- 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) | 88.68 | 21.1 | 20.54 | -13.41 | -155.43 | 25.87 | -47.40 | -243.25 | -293.69 | -38.41 | -217.71 | -229.13 | -2.93 | -204.64 | -240.7 | -1.08 | -193.1 | -414.29 | 0.03 | 0.0 | 0.0 | -18.70 | -132.73 | -238.52 | 142.11 | 3.59 | -15.34 | 28.23 | 282.53 | -80.96 | 71.77 | -38.39 | 248.68 | 36.81 | 23.03 | 3.17 |
| 23Q3 (19) | 73.23 | -3.68 | -0.57 | -5.25 | 28.47 | -159.9 | 33.09 | 2726.19 | 2645.38 | 32.63 | 1997.09 | 5725.86 | 2.80 | 2253.85 | 4100.0 | 1.16 | 1833.33 | 954.55 | 0.03 | 0.0 | -25.0 | 57.14 | 176.17 | 111.32 | 137.19 | -30.94 | -27.39 | -15.46 | -102.44 | -110.31 | 116.49 | 121.84 | 332.99 | 29.92 | -11.16 | 27.37 |
| 23Q2 (18) | 76.03 | 1.92 | 35.74 | -7.34 | 28.81 | 87.73 | -1.26 | 84.62 | 98.07 | -1.72 | 74.06 | 96.82 | -0.13 | 74.51 | 96.47 | 0.06 | 185.71 | 105.26 | 0.03 | 0.0 | 50.0 | 20.69 | 21.78 | 246.63 | 198.66 | 11.24 | -0.66 | 633.33 | 392.59 | 592.1 | -533.33 | -1766.67 | -6381.48 | 33.68 | -0.91 | -26.29 |
| 23Q1 (17) | 74.60 | 1.4 | 6.97 | -10.31 | 43.01 | 52.14 | -8.19 | 31.98 | 66.14 | -6.63 | 43.19 | 68.64 | -0.51 | 40.7 | 77.03 | -0.07 | 66.67 | 90.14 | 0.03 | 0.0 | -25.0 | 16.99 | 25.85 | 131.47 | 178.59 | 6.4 | -0.61 | 128.57 | -13.29 | 44.64 | -28.57 | 40.82 | -357.14 | 33.99 | -4.74 | 11.19 |
| 22Q4 (16) | 73.57 | -0.11 | 1.69 | -18.09 | -795.54 | -62.39 | -12.04 | -826.15 | -70.3 | -11.67 | -1912.07 | -110.65 | -0.86 | -1128.57 | -53.57 | -0.21 | -290.91 | -23.53 | 0.03 | -25.0 | -25.0 | 13.50 | -50.07 | -44.44 | 167.85 | -11.17 | -3.41 | 148.28 | -1.15 | -4.68 | -48.28 | 3.45 | 13.1 | 35.68 | 51.89 | 63.52 |
| 22Q3 (15) | 73.65 | 31.49 | 29.78 | -2.02 | 96.62 | 96.9 | -1.30 | 98.0 | 96.65 | -0.58 | 98.93 | 98.06 | -0.07 | 98.1 | 96.15 | 0.11 | 109.65 | 112.79 | 0.04 | 100.0 | 33.33 | 27.04 | 291.64 | 278.71 | 188.95 | -5.51 | 86.95 | 150.00 | 63.92 | -10.0 | -50.00 | -688.89 | 26.83 | 23.49 | -48.59 | -45.83 |
| 22Q2 (14) | 56.01 | -19.69 | 0.34 | -59.80 | -177.62 | 11.76 | -65.13 | -169.24 | -11.6 | -54.08 | -155.82 | -14.09 | -3.68 | -65.77 | -32.85 | -1.14 | -60.56 | 24.0 | 0.02 | -50.0 | -33.33 | -14.11 | -292.23 | 14.22 | 199.97 | 11.29 | 123.58 | 91.51 | 2.95 | -20.93 | 8.49 | -23.58 | 153.98 | 45.69 | 49.46 | -10.9 |
| 22Q1 (13) | 69.74 | -3.61 | -3.23 | -21.54 | -93.36 | -104.95 | -24.19 | -242.15 | -120.91 | -21.14 | -281.59 | -111.19 | -2.22 | -296.43 | -131.25 | -0.71 | -317.65 | -44.9 | 0.04 | 0.0 | -33.33 | 7.34 | -69.79 | -48.42 | 179.69 | 3.4 | 185.9 | 88.89 | -42.86 | -7.82 | 11.11 | 120.0 | 211.11 | 30.57 | 40.1 | -9.5 |
| 21Q4 (12) | 72.35 | 27.49 | -0.08 | -11.14 | 82.93 | -228.61 | -7.07 | 81.8 | -271.19 | -5.54 | 81.5 | -200.54 | -0.56 | 69.23 | -201.82 | -0.17 | 80.23 | -138.64 | 0.04 | 33.33 | -33.33 | 24.30 | 240.34 | -11.57 | 173.78 | 71.94 | 176.54 | 155.56 | -6.67 | 290.12 | -55.56 | 18.7 | -130.56 | 21.82 | -49.68 | -24.21 |
| 21Q3 (11) | 56.75 | 1.67 | -27.79 | -65.26 | 3.7 | -401.15 | -38.84 | 33.45 | -251.54 | -29.94 | 36.84 | -244.15 | -1.82 | 34.3 | -156.17 | -0.86 | 42.67 | -137.72 | 0.03 | 0.0 | -72.73 | 7.14 | 143.4 | -81.87 | 101.07 | 13.0 | 108.61 | 166.67 | 44.01 | 95.97 | -68.33 | -334.4 | -530.1 | 43.36 | -15.44 | 110.69 |
| 21Q2 (10) | 55.82 | -22.55 | -17.11 | -67.77 | -544.81 | -226.6 | -58.36 | -432.97 | -694.01 | -47.40 | -373.53 | -1358.46 | -2.77 | -188.54 | -965.38 | -1.50 | -206.12 | -837.5 | 0.03 | -50.0 | -50.0 | -16.45 | -215.6 | -192.11 | 89.44 | 42.31 | 121.55 | 115.73 | 20.02 | -59.75 | -15.73 | -540.45 | 91.61 | 51.28 | 51.81 | 0 |
| 21Q1 (9) | 72.07 | -0.47 | 9.75 | -10.51 | -210.03 | 41.77 | -10.95 | -365.13 | 34.74 | -10.01 | -281.67 | 30.05 | -0.96 | -274.55 | 26.15 | -0.49 | -211.36 | 48.42 | 0.06 | 0.0 | -14.29 | 14.23 | -48.22 | 177.93 | 62.85 | 0.02 | 86.33 | 96.43 | 217.86 | -9.86 | 3.57 | -98.04 | 151.19 | 33.78 | 17.33 | 4.78 |
| 20Q4 (8) | 72.41 | -7.86 | -3.08 | -3.39 | -115.64 | -546.05 | 4.13 | -83.89 | 221.47 | 5.51 | -73.47 | 220.83 | 0.55 | -83.02 | 212.24 | 0.44 | -80.7 | 225.71 | 0.06 | -45.45 | -25.0 | 27.48 | -30.22 | 86.81 | 62.84 | 29.7 | 96.87 | -81.82 | -196.2 | -309.09 | 181.82 | 1044.39 | 39.86 | 28.79 | 39.89 | 13.84 |
| 20Q3 (7) | 78.59 | 16.71 | 3.18 | 21.67 | 204.43 | 29.61 | 25.63 | 448.71 | 44.39 | 20.77 | 739.08 | 44.24 | 3.24 | 1346.15 | 64.47 | 2.28 | 1525.0 | 50.99 | 0.11 | 83.33 | 10.0 | 39.38 | 120.49 | 23.56 | 48.45 | 20.01 | 65.08 | 85.05 | -70.42 | -11.03 | 15.89 | 108.47 | 170.09 | 20.58 | 0 | -2.79 |
| 20Q2 (6) | 67.34 | 2.54 | -4.51 | -20.75 | -14.96 | -1240.11 | -7.35 | 56.2 | -171.92 | -3.25 | 77.29 | -137.62 | -0.26 | 80.0 | -127.37 | -0.16 | 83.16 | -122.22 | 0.06 | -14.29 | -25.0 | 17.86 | 248.83 | -37.29 | 40.37 | 19.69 | 14.56 | 287.50 | 168.75 | 1433.33 | -187.50 | -2587.5 | -322.22 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 65.67 | -12.1 | -11.79 | -18.05 | -2475.0 | -3442.59 | -16.78 | -393.53 | -884.11 | -14.31 | -213.82 | -899.44 | -1.30 | -165.31 | -784.21 | -0.95 | -171.43 | -693.75 | 0.07 | -12.5 | -12.5 | 5.12 | -65.19 | -77.72 | 33.73 | 5.67 | 3.47 | 106.98 | 634.88 | 274.42 | -6.98 | -105.37 | -109.77 | 32.24 | 27.48 | 30.58 |
| 19Q4 (4) | 74.71 | -1.92 | 0.0 | 0.76 | -95.45 | 0.0 | -3.40 | -119.15 | 0.0 | -4.56 | -131.67 | 0.0 | -0.49 | -124.87 | 0.0 | -0.35 | -123.18 | 0.0 | 0.08 | -20.0 | 0.0 | 14.71 | -53.84 | 0.0 | 31.92 | 8.76 | 0.0 | -20.00 | -120.92 | 0.0 | 130.00 | 2110.0 | 0.0 | 25.29 | 19.46 | 0.0 |
| 19Q3 (3) | 76.17 | 8.01 | 0.0 | 16.72 | 818.68 | 0.0 | 17.75 | 73.68 | 0.0 | 14.40 | 66.67 | 0.0 | 1.97 | 107.37 | 0.0 | 1.51 | 109.72 | 0.0 | 0.10 | 25.0 | 0.0 | 31.87 | 11.9 | 0.0 | 29.35 | -16.71 | 0.0 | 95.59 | 409.8 | 0.0 | 5.88 | -93.03 | 0.0 | 21.17 | -12.95 | 0.0 |
| 19Q2 (2) | 70.52 | -5.28 | 0.0 | 1.82 | 237.04 | 0.0 | 10.22 | 377.57 | 0.0 | 8.64 | 382.68 | 0.0 | 0.95 | 400.0 | 0.0 | 0.72 | 350.0 | 0.0 | 0.08 | 0.0 | 0.0 | 28.48 | 23.93 | 0.0 | 35.24 | 8.1 | 0.0 | 18.75 | -34.37 | 0.0 | 84.38 | 18.12 | 0.0 | 24.32 | -1.5 | 0.0 |
| 19Q1 (1) | 74.45 | 0.0 | 0.0 | 0.54 | 0.0 | 0.0 | 2.14 | 0.0 | 0.0 | 1.79 | 0.0 | 0.0 | 0.19 | 0.0 | 0.0 | 0.16 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 22.98 | 0.0 | 0.0 | 32.60 | 0.0 | 0.0 | 28.57 | 0.0 | 0.0 | 71.43 | 0.0 | 0.0 | 24.69 | 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) | 78.00 | 12.05 | -8.96 | 0 | 10.96 | 1.77 | -4.76 | 0 | -2.44 | 0 | -0.77 | 0 | 0.20 | 0 | 0.12 | 0.0 | 20.24 | 76.15 | 142.11 | -15.34 | 188.24 | 87.3 | -88.24 | 0 | 11.53 | 7.65 | 33.49 | 4.23 |
| 2022 (9) | 69.61 | 5.15 | -20.95 | 0 | 10.77 | 74.41 | -20.84 | 0 | -17.84 | 0 | -5.84 | 0 | -1.73 | 0 | 0.12 | -20.0 | 11.49 | 12.1 | 167.85 | -3.41 | 100.50 | -24.43 | -0.50 | 0 | 10.71 | -27.48 | 32.13 | -8.64 |
| 2021 (8) | 66.20 | -8.3 | -31.84 | 0 | 6.17 | 123.77 | -23.94 | 0 | -19.42 | 0 | -6.11 | 0 | -2.56 | 0 | 0.15 | -48.28 | 10.25 | -59.0 | 173.78 | 176.54 | 132.99 | 0 | -32.99 | 0 | 14.76 | -19.44 | 35.17 | 26.37 |
| 2020 (7) | 72.19 | -2.55 | -0.89 | 0 | 2.76 | 14.66 | 5.11 | -30.1 | 5.00 | -10.87 | 2.11 | -18.22 | 1.62 | -20.2 | 0.29 | -17.14 | 25.00 | 0.44 | 62.84 | 96.87 | -16.95 | 0 | 118.64 | 400.37 | 18.33 | -22.72 | 27.83 | 17.33 |
| 2019 (6) | 74.08 | 8.48 | 5.59 | 44.44 | 2.41 | 0.56 | 7.31 | -8.74 | 5.61 | -12.21 | 2.58 | -15.96 | 2.03 | -13.62 | 0.35 | 0.0 | 24.89 | -11.36 | 31.92 | -0.5 | 76.29 | 58.13 | 23.71 | -54.18 | 23.72 | -11.41 | 23.72 | 5.0 |
| 2018 (5) | 68.29 | 3.94 | 3.87 | -62.1 | 2.39 | 5.67 | 8.01 | -6.86 | 6.39 | -8.06 | 3.07 | -19.84 | 2.35 | -16.96 | 0.35 | -7.89 | 28.08 | 5.72 | 32.08 | -21.64 | 48.25 | -59.27 | 51.75 | 0 | 26.77 | 0 | 22.59 | 8.29 |
| 2017 (4) | 65.70 | -8.81 | 10.21 | -12.13 | 2.26 | -20.75 | 8.60 | -6.93 | 6.95 | -6.08 | 3.83 | -4.73 | 2.83 | -5.35 | 0.38 | 5.56 | 26.56 | -11.02 | 40.94 | -19.58 | 118.44 | -5.74 | -18.44 | 0 | 0.00 | 0 | 20.86 | -4.75 |
| 2016 (3) | 72.05 | -3.38 | 11.62 | -1.94 | 2.86 | -9.21 | 9.24 | -2.01 | 7.40 | -0.27 | 4.02 | 8.36 | 2.99 | 1.36 | 0.36 | 12.5 | 29.85 | -6.66 | 50.91 | -1.38 | 125.66 | -0.15 | -25.66 | 0 | 0.00 | 0 | 21.90 | -3.44 |
| 2015 (2) | 74.57 | 4.66 | 11.85 | 55.72 | 3.15 | 9.75 | 9.43 | -17.5 | 7.42 | -24.9 | 3.71 | -29.33 | 2.95 | -20.91 | 0.32 | -3.03 | 31.98 | 1.78 | 51.62 | -8.98 | 125.85 | 89.27 | -25.85 | 0 | 0.00 | 0 | 22.68 | -3.08 |
| 2014 (1) | 71.25 | 0 | 7.61 | 0 | 2.87 | -13.26 | 11.43 | 0 | 9.88 | 0 | 5.25 | 0 | 3.73 | 0 | 0.33 | 10.0 | 31.42 | 8.16 | 56.71 | -16.12 | 66.49 | 134.47 | 33.51 | -52.74 | 0.00 | 0 | 23.40 | -1.89 |
