- 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 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 22Q3 (20) | 5.48 | -33.74 | -59.59 | -41.43 | -31.61 | -70.21 | -22.42 | -77.23 | -42.53 | -22.42 | -77.23 | -42.53 | -6.07 | -61.44 | -42.82 | -2.18 | -60.29 | -25.29 | 0.10 | -9.09 | -9.09 | -15.18 | -115.93 | -37.62 | 171.33 | -1.84 | 18.53 | 184.00 | -26.4 | 17.09 | -84.00 | 44.0 | -47.0 | 54.57 | 32.55 | 45.25 |
| 22Q2 (19) | 8.27 | -25.16 | -35.29 | -31.48 | 10.08 | -56.62 | -12.65 | 65.62 | 19.84 | -12.65 | 65.62 | 19.89 | -3.76 | 63.67 | 20.34 | -1.36 | 65.66 | 32.67 | 0.11 | 0.0 | -15.38 | -7.03 | 77.33 | 41.17 | 174.54 | 5.9 | 27.81 | 250.00 | 161.11 | 95.31 | -150.00 | -3625.0 | -435.71 | 41.17 | -4.3 | 19.23 |
| 22Q1 (18) | 11.05 | 1.38 | 4.15 | -35.01 | -159.14 | -123.85 | -36.80 | -229.45 | -321.05 | -36.80 | -229.45 | -321.05 | -10.35 | -123.06 | -238.24 | -3.96 | -115.22 | -200.0 | 0.11 | -35.29 | -26.67 | -31.01 | -313.47 | -495.2 | 164.81 | 6.88 | 31.89 | 95.74 | -21.99 | -45.74 | 4.26 | 118.72 | 105.56 | 43.02 | 47.99 | 39.99 |
| 21Q4 (17) | 10.90 | -19.62 | 6.24 | -13.51 | 44.49 | 25.77 | -11.17 | 28.99 | 59.23 | -11.17 | 28.99 | 59.23 | -4.64 | -9.18 | 45.67 | -1.84 | -5.75 | 51.83 | 0.17 | 54.55 | 21.43 | -7.50 | 32.0 | 68.22 | 154.20 | 6.68 | 18.09 | 122.73 | -21.9 | 87.93 | -22.73 | 60.23 | -169.6 | 29.07 | -22.62 | -13.3 |
| 21Q3 (16) | 13.56 | 6.1 | -29.04 | -24.34 | -21.09 | -205.4 | -15.73 | 0.32 | -296.22 | -15.73 | 0.38 | -296.22 | -4.25 | 9.96 | -248.36 | -1.74 | 13.86 | -216.36 | 0.11 | -15.38 | -21.43 | -11.03 | 7.7 | -1905.45 | 144.55 | 5.85 | 26.63 | 157.14 | 22.77 | -26.67 | -57.14 | -104.08 | 42.86 | 37.57 | 8.8 | 17.44 |
| 21Q2 (15) | 12.78 | 20.45 | -31.07 | -20.10 | -28.52 | -60.03 | -15.78 | -80.55 | -342.02 | -15.79 | -80.66 | -342.3 | -4.72 | -54.25 | -413.04 | -2.02 | -53.03 | -392.68 | 0.13 | -13.33 | 8.33 | -11.95 | -129.37 | -1938.46 | 136.56 | 9.28 | 20.84 | 128.00 | -27.47 | -59.58 | -28.00 | 63.38 | 88.0 | 34.53 | 12.37 | 0 |
| 21Q1 (14) | 10.61 | 3.41 | -31.59 | -15.64 | 14.07 | 23.97 | -8.74 | 68.1 | 26.43 | -8.74 | 68.1 | 26.43 | -3.06 | 64.17 | -7.37 | -1.32 | 65.45 | -0.76 | 0.15 | 7.14 | 36.36 | -5.21 | 77.92 | 29.88 | 124.96 | -4.3 | 10.88 | 176.47 | 170.22 | 5.88 | -76.47 | -334.19 | -5.88 | 30.73 | -8.35 | -22.44 |
| 20Q4 (13) | 10.26 | -46.31 | -39.07 | -18.20 | -128.36 | 11.18 | -27.40 | -590.18 | -426.92 | -27.40 | -590.18 | -379.02 | -8.54 | -600.0 | -454.55 | -3.82 | -594.55 | -461.76 | 0.14 | 0.0 | 16.67 | -23.60 | -4190.91 | -1917.09 | 130.58 | 14.39 | 13.96 | 65.31 | -69.52 | -83.21 | 32.65 | 132.65 | 111.3 | 33.53 | 4.81 | -8.46 |
| 20Q3 (12) | 19.11 | 3.07 | 2.69 | -7.97 | 36.54 | -170.17 | -3.97 | -11.2 | -189.82 | -3.97 | -11.2 | -189.62 | -1.22 | -32.61 | -167.4 | -0.55 | -34.15 | -161.11 | 0.14 | 16.67 | -26.32 | -0.55 | -184.62 | -107.64 | 114.15 | 1.01 | -4.8 | 214.29 | -32.33 | 421.43 | -100.00 | 57.14 | -163.16 | 31.99 | 0 | 22.71 |
| 20Q2 (11) | 18.54 | 19.54 | 18.92 | -12.56 | 38.94 | 19.38 | -3.57 | 69.95 | 73.38 | -3.57 | 69.95 | 73.38 | -0.92 | 67.72 | 76.23 | -0.41 | 68.7 | 79.08 | 0.12 | 9.09 | -20.0 | 0.65 | 108.75 | 106.61 | 113.01 | 0.28 | 14.28 | 316.67 | 90.0 | 174.44 | -233.33 | -223.08 | -1416.67 | 0.00 | -100.0 | -100.0 |
| 20Q1 (10) | 15.51 | -7.9 | 47.86 | -20.57 | -0.39 | 37.67 | -11.88 | -128.46 | 52.1 | -11.88 | -107.69 | 55.22 | -2.85 | -85.06 | 50.86 | -1.31 | -92.65 | 56.48 | 0.11 | -8.33 | -8.33 | -7.43 | -535.04 | 63.56 | 112.70 | -1.64 | 22.55 | 166.67 | -57.14 | 26.67 | -72.22 | 75.0 | -128.7 | 39.62 | 8.16 | -9.54 |
| 19Q4 (9) | 16.84 | -9.51 | 9.92 | -20.49 | -594.58 | -68.23 | -5.20 | -217.65 | -209.7 | -5.72 | -229.12 | -258.45 | -1.54 | -185.08 | -241.28 | -0.68 | -175.56 | -213.33 | 0.12 | -36.84 | -25.0 | -1.17 | -116.25 | -114.59 | 114.58 | -4.45 | 29.48 | 388.89 | 683.33 | 249.57 | -288.89 | -282.46 | -180.25 | 36.63 | 40.51 | 15.95 |
| 19Q3 (8) | 18.61 | 19.37 | 2.59 | -2.95 | 81.07 | 76.74 | 4.42 | 132.96 | 171.75 | 4.43 | 133.04 | 185.03 | 1.81 | 146.77 | 219.08 | 0.90 | 145.92 | 220.0 | 0.19 | 26.67 | 26.67 | 7.20 | 173.17 | 350.87 | 119.91 | 21.26 | 24.26 | -66.67 | -157.78 | -133.33 | 158.33 | 1129.17 | 247.02 | 26.07 | -23.86 | -11.54 |
| 19Q2 (7) | 15.59 | 48.62 | 15.74 | -15.58 | 52.79 | 21.39 | -13.41 | 45.93 | -29.07 | -13.41 | 49.45 | -33.83 | -3.87 | 33.28 | -55.42 | -1.96 | 34.88 | -53.12 | 0.15 | 25.0 | 15.38 | -9.84 | 51.74 | -50.92 | 98.89 | 7.54 | 5.24 | 115.38 | -12.31 | -40.75 | -15.38 | 51.28 | 82.81 | 34.24 | -21.83 | 1.9 |
| 19Q1 (6) | 10.49 | -31.53 | -10.95 | -33.00 | -170.94 | -65.25 | -24.80 | -623.21 | -58.77 | -26.53 | -834.9 | -63.06 | -5.80 | -632.11 | -39.42 | -3.01 | -601.67 | -27.0 | 0.12 | -25.0 | -20.0 | -20.39 | -354.24 | -72.94 | 91.96 | 3.92 | 5.28 | 131.58 | 150.61 | 1.21 | -31.58 | -108.77 | -18.42 | 43.80 | 38.65 | 30.43 |
| 18Q4 (5) | 15.32 | -15.55 | 0 | -12.18 | 3.94 | 0 | 4.74 | 176.95 | 0 | 3.61 | 169.29 | 0 | 1.09 | 171.71 | 0 | 0.60 | 180.0 | 0 | 0.16 | 6.67 | 0 | 8.02 | 379.44 | 0 | 88.49 | -8.3 | 0 | -260.00 | -230.0 | 0 | 360.00 | 434.29 | 0 | 31.59 | 7.19 | 0 |
| 18Q3 (4) | 18.14 | 34.67 | 0.0 | -12.68 | 36.02 | 0.0 | -6.16 | 40.71 | 0.0 | -5.21 | 48.0 | 0.0 | -1.52 | 38.96 | 0.0 | -0.75 | 41.41 | 0.0 | 0.15 | 15.38 | 0.0 | -2.87 | 55.98 | 0.0 | 96.50 | 2.69 | 0.0 | 200.00 | 2.7 | 0.0 | -107.69 | -20.36 | 0.0 | 29.47 | -12.29 | 0.0 |
| 18Q2 (3) | 13.47 | 14.35 | 0.0 | -19.82 | 0.75 | 0.0 | -10.39 | 33.48 | 0.0 | -10.02 | 38.41 | 0.0 | -2.49 | 40.14 | 0.0 | -1.28 | 45.99 | 0.0 | 0.13 | -13.33 | 0.0 | -6.52 | 44.7 | 0.0 | 93.97 | 7.58 | 0.0 | 194.74 | 49.8 | 0.0 | -89.47 | -235.53 | 0.0 | 33.60 | 0.06 | 0.0 |
| 18Q1 (2) | 11.78 | 0 | 0.0 | -19.97 | 0 | 0.0 | -15.62 | 0 | 0.0 | -16.27 | 0 | 0.0 | -4.16 | 0 | 0.0 | -2.37 | 0 | 0.0 | 0.15 | 0 | 0.0 | -11.79 | 0 | 0.0 | 87.35 | 0 | 0.0 | 130.00 | 0 | 0.0 | -26.67 | 0 | 0.0 | 33.58 | 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 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 (10) | 11.78 | -25.4 | -17.78 | 0 | 3.78 | 0.37 | -12.46 | 0 | -12.46 | 0 | -16.78 | 0 | -6.86 | 0 | 0.56 | 9.8 | -8.44 | 0 | 154.20 | 18.09 | 141.86 | 15.54 | -43.02 | 0 | 0.00 | 0 | 32.48 | -5.53 |
| 2020 (9) | 15.79 | -0.63 | -14.61 | 0 | 3.77 | 17.8 | -11.95 | 0 | -11.95 | 0 | -13.49 | 0 | -5.98 | 0 | 0.51 | -12.07 | -7.99 | 0 | 130.58 | 13.96 | 122.78 | -39.11 | -22.78 | 0 | 0.00 | 0 | 34.38 | 1.54 |
| 2019 (8) | 15.89 | 7.58 | -15.78 | 0 | 3.20 | 2.43 | -7.80 | 0 | -8.24 | 0 | -9.67 | 0 | -4.69 | 0 | 0.58 | -6.45 | -4.23 | 0 | 114.58 | 29.48 | 201.64 | -18.08 | -101.64 | 0 | 0.00 | 0 | 33.86 | 5.88 |
| 2018 (7) | 14.77 | -24.91 | -15.97 | 0 | 3.12 | 27.04 | -6.55 | 0 | -6.67 | 0 | -7.20 | 0 | -4.03 | 0 | 0.62 | -15.07 | -3.00 | 0 | 88.49 | 50.26 | 246.15 | 99.42 | -144.23 | 0 | 0.00 | 0 | 31.98 | 20.5 |
| 2017 (6) | 19.67 | -15.87 | -8.43 | 0 | 2.46 | -17.68 | -6.80 | 0 | -6.79 | 0 | -7.72 | 0 | -4.80 | 0 | 0.73 | 2.82 | -3.96 | 0 | 58.89 | 9.16 | 123.44 | 0 | -23.44 | 0 | 0.00 | 0 | 26.54 | 9.94 |
| 2016 (5) | 23.38 | -1.52 | -2.00 | 0 | 2.99 | 8.2 | 2.06 | -72.42 | 1.20 | -82.53 | 1.33 | -87.52 | 0.99 | -85.33 | 0.71 | -23.66 | 5.38 | -50.32 | 53.95 | -12.49 | -95.24 | 0 | 195.24 | 265.63 | 0.00 | 0 | 24.14 | 17.47 |
| 2015 (4) | 23.74 | 8.3 | 3.44 | 0 | 2.76 | -14.96 | 7.47 | 160.28 | 6.87 | 140.21 | 10.66 | 151.42 | 6.75 | 128.81 | 0.93 | 6.9 | 10.83 | 58.57 | 61.65 | -16.89 | 45.63 | 0 | 53.40 | -53.45 | 0.00 | 0 | 20.55 | -4.91 |
| 2014 (3) | 21.92 | 28.19 | -0.39 | 0 | 3.25 | -13.95 | 2.87 | 0 | 2.86 | 0 | 4.24 | 0 | 2.95 | 0 | 0.87 | 16.0 | 6.83 | 0 | 74.18 | 12.14 | -14.71 | 0 | 114.71 | 0 | 0.00 | 0 | 21.61 | -9.62 |
| 2013 (2) | 17.10 | -20.5 | -8.50 | 0 | 3.77 | -18.99 | -6.28 | 0 | -6.25 | 0 | -7.84 | 0 | -4.21 | 0 | 0.75 | 7.14 | -1.59 | 0 | 66.15 | -1.39 | 136.51 | -80.02 | -34.92 | 0 | 0.00 | 0 | 23.91 | -0.17 |
| 2012 (1) | 21.51 | 0 | -4.27 | 0 | 4.66 | 0 | -0.60 | 0 | -0.68 | 0 | -0.77 | 0 | -0.02 | 0 | 0.70 | 0 | 4.97 | 0 | 67.08 | 0 | 683.33 | 0 | -583.33 | 0 | 0.00 | 0 | 23.95 | 0 |
