- 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) | 50.04 | 17.6 | 25120.0 | -24.70 | -21.98 | 81.56 | -42.25 | -139.24 | 61.27 | -43.61 | -146.94 | 60.02 | -5.24 | -211.9 | -141.47 | -3.96 | -230.0 | -171.23 | 0.09 | 28.57 | 800.0 | -30.59 | -940.48 | 26.59 | 27.64 | -1.43 | 4.07 | 58.33 | -50.0 | -52.6 | 41.67 | 350.0 | 280.56 | 20.16 | -12.46 | -44.09 |
| 23Q3 (19) | 42.55 | 119.9 | 2463.89 | -20.25 | 54.99 | 81.54 | -17.66 | 62.6 | 78.62 | -17.66 | 62.6 | 78.62 | -1.68 | 49.4 | 39.13 | -1.20 | 52.19 | 34.07 | 0.07 | 16.67 | 250.0 | -2.94 | 89.29 | 91.67 | 28.04 | 1.05 | -35.94 | 116.67 | 21.74 | -9.26 | -16.67 | -500.0 | 53.33 | 23.03 | 4.11 | -46.49 |
| 23Q2 (18) | 19.35 | -29.59 | 414.12 | -44.99 | 20.96 | 79.66 | -47.22 | 18.15 | 83.03 | -47.22 | 18.15 | 83.03 | -3.32 | -31.75 | 37.48 | -2.51 | -30.05 | 32.53 | 0.06 | 100.0 | 500.0 | -27.45 | -46.4 | 84.75 | 27.75 | 4.09 | -32.53 | 95.83 | -4.17 | 21.97 | 4.17 | 0 | -80.56 | 22.12 | -12.81 | -75.45 |
| 23Q1 (17) | 27.48 | 13840.0 | -4.75 | -56.92 | 57.51 | 54.78 | -57.69 | 47.12 | 33.57 | -57.69 | 47.12 | 33.57 | -2.52 | -16.13 | 1.18 | -1.93 | -32.19 | -7.22 | 0.03 | 200.0 | 50.0 | -18.75 | 55.0 | 40.0 | 26.66 | 0.38 | -27.97 | 100.00 | -18.75 | -30.0 | -0.00 | 100.0 | 100.0 | 25.37 | -29.65 | -60.24 |
| 22Q4 (16) | -0.20 | 88.89 | -100.61 | -133.96 | -22.13 | 16.15 | -109.09 | -32.05 | 85.25 | -109.09 | -32.05 | 85.25 | -2.17 | 21.38 | 89.84 | -1.46 | 19.78 | 91.22 | 0.01 | -50.0 | -50.0 | -41.67 | -18.08 | 93.7 | 26.56 | -39.32 | -19.54 | 123.08 | -4.27 | 475.82 | -23.08 | 35.38 | -129.64 | 36.06 | -16.22 | -49.83 |
| 22Q3 (15) | -1.80 | 70.78 | -173.77 | -109.69 | 50.4 | 41.51 | -82.61 | 70.31 | -226.66 | -82.61 | 70.31 | -268.42 | -2.76 | 48.02 | -293.01 | -1.82 | 51.08 | -295.7 | 0.02 | 100.0 | 0.0 | -35.29 | 80.39 | -130.69 | 43.77 | 6.42 | 84.76 | 128.57 | 63.64 | 145.17 | -35.71 | -266.67 | -109.48 | 43.04 | -52.24 | -29.27 |
| 22Q2 (14) | -6.16 | -121.35 | -266.49 | -221.16 | -75.71 | 30.51 | -278.23 | -220.39 | 42.91 | -278.23 | -220.39 | 42.91 | -5.31 | -108.24 | 28.44 | -3.72 | -106.67 | -5.68 | 0.01 | -50.0 | 0.0 | -180.00 | -476.0 | 48.57 | 41.13 | 11.13 | -60.19 | 78.57 | -45.0 | 21.43 | 21.43 | 150.0 | -39.29 | 90.11 | 41.24 | -28.81 |
| 22Q1 (13) | 28.85 | -12.68 | -19.03 | -125.87 | 21.22 | 32.27 | -86.84 | 88.26 | 58.63 | -86.84 | 88.26 | 58.63 | -2.55 | 88.06 | 62.22 | -1.80 | 89.17 | 45.12 | 0.02 | 0.0 | 0.0 | -31.25 | 95.27 | 75.0 | 37.01 | 12.12 | -60.94 | 142.86 | 568.37 | 62.34 | -42.86 | -155.04 | -457.14 | 63.80 | -11.23 | 4.16 |
| 21Q4 (12) | 33.04 | 1254.1 | 437.24 | -159.77 | 14.81 | -56.33 | -739.46 | -1233.79 | -715.91 | -739.46 | -1607.56 | -715.91 | -21.35 | -1593.01 | -342.03 | -16.62 | -1887.1 | -610.26 | 0.02 | 0.0 | -33.33 | -661.11 | -674.88 | -1416.66 | 33.01 | 39.34 | -61.67 | 21.37 | 107.51 | -80.76 | 77.86 | -79.34 | 660.61 | 71.87 | 18.11 | 138.22 |
| 21Q3 (11) | 2.44 | -34.05 | -58.78 | -187.54 | 41.08 | 8.53 | 65.22 | 113.38 | 134.3 | 49.05 | 110.06 | 125.79 | 1.43 | 119.27 | 123.25 | 0.93 | 126.42 | 132.63 | 0.02 | 100.0 | 0.0 | 115.00 | 132.86 | 220.0 | 23.69 | -77.07 | -76.46 | -284.62 | -539.86 | -361.38 | 376.92 | 967.95 | 4340.38 | 60.85 | -51.93 | 15.73 |
| 21Q2 (10) | 3.70 | -89.62 | 101.97 | -318.27 | -71.25 | 39.24 | -487.38 | -132.17 | 43.9 | -487.38 | -132.17 | 43.9 | -7.42 | -9.93 | 33.69 | -3.52 | -7.32 | 36.69 | 0.01 | -50.0 | 0.0 | -350.00 | -180.0 | 46.97 | 103.32 | 9.03 | 11.23 | 64.71 | -26.47 | 6.64 | 35.29 | 194.12 | -10.25 | 126.58 | 106.66 | 0 |
| 21Q1 (9) | 35.63 | 479.35 | -48.23 | -185.85 | -81.85 | 29.02 | -209.92 | -131.62 | 24.69 | -209.92 | -131.62 | 24.69 | -6.75 | -39.75 | 63.61 | -3.28 | -40.17 | 68.91 | 0.02 | -33.33 | -50.0 | -125.00 | -186.76 | 50.83 | 94.76 | 10.05 | 14.69 | 88.00 | -20.8 | -6.32 | 12.00 | 186.4 | 98.0 | 61.25 | 103.02 | 0 |
| 20Q4 (8) | 6.15 | 3.89 | -89.33 | -102.20 | 50.16 | -69.57 | -90.63 | 52.34 | -38.09 | -90.63 | 52.34 | -38.68 | -4.83 | 21.46 | 69.08 | -2.34 | 17.89 | 75.42 | 0.03 | 50.0 | -80.0 | -43.59 | 54.51 | 24.62 | 86.11 | -14.42 | 27.78 | 111.11 | 2.04 | 20.74 | -13.89 | -56.25 | -274.15 | 30.17 | -42.62 | 46.6 |
| 20Q3 (7) | 5.92 | 103.15 | -89.71 | -205.04 | 60.86 | -320.51 | -190.16 | 78.11 | -264.57 | -190.16 | 78.11 | -262.83 | -6.15 | 45.04 | 55.6 | -2.85 | 48.74 | 68.61 | 0.02 | 100.0 | -88.24 | -95.83 | 85.48 | -102.43 | 100.62 | 8.32 | 90.64 | 108.89 | 79.47 | 16.62 | -8.89 | -122.6 | -234.14 | 52.58 | 0 | 372.42 |
| 20Q2 (6) | -187.66 | -372.64 | -470.58 | -523.85 | -100.07 | -3914.18 | -868.72 | -211.67 | -4325.47 | -868.72 | -211.67 | -4339.04 | -11.19 | 39.68 | -36.63 | -5.56 | 47.3 | -2.02 | 0.01 | -75.0 | -96.43 | -660.00 | -159.6 | -4227.87 | 92.89 | 12.43 | 87.05 | 60.67 | -35.41 | -8.99 | 39.33 | 548.88 | 17.98 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 68.83 | 19.46 | 11.92 | -261.83 | -334.43 | -14727.37 | -278.73 | -324.7 | -16211.56 | -278.73 | -326.52 | -49000.0 | -18.55 | -18.76 | -9863.16 | -10.55 | -10.82 | -4320.0 | 0.04 | -73.33 | -82.61 | -254.24 | -339.63 | -3531.04 | 82.62 | 22.6 | 76.24 | 93.94 | 2.08 | -6.06 | 6.06 | -24.01 | 0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 57.62 | 0.12 | 0.0 | -60.27 | -23.61 | 0.0 | -65.63 | -25.82 | 0.0 | -65.35 | -24.69 | 0.0 | -15.62 | -12.78 | 0.0 | -9.52 | -4.85 | 0.0 | 0.15 | -11.76 | 0.0 | -57.83 | -22.16 | 0.0 | 67.39 | 27.68 | 0.0 | 92.02 | -1.44 | 0.0 | 7.98 | 20.36 | 0.0 | 20.58 | 84.91 | 0.0 |
| 19Q3 (3) | 57.55 | 13.65 | 0.0 | -48.76 | -273.64 | 0.0 | -52.16 | -165.72 | 0.0 | -52.41 | -167.81 | 0.0 | -13.85 | -69.11 | 0.0 | -9.08 | -66.61 | 0.0 | 0.17 | -39.29 | 0.0 | -47.34 | -210.43 | 0.0 | 52.78 | 6.28 | 0.0 | 93.37 | 40.06 | 0.0 | 6.63 | -80.12 | 0.0 | 11.13 | 46.45 | 0.0 |
| 19Q2 (2) | 50.64 | -17.66 | 0.0 | -13.05 | -829.05 | 0.0 | -19.63 | -1234.68 | 0.0 | -19.57 | -3533.33 | 0.0 | -8.19 | -4410.53 | 0.0 | -5.45 | -2280.0 | 0.0 | 0.28 | 21.74 | 0.0 | -15.25 | -305.8 | 0.0 | 49.66 | 5.93 | 0.0 | 66.67 | -33.33 | 0.0 | 33.33 | 0 | 0.0 | 7.60 | -4.88 | 0.0 |
| 19Q1 (1) | 61.50 | 0.0 | 0.0 | 1.79 | 0.0 | 0.0 | 1.73 | 0.0 | 0.0 | 0.57 | 0.0 | 0.0 | 0.19 | 0.0 | 0.0 | 0.25 | 0.0 | 0.0 | 0.23 | 0.0 | 0.0 | 7.41 | 0.0 | 0.0 | 46.88 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | -0.00 | 0.0 | 0.0 | 7.99 | 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) | 38.18 | 470.7 | -32.15 | 0 | 15.25 | -71.6 | -38.30 | 0 | -38.79 | 0 | -12.93 | 0 | -9.76 | 0 | 0.26 | 271.43 | -20.76 | 0 | 27.64 | 4.07 | 83.52 | -25.27 | 16.48 | 0 | 0.11 | 0.11 | 22.12 | -60.6 |
| 2022 (9) | 6.69 | -68.43 | -140.07 | 0 | 53.70 | -17.11 | -125.34 | 0 | -125.34 | 0 | -10.80 | 0 | -7.91 | 0 | 0.07 | 0.0 | -62.96 | 0 | 26.56 | -19.54 | 111.76 | 72.37 | -11.76 | 0 | 0.11 | -79.77 | 56.14 | -23.48 |
| 2021 (8) | 21.19 | 10.36 | -199.32 | 0 | 64.79 | 41.26 | -306.25 | 0 | -310.68 | 0 | -33.95 | 0 | -20.00 | 0 | 0.07 | -22.22 | -226.76 | 0 | 33.01 | -61.67 | 64.84 | -27.11 | 34.70 | 214.2 | 0.55 | -14.16 | 73.37 | 74.07 |
| 2020 (7) | 19.20 | -65.87 | -224.54 | 0 | 45.86 | 941.78 | -252.54 | 0 | -252.54 | 0 | -39.06 | 0 | -21.34 | 0 | 0.09 | -90.0 | -191.73 | 0 | 86.11 | 27.78 | 88.96 | 3.58 | 11.04 | -23.04 | 0.64 | 412.23 | 42.15 | 303.35 |
| 2019 (6) | 56.25 | 16.22 | -23.32 | 0 | 4.40 | 40.36 | -27.19 | 0 | -27.51 | 0 | -37.11 | 0 | -24.27 | 0 | 0.90 | 28.57 | -21.89 | 0 | 67.39 | 81.89 | 85.88 | -38.66 | 14.35 | 0 | 0.12 | -52.25 | 10.45 | 0.48 |
| 2018 (5) | 48.40 | 23.34 | -3.16 | 0 | 3.14 | -24.72 | -2.21 | 0 | -2.31 | 0 | -2.19 | 0 | -1.27 | 0 | 0.70 | 112.12 | 1.72 | 0 | 37.05 | 14.49 | 140.00 | 152.35 | -43.33 | 0 | 0.26 | 0 | 10.40 | -40.81 |
| 2017 (4) | 39.24 | -42.37 | -26.01 | 0 | 4.17 | 138.46 | -46.83 | 0 | -47.41 | 0 | -20.89 | 0 | -15.38 | 0 | 0.33 | -54.79 | -41.03 | 0 | 32.36 | -1.04 | 55.48 | -43.32 | 44.52 | 1582.88 | 0.00 | 0 | 17.57 | 13.14 |
| 2016 (3) | 68.09 | 23.44 | -12.43 | 0 | 1.75 | 412.84 | -12.74 | 0 | -12.78 | 0 | -12.34 | 0 | -9.02 | 0 | 0.73 | -39.67 | -10.42 | 0 | 32.70 | 2.8 | 97.88 | 278.48 | 2.65 | -96.51 | 0.00 | 0 | 15.53 | 65.92 |
| 2015 (2) | 55.16 | -21.7 | 0.62 | -84.73 | 0.34 | 28.93 | 2.48 | -65.31 | 2.53 | -65.44 | 4.24 | -77.14 | 3.40 | -73.35 | 1.21 | -28.82 | 3.19 | -58.36 | 31.81 | -32.99 | 25.86 | -54.66 | 75.86 | 73.58 | 0.00 | 0 | 9.36 | 23.65 |
| 2014 (1) | 70.45 | 0 | 4.06 | 0 | 0.26 | -55.55 | 7.15 | 0 | 7.32 | 0 | 18.55 | 0 | 12.76 | 0 | 1.70 | 18.06 | 7.66 | -0.91 | 47.47 | -10.5 | 57.04 | -20.41 | 43.70 | 54.25 | 0.00 | 0 | 7.57 | 82.85 |
