- 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) | 19.32 | -44.59 | -61.8 | -14.75 | -646.3 | 51.21 | -300.61 | -2524.27 | -294.24 | -296.62 | -3793.9 | -328.34 | -17.98 | -3625.49 | -661.88 | -14.97 | -3218.75 | -654.44 | 0.05 | 0.0 | 150.0 | -286.79 | -1175.33 | -255.69 | 20.80 | 11.47 | -4.67 | 5.00 | -82.5 | 124.17 | 95.00 | 10.83 | -21.29 | 15.97 | -23.55 | -49.04 |
| 23Q3 (19) | 34.87 | -24.26 | -24.99 | 2.70 | -30.59 | 114.42 | 12.40 | -84.24 | -13.59 | 8.03 | -89.65 | -12.62 | 0.51 | -90.61 | 50.0 | 0.48 | -89.36 | 33.33 | 0.05 | -16.67 | 66.67 | 26.67 | -71.07 | -25.32 | 18.66 | -7.99 | -15.91 | 28.57 | 614.29 | 122.86 | 85.71 | -10.71 | -61.9 | 20.89 | -19.84 | 21.81 |
| 23Q2 (18) | 46.04 | 60.14 | 16.09 | 3.89 | 151.8 | 109.57 | 78.66 | 658.27 | 220.33 | 77.57 | 636.45 | 228.66 | 5.43 | 677.66 | 351.39 | 4.51 | 744.29 | 342.47 | 0.06 | 20.0 | 100.0 | 92.19 | 0 | 302.84 | 20.28 | -16.3 | 58.69 | 4.00 | -92.0 | -93.78 | 96.00 | 92.0 | 168.8 | 26.06 | 50.72 | 17.33 |
| 23Q1 (17) | 28.75 | -43.16 | -50.11 | -7.51 | 75.16 | 69.28 | -14.09 | -109.1 | 81.83 | -14.46 | -111.13 | 80.15 | -0.94 | -129.38 | 65.06 | -0.70 | -125.93 | 69.16 | 0.05 | 150.0 | 66.67 | 0.00 | -100.0 | 100.0 | 24.23 | 11.04 | 45.79 | 50.00 | 341.67 | 62.5 | 50.00 | -58.57 | -27.78 | 17.29 | -44.83 | -28.38 |
| 22Q4 (16) | 50.58 | 8.8 | -8.37 | -30.23 | -61.49 | -14.99 | 154.76 | 978.47 | 159.84 | 129.90 | 1313.49 | 134.43 | 3.20 | 841.18 | -3.32 | 2.70 | 650.0 | 10.66 | 0.02 | -33.33 | -50.0 | 184.21 | 415.85 | 135.38 | 21.82 | -1.67 | 32.24 | -20.69 | 83.45 | 51.72 | 120.69 | -46.36 | -15.52 | 31.34 | 82.74 | -19.08 |
| 22Q3 (15) | 46.49 | 17.22 | 16.2 | -18.72 | 53.95 | -170.52 | 14.35 | 121.95 | -66.08 | 9.19 | 115.24 | -79.58 | 0.34 | 115.74 | -90.5 | 0.36 | 119.35 | -82.52 | 0.03 | 0.0 | -25.0 | 35.71 | 178.57 | -38.78 | 22.19 | 73.63 | -72.49 | -125.00 | -294.44 | -525.0 | 225.00 | 530.0 | 87.5 | 17.15 | -22.78 | 10.86 |
| 22Q2 (14) | 39.66 | -31.18 | -12.18 | -40.65 | -66.26 | -229.87 | -65.37 | 15.68 | -232.46 | -60.29 | 17.22 | -234.85 | -2.16 | 19.7 | -150.82 | -1.86 | 18.06 | -203.33 | 0.03 | 0.0 | -25.0 | -45.45 | 22.73 | -169.17 | 12.78 | -23.1 | -86.19 | 64.29 | 108.93 | -0.65 | 35.71 | -48.41 | 1.19 | 22.21 | -8.0 | 66.87 |
| 22Q1 (13) | 57.63 | 4.4 | -18.83 | -24.45 | 7.0 | -238.64 | -77.53 | -230.17 | -155.87 | -72.83 | -231.44 | -171.96 | -2.69 | -181.27 | -100.75 | -2.27 | -193.03 | -1318.75 | 0.03 | -25.0 | 50.0 | -58.82 | -175.16 | -423.54 | 16.62 | 0.73 | -91.79 | 30.77 | 171.79 | 7.69 | 69.23 | -51.54 | -3.08 | 24.14 | -37.67 | -30.43 |
| 21Q4 (12) | 55.20 | 37.97 | -17.97 | -26.29 | -279.91 | -1321.08 | 59.56 | 40.77 | 376.12 | 55.41 | 23.11 | 353.59 | 3.31 | -7.54 | 272.4 | 2.44 | 18.45 | 642.22 | 0.04 | 0.0 | 33.33 | 78.26 | 34.17 | 2798.52 | 16.50 | -79.54 | -90.95 | -42.86 | -114.29 | -442.86 | 142.86 | 19.05 | 63.27 | 38.73 | 150.36 | 30.4 |
| 21Q3 (11) | 40.01 | -11.4 | -46.28 | -6.92 | -122.11 | -28.86 | 42.31 | -14.27 | 454.95 | 45.01 | 0.67 | 580.36 | 3.58 | -15.76 | 506.82 | 2.06 | 14.44 | 1972.73 | 0.04 | 0.0 | 0.0 | 58.33 | -11.23 | 468.52 | 80.66 | -12.85 | -50.04 | -20.00 | -130.91 | -150.0 | 120.00 | 240.0 | 100.0 | 15.47 | 16.23 | -49.46 |
| 21Q2 (10) | 45.16 | -36.39 | -28.78 | 31.30 | 533.52 | 306.46 | 49.35 | 262.87 | 558.22 | 44.71 | 266.95 | 491.51 | 4.25 | 417.16 | 476.11 | 1.80 | 1225.0 | 550.0 | 0.04 | 100.0 | -20.0 | 65.71 | 261.44 | 1246.52 | 92.55 | -54.28 | -31.62 | 64.71 | 126.47 | -56.86 | 35.29 | -50.59 | 170.59 | 13.31 | -61.64 | 0 |
| 21Q1 (9) | 71.00 | 5.51 | -5.46 | -7.22 | -290.27 | -389.96 | -30.30 | -40.47 | -6686.96 | -26.78 | -22.56 | -744.79 | -1.34 | 30.21 | -509.09 | -0.16 | 64.44 | -1700.0 | 0.02 | -33.33 | -50.0 | 18.18 | 573.33 | -5.46 | 202.43 | 11.0 | 145.88 | 28.57 | 128.57 | 0 | 71.43 | -18.37 | 0 | 34.70 | 16.84 | 86.46 |
| 20Q4 (8) | 67.29 | -9.65 | -0.37 | -1.85 | 65.55 | -159.68 | -21.57 | -80.96 | -519.65 | -21.85 | -133.19 | -420.38 | -1.92 | -118.18 | -431.03 | -0.45 | -309.09 | -200.0 | 0.03 | -25.0 | -40.0 | 2.70 | -73.68 | -86.5 | 182.37 | 12.96 | 156.43 | 12.50 | -68.75 | -87.5 | 87.50 | 45.83 | -12.5 | 29.70 | -2.97 | 80.55 |
| 20Q3 (7) | 74.48 | 17.46 | 135.1 | -5.37 | 64.58 | 90.04 | -11.92 | -10.68 | 77.8 | -9.37 | 17.95 | 78.06 | -0.88 | 22.12 | 53.93 | -0.11 | 72.5 | 88.42 | 0.04 | -20.0 | 33.33 | 10.26 | 110.25 | 156.44 | 161.45 | 19.29 | 100.66 | 40.00 | -73.33 | -60.0 | 60.00 | 220.0 | 0 | 30.61 | 0 | -19.97 |
| 20Q2 (6) | 63.41 | -15.57 | 29.62 | -15.16 | -708.84 | 74.02 | -10.77 | -2441.3 | 83.37 | -11.42 | -260.25 | 78.89 | -1.13 | -413.64 | 42.93 | -0.40 | -4100.0 | 62.62 | 0.05 | 25.0 | 150.0 | 4.88 | -74.62 | 114.64 | 135.34 | 64.39 | 84.79 | 150.00 | 0 | 80.0 | -50.00 | 0 | -400.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 75.10 | 11.19 | 239.97 | 2.49 | -19.68 | 108.87 | 0.46 | -91.05 | 101.74 | -3.17 | -146.48 | 87.52 | -0.22 | -137.93 | 87.57 | 0.01 | -97.78 | 101.0 | 0.04 | -20.0 | 0.0 | 19.23 | -3.85 | 273.09 | 82.33 | 15.76 | 34.79 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | 0 | 18.61 | 13.13 | -44.73 |
| 19Q4 (4) | 67.54 | 113.19 | 0.0 | 3.10 | 105.75 | 0.0 | 5.14 | 109.57 | 0.0 | 6.82 | 115.97 | 0.0 | 0.58 | 130.37 | 0.0 | 0.45 | 147.37 | 0.0 | 0.05 | 66.67 | 0.0 | 20.00 | 210.01 | 0.0 | 71.12 | -11.61 | 0.0 | 100.00 | 0.0 | 0.0 | 100.00 | 0 | 0.0 | 16.45 | -56.99 | 0.0 |
| 19Q3 (3) | 31.68 | -35.24 | 0.0 | -53.90 | 7.64 | 0.0 | -53.69 | 17.08 | 0.0 | -42.71 | 21.07 | 0.0 | -1.91 | 3.54 | 0.0 | -0.95 | 11.21 | 0.0 | 0.03 | 50.0 | 0.0 | -18.18 | 45.45 | 0.0 | 80.46 | 9.86 | 0.0 | 100.00 | 20.0 | 0.0 | -0.00 | -100.0 | 0.0 | 38.25 | -5.72 | 0.0 |
| 19Q2 (2) | 48.92 | 121.46 | 0.0 | -58.36 | -107.83 | 0.0 | -64.75 | -145.45 | 0.0 | -54.11 | -113.03 | 0.0 | -1.98 | -11.86 | 0.0 | -1.07 | -7.0 | 0.0 | 0.02 | -50.0 | 0.0 | -33.33 | -200.0 | 0.0 | 73.24 | 19.91 | 0.0 | 83.33 | -16.67 | 0.0 | 16.67 | 0 | 0.0 | 40.57 | 20.49 | 0.0 |
| 19Q1 (1) | 22.09 | 0.0 | 0.0 | -28.08 | 0.0 | 0.0 | -26.38 | 0.0 | 0.0 | -25.40 | 0.0 | 0.0 | -1.77 | 0.0 | 0.0 | -1.00 | 0.0 | 0.0 | 0.04 | 0.0 | 0.0 | -11.11 | 0.0 | 0.0 | 61.08 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | -0.00 | 0.0 | 0.0 | 33.67 | 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) | 32.97 | -31.18 | -3.35 | 0 | 9.09 | -44.81 | -47.58 | 0 | -48.19 | 0 | -14.18 | 0 | -11.42 | 0 | 0.24 | 118.18 | -32.90 | 0 | 20.80 | -4.67 | 7.27 | 0 | 92.73 | -84.01 | 8.89 | 160.97 | 20.36 | -11.32 |
| 2022 (9) | 47.91 | -7.37 | -27.96 | 0 | 16.47 | 31.76 | 6.39 | -80.71 | 1.50 | -95.31 | 0.21 | -97.14 | 0.40 | -91.11 | 0.11 | -8.33 | 29.41 | -48.16 | 21.82 | 32.24 | -480.00 | 0 | 580.00 | 497.58 | 3.41 | 56.48 | 22.96 | -4.37 |
| 2021 (8) | 51.72 | -27.77 | 1.63 | 0 | 12.50 | -4.17 | 33.12 | 0 | 31.98 | 0 | 7.33 | 0 | 4.50 | 0 | 0.12 | -20.0 | 56.73 | 552.07 | 16.50 | -90.95 | 5.88 | -87.5 | 97.06 | 83.33 | 2.18 | 77.28 | 24.01 | -5.51 |
| 2020 (7) | 71.60 | 57.26 | -6.06 | 0 | 13.04 | -25.3 | -12.28 | 0 | -12.50 | 0 | -4.53 | 0 | -1.08 | 0 | 0.15 | 15.38 | 8.70 | 0 | 182.37 | 156.43 | 47.06 | -52.94 | 52.94 | 0 | 1.23 | 0 | 25.41 | -11.62 |
| 2019 (6) | 45.53 | 191.67 | -24.91 | 0 | 17.46 | -5.71 | -24.52 | 0 | -20.07 | 0 | -4.33 | 0 | -2.17 | 0 | 0.13 | 0.0 | -3.17 | 0 | 71.12 | 21.03 | 100.00 | -14.81 | -0.00 | 0 | 0.00 | 0 | 28.75 | -52.71 |
| 2018 (5) | 15.61 | -2.74 | -49.67 | 0 | 18.52 | 76.95 | -43.34 | 0 | -43.66 | 0 | -8.63 | 0 | -5.09 | 0 | 0.13 | -43.48 | -20.37 | 0 | 58.76 | 5.44 | 117.39 | -74.84 | -13.04 | 0 | 0.00 | 0 | 60.80 | 34.84 |
| 2017 (4) | 16.05 | -42.41 | -16.22 | 0 | 10.47 | 87.33 | -3.14 | 0 | -12.02 | 0 | -3.55 | 0 | -2.58 | 0 | 0.23 | -58.18 | 8.14 | -14.32 | 55.73 | 865.86 | 466.67 | 600.0 | -366.67 | 0 | 0.00 | 0 | 45.09 | 56.78 |
| 2016 (3) | 27.87 | -6.57 | 2.08 | 128.57 | 5.59 | -8.75 | 3.58 | -10.5 | -2.30 | 0 | -1.36 | 0 | -1.26 | 0 | 0.55 | -17.91 | 9.50 | -6.86 | 5.77 | -40.15 | 66.67 | 233.33 | 50.00 | -37.5 | 0.00 | 0 | 28.76 | -7.91 |
| 2015 (2) | 29.83 | 10.73 | 0.91 | 0 | 6.12 | 2.04 | 4.00 | -36.1 | -1.59 | 0 | -1.16 | 0 | -1.06 | 0 | 0.67 | 1.52 | 10.20 | -19.49 | 9.64 | -1.93 | 20.00 | 0 | 80.00 | -36.67 | 0.00 | 0 | 31.23 | -23.36 |
| 2014 (1) | 26.94 | 0 | -1.70 | 0 | 6.00 | 38.71 | 6.26 | 0 | -3.27 | 0 | 4.73 | 0 | 3.57 | 0 | 0.66 | -50.38 | 12.67 | 0 | 9.83 | -83.03 | -26.32 | 0 | 126.32 | -40.66 | 0.00 | 0 | 40.75 | -8.51 |
