- 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) | 20.00 | -63.42 | -46.96 | -15.53 | -169.62 | -10.93 | -17.32 | 18.99 | -74.95 | -20.95 | 18.16 | -31.35 | -0.38 | 34.48 | -40.74 | -0.21 | 43.24 | -50.0 | 0.01 | -50.0 | 0.0 | 17.39 | 152.03 | -36.23 | 30.42 | -0.39 | 1.16 | 100.00 | 200.0 | -33.33 | -0.00 | -100.0 | 100.0 | 38.87 | 18.9 | 17.93 |
| 23Q3 (19) | 54.67 | 7.72 | 1.17 | -5.76 | 83.18 | 4.64 | -21.38 | 40.63 | -193.81 | -25.60 | 24.13 | -237.63 | -0.58 | 0.0 | -248.72 | -0.37 | 0.0 | -202.78 | 0.02 | 100.0 | 0.0 | 6.90 | 0 | -86.69 | 30.54 | 0.93 | -3.39 | 33.33 | -61.9 | 200.0 | 66.67 | 0 | -50.0 | 32.69 | -23.59 | -1.65 |
| 23Q2 (18) | 50.75 | -12.09 | -8.39 | -34.25 | -75.46 | 12.4 | -36.01 | -14.1 | -19.91 | -33.74 | 7.71 | -16770.0 | -0.58 | 12.12 | 0 | -0.37 | 15.91 | -716.67 | 0.01 | 0.0 | 0.0 | 0.00 | -100.0 | -100.0 | 30.26 | -0.07 | 2.44 | 87.50 | 22.5 | -34.37 | -0.00 | -100.0 | 100.0 | 42.78 | -1.22 | -8.9 |
| 23Q1 (17) | 57.73 | 53.09 | -2.19 | -19.52 | -39.43 | 38.5 | -31.56 | -218.79 | 0.5 | -36.56 | -129.22 | 27.37 | -0.66 | -144.44 | 23.26 | -0.44 | -214.29 | 25.42 | 0.01 | 0.0 | 0.0 | 4.35 | -84.05 | 0 | 30.28 | 0.7 | -15.61 | 71.43 | -52.38 | -28.57 | 42.86 | 185.71 | 0 | 43.31 | 31.4 | -8.96 |
| 22Q4 (16) | 37.71 | -30.22 | -32.6 | -14.00 | -131.79 | 57.32 | -9.90 | -143.44 | 77.05 | -15.95 | -185.75 | 64.13 | -0.27 | -169.23 | 61.43 | -0.14 | -138.89 | 70.83 | 0.01 | -50.0 | 0.0 | 27.27 | -47.41 | 400.0 | 30.07 | -4.87 | -0.56 | 150.00 | 550.0 | 114.29 | -50.00 | -137.5 | -350.0 | 32.96 | -0.84 | -5.01 |
| 22Q3 (15) | 54.04 | -2.45 | -2.7 | -6.04 | 84.55 | 13.59 | 22.79 | 175.89 | 211.94 | 18.60 | 9400.0 | 121.52 | 0.39 | 0 | 120.86 | 0.36 | 500.0 | 126.28 | 0.02 | 100.0 | 0.0 | 51.85 | 989.29 | 703.88 | 31.61 | 7.01 | 0.03 | -33.33 | -125.0 | -200.0 | 133.33 | 500.0 | 100.0 | 33.24 | -29.22 | -0.78 |
| 22Q2 (14) | 55.40 | -6.13 | 0.38 | -39.10 | -23.19 | 30.6 | -30.03 | 5.33 | -103.85 | -0.20 | 99.6 | -100.03 | 0.00 | 100.0 | -100.0 | 0.06 | 110.17 | -99.38 | 0.01 | 0.0 | 0.0 | 4.76 | 0 | -99.41 | 29.54 | -17.67 | -3.72 | 133.33 | 33.33 | 1925.64 | -33.33 | 0 | -131.06 | 46.96 | -1.28 | -35.57 |
| 22Q1 (13) | 59.02 | 5.49 | 9.46 | -31.74 | 3.23 | -38.48 | -31.72 | 26.47 | -74.0 | -50.34 | -13.23 | -89.6 | -0.86 | -22.86 | -62.26 | -0.59 | -22.92 | -63.89 | 0.01 | 0.0 | -50.0 | 0.00 | 100.0 | -100.0 | 35.88 | 18.65 | 13.01 | 100.00 | 42.86 | -16.67 | -0.00 | -100.0 | 100.0 | 47.57 | 37.09 | 22.1 |
| 21Q4 (12) | 55.95 | 0.74 | 19.96 | -32.80 | -369.24 | -51.92 | -43.14 | -111.89 | 57.2 | -44.46 | 48.57 | 57.24 | -0.70 | 62.57 | 62.57 | -0.48 | 64.96 | 69.62 | 0.01 | -50.0 | -50.0 | -9.09 | -240.93 | 87.88 | 30.24 | -4.3 | -5.97 | 70.00 | 110.0 | 236.0 | 20.00 | -70.0 | -74.74 | 34.70 | 3.58 | 347.16 |
| 21Q3 (11) | 55.54 | 0.63 | 4.32 | -6.99 | 87.59 | -4.17 | -20.36 | -102.61 | 18.13 | -86.44 | -111.4 | -188.42 | -1.87 | -114.83 | -159.72 | -1.37 | -114.18 | -101.47 | 0.02 | 100.0 | 0.0 | 6.45 | -99.2 | 203.2 | 31.60 | 3.0 | 489.55 | 33.33 | 556.41 | 33.33 | 66.67 | -37.87 | -11.11 | 33.50 | -54.04 | -24.69 |
| 21Q2 (10) | 55.19 | 2.36 | 6.11 | -56.34 | -145.81 | 52.14 | 779.19 | 4374.22 | -68.29 | 758.44 | 2956.65 | -66.39 | 12.61 | 2479.25 | -72.14 | 9.66 | 2783.33 | -75.18 | 0.01 | -50.0 | -50.0 | 808.70 | 6907.8 | -67.23 | 30.68 | -3.37 | 499.22 | -7.30 | -106.09 | -50.84 | 107.30 | 636.52 | 2.53 | 72.89 | 87.09 | 0 |
| 21Q1 (9) | 53.92 | 15.61 | 20.28 | -22.92 | -6.16 | 18.06 | -18.23 | 81.91 | 68.21 | -26.55 | 74.47 | 56.33 | -0.53 | 71.66 | 68.07 | -0.36 | 77.22 | 69.23 | 0.02 | 0.0 | 0.0 | 11.54 | 115.39 | 137.92 | 31.75 | -1.27 | -7.25 | 120.00 | 476.0 | 122.86 | -20.00 | -125.26 | -137.14 | 38.96 | 402.06 | -22.22 |
| 20Q4 (8) | 46.64 | -12.4 | 15.99 | -21.59 | -221.76 | 53.93 | -100.79 | -305.27 | 36.06 | -103.98 | -246.95 | 18.35 | -1.87 | -159.72 | 49.32 | -1.58 | -132.35 | 40.15 | 0.02 | 0.0 | 0.0 | -75.00 | -1100.0 | 39.52 | 32.16 | 500.0 | -6.57 | 20.83 | -16.67 | -30.56 | 79.17 | 5.56 | 13.1 | 7.76 | -82.55 | -77.46 |
| 20Q3 (7) | 53.24 | 2.36 | -5.67 | -6.71 | 94.3 | 49.85 | -24.87 | -101.01 | -66.91 | -29.97 | -101.33 | -43.53 | -0.72 | -101.59 | 8.86 | -0.68 | -101.75 | -38.78 | 0.02 | 0.0 | -33.33 | -6.25 | -100.25 | -153.15 | 5.36 | 4.69 | -84.65 | 25.00 | 616.35 | -75.0 | 75.00 | -28.34 | 275.0 | 44.48 | 0 | 29.26 |
| 20Q2 (6) | 52.01 | 16.02 | -4.41 | -117.71 | -320.84 | -76.53 | 2457.16 | 4384.5 | 565.29 | 2256.79 | 3811.83 | 492.23 | 45.27 | 2827.11 | 417.91 | 38.92 | 3426.5 | 446.57 | 0.02 | 0.0 | 0.0 | 2468.18 | 8211.01 | 597.79 | 5.12 | -85.04 | -85.79 | -4.84 | -108.99 | -139.04 | 104.66 | 94.36 | 20.54 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 44.83 | 11.49 | -10.12 | -27.97 | 40.31 | 48.99 | -57.35 | 63.62 | -305.01 | -60.80 | 52.26 | -253.69 | -1.66 | 55.01 | -336.84 | -1.17 | 55.68 | -290.0 | 0.02 | 0.0 | 0.0 | -30.43 | 75.46 | -216.63 | 34.23 | -0.55 | 94.82 | 53.85 | 79.49 | -87.57 | 53.85 | -23.08 | 116.15 | 50.09 | 45.48 | -7.57 |
| 19Q4 (4) | 40.21 | -28.76 | 0.0 | -46.86 | -250.22 | 0.0 | -157.62 | -957.85 | 0.0 | -127.35 | -509.91 | 0.0 | -3.69 | -367.09 | 0.0 | -2.64 | -438.78 | 0.0 | 0.02 | -33.33 | 0.0 | -124.00 | -1154.42 | 0.0 | 34.42 | -1.43 | 0.0 | 30.00 | -70.0 | 0.0 | 70.00 | 250.0 | 0.0 | 34.43 | 0.06 | 0.0 |
| 19Q3 (3) | 56.44 | 3.73 | 0.0 | -13.38 | 79.93 | 0.0 | -14.90 | 97.18 | 0.0 | -20.88 | 96.37 | 0.0 | -0.79 | 94.45 | 0.0 | -0.49 | 95.64 | 0.0 | 0.03 | 50.0 | 0.0 | 11.76 | 102.37 | 0.0 | 34.92 | -3.11 | 0.0 | 100.00 | 706.25 | 0.0 | 20.00 | -76.96 | 0.0 | 34.41 | -30.1 | 0.0 |
| 19Q2 (2) | 54.41 | 9.08 | 0.0 | -66.68 | -21.61 | 0.0 | -528.09 | -3629.45 | 0.0 | -575.37 | -3247.12 | 0.0 | -14.24 | -3647.37 | 0.0 | -11.23 | -3643.33 | 0.0 | 0.02 | 0.0 | 0.0 | -495.83 | -2000.46 | 0.0 | 36.04 | 105.12 | 0.0 | 12.40 | -97.14 | 0.0 | 86.82 | 126.05 | 0.0 | 49.23 | -9.15 | 0.0 |
| 19Q1 (1) | 49.88 | 0.0 | 0.0 | -54.83 | 0.0 | 0.0 | -14.16 | 0.0 | 0.0 | -17.19 | 0.0 | 0.0 | -0.38 | 0.0 | 0.0 | -0.30 | 0.0 | 0.0 | 0.02 | 0.0 | 0.0 | 26.09 | 0.0 | 0.0 | 17.57 | 0.0 | 0.0 | 433.33 | 0.0 | 0.0 | -333.33 | 0.0 | 0.0 | 54.19 | 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) | 46.36 | -10.48 | -17.83 | 0 | 19.79 | 8.27 | -26.19 | 0 | -28.99 | 0 | -2.20 | 0 | -1.39 | 0 | 0.06 | 20.0 | 8.33 | -63.11 | 30.42 | 1.16 | 68.00 | -66.0 | 32.00 | 0 | 6.78 | -4.9 | 38.99 | -2.16 |
| 2022 (9) | 51.79 | -6.08 | -21.79 | 0 | 18.28 | -1.87 | -10.37 | 0 | -10.88 | 0 | -0.76 | 0 | -0.34 | 0 | 0.05 | -16.67 | 22.58 | -87.75 | 30.07 | -0.56 | 200.00 | 0 | -110.00 | 0 | 7.13 | 2.01 | 39.85 | -9.39 |
| 2021 (8) | 55.14 | 11.44 | -27.72 | 0 | 18.63 | 25.42 | 154.44 | -68.35 | 127.29 | -71.16 | 9.64 | -76.61 | 7.55 | -75.71 | 0.06 | -14.29 | 184.31 | -63.92 | 30.24 | -5.97 | -17.83 | 0 | 117.83 | 9.18 | 6.99 | 38.97 | 43.98 | -22.99 |
| 2020 (7) | 49.48 | -2.41 | -39.19 | 0 | 14.85 | -30.91 | 488.02 | 0 | 441.41 | 0 | 41.21 | 0 | 31.08 | 0 | 0.07 | -22.22 | 510.89 | 0 | 32.16 | -6.57 | -7.93 | 0 | 107.93 | 44.72 | 5.03 | -52.07 | 57.11 | 35.65 |
| 2019 (6) | 50.70 | -16.82 | -42.47 | 0 | 21.50 | 66.1 | -165.00 | 0 | -171.11 | 0 | -18.96 | 0 | -15.72 | 0 | 0.09 | 12.5 | -130.84 | 0 | 34.42 | 551.89 | 25.99 | 0 | 74.58 | -38.0 | 10.50 | -20.38 | 42.10 | -29.41 |
| 2018 (5) | 60.95 | 0 | -69.65 | 0 | 12.94 | -93.53 | 343.52 | 0 | 310.82 | 0 | 24.60 | 0 | 23.41 | 0 | 0.08 | 700.0 | 364.71 | 0 | 5.28 | 8.64 | -20.27 | 0 | 120.27 | 0 | 13.19 | 0 | 59.64 | -59.37 |
| 2017 (4) | -160.46 | 0 | -522.42 | 0 | 200.00 | 44.0 | -465.57 | 0 | -516.41 | 0 | -4.51 | 0 | -4.36 | 0 | 0.01 | -50.0 | -250.00 | 0 | 4.86 | 162.7 | 111.11 | 0 | -11.11 | 0 | 0.00 | 0 | 146.80 | 90.43 |
| 2016 (3) | -153.85 | 0 | -398.48 | 0 | 138.89 | 259.2 | 530.33 | 0 | 536.46 | 0 | 8.58 | 0 | 8.41 | 0 | 0.02 | -66.67 | 661.11 | 0 | 1.85 | -17.04 | -75.27 | 0 | 176.34 | 966.08 | 0.00 | 0 | 77.09 | 174.54 |
| 2015 (2) | -102.88 | 0 | -147.65 | 0 | 38.67 | 101.74 | -176.73 | 0 | -177.80 | 0 | -11.71 | 0 | -10.90 | 0 | 0.06 | -64.71 | -138.67 | 0 | 2.23 | -81.48 | 83.46 | -74.02 | 16.54 | 0 | 0.00 | 0 | 28.08 | 58.91 |
| 2014 (1) | -24.25 | 0 | -44.19 | 0 | 19.17 | -25.1 | -13.80 | 0 | -14.06 | 0 | -2.82 | 0 | -2.30 | 0 | 0.17 | 0.0 | 6.25 | 0 | 12.04 | -43.55 | 321.21 | 149.07 | -221.21 | 0 | 0.00 | 0 | 17.67 | -22.26 |
