- 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) | 29.26 | 124.39 | 5.25 | -23.81 | 53.73 | -39.32 | -25.52 | 50.25 | -37.28 | -25.39 | 50.4 | -41.84 | -2.68 | 37.38 | -15.52 | -2.06 | 38.51 | -5.64 | 0.08 | 14.29 | -27.27 | -18.03 | 57.93 | -42.42 | 26.09 | 4.61 | 51.6 | 93.33 | -6.67 | 7.69 | 6.67 | 0 | 0.0 | 39.06 | -20.66 | 16.53 |
| 23Q3 (19) | 13.04 | 23.02 | -8.43 | -51.46 | -88.02 | -130.35 | -51.30 | -91.28 | -165.25 | -51.19 | -90.37 | -163.05 | -4.28 | -1.9 | -46.58 | -3.35 | 0.59 | -34.0 | 0.07 | -46.15 | -46.15 | -42.86 | -97.15 | -206.58 | 24.94 | -1.03 | 49.88 | 100.00 | 0.0 | -14.29 | -0.00 | 100.0 | 100.0 | 49.23 | 82.88 | 95.98 |
| 23Q2 (18) | 10.60 | -32.18 | -5.19 | -27.37 | 17.76 | -14.33 | -26.82 | 36.01 | -14.13 | -26.89 | 36.26 | -14.43 | -4.20 | 10.26 | -23.89 | -3.37 | 13.81 | -14.24 | 0.13 | 44.44 | 0.0 | -21.74 | 37.62 | -17.64 | 25.20 | 25.06 | 73.08 | 100.00 | 27.27 | 0.0 | -4.00 | -118.67 | 0 | 26.92 | -24.23 | 3.98 |
| 23Q1 (17) | 15.63 | -43.78 | -18.55 | -33.28 | -94.73 | -97.62 | -41.91 | -125.44 | -140.72 | -42.19 | -135.7 | -137.42 | -4.68 | -101.72 | -91.8 | -3.91 | -100.51 | -84.43 | 0.09 | -18.18 | -25.0 | -34.85 | -175.28 | -185.19 | 20.15 | 17.08 | 45.49 | 78.57 | -9.34 | -16.19 | 21.43 | 221.43 | 242.86 | 35.53 | 6.0 | 30.29 |
| 22Q4 (16) | 27.80 | 95.22 | 6.07 | -17.09 | 23.5 | -18.27 | -18.59 | 3.88 | -6.84 | -17.90 | 8.02 | 14.96 | -2.32 | 20.55 | 11.45 | -1.95 | 22.0 | 14.47 | 0.11 | -15.38 | 0.0 | -12.66 | 9.44 | -5.06 | 17.21 | 3.43 | 24.62 | 86.67 | -25.71 | 8.33 | 6.67 | 140.0 | -50.0 | 33.52 | 33.44 | 20.49 |
| 22Q3 (15) | 14.24 | 27.37 | -32.64 | -22.34 | 6.68 | 5.5 | -19.34 | 17.7 | 8.56 | -19.46 | 17.19 | 25.61 | -2.92 | 13.86 | -11.45 | -2.50 | 15.25 | -9.17 | 0.13 | 0.0 | 44.44 | -13.98 | 24.35 | 3.52 | 16.64 | 14.29 | 20.23 | 116.67 | 16.67 | 9.38 | -16.67 | 0 | -25.0 | 25.12 | -2.97 | -27.04 |
| 22Q2 (14) | 11.18 | -41.74 | -24.51 | -23.94 | -42.16 | 38.49 | -23.50 | -34.98 | 48.03 | -23.50 | -32.25 | 54.36 | -3.39 | -38.93 | 25.0 | -2.95 | -39.15 | 25.88 | 0.13 | 8.33 | 62.5 | -18.48 | -51.23 | 52.26 | 14.56 | 5.13 | 16.85 | 100.00 | 6.67 | 16.67 | -0.00 | -100.0 | -100.0 | 25.89 | -5.06 | -33.82 |
| 22Q1 (13) | 19.19 | -26.78 | 40.28 | -16.84 | -16.54 | -15.98 | -17.41 | -0.06 | -1.93 | -17.77 | 15.58 | 9.24 | -2.44 | 6.87 | 20.0 | -2.12 | 7.02 | 19.7 | 0.12 | 9.09 | -14.29 | -12.22 | -1.41 | 6.29 | 13.85 | 0.29 | 5.89 | 93.75 | 17.19 | 10.29 | 6.25 | -53.12 | -58.33 | 27.27 | -1.98 | 25.03 |
| 21Q4 (12) | 26.21 | 23.98 | 128.11 | -14.45 | 38.87 | 22.77 | -17.40 | 17.73 | 3.81 | -21.05 | 19.53 | -9.07 | -2.62 | 0.0 | 16.83 | -2.28 | 0.44 | 15.56 | 0.11 | 22.22 | -21.43 | -12.05 | 16.84 | 17.01 | 13.81 | -0.22 | -13.14 | 80.00 | -25.0 | -23.48 | 13.33 | 200.0 | 393.33 | 27.82 | -19.2 | 55.42 |
| 21Q3 (11) | 21.14 | 42.74 | 81.62 | -23.64 | 39.26 | -24.03 | -21.15 | 53.23 | -6.07 | -26.16 | 49.19 | -18.75 | -2.62 | 42.04 | 22.02 | -2.29 | 42.46 | 23.67 | 0.09 | 12.5 | -35.71 | -14.49 | 62.57 | 7.41 | 13.84 | 11.08 | -12.68 | 106.67 | 24.44 | 11.52 | -13.33 | -193.33 | -406.67 | 34.43 | -11.99 | 62.56 |
| 21Q2 (10) | 14.81 | 8.26 | 93.34 | -38.92 | -168.04 | -187.02 | -45.22 | -164.75 | -295.63 | -51.49 | -162.97 | -223.84 | -4.52 | -48.2 | -96.52 | -3.98 | -50.76 | -83.41 | 0.08 | -42.86 | -42.86 | -38.71 | -196.86 | -360.29 | 12.46 | -4.74 | 120.53 | 85.71 | 0.84 | -31.43 | 14.29 | -4.76 | 185.71 | 39.12 | 79.37 | 0 |
| 21Q1 (9) | 13.68 | 19.06 | -17.34 | -14.52 | 22.39 | -81.73 | -17.08 | 5.58 | -105.54 | -19.58 | -1.45 | -74.67 | -3.05 | 3.17 | -121.01 | -2.64 | 2.22 | -106.25 | 0.14 | 0.0 | 27.27 | -13.04 | 10.19 | -203.26 | 13.08 | -17.74 | 103.74 | 85.00 | -18.7 | -2.86 | 15.00 | 430.0 | 0 | 21.81 | 21.84 | 25.92 |
| 20Q4 (8) | 11.49 | -1.29 | 86.22 | -18.71 | 1.84 | -87.29 | -18.09 | 9.28 | -199.01 | -19.30 | 12.39 | -181.75 | -3.15 | 6.25 | -158.2 | -2.70 | 10.0 | -136.84 | 0.14 | 0.0 | -17.65 | -14.52 | 7.22 | -297.81 | 15.90 | 0.32 | 120.83 | 104.55 | 9.3 | -40.26 | -4.55 | -204.55 | 92.73 | 17.90 | -15.49 | 73.28 |
| 20Q3 (7) | 11.64 | 51.96 | 816.54 | -19.06 | -40.56 | -302.96 | -19.94 | -74.45 | -313.69 | -22.03 | -38.55 | -288.54 | -3.36 | -46.09 | -7.35 | -3.00 | -38.25 | -2.74 | 0.14 | 0.0 | -73.08 | -15.65 | -86.09 | -297.21 | 15.85 | 180.53 | 136.57 | 95.65 | -23.48 | 0.43 | 4.35 | 126.09 | 0 | 21.18 | 0 | 430.83 |
| 20Q2 (6) | 7.66 | -53.72 | 162.33 | -13.56 | -69.71 | -40.08 | -11.43 | -37.55 | -16.75 | -15.90 | -41.84 | -36.25 | -2.30 | -66.67 | 21.5 | -2.17 | -69.53 | 21.09 | 0.14 | 27.27 | -41.67 | -8.41 | -95.58 | -6.73 | 5.65 | -11.99 | -22.07 | 125.00 | 42.86 | 25.0 | -16.67 | 0 | 0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 16.55 | 168.23 | 586.76 | -7.99 | 20.02 | 48.32 | -8.31 | -37.36 | 46.53 | -11.21 | -63.65 | 32.75 | -1.38 | -13.11 | 69.6 | -1.28 | -12.28 | 70.23 | 0.11 | -35.29 | -57.69 | -4.30 | -17.81 | 69.37 | 6.42 | -10.83 | 14.85 | 87.50 | -50.0 | -12.5 | 0.00 | 100.0 | 0 | 17.32 | 67.67 | 117.86 |
| 19Q4 (4) | 6.17 | 385.83 | 0.0 | -9.99 | -111.21 | 0.0 | -6.05 | -25.52 | 0.0 | -6.85 | -20.81 | 0.0 | -1.22 | 61.02 | 0.0 | -1.14 | 60.96 | 0.0 | 0.17 | -67.31 | 0.0 | -3.65 | 7.36 | 0.0 | 7.20 | 7.46 | 0.0 | 175.00 | 83.75 | 0.0 | -62.50 | 0 | 0.0 | 10.33 | 158.9 | 0.0 |
| 19Q3 (3) | 1.27 | -56.51 | 0.0 | -4.73 | 51.14 | 0.0 | -4.82 | 50.77 | 0.0 | -5.67 | 51.41 | 0.0 | -3.13 | -6.83 | 0.0 | -2.92 | -6.18 | 0.0 | 0.52 | 116.67 | 0.0 | -3.94 | 50.0 | 0.0 | 6.70 | -7.59 | 0.0 | 95.24 | -4.76 | 0.0 | 0.00 | 0 | 0.0 | 3.99 | -56.01 | 0.0 |
| 19Q2 (2) | 2.92 | 185.88 | 0.0 | -9.68 | 37.39 | 0.0 | -9.79 | 37.0 | 0.0 | -11.67 | 29.99 | 0.0 | -2.93 | 35.46 | 0.0 | -2.75 | 36.05 | 0.0 | 0.24 | -7.69 | 0.0 | -7.88 | 43.87 | 0.0 | 7.25 | 29.7 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0.0 | 9.07 | 14.09 | 0.0 |
| 19Q1 (1) | -3.40 | 0.0 | 0.0 | -15.46 | 0.0 | 0.0 | -15.54 | 0.0 | 0.0 | -16.67 | 0.0 | 0.0 | -4.54 | 0.0 | 0.0 | -4.30 | 0.0 | 0.0 | 0.26 | 0.0 | 0.0 | -14.04 | 0.0 | 0.0 | 5.59 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 7.95 | 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) | 16.52 | -6.77 | -32.43 | 0 | 5.62 | 16.99 | -34.74 | 0 | -34.78 | 0 | -15.89 | 0 | -12.83 | 0 | 0.38 | -20.83 | -28.09 | 0 | 26.09 | 51.6 | 93.55 | -7.77 | 6.45 | 0 | 3.65 | -4.38 | 35.88 | 29.39 |
| 2022 (9) | 17.72 | -4.83 | -20.19 | 0 | 4.80 | -1.25 | -19.76 | 0 | -19.74 | 0 | -11.00 | 0 | -9.43 | 0 | 0.48 | 17.07 | -14.41 | 0 | 17.21 | 24.62 | 101.43 | 13.19 | -2.86 | 0 | 3.81 | 3.1 | 27.73 | -5.16 |
| 2021 (8) | 18.62 | 59.69 | -21.02 | 0 | 4.86 | 42.33 | -23.33 | 0 | -27.36 | 0 | -12.74 | 0 | -11.00 | 0 | 0.41 | -21.15 | -17.93 | 0 | 13.81 | -13.14 | 89.61 | -13.06 | 10.39 | 0 | 3.70 | 14.4 | 29.24 | 64.55 |
| 2020 (7) | 11.66 | 863.64 | -15.28 | 0 | 3.42 | 143.82 | -14.88 | 0 | -17.48 | 0 | -10.18 | 0 | -9.06 | 0 | 0.52 | -55.17 | -11.39 | 0 | 15.90 | 120.83 | 103.08 | -2.71 | -3.08 | 0 | 3.23 | 0 | 17.77 | 161.71 |
| 2019 (6) | 1.21 | -18.24 | -8.90 | 0 | 1.40 | 17.32 | -8.44 | 0 | -9.56 | 0 | -11.81 | 0 | -11.09 | 0 | 1.16 | 90.16 | -7.01 | 0 | 7.20 | 35.08 | 105.95 | 4.35 | -5.95 | 0 | 0.00 | 0 | 6.79 | -47.57 |
| 2018 (5) | 1.48 | -84.03 | -11.23 | 0 | 1.19 | 85.15 | -11.02 | 0 | -13.06 | 0 | -8.59 | 0 | -7.96 | 0 | 0.61 | 15.09 | -9.90 | 0 | 5.33 | -48.05 | 101.54 | 45.05 | -1.54 | 0 | 0.00 | 0 | 12.95 | -3.14 |
| 2017 (4) | 9.27 | 0 | -6.80 | 0 | 0.65 | -21.94 | -9.67 | 0 | -11.67 | 0 | -7.57 | 0 | -5.88 | 0 | 0.53 | 23.26 | -8.39 | 0 | 10.26 | -71.13 | 70.00 | -21.46 | 30.00 | 195.71 | 0.00 | 0 | 13.37 | -14.18 |
| 2016 (3) | -1.52 | 0 | -20.40 | 0 | 0.83 | -3.8 | -22.78 | 0 | -24.28 | 0 | -13.82 | 0 | -10.04 | 0 | 0.43 | 16.22 | -20.99 | 0 | 35.54 | 12.68 | 89.13 | -7.97 | 10.14 | 222.1 | 0.00 | 0 | 15.58 | -6.09 |
| 2015 (2) | 10.54 | -3.48 | -21.19 | 0 | 0.86 | 104.75 | -21.85 | 0 | -21.87 | 0 | -10.62 | 0 | -7.86 | 0 | 0.37 | -59.34 | -20.10 | 0 | 31.54 | 8.27 | 96.85 | -35.81 | 3.15 | 0 | 0.00 | 0 | 16.59 | 99.4 |
| 2014 (1) | 10.92 | 0 | -6.04 | 0 | 0.42 | -34.84 | -3.97 | 0 | -4.27 | 0 | -4.69 | 0 | -3.74 | 0 | 0.91 | -22.88 | -3.36 | 0 | 29.13 | 150.26 | 150.88 | 86.24 | -52.63 | 0 | 0.00 | 0 | 8.32 | -6.31 |
