- 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) | 23.94 | 4.86 | -24.65 | -10.70 | -478.38 | -159.71 | -3.87 | 63.76 | 72.59 | -2.63 | 75.44 | 81.97 | -0.37 | 82.46 | 81.5 | -0.05 | 94.62 | 94.25 | 0.07 | -30.0 | 0.0 | 5.20 | 260.49 | 204.0 | 91.93 | 0.19 | -6.93 | 257.14 | 1237.14 | 818.37 | -171.43 | -302.6 | -338.1 | 26.67 | 34.49 | 9.57 |
| 23Q3 (19) | 22.83 | -18.11 | -8.31 | -1.85 | 87.12 | 72.01 | -10.68 | -18.14 | -328.21 | -10.71 | -9.51 | -422.59 | -2.11 | -80.34 | -505.77 | -0.93 | -93.75 | -351.35 | 0.10 | 66.67 | 25.0 | -3.24 | -264.47 | -126.96 | 91.76 | -6.05 | -12.48 | 19.23 | -87.76 | 113.74 | 84.62 | 248.08 | -63.21 | 19.83 | -36.87 | -17.17 |
| 23Q2 (18) | 27.88 | 21.53 | 16.02 | -14.36 | -75.34 | -754.76 | -9.04 | 34.06 | -266.18 | -9.78 | 29.39 | -303.75 | -1.17 | 42.08 | -209.35 | -0.48 | 46.67 | -177.42 | 0.06 | -14.29 | -40.0 | 1.97 | 141.39 | -82.39 | 97.67 | 0.02 | -9.44 | 157.14 | 172.38 | 602.86 | -57.14 | -248.57 | -143.54 | 31.41 | 21.23 | 50.14 |
| 23Q1 (17) | 22.94 | -27.79 | -11.7 | -8.19 | -98.79 | -990.22 | -13.71 | 2.9 | -361.64 | -13.85 | 5.07 | -496.85 | -2.02 | -1.0 | -397.06 | -0.90 | -3.45 | -314.29 | 0.07 | 0.0 | -22.22 | -4.76 | 4.8 | -141.86 | 97.65 | -1.14 | -15.96 | 57.69 | 106.04 | 275.0 | 38.46 | -46.58 | -54.55 | 25.91 | 6.45 | 20.06 |
| 22Q4 (16) | 31.77 | 27.59 | 20.94 | -4.12 | 37.67 | 46.91 | -14.12 | -401.71 | -6.57 | -14.59 | -539.46 | -16.72 | -2.00 | -484.62 | 7.83 | -0.87 | -335.14 | 4.4 | 0.07 | -12.5 | -12.5 | -5.00 | -141.6 | 20.38 | 98.78 | -5.79 | -12.68 | 28.00 | 120.0 | -52.24 | 72.00 | -68.7 | 74.0 | 24.34 | 1.67 | -14.42 |
| 22Q3 (15) | 24.90 | 3.62 | -10.69 | -6.61 | -293.45 | -3578.95 | 4.68 | -13.97 | 122.86 | 3.32 | -30.83 | 14.09 | 0.52 | -51.4 | -14.75 | 0.37 | -40.32 | -5.13 | 0.08 | -20.0 | -20.0 | 12.02 | 7.42 | 61.13 | 104.85 | -2.78 | -8.35 | -140.00 | -348.0 | -940.0 | 230.00 | 75.24 | 176.0 | 23.94 | 14.44 | 14.77 |
| 22Q2 (14) | 24.03 | -7.51 | -34.75 | -1.68 | -282.61 | -119.09 | 5.44 | 3.82 | -6.53 | 4.80 | 37.54 | -12.41 | 1.07 | 57.35 | 3.88 | 0.62 | 47.62 | 3.33 | 0.10 | 11.11 | 11.11 | 11.19 | -1.58 | -8.13 | 107.85 | -7.19 | -5.1 | -31.25 | -303.12 | -120.83 | 131.25 | 55.11 | 362.5 | 20.92 | -3.06 | -8.17 |
| 22Q1 (13) | 25.98 | -1.1 | -24.83 | 0.92 | 111.86 | 91.67 | 5.24 | 139.55 | 457.45 | 3.49 | 127.92 | 1126.47 | 0.68 | 131.34 | 1460.0 | 0.42 | 146.15 | 366.67 | 0.09 | 12.5 | 12.5 | 11.37 | 281.05 | 38.49 | 116.20 | 2.72 | 4.67 | 15.38 | -73.76 | -69.23 | 84.62 | 104.49 | 69.23 | 21.58 | -24.12 | -22.74 |
| 21Q4 (12) | 26.27 | -5.77 | -9.82 | -7.76 | -4184.21 | -1046.34 | -13.25 | -730.95 | -128.06 | -12.50 | -529.55 | -68.46 | -2.17 | -455.74 | -63.16 | -0.91 | -333.33 | -71.7 | 0.08 | -20.0 | -11.11 | -6.28 | -184.18 | -579.39 | 113.12 | -1.12 | 8.43 | 58.62 | 251.72 | 481.03 | 41.38 | -50.34 | -64.14 | 28.44 | 36.34 | 29.63 |
| 21Q3 (11) | 27.88 | -24.3 | -19.09 | 0.19 | -97.84 | 107.92 | 2.10 | -63.92 | 137.23 | 2.91 | -46.9 | 165.84 | 0.61 | -40.78 | 183.56 | 0.39 | -35.0 | 269.57 | 0.10 | 11.11 | 25.0 | 7.46 | -38.75 | 286.53 | 114.40 | 0.66 | 12.98 | 16.67 | -88.89 | -60.0 | 83.33 | 266.67 | 42.86 | 20.86 | -8.43 | -12.83 |
| 21Q2 (10) | 36.83 | 6.57 | -6.76 | 8.80 | 1733.33 | 152.87 | 5.82 | 519.15 | 302.79 | 5.48 | 1711.76 | 221.24 | 1.03 | 2160.0 | 241.1 | 0.60 | 566.67 | 340.0 | 0.09 | 12.5 | 0.0 | 12.18 | 48.36 | 180.0 | 113.65 | 2.37 | 16.1 | 150.00 | 200.0 | 228.57 | -50.00 | -200.0 | -123.08 | 22.78 | -18.44 | -13.25 |
| 21Q1 (9) | 34.56 | 18.64 | 26.97 | 0.48 | -41.46 | 104.87 | 0.94 | 116.18 | 106.71 | -0.34 | 95.42 | 96.59 | -0.05 | 96.24 | 95.97 | 0.09 | 116.98 | 115.25 | 0.08 | -11.11 | 0.0 | 8.21 | 526.72 | 270.33 | 111.02 | 6.41 | 72.69 | 50.00 | 425.0 | -28.12 | 50.00 | -56.67 | 64.29 | 27.93 | 27.3 | -12.61 |
| 20Q4 (8) | 29.13 | -15.47 | -6.18 | 0.82 | 134.17 | 103.39 | -5.81 | -3.01 | -106.95 | -7.42 | -67.87 | -112.13 | -1.33 | -82.19 | -114.04 | -0.53 | -130.43 | -109.57 | 0.09 | 12.5 | 0.0 | 1.31 | -32.12 | -98.58 | 104.33 | 3.03 | 69.31 | -15.38 | -136.92 | 46.47 | 115.38 | 97.8 | -10.38 | 21.94 | -8.32 | -41.88 |
| 20Q3 (7) | 34.46 | -12.76 | 14.03 | -2.40 | -168.97 | -134.99 | -5.64 | -96.52 | -205.42 | -4.42 | 2.21 | -271.98 | -0.73 | 0.0 | -207.35 | -0.23 | 8.0 | -146.0 | 0.08 | -11.11 | -38.46 | 1.93 | -55.63 | -81.69 | 101.26 | 3.44 | 6.41 | 41.67 | 135.71 | -66.27 | 58.33 | -73.08 | 298.33 | 23.93 | -8.87 | 25.16 |
| 20Q2 (6) | 39.50 | 45.11 | 17.14 | 3.48 | 135.29 | -23.68 | -2.87 | 79.5 | -141.35 | -4.52 | 54.71 | -184.8 | -0.73 | 41.13 | -158.4 | -0.25 | 57.63 | -129.76 | 0.09 | 12.5 | -18.18 | 4.35 | 190.25 | -69.08 | 97.89 | 52.26 | -11.99 | -116.67 | -267.71 | -284.72 | 216.67 | 611.9 | 586.11 | 26.26 | -17.83 | 10.9 |
| 20Q1 (5) | 27.22 | -12.33 | 1.64 | -9.86 | 59.29 | -263.84 | -14.00 | -116.74 | -1638.46 | -9.98 | -116.32 | -5644.44 | -1.24 | -113.09 | -4233.33 | -0.59 | -110.65 | -447.06 | 0.08 | -11.11 | -20.0 | -4.82 | -105.21 | -164.78 | 64.29 | 4.33 | -39.2 | 69.57 | 342.03 | 119.88 | 30.43 | -76.36 | -93.24 | 31.96 | -15.34 | 28.92 |
| 19Q4 (4) | 31.05 | 2.75 | 0.0 | -24.22 | -453.06 | 0.0 | 83.64 | 1463.36 | 0.0 | 61.16 | 2279.77 | 0.0 | 9.47 | 1292.65 | 0.0 | 5.54 | 1008.0 | 0.0 | 0.09 | -30.77 | 0.0 | 92.46 | 777.23 | 0.0 | 61.62 | -35.25 | 0.0 | -28.74 | -123.27 | 0.0 | 128.74 | 537.72 | 0.0 | 37.75 | 97.44 | 0.0 |
| 19Q3 (3) | 30.22 | -10.38 | 0.0 | 6.86 | 50.44 | 0.0 | 5.35 | -22.91 | 0.0 | 2.57 | -51.78 | 0.0 | 0.68 | -45.6 | 0.0 | 0.50 | -40.48 | 0.0 | 0.13 | 18.18 | 0.0 | 10.54 | -25.09 | 0.0 | 95.16 | -14.45 | 0.0 | 123.53 | 95.59 | 0.0 | -29.41 | -193.14 | 0.0 | 19.12 | -19.26 | 0.0 |
| 19Q2 (2) | 33.72 | 25.91 | 0.0 | 4.56 | 268.27 | 0.0 | 6.94 | 662.64 | 0.0 | 5.33 | 2861.11 | 0.0 | 1.25 | 4066.67 | 0.0 | 0.84 | 394.12 | 0.0 | 0.11 | 10.0 | 0.0 | 14.07 | 89.11 | 0.0 | 111.23 | 5.19 | 0.0 | 63.16 | 118.05 | 0.0 | 31.58 | -92.98 | 0.0 | 23.68 | -4.48 | 0.0 |
| 19Q1 (1) | 26.78 | 0.0 | 0.0 | -2.71 | 0.0 | 0.0 | 0.91 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | 0.03 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 0.10 | 0.0 | 0.0 | 7.44 | 0.0 | 0.0 | 105.74 | 0.0 | 0.0 | -350.00 | 0.0 | 0.0 | 450.00 | 0.0 | 0.0 | 24.79 | 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) | 24.12 | -8.08 | -7.93 | 0 | 6.72 | 34.1 | -9.56 | 0 | -9.47 | 0 | -5.71 | 0 | -2.40 | 0 | 0.31 | -11.43 | -0.53 | 0 | 91.93 | -6.93 | 82.19 | 0 | 16.44 | -93.78 | 0.26 | -5.38 | 25.21 | 12.44 |
| 2022 (9) | 26.24 | -16.03 | -2.53 | 0 | 5.01 | 6.59 | 1.46 | 0 | 0.39 | 0 | 0.28 | 0 | 0.60 | 275.0 | 0.35 | 0.0 | 8.32 | 47.0 | 98.78 | -12.68 | -171.43 | 0 | 264.29 | 62.64 | 0.27 | -6.64 | 22.42 | -9.3 |
| 2021 (8) | 31.25 | -4.61 | 0.55 | 0 | 4.70 | -13.57 | -0.86 | 0 | -0.82 | 0 | -0.60 | 0 | 0.16 | 0 | 0.35 | 2.94 | 5.66 | 409.91 | 113.12 | 8.43 | -62.50 | 0 | 162.50 | 108.93 | 0.29 | 7.9 | 24.72 | -3.48 |
| 2020 (7) | 32.76 | 7.45 | -1.51 | 0 | 5.44 | 29.52 | -6.69 | 0 | -6.43 | 0 | -3.97 | 0 | -1.60 | 0 | 0.34 | -22.73 | 1.11 | -95.84 | 104.33 | 69.31 | 22.22 | 0 | 77.78 | -29.48 | 0.27 | 486.16 | 25.61 | 1.27 |
| 2019 (6) | 30.49 | 21.86 | -2.06 | 0 | 4.20 | 31.45 | 19.97 | 615.77 | 14.15 | 573.81 | 11.08 | 363.6 | 7.05 | 317.16 | 0.44 | -22.81 | 26.66 | 262.23 | 61.62 | -34.01 | -10.29 | 0 | 110.29 | 0 | 0.05 | -62.52 | 25.29 | 31.44 |
| 2018 (5) | 25.02 | -15.27 | 4.69 | 88.35 | 3.19 | -36.23 | 2.79 | -22.5 | 2.10 | 22.81 | 2.39 | 52.23 | 1.69 | 18.18 | 0.57 | 29.55 | 7.36 | -33.33 | 93.38 | -11.04 | 170.00 | 145.56 | -67.50 | 0 | 0.12 | 0 | 19.24 | -24.84 |
| 2017 (4) | 29.53 | -1.96 | 2.49 | 179.78 | 5.01 | -24.71 | 3.60 | -33.58 | 1.71 | -63.62 | 1.57 | -62.88 | 1.43 | -48.56 | 0.44 | 4.76 | 11.04 | -26.64 | 104.97 | -10.5 | 69.23 | 307.69 | 30.77 | -62.94 | 0.00 | 0 | 25.60 | -14.04 |
| 2016 (3) | 30.12 | 19.33 | 0.89 | 0 | 6.65 | 7.23 | 5.42 | 0 | 4.70 | 0 | 4.23 | 0 | 2.78 | 0 | 0.42 | -12.5 | 15.05 | 587.21 | 117.28 | 2.09 | 16.98 | -74.36 | 83.02 | 136.28 | 0.00 | 0 | 29.78 | 10.34 |
| 2015 (2) | 25.24 | -21.03 | -4.44 | 0 | 6.20 | -0.15 | -6.78 | 0 | -6.33 | 0 | -6.05 | 0 | -2.09 | 0 | 0.48 | -4.0 | 2.19 | -81.36 | 114.88 | 36.1 | 66.22 | -31.33 | 35.14 | 883.78 | 0.00 | 0 | 26.99 | -0.7 |
| 2014 (1) | 31.96 | 0 | 2.59 | 0 | 6.21 | 72.59 | 2.69 | 0 | 2.65 | 0 | 2.62 | 0 | 2.34 | 0 | 0.50 | -32.43 | 11.75 | 12.01 | 84.41 | -28.3 | 96.43 | 9.78 | 3.57 | -70.63 | 0.00 | 0 | 27.18 | 69.98 |
