- 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) | 20.98 | -13.56 | -32.82 | -22.78 | -17.18 | -1000.48 | -14.17 | 17.09 | -904.96 | -32.80 | -91.93 | -4215.79 | -5.16 | -116.81 | -3869.23 | -3.39 | -115.92 | -34000.0 | 0.11 | 10.0 | -15.38 | -8.42 | 32.64 | -1035.56 | 53.65 | 31.5 | 38.2 | 157.14 | 38.66 | 57.14 | -57.14 | -328.57 | -14.29 | 31.30 | 1.79 | 23.13 |
| 23Q3 (19) | 24.27 | 114.02 | -12.29 | -19.44 | 31.21 | -33.33 | -17.09 | -4.72 | -5240.62 | -17.09 | -4.85 | -3387.76 | -2.38 | -3.93 | -3300.0 | -1.57 | -1.95 | -5333.33 | 0.10 | 0.0 | -9.09 | -12.50 | 6.23 | -706.8 | 40.80 | 6.36 | 22.27 | 113.33 | -34.62 | 0 | -13.33 | 81.82 | 0 | 30.75 | 0.69 | 9.2 |
| 23Q2 (18) | 11.34 | -61.49 | -59.83 | -28.26 | -296.35 | -11.13 | -16.32 | -230.98 | 74.97 | -16.30 | -230.92 | 74.16 | -2.29 | -223.12 | 62.64 | -1.54 | -205.48 | 64.76 | 0.10 | -9.09 | 42.86 | -13.33 | -185.34 | 78.47 | 38.36 | 3.93 | 4.04 | 173.33 | 397.14 | 344.17 | -73.33 | -146.32 | -220.27 | 30.54 | 0.43 | -27.61 |
| 23Q1 (17) | 29.45 | -5.7 | 16.87 | -7.13 | -244.44 | 75.92 | 12.46 | 983.69 | 119.8 | 12.45 | 1738.16 | 119.8 | 1.86 | 1530.77 | 128.62 | 1.46 | 14500.0 | 132.74 | 0.11 | -15.38 | 57.14 | 15.62 | 1635.56 | 126.9 | 36.91 | -4.92 | -7.93 | -58.33 | -158.33 | -226.39 | 158.33 | 416.67 | 208.75 | 30.41 | 19.63 | -39.39 |
| 22Q4 (16) | 31.23 | 12.87 | 128.29 | -2.07 | 85.8 | 89.08 | -1.41 | -340.62 | -393.75 | -0.76 | -55.1 | 25.49 | -0.13 | -85.71 | 35.0 | 0.01 | -66.67 | 116.67 | 0.13 | 18.18 | 0.0 | 0.90 | -56.31 | -69.39 | 38.82 | 16.33 | -18.2 | 100.00 | 0 | 0 | -50.00 | 0 | 0 | 25.42 | -9.73 | -7.4 |
| 22Q3 (15) | 27.67 | -1.98 | 30.64 | -14.58 | 42.67 | -50.62 | -0.32 | 99.51 | 98.35 | -0.49 | 99.22 | 97.41 | -0.07 | 98.86 | 98.2 | 0.03 | 100.69 | 101.23 | 0.11 | 57.14 | -15.38 | 2.06 | 103.33 | 111.93 | 33.37 | -9.49 | -39.09 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 28.16 | -33.25 | 10.56 |
| 22Q2 (14) | 28.23 | 12.02 | 29.5 | -25.43 | 14.12 | -3490.67 | -65.19 | -3.61 | -1198.61 | -63.07 | -0.29 | -1048.82 | -6.13 | 5.69 | -303.29 | -4.37 | 2.02 | -345.92 | 0.07 | 0.0 | -63.16 | -61.90 | -6.61 | -1781.46 | 36.87 | -8.03 | -32.51 | 39.02 | -15.45 | 412.2 | 60.98 | 18.9 | -45.8 | 42.19 | -15.91 | 130.04 |
| 22Q1 (13) | 25.20 | 84.21 | -18.47 | -29.61 | -56.17 | -258.04 | -62.92 | -13208.33 | -1718.5 | -62.89 | -6065.69 | -1525.06 | -6.50 | -3150.0 | -983.33 | -4.46 | -7333.33 | -1015.0 | 0.07 | -46.15 | -36.36 | -58.06 | -2074.83 | -4820.34 | 40.09 | -15.53 | 0.05 | 46.15 | 0 | -80.22 | 51.28 | 0 | 138.46 | 50.17 | 82.77 | 56.83 |
| 21Q4 (12) | 13.68 | -35.41 | -43.93 | -18.96 | -95.87 | -53.77 | 0.48 | 102.47 | 101.49 | -1.02 | 94.61 | 97.03 | -0.20 | 94.85 | 96.3 | -0.06 | 97.54 | 98.54 | 0.13 | 0.0 | 8.33 | 2.94 | 117.02 | 109.8 | 47.46 | -13.38 | 34.37 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 27.45 | 7.77 | -1.44 |
| 21Q3 (11) | 21.18 | -2.84 | -9.64 | -9.68 | -1390.67 | 57.43 | -19.44 | -287.25 | -698.15 | -18.93 | -244.81 | -4043.75 | -3.88 | -155.26 | -6566.67 | -2.44 | -148.98 | -4166.67 | 0.13 | -31.58 | 18.18 | -17.27 | -424.92 | -436.65 | 54.79 | 0.29 | 105.05 | 52.38 | 519.05 | 108.73 | 52.38 | -53.44 | -92.14 | 25.47 | 38.88 | -28.8 |
| 21Q2 (10) | 21.80 | -29.47 | 19.85 | 0.75 | 109.07 | 102.88 | -5.02 | -45.09 | -112.17 | -5.49 | -41.86 | -113.66 | -1.52 | -153.33 | -126.86 | -0.98 | -145.0 | -121.73 | 0.19 | 72.73 | 72.73 | -3.29 | -178.81 | -107.31 | 54.63 | 36.34 | 110.68 | -12.50 | -105.36 | 80.36 | 112.50 | 184.37 | -29.95 | 18.34 | -42.67 | 0 |
| 21Q1 (9) | 30.91 | 26.68 | 301.95 | -8.27 | 32.93 | 84.38 | -3.46 | 89.27 | 95.34 | -3.87 | 88.73 | 95.08 | -0.60 | 88.89 | 93.07 | -0.40 | 90.27 | 94.19 | 0.11 | -8.33 | 22.22 | -1.18 | 96.07 | 98.27 | 40.07 | 13.45 | 50.7 | 233.33 | 515.15 | 232.32 | -133.33 | -314.81 | -582.05 | 31.99 | 14.87 | 0 |
| 20Q4 (8) | 24.40 | 4.1 | 244.63 | -12.33 | 45.78 | 81.67 | -32.24 | -1092.0 | 50.56 | -34.35 | -7256.25 | 35.66 | -5.40 | -9100.0 | -3.65 | -4.11 | -6950.0 | 1.44 | 0.12 | 9.09 | 50.0 | -30.00 | -684.8 | 48.57 | 35.32 | 32.19 | 45.89 | 37.93 | 106.32 | -63.02 | 62.07 | -90.69 | 2520.69 | 27.85 | -22.14 | -53.41 |
| 20Q3 (7) | 23.44 | 28.86 | 32.21 | -22.74 | 12.71 | 53.8 | 3.25 | -92.12 | 106.54 | 0.48 | -98.81 | 101.15 | 0.06 | -98.94 | 101.46 | 0.06 | -98.67 | 101.85 | 0.11 | 0.0 | 37.5 | 5.13 | -88.6 | 111.97 | 26.72 | 3.05 | 12.74 | -600.00 | -842.86 | -700.0 | 666.67 | 315.09 | 0 | 35.77 | 0 | -36.66 |
| 20Q2 (6) | 18.19 | 136.54 | -19.76 | -26.05 | 50.78 | 22.33 | 41.24 | 155.55 | 226.15 | 40.20 | 151.14 | 234.94 | 5.66 | 165.36 | 251.34 | 4.51 | 165.55 | 251.85 | 0.11 | 22.22 | 10.0 | 45.00 | 165.93 | 257.51 | 25.93 | -2.48 | 4.51 | -63.64 | -190.63 | -161.36 | 160.61 | 480.65 | 4436.36 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 7.69 | 8.62 | -55.63 | -52.93 | 21.32 | -39.55 | -74.24 | -13.85 | -187.98 | -78.61 | -47.24 | -243.13 | -8.66 | -66.22 | -229.28 | -6.88 | -64.99 | -227.62 | 0.09 | 12.5 | 0.0 | -68.25 | -17.01 | -217.15 | 26.59 | 9.83 | 8.18 | 70.21 | -31.54 | -53.19 | 27.66 | 1178.72 | 155.32 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 7.08 | -60.07 | 0.0 | -67.27 | -36.67 | 0.0 | -65.21 | -31.29 | 0.0 | -53.39 | -28.0 | 0.0 | -5.21 | -26.76 | 0.0 | -4.17 | -28.31 | 0.0 | 0.08 | 0.0 | 0.0 | -58.33 | -36.09 | 0.0 | 24.21 | 2.15 | 0.0 | 102.56 | 2.56 | 0.0 | -2.56 | 0 | 0.0 | 59.78 | 5.86 | 0.0 |
| 19Q3 (3) | 17.73 | -21.79 | 0.0 | -49.22 | -46.75 | 0.0 | -49.67 | -51.94 | 0.0 | -41.71 | -40.01 | 0.0 | -4.11 | -9.89 | 0.0 | -3.25 | -9.43 | 0.0 | 0.08 | -20.0 | 0.0 | -42.86 | -50.02 | 0.0 | 23.70 | -4.47 | 0.0 | 100.00 | -3.57 | 0.0 | 0.00 | 100.0 | 0.0 | 56.47 | 29.25 | 0.0 |
| 19Q2 (2) | 22.67 | 30.81 | 0.0 | -33.54 | 11.57 | 0.0 | -32.69 | -26.8 | 0.0 | -29.79 | -30.03 | 0.0 | -3.74 | -42.21 | 0.0 | -2.97 | -41.43 | 0.0 | 0.10 | 11.11 | 0.0 | -28.57 | -32.76 | 0.0 | 24.81 | 0.94 | 0.0 | 103.70 | -30.86 | 0.0 | -3.70 | 92.59 | 0.0 | 43.69 | -3.38 | 0.0 |
| 19Q1 (1) | 17.33 | 0.0 | 0.0 | -37.93 | 0.0 | 0.0 | -25.78 | 0.0 | 0.0 | -22.91 | 0.0 | 0.0 | -2.63 | 0.0 | 0.0 | -2.10 | 0.0 | 0.0 | 0.09 | 0.0 | 0.0 | -21.52 | 0.0 | 0.0 | 24.58 | 0.0 | 0.0 | 150.00 | 0.0 | 0.0 | -50.00 | 0.0 | 0.0 | 45.22 | 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) | 21.61 | -24.2 | -19.25 | 0 | 2.43 | 34.59 | -8.45 | 0 | -13.25 | 0 | -7.97 | 0 | -4.97 | 0 | 0.41 | 2.5 | -4.05 | 0 | 53.65 | 38.2 | 229.03 | 268.25 | -129.03 | 0 | 0.00 | 0 | 30.75 | -9.56 |
| 2022 (9) | 28.51 | 32.42 | -15.26 | 0 | 1.81 | 35.54 | -24.63 | 0 | -24.06 | 0 | -13.71 | 0 | -9.27 | 0 | 0.40 | -32.2 | -21.39 | 0 | 38.82 | -18.2 | 62.20 | -44.72 | 37.80 | 0 | 0.00 | 0 | 34.00 | 37.37 |
| 2021 (8) | 21.53 | 12.31 | -8.00 | 0 | 1.33 | -58.67 | -7.00 | 0 | -7.46 | 0 | -6.19 | 0 | -4.15 | 0 | 0.59 | 40.48 | -4.89 | 0 | 47.46 | 34.37 | 112.50 | -45.78 | -15.62 | 0 | 0.00 | 0 | 24.75 | -31.15 |
| 2020 (7) | 19.17 | 13.84 | -26.73 | 0 | 3.23 | -29.03 | -13.02 | 0 | -15.49 | 0 | -8.33 | 0 | -6.35 | 0 | 0.42 | 16.67 | -9.68 | 0 | 35.32 | 45.89 | 207.50 | 89.81 | -107.50 | 0 | 0.00 | 0 | 35.95 | -28.53 |
| 2019 (6) | 16.84 | 0 | -45.27 | 0 | 4.55 | 285.45 | -41.33 | 0 | -35.45 | 0 | -15.62 | 0 | -12.52 | 0 | 0.36 | -18.18 | -36.01 | 0 | 24.21 | 7.79 | 109.32 | 7.84 | -9.32 | 0 | 0.00 | 0 | 50.30 | 23.65 |
| 2018 (5) | -1.01 | 0 | -51.98 | 0 | 1.18 | 11.64 | -51.46 | 0 | -43.34 | 0 | -23.29 | 0 | -19.15 | 0 | 0.44 | -8.33 | -50.00 | 0 | 22.46 | 11.52 | 101.38 | -3.36 | -0.92 | 0 | 0.00 | 0 | 40.68 | 6.72 |
| 2017 (4) | 27.53 | -15.21 | -18.87 | 0 | 1.06 | 100.88 | -17.88 | 0 | -18.25 | 0 | -11.06 | 0 | -8.74 | 0 | 0.48 | -42.86 | -16.73 | 0 | 20.14 | -32.05 | 104.90 | 150.15 | -5.88 | 0 | 0.00 | 0 | 38.12 | 66.97 |
| 2016 (3) | 32.47 | 32.58 | 1.13 | 0 | 0.53 | -23.29 | 2.67 | 0 | 1.43 | 0 | 1.65 | 0 | 1.30 | 0 | 0.84 | 6.33 | 3.42 | 0 | 29.64 | -33.53 | 41.94 | -59.17 | 58.06 | 0 | 0.00 | 0 | 22.83 | -20.45 |
| 2015 (2) | 24.49 | -15.76 | -16.26 | 0 | 0.69 | -6.37 | -15.89 | 0 | -15.06 | 0 | -16.43 | 0 | -11.75 | 0 | 0.79 | -21.0 | -14.91 | 0 | 44.59 | 30.72 | 102.70 | -12.36 | -2.16 | 0 | 0.00 | 0 | 28.70 | 20.94 |
| 2014 (1) | 29.07 | 0 | -9.14 | 0 | 0.73 | 14.01 | -7.80 | 0 | -7.79 | 0 | -10.60 | 0 | -7.69 | 0 | 1.00 | -16.67 | -6.89 | 0 | 34.11 | -10.87 | 117.19 | 12.5 | -17.19 | 0 | 0.00 | 0 | 23.73 | 20.4 |
