- 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) | 18.88 | 9.51 | 386.6 | 2.52 | 2190.91 | 121.82 | -4.50 | -388.46 | 8.91 | -4.75 | -1258.54 | 56.02 | -1.57 | -1307.69 | 51.99 | -0.26 | -192.86 | 82.19 | 0.15 | 7.14 | -6.25 | 9.15 | -34.6 | 64.57 | 116.32 | 3.63 | 15.7 | -57.14 | 0 | -124.49 | 157.14 | 57.14 | 217.86 | 15.24 | -19.7 | -8.41 |
| 23Q3 (19) | 17.24 | 0.23 | 45.24 | 0.11 | -83.08 | 103.87 | 1.56 | -68.16 | -21.21 | 0.41 | -90.07 | -79.29 | 0.13 | -90.08 | -79.37 | 0.28 | -65.43 | -41.67 | 0.14 | -6.67 | -17.65 | 13.99 | -13.21 | 30.75 | 112.25 | -5.15 | 28.56 | 0.00 | -100.0 | 100.0 | 100.00 | 15.38 | -62.5 | 18.98 | 3.66 | 9.71 |
| 23Q2 (18) | 17.20 | 19.94 | 11.83 | 0.65 | 116.29 | 178.31 | 4.90 | 220.39 | 1341.18 | 4.13 | 201.47 | 2681.25 | 1.31 | 211.97 | 2720.0 | 0.81 | 313.16 | 575.0 | 0.15 | 7.14 | -6.25 | 16.12 | 116.38 | 67.57 | 118.34 | 11.62 | 26.18 | 13.33 | -86.67 | 104.44 | 86.67 | 0 | -78.33 | 18.31 | -5.76 | 14.08 |
| 23Q1 (17) | 14.34 | 269.59 | 0.63 | -3.99 | 65.45 | 59.41 | -4.07 | 17.61 | -102.55 | -4.07 | 62.31 | -102.55 | -1.17 | 64.22 | -101.69 | -0.38 | 73.97 | -101.56 | 0.14 | -12.5 | -6.67 | 7.45 | 33.99 | -95.58 | 106.02 | 5.45 | 3.48 | 100.00 | -57.14 | 1718.75 | -0.00 | 100.0 | -100.0 | 19.43 | 16.77 | -23.71 |
| 22Q4 (16) | 3.88 | -67.31 | -62.22 | -11.55 | -306.69 | -138.64 | -4.94 | -349.49 | 75.58 | -10.80 | -645.45 | 46.64 | -3.27 | -619.05 | 75.81 | -1.46 | -404.17 | 48.59 | 0.16 | -5.88 | 6.67 | 5.56 | -48.04 | 157.38 | 100.54 | 15.15 | -72.16 | 233.33 | 255.56 | 874.51 | -133.33 | -150.0 | -275.31 | 16.64 | -3.82 | 8.83 |
| 22Q3 (15) | 11.87 | -22.82 | -24.78 | -2.84 | -242.17 | -186.06 | 1.98 | 482.35 | 665.71 | 1.98 | 1337.5 | 560.47 | 0.63 | 1360.0 | 342.31 | 0.48 | 300.0 | 140.0 | 0.17 | 6.25 | 13.33 | 10.70 | 11.23 | -0.83 | 87.31 | -6.91 | -72.29 | -150.00 | 50.0 | 86.36 | 266.67 | -33.33 | -79.49 | 17.30 | 7.79 | 6.99 |
| 22Q2 (14) | 15.38 | 7.93 | 24.94 | -0.83 | 91.56 | 69.93 | 0.34 | -99.79 | 107.1 | -0.16 | -100.1 | 96.94 | -0.05 | -100.07 | 98.17 | 0.12 | -99.51 | 129.27 | 0.16 | 6.67 | 23.08 | 9.62 | -94.29 | 36.07 | 93.79 | -8.45 | -70.1 | -300.00 | -4756.25 | -625.0 | 400.00 | 276.73 | 833.33 | 16.05 | -36.98 | 25.78 |
| 22Q1 (13) | 14.25 | 38.75 | -0.49 | -9.83 | -103.1 | -188.27 | 159.59 | 888.88 | 1785.22 | 159.59 | 888.49 | 1785.22 | 69.12 | 611.24 | 1580.09 | 24.31 | 955.99 | 2713.98 | 0.15 | 0.0 | 15.38 | 168.62 | 1840.14 | 7044.92 | 102.45 | -71.63 | -66.0 | -6.18 | -125.8 | -117.3 | 106.18 | 39.6 | 65.17 | 25.47 | 66.58 | -5.74 |
| 21Q4 (12) | 10.27 | -34.92 | -35.21 | -4.84 | -246.67 | -544.04 | -20.23 | -5680.0 | -172.27 | -20.24 | -4606.98 | -172.04 | -13.52 | -5100.0 | -269.4 | -2.84 | -1520.0 | -311.59 | 0.15 | 0.0 | 15.38 | -9.69 | -189.81 | -299.79 | 361.10 | 14.62 | 26.55 | 23.94 | 102.18 | 283.57 | 76.06 | -94.15 | -32.72 | 15.29 | -5.44 | -21.51 |
| 21Q3 (11) | 15.78 | 28.19 | -11.0 | 3.30 | 219.57 | 63.37 | -0.35 | 92.69 | 96.12 | -0.43 | 91.78 | 95.23 | -0.26 | 90.48 | 93.66 | 0.20 | 148.78 | 125.32 | 0.15 | 15.38 | 25.0 | 10.79 | 52.62 | 148.05 | 315.05 | 0.42 | 11.95 | -1100.00 | -2025.0 | -4850.0 | 1300.00 | 2933.33 | 963.64 | 16.17 | 26.72 | -16.86 |
| 21Q2 (10) | 12.31 | -14.04 | -27.93 | -2.76 | 19.06 | -620.75 | -4.79 | 49.42 | 24.33 | -5.23 | 44.77 | 20.27 | -2.73 | 41.54 | 6.83 | -0.41 | 55.91 | 25.45 | 0.13 | 0.0 | 8.33 | 7.07 | 199.58 | 12.4 | 313.73 | 4.11 | 19.05 | 57.14 | 60.0 | 642.86 | 42.86 | -33.33 | -61.22 | 12.76 | -52.78 | 0 |
| 21Q1 (9) | 14.32 | -9.65 | 18.35 | -3.41 | -412.84 | 60.02 | -9.47 | -27.46 | 36.74 | -9.47 | -27.28 | 39.02 | -4.67 | -27.6 | 19.62 | -0.93 | -34.78 | 35.42 | 0.13 | 0.0 | 18.18 | 2.36 | -51.34 | 226.88 | 301.35 | 5.61 | 17.48 | 35.71 | 373.81 | -37.89 | 64.29 | -43.13 | 51.26 | 27.02 | 38.71 | 10.06 |
| 20Q4 (8) | 15.85 | -10.6 | -24.02 | 1.09 | -46.04 | -68.13 | -7.43 | 17.63 | -72.39 | -7.44 | 17.52 | -86.93 | -3.66 | 10.73 | -112.79 | -0.69 | 12.66 | -137.93 | 0.13 | 8.33 | 0.0 | 4.85 | 11.49 | -19.03 | 285.35 | 1.4 | 25.34 | -13.04 | 41.3 | 83.4 | 113.04 | -7.51 | -39.13 | 19.48 | 0.15 | -4.23 |
| 20Q3 (7) | 17.73 | 3.81 | 3.68 | 2.02 | 281.13 | -11.79 | -9.02 | -42.5 | -277.41 | -9.02 | -37.5 | -277.41 | -4.10 | -39.93 | -314.14 | -0.79 | -43.64 | -1480.0 | 0.12 | 0.0 | -7.69 | 4.35 | -30.84 | -45.28 | 281.42 | 6.79 | 27.92 | -22.22 | -111.11 | 77.78 | 122.22 | 10.58 | -34.81 | 19.45 | 0 | -13.79 |
| 20Q2 (6) | 17.08 | 41.16 | 6.55 | 0.53 | 106.21 | 192.98 | -6.33 | 57.72 | -371.67 | -6.56 | 57.76 | -492.81 | -2.93 | 49.57 | -530.88 | -0.55 | 61.81 | -210.0 | 0.12 | 9.09 | -7.69 | 6.29 | 438.17 | -47.58 | 263.53 | 2.73 | 20.4 | -10.53 | -118.31 | 57.89 | 110.53 | 160.06 | -1.75 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 12.10 | -41.99 | -34.17 | -8.53 | -349.42 | -1153.09 | -14.97 | -247.33 | -1078.43 | -15.53 | -290.2 | -1362.6 | -5.81 | -237.79 | -1239.22 | -1.44 | -396.55 | -460.0 | 0.11 | -15.38 | -15.38 | -1.86 | -131.05 | -118.16 | 256.52 | 12.68 | 20.67 | 57.50 | 173.18 | -4.17 | 42.50 | -77.12 | 6.25 | 24.55 | 20.7 | 0.33 |
| 19Q4 (4) | 20.86 | 21.99 | 0.0 | 3.42 | 49.34 | 0.0 | -4.31 | -80.33 | 0.0 | -3.98 | -66.53 | 0.0 | -1.72 | -73.74 | 0.0 | -0.29 | -480.0 | 0.0 | 0.13 | 0.0 | 0.0 | 5.99 | -24.65 | 0.0 | 227.66 | 3.48 | 0.0 | -78.57 | 21.43 | 0.0 | 185.71 | -0.95 | 0.0 | 20.34 | -9.84 | 0.0 |
| 19Q3 (3) | 17.10 | 6.67 | 0.0 | 2.29 | 501.75 | 0.0 | -2.39 | -202.58 | 0.0 | -2.39 | -243.11 | 0.0 | -0.99 | -245.59 | 0.0 | -0.05 | -110.0 | 0.0 | 0.13 | 0.0 | 0.0 | 7.95 | -33.75 | 0.0 | 220.00 | 0.52 | 0.0 | -100.00 | -300.0 | 0.0 | 187.50 | 66.67 | 0.0 | 22.56 | -4.04 | 0.0 |
| 19Q2 (2) | 16.03 | -12.79 | 0.0 | -0.57 | -170.37 | 0.0 | 2.33 | 52.29 | 0.0 | 1.67 | 35.77 | 0.0 | 0.68 | 33.33 | 0.0 | 0.50 | 25.0 | 0.0 | 0.13 | 0.0 | 0.0 | 12.00 | 17.19 | 0.0 | 218.87 | 2.96 | 0.0 | -25.00 | -141.67 | 0.0 | 112.50 | 181.25 | 0.0 | 23.51 | -3.92 | 0.0 |
| 19Q1 (1) | 18.38 | 0.0 | 0.0 | 0.81 | 0.0 | 0.0 | 1.53 | 0.0 | 0.0 | 1.23 | 0.0 | 0.0 | 0.51 | 0.0 | 0.0 | 0.40 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 10.24 | 0.0 | 0.0 | 212.58 | 0.0 | 0.0 | 60.00 | 0.0 | 0.0 | 40.00 | 0.0 | 0.0 | 24.47 | 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) | 16.96 | 48.51 | -0.10 | 0 | 9.75 | 25.13 | -0.50 | 0 | -1.04 | 0 | -1.30 | 0 | 0.47 | -98.03 | 0.60 | 0.0 | 11.62 | -76.58 | 116.32 | 15.7 | 16.67 | 0 | 83.33 | -27.82 | 0.71 | -6.48 | 17.94 | -5.18 |
| 2022 (9) | 11.42 | -13.09 | -6.23 | 0 | 7.80 | -12.69 | 40.23 | 0 | 38.70 | 0 | 66.56 | 0 | 23.90 | 0 | 0.60 | 9.09 | 49.61 | 1958.51 | 100.54 | -72.16 | -15.46 | 0 | 115.46 | 45.91 | 0.76 | 14.26 | 18.92 | 7.26 |
| 2021 (8) | 13.14 | -16.78 | -1.86 | 0 | 8.93 | -9.33 | -8.89 | 0 | -9.02 | 0 | -20.95 | 0 | -3.96 | 0 | 0.55 | 14.58 | 2.41 | -30.75 | 361.10 | 26.55 | 20.87 | 89.57 | 79.13 | -11.08 | 0.66 | 21.77 | 17.64 | -15.72 |
| 2020 (7) | 15.79 | -12.81 | -1.01 | 0 | 9.85 | 32.43 | -9.27 | 0 | -9.46 | 0 | -16.15 | 0 | -3.46 | 0 | 0.48 | -9.43 | 3.48 | -62.09 | 285.35 | 25.34 | 11.01 | 0 | 88.99 | -69.31 | 0.55 | 4.53 | 20.93 | -7.84 |
| 2019 (6) | 18.11 | -1.95 | 1.50 | -40.0 | 7.44 | 14.62 | -0.73 | 0 | -0.88 | 0 | -1.50 | 0 | 0.56 | -74.55 | 0.53 | 8.16 | 9.18 | -24.13 | 227.66 | 5.13 | -200.00 | 0 | 290.00 | 2510.0 | 0.52 | 0.52 | 22.71 | -1.35 |
| 2018 (5) | 18.47 | -27.2 | 2.50 | -68.63 | 6.49 | 14.19 | 2.85 | 54.89 | 2.27 | 38.41 | 3.58 | 28.32 | 2.20 | 0.0 | 0.49 | -10.91 | 12.10 | 16.91 | 216.56 | -3.05 | 88.89 | -79.08 | 11.11 | 0 | 0.52 | 0 | 23.02 | 7.97 |
| 2017 (4) | 25.37 | 3.89 | 7.97 | 1.14 | 5.68 | -14.06 | 1.84 | -78.5 | 1.64 | -80.38 | 2.79 | -83.7 | 2.20 | -68.21 | 0.55 | -16.67 | 10.35 | -41.95 | 223.37 | 18.62 | 425.00 | 358.01 | -329.17 | 0 | 0.00 | 0 | 21.32 | 7.84 |
| 2016 (3) | 24.42 | 21.19 | 7.88 | 428.86 | 6.61 | 5.2 | 8.56 | 997.44 | 8.36 | 1641.67 | 17.12 | 1546.15 | 6.92 | 377.24 | 0.66 | 11.86 | 17.83 | 85.54 | 188.30 | -20.86 | 92.79 | -50.87 | 8.11 | 0 | 0.00 | 0 | 19.77 | 1.85 |
| 2015 (2) | 20.15 | 77.85 | 1.49 | 0 | 6.28 | -2.55 | 0.78 | 0 | 0.48 | 0 | 1.04 | 0 | 1.45 | 0 | 0.59 | 11.32 | 9.61 | 0 | 237.94 | -23.34 | 188.89 | 92.09 | -88.89 | 0 | 0.00 | 0 | 19.41 | -21.39 |
| 2014 (1) | 11.33 | 0 | -12.08 | 0 | 6.45 | 4.27 | -12.26 | 0 | -12.89 | 0 | -24.78 | 0 | -5.68 | 0 | 0.53 | -3.64 | -3.07 | 0 | 310.38 | 36.59 | 98.33 | 30.15 | 1.67 | -93.18 | 0.00 | 0 | 24.69 | 10.87 |
