- 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) | 51.41 | 29.17 | 51.47 | 22.46 | 400.22 | 1339.74 | 22.50 | 391.27 | 1420.27 | 18.77 | 430.23 | 1250.36 | 5.51 | 625.0 | 1677.42 | 2.82 | 487.5 | 1075.0 | 0.14 | 40.0 | 40.0 | 33.09 | 68.91 | 100.67 | 99.18 | -7.0 | -13.29 | 100.00 | 0.0 | -50.0 | 0.00 | 0 | 0 | 32.00 | -17.12 | -22.01 |
| 23Q3 (19) | 39.80 | 18.49 | 39700.0 | 4.49 | 405.44 | 109.37 | 4.58 | 745.07 | 109.8 | 3.54 | 2850.0 | 107.42 | 0.76 | 3700.0 | 113.04 | 0.48 | 300.0 | 117.98 | 0.10 | 0.0 | 66.67 | 19.59 | 25.9 | 203.82 | 106.64 | -0.18 | -8.34 | 100.00 | 0.0 | -3.85 | 0.00 | 100.0 | 100.0 | 38.61 | -13.8 | -36.95 |
| 23Q2 (18) | 33.59 | -13.78 | 180.4 | -1.47 | -112.83 | 98.72 | -0.71 | -106.08 | 99.38 | 0.12 | -98.65 | 100.11 | 0.02 | -99.07 | 100.24 | 0.12 | -89.19 | 102.96 | 0.10 | -16.67 | 150.0 | 15.56 | -37.76 | 122.04 | 106.83 | 1.02 | -1.36 | 100.00 | 8.33 | 0.0 | -100.00 | 0 | 0 | 44.79 | 37.69 | -33.58 |
| 23Q1 (17) | 38.96 | 14.79 | 637.88 | 11.46 | 634.62 | 134.2 | 11.68 | 689.19 | 136.41 | 8.92 | 541.73 | 127.42 | 2.16 | 596.77 | 148.43 | 1.11 | 362.5 | 151.15 | 0.12 | 20.0 | 71.43 | 25.00 | 51.61 | 342.95 | 105.75 | -7.55 | 10.88 | 92.31 | -53.85 | -11.71 | 0.00 | 0 | 100.0 | 32.53 | -20.72 | -53.79 |
| 22Q4 (16) | 33.94 | 33840.0 | 308.92 | 1.56 | 103.26 | 104.77 | 1.48 | 103.17 | 104.74 | 1.39 | 102.91 | 104.16 | 0.31 | 105.32 | 107.45 | 0.24 | 108.99 | 112.44 | 0.10 | 66.67 | 66.67 | 16.49 | 187.39 | 317.55 | 114.38 | -1.68 | 8.28 | 200.00 | 92.31 | 100.0 | 0.00 | 100.0 | 100.0 | 41.03 | -33.0 | -22.17 |
| 22Q3 (15) | 0.10 | 100.24 | 100.12 | -47.92 | 58.17 | 73.81 | -46.72 | 59.02 | 74.06 | -47.71 | 58.22 | 73.67 | -5.83 | 29.84 | 28.29 | -2.67 | 34.24 | 30.83 | 0.06 | 50.0 | 200.0 | -18.87 | 73.27 | 83.08 | 116.34 | 7.42 | 5.16 | 104.00 | 4.0 | 1.79 | -4.00 | 0 | -84.0 | 61.24 | -9.18 | -49.12 |
| 22Q2 (14) | -41.78 | -891.29 | 5.48 | -114.57 | -241.9 | 0.63 | -114.02 | -255.42 | -28.37 | -114.18 | -251.0 | -27.43 | -8.31 | -86.32 | -48.92 | -4.06 | -87.1 | -48.18 | 0.04 | -42.86 | 33.33 | -70.59 | -586.01 | -67.63 | 108.30 | 13.56 | 5.51 | 100.00 | -4.35 | -22.73 | -0.00 | 100.0 | 100.0 | 67.43 | -4.22 | -28.35 |
| 22Q1 (13) | 5.28 | -36.39 | -37.14 | -33.51 | -2.51 | -9.87 | -32.08 | -2.82 | -24.0 | -32.53 | 2.69 | -21.52 | -4.46 | -7.21 | -29.28 | -2.17 | -12.44 | -33.95 | 0.07 | 16.67 | 16.67 | -10.29 | -35.75 | -181.15 | 95.37 | -9.71 | 1.53 | 104.55 | 4.55 | -12.18 | -4.55 | 4.55 | 76.14 | 70.40 | 33.54 | 36.51 |
| 21Q4 (12) | 8.30 | 109.72 | -27.57 | -32.69 | 82.14 | -67.38 | -31.20 | 82.68 | -149.6 | -33.43 | 81.55 | -92.9 | -4.16 | 48.83 | -342.55 | -1.93 | 50.0 | -436.11 | 0.06 | 200.0 | 0.0 | -7.58 | 93.2 | -173.88 | 105.63 | -4.52 | -5.32 | 100.00 | -2.13 | -33.33 | -4.76 | -119.05 | 90.48 | 52.72 | -56.19 | 6.03 |
| 21Q3 (11) | -85.42 | -93.26 | -1774.9 | -183.00 | -58.72 | -324.0 | -180.10 | -102.77 | -343.38 | -181.19 | -102.22 | -430.88 | -8.13 | -45.7 | -124.59 | -3.86 | -40.88 | -150.65 | 0.02 | -33.33 | -60.0 | -111.54 | -164.88 | -629.97 | 110.63 | 7.78 | -11.08 | 102.17 | -21.05 | -4.42 | -2.17 | 92.61 | 68.48 | 120.35 | 27.88 | 103.81 |
| 21Q2 (10) | -44.20 | -626.19 | -163.1 | -115.30 | -278.03 | -53.86 | -88.82 | -243.33 | -83.78 | -89.60 | -234.7 | -188.2 | -5.58 | -61.74 | -107.43 | -2.74 | -69.14 | -140.35 | 0.03 | -50.0 | -25.0 | -42.11 | -1050.55 | -184.33 | 102.64 | 9.27 | -16.51 | 129.41 | 8.71 | -17.93 | -29.41 | -54.41 | 45.38 | 94.11 | 82.49 | 0 |
| 21Q1 (9) | 8.40 | -26.7 | -59.32 | -30.50 | -56.17 | -50.47 | -25.87 | -106.96 | -25.89 | -26.77 | -54.47 | 77.91 | -3.45 | -267.02 | -38.55 | -1.62 | -350.0 | -68.75 | 0.06 | 0.0 | 20.0 | -3.66 | -135.67 | -116.84 | 93.93 | -15.8 | -24.89 | 119.05 | -20.63 | 19.05 | -19.05 | 61.9 | 0 | 51.57 | 3.72 | 0 |
| 20Q4 (8) | 11.46 | 124.71 | -70.47 | -19.53 | 54.75 | -263.43 | -12.50 | 69.23 | -197.89 | -17.33 | 49.22 | -278.66 | -0.94 | 74.03 | -132.08 | -0.36 | 76.62 | -130.51 | 0.06 | 20.0 | -45.45 | 10.26 | 167.15 | -70.22 | 111.56 | -10.34 | -34.18 | 150.00 | 40.32 | 60.71 | -50.00 | -625.0 | -850.0 | 49.72 | -15.8 | 76.12 |
| 20Q3 (7) | 5.10 | 130.36 | -74.46 | -43.16 | 42.41 | -200.56 | -40.62 | 15.95 | -160.89 | -34.13 | -9.78 | -266.99 | -3.62 | -34.57 | -60.89 | -1.54 | -35.09 | -129.85 | 0.05 | 25.0 | -44.44 | -15.28 | -3.17 | -220.31 | 124.42 | 1.2 | -32.31 | 106.90 | -32.21 | 14.81 | -6.90 | 87.19 | -200.0 | 59.05 | 0 | 32.46 |
| 20Q2 (6) | -16.80 | -181.36 | -177.99 | -74.94 | -269.71 | -475.13 | -48.33 | -135.18 | -233.54 | -31.09 | 74.34 | -106.85 | -2.69 | -8.03 | 23.36 | -1.14 | -18.75 | 0.0 | 0.04 | -20.0 | -50.0 | -14.81 | -168.12 | -211.35 | 122.94 | -1.7 | -33.26 | 157.69 | 57.69 | 77.4 | -53.85 | 0 | -584.62 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 20.65 | -46.79 | -27.47 | -20.27 | -269.62 | -928.93 | -20.55 | -260.92 | -580.46 | -121.18 | -1349.28 | -3031.27 | -2.49 | -184.98 | -149.0 | -0.96 | -181.36 | -220.0 | 0.05 | -54.55 | -54.55 | 21.74 | -36.89 | 0.18 | 125.06 | -26.21 | -28.89 | 100.00 | 7.14 | 50.0 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 38.81 | 94.34 | 0.0 | 11.95 | 183.22 | 0.0 | 12.77 | 182.02 | 0.0 | 9.70 | 204.3 | 0.0 | 2.93 | 230.22 | 0.0 | 1.18 | 276.12 | 0.0 | 0.11 | 22.22 | 0.0 | 34.45 | 171.26 | 0.0 | 169.49 | -7.79 | 0.0 | 93.33 | 0.25 | 0.0 | 6.67 | -3.33 | 0.0 | 28.23 | -36.68 | 0.0 |
| 19Q3 (3) | 19.97 | -7.29 | 0.0 | -14.36 | -10.21 | 0.0 | -15.57 | -7.45 | 0.0 | -9.30 | 38.12 | 0.0 | -2.25 | 35.9 | 0.0 | -0.67 | 41.23 | 0.0 | 0.09 | 12.5 | 0.0 | 12.70 | -4.51 | 0.0 | 183.80 | -0.22 | 0.0 | 93.10 | 4.74 | 0.0 | 6.90 | -37.93 | 0.0 | 44.58 | -4.09 | 0.0 |
| 19Q2 (2) | 21.54 | -24.34 | 0.0 | -13.03 | -561.42 | 0.0 | -14.49 | -379.8 | 0.0 | -15.03 | -288.37 | 0.0 | -3.51 | -251.0 | 0.0 | -1.14 | -280.0 | 0.0 | 0.08 | -27.27 | 0.0 | 13.30 | -38.71 | 0.0 | 184.20 | 4.74 | 0.0 | 88.89 | 33.33 | 0.0 | 11.11 | -66.67 | 0.0 | 46.48 | 13.48 | 0.0 |
| 19Q1 (1) | 28.47 | 0.0 | 0.0 | -1.97 | 0.0 | 0.0 | -3.02 | 0.0 | 0.0 | -3.87 | 0.0 | 0.0 | -1.00 | 0.0 | 0.0 | -0.30 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 21.70 | 0.0 | 0.0 | 175.86 | 0.0 | 0.0 | 66.67 | 0.0 | 0.0 | 33.33 | 0.0 | 0.0 | 40.96 | 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) | 41.96 | 377.36 | 10.67 | 0 | 12.04 | -42.54 | 10.91 | 0 | 8.98 | 0 | 8.47 | 0 | 4.51 | 0 | 0.46 | 84.0 | 24.31 | 0 | 99.18 | -13.29 | 97.87 | -4.4 | 2.13 | 0 | 0.00 | 0 | 36.29 | -36.14 |
| 2022 (9) | 8.79 | 0 | -34.09 | 0 | 20.95 | -28.71 | -33.41 | 0 | -33.80 | 0 | -17.92 | 0 | -8.27 | 0 | 0.25 | 47.06 | -10.28 | 0 | 114.38 | 8.28 | 102.38 | -9.58 | -2.38 | 0 | 0.11 | -44.57 | 56.83 | -16.28 |
| 2021 (8) | -12.42 | 0 | -64.84 | 0 | 29.38 | -1.16 | -57.47 | 0 | -58.79 | 0 | -21.43 | 0 | -9.95 | 0 | 0.17 | 0.0 | -25.12 | 0 | 105.63 | -5.32 | 113.22 | -10.28 | -13.22 | 0 | 0.19 | -34.78 | 67.88 | 6.81 |
| 2020 (7) | 7.56 | -72.94 | -35.69 | 0 | 29.73 | 28.05 | -28.43 | 0 | -56.04 | 0 | -9.26 | 0 | -3.58 | 0 | 0.17 | -63.04 | 3.72 | -82.62 | 111.56 | -34.18 | 126.19 | 54.23 | -26.19 | 0 | 0.29 | -21.01 | 63.55 | 61.42 |
| 2019 (6) | 27.94 | 9.1 | -3.30 | 0 | 23.22 | 122.45 | -3.94 | 0 | -3.73 | 0 | -3.79 | 0 | -1.12 | 0 | 0.46 | -19.3 | 21.40 | 364.21 | 169.49 | 122.57 | 81.82 | -18.18 | 15.15 | 0 | 0.37 | -32.83 | 39.37 | -5.41 |
| 2018 (5) | 25.61 | -16.85 | -6.79 | 0 | 10.44 | 43.87 | -6.80 | 0 | -6.92 | 0 | -6.62 | 0 | -3.76 | 0 | 0.57 | -9.52 | 4.61 | -43.44 | 76.15 | 28.11 | 100.00 | 0 | -0.00 | 0 | 0.55 | 0 | 41.62 | 1.39 |
| 2017 (4) | 30.80 | -10.15 | -0.02 | 0 | 7.25 | 7.61 | 0.11 | -96.55 | -0.85 | 0 | -0.84 | 0 | -0.43 | 0 | 0.63 | -5.97 | 8.15 | -24.04 | 59.44 | 7.54 | 0.00 | 0 | 100.00 | 0 | 0.00 | 0 | 41.05 | 7.35 |
| 2016 (3) | 34.28 | -5.33 | 4.05 | -34.78 | 6.74 | 0.73 | 3.19 | -54.03 | 2.41 | -66.1 | 2.55 | -68.48 | 1.71 | -66.27 | 0.67 | -4.29 | 10.73 | -26.25 | 55.27 | -5.68 | 129.03 | 45.16 | -25.81 | 0 | 0.00 | 0 | 38.24 | -1.37 |
| 2015 (2) | 36.21 | -0.88 | 6.21 | 40.82 | 6.69 | 4.95 | 6.94 | 43.39 | 7.11 | 96.41 | 8.09 | 89.02 | 5.07 | 93.51 | 0.70 | 2.94 | 14.55 | -0.95 | 58.60 | -14.74 | 88.89 | -3.38 | 11.11 | 38.89 | 0.00 | 0 | 38.77 | 0.0 |
| 2014 (1) | 36.53 | 0 | 4.41 | 0 | 6.38 | 246.83 | 4.84 | 0 | 3.62 | 0 | 4.28 | 0 | 2.62 | 0 | 0.68 | 9.68 | 14.69 | 18.85 | 68.73 | -13.01 | 92.00 | 57.17 | 8.00 | -80.71 | 0.00 | 0 | 38.77 | 0.1 |
