- 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) | 51.54 | 1.54 | 11.27 | 0.50 | -91.27 | 104.91 | -2.34 | -48.1 | 81.56 | -2.27 | -41.87 | 82.11 | -0.51 | -34.21 | 85.04 | 0.24 | -7.69 | 196.0 | 0.06 | 0.0 | 20.0 | 20.39 | -8.81 | 9.27 | 296.08 | 0.43 | -33.06 | -25.00 | 91.67 | -130.36 | 100.00 | -75.0 | 466.67 | 37.28 | 22.15 | -3.94 |
| 23Q3 (19) | 50.76 | 29.32 | -11.78 | 5.73 | 131.59 | -73.42 | -1.58 | 94.17 | -112.15 | -1.60 | 94.11 | -112.27 | -0.38 | 91.46 | -107.93 | 0.26 | 133.77 | -78.69 | 0.06 | 50.0 | -14.29 | 22.36 | 180.9 | -37.38 | 294.81 | 1.66 | -31.49 | -300.00 | -565.0 | -284.62 | 400.00 | 1140.0 | 700.0 | 30.52 | -21.86 | 21.45 |
| 23Q2 (18) | 39.25 | -18.06 | 301.7 | -18.14 | -907.78 | 87.21 | -27.09 | -216.47 | 84.28 | -27.17 | -217.41 | 84.25 | -4.45 | -132.98 | 67.28 | -0.77 | -1000.0 | 66.67 | 0.04 | -20.0 | 100.0 | 7.96 | -64.98 | 110.78 | 290.01 | -5.92 | -35.32 | 64.52 | 254.84 | -21.27 | 32.26 | -60.57 | 78.66 | 39.06 | 11.19 | -55.07 |
| 23Q1 (17) | 47.90 | 3.41 | 7.96 | -1.80 | 82.32 | 79.55 | -8.56 | 32.55 | 53.22 | -8.56 | 32.55 | 53.25 | -1.91 | 43.99 | 48.24 | -0.07 | 72.0 | 82.93 | 0.05 | 0.0 | 25.0 | 22.73 | 21.81 | 25.58 | 308.25 | -30.31 | -19.91 | 18.18 | -77.92 | -61.82 | 81.82 | 363.64 | 56.2 | 35.13 | -9.48 | -6.02 |
| 22Q4 (16) | 46.32 | -19.5 | 4.58 | -10.18 | -147.22 | 30.27 | -12.69 | -197.62 | 31.33 | -12.69 | -197.32 | 31.33 | -3.41 | -171.19 | 20.51 | -0.25 | -120.49 | 44.44 | 0.05 | -28.57 | 25.0 | 18.66 | -47.75 | 12.89 | 442.31 | 2.78 | 14.52 | 82.35 | -49.32 | 0.65 | 17.65 | 126.47 | -22.35 | 38.81 | 54.44 | -3.72 |
| 22Q3 (15) | 57.54 | 395.68 | 244.03 | 21.56 | 115.2 | 111.96 | 13.00 | 107.54 | 107.06 | 13.04 | 107.56 | 107.08 | 4.79 | 135.22 | 137.87 | 1.22 | 152.81 | 165.59 | 0.07 | 250.0 | 600.0 | 35.71 | 148.38 | 169.43 | 430.33 | -4.03 | -11.44 | 162.50 | 98.31 | 65.08 | -66.67 | -469.23 | -4366.67 | 25.13 | -71.1 | -74.75 |
| 22Q2 (14) | -19.46 | -143.86 | -284.45 | -141.84 | -1511.82 | -64.3 | -172.31 | -841.58 | -102.03 | -172.46 | -841.89 | -102.32 | -13.60 | -268.56 | -66.67 | -2.31 | -463.41 | -87.8 | 0.02 | -50.0 | 0.0 | -73.81 | -507.79 | -3889.73 | 448.41 | 16.5 | 7.75 | 81.94 | 72.08 | -19.8 | 18.06 | -65.53 | 930.56 | 86.94 | 132.58 | 36.85 |
| 22Q1 (13) | 44.37 | 0.18 | 14.12 | -8.80 | 39.73 | 62.84 | -18.30 | 0.97 | 45.75 | -18.31 | 0.92 | 45.81 | -3.69 | 13.99 | 32.42 | -0.41 | 8.89 | 43.06 | 0.04 | 0.0 | 33.33 | 18.10 | 9.5 | 24.14 | 384.89 | -0.35 | -2.48 | 47.62 | -41.8 | -31.68 | 52.38 | 130.48 | 72.86 | 37.38 | -7.27 | -17.57 |
| 21Q4 (12) | 44.29 | 210.86 | 6.16 | -14.60 | 91.9 | 40.87 | -18.48 | 89.97 | 65.18 | -18.48 | 89.96 | 65.18 | -4.29 | 66.09 | 57.36 | -0.45 | 75.81 | 74.14 | 0.04 | 300.0 | 0.0 | 16.53 | 132.14 | 221.9 | 386.24 | -20.51 | 2.37 | 81.82 | -16.88 | 77.74 | 22.73 | 1354.55 | -57.89 | 40.31 | -59.5 | -8.32 |
| 21Q3 (11) | -39.95 | -478.67 | -162.69 | -180.31 | -108.86 | -701.63 | -184.21 | -115.98 | -739.84 | -184.10 | -115.98 | -745.29 | -12.65 | -55.02 | -229.48 | -1.86 | -51.22 | -176.54 | 0.01 | -50.0 | -85.71 | -51.43 | -2680.0 | -200.49 | 485.91 | 16.76 | 34.69 | 98.44 | -3.66 | -4.69 | 1.56 | 171.88 | 147.66 | 99.54 | 56.68 | 341.61 |
| 21Q2 (10) | 10.55 | -72.87 | -37.54 | -86.33 | -264.57 | -11.19 | -85.29 | -152.86 | -70.55 | -85.24 | -152.26 | -70.65 | -8.16 | -49.45 | -53.96 | -1.23 | -70.83 | -98.39 | 0.02 | -33.33 | 0.0 | -1.85 | -112.69 | -106.58 | 416.15 | 5.45 | 3.35 | 102.17 | 46.6 | -34.61 | -2.17 | -107.17 | 96.14 | 63.53 | 40.09 | 0 |
| 21Q1 (9) | 38.88 | -6.81 | 206.38 | -23.68 | 4.09 | 73.97 | -33.73 | 36.44 | 77.95 | -33.79 | 36.33 | 77.92 | -5.46 | 45.73 | 63.13 | -0.72 | 58.62 | 75.17 | 0.03 | -25.0 | 50.0 | 14.58 | 207.52 | 119.15 | 394.66 | 4.6 | 3.46 | 69.70 | 51.41 | 16.54 | 30.30 | -43.85 | -24.61 | 45.35 | 3.14 | 0 |
| 20Q4 (8) | 41.72 | -34.54 | -16.83 | -24.69 | -182.38 | -159.62 | -53.07 | -284.33 | -133.48 | -53.07 | -286.01 | -133.58 | -10.06 | -202.97 | -149.01 | -1.74 | -171.6 | -222.22 | 0.04 | -42.86 | 0.0 | -13.56 | -126.49 | -192.88 | 377.31 | 4.59 | 22.9 | 46.03 | -55.43 | 9.77 | 53.97 | 1746.03 | -7.05 | 43.97 | 95.08 | 0 |
| 20Q3 (7) | 63.73 | 277.32 | 50.45 | 29.97 | 138.6 | 239.01 | 28.79 | 157.57 | 193.63 | 28.53 | 157.12 | 192.69 | 9.77 | 284.34 | 281.6 | 2.43 | 491.94 | 367.03 | 0.07 | 250.0 | 75.0 | 51.18 | 82.01 | 695.96 | 360.76 | -10.41 | 18.41 | 103.28 | -33.9 | 48.03 | -3.28 | 94.17 | -110.84 | 22.54 | 0 | -43.64 |
| 20Q2 (6) | 16.89 | 33.1 | -62.16 | -77.64 | 14.66 | -288.59 | -50.01 | 67.3 | -20.94 | -49.95 | 67.35 | -20.39 | -5.30 | 64.21 | 17.57 | -0.62 | 78.62 | 40.38 | 0.02 | 0.0 | -50.0 | 28.12 | 136.94 | 434.6 | 402.67 | 5.56 | 41.96 | 156.25 | 161.27 | 218.29 | -56.25 | -239.94 | -210.49 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 12.69 | -74.7 | -67.52 | -90.98 | -856.68 | -331.18 | -152.94 | -572.86 | -238.51 | -153.00 | -573.42 | -236.41 | -14.81 | -266.58 | -118.76 | -2.90 | -437.04 | -90.79 | 0.02 | -50.0 | -50.0 | -76.12 | -621.37 | -855.08 | 381.47 | 24.25 | 43.55 | 59.80 | 42.61 | 27.86 | 40.20 | -30.77 | -24.48 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 50.16 | 18.41 | 0.0 | -9.51 | 55.89 | 0.0 | -22.73 | 26.08 | 0.0 | -22.72 | 26.19 | 0.0 | -4.04 | 24.91 | 0.0 | -0.54 | 40.66 | 0.0 | 0.04 | 0.0 | 0.0 | 14.60 | 127.06 | 0.0 | 307.01 | 0.77 | 0.0 | 41.94 | -39.89 | 0.0 | 58.06 | 92.06 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 42.36 | -5.11 | 0.0 | -21.56 | -7.91 | 0.0 | -30.75 | 25.63 | 0.0 | -30.78 | 25.81 | 0.0 | -5.38 | 16.33 | 0.0 | -0.91 | 12.5 | 0.0 | 0.04 | 0.0 | 0.0 | 6.43 | 22.24 | 0.0 | 304.67 | 7.41 | 0.0 | 69.77 | 42.12 | 0.0 | 30.23 | -40.61 | 0.0 | 39.99 | -1.33 | 0.0 |
| 19Q2 (2) | 44.64 | 14.26 | 0.0 | -19.98 | 5.31 | 0.0 | -41.35 | 8.48 | 0.0 | -41.49 | 8.77 | 0.0 | -6.43 | 5.02 | 0.0 | -1.04 | 31.58 | 0.0 | 0.04 | 0.0 | 0.0 | 5.26 | 166.0 | 0.0 | 283.66 | 6.74 | 0.0 | 49.09 | 4.95 | 0.0 | 50.91 | -4.35 | 0.0 | 40.53 | 3.29 | 0.0 |
| 19Q1 (1) | 39.07 | 0.0 | 0.0 | -21.10 | 0.0 | 0.0 | -45.18 | 0.0 | 0.0 | -45.48 | 0.0 | 0.0 | -6.77 | 0.0 | 0.0 | -1.52 | 0.0 | 0.0 | 0.04 | 0.0 | 0.0 | -7.97 | 0.0 | 0.0 | 265.74 | 0.0 | 0.0 | 46.77 | 0.0 | 0.0 | 53.23 | 0.0 | 0.0 | 39.24 | 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) | 47.96 | 8.19 | -2.31 | 0 | 19.00 | -24.96 | -8.61 | 0 | -8.61 | 0 | -8.22 | 0 | -0.37 | 0 | 0.21 | 23.53 | 19.00 | 11.18 | 296.08 | -33.06 | 27.08 | -46.45 | 72.92 | 47.53 | 0.04 | 0 | 35.18 | -6.11 |
| 2022 (9) | 44.33 | 63.94 | -9.31 | 0 | 25.32 | -37.02 | -18.32 | 0 | -18.32 | 0 | -16.29 | 0 | -1.78 | 0 | 0.17 | 54.55 | 17.09 | 248.78 | 442.31 | 14.52 | 50.57 | -44.37 | 49.43 | 443.68 | 0.00 | 0 | 37.47 | -28.95 |
| 2021 (8) | 27.04 | -38.73 | -48.98 | 0 | 40.20 | 41.15 | -53.93 | 0 | -53.93 | 0 | -27.98 | 0 | -4.23 | 0 | 0.11 | -26.67 | 4.90 | -61.81 | 386.24 | 2.37 | 90.91 | 61.75 | 9.09 | -79.24 | 0.00 | 0 | 52.74 | 32.41 |
| 2020 (7) | 44.13 | 0.23 | -16.66 | 0 | 28.48 | 14.75 | -29.65 | 0 | -29.77 | 0 | -19.95 | 0 | -2.86 | 0 | 0.15 | -11.76 | 12.83 | 181.36 | 377.31 | 22.9 | 56.20 | 9.0 | 43.80 | -9.58 | 0.03 | 6.87 | 39.83 | 4.95 |
| 2019 (6) | 44.03 | -2.97 | -18.05 | 0 | 24.82 | 10.92 | -34.95 | 0 | -35.06 | 0 | -22.21 | 0 | -4.01 | 0 | 0.17 | 0.0 | 4.56 | -75.0 | 307.01 | 27.94 | 51.56 | -46.96 | 48.44 | 1207.81 | 0.03 | -64.74 | 37.95 | 1.58 |
| 2018 (5) | 45.38 | -1.2 | -18.00 | 0 | 22.38 | -25.19 | -18.60 | 0 | -18.60 | 0 | -10.61 | 0 | -1.26 | 0 | 0.17 | -5.56 | 18.24 | 174.29 | 239.97 | 7.61 | 97.22 | 125.84 | 3.70 | -93.5 | 0.09 | 0 | 37.36 | -26.62 |
| 2017 (4) | 45.93 | 0.57 | -14.47 | 0 | 29.91 | -8.52 | -33.72 | 0 | -49.20 | 0 | -17.97 | 0 | -4.67 | 0 | 0.18 | 0.0 | 6.65 | -44.95 | 223.00 | 35.23 | 43.05 | -37.13 | 56.95 | 80.64 | 0.00 | 0 | 50.91 | -16.7 |
| 2016 (3) | 45.67 | -12.14 | -20.45 | 0 | 32.70 | 106.67 | -29.91 | 0 | -51.32 | 0 | -12.79 | 0 | -3.96 | 0 | 0.18 | -51.35 | 12.08 | 0 | 164.91 | 32.76 | 68.47 | -29.33 | 31.53 | 915.17 | 0.00 | 0 | 61.12 | 113.11 |
| 2015 (2) | 51.98 | 1.5 | -20.30 | 0 | 15.82 | -3.05 | -20.97 | 0 | -20.98 | 0 | -16.80 | 0 | -6.47 | 0 | 0.37 | 5.71 | -0.91 | 0 | 124.22 | 10.46 | 96.89 | 1.48 | 3.11 | -31.26 | 0.00 | 0 | 28.68 | 1.31 |
| 2014 (1) | 51.21 | 0 | -20.13 | 0 | 16.32 | -3.85 | -21.08 | 0 | -21.09 | 0 | -14.85 | 0 | -6.26 | 0 | 0.35 | 9.37 | -0.76 | 0 | 112.46 | 22.93 | 95.48 | -8.16 | 4.52 | 0 | 0.00 | 0 | 28.31 | -5.32 |
