- 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) | 15.79 | 49.1 | -15.52 | -5.87 | -73.67 | -16.47 | -11.52 | -438.82 | -62.48 | -10.00 | -590.2 | -233.33 | -1.05 | -537.5 | -98.11 | -0.67 | -391.3 | -391.3 | 0.07 | -12.5 | -12.5 | 1.32 | -89.86 | -82.65 | 47.99 | 17.48 | -36.29 | 52.94 | 152.94 | -23.53 | 52.94 | -71.12 | 72.06 | 17.92 | 4.67 | 26.73 |
| 23Q3 (19) | 10.59 | -33.77 | -43.7 | -3.38 | 85.96 | 56.56 | 3.40 | 117.42 | -76.57 | 2.04 | 111.24 | -83.18 | 0.24 | 108.08 | -87.03 | 0.23 | 112.64 | -75.27 | 0.08 | -27.27 | 14.29 | 13.02 | 214.31 | -47.24 | 40.85 | 17.93 | -70.96 | -100.00 | -179.59 | -91.67 | 183.33 | 894.44 | 20.48 | 17.12 | -15.37 | -2.28 |
| 23Q2 (18) | 15.99 | -25.21 | 10.12 | -24.07 | -55.29 | -27.42 | -19.52 | -21.17 | -1871.72 | -18.15 | -44.97 | -123.8 | -2.97 | -52.31 | -226.37 | -1.82 | -89.58 | -451.52 | 0.11 | 22.22 | 120.0 | -11.39 | -102.67 | -209.2 | 34.64 | -56.88 | -69.87 | 125.64 | 30.67 | -94.29 | -23.08 | -700.0 | 98.9 | 20.23 | 11.64 | -16.95 |
| 23Q1 (17) | 21.38 | 14.39 | 31.98 | -15.50 | -207.54 | 16.85 | -16.11 | -127.22 | -397.22 | -12.52 | -317.33 | -187.16 | -1.95 | -267.92 | -323.91 | -0.96 | -517.39 | -772.73 | 0.09 | 12.5 | 80.0 | -5.62 | -173.85 | -169.13 | 80.33 | 6.65 | -27.41 | 96.15 | 38.89 | -83.28 | 3.85 | -87.5 | 100.81 | 18.12 | 28.15 | -21.96 |
| 22Q4 (16) | 18.69 | -0.64 | -60.56 | -5.04 | 35.22 | -227.59 | -7.09 | -148.86 | -121.4 | -3.00 | -124.73 | -113.01 | -0.53 | -128.65 | -115.36 | 0.23 | -75.27 | -85.98 | 0.08 | 14.29 | 14.29 | 7.61 | -69.17 | -81.13 | 75.32 | -46.46 | -30.72 | 69.23 | 232.69 | 513.19 | 30.77 | -79.78 | -64.67 | 14.14 | -19.29 | -5.48 |
| 22Q3 (15) | 18.81 | 29.55 | 13335.71 | -7.78 | 58.81 | 75.76 | 14.51 | 1565.66 | 140.58 | 12.13 | 249.57 | 130.33 | 1.85 | 303.3 | 130.58 | 0.93 | 381.82 | 138.91 | 0.07 | 40.0 | 16.67 | 24.68 | 136.63 | 192.78 | 140.69 | 22.37 | -0.76 | -52.17 | -102.37 | -158.26 | 152.17 | 107.25 | 1356.52 | 17.52 | -28.08 | -16.21 |
| 22Q2 (14) | 14.52 | -10.37 | 1232.11 | -18.89 | -1.34 | -236.12 | -0.99 | 69.44 | 84.84 | -8.11 | -86.01 | -45.86 | -0.91 | -97.83 | 77.48 | -0.33 | -200.0 | 78.15 | 0.05 | 0.0 | -82.76 | 10.43 | 28.29 | 328.73 | 114.97 | 3.89 | -17.28 | 2200.00 | 282.61 | 2438.46 | -2100.00 | -342.11 | -15850.0 | 24.36 | 4.91 | 451.13 |
| 22Q1 (13) | 16.20 | -65.82 | 743.75 | -18.64 | -571.9 | 15.77 | -3.24 | -109.78 | 87.52 | -4.36 | -118.91 | 80.4 | -0.46 | -113.33 | 89.15 | -0.11 | -106.71 | 92.9 | 0.05 | -28.57 | -28.57 | 8.13 | -79.84 | 143.48 | 110.66 | 1.78 | -28.84 | 575.00 | 4992.86 | 576.47 | -475.00 | -645.37 | -3266.67 | 23.22 | 55.21 | 40.05 |
| 21Q4 (12) | 47.39 | 33750.0 | 996.99 | 3.95 | 112.31 | 147.08 | 33.13 | 192.65 | 624.21 | 23.06 | 157.66 | 571.57 | 3.45 | 157.02 | 273.37 | 1.64 | 168.62 | 302.47 | 0.07 | 16.67 | -63.16 | 40.32 | 251.58 | 1258.62 | 108.72 | -23.31 | -28.79 | 11.29 | -87.39 | -91.6 | 87.10 | 733.64 | 352.58 | 14.96 | -28.46 | 77.88 |
| 21Q3 (11) | 0.14 | -87.16 | -97.78 | -32.09 | -471.0 | -154.28 | -35.76 | -447.63 | -202.03 | -39.99 | -619.24 | -320.5 | -6.05 | -49.75 | -150.0 | -2.39 | -58.28 | -123.36 | 0.06 | -79.31 | -50.0 | -26.60 | -483.33 | -240.15 | 141.77 | 2.0 | 70.7 | 89.55 | 3.33 | -16.23 | 10.45 | -21.64 | 251.49 | 20.91 | 373.08 | 80.1 |
| 21Q2 (10) | 1.09 | -43.23 | -92.73 | -5.62 | 74.6 | 7.57 | -6.53 | 74.86 | 15.63 | -5.56 | 75.01 | 13.26 | -4.04 | 4.72 | -106.12 | -1.51 | 2.58 | -115.71 | 0.29 | 314.29 | 123.08 | -4.56 | 75.61 | -16.92 | 138.99 | -10.62 | -2.65 | 86.67 | 1.96 | 11.43 | 13.33 | -11.11 | -40.0 | 4.42 | -73.34 | 0 |
| 21Q1 (9) | 1.92 | -55.56 | -91.16 | -22.13 | -163.77 | -425.92 | -25.97 | -310.92 | -474.21 | -22.25 | -355.01 | -502.35 | -4.24 | -113.07 | -267.59 | -1.55 | -91.36 | -226.02 | 0.07 | -63.16 | -65.0 | -18.70 | -437.36 | -295.2 | 155.50 | 1.85 | 9.96 | 85.00 | -36.79 | -10.95 | 15.00 | 143.5 | 0 | 16.58 | 97.15 | 0 |
| 20Q4 (8) | 4.32 | -31.65 | -81.11 | -8.39 | 33.52 | -431.62 | -6.32 | 46.62 | -802.86 | -4.89 | 48.58 | -840.38 | -1.99 | 17.77 | -1143.75 | -0.81 | 24.3 | -2800.0 | 0.19 | 58.33 | 26.67 | -3.48 | 55.5 | -239.2 | 152.68 | 83.84 | 40.38 | 134.48 | 25.81 | 126.9 | -34.48 | -400.0 | -105.75 | 8.41 | -27.56 | -24.71 |
| 20Q3 (7) | 6.32 | -57.87 | -64.31 | -12.62 | -107.57 | -125.76 | -11.84 | -52.97 | -103.44 | -9.51 | -48.36 | -101.91 | -2.42 | -23.47 | -157.45 | -1.07 | -52.86 | -91.07 | 0.12 | -7.69 | -7.69 | -7.82 | -100.51 | -249.11 | 83.05 | -41.83 | -1.23 | 106.90 | 37.44 | 22.17 | -6.90 | -131.03 | 0 | 11.61 | 0 | -21.55 |
| 20Q2 (6) | 15.00 | -30.97 | -36.09 | -6.08 | -189.54 | -353.33 | -7.74 | -211.53 | -217.81 | -6.41 | -215.91 | -219.37 | -1.96 | -177.47 | -246.27 | -0.70 | -156.91 | -163.64 | 0.13 | -35.0 | -35.0 | -3.90 | -140.71 | -145.77 | 142.78 | 0.97 | 430.78 | 77.78 | -18.52 | 133.33 | 22.22 | 0 | -61.9 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 21.73 | -4.98 | 0.56 | 6.79 | 168.38 | 504.17 | 6.94 | 1091.43 | 1408.7 | 5.53 | 1163.46 | 1526.47 | 2.53 | 1681.25 | 4116.67 | 1.23 | 4000.0 | 2360.0 | 0.20 | 33.33 | 42.86 | 9.58 | 283.2 | 196.59 | 141.41 | 30.02 | 697.57 | 95.45 | 119.09 | 147.73 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 22.87 | 29.14 | 0.0 | 2.53 | 145.26 | 0.0 | -0.70 | 87.97 | 0.0 | -0.52 | 88.96 | 0.0 | -0.16 | 82.98 | 0.0 | 0.03 | 105.36 | 0.0 | 0.15 | 15.38 | 0.0 | 2.50 | 211.61 | 0.0 | 108.76 | 29.35 | 0.0 | -500.00 | -671.43 | 0.0 | 600.00 | 0 | 0.0 | 11.17 | -24.53 | 0.0 |
| 19Q3 (3) | 17.71 | -24.54 | 0.0 | -5.59 | -332.92 | 0.0 | -5.82 | -188.58 | 0.0 | -4.71 | -187.71 | 0.0 | -0.94 | -170.15 | 0.0 | -0.56 | -150.91 | 0.0 | 0.13 | -35.0 | 0.0 | -2.24 | -126.29 | 0.0 | 84.08 | 212.57 | 0.0 | 87.50 | 162.5 | 0.0 | 0.00 | -100.0 | 0.0 | 14.80 | 15.62 | 0.0 |
| 19Q2 (2) | 23.47 | 8.61 | 0.0 | 2.40 | 242.86 | 0.0 | 6.57 | 1328.26 | 0.0 | 5.37 | 1479.41 | 0.0 | 1.34 | 2133.33 | 0.0 | 1.10 | 2100.0 | 0.0 | 0.20 | 42.86 | 0.0 | 8.52 | 163.78 | 0.0 | 26.90 | 51.72 | 0.0 | 33.33 | 116.67 | 0.0 | 58.33 | -80.56 | 0.0 | 12.80 | -20.79 | 0.0 |
| 19Q1 (1) | 21.61 | 0.0 | 0.0 | -1.68 | 0.0 | 0.0 | 0.46 | 0.0 | 0.0 | 0.34 | 0.0 | 0.0 | 0.06 | 0.0 | 0.0 | 0.05 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | 3.23 | 0.0 | 0.0 | 17.73 | 0.0 | 0.0 | -200.00 | 0.0 | 0.0 | 300.00 | 0.0 | 0.0 | 16.16 | 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) | 15.88 | -8.58 | -12.90 | 0 | 8.49 | 9.64 | -11.27 | 0 | -10.03 | 0 | -5.53 | 0 | -3.12 | 0 | 0.35 | 34.62 | -1.17 | 0 | 47.99 | -36.29 | 114.29 | 0 | -14.29 | 0 | 0.75 | 96.58 | 18.45 | -3.0 |
| 2022 (9) | 17.37 | 157.72 | -11.42 | 0 | 7.75 | 156.94 | 0.82 | 0 | -0.18 | 0 | -0.09 | 0 | 0.76 | 0 | 0.26 | -51.85 | 12.91 | 0 | 75.32 | -30.72 | -1320.00 | 0 | 1420.00 | 0 | 0.38 | 27.77 | 19.02 | 98.75 |
| 2021 (8) | 6.74 | -39.06 | -10.21 | 0 | 3.01 | 34.14 | -8.24 | 0 | -8.84 | 0 | -11.06 | 0 | -4.31 | 0 | 0.54 | -6.9 | -3.93 | 0 | 108.72 | -28.79 | 123.81 | 7.83 | -23.81 | 0 | 0.30 | 340.68 | 9.57 | -7.8 |
| 2020 (7) | 11.06 | -49.03 | -4.97 | 0 | 2.25 | -4.87 | -4.33 | 0 | -3.45 | 0 | -4.70 | 0 | -1.62 | 0 | 0.58 | 3.57 | -1.12 | 0 | 152.68 | 40.38 | 114.81 | 0 | -14.81 | 0 | 0.07 | -52.38 | 10.38 | -22.36 |
| 2019 (6) | 21.70 | 23.37 | -0.05 | 0 | 2.36 | 110.83 | 0.46 | -93.55 | 0.40 | -92.97 | 0.35 | -95.5 | 0.39 | -93.85 | 0.56 | -49.55 | 3.46 | -58.36 | 108.76 | 495.95 | 0.00 | 0 | 100.00 | 204.0 | 0.14 | -36.77 | 13.37 | 56.01 |
| 2018 (5) | 17.59 | -38.6 | 4.83 | -63.41 | 1.12 | 97.34 | 7.13 | -45.57 | 5.69 | -47.36 | 7.78 | -65.27 | 6.34 | -61.67 | 1.11 | -27.45 | 8.31 | -39.34 | 18.25 | -31.62 | 68.42 | -31.95 | 32.89 | 0 | 0.23 | 0 | 8.57 | 8.21 |
| 2017 (4) | 28.65 | 17.8 | 13.20 | 9.36 | 0.57 | 24.0 | 13.10 | 3.31 | 10.81 | 5.05 | 22.40 | 0.09 | 16.54 | 4.16 | 1.53 | -0.65 | 13.70 | 3.87 | 26.69 | -45.33 | 100.54 | 5.87 | -0.54 | 0 | 0.00 | 0 | 7.92 | -17.15 |
| 2016 (3) | 24.32 | 30.19 | 12.07 | 81.78 | 0.46 | 31.56 | 12.68 | 57.71 | 10.29 | 67.05 | 22.38 | 93.93 | 15.88 | 90.64 | 1.54 | 14.07 | 13.19 | 55.73 | 48.82 | 53.43 | 94.96 | 14.96 | 5.04 | -71.04 | 0.00 | 0 | 9.56 | 9.51 |
| 2015 (2) | 18.68 | -3.06 | 6.64 | -19.02 | 0.35 | 196.52 | 8.04 | -24.86 | 6.16 | -27.44 | 11.54 | -38.02 | 8.33 | -28.13 | 1.35 | -1.46 | 8.47 | -22.44 | 31.82 | -29.88 | 82.61 | 7.39 | 17.39 | -24.64 | 0.00 | 0 | 8.73 | 25.61 |
| 2014 (1) | 19.27 | 0 | 8.20 | 0 | 0.12 | 10.09 | 10.70 | 0 | 8.49 | 0 | 18.62 | 0 | 11.59 | 0 | 1.37 | -29.02 | 10.92 | 21.87 | 45.38 | -44.65 | 76.92 | -10.08 | 23.08 | 59.62 | 0.00 | 0 | 6.95 | 56.88 |
