- 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 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 20Q3 (20) | 16.83 | -8.23 | 40.13 | 9.16 | -9.58 | 159.49 | 9.80 | -13.96 | 107.63 | 5.96 | -12.09 | 4157.14 | 2.58 | -4.44 | 6350.0 | 1.29 | -17.31 | 1072.73 | 0.21 | -4.55 | 23.53 | 20.19 | -10.03 | 2.33 | 120.19 | 34.04 | 78.91 | 93.49 | 5.17 | 24.96 | 6.51 | -41.4 | -74.41 | 0.00 | 0 | -100.0 |
| 20Q2 (19) | 18.34 | 246.96 | 81.76 | 10.13 | 135.36 | 358.37 | 11.39 | 145.61 | 166.12 | 6.78 | 126.98 | 33800.0 | 2.70 | 161.93 | 26900.0 | 1.56 | 161.66 | 1318.18 | 0.22 | 120.0 | 37.5 | 22.44 | 1285.19 | 12.88 | 89.67 | 32.94 | 28.39 | 88.90 | -22.52 | 71.87 | 11.10 | 175.34 | -77.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (18) | -12.48 | -228.26 | -599.2 | -28.65 | -6411.36 | -244.35 | -24.97 | -1870.92 | -209.8 | -25.13 | -11522.73 | -151.3 | -4.36 | -7366.67 | -115.84 | -2.53 | -2400.0 | -132.11 | 0.10 | -37.5 | -16.67 | 1.62 | -90.52 | -87.38 | 67.45 | -2.19 | -1.4 | 114.74 | 465.92 | 11.2 | -14.74 | -111.22 | -363.8 | 41.64 | 46.72 | 19.72 |
| 19Q4 (17) | 9.73 | -18.98 | -32.71 | -0.44 | -112.46 | -105.79 | 1.41 | -70.13 | -86.2 | 0.22 | 57.14 | -95.36 | 0.06 | 50.0 | -95.97 | 0.11 | 0.0 | -88.78 | 0.16 | -5.88 | -15.79 | 17.08 | -13.43 | -27.66 | 68.96 | 2.65 | -1.92 | -31.36 | -141.91 | -142.13 | 131.36 | 416.75 | 413.57 | 28.38 | 11.69 | 0.6 |
| 19Q3 (16) | 12.01 | 19.03 | 424.45 | 3.53 | 59.73 | 156.75 | 4.72 | 10.28 | 188.39 | 0.14 | 600.0 | 101.41 | 0.04 | 300.0 | 101.73 | 0.11 | 0.0 | 108.15 | 0.17 | 6.25 | 21.43 | 19.73 | -0.75 | 65.24 | 67.18 | -3.81 | 4.9 | 74.82 | 44.65 | -35.67 | 25.42 | -47.34 | 255.93 | 25.41 | -2.76 | -28.7 |
| 19Q2 (15) | 10.09 | 303.6 | 273.37 | 2.21 | 126.56 | 112.01 | 4.28 | 153.1 | 127.51 | 0.02 | 100.2 | 100.13 | 0.01 | 100.5 | 100.38 | 0.11 | 110.09 | 106.71 | 0.16 | 33.33 | 45.45 | 19.88 | 54.83 | 322.98 | 69.84 | 2.09 | 21.36 | 51.72 | -49.87 | -56.27 | 48.28 | 1619.27 | 364.26 | 26.13 | -24.87 | -33.53 |
| 19Q1 (14) | 2.50 | -82.71 | 62.34 | -8.32 | -209.47 | 21.44 | -8.06 | -178.86 | 16.74 | -10.00 | -310.97 | -31.75 | -2.02 | -235.57 | -31.17 | -1.09 | -211.22 | -22.47 | 0.12 | -36.84 | -7.69 | 12.84 | -45.62 | 56.59 | 68.41 | -2.7 | 33.4 | 103.18 | 38.64 | -5.62 | -3.18 | -112.42 | 65.91 | 34.78 | 23.29 | -3.87 |
| 18Q4 (13) | 14.46 | 531.44 | 30.15 | 7.60 | 222.19 | 125.52 | 10.22 | 291.39 | 141.04 | 4.74 | 147.69 | 63.45 | 1.49 | 164.5 | 47.52 | 0.98 | 172.59 | 48.48 | 0.19 | 35.71 | -5.0 | 23.61 | 97.74 | 59.74 | 70.31 | 9.79 | -1.37 | 74.42 | -36.01 | -6.41 | 25.58 | 256.9 | 24.91 | 28.21 | -20.85 | -5.05 |
| 18Q3 (12) | 2.29 | 139.35 | -86.9 | -6.22 | 66.2 | -164.32 | -5.34 | 65.68 | -153.19 | -9.94 | 34.52 | -239.02 | -2.31 | 12.83 | -197.47 | -1.35 | 17.68 | -193.1 | 0.14 | 27.27 | -26.32 | 11.94 | 154.04 | -41.73 | 64.04 | 11.28 | -11.69 | 116.30 | -1.66 | 20.77 | -16.30 | 10.76 | -528.04 | 35.64 | -9.34 | 10.2 |
| 18Q2 (11) | -5.82 | -477.92 | -141.87 | -18.40 | -73.75 | -394.87 | -15.56 | -60.74 | -372.5 | -15.18 | -100.0 | -419.58 | -2.65 | -72.08 | -293.43 | -1.64 | -84.27 | -288.51 | 0.11 | -15.38 | -35.29 | 4.70 | -42.68 | -72.42 | 57.55 | 12.23 | -17.77 | 118.27 | 8.18 | 8.39 | -18.27 | -96.0 | -100.5 | 39.31 | 8.65 | 41.91 |
| 18Q1 (10) | 1.54 | -86.14 | -90.39 | -10.59 | -414.24 | -304.44 | -9.68 | -328.3 | -228.55 | -7.59 | -361.72 | -240.82 | -1.54 | -252.48 | -227.27 | -0.89 | -234.85 | -217.11 | 0.13 | -35.0 | 0.0 | 8.20 | -44.52 | -60.92 | 51.28 | -28.07 | -25.9 | 109.32 | 37.47 | 59.31 | -9.32 | -145.52 | -129.9 | 36.18 | 21.78 | 2.9 |
| 17Q4 (9) | 11.11 | -36.44 | -48.52 | 3.37 | -65.15 | -74.76 | 4.24 | -57.77 | -72.21 | 2.90 | -59.44 | -72.35 | 1.01 | -57.38 | -73.49 | 0.66 | -54.48 | -71.3 | 0.20 | 5.26 | -9.09 | 14.78 | -27.87 | -37.13 | 71.29 | -1.7 | -6.25 | 79.52 | -17.42 | -9.08 | 20.48 | 437.65 | 63.39 | 29.71 | -8.13 | -4.56 |
| 17Q3 (8) | 17.48 | 25.76 | 48.26 | 9.67 | 54.97 | 148.59 | 10.04 | 75.83 | 131.34 | 7.15 | 50.53 | 46.82 | 2.37 | 72.99 | 83.72 | 1.45 | 66.67 | 70.59 | 0.19 | 11.76 | 11.76 | 20.49 | 20.25 | 29.52 | 72.52 | 3.61 | 20.61 | 96.30 | -11.74 | 7.18 | 3.81 | 141.8 | -62.49 | 32.34 | 16.75 | -0.89 |
| 17Q2 (7) | 13.90 | -13.29 | -16.16 | 6.24 | 20.46 | 2.13 | 5.71 | -24.17 | -22.94 | 4.75 | -11.87 | -28.46 | 1.37 | 13.22 | -4.86 | 0.87 | 14.47 | -10.31 | 0.17 | 30.77 | 21.43 | 17.04 | -18.78 | -16.96 | 69.99 | 1.14 | 30.92 | 109.11 | 59.01 | 32.02 | -9.11 | -129.23 | -151.88 | 27.70 | -21.22 | -8.67 |
| 17Q1 (6) | 16.03 | -25.72 | 0 | 5.18 | -61.2 | 0 | 7.53 | -50.66 | 0 | 5.39 | -48.62 | 0 | 1.21 | -68.24 | 0 | 0.76 | -66.96 | 0 | 0.13 | -40.91 | 0 | 20.98 | -10.76 | -14.37 | 69.20 | -9.0 | 0 | 68.62 | -21.55 | 0 | 31.17 | 148.74 | 0 | 35.16 | 12.95 | 0 |
| 16Q4 (5) | 21.58 | 83.04 | 0 | 13.35 | 243.19 | 0 | 15.26 | 251.61 | 0 | 10.49 | 115.4 | 0 | 3.81 | 195.35 | 0 | 2.30 | 170.59 | 0 | 0.22 | 29.41 | 0 | 23.51 | 48.61 | -27.51 | 76.04 | 26.46 | 0 | 87.47 | -2.65 | 0 | 12.53 | 23.42 | 0 | 31.13 | -4.6 | 0 |
| 16Q3 (4) | 11.79 | -28.89 | 0.0 | 3.89 | -36.33 | 0.0 | 4.34 | -41.43 | 0.0 | 4.87 | -26.66 | 0.0 | 1.29 | -10.42 | 0.0 | 0.85 | -12.37 | 0.0 | 0.17 | 21.43 | 0.0 | 15.82 | -22.9 | 0.0 | 60.13 | 12.48 | 0.0 | 89.85 | 8.71 | 0.0 | 10.15 | -42.18 | 0.0 | 32.63 | 7.58 | 0.0 |
| 16Q2 (3) | 16.58 | 0 | 0.0 | 6.11 | 0 | 0.0 | 7.41 | 0 | 0.0 | 6.64 | 0 | 0.0 | 1.44 | 0 | 0.0 | 0.97 | 0 | 0.0 | 0.14 | 0 | 0.0 | 20.52 | -16.24 | 0.0 | 53.46 | 0 | 0.0 | 82.64 | 0 | 0.0 | 17.56 | 0 | 0.0 | 30.33 | 0 | 0.0 |
| 16Q1 (2) | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 24.50 | -24.45 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 |
| 15Q4 (1) | 0.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 32.43 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 0.00 | 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 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2019 (10) | 8.97 | 96.28 | -0.25 | 0 | 15.65 | -1.67 | 1.16 | 0 | -1.93 | 0 | -1.99 | 0 | -0.80 | 0 | 0.61 | 5.17 | 17.69 | 30.17 | 68.96 | -1.92 | -21.75 | 0 | 121.75 | 0 | 2.04 | 5.16 | 28.27 | -16.83 |
| 2018 (9) | 4.57 | -68.4 | -4.97 | 0 | 15.92 | 48.42 | -3.12 | 0 | -5.58 | 0 | -5.55 | 0 | -2.93 | 0 | 0.58 | -13.43 | 13.59 | -24.79 | 70.31 | -1.37 | 159.41 | 77.25 | -59.41 | 0 | 1.94 | 0 | 33.99 | 9.36 |
| 2017 (8) | 14.46 | -24.96 | 6.13 | -39.67 | 10.73 | 6.63 | 6.82 | -38.67 | 4.98 | -41.75 | 5.78 | -38.38 | 3.57 | -37.7 | 0.67 | 1.52 | 18.07 | -15.6 | 71.29 | -6.25 | 89.94 | -1.52 | 10.06 | 16.03 | 0.00 | 0 | 31.08 | 3.98 |
| 2016 (7) | 19.27 | -24.37 | 10.16 | -38.91 | 10.06 | 35.36 | 11.12 | -44.68 | 8.55 | -41.44 | 9.38 | -50.61 | 5.73 | -52.09 | 0.66 | -18.52 | 21.41 | -23.4 | 76.04 | 32.29 | 91.33 | 10.37 | 8.67 | -49.74 | 0.00 | 0 | 29.89 | 10.46 |
| 2015 (6) | 25.48 | -2.11 | 16.63 | -8.93 | 7.43 | 3.0 | 20.10 | 11.17 | 14.60 | 2.38 | 18.99 | 2.87 | 11.96 | 6.12 | 0.81 | 3.85 | 27.95 | 8.46 | 57.48 | -9.04 | 82.74 | -18.03 | 17.26 | 0 | 0.00 | 0 | 27.06 | -0.37 |
| 2014 (5) | 26.03 | -15.6 | 18.26 | -19.38 | 7.22 | 11.5 | 18.08 | -18.71 | 14.26 | -14.92 | 18.46 | -38.03 | 11.27 | -28.17 | 0.78 | -15.22 | 25.77 | -14.89 | 63.19 | -7.5 | 100.95 | -0.87 | -0.95 | 0 | 0.00 | 0 | 27.16 | 21.58 |
| 2013 (4) | 30.84 | 0 | 22.65 | 0 | 6.47 | 0 | 22.24 | 0 | 16.76 | 0 | 29.79 | 0 | 15.69 | 0 | 0.92 | 0 | 30.28 | 0 | 68.31 | 0 | 101.83 | 0 | -1.83 | 0 | 0.00 | 0 | 22.34 | 0 |
