- 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) | 21.98 | -30.62 | -14.84 | -13.40 | -269.84 | -283.56 | -16.52 | -274.81 | -467.11 | -11.49 | -274.36 | -422.75 | -2.86 | -234.91 | -267.25 | -1.85 | -234.06 | -285.0 | 0.17 | -15.0 | -34.62 | -11.46 | -186.1 | -253.62 | 46.56 | -10.94 | -35.73 | 81.25 | -6.56 | -49.22 | 18.75 | 7.81 | 131.25 | 26.93 | 29.1 | 49.86 |
| 23Q3 (19) | 31.68 | 14.16 | 23.9 | 7.89 | 25.44 | 74.94 | 9.45 | -1.77 | -7.53 | 6.59 | -8.47 | -16.9 | 2.12 | -20.0 | -52.89 | 1.38 | -16.36 | -39.74 | 0.20 | -9.09 | -28.57 | 13.31 | 1.45 | 1.14 | 52.28 | -23.14 | -49.23 | 86.96 | 30.43 | 102.9 | 17.39 | -47.83 | -69.57 | 20.86 | 4.82 | 9.04 |
| 23Q2 (18) | 27.75 | 7.39 | 17.39 | 6.29 | 27.59 | 26.81 | 9.62 | 208.33 | 20.55 | 7.20 | 380.0 | 13.56 | 2.65 | 373.21 | -28.57 | 1.65 | 323.08 | -7.82 | 0.22 | 0.0 | -18.52 | 13.12 | 98.79 | 18.84 | 68.02 | 6.25 | -37.84 | 66.67 | -57.14 | 5.88 | 33.33 | 160.0 | -10.0 | 19.90 | 2.68 | 6.53 |
| 23Q1 (17) | 25.84 | 0.12 | 25.32 | 4.93 | -32.47 | 222.22 | 3.12 | -30.67 | 4.0 | 1.50 | -57.87 | -28.57 | 0.56 | -67.25 | -52.54 | 0.39 | -61.0 | -35.0 | 0.22 | -15.38 | -15.38 | 6.60 | -11.53 | 8.73 | 64.02 | -11.62 | -46.68 | 155.56 | -2.78 | 180.0 | -55.56 | 7.41 | -200.0 | 19.38 | 7.85 | -4.34 |
| 22Q4 (16) | 25.81 | 0.94 | 64.39 | 7.30 | 61.86 | 191.48 | 4.50 | -55.97 | 131.69 | 3.56 | -55.11 | 125.8 | 1.71 | -62.0 | 121.01 | 1.00 | -56.33 | 125.91 | 0.26 | -7.14 | -7.14 | 7.46 | -43.31 | 165.55 | 72.44 | -29.65 | -39.13 | 160.00 | 273.33 | 178.52 | -60.00 | -205.0 | -234.29 | 17.97 | -6.06 | -30.48 |
| 22Q3 (15) | 25.57 | 8.16 | 38.67 | 4.51 | -9.07 | 345.11 | 10.22 | 28.07 | 886.15 | 7.93 | 25.08 | 502.54 | 4.50 | 21.29 | 532.69 | 2.29 | 27.93 | 587.23 | 0.28 | 3.7 | 7.69 | 13.16 | 19.2 | 722.5 | 102.97 | -5.89 | 6.07 | 42.86 | -31.93 | -71.43 | 57.14 | 54.29 | 214.29 | 19.13 | 2.41 | -10.36 |
| 22Q2 (14) | 23.64 | 14.65 | 37.12 | 4.96 | 224.18 | 261.04 | 7.98 | 166.0 | 296.07 | 6.34 | 201.9 | 252.4 | 3.71 | 214.41 | 274.18 | 1.79 | 198.33 | 275.49 | 0.27 | 3.85 | 3.85 | 11.04 | 81.88 | 1238.14 | 109.42 | -8.87 | 2.59 | 62.96 | 13.33 | -9.05 | 37.04 | -33.33 | 60.49 | 18.68 | -7.8 | -9.89 |
| 22Q1 (13) | 20.62 | 31.34 | 46.34 | 1.53 | 119.17 | 120.99 | 3.00 | 121.13 | 149.75 | 2.10 | 115.22 | 132.06 | 1.18 | 114.5 | 141.4 | 0.60 | 115.54 | 143.17 | 0.26 | -7.14 | 18.18 | 6.07 | 153.34 | 333.46 | 120.07 | 0.9 | 25.78 | 55.56 | -3.29 | -55.56 | 55.56 | 24.34 | 396.3 | 20.26 | -21.62 | -8.24 |
| 21Q4 (12) | 15.70 | -14.86 | -10.13 | -7.98 | -333.7 | -163.37 | -14.20 | -992.31 | -853.02 | -13.80 | -600.51 | -15433.33 | -8.14 | -682.69 | -16380.0 | -3.86 | -721.28 | -5614.29 | 0.28 | 7.69 | 12.0 | -11.38 | -811.25 | -968.7 | 119.00 | 22.58 | 17.52 | 57.45 | -61.7 | -68.09 | 44.68 | 189.36 | 144.68 | 25.85 | 21.13 | 30.69 |
| 21Q3 (11) | 18.44 | 6.96 | -5.44 | -1.84 | 40.26 | -61.4 | -1.30 | 68.06 | 39.53 | -1.97 | 52.64 | 13.22 | -1.04 | 51.17 | 0.95 | -0.47 | 53.92 | 11.32 | 0.26 | 0.0 | 4.0 | 1.60 | 264.95 | 125.35 | 97.08 | -8.98 | 0.74 | 150.00 | 116.67 | 200.0 | -50.00 | -316.67 | -200.0 | 21.34 | 2.94 | 0.9 |
| 21Q2 (10) | 17.24 | 22.36 | -32.29 | -3.08 | 57.75 | -206.94 | -4.07 | 32.5 | -214.33 | -4.16 | 36.49 | -304.93 | -2.13 | 25.26 | -387.84 | -1.02 | 26.62 | -312.5 | 0.26 | 18.18 | 18.18 | -0.97 | 62.69 | -115.04 | 106.66 | 11.73 | 51.98 | 69.23 | -44.62 | -7.69 | 23.08 | 223.08 | 84.62 | 20.73 | -6.11 | 0 |
| 21Q1 (9) | 14.09 | -19.35 | -20.35 | -7.29 | -140.59 | -31.12 | -6.03 | -304.7 | -62.53 | -6.55 | -7377.78 | -47.52 | -2.85 | -5800.0 | -141.53 | -1.39 | -2085.71 | -95.77 | 0.22 | -12.0 | 29.41 | -2.60 | -298.47 | -519.35 | 95.46 | -5.73 | 50.31 | 125.00 | -30.56 | -16.67 | -18.75 | 81.25 | 62.5 | 22.08 | 11.63 | 0 |
| 20Q4 (8) | 17.47 | -10.41 | -15.89 | -3.03 | -165.79 | -204.12 | -1.49 | 30.7 | -182.32 | 0.09 | 103.96 | -92.37 | 0.05 | 104.76 | -90.0 | 0.07 | 113.21 | -81.58 | 0.25 | 0.0 | -7.41 | 1.31 | 84.51 | -71.95 | 101.26 | 5.07 | 80.24 | 180.00 | 260.0 | 28.57 | -100.00 | -300.0 | -66.67 | 19.78 | -6.48 | 4.27 |
| 20Q3 (7) | 19.50 | -23.41 | -11.72 | -1.14 | -139.58 | -293.22 | -2.15 | -160.39 | -154.71 | -2.27 | -211.82 | -176.17 | -1.05 | -241.89 | -197.22 | -0.53 | -210.42 | -172.6 | 0.25 | 13.64 | 8.7 | 0.71 | -88.99 | -89.5 | 96.37 | 37.32 | 75.6 | 50.00 | -33.33 | 350.0 | 50.00 | 300.0 | -35.71 | 21.15 | 0 | 1.05 |
| 20Q2 (6) | 25.46 | 43.92 | 21.24 | 2.88 | 151.8 | 113.33 | 3.56 | 195.96 | 37.98 | 2.03 | 145.72 | 23.03 | 0.74 | 162.71 | 13.85 | 0.48 | 167.61 | 9.09 | 0.22 | 29.41 | -12.0 | 6.45 | 940.32 | 21.01 | 70.18 | 10.5 | 22.8 | 75.00 | -50.0 | 50.0 | 12.50 | 125.0 | -75.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 17.69 | -14.83 | -16.95 | -5.56 | -291.07 | -320.63 | -3.71 | -304.97 | -552.44 | -4.44 | -476.27 | -1807.69 | -1.18 | -336.0 | -1172.73 | -0.71 | -286.84 | -745.45 | 0.17 | -37.04 | -37.04 | 0.62 | -86.72 | -81.55 | 63.51 | 13.05 | -0.49 | 150.00 | 7.14 | -57.14 | -50.00 | 16.67 | 80.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 20.77 | -5.98 | 0.0 | 2.91 | 393.22 | 0.0 | 1.81 | -53.94 | 0.0 | 1.18 | -60.4 | 0.0 | 0.50 | -53.7 | 0.0 | 0.38 | -47.95 | 0.0 | 0.27 | 17.39 | 0.0 | 4.67 | -30.92 | 0.0 | 56.18 | 2.37 | 0.0 | 140.00 | 1160.0 | 0.0 | -60.00 | -177.14 | 0.0 | 18.97 | -9.36 | 0.0 |
| 19Q3 (3) | 22.09 | 5.19 | 0.0 | 0.59 | -56.3 | 0.0 | 3.93 | 52.33 | 0.0 | 2.98 | 80.61 | 0.0 | 1.08 | 66.15 | 0.0 | 0.73 | 65.91 | 0.0 | 0.23 | -8.0 | 0.0 | 6.76 | 26.83 | 0.0 | 54.88 | -3.97 | 0.0 | 11.11 | -77.78 | 0.0 | 77.78 | 55.56 | 0.0 | 20.93 | -2.83 | 0.0 |
| 19Q2 (2) | 21.00 | -1.41 | 0.0 | 1.35 | -46.43 | 0.0 | 2.58 | 214.63 | 0.0 | 1.65 | 534.62 | 0.0 | 0.65 | 490.91 | 0.0 | 0.44 | 300.0 | 0.0 | 0.25 | -7.41 | 0.0 | 5.33 | 58.63 | 0.0 | 57.15 | -10.45 | 0.0 | 50.00 | -85.71 | 0.0 | 50.00 | 120.0 | 0.0 | 21.54 | 11.32 | 0.0 |
| 19Q1 (1) | 21.30 | 0.0 | 0.0 | 2.52 | 0.0 | 0.0 | 0.82 | 0.0 | 0.0 | 0.26 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 0.27 | 0.0 | 0.0 | 3.36 | 0.0 | 0.0 | 63.82 | 0.0 | 0.0 | 350.00 | 0.0 | 0.0 | -250.00 | 0.0 | 0.0 | 19.35 | 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) | 27.07 | 12.93 | 2.55 | -44.81 | 3.47 | 31.19 | 2.75 | -57.69 | 1.87 | -62.97 | 2.47 | -75.71 | 1.79 | -68.09 | 0.83 | -20.95 | 6.63 | -30.28 | 46.56 | -35.73 | 92.86 | 30.91 | 7.14 | -75.43 | 6.04 | 17.88 | 21.32 | 12.27 |
| 2022 (9) | 23.97 | 45.89 | 4.62 | 0 | 2.64 | -5.06 | 6.50 | 0 | 5.05 | 0 | 10.17 | 0 | 5.61 | 0 | 1.05 | 6.06 | 9.51 | 0 | 72.44 | -39.13 | 70.93 | -6.98 | 29.07 | 22.4 | 5.12 | -6.1 | 18.99 | -15.9 |
| 2021 (8) | 16.43 | -17.44 | -5.03 | 0 | 2.78 | -4.41 | -6.56 | 0 | -6.76 | 0 | -14.08 | 0 | -6.53 | 0 | 0.99 | 13.79 | -3.52 | 0 | 119.00 | 17.52 | 76.25 | -54.25 | 23.75 | 0 | 5.45 | -12.61 | 22.58 | 3.91 |
| 2020 (7) | 19.90 | -6.44 | -1.57 | 0 | 2.91 | 15.38 | -0.91 | 0 | -0.91 | 0 | -1.42 | 0 | -0.65 | 0 | 0.87 | -16.35 | 2.18 | -55.87 | 101.26 | 80.24 | 166.67 | 92.98 | -66.67 | 0 | 6.24 | 37.43 | 21.73 | 7.89 |
| 2019 (6) | 21.27 | 11.59 | 1.90 | 0 | 2.52 | 85.06 | 2.21 | 198.65 | 1.45 | 705.56 | 2.35 | 803.85 | 1.67 | 317.5 | 1.04 | 9.47 | 4.94 | 103.29 | 56.18 | -0.11 | 86.36 | 0 | 13.64 | -87.88 | 4.54 | 1.16 | 20.14 | -3.91 |
| 2018 (5) | 19.06 | -12.89 | -0.11 | 0 | 1.36 | -0.89 | 0.74 | -86.3 | 0.18 | -95.61 | 0.26 | -95.86 | 0.40 | -90.43 | 0.95 | -4.04 | 2.43 | -65.09 | 56.24 | 10.97 | -12.50 | 0 | 112.50 | 653.75 | 4.49 | 0 | 20.96 | 0.82 |
| 2017 (4) | 21.88 | -2.28 | 4.61 | -10.83 | 1.38 | -4.84 | 5.40 | -22.64 | 4.10 | -25.86 | 6.28 | -33.76 | 4.18 | -26.28 | 0.99 | -1.98 | 6.96 | -18.41 | 50.68 | -14.98 | 85.07 | 14.57 | 14.93 | -42.02 | 0.00 | 0 | 20.79 | 4.58 |
| 2016 (3) | 22.39 | 23.7 | 5.17 | 9.3 | 1.45 | 10.06 | 6.98 | -8.04 | 5.53 | -4.66 | 9.48 | -29.04 | 5.67 | -22.44 | 1.01 | -19.2 | 8.53 | -5.12 | 59.61 | -23.67 | 74.26 | 18.5 | 25.74 | -32.26 | 0.00 | 0 | 19.88 | 22.19 |
| 2015 (2) | 18.10 | 14.99 | 4.73 | 18.25 | 1.31 | 4.39 | 7.59 | 67.18 | 5.80 | 47.96 | 13.36 | 19.82 | 7.31 | 27.13 | 1.25 | -11.97 | 8.99 | 50.59 | 78.10 | -15.46 | 62.67 | -28.88 | 38.00 | 219.83 | 0.00 | 0 | 16.27 | 15.55 |
| 2014 (1) | 15.74 | 0 | 4.00 | 0 | 1.26 | -19.15 | 4.54 | 0 | 3.92 | 0 | 11.15 | 0 | 5.75 | 0 | 1.42 | 15.45 | 5.97 | 0 | 92.38 | -15.63 | 88.12 | -20.48 | 11.88 | 0 | 0.00 | 0 | 14.08 | -8.03 |
