- 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) | 67.08 | -6.39 | -5.85 | 52.51 | 1.19 | -3.77 | 49.81 | -63.13 | -43.91 | 38.47 | -68.26 | -46.88 | 5.47 | -64.48 | -27.45 | 4.89 | -64.87 | -28.4 | 0.13 | 18.18 | 44.44 | 52.94 | -61.73 | -43.61 | 12.64 | 12.76 | 24.9 | 105.51 | 173.62 | 72.26 | -5.51 | -108.92 | -114.22 | 8.06 | -31.11 | -29.24 |
| 23Q3 (19) | 71.66 | 16.58 | 6.48 | 51.89 | 33.36 | 18.96 | 135.08 | 214.07 | 322.26 | 121.19 | 281.58 | 443.94 | 15.40 | 466.18 | 560.94 | 13.92 | 465.85 | 556.6 | 0.11 | 37.5 | 22.22 | 138.33 | 187.47 | 271.75 | 11.21 | 10.77 | 5.36 | 38.56 | -57.08 | -71.72 | 61.76 | 508.82 | 269.85 | 11.70 | 16.53 | 3.72 |
| 23Q2 (18) | 61.47 | 35.58 | 2.14 | 38.91 | 89.53 | -3.43 | 43.01 | -58.42 | 35.12 | 31.76 | -67.91 | 16.64 | 2.72 | -56.48 | 14.77 | 2.46 | -56.54 | 12.33 | 0.08 | 33.33 | 0.0 | 48.12 | -56.69 | 26.93 | 10.12 | -5.68 | 5.64 | 89.86 | 353.02 | -27.82 | 10.14 | -87.34 | 138.24 | 10.04 | -41.36 | -19.42 |
| 23Q1 (17) | 45.34 | -36.36 | -29.26 | 20.53 | -62.38 | -48.61 | 103.44 | 16.49 | 12670.37 | 98.96 | 36.65 | 1419.47 | 6.25 | -17.11 | 1375.51 | 5.66 | -17.13 | 1357.78 | 0.06 | -33.33 | 0.0 | 111.11 | 18.34 | 1266.67 | 10.73 | 6.03 | 46.99 | 19.83 | -67.62 | -99.6 | 80.17 | 106.88 | 101.67 | 17.12 | 50.31 | 5.29 |
| 22Q4 (16) | 71.25 | 5.87 | 9.33 | 54.57 | 25.1 | 40.21 | 88.80 | 177.59 | 46.27 | 72.42 | 225.04 | 36.74 | 7.54 | 223.61 | 70.59 | 6.83 | 222.17 | 63.79 | 0.09 | 0.0 | 12.5 | 93.89 | 152.32 | 41.29 | 10.12 | -4.89 | 53.8 | 61.25 | -55.08 | -4.04 | 38.75 | 206.56 | 7.13 | 11.39 | 0.98 | -29.69 |
| 22Q3 (15) | 67.30 | 11.83 | 22.19 | 43.62 | 8.27 | 25.6 | 31.99 | 0.5 | -81.33 | 22.28 | -18.18 | -86.27 | 2.33 | -1.69 | -83.05 | 2.12 | -3.2 | -83.68 | 0.09 | 12.5 | 12.5 | 37.21 | -1.85 | -78.99 | 10.64 | 11.06 | 80.03 | 136.36 | 9.54 | 570.91 | -36.36 | -37.06 | -145.64 | 11.28 | -9.47 | -21.61 |
| 22Q2 (14) | 60.18 | -6.1 | 10.2 | 40.29 | 0.85 | 83.39 | 31.83 | 3829.63 | -58.17 | 27.23 | 463.07 | -63.37 | 2.37 | 583.67 | -46.01 | 2.19 | 586.67 | -47.48 | 0.08 | 33.33 | 33.33 | 37.91 | 366.3 | -55.77 | 9.58 | 31.23 | 64.89 | 124.49 | -97.46 | 329.49 | -26.53 | 99.45 | -137.36 | 12.46 | -23.37 | -43.82 |
| 22Q1 (13) | 64.09 | -1.66 | 102.11 | 39.95 | 2.65 | 239.15 | 0.81 | -98.67 | 103.08 | -7.50 | -114.16 | 72.67 | -0.49 | -111.09 | 58.12 | -0.45 | -110.79 | 58.72 | 0.06 | -25.0 | 50.0 | 8.13 | -87.77 | 199.63 | 7.30 | 10.94 | 49.59 | 4900.00 | 7576.67 | 4450.0 | -4800.00 | -13370.59 | -62300.0 | 16.26 | 0.37 | -60.08 |
| 21Q4 (12) | 65.17 | 18.32 | 574.65 | 38.92 | 12.06 | 130.7 | 60.71 | -64.57 | 148.17 | 52.96 | -67.37 | 152.4 | 4.42 | -67.85 | 230.38 | 4.17 | -67.9 | 236.27 | 0.08 | 0.0 | 166.67 | 66.45 | -62.47 | 171.99 | 6.58 | 11.34 | -33.74 | 63.83 | 214.04 | -36.17 | 36.17 | -54.6 | 0 | 16.20 | 12.58 | -77.35 |
| 21Q3 (11) | 55.08 | 0.86 | 354.88 | 34.73 | 58.08 | 122.05 | 171.35 | 125.19 | 311.99 | 162.28 | 118.29 | 430.11 | 13.75 | 213.21 | 904.09 | 12.99 | 211.51 | 943.51 | 0.08 | 33.33 | 166.67 | 177.08 | 106.6 | 467.77 | 5.91 | 1.72 | -41.77 | 20.33 | -29.88 | -89.6 | 79.67 | 12.2 | 183.47 | 14.39 | -35.12 | -78.51 |
| 21Q2 (10) | 54.61 | 72.22 | 211.68 | 21.97 | 176.52 | 104.7 | 76.09 | 389.54 | 116.01 | 74.34 | 370.92 | 119.25 | 4.39 | 475.21 | 153.28 | 4.17 | 482.57 | 155.09 | 0.06 | 50.0 | 200.0 | 85.71 | 1150.37 | 121.43 | 5.81 | 19.06 | -36.98 | 28.99 | -73.08 | -70.3 | 71.01 | 1023.19 | 5794.2 | 22.18 | -45.54 | -90.49 |
| 21Q1 (9) | 31.71 | 330.95 | 1389.02 | -28.71 | 77.35 | 93.38 | -26.28 | 79.15 | 93.73 | -27.44 | 72.85 | 91.83 | -1.17 | 65.49 | 62.5 | -1.09 | 64.38 | 62.15 | 0.04 | 33.33 | 300.0 | -8.16 | 91.16 | 97.49 | 4.88 | -50.86 | -40.42 | 107.69 | 7.69 | 4.52 | -7.69 | 0 | -153.85 | 40.73 | -43.06 | 0 |
| 20Q4 (8) | -13.73 | 36.46 | -154.66 | -126.77 | 19.5 | 77.01 | -126.02 | -55.91 | 77.55 | -101.06 | -105.57 | 76.57 | -3.39 | -98.25 | 22.78 | -3.06 | -98.7 | 25.18 | 0.03 | 0.0 | 200.0 | -92.31 | -91.71 | 81.54 | 9.93 | -2.17 | 29.47 | 100.00 | -48.84 | 2.08 | -0.00 | 100.0 | -100.0 | 71.53 | 6.82 | -67.67 |
| 20Q3 (7) | -21.61 | 55.81 | -855.59 | -157.47 | 66.34 | 89.17 | -80.83 | 82.99 | 93.14 | -49.16 | 87.27 | 94.8 | -1.71 | 79.25 | 19.34 | -1.54 | 79.66 | 24.14 | 0.03 | 50.0 | 0 | -48.15 | 87.96 | 95.19 | 10.15 | 10.09 | 65.58 | 195.45 | 100.28 | 61.76 | -95.45 | -8022.73 | -281.82 | 66.96 | -71.28 | -90.24 |
| 20Q2 (6) | -48.90 | -1887.8 | 0 | -467.83 | -7.95 | 0 | -475.23 | -13.39 | 0 | -386.26 | -15.04 | 0 | -8.24 | -164.1 | -102.96 | -7.57 | -162.85 | -94.6 | 0.02 | 100.0 | 0 | -400.00 | -23.08 | 0 | 9.22 | 12.58 | 58.15 | 97.59 | -5.28 | -22.6 | 1.20 | 139.76 | 105.04 | 233.15 | 0 | 0 |
| 20Q1 (5) | -2.46 | -109.79 | 0 | -433.38 | 21.41 | 0 | -419.11 | 25.35 | 0 | -335.75 | 22.15 | 0 | -3.12 | 28.93 | 0 | -2.88 | 29.58 | 0 | 0.01 | 0.0 | 0 | -325.00 | 35.0 | 0 | 8.19 | 6.78 | 0 | 103.03 | 5.18 | 0 | -3.03 | -248.48 | 0 | 0.00 | -100.0 | 0 |
| 19Q4 (4) | 25.12 | 778.32 | 0.0 | -551.41 | 62.07 | 0.0 | -561.40 | 52.33 | 0.0 | -431.27 | 54.42 | 0.0 | -4.39 | -107.08 | 0.0 | -4.09 | -101.48 | 0.0 | 0.01 | 0 | 0.0 | -500.00 | 50.0 | 0.0 | 7.67 | 25.12 | 0.0 | 97.96 | -18.93 | 0.0 | 2.04 | 108.16 | 0.0 | 221.22 | -67.77 | 0.0 |
| 19Q3 (3) | 2.86 | 0 | 0.0 | -1453.87 | 0 | 0.0 | -1177.72 | 0 | 0.0 | -946.13 | 0 | 0.0 | -2.12 | 47.78 | 0.0 | -2.03 | 47.81 | 0.0 | 0.00 | 0 | 0.0 | -1000.00 | 0 | 0.0 | 6.13 | 5.15 | 0.0 | 120.83 | -4.17 | 0.0 | -25.00 | -4.55 | 0.0 | 686.30 | 0 | 0.0 |
| 19Q2 (2) | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | -4.06 | 0 | 0.0 | -3.89 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 5.83 | 0 | 0.0 | 126.09 | 0 | 0.0 | -23.91 | 0 | 0.0 | 0.00 | 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) | 63.92 | -3.24 | 44.53 | -1.55 | 4.09 | -24.46 | 82.15 | 95.18 | 71.12 | 122.32 | 29.68 | 172.79 | 26.65 | 164.65 | 0.37 | 19.35 | 86.54 | 81.16 | 12.64 | 24.9 | 54.25 | -49.57 | 45.75 | 0 | 0.53 | -12.84 | 10.96 | -12.88 |
| 2022 (9) | 66.06 | 18.09 | 45.23 | 70.81 | 5.41 | -30.1 | 42.09 | -53.45 | 31.99 | -62.02 | 10.88 | -60.58 | 10.07 | -60.8 | 0.31 | 3.33 | 47.77 | -51.57 | 10.12 | 53.8 | 107.58 | 268.17 | -7.58 | 0 | 0.61 | 11.8 | 12.58 | -35.78 |
| 2021 (8) | 55.94 | 0 | 26.48 | 0 | 7.74 | -82.26 | 90.42 | 0 | 84.22 | 0 | 27.60 | 0 | 25.69 | 0 | 0.30 | 275.0 | 98.63 | 0 | 6.58 | -33.74 | 29.22 | -74.5 | 70.78 | 0 | 0.54 | -53.35 | 19.59 | -82.12 |
| 2020 (7) | -25.42 | 0 | -222.54 | 0 | 43.66 | -69.98 | -194.62 | 0 | -151.32 | 0 | -13.13 | 0 | -12.01 | 0 | 0.08 | 700.0 | -147.89 | 0 | 9.93 | 29.47 | 114.60 | 1.87 | -14.60 | 0 | 1.17 | 17.97 | 109.56 | -79.49 |
| 2019 (6) | 20.94 | 0 | -1252.31 | 0 | 145.45 | 0 | -1105.65 | 0 | -870.87 | 0 | -10.60 | 0 | -10.10 | 0 | 0.01 | 0 | -936.36 | 0 | 7.67 | 404.61 | 112.50 | 4.12 | -13.33 | 0 | 0.99 | 16.7 | 534.25 | 0 |
| 2018 (5) | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | -10.74 | 0 | -10.56 | 0 | 0.00 | 0 | 0.00 | 0 | 1.52 | -31.22 | 108.05 | -0.06 | -8.05 | 0 | 0.85 | 0 | 0.00 | 0 |
| 2017 (4) | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | -13.65 | 0 | -13.41 | 0 | 0.00 | 0 | 0.00 | 0 | 2.21 | 550.0 | 108.11 | 8.11 | -8.11 | 0 | 0.00 | 0 | 0.00 | 0 |
| 2016 (3) | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.34 | 0 | 100.00 | 0 | -0.00 | 0 | 0.00 | 0 | 0.00 | 0 |
