 | -330.04 | -7.13 | 28.34 | -285.19 | -2.19 | 36.15 | -213.47 | 0.06 | 20.0 | -14.29 | 16.67 | 455.44 | -75.24 | 188.71 | 16.33 | 17.38 | 81.82 | 13.64 | -31.27 | 18.18 | -30.07 | 195.45 | 7.64 | -27.38 | 8.99 |
| 22Q1 (13) | 30.25 | -39.07 | 17.8 | -56.97 | -677.22 | -353.94 | -77.59 | -357.76 | -266.34 | -77.59 | -336.39 | -266.34 | -9.95 | -217.89 | -229.47 | -3.43 | -323.46 | -444.44 | 0.05 | -28.57 | 0.0 | -4.69 | -113.62 | -110.37 | 162.22 | 5.67 | -7.93 | 72.00 | 54.29 | 20.0 | 26.00 | -56.67 | -35.0 | 10.52 | 42.16 | 20.92 |
| 21Q4 (12) | 49.65 | 27.37 | 62.41 | -7.33 | -55.63 | -218.04 | -16.95 | -41.84 | -208.18 | -17.78 | -43.97 | -223.27 | -3.13 | -74.86 | -115.86 | -0.81 | -211.54 | -2600.0 | 0.07 | 16.67 | -22.22 | 34.44 | -31.12 | 9.06 | 153.51 | -0.33 | -17.83 | 46.67 | 5.0 | 140.83 | 60.00 | 8.0 | -73.75 | 7.40 | 23.13 | 46.25 |
| 21Q3 (11) | 38.98 | -21.35 | 6.36 | -4.71 | -119.3 | -146.68 | -11.95 | -158.93 | -436.62 | -12.35 | -162.25 | -447.89 | -1.79 | -146.49 | -288.42 | -0.26 | -113.47 | -132.5 | 0.06 | -14.29 | -33.33 | 50.00 | -25.74 | 20.37 | 154.02 | -4.2 | -14.67 | 44.44 | -62.67 | -82.91 | 55.56 | 391.67 | 130.86 | 6.01 | -14.27 | 0 |
| 21Q2 (10) | 49.56 | 92.99 | 550.39 | 24.40 | 294.42 | 463.1 | 20.28 | 195.75 | 325.16 | 19.84 | 193.67 | 315.93 | 3.85 | 227.48 | 862.5 | 1.93 | 406.35 | 196.92 | 0.07 | 40.0 | 133.33 | 67.33 | 48.93 | -38.66 | 160.77 | -8.75 | -15.7 | 119.05 | 98.41 | 179.37 | -19.05 | -147.62 | -107.62 | 7.01 | -19.43 | 0 |
| 21Q1 (9) | 25.68 | -16.0 | 175.07 | -12.55 | -302.09 | 89.14 | -21.18 | -285.09 | 81.91 | -21.18 | -285.09 | 81.91 | -3.02 | -108.28 | 50.0 | -0.63 | -2000.0 | 64.2 | 0.05 | -44.44 | 150.0 | 45.21 | 43.16 | 30.59 | 176.19 | -5.68 | 0.23 | 60.00 | 152.5 | -38.0 | 40.00 | -82.5 | 0 | 8.70 | 71.94 | 0 |
| 20Q4 (8) | 30.57 | -16.59 | 16.37 | 6.21 | -38.45 | 147.22 | -5.50 | -254.93 | 74.21 | -5.50 | -254.93 | 72.08 | -1.45 | -252.63 | 70.23 | -0.03 | -103.75 | 97.56 | 0.09 | 0.0 | 0.0 | 31.58 | -23.98 | 74.38 | 186.81 | 3.5 | 7.23 | -114.29 | -143.96 | -281.51 | 228.57 | 226.98 | 517.14 | 5.06 | 0 | -63.65 |
| 20Q3 (7) | 36.65 | 380.97 | 202.89 | 10.09 | 250.15 | 193.17 | 3.55 | -25.58 | 116.29 | 3.55 | -25.58 | 116.29 | 0.95 | 137.5 | 125.75 | 0.80 | 23.08 | 260.0 | 0.09 | 200.0 | 80.0 | 41.54 | -62.15 | 6.29 | 180.50 | -5.35 | -5.19 | 260.00 | 273.33 | 448.89 | -180.00 | -172.0 | -442.0 | 0.00 | 0 | -100.0 |
| 20Q2 (6) | 7.62 | 122.27 | -80.34 | -6.72 | 94.18 | -231.51 | 4.77 | 104.08 | -49.52 | 4.77 | 104.08 | -44.66 | 0.40 | 106.62 | -74.52 | 0.65 | 136.93 | 1.56 | 0.03 | 50.0 | -50.0 | 109.76 | 217.04 | 448.8 | 190.71 | 8.49 | -26.66 | -150.00 | -255.0 | -370.0 | 250.00 | 0 | 462.5 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | -34.21 | -230.22 | -228.9 | -115.54 | -778.63 | -1562.53 | -117.05 | -448.76 | -2073.86 | -117.05 | -494.16 | -3063.29 | -6.04 | -24.02 | -819.05 | -1.76 | -43.09 | -325.64 | 0.02 | -77.78 | -75.0 | 34.62 | 91.17 | -32.76 | 175.79 | 0.9 | 1.7 | 96.77 | 53.7 | -27.42 | 0.00 | -100.0 | 100.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 26.27 | 117.11 | 0.0 | -13.15 | -21.42 | 0.0 | -21.33 | 2.11 | 0.0 | -19.70 | 9.59 | 0.0 | -4.87 | -31.98 | 0.0 | -1.23 | -146.0 | 0.0 | 0.09 | 80.0 | 0.0 | 18.11 | -53.66 | 0.0 | 174.22 | -8.49 | 0.0 | 62.96 | 32.92 | 0.0 | 37.04 | -29.63 | 0.0 | 13.92 | -1.9 | 0.0 |
| 19Q3 (3) | 12.10 | -68.78 | 0.0 | -10.83 | -311.94 | 0.0 | -21.79 | -330.58 | 0.0 | -21.79 | -352.78 | 0.0 | -3.69 | -335.03 | 0.0 | -0.50 | -178.13 | 0.0 | 0.05 | -16.67 | 0.0 | 39.08 | 95.4 | 0.0 | 190.38 | -26.79 | 0.0 | 47.37 | -14.74 | 0.0 | 52.63 | 18.42 | 0.0 | 14.19 | 23.28 | 0.0 |
| 19Q2 (2) | 38.76 | 46.04 | 0.0 | 5.11 | -35.32 | 0.0 | 9.45 | 59.36 | 0.0 | 8.62 | 118.23 | 0.0 | 1.57 | 86.9 | 0.0 | 0.64 | -17.95 | 0.0 | 0.06 | -25.0 | 0.0 | 20.00 | -61.16 | 0.0 | 260.03 | 50.43 | 0.0 | 55.56 | -58.33 | 0.0 | 44.44 | 233.33 | 0.0 | 11.51 | -8.21 | 0.0 |
| 19Q1 (1) | 26.54 | 0.0 | 0.0 | 7.90 | 0.0 | 0.0 | 5.93 | 0.0 | 0.0 | 3.95 | 0.0 | 0.0 | 0.84 | 0.0 | 0.0 | 0.78 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 51.49 | 0.0 | 0.0 | 172.86 | 0.0 | 0.0 | 133.33 | 0.0 | 0.0 | -33.33 | 0.0 | 0.0 | 12.54 | 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) | 38.81 | 3.22 | -29.29 | 0 | 50.84 | -12.71 | -63.37 | 0 | -64.86 | 0 | -84.43 | 0 | -19.05 | 0 | 0.33 | 43.48 | -3.78 | 0 | 327.16 | 14.47 | 46.36 | -40.29 | 53.64 | 139.93 | 0.50 | 165.08 | 7.80 | -3.11 |
| 2022 (9) | 37.60 | -10.71 | -69.74 | 0 | 58.24 | 24.54 | -89.86 | 0 | -90.21 | 0 | -62.95 | 0 | -19.24 | 0 | 0.23 | -8.0 | -21.98 | 0 | 285.81 | 86.18 | 77.64 | 0 | 22.36 | -83.01 | 0.19 | -18.29 | 8.05 | 10.88 |
| 2021 (8) | 42.11 | 68.31 | 1.58 | 0 | 46.76 | 6.43 | -5.67 | 0 | -6.11 | 0 | -4.08 | 0 | 0.28 | 0 | 0.25 | 8.7 | 50.29 | 10.65 | 153.51 | -17.83 | -26.32 | 0 | 131.58 | 103.95 | 0.23 | 12.99 | 7.26 | -1.09 |
| 2020 (7) | 25.02 | -4.54 | -3.47 | 0 | 43.94 | 41.85 | -9.47 | 0 | -9.47 | 0 | -6.04 | 0 | -0.34 | 0 | 0.23 | -30.3 | 45.45 | 44.47 | 186.81 | 7.23 | 35.48 | -15.38 | 64.52 | 11.11 | 0.21 | -50.79 | 7.34 | -43.88 |
| 2019 (6) | 26.21 | 42.83 | -3.25 | 0 | 30.98 | 328.07 | -7.60 | 0 | -7.78 | 0 | -6.68 | 0 | -0.50 | 0 | 0.33 | -52.17 | 31.46 | 0 | 174.22 | 21.09 | 41.94 | 100.75 | 58.06 | -27.01 | 0.42 | -12.46 | 13.08 | 21.9 |
| 2018 (5) | 18.35 | -47.87 | -5.53 | 0 | 7.24 | 26.35 | -26.71 | 0 | -26.74 | 0 | -42.23 | 0 | -17.40 | 0 | 0.69 | -33.65 | -17.56 | 0 | 143.88 | 20.2 | 20.89 | -80.25 | 79.56 | 0 | 0.48 | 11.3 | 10.73 | -6.21 |
| 2017 (4) | 35.20 | -27.53 | 9.62 | -39.61 | 5.73 | -6.33 | 9.11 | -52.4 | 5.43 | -58.07 | 10.25 | -53.79 | 6.32 | -57.3 | 1.04 | -7.14 | 15.67 | -39.12 | 119.70 | 142.85 | 105.79 | 27.16 | -5.79 | 0 | 0.43 | 0 | 11.44 | -23.01 |
| 2016 (3) | 48.57 | -13.24 | 15.93 | -5.12 | 6.11 | 32.48 | 19.14 | 4.65 | 12.95 | 5.03 | 22.18 | -8.08 | 14.80 | -3.52 | 1.12 | -8.94 | 25.74 | 11.09 | 49.29 | -15.27 | 83.19 | -9.68 | 16.81 | 99.58 | 0.00 | 0 | 14.86 | -22.89 |
| 2015 (2) | 55.98 | -11.33 | 16.79 | 30.97 | 4.62 | 20.66 | 18.29 | 32.54 | 12.33 | 20.06 | 24.13 | 26.01 | 15.34 | 29.02 | 1.23 | -0.81 | 23.17 | 31.13 | 58.17 | -5.25 | 92.11 | 0.0 | 8.42 | 28.0 | 0.00 | 0 | 19.27 | -3.79 |
| 2014 (1) | 63.13 | 0 | 12.82 | 0 | 3.83 | -17.38 | 13.80 | 0 | 10.27 | 0 | 19.15 | 0 | 11.89 | 0 | 1.24 | 14.81 | 17.67 | 15.64 | 61.39 | 1.57 | 92.11 | -11.73 | 6.58 | 0 | 0.00 | 0 | 20.03 | -4.66 |
