- 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) | 25.44 | -36.37 | -20.45 | -52.22 | -626.29 | -122.69 | -5.14 | -103.98 | -106.76 | 2.35 | -98.11 | -96.74 | 0.02 | -98.99 | -95.74 | 0.10 | -94.05 | -78.72 | 0.01 | 0.0 | 0.0 | 14.29 | -89.79 | -82.65 | 24.01 | -3.61 | 1691.79 | 1500.00 | 29100.0 | 4975.0 | -1300.00 | -1336.07 | -1094.12 | 69.95 | 83.45 | 60.22 |
| 23Q3 (19) | 39.98 | 40.48 | 8.11 | -7.19 | 86.73 | -25.48 | 129.03 | -35.4 | 466.56 | 124.17 | -36.52 | 448.11 | 1.98 | 21.47 | 760.0 | 1.68 | 13.51 | 660.0 | 0.01 | 0.0 | 0.0 | 140.00 | -35.6 | 560.07 | 24.91 | 3.66 | 1892.8 | -5.17 | 81.3 | -141.38 | 105.17 | -16.22 | 20.2 | 38.13 | -38.43 | 4.47 |
| 23Q2 (18) | 28.46 | -18.19 | 30.25 | -54.17 | -8.38 | -112.68 | 199.75 | -43.84 | 239.93 | 195.59 | -45.01 | 244.12 | 1.63 | -30.04 | 227.34 | 1.48 | -35.09 | 218.4 | 0.01 | 0.0 | 0.0 | 217.39 | -39.8 | 257.01 | 24.03 | 565.65 | 714.58 | -27.66 | -96.69 | -246.2 | 125.53 | 10.06 | 54.82 | 61.93 | -24.26 | 58.35 |
| 23Q1 (17) | 34.79 | 8.79 | -4.55 | -49.98 | -113.13 | -112.32 | 355.70 | 367.84 | 554.22 | 355.70 | 393.27 | 552.26 | 2.33 | 395.74 | 595.74 | 2.28 | 385.11 | 585.11 | 0.01 | 0.0 | 0.0 | 361.11 | 338.51 | 572.22 | 3.61 | 169.4 | 118.79 | -14.06 | 54.3 | -145.7 | 114.06 | -12.78 | 64.76 | 81.77 | 87.29 | 46.65 |
| 22Q4 (16) | 31.98 | -13.52 | -16.09 | -23.45 | -309.25 | -290.83 | 76.03 | 315.99 | 204.48 | 72.11 | 302.16 | 141.22 | 0.47 | 256.67 | 150.0 | 0.47 | 256.67 | 150.54 | 0.01 | 0.0 | 0.0 | 82.35 | 370.62 | 223.52 | 1.34 | 7.2 | -31.63 | -30.77 | -346.15 | -438.46 | 130.77 | 49.45 | 43.85 | 43.66 | 19.62 | -26.27 |
| 22Q3 (15) | 36.98 | 69.24 | 413.61 | -5.73 | 77.5 | 88.13 | -35.20 | 75.34 | 72.46 | -35.67 | 73.72 | 71.86 | -0.30 | 76.56 | 50.82 | -0.30 | 76.0 | 50.0 | 0.01 | 0.0 | 0 | -30.43 | 78.02 | 74.94 | 1.25 | -57.63 | -9.42 | 12.50 | -33.93 | -67.86 | 87.50 | 7.92 | 43.18 | 36.50 | -6.67 | -38.22 |
| 22Q2 (14) | 21.85 | -40.05 | -49.32 | -25.47 | -8.2 | 34.98 | -142.75 | -82.29 | -771.45 | -135.71 | -72.55 | -1390.02 | -1.28 | -172.34 | -2233.33 | -1.25 | -165.96 | -2183.33 | 0.01 | 0.0 | 0.0 | -138.46 | -81.06 | -653.84 | 2.95 | 78.79 | 18.0 | 18.92 | -38.51 | 109.46 | 81.08 | 17.12 | -75.68 | 39.11 | -29.86 | -25.39 |
| 22Q1 (13) | 36.45 | -4.36 | -23.74 | -23.54 | -292.33 | 73.53 | -78.31 | -7.61 | -111.99 | -78.65 | 55.04 | -112.14 | -0.47 | 50.0 | -114.92 | -0.47 | 49.46 | -115.16 | 0.01 | 0.0 | 0 | -76.47 | -14.7 | -111.64 | 1.65 | -15.82 | 5.77 | 30.77 | 238.46 | 335.9 | 69.23 | -23.85 | -38.76 | 55.76 | -5.84 | -56.99 |
| 21Q4 (12) | 38.11 | 429.31 | 26.19 | -6.00 | 87.57 | 87.51 | -72.77 | 43.07 | -172.55 | -174.93 | -38.02 | -306.8 | -0.94 | -54.1 | -256.67 | -0.93 | -55.0 | -260.34 | 0.01 | 0 | 0.0 | -66.67 | 45.1 | -163.5 | 1.96 | 42.03 | 13.29 | 9.09 | -76.62 | 118.18 | 90.91 | 48.76 | -39.39 | 59.22 | 0.24 | -13.09 |
| 21Q3 (11) | 7.20 | -83.3 | 463.64 | -48.26 | -23.21 | 62.93 | -127.82 | -701.22 | -128.77 | -126.74 | -1304.75 | -129.14 | -0.61 | -1116.67 | -135.06 | -0.60 | -1100.0 | -135.5 | 0.00 | -100.0 | 0 | -121.43 | -585.72 | -126.19 | 1.38 | -44.8 | -52.74 | 38.89 | 119.44 | 229.63 | 61.11 | -81.67 | -52.99 | 59.08 | 12.71 | -44.67 |
| 21Q2 (10) | 43.11 | -9.81 | -9.68 | -39.17 | 55.95 | -69.13 | 21.26 | -96.75 | -95.55 | 10.52 | -98.38 | -97.8 | 0.06 | -98.1 | -98.4 | 0.06 | -98.06 | -98.34 | 0.01 | 0 | 0.0 | 25.00 | -96.2 | -94.76 | 2.50 | 60.26 | -29.58 | -200.00 | -1433.33 | -4060.0 | 333.33 | 194.87 | 218.04 | 52.42 | -59.56 | 0 |
| 21Q1 (9) | 47.80 | 58.28 | 126.86 | -88.93 | -85.08 | 0.16 | 653.28 | 551.26 | 152.22 | 647.99 | 666.04 | 153.6 | 3.15 | 425.0 | 165.35 | 3.10 | 434.48 | 167.25 | 0.00 | -100.0 | 0 | 657.14 | 525.85 | 150.91 | 1.56 | -9.83 | -64.94 | -13.04 | 73.91 | -286.52 | 113.04 | -24.64 | 21.54 | 129.64 | 90.26 | 0 |
| 20Q4 (8) | 30.20 | 1625.25 | -25.43 | -48.05 | 63.1 | 47.49 | 100.31 | -77.42 | -68.0 | 84.59 | -80.55 | 139.49 | 0.60 | -65.52 | 148.39 | 0.58 | -65.68 | 147.93 | 0.01 | 0 | 0.0 | 105.00 | -77.35 | -67.55 | 1.73 | -40.75 | -62.23 | -50.00 | -66.67 | -68.75 | 150.00 | 15.38 | 15.71 | 68.14 | -36.19 | 0 |
| 20Q3 (7) | -1.98 | -104.15 | -106.11 | -130.20 | -462.18 | -114.64 | 444.21 | -7.04 | 122.2 | 434.95 | -9.18 | 121.62 | 1.74 | -53.72 | 25.18 | 1.69 | -53.19 | 25.19 | 0.00 | -100.0 | -100.0 | 463.64 | -2.86 | 126.43 | 2.92 | -17.75 | 83.65 | -30.00 | -524.0 | 3.08 | 130.00 | 24.04 | -0.73 | 106.78 | 0 | 46.39 |
| 20Q2 (6) | 47.73 | 126.53 | 24.56 | -23.16 | 74.0 | 34.45 | 477.84 | 138.2 | 351.24 | 478.90 | 139.61 | 352.09 | 3.76 | 178.01 | 444.95 | 3.61 | 178.31 | 453.92 | 0.01 | 0 | 0.0 | 477.27 | 136.97 | 353.54 | 3.55 | -20.22 | -20.76 | -4.81 | -168.75 | -126.44 | 104.81 | 12.69 | 28.1 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 21.07 | -47.98 | -24.78 | -89.07 | 2.66 | 62.44 | -1251.05 | -499.16 | -223.27 | -1208.91 | -464.33 | -219.61 | -4.82 | -288.71 | -282.58 | -4.61 | -280.99 | -288.93 | 0.00 | -100.0 | 0 | -1290.91 | -499.01 | -222.94 | 4.45 | -2.84 | -48.32 | 6.99 | 123.6 | 130.55 | 93.01 | -28.25 | -24.32 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 40.50 | 25.0 | 0.0 | -91.50 | -50.84 | 0.0 | 313.42 | 56.78 | 0.0 | -214.22 | -209.15 | 0.0 | -1.24 | -189.21 | 0.0 | -1.21 | -189.63 | 0.0 | 0.01 | 0.0 | 0.0 | 323.53 | 58.0 | 0.0 | 4.58 | 188.05 | 0.0 | -29.63 | 4.27 | 0.0 | 129.63 | -1.01 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 32.40 | -15.45 | 0.0 | -60.66 | -71.7 | 0.0 | 199.91 | 205.11 | 0.0 | 196.26 | 203.31 | 0.0 | 1.39 | 227.52 | 0.0 | 1.35 | 232.35 | 0.0 | 0.01 | 0.0 | 0.0 | 204.76 | 208.78 | 0.0 | 1.59 | -64.51 | 0.0 | -30.95 | -270.24 | 0.0 | 130.95 | 60.05 | 0.0 | 72.94 | 50.83 | 0.0 |
| 19Q2 (2) | 38.32 | 36.81 | 0.0 | -35.33 | 85.1 | 0.0 | -190.19 | -118.74 | 0.0 | -189.97 | -118.8 | 0.0 | -1.09 | -141.29 | 0.0 | -1.02 | -141.8 | 0.0 | 0.01 | 0 | 0.0 | -188.24 | -117.93 | 0.0 | 4.48 | -47.97 | 0.0 | 18.18 | 179.43 | 0.0 | 81.82 | -33.42 | 0.0 | 48.36 | -79.16 | 0.0 |
| 19Q1 (1) | 28.01 | 0.0 | 0.0 | -237.17 | 0.0 | 0.0 | 1014.92 | 0.0 | 0.0 | 1010.68 | 0.0 | 0.0 | 2.64 | 0.0 | 0.0 | 2.44 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 1050.00 | 0.0 | 0.0 | 8.61 | 0.0 | 0.0 | -22.89 | 0.0 | 0.0 | 122.89 | 0.0 | 0.0 | 232.03 | 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) | 33.21 | 6.78 | -34.64 | 0 | 3.48 | -3.77 | 145.71 | 0 | 144.82 | 0 | 6.03 | 0 | 5.57 | 0 | 0.04 | 33.33 | 158.26 | 0 | 24.01 | 1691.79 | -23.95 | 0 | 123.95 | 92.34 | 0.94 | 0 | 57.72 | 34.92 |
| 2022 (9) | 31.10 | -9.7 | -19.29 | 0 | 3.61 | -28.92 | -54.17 | 0 | -53.00 | 0 | -1.60 | 0 | -1.57 | 0 | 0.03 | 50.0 | -50.60 | 0 | 1.34 | -31.63 | 35.56 | 0 | 64.44 | -53.77 | 0.00 | 0 | 42.78 | -42.21 |
| 2021 (8) | 34.44 | 19.13 | -44.49 | 0 | 5.08 | 8.47 | 111.21 | 127.33 | 80.84 | 60.84 | 1.69 | 50.89 | 1.66 | 53.7 | 0.02 | 0.0 | 116.95 | 113.84 | 1.96 | 13.29 | -39.39 | 0 | 139.39 | -37.17 | 0.00 | 0 | 74.03 | -1.0 |
| 2020 (7) | 28.91 | -18.91 | -61.19 | 0 | 4.69 | -25.0 | 48.92 | -78.54 | 50.26 | -39.8 | 1.12 | -36.72 | 1.08 | -34.94 | 0.02 | 0.0 | 54.69 | -76.67 | 1.73 | -62.23 | -121.88 | 0 | 221.88 | 61.97 | 0.00 | 0 | 74.78 | -22.76 |
| 2019 (6) | 35.65 | 8.82 | -84.53 | 0 | 6.25 | 79.17 | 227.94 | 0 | 83.49 | 0 | 1.77 | 0 | 1.66 | 0 | 0.02 | 0.0 | 234.38 | 0 | 4.58 | -41.88 | -36.99 | 0 | 136.99 | 384.72 | 0.00 | 0 | 96.82 | 0.61 |
| 2018 (5) | 32.76 | -8.72 | -114.95 | 0 | 3.49 | -21.51 | -160.33 | 0 | -407.48 | 0 | -10.12 | 0 | -9.51 | 0 | 0.02 | 0.0 | -156.98 | 0 | 7.88 | 49.24 | 71.74 | 0 | 28.26 | -74.55 | 0.00 | 0 | 96.23 | -37.28 |
| 2017 (4) | 35.89 | -14.81 | -135.26 | 0 | 4.44 | -2.22 | 1223.25 | 312.23 | 1137.91 | 319.43 | 28.66 | 261.41 | 27.56 | 253.79 | 0.02 | -33.33 | 1223.33 | 305.32 | 5.28 | 117.28 | -11.03 | 0 | 111.03 | -2.36 | 0.00 | 0 | 153.42 | 131.82 |
| 2016 (3) | 42.13 | -3.22 | -40.84 | 0 | 4.55 | 31.82 | 296.74 | 178.79 | 271.30 | 166.19 | 7.93 | 114.91 | 7.79 | 115.79 | 0.03 | -25.0 | 301.82 | 171.4 | 2.43 | 88.37 | -13.72 | 0 | 113.72 | -14.02 | 0.00 | 0 | 66.18 | -0.03 |
| 2015 (2) | 43.53 | 41.56 | -35.06 | 0 | 3.45 | 56.9 | 106.44 | 909.87 | 101.92 | 1178.8 | 3.69 | 324.14 | 3.61 | 319.77 | 0.04 | -60.0 | 111.21 | 743.14 | 1.29 | -74.61 | -33.06 | 0 | 132.26 | -55.91 | 0.00 | 0 | 66.20 | 50.32 |
| 2014 (1) | 30.75 | 0 | -20.92 | 0 | 2.20 | 36.81 | 10.54 | 0 | 7.97 | 0 | 0.87 | 0 | 0.86 | 0 | 0.10 | -47.37 | 13.19 | 119.1 | 5.08 | 8.78 | -200.00 | 0 | 300.00 | -28.95 | 0.00 | 0 | 44.04 | 30.72 |
