- 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) | 80.61 | 1.08 | 3.49 | 45.05 | 6.65 | 13.05 | 47.13 | -19.7 | 15.77 | 37.70 | -19.7 | 18.74 | 2.44 | -19.47 | 75.54 | 2.21 | -22.73 | 71.32 | 0.06 | 0.0 | 50.0 | 51.02 | -20.07 | 2.04 | 15.70 | 212.13 | 17.96 | 95.65 | 33.91 | -4.35 | 4.35 | -84.78 | 0 | 16.70 | 16.13 | -10.79 |
| 23Q3 (19) | 79.75 | -0.6 | 22.35 | 42.24 | -7.0 | 69.98 | 58.69 | 25.17 | 90.74 | 46.95 | 25.13 | 60.4 | 3.03 | 29.49 | 256.47 | 2.86 | 32.41 | 244.58 | 0.06 | 0.0 | 100.0 | 63.83 | 22.12 | 59.58 | 5.03 | -26.78 | 53.35 | 71.43 | -25.0 | -14.29 | 28.57 | 500.0 | 71.43 | 14.38 | -23.14 | -45.67 |
| 23Q2 (18) | 80.23 | 2.96 | 279.16 | 45.42 | 0.24 | 154.88 | 46.89 | 1.52 | 158.39 | 37.52 | 1.54 | 198.81 | 2.34 | 8.33 | 644.19 | 2.16 | 11.34 | 614.29 | 0.06 | 20.0 | 500.0 | 52.27 | 2.05 | 204.54 | 6.87 | -28.21 | 324.07 | 95.24 | 0.53 | -4.76 | 4.76 | 0 | 0 | 18.71 | 16.79 | -70.69 |
| 23Q1 (17) | 77.92 | 0.04 | 273.9 | 45.31 | 13.7 | 165.08 | 46.19 | 13.46 | 168.13 | 36.95 | 16.38 | 153.47 | 2.16 | 55.4 | 391.89 | 1.94 | 50.39 | 365.75 | 0.05 | 25.0 | 400.0 | 51.22 | 2.44 | 219.51 | 9.57 | -28.1 | 786.11 | 94.74 | -5.26 | -5.26 | 0.00 | 0 | 0 | 16.02 | -14.42 | -74.17 |
| 22Q4 (16) | 77.89 | 19.5 | 313.65 | 39.85 | 60.36 | 128.14 | 40.71 | 32.3 | 129.24 | 31.75 | 8.47 | 118.51 | 1.39 | 63.53 | 208.59 | 1.29 | 55.42 | 201.57 | 0.04 | 33.33 | 300.0 | 50.00 | 25.0 | 150.0 | 13.31 | 305.79 | 948.03 | 100.00 | 20.0 | 0.0 | 0.00 | -100.0 | 0 | 18.72 | -29.28 | -79.03 |
| 22Q3 (15) | 65.18 | 208.03 | 28.41 | 24.85 | 130.03 | 148.14 | 30.77 | 138.32 | 175.56 | 29.27 | 177.09 | 171.88 | 0.85 | 297.67 | 293.18 | 0.83 | 297.62 | 288.64 | 0.03 | 200.0 | 200.0 | 40.00 | 180.0 | 420.0 | 3.28 | 102.47 | 162.4 | 83.33 | -16.67 | -37.5 | 16.67 | 0 | 150.0 | 26.47 | -58.53 | -55.52 |
| 22Q2 (14) | 21.16 | 1.54 | -49.82 | -82.76 | -18.87 | 34.95 | -80.30 | -18.44 | 37.21 | -37.97 | 45.06 | 70.31 | -0.43 | 41.89 | 34.85 | -0.42 | 42.47 | 36.36 | 0.01 | 0.0 | 0.0 | -50.00 | -16.66 | 0.0 | 1.62 | 50.0 | 30.65 | 100.00 | 0.0 | 0.0 | -0.00 | 0 | 0 | 63.83 | 2.94 | -45.93 |
| 22Q1 (13) | 20.84 | 10.67 | -47.8 | -69.62 | 50.84 | -52.88 | -67.80 | 51.31 | -67.37 | -69.11 | 59.7 | -70.6 | -0.74 | 42.19 | -57.45 | -0.73 | 42.52 | -55.32 | 0.01 | 0.0 | 0.0 | -42.86 | 57.14 | -242.88 | 1.08 | -14.96 | -1.82 | 100.00 | 0.0 | -25.0 | -0.00 | 0 | 0 | 62.01 | -30.53 | 23.13 |
| 21Q4 (12) | 18.83 | -62.9 | -65.11 | -141.63 | -174.37 | -635.36 | -139.24 | -241.94 | -799.48 | -171.51 | -321.19 | -742.39 | -1.28 | -190.91 | -374.07 | -1.27 | -188.64 | -370.37 | 0.01 | 0.0 | 0.0 | -100.00 | -700.0 | -1000.09 | 1.27 | 1.6 | 6.72 | 100.00 | -25.0 | -50.0 | -0.00 | 100.0 | 0 | 89.26 | 49.99 | 90.69 |
| 21Q3 (11) | 50.76 | 20.37 | 24.02 | -51.62 | 59.42 | -20.58 | -40.72 | 68.16 | -17.42 | -40.72 | 68.16 | -18.27 | -0.44 | 33.33 | 8.33 | -0.44 | 33.33 | 6.38 | 0.01 | 0.0 | 0.0 | -12.50 | 75.0 | -25.0 | 1.25 | 0.81 | 11.61 | 133.33 | 33.33 | 0.0 | -33.33 | 0 | 0.0 | 59.51 | -49.59 | 32.36 |
| 21Q2 (10) | 42.17 | 5.64 | 56.01 | -127.22 | -179.36 | -16.32 | -127.88 | -215.68 | -44.79 | -127.88 | -215.68 | -28.17 | -0.66 | -40.43 | 8.33 | -0.66 | -40.43 | 7.04 | 0.01 | 0.0 | 0.0 | -50.00 | -300.0 | -25.0 | 1.24 | 12.73 | -23.46 | 100.00 | -25.0 | -16.67 | -0.00 | 0 | 100.0 | 118.06 | 134.43 | 0 |
| 21Q1 (9) | 39.92 | -26.03 | 0.13 | -45.54 | -136.45 | 52.95 | -40.51 | -161.69 | 55.98 | -40.51 | -98.97 | 58.54 | -0.47 | -74.07 | 14.55 | -0.47 | -74.07 | 12.96 | 0.01 | 0.0 | 0.0 | -12.50 | -212.51 | 50.0 | 1.10 | -7.56 | -37.5 | 133.33 | -33.33 | 33.33 | -0.00 | 0 | 0 | 50.36 | 7.58 | 0 |
| 20Q4 (8) | 53.97 | 31.86 | 386.62 | -19.26 | 55.01 | 87.57 | -15.48 | 55.36 | 89.71 | -20.36 | 40.87 | 68.66 | -0.27 | 43.75 | 38.64 | -0.27 | 42.55 | 38.64 | 0.01 | 0.0 | 0.0 | 11.11 | 211.1 | 111.11 | 1.19 | 6.25 | -30.0 | 200.00 | 50.0 | 75.0 | -0.00 | 100.0 | 0 | 46.81 | 4.11 | -52.14 |
| 20Q3 (7) | 40.93 | 51.42 | 18504.55 | -42.81 | 60.86 | 64.51 | -34.68 | 60.73 | 70.23 | -34.43 | 65.49 | 70.44 | -0.48 | 33.33 | 41.46 | -0.47 | 33.8 | 41.98 | 0.01 | 0.0 | 0.0 | -10.00 | 75.0 | 87.5 | 1.12 | -30.86 | -30.86 | 133.33 | 11.11 | 33.33 | -33.33 | -66.67 | 0 | 44.96 | 0 | -45.56 |
| 20Q2 (6) | 27.03 | -32.2 | 337.38 | -109.37 | -12.99 | 9.68 | -88.32 | 4.03 | 21.21 | -99.77 | -2.11 | 11.61 | -0.72 | -30.91 | 14.29 | -0.71 | -31.48 | 14.46 | 0.01 | 0.0 | 0.0 | -40.00 | -60.0 | 50.0 | 1.62 | -7.95 | -7.43 | 120.00 | 20.0 | 2.86 | -20.00 | 0 | 0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 39.87 | 311.74 | 133.49 | -96.80 | 37.52 | 75.55 | -92.03 | 38.85 | 76.06 | -97.71 | -50.39 | 74.58 | -0.55 | -25.0 | 50.0 | -0.54 | -22.73 | 49.53 | 0.01 | 0.0 | 0 | -25.00 | 75.0 | 91.67 | 1.76 | 3.53 | -6.38 | 100.00 | -12.5 | 0.0 | -0.00 | 0 | 0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | -18.83 | -8659.09 | 0.0 | -154.94 | -28.44 | 0.0 | -150.51 | -29.22 | 0.0 | -64.97 | 44.22 | 0.0 | -0.44 | 46.34 | 0.0 | -0.44 | 45.68 | 0.0 | 0.01 | 0.0 | 0.0 | -100.00 | -25.0 | 0.0 | 1.70 | 4.94 | 0.0 | 114.29 | 14.29 | 0.0 | -0.00 | 0 | 0.0 | 97.80 | 18.43 | 0.0 |
| 19Q3 (3) | 0.22 | -96.44 | 0.0 | -120.63 | 0.38 | 0.0 | -116.48 | -3.92 | 0.0 | -116.48 | -3.2 | 0.0 | -0.82 | 2.38 | 0.0 | -0.81 | 2.41 | 0.0 | 0.01 | 0.0 | 0.0 | -80.00 | 0.0 | 0.0 | 1.62 | -7.43 | 0.0 | 100.00 | -14.29 | 0.0 | -0.00 | 0 | 0.0 | 82.58 | 4.32 | 0.0 |
| 19Q2 (2) | 6.18 | 105.19 | 0.0 | -121.09 | 69.41 | 0.0 | -112.09 | 70.84 | 0.0 | -112.87 | 70.64 | 0.0 | -0.84 | 23.64 | 0.0 | -0.83 | 22.43 | 0.0 | 0.01 | 0 | 0.0 | -80.00 | 73.33 | 0.0 | 1.75 | -6.91 | 0.0 | 116.67 | 16.67 | 0.0 | -0.00 | 0 | 0.0 | 79.16 | -60.87 | 0.0 |
| 19Q1 (1) | -119.05 | 0.0 | 0.0 | -395.91 | 0.0 | 0.0 | -384.37 | 0.0 | 0.0 | -384.37 | 0.0 | 0.0 | -1.10 | 0.0 | 0.0 | -1.07 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | -300.00 | 0.0 | 0.0 | 1.88 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | -0.00 | 0.0 | 0.0 | 202.28 | 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) | 79.69 | 30.83 | 44.47 | 423.79 | 4.97 | -64.09 | 49.88 | 345.76 | 39.90 | 249.39 | 9.96 | 830.84 | 8.69 | 769.0 | 0.22 | 144.44 | 55.25 | 111.28 | 15.70 | 17.96 | 89.01 | 24.62 | 10.99 | -61.54 | 15.18 | -11.98 | 16.44 | -47.43 |
| 2022 (9) | 60.91 | 55.5 | 8.49 | 0 | 13.85 | -61.54 | 11.19 | 0 | 11.42 | 0 | 1.07 | 0 | 1.00 | 0 | 0.09 | 125.0 | 26.15 | 0 | 13.31 | 948.03 | 71.43 | -35.71 | 28.57 | 0 | 17.24 | -12.27 | 31.27 | -56.16 |
| 2021 (8) | 39.17 | -7.97 | -79.61 | 0 | 36.00 | 26.0 | -74.16 | 0 | -80.92 | 0 | -2.87 | 0 | -2.83 | 0 | 0.04 | 0.0 | -36.00 | 0 | 1.27 | 6.72 | 111.11 | -3.7 | -5.56 | 0 | 19.65 | 2.89 | 71.32 | 20.47 |
| 2020 (7) | 42.56 | 0 | -54.81 | 0 | 28.57 | -42.86 | -46.26 | 0 | -50.66 | 0 | -2.01 | 0 | -1.98 | 0 | 0.04 | 100.0 | -14.29 | 0 | 1.19 | -30.0 | 115.38 | 11.41 | -15.38 | 0 | 19.10 | 3.29 | 59.20 | -40.88 |
| 2019 (6) | -17.56 | 0 | -163.36 | 0 | 50.00 | -87.5 | -156.75 | 0 | -133.10 | 0 | -3.20 | 0 | -3.14 | 0 | 0.02 | 0 | -100.00 | 0 | 1.70 | -33.85 | 103.57 | -10.81 | -3.57 | 0 | 18.49 | 3.34 | 100.13 | -86.95 |
| 2018 (5) | -508.64 | 0 | -1634.14 | 0 | 400.00 | 1000.0 | -1394.05 | 0 | -1028.32 | 0 | -3.01 | 0 | -2.92 | 0 | 0.00 | 0 | -1100.00 | 0 | 2.57 | -21.88 | 116.13 | 4.8 | -16.13 | 0 | 17.89 | 0 | 767.18 | 877.17 |
| 2017 (4) | 33.89 | -40.39 | -186.31 | 0 | 36.36 | 536.36 | -169.37 | 0 | -190.80 | 0 | -5.32 | 0 | -5.09 | 0 | 0.03 | -25.0 | -127.27 | 0 | 3.29 | -38.73 | 110.81 | -33.51 | -10.81 | 0 | 0.00 | 0 | 78.51 | 70.79 |
| 2016 (3) | 56.85 | -19.78 | -86.63 | 0 | 5.71 | 54.29 | -50.96 | 0 | -42.29 | 0 | -1.80 | 0 | -1.68 | 0 | 0.04 | -33.33 | -42.86 | 0 | 5.37 | -40.79 | 166.67 | -34.34 | -66.67 | 0 | 0.00 | 0 | 45.97 | 44.15 |
| 2015 (2) | 70.87 | -4.35 | -61.05 | 0 | 3.70 | 42.59 | -23.92 | 0 | -21.96 | 0 | -1.43 | 0 | -1.35 | 0 | 0.06 | -33.33 | -20.37 | 0 | 9.07 | 208.5 | 253.85 | 0 | -153.85 | 0 | 0.00 | 0 | 31.89 | 35.88 |
| 2014 (1) | 74.09 | 0 | -4.34 | 0 | 2.60 | -44.16 | 21.55 | 0 | 17.88 | 0 | 1.65 | 0 | 1.62 | 0 | 0.09 | 80.0 | 24.68 | 0 | 2.94 | 164.86 | -17.65 | 0 | 117.65 | 0 | 0.00 | 0 | 23.47 | -45.02 |
