- 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) | 17.21 | -28.5 | -16.17 | -9.19 | -525.17 | -244.19 | -16.05 | -336.03 | -310.49 | -12.78 | -288.77 | -242.63 | -1.41 | -250.0 | -171.15 | -1.23 | -251.85 | -173.33 | 0.10 | -16.67 | -16.67 | 8.86 | -69.45 | -51.98 | 14.05 | -6.89 | -13.64 | 53.85 | 476.92 | -28.21 | 38.46 | -66.35 | 53.85 | 30.17 | 16.22 | 4.72 |
| 23Q3 (19) | 24.07 | 19.99 | 24.65 | -1.47 | 73.61 | 83.31 | 6.80 | 2933.33 | 279.42 | 6.77 | 1141.54 | 230.95 | 0.94 | 1275.0 | 249.21 | 0.81 | 1257.14 | 250.0 | 0.12 | 9.09 | 20.0 | 29.00 | 19.93 | 30.51 | 15.09 | -1.5 | -5.09 | -14.29 | 0 | -105.36 | 114.29 | 0 | 185.71 | 25.96 | -14.1 | -20.42 |
| 23Q2 (18) | 20.06 | 29.59 | 21.21 | -5.57 | 53.04 | 61.64 | -0.24 | 97.84 | 97.63 | -0.65 | 92.87 | 92.9 | -0.08 | 92.73 | 92.16 | -0.07 | 92.71 | 92.05 | 0.11 | 0.0 | 10.0 | 24.18 | 63.71 | 11.48 | 15.32 | 9.66 | -1.03 | 0.00 | -100.0 | -100.0 | 0.00 | 100.0 | 100.0 | 30.22 | -6.96 | -13.34 |
| 23Q1 (17) | 15.48 | -24.6 | -7.91 | -11.86 | -344.19 | -71.88 | -11.13 | -184.65 | -184.65 | -9.12 | -144.5 | -160.57 | -1.10 | -111.54 | -111.54 | -0.96 | -113.33 | -118.18 | 0.11 | -8.33 | -15.38 | 14.77 | -19.95 | -21.93 | 13.97 | -14.14 | -14.4 | 100.00 | 33.33 | -50.0 | -10.00 | -140.0 | 86.67 | 32.48 | 12.74 | 13.45 |
| 22Q4 (16) | 20.53 | 6.32 | -11.28 | -2.67 | 69.69 | -693.33 | -3.91 | -3.17 | -455.45 | -3.73 | 27.85 | -432.86 | -0.52 | 17.46 | -420.0 | -0.45 | 16.67 | -462.5 | 0.12 | 20.0 | 0.0 | 18.45 | -16.97 | -14.66 | 16.27 | 2.33 | -14.28 | 75.00 | -71.88 | 0 | 25.00 | 118.75 | -75.0 | 28.81 | -11.68 | 1.02 |
| 22Q3 (15) | 19.31 | 16.68 | -24.24 | -8.81 | 39.33 | -223.22 | -3.79 | 62.55 | -138.05 | -5.17 | 43.56 | -167.67 | -0.63 | 38.24 | -140.13 | -0.54 | 38.64 | -141.22 | 0.10 | 0.0 | -41.18 | 22.22 | 2.44 | -9.38 | 15.90 | 2.71 | -30.69 | 266.67 | 77.78 | 263.64 | -133.33 | -166.67 | -600.0 | 32.62 | -6.45 | 42.14 |
| 22Q2 (14) | 16.55 | -1.55 | -9.22 | -14.52 | -110.43 | -77.94 | -10.12 | -158.82 | -14.22 | -9.16 | -161.71 | -27.93 | -1.02 | -96.15 | -6.25 | -0.88 | -100.0 | -10.0 | 0.10 | -23.08 | -9.09 | 21.69 | 14.64 | 38.24 | 15.48 | -5.15 | -12.64 | 150.00 | -25.0 | 68.75 | -50.00 | 33.33 | -550.0 | 34.87 | 21.8 | 10.49 |
| 22Q1 (13) | 16.81 | -27.36 | -4.16 | -6.90 | -1633.33 | -102.35 | -3.91 | -455.45 | -42.18 | -3.50 | -400.0 | -41.13 | -0.52 | -420.0 | -23.81 | -0.44 | -450.0 | -25.71 | 0.13 | 8.33 | -7.14 | 18.92 | -12.49 | 13.5 | 16.32 | -14.01 | -22.54 | 200.00 | 0 | 60.0 | -75.00 | -175.0 | -200.0 | 28.63 | 0.39 | 5.68 |
| 21Q4 (12) | 23.14 | -9.22 | 12.82 | 0.45 | -93.71 | 66.67 | 1.10 | -88.96 | -21.99 | -0.70 | -109.16 | -164.81 | -0.10 | -106.37 | -152.63 | -0.08 | -106.11 | -150.0 | 0.12 | -29.41 | -20.0 | 21.62 | -11.83 | 7.35 | 18.98 | -17.26 | -14.77 | 0.00 | -100.0 | 0 | 100.00 | 275.0 | 0.0 | 28.52 | 24.27 | 7.83 |
| 21Q3 (11) | 25.49 | 39.82 | 31.19 | 7.15 | 187.62 | 231.92 | 9.96 | 212.42 | 246.47 | 7.64 | 206.7 | 261.18 | 1.57 | 263.54 | 289.16 | 1.31 | 263.75 | 292.65 | 0.17 | 54.55 | 21.43 | 24.52 | 56.28 | 96.16 | 22.94 | 29.46 | 20.48 | 73.33 | -17.5 | -5.71 | 26.67 | 140.0 | 20.0 | 22.95 | -27.28 | -4.93 |
| 21Q2 (10) | 18.23 | 3.93 | -17.21 | -8.16 | -139.3 | -411.45 | -8.86 | -222.18 | -2260.98 | -7.16 | -188.71 | -2457.14 | -0.96 | -128.57 | -1500.0 | -0.80 | -128.57 | -1500.0 | 0.11 | -21.43 | -35.29 | 15.69 | -5.88 | -1.81 | 17.72 | -15.9 | -32.5 | 88.89 | -28.89 | -77.78 | 11.11 | 144.44 | 102.78 | 31.56 | 16.5 | 0 |
| 21Q1 (9) | 17.54 | -14.48 | -25.39 | -3.41 | -1362.96 | -198.55 | -2.75 | -295.04 | -154.46 | -2.48 | -329.63 | -165.96 | -0.42 | -321.05 | -152.5 | -0.35 | -318.75 | -154.69 | 0.14 | -6.67 | -17.65 | 16.67 | -17.23 | -19.89 | 21.07 | -5.39 | -5.81 | 125.00 | 0 | 87.5 | -25.00 | -125.0 | -175.0 | 27.09 | 2.42 | 0 |
| 20Q4 (8) | 20.51 | 5.56 | -24.54 | 0.27 | 104.98 | -97.43 | 1.41 | 120.74 | -84.59 | 1.08 | 122.78 | -82.64 | 0.19 | 122.89 | -88.55 | 0.16 | 123.53 | -86.78 | 0.15 | 7.14 | -21.05 | 20.14 | 61.12 | -10.21 | 22.27 | 16.96 | -22.27 | 0.00 | -100.0 | -100.0 | 100.00 | 350.0 | 766.67 | 26.45 | 9.57 | 7.96 |
| 20Q3 (7) | 19.43 | -11.76 | -23.59 | -5.42 | -306.87 | -135.89 | -6.80 | -1758.54 | -143.09 | -4.74 | -1592.86 | -148.17 | -0.83 | -1283.33 | -135.62 | -0.68 | -1260.0 | -139.77 | 0.14 | -17.65 | -17.65 | 12.50 | -21.78 | -56.69 | 19.04 | -27.47 | -57.13 | 77.78 | -80.56 | -17.04 | 22.22 | 105.56 | 611.11 | 24.14 | 0 | -0.7 |
| 20Q2 (6) | 22.02 | -6.34 | -11.5 | 2.62 | -24.28 | -57.33 | 0.41 | -91.88 | -94.02 | -0.28 | -107.45 | -107.18 | -0.06 | -107.5 | -106.59 | -0.05 | -107.81 | -107.04 | 0.17 | 0.0 | -5.56 | 15.98 | -23.21 | -14.5 | 26.25 | 17.34 | -9.82 | 400.00 | 500.0 | 361.54 | -400.00 | -1300.0 | -3100.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 23.51 | -13.5 | -1.26 | 3.46 | -67.11 | -22.25 | 5.05 | -44.81 | -5.61 | 3.76 | -39.55 | -3.34 | 0.80 | -51.81 | -3.61 | 0.64 | -47.11 | 0.0 | 0.17 | -10.53 | 6.25 | 20.81 | -7.22 | 13.28 | 22.37 | -21.92 | -20.08 | 66.67 | -42.03 | -25.93 | 33.33 | 322.22 | 66.67 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 27.18 | 6.88 | 0.0 | 10.52 | -30.33 | 0.0 | 9.15 | -42.02 | 0.0 | 6.22 | -36.79 | 0.0 | 1.66 | -28.76 | 0.0 | 1.21 | -29.24 | 0.0 | 0.19 | 11.76 | 0.0 | 22.43 | -22.28 | 0.0 | 28.65 | -35.49 | 0.0 | 115.00 | 22.67 | 0.0 | -15.00 | -580.0 | 0.0 | 24.50 | 0.78 | 0.0 |
| 19Q3 (3) | 25.43 | 2.21 | 0.0 | 15.10 | 145.93 | 0.0 | 15.78 | 130.03 | 0.0 | 9.84 | 152.31 | 0.0 | 2.33 | 156.04 | 0.0 | 1.71 | 140.85 | 0.0 | 0.17 | -5.56 | 0.0 | 28.86 | 54.41 | 0.0 | 44.41 | 52.56 | 0.0 | 93.75 | 8.17 | 0.0 | 3.12 | -76.56 | 0.0 | 24.31 | 7.95 | 0.0 |
| 19Q2 (2) | 24.88 | 4.49 | 0.0 | 6.14 | 37.98 | 0.0 | 6.86 | 28.22 | 0.0 | 3.90 | 0.26 | 0.0 | 0.91 | 9.64 | 0.0 | 0.71 | 10.94 | 0.0 | 0.18 | 12.5 | 0.0 | 18.69 | 1.74 | 0.0 | 29.11 | 4.0 | 0.0 | 86.67 | -3.7 | 0.0 | 13.33 | -33.33 | 0.0 | 22.52 | -5.85 | 0.0 |
| 19Q1 (1) | 23.81 | 0.0 | 0.0 | 4.45 | 0.0 | 0.0 | 5.35 | 0.0 | 0.0 | 3.89 | 0.0 | 0.0 | 0.83 | 0.0 | 0.0 | 0.64 | 0.0 | 0.0 | 0.16 | 0.0 | 0.0 | 18.37 | 0.0 | 0.0 | 27.99 | 0.0 | 0.0 | 90.00 | 0.0 | 0.0 | 20.00 | 0.0 | 0.0 | 23.92 | 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) | 19.42 | 6.0 | -6.78 | 0 | 24.02 | -5.38 | -4.46 | 0 | -3.35 | 0 | -1.67 | 0 | -1.44 | 0 | 0.43 | -4.44 | 19.55 | -4.49 | 14.05 | -13.64 | 150.00 | 0.0 | -50.00 | 0 | 0.00 | 0 | 29.58 | -4.4 |
| 2022 (9) | 18.32 | -14.35 | -7.85 | 0 | 25.39 | 33.62 | -5.21 | 0 | -5.16 | 0 | -2.71 | 0 | -2.29 | 0 | 0.45 | -16.67 | 20.47 | 2.35 | 16.27 | -14.28 | 150.00 | 0 | -50.00 | 0 | 0.00 | 0 | 30.94 | 14.42 |
| 2021 (8) | 21.39 | -0.65 | -0.26 | 0 | 19.00 | 11.65 | 0.79 | 132.35 | 0.09 | -47.06 | 0.06 | -53.85 | 0.06 | -45.45 | 0.54 | -12.9 | 20.00 | 15.34 | 18.98 | -14.77 | -25.00 | 0 | 125.00 | 0 | 0.11 | 7.34 | 27.04 | 11.6 |
| 2020 (7) | 21.53 | -15.1 | 0.55 | -93.93 | 17.02 | 33.71 | 0.34 | -96.33 | 0.17 | -97.14 | 0.13 | -97.72 | 0.11 | -97.48 | 0.62 | -15.07 | 17.34 | -21.4 | 22.27 | -22.27 | 150.00 | 54.0 | -50.00 | 0 | 0.11 | 9.89 | 24.23 | 1.81 |
| 2019 (6) | 25.36 | 21.75 | 9.06 | 113.68 | 12.73 | 4.73 | 9.27 | 97.65 | 5.95 | 138.96 | 5.71 | 142.98 | 4.36 | 143.58 | 0.73 | 1.39 | 22.06 | 30.53 | 28.65 | -14.02 | 97.40 | 7.93 | 2.60 | -73.38 | 0.10 | -41.95 | 23.80 | 6.39 |
| 2018 (5) | 20.83 | -9.9 | 4.24 | -26.26 | 12.15 | 1.31 | 4.69 | -5.82 | 2.49 | -36.64 | 2.35 | -33.05 | 1.79 | -34.67 | 0.72 | 2.86 | 16.90 | -1.17 | 33.32 | 14.9 | 90.24 | -21.04 | 9.76 | 0 | 0.17 | 0 | 22.37 | 1.77 |
| 2017 (4) | 23.12 | -11.21 | 5.75 | -20.03 | 12.00 | -7.88 | 4.98 | -39.64 | 3.93 | -40.0 | 3.51 | -33.77 | 2.74 | -33.17 | 0.70 | 11.11 | 17.10 | -19.98 | 29.00 | 5.8 | 114.29 | 30.33 | -14.29 | 0 | 0.00 | 0 | 21.98 | -6.31 |
| 2016 (3) | 26.04 | -1.44 | 7.19 | -24.4 | 13.02 | 35.51 | 8.25 | -20.06 | 6.55 | -16.98 | 5.30 | -29.14 | 4.10 | -26.65 | 0.63 | -11.27 | 21.37 | 7.06 | 27.41 | -11.01 | 87.69 | -4.51 | 12.31 | 50.77 | 0.00 | 0 | 23.46 | 9.27 |
| 2015 (2) | 26.42 | 6.53 | 9.51 | 2.15 | 9.61 | 18.82 | 10.32 | 0.0 | 7.89 | -5.73 | 7.48 | -18.07 | 5.59 | -16.57 | 0.71 | -11.25 | 19.96 | 8.13 | 30.80 | -16.01 | 91.84 | 1.21 | 8.16 | -19.85 | 0.00 | 0 | 21.47 | 7.89 |
| 2014 (1) | 24.80 | 0 | 9.31 | 0 | 8.09 | -25.08 | 10.32 | 0 | 8.37 | 0 | 9.13 | 0 | 6.70 | 0 | 0.80 | 14.29 | 18.46 | 0.27 | 36.67 | 2.69 | 90.74 | 10.54 | 10.19 | -43.13 | 0.00 | 0 | 19.90 | -0.4 |
