- 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) | 24.65 | 56.61 | 83.41 | 3.68 | 122.24 | 117.04 | -4.40 | 93.13 | 96.06 | -0.88 | 98.63 | 99.21 | -0.12 | 98.32 | 98.81 | 0.00 | 100.0 | 100.0 | 0.11 | 22.22 | 37.5 | 5.75 | 110.95 | 105.72 | 20.30 | -27.86 | -7.94 | -83.33 | -423.45 | -528.57 | 177.78 | 139.48 | 120.69 | 36.38 | -21.44 | -24.76 |
| 23Q3 (19) | 15.74 | 5.99 | -31.45 | -16.55 | 43.32 | -52.53 | -64.07 | 22.37 | 3.61 | -64.06 | 22.4 | 2.2 | -7.16 | 10.16 | -32.35 | -5.54 | 11.36 | -20.43 | 0.09 | 12.5 | 28.57 | -52.51 | 25.19 | 4.48 | 28.14 | 8.15 | 64.66 | 25.76 | -27.09 | 58.07 | 74.24 | 14.81 | -11.31 | 46.31 | -14.49 | -5.97 |
| 23Q2 (18) | 14.85 | 16.47 | -46.39 | -29.20 | 10.68 | -1077.42 | -82.53 | 23.94 | -80.39 | -82.55 | 23.92 | -83.98 | -7.97 | 3.51 | -120.17 | -6.25 | 5.45 | -97.78 | 0.08 | 33.33 | 14.29 | -70.19 | 25.68 | -97.22 | 26.02 | 3.09 | 75.46 | 35.34 | 17.66 | 584.68 | 64.66 | -7.58 | -31.82 | 54.16 | -11.55 | 16.32 |
| 23Q1 (17) | 12.75 | -5.13 | -59.91 | -32.69 | -51.41 | -538.48 | -108.50 | 2.8 | -86.36 | -108.50 | 2.01 | -89.12 | -8.26 | 17.89 | -111.79 | -6.61 | 20.93 | -87.78 | 0.06 | -25.0 | 0.0 | -94.44 | 6.09 | -97.53 | 25.24 | 14.47 | 131.56 | 30.03 | 54.46 | 246.39 | 69.97 | -13.15 | -23.39 | 61.23 | 26.64 | 16.08 |
| 22Q4 (16) | 13.44 | -41.46 | -37.49 | -21.59 | -98.99 | -491.51 | -111.62 | -67.93 | -114.32 | -110.73 | -69.05 | -114.63 | -10.06 | -85.95 | -144.77 | -8.36 | -81.74 | -127.79 | 0.08 | 14.29 | 14.29 | -100.56 | -82.94 | -137.23 | 22.05 | 29.02 | 146.37 | 19.44 | 19.29 | 184.6 | 80.56 | -3.76 | -12.96 | 48.35 | -1.83 | 27.71 |
| 22Q3 (15) | 22.96 | -17.11 | -27.39 | -10.85 | -337.5 | -523.83 | -66.47 | -45.29 | -142.68 | -65.50 | -45.98 | -142.86 | -5.41 | -49.45 | -108.08 | -4.60 | -45.57 | -100.0 | 0.07 | 0.0 | -22.22 | -54.97 | -54.45 | -212.15 | 17.09 | 15.24 | 22.42 | 16.30 | 215.8 | 277.26 | 83.70 | -11.74 | -23.35 | 49.25 | 5.78 | 6.65 |
| 22Q2 (14) | 27.70 | -12.89 | 9.23 | -2.48 | 51.56 | 73.22 | -45.75 | 21.42 | -168.01 | -44.87 | 21.79 | -205.24 | -3.62 | 7.18 | -172.18 | -3.16 | 10.23 | -161.16 | 0.07 | 16.67 | -12.5 | -35.59 | 25.56 | -398.46 | 14.83 | 36.06 | 66.82 | 5.16 | -40.47 | -90.23 | 94.84 | 3.84 | 109.44 | 46.56 | -11.73 | -6.75 |
| 22Q1 (13) | 31.80 | 47.91 | -4.19 | -5.12 | -40.27 | -2069.23 | -58.22 | -11.79 | -102.22 | -57.37 | -11.2 | -96.0 | -3.90 | 5.11 | -54.15 | -3.52 | 4.09 | -54.39 | 0.06 | -14.29 | -25.0 | -47.81 | -12.79 | -157.04 | 10.90 | 21.79 | 9.33 | 8.67 | 26.9 | 854.34 | 91.33 | -1.32 | -9.71 | 52.75 | 39.33 | 6.12 |
| 21Q4 (12) | 21.50 | -32.01 | -37.84 | -3.65 | -242.58 | -205.49 | -52.08 | -90.14 | -53.72 | -51.59 | -91.29 | -101.6 | -4.11 | -58.08 | -67.07 | -3.67 | -59.57 | -67.58 | 0.07 | -22.22 | -22.22 | -42.39 | -140.72 | -71.55 | 8.95 | -35.89 | -14.92 | 6.83 | 174.3 | 166.61 | 92.55 | -15.25 | -15.41 | 37.86 | -18.02 | -18.55 |
| 21Q3 (11) | 31.62 | 24.68 | -22.9 | 2.56 | 127.65 | -76.81 | -27.39 | -60.46 | -284.15 | -26.97 | -83.47 | -181.23 | -2.60 | -95.49 | -176.6 | -2.30 | -90.08 | -180.49 | 0.09 | 12.5 | 0.0 | -17.61 | -146.64 | -1148.21 | 13.96 | 57.03 | 15.95 | -9.20 | -117.41 | 94.02 | 109.20 | 141.14 | -56.32 | 46.18 | -7.51 | 1.94 |
| 21Q2 (10) | 25.36 | -23.59 | -44.37 | -9.26 | -3661.54 | -144.46 | -17.07 | 40.71 | -377.56 | -14.70 | 49.78 | -1120.83 | -1.33 | 47.43 | -882.35 | -1.21 | 46.93 | -811.76 | 0.08 | 0.0 | -20.0 | -7.14 | 61.61 | -151.63 | 8.89 | -10.83 | -28.65 | 52.83 | 4696.23 | -84.64 | 45.28 | -55.23 | 118.87 | 49.93 | 0.44 | 0 |
| 21Q1 (9) | 33.19 | -4.05 | -23.75 | 0.26 | -92.49 | -98.1 | -28.79 | 15.02 | -816.17 | -29.27 | -14.38 | -4281.43 | -2.53 | -2.85 | -3714.29 | -2.28 | -4.11 | -2633.33 | 0.08 | -11.11 | -11.11 | -18.60 | 24.73 | -239.33 | 9.97 | -5.23 | -6.21 | -1.15 | 88.79 | -100.34 | 101.15 | -7.54 | 143.35 | 49.71 | 6.95 | 0 |
| 20Q4 (8) | 34.59 | -15.65 | -30.6 | 3.46 | -68.66 | -84.58 | -33.88 | -375.18 | -245.1 | -25.59 | -166.84 | -217.49 | -2.46 | -161.7 | -183.67 | -2.19 | -167.07 | -182.95 | 0.09 | 0.0 | -25.0 | -24.71 | -1570.83 | -180.18 | 10.52 | -12.62 | -1.31 | -10.26 | 93.33 | -110.64 | 109.40 | -56.24 | 2935.9 | 46.48 | 2.6 | 12.93 |
| 20Q3 (7) | 41.01 | -10.05 | -3.03 | 11.04 | -47.0 | -28.08 | -7.13 | -215.93 | -142.62 | -9.59 | -765.97 | -175.1 | -0.94 | -652.94 | -154.97 | -0.82 | -582.35 | -153.95 | 0.09 | -10.0 | -25.0 | 1.68 | -87.85 | -93.12 | 12.04 | -3.37 | -13.94 | -153.85 | -144.72 | -266.67 | 250.00 | 204.17 | 3150.0 | 45.30 | 0 | 7.99 |
| 20Q2 (6) | 45.59 | 4.73 | -11.27 | 20.83 | 52.38 | -11.55 | 6.15 | 52.99 | -75.12 | 1.44 | 105.71 | -92.27 | 0.17 | 142.86 | -93.25 | 0.17 | 88.89 | -92.48 | 0.10 | 11.11 | -16.67 | 13.83 | 3.6 | -57.13 | 12.46 | 17.22 | -11.0 | 344.00 | 3.2 | 259.64 | -240.00 | -2.86 | -5620.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 43.53 | -12.66 | 20.92 | 13.67 | -39.08 | 280.78 | 4.02 | -82.78 | -12.23 | 0.70 | -96.79 | -79.65 | 0.07 | -97.62 | -82.5 | 0.09 | -96.59 | -76.92 | 0.09 | -25.0 | -10.0 | 13.35 | -56.68 | -1.04 | 10.63 | -0.28 | -9.07 | 333.33 | 245.79 | 304.76 | -233.33 | -6575.0 | -1091.67 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 49.84 | 17.85 | 0.0 | 22.44 | 46.19 | 0.0 | 23.35 | 39.57 | 0.0 | 21.78 | 70.56 | 0.0 | 2.94 | 71.93 | 0.0 | 2.64 | 73.68 | 0.0 | 0.12 | 0.0 | 0.0 | 30.82 | 26.26 | 0.0 | 10.66 | -23.8 | 0.0 | 96.40 | 4.43 | 0.0 | 3.60 | -53.15 | 0.0 | 41.16 | -1.88 | 0.0 |
| 19Q3 (3) | 42.29 | -17.69 | 0.0 | 15.35 | -34.82 | 0.0 | 16.73 | -32.32 | 0.0 | 12.77 | -31.42 | 0.0 | 1.71 | -32.14 | 0.0 | 1.52 | -32.74 | 0.0 | 0.12 | 0.0 | 0.0 | 24.41 | -24.33 | 0.0 | 13.99 | -0.07 | 0.0 | 92.31 | -3.5 | 0.0 | 7.69 | 76.92 | 0.0 | 41.95 | -3.16 | 0.0 |
| 19Q2 (2) | 51.38 | 42.72 | 0.0 | 23.55 | 555.99 | 0.0 | 24.72 | 439.74 | 0.0 | 18.62 | 441.28 | 0.0 | 2.52 | 530.0 | 0.0 | 2.26 | 479.49 | 0.0 | 0.12 | 20.0 | 0.0 | 32.26 | 139.14 | 0.0 | 14.00 | 19.76 | 0.0 | 95.65 | 16.15 | 0.0 | 4.35 | -81.52 | 0.0 | 43.32 | -12.94 | 0.0 |
| 19Q1 (1) | 36.00 | 0.0 | 0.0 | 3.59 | 0.0 | 0.0 | 4.58 | 0.0 | 0.0 | 3.44 | 0.0 | 0.0 | 0.40 | 0.0 | 0.0 | 0.39 | 0.0 | 0.0 | 0.10 | 0.0 | 0.0 | 13.49 | 0.0 | 0.0 | 11.69 | 0.0 | 0.0 | 82.35 | 0.0 | 0.0 | 23.53 | 0.0 | 0.0 | 49.76 | 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) | 17.57 | -25.58 | -16.81 | 0 | 10.07 | 7.43 | -59.70 | 0 | -58.66 | 0 | -23.70 | 0 | -19.20 | 0 | 0.33 | 17.86 | -47.82 | 0 | 20.30 | -7.94 | 28.16 | 95.71 | 71.84 | -15.99 | 0.11 | -91.17 | 48.23 | -1.77 |
| 2022 (9) | 23.61 | -15.44 | -10.30 | 0 | 9.37 | 3.41 | -71.35 | 0 | -70.45 | 0 | -22.92 | 0 | -19.75 | 0 | 0.28 | 0.0 | -60.57 | 0 | 22.05 | 146.37 | 14.39 | 79.65 | 85.50 | -7.05 | 1.26 | -34.19 | 49.10 | 6.97 |
| 2021 (8) | 27.92 | -32.59 | -2.49 | 0 | 9.06 | 12.85 | -31.33 | 0 | -30.63 | 0 | -9.43 | 0 | -8.52 | 0 | 0.28 | -26.32 | -21.36 | 0 | 8.95 | -14.92 | 8.01 | 0 | 91.99 | -67.65 | 1.92 | -48.45 | 45.90 | 5.47 |
| 2020 (7) | 41.42 | -8.65 | 12.66 | -25.04 | 8.03 | 10.32 | -6.88 | 0 | -7.69 | 0 | -3.23 | 0 | -2.85 | 0 | 0.38 | -22.45 | 1.82 | -92.98 | 10.52 | -1.31 | -184.31 | 0 | 284.31 | 4477.45 | 3.72 | -26.3 | 43.52 | -0.53 |
| 2019 (6) | 45.34 | -1.39 | 16.89 | -14.83 | 7.28 | 24.63 | 18.00 | -10.13 | 14.72 | -9.53 | 8.04 | -29.72 | 7.31 | -27.48 | 0.49 | -19.67 | 25.92 | -1.74 | 10.66 | -17.56 | 93.79 | -5.24 | 6.21 | 507.14 | 5.05 | -7.18 | 43.75 | 9.51 |
| 2018 (5) | 45.98 | -1.16 | 19.83 | -15.04 | 5.84 | 37.17 | 20.03 | -9.04 | 16.27 | -12.24 | 11.44 | -26.19 | 10.08 | -21.13 | 0.61 | -7.58 | 26.38 | -5.21 | 12.93 | -26.07 | 98.98 | -6.74 | 1.02 | 0 | 5.44 | 0 | 39.95 | 14.93 |
| 2017 (4) | 46.52 | 3.58 | 23.34 | 39.18 | 4.26 | 23.0 | 22.02 | 28.02 | 18.54 | 16.38 | 15.50 | -0.77 | 12.78 | 12.01 | 0.66 | 0.0 | 27.83 | 21.74 | 17.49 | -55.74 | 106.13 | 8.92 | -6.13 | 0 | 0.00 | 0 | 34.76 | -0.26 |
| 2016 (3) | 44.91 | 5.87 | 16.77 | -8.06 | 3.46 | 24.92 | 17.20 | -2.27 | 15.93 | -4.27 | 15.62 | -19.23 | 11.41 | -20.98 | 0.66 | -18.52 | 22.86 | 2.56 | 39.52 | -35.68 | 97.44 | -6.09 | 2.56 | 0 | 0.00 | 0 | 34.85 | 2.08 |
| 2015 (2) | 42.42 | 5.81 | 18.24 | 38.92 | 2.77 | 1.33 | 17.60 | 34.66 | 16.64 | 34.96 | 19.34 | 14.78 | 14.44 | 3.66 | 0.81 | -27.68 | 22.29 | 35.25 | 61.44 | 225.08 | 103.77 | 3.18 | -3.77 | 0 | 0.00 | 0 | 34.14 | 3.58 |
| 2014 (1) | 40.09 | 0 | 13.13 | 0 | 2.73 | 14.64 | 13.07 | 0 | 12.33 | 0 | 16.85 | 0 | 13.93 | 0 | 1.12 | -9.68 | 16.48 | 29.87 | 18.90 | -26.89 | 100.56 | 2.58 | -0.56 | 0 | 0.00 | 0 | 32.96 | -17.1 |
