- 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) | -9.21 | -156.99 | -148.5 | -45.15 | -379.3 | -401.11 | -54.55 | -13737.5 | -235.28 | -52.53 | -1240.05 | -235.44 | -4.88 | -1009.09 | -183.72 | -1.94 | -1840.0 | -185.29 | 0.04 | -20.0 | -20.0 | -46.07 | -745.24 | -373.48 | 145.65 | 7.97 | 10.78 | 81.63 | 0 | 46.94 | 16.33 | 0 | -63.27 | 44.32 | 41.19 | 31.36 |
| 23Q3 (19) | 16.16 | -29.31 | -41.02 | -9.42 | -395.3 | -255.45 | 0.40 | 106.46 | -96.27 | -3.92 | -408.66 | -148.4 | -0.44 | -393.33 | -142.31 | -0.10 | -166.67 | -117.86 | 0.05 | 0.0 | -16.67 | 7.14 | 0 | -54.78 | 134.90 | 0.32 | 18.1 | 0.00 | 100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 31.39 | 7.17 | 13.69 |
| 23Q2 (18) | 22.86 | 53.84 | -16.6 | 3.19 | 120.42 | -67.52 | -6.19 | 48.07 | -167.8 | 1.27 | 112.04 | -80.46 | 0.15 | 116.67 | -85.98 | 0.15 | 146.87 | -72.73 | 0.05 | 25.0 | -37.5 | 0.00 | 100.0 | -100.0 | 134.47 | 4.1 | 21.58 | -50.00 | -135.71 | -147.06 | 137.50 | 558.33 | 2300.0 | 29.29 | -29.88 | 29.6 |
| 23Q1 (17) | 14.86 | -21.75 | -37.22 | -15.62 | -73.36 | -457.44 | -11.92 | 26.74 | -154.7 | -10.55 | 32.63 | -161.16 | -0.90 | 47.67 | -140.54 | -0.32 | 52.94 | -128.32 | 0.04 | -20.0 | -33.33 | -3.45 | 64.54 | -113.61 | 129.17 | -1.76 | 12.12 | 140.00 | 152.0 | 623.33 | -30.00 | -167.5 | -137.2 | 41.77 | 23.8 | 48.28 |
| 22Q4 (16) | 18.99 | -30.69 | -46.26 | -9.01 | -248.68 | -139.5 | -16.27 | -251.77 | -166.11 | -15.66 | -293.33 | -181.52 | -1.72 | -265.38 | -129.15 | -0.68 | -221.43 | -121.79 | 0.05 | -16.67 | -68.75 | -9.73 | -161.62 | -137.27 | 131.48 | 15.1 | 32.59 | 55.56 | -2.78 | -40.12 | 44.44 | 3.7 | 514.81 | 33.74 | 22.2 | 149.74 |
| 22Q3 (15) | 27.40 | -0.04 | -22.71 | 6.06 | -38.29 | -78.11 | 10.72 | 17.42 | -61.86 | 8.10 | 24.62 | -62.48 | 1.04 | -2.8 | -85.64 | 0.56 | 1.82 | -86.31 | 0.06 | -25.0 | -68.42 | 15.79 | 22.02 | -46.13 | 114.23 | 3.28 | 40.69 | 57.14 | -46.22 | -42.24 | 42.86 | 785.71 | 3885.71 | 27.61 | 22.17 | 140.71 |
| 22Q2 (14) | 27.41 | 15.8 | -22.75 | 9.82 | 124.71 | -63.04 | 9.13 | -58.1 | -63.93 | 6.50 | -62.32 | -66.49 | 1.07 | -51.8 | -83.07 | 0.55 | -51.33 | -85.37 | 0.08 | 33.33 | -57.89 | 12.94 | -48.95 | -51.15 | 110.60 | -4.0 | 46.18 | 106.25 | 448.96 | 0.94 | -6.25 | -107.75 | -18.75 | 22.60 | -19.77 | 88.02 |
| 22Q1 (13) | 23.67 | -33.02 | -34.36 | 4.37 | -80.84 | -80.89 | 21.79 | -11.46 | -10.77 | 17.25 | -10.2 | -12.03 | 2.22 | -62.37 | -45.05 | 1.13 | -63.78 | -56.7 | 0.06 | -62.5 | -53.85 | 25.35 | -2.91 | -5.2 | 115.21 | 16.19 | 85.46 | 19.35 | -79.14 | -79.29 | 80.65 | 1015.59 | 1136.56 | 28.17 | 108.51 | 60.79 |
| 21Q4 (12) | 35.34 | -0.31 | 15.11 | 22.81 | -17.62 | 71.63 | 24.61 | -12.45 | 11.36 | 19.21 | -11.02 | 19.84 | 5.90 | -18.51 | 150.0 | 3.12 | -23.72 | 100.0 | 0.16 | -15.79 | 60.0 | 26.11 | -10.92 | 2.15 | 99.16 | 22.13 | 96.51 | 92.77 | -6.22 | 49.46 | 7.23 | 572.29 | -82.53 | 13.51 | 17.79 | -43.54 |
| 21Q3 (11) | 35.45 | -0.08 | 21.2 | 27.69 | 4.22 | 92.02 | 28.11 | 11.06 | 32.41 | 21.59 | 11.29 | 29.05 | 7.24 | 14.56 | 138.94 | 4.09 | 8.78 | 124.73 | 0.19 | 0.0 | 72.73 | 29.31 | 10.65 | 18.86 | 81.19 | 7.31 | 39.26 | 98.92 | -6.02 | 46.03 | 1.08 | 120.43 | -96.67 | 11.47 | -4.58 | -42.07 |
| 21Q2 (10) | 35.48 | -1.61 | 8.07 | 26.57 | 16.18 | 51.31 | 25.31 | 3.64 | 52.38 | 19.40 | -1.07 | 58.24 | 6.32 | 56.44 | 126.52 | 3.76 | 44.06 | 139.49 | 0.19 | 46.15 | 58.33 | 26.49 | -0.93 | 34.13 | 75.66 | 21.8 | -12.43 | 105.26 | 12.61 | 1.5 | -5.26 | -180.7 | 28.95 | 12.02 | -31.39 | 0 |
| 21Q1 (9) | 36.06 | 17.46 | 18.97 | 22.87 | 72.08 | 139.73 | 24.42 | 10.5 | 393.33 | 19.61 | 22.33 | 547.19 | 4.04 | 71.19 | 935.9 | 2.61 | 67.31 | 832.14 | 0.13 | 30.0 | 85.71 | 26.74 | 4.62 | 146.0 | 62.12 | 23.11 | -23.87 | 93.48 | 50.6 | -48.07 | 6.52 | -84.24 | 108.15 | 17.52 | -26.79 | -37.07 |
| 20Q4 (8) | 30.70 | 4.96 | -2.07 | 13.29 | -7.84 | 726.89 | 22.10 | 4.1 | 295.23 | 16.03 | -4.18 | 267.15 | 2.36 | -22.11 | 447.06 | 1.56 | -14.29 | 620.0 | 0.10 | -9.09 | 150.0 | 25.56 | 3.65 | 0 | 50.46 | -13.45 | -38.51 | 62.07 | -8.37 | 272.41 | 41.38 | 28.28 | -50.34 | 23.93 | 20.86 | -48.88 |
| 20Q3 (7) | 29.25 | -10.9 | -20.23 | 14.42 | -17.88 | 315.22 | 21.23 | 27.81 | 208.26 | 16.73 | 36.46 | 210.28 | 3.03 | 8.6 | 342.4 | 1.82 | 15.92 | 403.33 | 0.11 | -8.33 | 175.0 | 24.66 | 24.86 | 354.75 | 58.30 | -32.52 | -26.69 | 67.74 | -34.68 | 103.23 | 32.26 | 535.48 | -51.61 | 19.80 | 0 | -47.87 |
| 20Q2 (6) | 32.83 | 8.31 | 8.42 | 17.56 | 84.07 | 932.94 | 16.61 | 235.56 | 4252.5 | 12.26 | 304.62 | 381.84 | 2.79 | 615.38 | 920.59 | 1.57 | 460.71 | 1146.67 | 0.12 | 71.43 | 140.0 | 19.75 | 81.69 | 164.75 | 86.40 | 5.88 | -7.27 | 103.70 | -42.39 | 0 | -7.41 | 90.74 | 0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 30.31 | -3.32 | -14.23 | 9.54 | 550.0 | -54.81 | 4.95 | 143.73 | -83.02 | 3.03 | 131.6 | -86.71 | 0.39 | 157.35 | -90.03 | 0.28 | 193.33 | -88.8 | 0.07 | 75.0 | -36.36 | 10.87 | 0 | -66.33 | 81.60 | -0.56 | 50.55 | 180.00 | 980.0 | 150.91 | -80.00 | -196.0 | -383.08 | 27.84 | -40.53 | 86.72 |
| 19Q4 (4) | 31.35 | -14.51 | 0.0 | -2.12 | 68.36 | 0.0 | -11.32 | 42.27 | 0.0 | -9.59 | 36.78 | 0.0 | -0.68 | 45.6 | 0.0 | -0.30 | 50.0 | 0.0 | 0.04 | 0.0 | 0.0 | -0.00 | 100.0 | 0.0 | 82.06 | 3.18 | 0.0 | 16.67 | -50.0 | 0.0 | 83.33 | 25.0 | 0.0 | 46.81 | 23.25 | 0.0 |
| 19Q3 (3) | 36.67 | 21.1 | 0.0 | -6.70 | -494.12 | 0.0 | -19.61 | -4802.5 | 0.0 | -15.17 | -248.74 | 0.0 | -1.25 | -267.65 | 0.0 | -0.60 | -300.0 | 0.0 | 0.04 | -20.0 | 0.0 | -9.68 | -229.76 | 0.0 | 79.53 | -14.64 | 0.0 | 33.33 | 0 | 0.0 | 66.67 | 0 | 0.0 | 37.98 | 33.12 | 0.0 |
| 19Q2 (2) | 30.28 | -14.32 | 0.0 | 1.70 | -91.95 | 0.0 | -0.40 | -101.37 | 0.0 | -4.35 | -119.08 | 0.0 | -0.34 | -108.7 | 0.0 | -0.15 | -106.0 | 0.0 | 0.05 | -54.55 | 0.0 | 7.46 | -76.89 | 0.0 | 93.17 | 71.9 | 0.0 | 0.00 | -100.0 | 0.0 | 0.00 | -100.0 | 0.0 | 28.53 | 91.35 | 0.0 |
| 19Q1 (1) | 35.34 | 0.0 | 0.0 | 21.11 | 0.0 | 0.0 | 29.15 | 0.0 | 0.0 | 22.80 | 0.0 | 0.0 | 3.91 | 0.0 | 0.0 | 2.50 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 32.28 | 0.0 | 0.0 | 54.20 | 0.0 | 0.0 | 71.74 | 0.0 | 0.0 | 28.26 | 0.0 | 0.0 | 14.91 | 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) | 12.36 | -50.06 | -14.76 | 0 | 4.40 | 44.71 | -16.11 | 0 | -14.35 | 0 | -6.01 | 0 | -2.19 | 0 | 0.18 | -25.0 | -8.80 | 0 | 145.65 | 10.78 | 90.91 | 81.82 | 9.09 | -82.64 | 0.26 | 24.25 | 35.79 | 30.29 |
| 2022 (9) | 24.75 | -30.32 | 3.72 | -85.24 | 3.04 | 151.33 | 7.57 | -70.62 | 5.12 | -74.41 | 2.62 | -88.2 | 1.47 | -88.33 | 0.24 | -61.29 | 12.16 | -55.47 | 131.48 | 32.59 | 50.00 | -48.8 | 52.38 | 2129.93 | 0.21 | -1.86 | 27.47 | 108.26 |
| 2021 (8) | 35.52 | 15.03 | 25.20 | 76.84 | 1.21 | -59.77 | 25.77 | 49.74 | 20.01 | 56.08 | 22.21 | 169.21 | 12.60 | 141.84 | 0.62 | 58.97 | 27.31 | 30.92 | 99.16 | 96.51 | 97.65 | 18.21 | 2.35 | -86.49 | 0.22 | 48.28 | 13.19 | -37.72 |
| 2020 (7) | 30.88 | -9.1 | 14.25 | 65.31 | 3.01 | -46.18 | 17.21 | 110.65 | 12.82 | 132.67 | 8.25 | 260.26 | 5.21 | 236.13 | 0.39 | 62.5 | 20.86 | 41.81 | 50.46 | -38.51 | 82.61 | -20.24 | 17.39 | 0 | 0.15 | 0 | 21.18 | -20.73 |
| 2019 (6) | 33.97 | -5.3 | 8.62 | -69.2 | 5.59 | 300.38 | 8.17 | -70.7 | 5.51 | -73.87 | 2.29 | -94.27 | 1.55 | -92.72 | 0.24 | -75.76 | 14.71 | -50.64 | 82.06 | 30.86 | 103.57 | 3.27 | -7.14 | 0 | 0.00 | 0 | 26.72 | 198.55 |
| 2018 (5) | 35.87 | 29.82 | 27.99 | 58.22 | 1.40 | -48.05 | 27.88 | 53.1 | 21.09 | 44.35 | 39.95 | 44.38 | 21.30 | 78.39 | 0.99 | 25.32 | 29.80 | 37.71 | 62.71 | -60.56 | 100.29 | 2.82 | -0.29 | 0 | 0.00 | 0 | 8.95 | -25.42 |
| 2017 (4) | 27.63 | -33.73 | 17.69 | -25.67 | 2.69 | -51.8 | 18.21 | -17.15 | 14.61 | -18.06 | 27.67 | 54.58 | 11.94 | 20.61 | 0.79 | 49.06 | 21.64 | -24.12 | 159.00 | 36.1 | 97.54 | -10.48 | 2.46 | 0 | 0.00 | 0 | 12.00 | -51.3 |
| 2016 (3) | 41.69 | 13.66 | 23.80 | 77.35 | 5.57 | -16.82 | 21.98 | 75.98 | 17.83 | 73.78 | 17.90 | 150.0 | 9.90 | 110.64 | 0.53 | 23.26 | 28.52 | 41.89 | 116.83 | 108.25 | 108.96 | 0.57 | -8.96 | 0 | 0.00 | 0 | 24.64 | -11.01 |
| 2015 (2) | 36.68 | 37.07 | 13.42 | -19.64 | 6.70 | 173.78 | 12.49 | -26.74 | 10.26 | -33.89 | 7.16 | -63.95 | 4.70 | -62.99 | 0.43 | -46.91 | 20.10 | 2.66 | 56.10 | -13.92 | 108.33 | 10.59 | -8.33 | 0 | 0.00 | 0 | 27.69 | 76.03 |
| 2014 (1) | 26.76 | 0 | 16.70 | 0 | 2.45 | 0 | 17.05 | 0 | 15.52 | 0 | 19.86 | 0 | 12.70 | 0 | 0.81 | 24.62 | 19.58 | 0 | 65.17 | 35.32 | 97.96 | 0 | 2.04 | 0 | 0.00 | 0 | 15.73 | 0 |
