- 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) | 16.59 | -22.11 | -22.15 | -5.73 | -200.17 | -193.02 | -6.85 | -169.47 | -353.7 | -10.10 | -250.07 | -687.21 | -1.58 | -231.67 | -459.09 | -1.23 | -232.26 | -484.38 | 0.12 | -14.29 | -33.33 | -0.61 | -103.92 | -109.34 | 29.83 | 11.14 | -33.58 | 86.36 | 52.16 | -63.36 | 18.18 | -55.15 | 113.4 | 33.57 | 20.41 | 33.48 |
| 23Q3 (19) | 21.30 | 93.99 | 9.46 | 5.72 | 175.86 | -20.89 | 9.86 | 56.26 | -47.66 | 6.73 | 37.07 | -44.47 | 1.20 | 53.85 | -64.91 | 0.93 | 52.46 | -61.25 | 0.14 | 16.67 | -30.0 | 15.55 | 29.05 | -29.89 | 26.84 | -10.23 | -35.28 | 56.76 | 147.68 | 47.3 | 40.54 | -81.49 | -34.05 | 27.88 | 3.91 | 21.59 |
| 23Q2 (18) | 10.98 | -15.73 | -43.11 | -7.54 | -928.57 | -185.88 | 6.31 | 15675.0 | -68.29 | 4.91 | 24650.0 | -65.2 | 0.78 | 0 | -79.58 | 0.61 | 2950.0 | -76.26 | 0.12 | -7.69 | -33.33 | 12.05 | 126.08 | -48.83 | 29.90 | -18.15 | -34.94 | -119.05 | 0 | -368.49 | 219.05 | 0 | 293.54 | 26.83 | 8.49 | 12.12 |
| 23Q1 (17) | 13.03 | -38.85 | 87.21 | 0.91 | -85.23 | 125.56 | 0.04 | -98.52 | -98.84 | -0.02 | -101.16 | -100.83 | 0.00 | -100.0 | -100.0 | 0.02 | -93.75 | -94.59 | 0.13 | -27.78 | -7.14 | 5.33 | -18.38 | -36.01 | 36.53 | -18.66 | -33.11 | 0.00 | -100.0 | 100.0 | 0.00 | 100.0 | -100.0 | 24.73 | -1.67 | -3.44 |
| 22Q4 (16) | 21.31 | 9.51 | 158.93 | 6.16 | -14.8 | 165.6 | 2.70 | -85.67 | 118.7 | 1.72 | -85.81 | 114.04 | 0.44 | -87.13 | 116.24 | 0.32 | -86.67 | 119.63 | 0.18 | -10.0 | 28.57 | 6.53 | -70.56 | 169.54 | 44.91 | 8.3 | -31.53 | 235.71 | 511.73 | 265.36 | -135.71 | -320.79 | -482.47 | 25.15 | 9.68 | -26.2 |
| 22Q3 (15) | 19.46 | 0.83 | 73.91 | 7.23 | -17.65 | 298.63 | 18.84 | -5.33 | 824.62 | 12.12 | -14.1 | 643.5 | 3.42 | -10.47 | 757.69 | 2.40 | -6.61 | 900.0 | 0.20 | 11.11 | 33.33 | 22.18 | -5.82 | 816.53 | 41.47 | -9.77 | -31.73 | 38.53 | -13.1 | -72.8 | 61.47 | 10.43 | 247.52 | 22.93 | -4.18 | -18.63 |
| 22Q2 (14) | 19.30 | 177.3 | 111.86 | 8.78 | 346.63 | 273.86 | 19.90 | 478.49 | 323.34 | 14.11 | 483.06 | 286.15 | 3.82 | 620.75 | 338.75 | 2.57 | 594.59 | 347.12 | 0.18 | 28.57 | 28.57 | 23.55 | 182.71 | 752.35 | 45.96 | -15.84 | -15.01 | 44.34 | 141.38 | -21.88 | 55.66 | -73.13 | 28.71 | 23.93 | -6.56 | -20.45 |
| 22Q1 (13) | 6.96 | -15.43 | -19.82 | -3.56 | 62.09 | 31.93 | 3.44 | 123.82 | 345.71 | 2.42 | 119.76 | 234.44 | 0.53 | 119.56 | 260.61 | 0.37 | 122.7 | 276.19 | 0.14 | 0.0 | 7.69 | 8.33 | 188.71 | 45.88 | 54.61 | -16.74 | 21.52 | -107.14 | -266.07 | -128.2 | 207.14 | 483.77 | 173.98 | 25.61 | -24.85 | -9.66 |
| 21Q4 (12) | 8.23 | -26.45 | 117.15 | -9.39 | -157.97 | 46.19 | -14.44 | -455.38 | 44.31 | -12.25 | -449.33 | 30.75 | -2.71 | -421.15 | 9.67 | -1.63 | -443.33 | 24.54 | 0.14 | -6.67 | 16.67 | -9.39 | -488.02 | 52.65 | 65.59 | 7.98 | 55.39 | 64.52 | -54.46 | -4.81 | 35.48 | 185.16 | 10.12 | 34.08 | 20.94 | 0.47 |
| 21Q3 (11) | 11.19 | 22.83 | -45.63 | -3.64 | 27.92 | -154.25 | -2.60 | 70.82 | -157.91 | -2.23 | 70.58 | -152.84 | -0.52 | 67.5 | -164.2 | -0.30 | 71.15 | -148.39 | 0.15 | 7.14 | 0.0 | 2.42 | 167.04 | -74.39 | 60.74 | 12.32 | 79.44 | 141.67 | 149.6 | -5.56 | -41.67 | -196.35 | 16.67 | 28.18 | -6.32 | 2.88 |
| 21Q2 (10) | 9.11 | 4.95 | -56.91 | -5.05 | 3.44 | -150.3 | -8.91 | -536.43 | -152.54 | -7.58 | -321.11 | -172.61 | -1.60 | -384.85 | -164.78 | -1.04 | -395.24 | -153.61 | 0.14 | 7.69 | -26.32 | -3.61 | -163.22 | -118.12 | 54.08 | 20.34 | 82.7 | 56.76 | -85.06 | -3.86 | 43.24 | 115.44 | 5.56 | 30.08 | 6.1 | 0 |
| 21Q1 (9) | 8.68 | 129.02 | 39.55 | -5.23 | 70.03 | 47.7 | -1.40 | 94.6 | 92.2 | -1.80 | 89.82 | 89.39 | -0.33 | 89.0 | 86.25 | -0.21 | 90.28 | 88.95 | 0.13 | 8.33 | 18.18 | 5.71 | 128.79 | 150.89 | 44.94 | 6.47 | 81.5 | 380.00 | 460.66 | 594.48 | -280.00 | -968.97 | -745.22 | 28.35 | -16.42 | 0 |
| 20Q4 (8) | 3.79 | -81.58 | -72.52 | -17.45 | -360.06 | -293.91 | -25.93 | -677.51 | -323.69 | -17.69 | -519.19 | -287.94 | -3.00 | -470.37 | -275.0 | -2.16 | -448.39 | -242.86 | 0.12 | -20.0 | -14.29 | -19.83 | -309.84 | -2348.15 | 42.21 | 24.7 | 49.47 | 67.78 | -54.81 | -2.57 | 32.22 | 164.44 | 23.52 | 33.92 | 23.84 | 8.03 |
| 20Q3 (7) | 20.58 | -2.65 | 16.14 | 6.71 | -33.17 | 65.27 | 4.49 | -73.53 | -23.25 | 4.22 | -59.58 | 4.71 | 0.81 | -67.21 | 6.58 | 0.62 | -68.04 | 3.33 | 0.15 | -21.05 | 0.0 | 9.45 | -52.56 | -6.9 | 33.85 | 14.36 | 38.62 | 150.00 | 154.08 | 125.0 | -50.00 | -222.06 | -271.43 | 27.39 | 0 | 10.71 |
| 20Q2 (6) | 21.14 | 239.87 | 162.28 | 10.04 | 200.4 | 185.23 | 16.96 | 194.43 | 417.6 | 10.44 | 161.56 | 232.32 | 2.47 | 202.92 | 324.55 | 1.94 | 202.11 | 320.45 | 0.19 | 72.73 | 72.73 | 19.92 | 277.54 | 1975.0 | 29.60 | 19.55 | -2.82 | 59.04 | 7.89 | -72.88 | 40.96 | -5.61 | 134.82 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 6.22 | -54.89 | -62.6 | -10.00 | -125.73 | -749.35 | -17.96 | -193.46 | -1273.86 | -16.96 | -271.93 | -1848.45 | -2.40 | -200.0 | -1946.15 | -1.90 | -201.59 | -1827.27 | 0.11 | -21.43 | 0.0 | -11.22 | -1285.19 | -292.45 | 24.76 | -12.32 | 20.9 | 54.72 | -21.34 | -45.28 | 43.40 | 66.35 | 0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 13.79 | -22.18 | 0.0 | -4.43 | -209.11 | 0.0 | -6.12 | -204.62 | 0.0 | -4.56 | -213.15 | 0.0 | -0.80 | -205.26 | 0.0 | -0.63 | -205.0 | 0.0 | 0.14 | -6.67 | 0.0 | -0.81 | -107.98 | 0.0 | 28.24 | 15.64 | 0.0 | 69.57 | 4.35 | 0.0 | 26.09 | -10.56 | 0.0 | 31.40 | 26.92 | 0.0 |
| 19Q3 (3) | 17.72 | 119.85 | 0.0 | 4.06 | 134.47 | 0.0 | 5.85 | 209.55 | 0.0 | 4.03 | 151.08 | 0.0 | 0.76 | 169.09 | 0.0 | 0.60 | 168.18 | 0.0 | 0.15 | 36.36 | 0.0 | 10.15 | 957.29 | 0.0 | 24.42 | -19.83 | 0.0 | 66.67 | -69.37 | 0.0 | 29.17 | 124.79 | 0.0 | 24.74 | -28.58 | 0.0 |
| 19Q2 (2) | 8.06 | -51.53 | 0.0 | -11.78 | -864.94 | 0.0 | -5.34 | -449.02 | 0.0 | -7.89 | -913.4 | 0.0 | -1.10 | -946.15 | 0.0 | -0.88 | -900.0 | 0.0 | 0.11 | 0.0 | 0.0 | 0.96 | -83.53 | 0.0 | 30.46 | 48.73 | 0.0 | 217.65 | 117.65 | 0.0 | -117.65 | 0 | 0.0 | 34.64 | 18.47 | 0.0 |
| 19Q1 (1) | 16.63 | 0.0 | 0.0 | 1.54 | 0.0 | 0.0 | 1.53 | 0.0 | 0.0 | 0.97 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 5.83 | 0.0 | 0.0 | 20.48 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | -0.00 | 0.0 | 0.0 | 29.24 | 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) | 15.56 | -10.37 | -1.36 | 0 | 4.97 | 38.94 | 2.51 | -78.73 | 0.58 | -92.72 | 0.39 | -95.27 | 0.33 | -93.9 | 0.49 | -26.87 | 8.31 | -46.97 | 29.83 | -33.58 | -54.29 | 0 | 154.29 | 174.79 | 0.97 | 17.83 | 28.12 | 15.67 |
| 2022 (9) | 17.36 | 85.47 | 5.16 | 0 | 3.58 | -30.76 | 11.80 | 0 | 7.97 | 0 | 8.24 | 0 | 5.41 | 0 | 0.67 | 19.64 | 15.67 | 0 | 44.91 | -31.53 | 43.85 | -47.56 | 56.15 | 242.8 | 0.82 | 23.2 | 24.31 | -19.5 |
| 2021 (8) | 9.36 | -34.04 | -5.82 | 0 | 5.17 | 11.45 | -6.94 | 0 | -6.04 | 0 | -5.16 | 0 | -3.25 | 0 | 0.56 | 1.82 | -1.38 | 0 | 65.59 | 55.39 | 83.62 | 150.86 | 16.38 | -75.43 | 0.67 | -24.22 | 30.20 | 5.82 |
| 2020 (7) | 14.19 | -0.7 | -0.93 | 0 | 4.64 | -3.37 | -2.76 | 0 | -2.84 | 0 | -2.12 | 0 | -1.55 | 0 | 0.55 | 10.0 | 2.16 | -49.77 | 42.21 | 49.47 | 33.33 | -88.54 | 66.67 | 0 | 0.88 | -8.89 | 28.54 | -4.07 |
| 2019 (6) | 14.29 | -28.34 | -2.30 | 0 | 4.80 | 72.03 | -0.80 | 0 | -1.60 | 0 | -1.02 | 0 | -0.80 | 0 | 0.50 | -19.35 | 4.30 | -70.57 | 28.24 | 10.44 | 290.91 | 332.27 | -190.91 | 0 | 0.97 | 21.32 | 29.75 | 24.22 |
| 2018 (5) | 19.94 | 15.26 | 7.75 | 54.69 | 2.79 | -5.88 | 11.52 | 585.71 | 7.23 | 469.29 | 5.90 | 534.41 | 4.53 | 452.44 | 0.62 | 10.71 | 14.61 | 177.76 | 25.57 | -35.13 | 67.30 | -77.3 | 32.70 | 0 | 0.80 | 0 | 23.95 | 1.05 |
| 2017 (4) | 17.30 | -24.26 | 5.01 | -55.19 | 2.96 | 14.82 | 1.68 | -86.97 | 1.27 | -87.68 | 0.93 | -88.08 | 0.82 | -87.09 | 0.56 | -8.2 | 5.26 | -67.02 | 39.42 | 78.45 | 296.43 | 242.03 | -196.43 | 0 | 0.00 | 0 | 23.70 | 2.24 |
| 2016 (3) | 22.84 | 16.65 | 11.18 | 39.23 | 2.58 | -18.24 | 12.89 | 80.53 | 10.31 | 109.98 | 7.80 | 128.74 | 6.35 | 134.32 | 0.61 | 10.91 | 15.95 | 47.14 | 22.09 | -8.07 | 86.67 | -23.33 | 13.33 | 0 | 0.00 | 0 | 23.18 | 30.81 |
| 2015 (2) | 19.58 | -2.83 | 8.03 | -9.98 | 3.16 | 8.48 | 7.14 | -44.22 | 4.91 | -53.59 | 3.41 | -59.21 | 2.71 | -59.06 | 0.55 | -12.7 | 10.84 | -35.36 | 24.03 | -12.68 | 113.04 | 62.37 | -13.04 | 0 | 0.00 | 0 | 17.72 | 9.52 |
| 2014 (1) | 20.15 | 0 | 8.92 | 0 | 2.91 | -4.77 | 12.80 | 0 | 10.58 | 0 | 8.36 | 0 | 6.62 | 0 | 0.63 | 12.5 | 16.77 | -6.31 | 27.52 | 10.21 | 69.62 | -7.44 | 30.38 | 24.77 | 0.00 | 0 | 16.18 | 0.12 |
