- 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) | 34.86 | -5.78 | -25.19 | -34.08 | -27.64 | -413.24 | -48.75 | -792.86 | -5835.29 | -43.23 | -624.12 | -1812.83 | -3.68 | -581.48 | -1126.67 | -3.32 | -654.55 | -1129.63 | 0.08 | 14.29 | -33.33 | -43.14 | 0 | -1134.53 | 9.41 | -24.05 | -32.74 | 68.00 | -86.4 | -93.2 | 28.00 | 107.0 | 102.8 | 60.71 | 16.55 | 99.38 |
| 23Q3 (19) | 37.00 | 5.29 | -29.38 | -26.70 | -127.04 | -347.68 | -5.46 | -206.85 | -115.02 | -5.97 | -414.66 | -117.45 | -0.54 | -285.71 | -108.63 | -0.44 | -266.67 | -108.4 | 0.07 | -30.0 | -53.33 | 0.00 | -100.0 | -100.0 | 12.39 | -56.92 | -19.55 | 500.00 | 322.22 | 1542.86 | -400.00 | -223.08 | -675.0 | 52.09 | 33.7 | 50.81 |
| 23Q2 (18) | 35.14 | -2.2 | -29.11 | -11.76 | 52.79 | -209.29 | 5.11 | 120.68 | -81.32 | -1.16 | 94.94 | -104.63 | -0.14 | 92.18 | -103.33 | -0.12 | 92.41 | -103.36 | 0.10 | 42.86 | -28.57 | 8.97 | 149.34 | -70.27 | 28.76 | 123.99 | 19.98 | -225.00 | -325.0 | -700.0 | 325.00 | 0 | 447.37 | 38.96 | -27.1 | 21.52 |
| 23Q1 (17) | 35.93 | -22.9 | -32.34 | -24.91 | -328.95 | -263.45 | -24.71 | -3007.06 | -186.88 | -22.94 | -915.04 | -185.09 | -1.79 | -496.67 | -142.62 | -1.58 | -485.19 | -142.59 | 0.07 | -41.67 | -50.0 | -18.18 | -535.97 | -157.75 | 12.84 | -8.22 | 9.28 | 100.00 | -90.0 | 93.75 | -0.00 | 100.0 | -100.0 | 53.44 | 75.5 | 59.38 |
| 22Q4 (16) | 46.60 | -11.05 | -7.76 | 10.88 | 0.93 | -48.34 | 0.85 | -97.66 | -95.75 | -2.26 | -106.6 | -111.61 | -0.30 | -104.79 | -107.37 | -0.27 | -105.15 | -107.52 | 0.12 | -20.0 | -33.33 | 4.17 | -89.19 | -82.02 | 13.99 | -9.16 | -3.98 | 1000.00 | 3185.71 | 865.52 | -1000.00 | -1537.5 | -27900.0 | 30.45 | -11.84 | 19.98 |
| 22Q3 (15) | 52.39 | 5.69 | 14.21 | 10.78 | 0.19 | -36.77 | 36.34 | 32.82 | 102.79 | 34.22 | 36.66 | 107.9 | 6.26 | 49.05 | 78.35 | 5.24 | 46.78 | 65.82 | 0.15 | 7.14 | -21.05 | 38.58 | 27.88 | 82.24 | 15.40 | -35.75 | 30.95 | 30.43 | -18.84 | -68.24 | 69.57 | 17.16 | 1569.57 | 34.54 | 7.74 | 41.15 |
| 22Q2 (14) | 49.57 | -6.65 | 7.2 | 10.76 | -29.4 | -44.22 | 27.36 | -3.8 | 80.36 | 25.04 | -7.12 | 65.28 | 4.20 | 0.0 | 8.53 | 3.57 | -3.77 | 2.59 | 0.14 | 0.0 | -39.13 | 30.17 | -4.16 | 64.41 | 23.97 | 104.0 | 120.31 | 37.50 | -27.34 | -70.0 | 59.38 | 31.47 | 337.5 | 32.06 | -4.38 | 41.98 |
| 22Q1 (13) | 53.10 | 5.11 | 44.49 | 15.24 | -27.64 | 870.7 | 28.44 | 42.34 | 1120.6 | 26.96 | 38.47 | 1057.08 | 4.20 | 3.19 | 950.0 | 3.71 | 3.34 | 930.56 | 0.14 | -22.22 | -6.67 | 31.48 | 35.75 | 367.76 | 11.75 | -19.35 | -3.29 | 51.61 | -50.17 | -48.39 | 45.16 | 1364.52 | -9.68 | 33.53 | 32.11 | 7.64 |
| 21Q4 (12) | 50.52 | 10.14 | 48.94 | 21.06 | 23.52 | 262.48 | 19.98 | 11.5 | 3322.58 | 19.47 | 18.29 | 3773.58 | 4.07 | 15.95 | 3800.0 | 3.59 | 13.61 | 4088.89 | 0.18 | -5.26 | 0.0 | 23.19 | 9.54 | 590.18 | 14.57 | 23.89 | 30.21 | 103.57 | 8.07 | 114.8 | -3.57 | -185.71 | -100.45 | 25.38 | 3.72 | 15.52 |
| 21Q3 (11) | 45.87 | -0.8 | 56.5 | 17.05 | -11.61 | 608.96 | 17.92 | 18.13 | 357.47 | 16.46 | 8.65 | 465.78 | 3.51 | -9.3 | 494.38 | 3.16 | -9.2 | 500.0 | 0.19 | -17.39 | 11.76 | 21.17 | 15.37 | 933.46 | 11.76 | 8.09 | -4.39 | 95.83 | -23.33 | 91.67 | 4.17 | 116.67 | -91.67 | 24.47 | 8.37 | -0.29 |
| 21Q2 (10) | 46.24 | 25.82 | 114.77 | 19.29 | 1128.66 | 264.17 | 15.17 | 551.07 | 197.56 | 15.15 | 550.21 | 197.43 | 3.87 | 867.5 | 227.72 | 3.48 | 866.67 | 230.34 | 0.23 | 53.33 | 35.29 | 18.35 | 172.66 | 268.04 | 10.88 | -10.45 | -22.01 | 125.00 | 25.0 | 60.71 | -25.00 | -150.0 | -190.0 | 22.58 | -27.51 | 0 |
| 21Q1 (9) | 36.75 | 8.34 | 31.2 | 1.57 | -72.98 | 107.46 | 2.33 | 475.81 | 113.75 | 2.33 | 539.62 | 113.75 | 0.40 | 463.64 | 118.18 | 0.36 | 500.0 | 118.46 | 0.15 | -16.67 | 36.36 | 6.73 | 100.3 | 168.12 | 12.15 | 8.58 | -8.92 | 100.00 | 114.29 | -17.65 | 50.00 | -93.75 | 333.33 | 31.15 | 41.78 | 0 |
| 20Q4 (8) | 33.92 | 15.73 | 52.11 | 5.81 | 273.43 | 153.35 | -0.62 | 91.09 | 96.31 | -0.53 | 88.22 | 96.83 | -0.11 | 87.64 | 96.42 | -0.09 | 88.61 | 96.7 | 0.18 | 5.88 | 12.5 | 3.36 | 232.28 | 130.49 | 11.19 | -9.02 | -10.69 | -700.00 | -1500.0 | -1176.92 | 800.00 | 1500.0 | 2185.71 | 21.97 | -10.47 | -13.4 |
| 20Q3 (7) | 29.31 | 36.14 | 12.95 | -3.35 | 71.49 | -37.86 | -6.96 | 55.24 | -383.33 | -4.50 | 71.06 | -248.84 | -0.89 | 70.63 | -217.86 | -0.79 | 70.41 | -229.17 | 0.17 | 0.0 | -5.56 | -2.54 | 76.74 | -171.15 | 12.30 | -11.83 | -4.58 | 50.00 | -35.71 | -66.67 | 50.00 | 80.0 | 200.0 | 24.54 | 0 | 4.56 |
| 20Q2 (6) | 21.53 | -23.13 | -29.92 | -11.75 | 44.18 | -273.3 | -15.55 | 8.21 | -283.81 | -15.55 | 8.21 | -299.61 | -3.03 | -37.73 | -241.59 | -2.67 | -36.92 | -247.51 | 0.17 | 54.55 | -26.09 | -10.92 | -10.53 | -189.88 | 13.95 | 4.57 | -29.58 | 77.78 | -35.95 | -2.78 | 27.78 | 229.63 | 38.89 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 28.01 | 25.61 | 2.38 | -21.05 | -93.3 | -65.75 | -16.94 | -0.83 | -53.44 | -16.94 | -1.32 | -53.44 | -2.20 | 28.34 | -28.65 | -1.95 | 28.57 | -31.76 | 0.11 | -31.25 | -15.38 | -9.88 | 10.34 | -154.64 | 13.34 | 6.46 | -17.5 | 121.43 | 86.81 | 2.75 | -21.43 | -161.22 | -17.86 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 22.30 | -14.07 | 0.0 | -10.89 | -348.15 | 0.0 | -16.80 | -1066.67 | 0.0 | -16.72 | -1196.12 | 0.0 | -3.07 | -996.43 | 0.0 | -2.73 | -1037.5 | 0.0 | 0.16 | -11.11 | 0.0 | -11.02 | -408.68 | 0.0 | 12.53 | -2.79 | 0.0 | 65.00 | -56.67 | 0.0 | 35.00 | 170.0 | 0.0 | 25.37 | 8.1 | 0.0 |
| 19Q3 (3) | 25.95 | -15.53 | 0.0 | -2.43 | -135.84 | 0.0 | -1.44 | -117.02 | 0.0 | -1.29 | -116.56 | 0.0 | -0.28 | -113.08 | 0.0 | -0.24 | -113.26 | 0.0 | 0.18 | -21.74 | 0.0 | 3.57 | -70.62 | 0.0 | 12.89 | -34.93 | 0.0 | 150.00 | 87.5 | 0.0 | -50.00 | -350.0 | 0.0 | 23.47 | 20.24 | 0.0 |
| 19Q2 (2) | 30.72 | 12.28 | 0.0 | 6.78 | 153.39 | 0.0 | 8.46 | 176.63 | 0.0 | 7.79 | 170.56 | 0.0 | 2.14 | 225.15 | 0.0 | 1.81 | 222.3 | 0.0 | 0.23 | 76.92 | 0.0 | 12.15 | 413.14 | 0.0 | 19.81 | 22.51 | 0.0 | 80.00 | -32.31 | 0.0 | 20.00 | 210.0 | 0.0 | 19.52 | -42.15 | 0.0 |
| 19Q1 (1) | 27.36 | 0.0 | 0.0 | -12.70 | 0.0 | 0.0 | -11.04 | 0.0 | 0.0 | -11.04 | 0.0 | 0.0 | -1.71 | 0.0 | 0.0 | -1.48 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | -3.88 | 0.0 | 0.0 | 16.17 | 0.0 | 0.0 | 118.18 | 0.0 | 0.0 | -18.18 | 0.0 | 0.0 | 33.74 | 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) | 35.69 | -29.44 | -22.97 | 0 | 2.09 | 133.26 | -15.68 | 0 | -16.26 | 0 | -5.97 | 0 | -5.34 | 0 | 0.33 | -41.07 | -10.46 | 0 | 9.41 | -32.74 | 148.65 | 205.71 | -45.95 | 0 | 0.94 | -4.52 | 49.94 | 52.4 |
| 2022 (9) | 50.58 | 11.36 | 11.87 | -24.63 | 0.90 | -3.86 | 24.45 | 67.12 | 22.21 | 57.29 | 14.27 | 20.32 | 12.48 | 18.86 | 0.56 | -24.32 | 27.58 | 52.38 | 13.99 | -3.98 | 48.62 | -54.85 | 51.38 | 0 | 0.98 | -24.31 | 32.77 | 28.81 |
| 2021 (8) | 45.42 | 60.95 | 15.75 | 0 | 0.93 | -18.47 | 14.63 | 0 | 14.12 | 0 | 11.86 | 0 | 10.50 | 0 | 0.74 | 17.46 | 18.10 | 0 | 14.57 | 30.21 | 107.69 | 57.69 | -7.69 | 0 | 1.30 | -48.87 | 25.44 | -8.78 |
| 2020 (7) | 28.22 | 4.48 | -6.41 | 0 | 1.14 | 24.03 | -9.41 | 0 | -8.72 | 0 | -6.17 | 0 | -5.52 | 0 | 0.63 | -13.7 | -4.58 | 0 | 11.19 | -10.69 | 68.29 | -27.69 | 31.71 | 470.73 | 2.53 | -21.57 | 27.89 | 13.74 |
| 2019 (6) | 27.01 | -6.18 | -3.15 | 0 | 0.92 | 6.83 | -3.31 | 0 | -3.48 | 0 | -2.90 | 0 | -2.55 | 0 | 0.73 | -1.35 | 1.66 | -76.55 | 12.53 | -14.88 | 94.44 | 0 | 5.56 | -96.53 | 3.23 | 2.97 | 24.52 | 2.51 |
| 2018 (5) | 28.79 | -12.31 | -1.14 | 0 | 0.86 | -16.52 | 1.69 | 45.69 | 1.08 | 31.71 | 0.93 | 32.86 | 0.80 | 33.33 | 0.74 | 1.37 | 7.08 | 17.41 | 14.72 | -13.46 | -70.00 | 0 | 160.00 | 0 | 3.14 | 0 | 23.92 | 2.0 |
| 2017 (4) | 32.83 | 4.99 | 2.66 | 35.03 | 1.03 | -10.15 | 1.16 | -56.23 | 0.82 | -55.68 | 0.70 | -56.79 | 0.60 | -57.14 | 0.73 | -3.95 | 6.03 | -20.34 | 17.01 | 0.06 | 214.29 | 185.71 | -128.57 | 0 | 0.00 | 0 | 23.45 | 1.74 |
| 2016 (3) | 31.27 | 1.46 | 1.97 | 688.0 | 1.15 | -13.94 | 2.65 | 26.19 | 1.85 | 33.09 | 1.62 | 38.46 | 1.40 | 40.0 | 0.76 | 5.56 | 7.57 | -3.69 | 17.00 | 12.88 | 75.00 | 875.0 | 25.00 | -70.45 | 0.00 | 0 | 23.05 | 1.27 |
| 2015 (2) | 30.82 | -7.7 | 0.25 | -96.37 | 1.34 | 16.72 | 2.10 | -76.27 | 1.39 | -79.03 | 1.17 | -81.8 | 1.00 | -81.72 | 0.72 | -12.2 | 7.86 | -42.25 | 15.06 | -21.81 | 7.69 | -90.06 | 84.62 | 274.73 | 0.00 | 0 | 22.76 | 15.59 |
| 2014 (1) | 33.39 | 0 | 6.88 | 0 | 1.15 | 1.0 | 8.85 | 0 | 6.63 | 0 | 6.43 | 0 | 5.47 | 0 | 0.82 | -2.38 | 13.61 | 11.56 | 19.26 | 19.4 | 77.42 | 0.88 | 22.58 | -2.9 | 0.00 | 0 | 19.69 | 4.85 |
