- 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) | 11.78 | 53.99 | 48.18 | 1.66 | 260.87 | 277.27 | -1.07 | -120.86 | 24.11 | -0.75 | -118.16 | 31.19 | -0.59 | -113.0 | 49.14 | -0.02 | -101.27 | 91.67 | 0.23 | -34.29 | -28.12 | 0.46 | -92.4 | 167.65 | 280.01 | 33.92 | 21.85 | -140.00 | -1546.67 | -273.33 | 240.00 | 165.71 | 74.55 | 8.41 | 43.27 | 49.38 |
| 23Q3 (19) | 7.65 | 11.35 | 13.5 | 0.46 | 170.77 | -80.26 | 5.13 | 257.85 | -21.56 | 4.13 | 241.92 | -20.12 | 4.54 | 294.85 | -43.81 | 1.58 | 354.84 | -41.26 | 0.35 | 34.62 | -30.0 | 6.05 | 388.1 | -13.45 | 209.09 | -7.38 | -9.1 | 9.68 | -54.84 | -72.5 | 90.32 | 14.96 | 39.35 | 5.87 | -23.67 | 27.61 |
| 23Q2 (18) | 6.87 | -39.26 | -29.75 | -0.65 | -333.33 | -167.01 | -3.25 | -203.74 | -195.87 | -2.91 | -223.33 | -205.43 | -2.33 | -242.65 | -196.68 | -0.62 | -520.0 | -166.67 | 0.26 | 8.33 | -16.13 | -2.10 | 0 | -151.09 | 225.74 | 15.43 | 19.96 | 21.43 | -14.29 | -19.64 | 78.57 | -21.43 | 7.14 | 7.69 | -9.21 | -10.69 |
| 23Q1 (17) | 11.31 | 42.26 | 42.44 | -0.15 | -134.09 | 91.02 | -1.07 | 24.11 | -545.83 | -0.90 | 17.43 | -550.0 | -0.68 | 41.38 | -477.78 | -0.10 | 58.33 | -176.92 | 0.24 | -25.0 | -25.0 | 0.00 | 100.0 | -100.0 | 195.57 | -14.89 | 14.39 | 25.00 | 166.67 | 103.57 | 100.00 | -27.27 | -87.5 | 8.47 | 50.44 | -5.04 |
| 22Q4 (16) | 7.95 | 17.95 | 6.28 | 0.44 | -81.12 | -77.32 | -1.41 | -121.56 | -175.81 | -1.09 | -121.08 | -174.15 | -1.16 | -114.36 | -138.03 | -0.24 | -108.92 | -122.22 | 0.32 | -36.0 | -54.93 | -0.68 | -109.73 | -132.23 | 229.79 | -0.1 | 24.02 | -37.50 | -206.58 | -137.5 | 137.50 | 112.14 | 2712.5 | 5.63 | 22.39 | 39.36 |
| 22Q3 (15) | 6.74 | -31.08 | -14.79 | 2.33 | 140.21 | 198.72 | 6.54 | 92.92 | 1067.86 | 5.17 | 87.32 | 875.47 | 8.08 | 235.27 | 1269.49 | 2.69 | 189.25 | 860.71 | 0.50 | 61.29 | 28.21 | 6.99 | 70.07 | 507.83 | 230.02 | 22.23 | 17.09 | 35.19 | 31.94 | -73.61 | 64.81 | -11.62 | 294.44 | 4.60 | -46.57 | -35.03 |
| 22Q2 (14) | 9.78 | 23.17 | -2.4 | 0.97 | 158.08 | -66.78 | 3.39 | 1312.5 | 30.89 | 2.76 | 1280.0 | 71.43 | 2.41 | 1238.89 | 40.94 | 0.93 | 615.38 | 30.99 | 0.31 | -3.13 | -18.42 | 4.11 | 351.65 | 20.53 | 188.18 | 10.07 | 8.3 | 26.67 | 103.81 | -76.89 | 73.33 | -90.83 | 576.67 | 8.61 | -3.48 | 29.47 |
| 22Q1 (13) | 7.94 | 6.15 | 2.98 | -1.67 | -186.08 | -577.14 | 0.24 | -87.1 | 84.62 | 0.20 | -86.39 | 122.22 | 0.18 | -94.1 | 80.0 | 0.13 | -87.96 | -7.14 | 0.32 | -54.93 | -13.51 | 0.91 | -56.87 | 13.75 | 170.97 | -7.72 | -9.81 | -700.00 | -800.0 | -450.0 | 800.00 | 15300.0 | 900.0 | 8.92 | 120.79 | 20.87 |
| 21Q4 (12) | 7.48 | -5.44 | 0.4 | 1.94 | 148.72 | 423.33 | 1.86 | 232.14 | 316.28 | 1.47 | 177.36 | 251.55 | 3.05 | 416.95 | 304.7 | 1.08 | 285.71 | 320.41 | 0.71 | 82.05 | 24.56 | 2.11 | 83.48 | 602.38 | 185.28 | -5.69 | -2.99 | 100.00 | -25.0 | 50.0 | -5.26 | 84.21 | -115.79 | 4.04 | -42.94 | -42.78 |
| 21Q3 (11) | 7.91 | -21.06 | 2.86 | 0.78 | -73.29 | -72.73 | 0.56 | -78.38 | -80.76 | 0.53 | -67.08 | -77.16 | 0.59 | -65.5 | -86.37 | 0.28 | -60.56 | -82.28 | 0.39 | 2.63 | -40.91 | 1.15 | -66.28 | -63.84 | 196.45 | 13.06 | 28.21 | 133.33 | 15.56 | 38.89 | -33.33 | -116.67 | 0 | 7.08 | 6.47 | 57.68 |
| 21Q2 (10) | 10.02 | 29.96 | -0.69 | 2.92 | 734.29 | -41.48 | 2.59 | 1892.31 | -51.13 | 1.61 | 1688.89 | -63.41 | 1.71 | 1610.0 | -79.62 | 0.71 | 407.14 | -76.87 | 0.38 | 2.7 | -44.93 | 3.41 | 326.25 | -39.54 | 173.76 | -8.34 | -17.46 | 115.38 | -42.31 | 21.01 | -15.38 | 84.62 | -320.51 | 6.65 | -9.89 | 41.19 |
| 21Q1 (9) | 7.71 | 3.49 | -27.13 | 0.35 | 158.33 | -71.77 | 0.13 | 115.12 | -89.76 | 0.09 | 109.28 | -94.41 | 0.10 | 106.71 | -93.79 | 0.14 | 128.57 | -79.71 | 0.37 | -35.09 | -7.5 | 0.80 | 290.48 | -59.18 | 189.57 | -0.75 | 33.24 | 200.00 | 200.0 | 100.0 | -100.00 | -400.0 | 0 | 7.38 | 4.53 | 0 |
| 20Q4 (8) | 7.45 | -3.12 | -10.13 | -0.60 | -120.98 | -134.68 | -0.86 | -129.55 | -155.48 | -0.97 | -141.81 | -165.54 | -1.49 | -134.41 | -160.57 | -0.49 | -131.01 | -146.23 | 0.57 | -13.64 | -13.64 | -0.42 | -113.21 | -120.0 | 191.00 | 24.66 | 18.19 | 66.67 | -30.56 | -44.44 | 33.33 | 0 | 433.33 | 7.06 | 57.24 | 39.8 |
| 20Q3 (7) | 7.69 | -23.79 | -13.6 | 2.86 | -42.69 | 253.09 | 2.91 | -45.09 | 429.09 | 2.32 | -47.27 | 241.18 | 4.33 | -48.39 | 434.57 | 1.58 | -48.53 | 267.44 | 0.66 | -4.35 | 34.69 | 3.18 | -43.62 | 154.4 | 153.22 | -27.22 | 8.69 | 96.00 | 0.68 | -28.0 | 0.00 | -100.0 | 100.0 | 4.49 | -4.67 | -51.62 |
| 20Q2 (6) | 10.09 | -4.63 | 18.29 | 4.99 | 302.42 | 833.82 | 5.30 | 317.32 | 891.04 | 4.40 | 173.29 | 500.0 | 8.39 | 421.12 | 799.17 | 3.07 | 344.93 | 887.18 | 0.69 | 72.5 | 56.82 | 5.64 | 187.76 | 2352.17 | 210.52 | 47.96 | 36.55 | 95.35 | -4.65 | -4.65 | 6.98 | 0 | 0 | 4.71 | 0 | -47.72 |
| 20Q1 (5) | 10.58 | 27.62 | 22.31 | 1.24 | -28.32 | 185.52 | 1.27 | -18.06 | 218.69 | 1.61 | 8.78 | 230.89 | 1.61 | -34.55 | 229.84 | 0.69 | -34.91 | 281.58 | 0.40 | -39.39 | 0.0 | 1.96 | -6.67 | 916.67 | 142.28 | -11.96 | -1.35 | 100.00 | -16.67 | -33.33 | 0.00 | 100.0 | 100.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 8.29 | -6.85 | 0.0 | 1.73 | 113.58 | 0.0 | 1.55 | 181.82 | 0.0 | 1.48 | 117.65 | 0.0 | 2.46 | 203.7 | 0.0 | 1.06 | 146.51 | 0.0 | 0.66 | 34.69 | 0.0 | 2.10 | 68.0 | 0.0 | 161.60 | 14.63 | 0.0 | 120.00 | -10.0 | 0.0 | -10.00 | 70.0 | 0.0 | 5.05 | -45.58 | 0.0 |
| 19Q3 (3) | 8.90 | 4.34 | 0.0 | 0.81 | 219.12 | 0.0 | 0.55 | 182.09 | 0.0 | 0.68 | 161.82 | 0.0 | 0.81 | 167.5 | 0.0 | 0.43 | 210.26 | 0.0 | 0.49 | 11.36 | 0.0 | 1.25 | 443.48 | 0.0 | 140.97 | -8.56 | 0.0 | 133.33 | 33.33 | 0.0 | -33.33 | 0 | 0.0 | 9.28 | 3.0 | 0.0 |
| 19Q2 (2) | 8.53 | -1.39 | 0.0 | -0.68 | 53.1 | 0.0 | -0.67 | 37.38 | 0.0 | -1.10 | 10.57 | 0.0 | -1.20 | 3.23 | 0.0 | -0.39 | -2.63 | 0.0 | 0.44 | 10.0 | 0.0 | 0.23 | 195.83 | 0.0 | 154.17 | 6.89 | 0.0 | 100.00 | -33.33 | 0.0 | -0.00 | 100.0 | 0.0 | 9.01 | -5.06 | 0.0 |
| 19Q1 (1) | 8.65 | 0.0 | 0.0 | -1.45 | 0.0 | 0.0 | -1.07 | 0.0 | 0.0 | -1.23 | 0.0 | 0.0 | -1.24 | 0.0 | 0.0 | -0.38 | 0.0 | 0.0 | 0.40 | 0.0 | 0.0 | -0.24 | 0.0 | 0.0 | 144.23 | 0.0 | 0.0 | 150.00 | 0.0 | 0.0 | -50.00 | 0.0 | 0.0 | 9.49 | 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) | 9.23 | 17.43 | 0.35 | -57.32 | 0.54 | 54.02 | 0.41 | -84.81 | 0.28 | -87.04 | 0.94 | -90.16 | 0.76 | -77.78 | 0.96 | -32.87 | 1.55 | -53.73 | 280.01 | 21.85 | 87.50 | 185.53 | 12.50 | -81.98 | 0.00 | 0 | 7.45 | 15.33 |
| 2022 (9) | 7.86 | -3.2 | 0.82 | -48.1 | 0.35 | 9.66 | 2.70 | 94.24 | 2.16 | 109.71 | 9.55 | 75.23 | 3.42 | 56.16 | 1.43 | -22.28 | 3.35 | 76.32 | 229.79 | 24.02 | 30.65 | -73.19 | 69.35 | 0 | 0.00 | 0 | 6.46 | 10.43 |
| 2021 (8) | 8.12 | -7.2 | 1.58 | -33.05 | 0.32 | -1.69 | 1.39 | -42.08 | 1.03 | -47.98 | 5.45 | -57.15 | 2.19 | -54.18 | 1.84 | -20.35 | 1.90 | -32.86 | 185.28 | -2.99 | 114.29 | 16.02 | -14.29 | 0 | 0.00 | 0 | 5.85 | -0.85 |
| 2020 (7) | 8.75 | 2.22 | 2.36 | 637.5 | 0.32 | -28.45 | 2.40 | 757.14 | 1.98 | 1137.5 | 12.72 | 1490.0 | 4.78 | 602.94 | 2.31 | 21.58 | 2.83 | 183.0 | 191.00 | 18.19 | 98.51 | -1.49 | 1.49 | 0 | 0.00 | 0 | 5.90 | -24.84 |
| 2019 (6) | 8.56 | -14.57 | 0.32 | -47.54 | 0.45 | 279.59 | 0.28 | 250.0 | 0.16 | 6.67 | 0.80 | 33.33 | 0.68 | 4.62 | 1.90 | 10.47 | 1.00 | 108.33 | 161.60 | 4.83 | 100.00 | -90.0 | -16.67 | 0 | 0.00 | 0 | 7.85 | -7.21 |
| 2018 (5) | 10.02 | 3.3 | 0.61 | -53.08 | 0.12 | 122.35 | 0.08 | -90.24 | 0.15 | -68.75 | 0.60 | -72.85 | 0.65 | -61.76 | 1.72 | -17.7 | 0.48 | -62.5 | 154.16 | 22.76 | 1000.00 | 525.0 | -900.00 | 0 | 0.00 | 0 | 8.46 | 4.7 |
| 2017 (4) | 9.70 | 9.73 | 1.30 | 0 | 0.05 | -22.19 | 0.82 | 0 | 0.48 | 0 | 2.21 | 0 | 1.70 | 0 | 2.09 | 21.51 | 1.28 | 0 | 125.58 | 9.41 | 160.00 | 38.67 | -60.00 | 0 | 0.00 | 0 | 8.08 | -24.63 |
| 2016 (3) | 8.84 | -11.07 | -2.08 | 0 | 0.07 | -4.12 | -1.80 | 0 | -1.89 | 0 | -6.48 | 0 | -3.07 | 0 | 1.72 | -2.82 | -1.58 | 0 | 114.78 | 32.85 | 115.38 | -21.54 | -15.38 | 0 | 0.00 | 0 | 10.72 | -1.11 |
| 2015 (2) | 9.94 | -6.75 | -1.81 | 0 | 0.07 | -4.73 | -1.20 | 0 | -1.25 | 0 | -3.84 | 0 | -2.11 | 0 | 1.77 | 7.27 | -1.08 | 0 | 86.40 | 42.67 | 147.06 | -26.47 | -52.94 | 0 | 0.00 | 0 | 10.84 | -0.46 |
| 2014 (1) | 10.66 | 0 | -0.76 | 0 | 0.08 | 0.9 | -0.37 | 0 | -0.36 | 0 | -1.03 | 0 | -0.28 | 0 | 1.65 | 2.48 | -0.08 | 0 | 60.56 | -29.87 | 200.00 | 20.0 | -100.00 | 0 | 0.00 | 0 | 10.89 | -5.14 |
