- 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) | 24.87 | 2.64 | -5.87 | 3.45 | -8.24 | -29.16 | 1.60 | -65.74 | -56.64 | 0.96 | -77.09 | -70.0 | 0.49 | -73.08 | -68.79 | 0.39 | -70.68 | -62.5 | 0.35 | 16.67 | 16.67 | 4.88 | -43.91 | -38.15 | 45.59 | 2.82 | -15.76 | 300.00 | 200.0 | 125.0 | -200.00 | -700.0 | -500.0 | 15.62 | -12.93 | -8.71 |
| 23Q3 (19) | 24.23 | -13.83 | -22.59 | 3.76 | 80.77 | 23.68 | 4.67 | 23.87 | 2.64 | 4.19 | 36.04 | 6.08 | 1.82 | 1.68 | 15.19 | 1.33 | -12.5 | 31.68 | 0.30 | -30.23 | 25.0 | 8.70 | -5.43 | -15.86 | 44.34 | -3.92 | -38.59 | 100.00 | 50.0 | 50.0 | 33.33 | 0.0 | 0.0 | 17.94 | -9.53 | -18.45 |
| 23Q2 (18) | 28.12 | 29.05 | -3.1 | 2.08 | -76.26 | -36.2 | 3.77 | -54.02 | 29.55 | 3.08 | -62.44 | 20.31 | 1.79 | 7.19 | 1.13 | 1.52 | 25.62 | 11.76 | 0.43 | 186.67 | -8.51 | 9.20 | -28.68 | 26.2 | 46.15 | 124.57 | -30.91 | 66.67 | -33.33 | -33.33 | 33.33 | 0 | 0 | 19.83 | -25.79 | 6.67 |
| 23Q1 (17) | 21.79 | -17.52 | -12.6 | 8.76 | 79.88 | 302.31 | 8.20 | 122.22 | 756.0 | 8.20 | 156.25 | 756.0 | 1.67 | 6.37 | 718.52 | 1.21 | 16.35 | 705.0 | 0.15 | -50.0 | -11.76 | 12.90 | 63.5 | 273.91 | 20.55 | -62.03 | -18.65 | 100.00 | -25.0 | 0 | 0.00 | 100.0 | 0 | 26.72 | 56.17 | -13.56 |
| 22Q4 (16) | 26.42 | -15.59 | 11.29 | 4.87 | 60.2 | 12075.0 | 3.69 | -18.9 | 212.71 | 3.20 | -18.99 | 171.19 | 1.57 | -0.63 | 460.71 | 1.04 | 2.97 | 333.33 | 0.30 | 25.0 | 57.89 | 7.89 | -23.69 | 26.24 | 54.12 | -25.04 | 101.19 | 133.33 | 100.0 | 0 | -33.33 | -200.0 | 0 | 17.11 | -22.23 | -26.53 |
| 22Q3 (15) | 31.30 | 7.86 | 51.28 | 3.04 | -6.75 | 130.07 | 4.55 | 56.36 | 149.3 | 3.95 | 54.3 | 142.8 | 1.58 | -10.73 | 178.61 | 1.01 | -25.74 | 164.74 | 0.24 | -48.94 | 41.18 | 10.34 | 41.84 | 410.51 | 72.20 | 8.08 | 172.35 | 66.67 | -33.33 | -33.33 | 33.33 | 0 | 0 | 22.00 | 18.34 | -29.65 |
| 22Q2 (14) | 29.02 | 16.41 | 77.17 | 3.26 | 175.29 | 117.44 | 2.91 | 332.8 | 113.31 | 2.56 | 304.8 | 111.71 | 1.77 | 755.56 | 137.66 | 1.36 | 780.0 | 136.36 | 0.47 | 176.47 | 176.47 | 7.29 | 111.3 | 151.01 | 66.80 | 164.45 | 138.49 | 100.00 | 0 | 20.0 | 0.00 | 0 | -100.0 | 18.59 | -39.86 | -48.69 |
| 22Q1 (13) | 24.93 | 5.01 | 75.19 | -4.33 | -10925.0 | 85.15 | -1.25 | -205.93 | 95.67 | -1.25 | -205.93 | 95.67 | -0.27 | -196.43 | 94.62 | -0.20 | -183.33 | 95.17 | 0.17 | -10.53 | 21.43 | 3.45 | -44.8 | 115.18 | 25.26 | -6.1 | 12.32 | 0.00 | 0 | -100.0 | 0.00 | 0 | 0 | 30.91 | 32.72 | -34.4 |
| 21Q4 (12) | 23.74 | 14.74 | 51.98 | 0.04 | 100.4 | 100.55 | 1.18 | 112.78 | 111.84 | 1.18 | 112.78 | 111.84 | 0.28 | 113.93 | 111.16 | 0.24 | 115.38 | 111.59 | 0.19 | 11.76 | -9.52 | 6.25 | 287.69 | 203.14 | 26.90 | 1.47 | 33.1 | 0.00 | -100.0 | -100.0 | 0.00 | 0 | -100.0 | 23.29 | -25.52 | -6.28 |
| 21Q3 (11) | 20.69 | 26.31 | 19.25 | -10.11 | 45.91 | 4.71 | -9.23 | 57.78 | 28.34 | -9.23 | 57.78 | 28.34 | -2.01 | 57.23 | 30.45 | -1.56 | 58.29 | 35.0 | 0.17 | 0.0 | -10.53 | -3.33 | 76.7 | 50.07 | 26.51 | -5.36 | 17.51 | 100.00 | 20.0 | 33.33 | -0.00 | -100.0 | -100.0 | 31.27 | -13.69 | -5.33 |
| 21Q2 (10) | 16.38 | 15.11 | 1.61 | -18.69 | 35.91 | 66.26 | -21.86 | 24.23 | 61.51 | -21.86 | 24.23 | 61.51 | -4.70 | 6.37 | 0.84 | -3.74 | 9.66 | 7.65 | 0.17 | 21.43 | 142.86 | -14.29 | 37.13 | 65.71 | 28.01 | 24.54 | 64.28 | 83.33 | -16.67 | -2.78 | 16.67 | 0 | 0 | 36.23 | -23.11 | 0 |
| 21Q1 (9) | 14.23 | -8.9 | 37.36 | -29.16 | -299.45 | -14.08 | -28.85 | -189.37 | -42.82 | -28.85 | -189.37 | -42.82 | -5.02 | -100.0 | -55.42 | -4.14 | -100.0 | -53.9 | 0.14 | -33.33 | 7.69 | -22.73 | -275.08 | -74.31 | 22.49 | 11.28 | 35.81 | 100.00 | 50.0 | -16.67 | -0.00 | -100.0 | 100.0 | 47.12 | 89.62 | 6.49 |
| 20Q4 (8) | 15.62 | -9.97 | 13.6 | -7.30 | 31.2 | 25.81 | -9.97 | 22.59 | 36.98 | -9.97 | 22.59 | 36.98 | -2.51 | 13.15 | 38.78 | -2.07 | 13.75 | 38.21 | 0.21 | 10.53 | 0.0 | -6.06 | 9.15 | 40.94 | 20.21 | -10.42 | -11.86 | 66.67 | -11.11 | 0.0 | 33.33 | 33.33 | 0.0 | 24.85 | -24.77 | -21.83 |
| 20Q3 (7) | 17.35 | 7.63 | 127.09 | -10.61 | 80.85 | 38.28 | -12.88 | 77.32 | 20.44 | -12.88 | 77.32 | 20.44 | -2.89 | 39.03 | 19.72 | -2.40 | 40.74 | 19.73 | 0.19 | 171.43 | 0.0 | -6.67 | 83.99 | 43.28 | 22.56 | 32.32 | 7.58 | 75.00 | -12.5 | -25.0 | 25.00 | 0 | 0 | 33.03 | 0 | 11.59 |
| 20Q2 (6) | 16.12 | 55.6 | 77.73 | -55.40 | -116.74 | -151.13 | -56.80 | -181.19 | -193.69 | -56.80 | -181.19 | -193.69 | -4.74 | -46.75 | -23.44 | -4.05 | -50.56 | -26.17 | 0.07 | -46.15 | -58.82 | -41.67 | -219.56 | -233.36 | 17.05 | 2.96 | -12.38 | 85.71 | -28.57 | -26.53 | 0.00 | 100.0 | 100.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 10.36 | -24.65 | 40.57 | -25.56 | -159.76 | 44.64 | -20.20 | -27.69 | 52.59 | -20.20 | -27.69 | 52.59 | -3.23 | 21.22 | 23.82 | -2.69 | 19.7 | 25.28 | 0.13 | -38.1 | 62.5 | -13.04 | -27.1 | 55.66 | 16.56 | -27.78 | -12.98 | 120.00 | 80.0 | 5.0 | -20.00 | -160.0 | -40.0 | 44.25 | 39.19 | -20.98 |
| 19Q4 (4) | 13.75 | 79.97 | 0.0 | -9.84 | 42.76 | 0.0 | -15.82 | 2.29 | 0.0 | -15.82 | 2.29 | 0.0 | -4.10 | -13.89 | 0.0 | -3.35 | -12.04 | 0.0 | 0.21 | 10.53 | 0.0 | -10.26 | 12.76 | 0.0 | 22.93 | 9.35 | 0.0 | 66.67 | -33.33 | 0.0 | 33.33 | 0 | 0.0 | 31.79 | 7.4 | 0.0 |
| 19Q3 (3) | 7.64 | -15.77 | 0.0 | -17.19 | 22.08 | 0.0 | -16.19 | 16.29 | 0.0 | -16.19 | 16.29 | 0.0 | -3.60 | 6.25 | 0.0 | -2.99 | 6.85 | 0.0 | 0.19 | 11.76 | 0.0 | -11.76 | 5.92 | 0.0 | 20.97 | 7.76 | 0.0 | 100.00 | -14.29 | 0.0 | -0.00 | 100.0 | 0.0 | 29.60 | -4.67 | 0.0 |
| 19Q2 (2) | 9.07 | 23.07 | 0.0 | -22.06 | 52.22 | 0.0 | -19.34 | 54.61 | 0.0 | -19.34 | 54.61 | 0.0 | -3.84 | 9.43 | 0.0 | -3.21 | 10.83 | 0.0 | 0.17 | 112.5 | 0.0 | -12.50 | 57.5 | 0.0 | 19.46 | 2.26 | 0.0 | 116.67 | 2.08 | 0.0 | -16.67 | -16.67 | 0.0 | 31.05 | -44.55 | 0.0 |
| 19Q1 (1) | 7.37 | 0.0 | 0.0 | -46.17 | 0.0 | 0.0 | -42.61 | 0.0 | 0.0 | -42.61 | 0.0 | 0.0 | -4.24 | 0.0 | 0.0 | -3.60 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | -29.41 | 0.0 | 0.0 | 19.03 | 0.0 | 0.0 | 114.29 | 0.0 | 0.0 | -14.29 | 0.0 | 0.0 | 56.00 | 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 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 (10) | 25.40 | -10.28 | 3.70 | 30.74 | 4.07 | 76.54 | 3.85 | 26.64 | 3.31 | 25.86 | 5.49 | 20.39 | 3.94 | 10.99 | 1.11 | -9.02 | 8.15 | 5.98 | 45.59 | -15.76 | 100.00 | 14.29 | 0.00 | 0 | 1.71 | -27.64 | 18.86 | -7.09 |
| 2022 (9) | 28.31 | 47.37 | 2.83 | 0 | 2.31 | -57.31 | 3.04 | 0 | 2.63 | 0 | 4.56 | 0 | 3.55 | 0 | 1.22 | 79.41 | 7.69 | 0 | 54.12 | 101.19 | 87.50 | -12.5 | 12.50 | 0 | 2.36 | 0 | 20.30 | -39.09 |
| 2021 (8) | 19.21 | 28.41 | -13.09 | 0 | 5.41 | -25.1 | -13.26 | 0 | -13.26 | 0 | -11.19 | 0 | -9.00 | 0 | 0.68 | 17.24 | -7.21 | 0 | 26.90 | 33.1 | 100.00 | 0.0 | -0.00 | 0 | 0.00 | 0 | 33.33 | -14.78 |
| 2020 (7) | 14.96 | 50.81 | -18.37 | 0 | 7.22 | 10.05 | -18.86 | 0 | -18.86 | 0 | -13.35 | 0 | -10.95 | 0 | 0.58 | -9.38 | -11.34 | 0 | 20.21 | -11.86 | 100.00 | 4.17 | -0.00 | 0 | 0.00 | 0 | 39.11 | 14.06 |
| 2019 (6) | 9.92 | 0 | -20.10 | 0 | 6.56 | 45.9 | -20.51 | 0 | -20.51 | 0 | -15.74 | 0 | -13.15 | 0 | 0.64 | 25.49 | -13.93 | 0 | 22.93 | 43.4 | 96.00 | -2.56 | 4.00 | 170.0 | 0.00 | 0 | 34.29 | -39.29 |
| 2018 (5) | -1.15 | 0 | 149.90 | 0 | 4.49 | -42.7 | 151.60 | 0 | 151.60 | 0 | 130.80 | 0 | 77.04 | 0 | 0.51 | -7.27 | 157.30 | 0 | 15.99 | -95.24 | 98.52 | -1.48 | 1.48 | 0 | 0.00 | 0 | 56.48 | -3.57 |
| 2017 (4) | 20.69 | -5.22 | -38.41 | 0 | 7.84 | 14.51 | -37.92 | 0 | -37.92 | 0 | -71.70 | 0 | -20.08 | 0 | 0.55 | -5.17 | -27.45 | 0 | 335.62 | 67.74 | 100.00 | -12.24 | -2.56 | 0 | 0.00 | 0 | 58.57 | 4.66 |
| 2016 (3) | 21.83 | -19.09 | -33.27 | 0 | 6.85 | 28.27 | -29.32 | 0 | -29.32 | 0 | -45.82 | 0 | -16.38 | 0 | 0.58 | -20.55 | -20.55 | 0 | 200.08 | 33.7 | 113.95 | -24.03 | -13.95 | 0 | 0.00 | 0 | 55.96 | 35.89 |
| 2015 (2) | 26.98 | 14.23 | -16.20 | 0 | 5.34 | 12.67 | -10.64 | 0 | -10.65 | 0 | -17.35 | 0 | -7.29 | 0 | 0.73 | -1.35 | -4.37 | 0 | 149.65 | 47.69 | 150.00 | 4.35 | -50.00 | 0 | 0.00 | 0 | 41.18 | -6.96 |
| 2014 (1) | 23.62 | 0 | -21.92 | 0 | 4.74 | 3.79 | -15.20 | 0 | -15.09 | 0 | -20.76 | 0 | -10.81 | 0 | 0.74 | 17.46 | -9.48 | 0 | 101.33 | 38.98 | 143.75 | 19.04 | -43.75 | 0 | 0.00 | 0 | 44.26 | 10.4 |
