- 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) | 27.30 | -12.56 | -11.94 | -25.84 | 2.42 | 56.81 | -23.14 | 9.22 | 71.82 | -20.88 | 10.58 | 74.35 | -6.16 | 5.23 | 38.58 | -2.19 | 11.69 | 52.29 | 0.12 | 0.0 | 100.0 | -15.00 | 10.02 | 78.18 | 158.54 | 7.81 | 32.91 | 107.14 | 0.45 | 52.26 | -14.29 | -114.29 | -155.1 | 38.23 | -12.16 | -33.29 |
| 23Q3 (19) | 31.22 | 22.0 | 13.28 | -26.48 | 49.81 | 34.76 | -25.49 | 44.92 | 37.69 | -23.35 | 47.43 | 38.78 | -6.50 | 21.02 | 3.27 | -2.48 | 25.75 | 22.26 | 0.12 | 50.0 | 33.33 | -16.67 | 52.21 | 47.91 | 147.05 | 11.48 | 45.85 | 106.67 | -7.25 | 12.0 | -6.67 | 55.56 | 0 | 43.52 | -18.38 | -4.69 |
| 23Q2 (18) | 25.59 | -20.8 | 2.85 | -52.76 | -544.99 | -30.3 | -46.28 | -337.84 | 7.66 | -44.42 | -377.63 | 11.2 | -8.23 | -174.33 | -0.86 | -3.34 | -190.43 | 17.12 | 0.08 | -42.86 | 0.0 | -34.88 | -817.89 | 16.95 | 131.91 | 2.77 | 31.66 | 115.00 | 53.33 | 43.75 | -15.00 | -160.0 | -175.0 | 53.32 | 91.32 | 34.27 |
| 23Q1 (17) | 32.31 | 4.23 | 64.85 | -8.18 | 86.33 | 74.08 | -10.57 | 87.13 | 70.94 | -9.30 | 88.57 | 73.41 | -3.00 | 70.09 | 51.3 | -1.15 | 74.95 | 62.42 | 0.14 | 133.33 | 55.56 | -3.80 | 94.47 | 87.04 | 128.36 | 7.61 | 42.88 | 75.00 | 6.58 | -12.5 | 25.00 | -3.57 | 75.0 | 27.87 | -51.37 | -19.19 |
| 22Q4 (16) | 31.00 | 12.48 | 14.39 | -59.83 | -47.4 | -143.61 | -82.12 | -100.73 | -98.17 | -81.40 | -113.42 | -98.15 | -10.03 | -49.26 | -23.83 | -4.59 | -43.89 | -10.34 | 0.06 | -33.33 | -40.0 | -68.75 | -114.84 | -129.17 | 119.28 | 18.31 | 26.77 | 70.37 | -26.11 | 20.04 | 25.93 | 0 | -37.35 | 57.31 | 25.51 | 73.77 |
| 22Q3 (15) | 27.56 | 10.77 | -25.09 | -40.59 | -0.25 | -60.37 | -40.91 | 18.38 | -310.12 | -38.14 | 23.75 | -308.76 | -6.72 | 17.65 | -366.67 | -3.19 | 20.84 | -318.49 | 0.09 | 12.5 | 28.57 | -32.00 | 23.81 | -198.28 | 100.82 | 0.63 | 21.88 | 95.24 | 19.05 | 169.26 | -0.00 | -100.0 | -100.0 | 45.66 | 14.98 | 17.83 |
| 22Q2 (14) | 24.88 | 26.94 | -34.78 | -40.49 | -28.3 | -268.76 | -50.12 | -37.81 | -136.3 | -50.02 | -43.04 | -138.76 | -8.16 | -32.47 | -73.25 | -4.03 | -31.7 | -113.23 | 0.08 | -11.11 | -20.0 | -42.00 | -43.3 | -193.91 | 100.19 | 11.52 | -7.31 | 80.00 | -6.67 | 60.0 | 20.00 | 40.0 | -60.0 | 39.71 | 15.13 | 22.26 |
| 22Q1 (13) | 19.60 | -27.68 | -52.87 | -31.56 | -28.5 | 0.82 | -36.37 | 12.23 | 6.58 | -34.97 | 14.87 | 9.57 | -6.16 | 23.95 | 2.22 | -3.06 | 26.44 | -15.04 | 0.09 | -10.0 | 28.57 | -29.31 | 2.3 | 2.3 | 89.84 | -4.52 | -31.25 | 85.71 | 46.22 | 5.49 | 14.29 | -65.48 | -23.81 | 34.49 | 4.58 | -32.53 |
| 21Q4 (12) | 27.10 | -26.34 | -17.55 | -24.56 | 2.96 | 33.87 | -41.44 | -312.84 | -2.65 | -41.08 | -324.85 | 24.53 | -8.10 | -421.43 | 28.06 | -4.16 | -384.93 | 20.15 | 0.10 | 42.86 | 0.0 | -30.00 | -192.14 | 8.34 | 94.09 | 13.75 | -17.69 | 58.62 | 142.63 | -35.52 | 41.38 | -82.58 | 355.17 | 32.98 | -14.89 | -32.56 |
| 21Q3 (11) | 36.79 | -3.56 | -6.51 | -25.31 | -130.51 | -5.55 | 19.47 | 191.8 | 167.3 | 18.27 | 187.21 | 176.22 | 2.52 | 153.5 | 164.95 | 1.46 | 177.25 | 186.39 | 0.07 | -30.0 | -12.5 | 32.56 | 327.85 | 249.77 | 82.72 | -23.47 | -22.36 | -137.50 | -375.0 | -262.5 | 237.50 | 375.0 | 1443.75 | 38.75 | 19.3 | -11.89 |
| 21Q2 (10) | 38.15 | -8.27 | 120.39 | -10.98 | 65.49 | 36.57 | -21.21 | 45.52 | -1682.84 | -20.95 | 45.82 | -589.49 | -4.71 | 25.24 | -470.87 | -1.89 | 28.95 | -366.2 | 0.10 | 42.86 | -28.57 | -14.29 | 52.37 | -403.4 | 108.09 | -17.29 | -10.99 | 50.00 | -38.46 | 103.33 | 50.00 | 166.67 | -96.88 | 32.48 | -36.46 | 0 |
| 21Q1 (9) | 41.59 | 26.53 | 22.9 | -31.82 | 14.32 | -40.11 | -38.93 | 3.57 | 64.18 | -38.67 | 28.95 | 62.72 | -6.30 | 44.05 | 65.35 | -2.66 | 48.94 | 69.57 | 0.07 | -30.0 | -22.22 | -30.00 | 8.34 | 70.0 | 130.68 | 14.32 | 16.94 | 81.25 | -10.62 | 306.25 | 18.75 | 106.25 | -76.06 | 51.12 | 4.54 | 0 |
| 20Q4 (8) | 32.87 | -16.47 | -23.72 | -37.14 | -54.88 | -925.33 | -40.37 | -39.54 | -1273.13 | -54.43 | -127.08 | -1317.45 | -11.26 | -190.21 | -1085.26 | -5.21 | -208.28 | -1235.9 | 0.10 | 25.0 | -23.08 | -32.73 | -50.55 | -2971.05 | 114.31 | 7.29 | 21.07 | 90.91 | 7.44 | 168.18 | 9.09 | -40.91 | -96.1 | 48.90 | 11.19 | 81.25 |
| 20Q3 (7) | 39.35 | 127.33 | -3.41 | -23.98 | -38.53 | -47.03 | -28.93 | -2258.96 | -524.82 | -23.97 | -660.05 | -330.48 | -3.88 | -405.51 | -348.72 | -1.69 | -338.03 | -281.72 | 0.08 | -42.86 | 0.0 | -21.74 | -561.57 | -270.78 | 106.54 | -12.27 | 19.87 | 84.62 | 105.64 | 137.61 | 15.38 | -99.04 | -95.27 | 43.98 | 0 | 17.34 |
| 20Q2 (6) | 17.31 | -48.85 | -53.08 | -17.31 | 23.78 | -4.97 | 1.34 | 101.23 | 107.37 | 4.28 | 104.13 | 120.87 | 1.27 | 106.99 | 141.91 | 0.71 | 108.12 | 145.81 | 0.14 | 55.56 | 75.0 | 4.71 | 104.71 | 138.36 | 121.44 | 8.67 | 37.2 | -1500.00 | -7600.0 | -1766.67 | 1600.00 | 1942.55 | 15900.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 33.84 | -21.47 | -10.92 | -22.71 | -604.67 | -79.53 | -108.69 | -3596.94 | -899.19 | -103.73 | -2601.3 | -715.61 | -18.18 | -1813.68 | -770.85 | -8.74 | -2141.03 | -649.69 | 0.09 | -30.77 | 0.0 | -100.00 | -8871.93 | -624.93 | 111.75 | 18.35 | 42.74 | 20.00 | 115.0 | 122.5 | 78.33 | -66.43 | -55.94 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 43.09 | 5.77 | 0.0 | 4.50 | 127.59 | 0.0 | -2.94 | -143.17 | 0.0 | -3.84 | -136.92 | 0.0 | -0.95 | -160.9 | 0.0 | -0.39 | -141.94 | 0.0 | 0.13 | 62.5 | 0.0 | 1.14 | -91.04 | 0.0 | 94.42 | 6.23 | 0.0 | -133.33 | 40.74 | 0.0 | 233.33 | -28.21 | 0.0 | 26.98 | -28.01 | 0.0 |
| 19Q3 (3) | 40.74 | 10.44 | 0.0 | -16.31 | 1.09 | 0.0 | 6.81 | 137.46 | 0.0 | 10.40 | 150.71 | 0.0 | 1.56 | 151.49 | 0.0 | 0.93 | 160.0 | 0.0 | 0.08 | 0.0 | 0.0 | 12.73 | 203.66 | 0.0 | 88.88 | 0.42 | 0.0 | -225.00 | -350.0 | 0.0 | 325.00 | 3150.0 | 0.0 | 37.48 | 20.59 | 0.0 |
| 19Q2 (2) | 36.89 | -2.9 | 0.0 | -16.49 | -30.36 | 0.0 | -18.18 | -233.68 | 0.0 | -20.51 | -221.72 | 0.0 | -3.03 | -211.81 | 0.0 | -1.55 | -197.48 | 0.0 | 0.08 | -11.11 | 0.0 | -12.28 | -164.46 | 0.0 | 88.51 | 13.05 | 0.0 | 90.00 | 201.25 | 0.0 | 10.00 | -94.38 | 0.0 | 31.08 | -7.22 | 0.0 |
| 19Q1 (1) | 37.99 | 0.0 | 0.0 | -12.65 | 0.0 | 0.0 | 13.60 | 0.0 | 0.0 | 16.85 | 0.0 | 0.0 | 2.71 | 0.0 | 0.0 | 1.59 | 0.0 | 0.0 | 0.09 | 0.0 | 0.0 | 19.05 | 0.0 | 0.0 | 78.29 | 0.0 | 0.0 | -88.89 | 0.0 | 0.0 | 177.78 | 0.0 | 0.0 | 33.50 | 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) | 29.61 | 18.35 | -25.01 | 0 | 3.31 | -21.07 | -23.73 | 0 | -21.89 | 0 | -23.79 | 0 | -9.14 | 0 | 0.46 | 43.75 | -15.29 | 0 | 158.54 | 32.91 | 105.26 | 25.51 | -5.26 | 0 | 0.59 | 62.18 | 38.84 | -8.98 |
| 2022 (9) | 25.02 | -28.17 | -41.07 | 0 | 4.19 | 25.06 | -48.93 | 0 | -47.63 | 0 | -30.85 | 0 | -14.43 | 0 | 0.32 | -8.57 | -40.31 | 0 | 119.28 | 26.77 | 83.87 | -14.34 | 16.13 | 674.19 | 0.37 | -19.54 | 42.67 | 13.76 |
| 2021 (8) | 34.83 | 20.9 | -22.47 | 0 | 3.35 | 15.31 | -22.94 | 0 | -22.95 | 0 | -16.18 | 0 | -7.27 | 0 | 0.35 | -12.5 | -12.44 | 0 | 94.09 | -17.69 | 97.92 | 56.0 | 2.08 | -94.4 | 0.46 | -50.65 | 37.51 | 5.75 |
| 2020 (7) | 28.81 | -28.03 | -24.33 | 0 | 2.90 | 27.32 | -38.98 | 0 | -39.07 | 0 | -31.74 | 0 | -15.00 | 0 | 0.40 | 5.26 | -32.78 | 0 | 114.31 | 21.07 | 62.77 | -97.15 | 37.23 | 0 | 0.92 | -12.89 | 35.47 | 12.14 |
| 2019 (6) | 40.03 | 1.19 | -8.52 | 0 | 2.28 | 12.93 | -0.26 | 0 | 0.46 | -2.13 | 0.34 | 36.0 | 0.62 | 12.73 | 0.38 | 22.58 | 4.56 | 125.74 | 94.42 | 6.1 | 2200.00 | 266.67 | -2200.00 | 0 | 1.06 | 24.08 | 31.63 | -9.32 |
| 2018 (5) | 39.56 | -23.54 | -18.28 | 0 | 2.02 | 64.98 | -3.08 | 0 | 0.47 | -96.84 | 0.25 | -97.4 | 0.55 | -92.51 | 0.31 | -35.42 | 2.02 | -89.0 | 88.99 | 51.78 | 600.00 | 1850.0 | -500.00 | 0 | 0.85 | 0 | 34.88 | 19.78 |
| 2017 (4) | 51.74 | -9.13 | 5.09 | -73.0 | 1.22 | 233.06 | 16.06 | -30.92 | 14.89 | -28.07 | 9.60 | -28.52 | 7.34 | -38.88 | 0.48 | -17.24 | 18.37 | -24.28 | 58.63 | 386.56 | 30.77 | -61.99 | 69.23 | 263.46 | 0.00 | 0 | 29.12 | 21.74 |
| 2016 (3) | 56.94 | -1.74 | 18.85 | -29.0 | 0.37 | 9.19 | 23.25 | -17.32 | 20.70 | -11.2 | 13.43 | -32.03 | 12.01 | -29.93 | 0.58 | -21.62 | 24.26 | -15.23 | 12.05 | 3.34 | 80.95 | -13.92 | 19.05 | 220.0 | 0.00 | 0 | 23.92 | 13.9 |
| 2015 (2) | 57.95 | 2.01 | 26.55 | 19.33 | 0.34 | -18.52 | 28.12 | 11.5 | 23.31 | 11.53 | 19.76 | -19.05 | 17.14 | -12.51 | 0.74 | -21.28 | 28.62 | 11.71 | 11.66 | -46.39 | 94.05 | 6.24 | 5.95 | -48.13 | 0.00 | 0 | 21.00 | -7.2 |
| 2014 (1) | 56.81 | 0 | 22.25 | 0 | 0.41 | 0 | 25.22 | 0 | 20.90 | 0 | 24.41 | 0 | 19.59 | 0 | 0.94 | -27.13 | 25.62 | 0 | 21.75 | -25.13 | 88.52 | -5.94 | 11.48 | 95.08 | 0.00 | 0 | 22.63 | 0 |
