- 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) | 35.64 | -14.61 | -6.06 | 31.74 | -6.84 | -5.56 | 23.64 | -30.35 | -26.95 | 17.25 | -36.42 | -23.06 | 3.17 | -25.59 | 11.23 | 2.01 | -25.0 | 6.35 | 0.12 | 20.0 | 50.0 | 26.48 | -29.05 | -23.34 | 60.25 | 2.85 | -0.9 | 134.18 | 33.82 | 29.21 | -34.18 | -12716.46 | -788.61 | 7.09 | -35.37 | -0.84 |
| 23Q3 (19) | 41.74 | 13.83 | 37.44 | 34.07 | 9.13 | 33.5 | 33.94 | 72.9 | 53.92 | 27.13 | 150.51 | 55.83 | 4.26 | 197.9 | 78.99 | 2.68 | 191.3 | 69.62 | 0.10 | 25.0 | 11.11 | 37.32 | 58.88 | 44.15 | 58.58 | -7.69 | 8.18 | 100.27 | -37.07 | -13.69 | -0.27 | 99.55 | 98.3 | 10.97 | 32.01 | 37.13 |
| 23Q2 (18) | 36.67 | -3.9 | 18.63 | 31.22 | -0.86 | 27.64 | 19.63 | -35.09 | -45.38 | 10.83 | -54.86 | -65.34 | 1.43 | -44.57 | -69.77 | 0.92 | -44.24 | -66.42 | 0.08 | 14.29 | -11.11 | 23.49 | -32.29 | -41.6 | 63.46 | 10.04 | 12.74 | 159.34 | 52.73 | 134.21 | -59.34 | -1270.77 | -285.63 | 8.31 | -26.72 | -19.08 |
| 23Q1 (17) | 38.16 | 0.58 | 111.76 | 31.49 | -6.31 | 1575.0 | 30.24 | -6.55 | 1285.88 | 23.99 | 7.0 | 519.41 | 2.58 | -9.47 | 414.63 | 1.65 | -12.7 | 817.39 | 0.07 | -12.5 | 0.0 | 34.69 | 0.43 | 486.97 | 57.67 | -5.15 | -41.69 | 104.33 | 0.46 | 244.9 | -4.33 | -12.55 | -102.52 | 11.34 | 58.6 | -25.69 |
| 22Q4 (16) | 37.94 | 24.93 | 77.21 | 33.61 | 31.7 | 197.17 | 32.36 | 46.76 | 204.71 | 22.42 | 28.78 | 205.45 | 2.85 | 19.75 | 108.03 | 1.89 | 19.62 | 130.49 | 0.08 | -11.11 | -20.0 | 34.54 | 33.41 | 109.59 | 60.80 | 12.28 | -37.33 | 103.85 | -10.61 | -2.05 | -3.85 | 75.48 | 43.16 | 7.15 | -10.62 | -20.38 |
| 22Q3 (15) | 30.37 | -1.75 | 26.86 | 25.52 | 4.33 | 86.28 | 22.05 | -38.65 | 152.29 | 17.41 | -44.29 | 250.3 | 2.38 | -49.68 | 170.45 | 1.58 | -42.34 | 143.08 | 0.09 | 0.0 | 0.0 | 25.89 | -35.63 | 65.86 | 54.15 | -3.8 | -42.56 | 116.18 | 70.77 | -26.13 | -15.69 | -149.07 | 72.62 | 8.00 | -22.1 | -16.75 |
| 22Q2 (14) | 30.91 | 71.53 | 33.69 | 24.46 | 1201.06 | 92.45 | 35.94 | 1509.41 | 206.39 | 31.25 | 646.33 | 286.28 | 4.73 | 676.83 | 235.46 | 2.74 | 1291.3 | 211.36 | 0.09 | 28.57 | 0.0 | 40.22 | 580.54 | 124.07 | 56.29 | -43.08 | -39.62 | 68.03 | 194.49 | -37.52 | 31.97 | -81.41 | 492.32 | 10.27 | -32.7 | -5.35 |
| 22Q1 (13) | 18.02 | -15.83 | -25.69 | 1.88 | -83.38 | -86.66 | -2.55 | -124.01 | -122.06 | -5.72 | -177.93 | -171.23 | -0.82 | -159.85 | -164.06 | -0.23 | -128.05 | -128.75 | 0.07 | -30.0 | -12.5 | 5.91 | -64.14 | -67.65 | 98.90 | 1.94 | 5.22 | -72.00 | -167.91 | -159.18 | 172.00 | 2641.78 | 893.85 | 15.26 | 69.93 | 24.07 |
| 21Q4 (12) | 21.41 | -10.57 | -18.47 | 11.31 | -17.45 | -19.84 | 10.62 | 21.51 | 29.51 | 7.34 | 47.69 | 16.32 | 1.37 | 55.68 | 6.2 | 0.82 | 26.15 | 0.0 | 0.10 | 11.11 | -9.09 | 16.48 | 5.57 | 20.91 | 97.02 | 2.91 | 1.94 | 106.02 | -32.6 | -38.44 | -6.77 | 88.19 | 90.63 | 8.98 | -6.56 | -1.43 |
| 21Q3 (11) | 23.94 | 3.55 | 49.91 | 13.70 | 7.79 | 150.92 | 8.74 | -25.49 | 860.44 | 4.97 | -38.57 | 238.83 | 0.88 | -37.59 | 266.04 | 0.65 | -26.14 | 564.29 | 0.09 | 0.0 | 12.5 | 15.61 | -13.04 | 86.72 | 94.28 | 1.14 | 9.3 | 157.28 | 44.44 | -72.78 | -57.28 | -603.0 | 88.01 | 9.61 | -11.43 | -23.06 |
| 21Q2 (10) | 23.12 | -4.66 | -0.34 | 12.71 | -9.79 | 30.63 | 11.73 | 1.47 | 28.2 | 8.09 | 0.75 | 18.1 | 1.41 | 10.16 | 42.42 | 0.88 | 10.0 | 31.34 | 0.09 | 12.5 | 12.5 | 17.95 | -1.75 | 10.33 | 93.22 | -0.82 | 6.03 | 108.89 | -10.5 | 2.84 | -8.15 | 62.39 | -38.52 | 10.85 | -11.79 | 0 |
| 21Q1 (9) | 24.25 | -7.65 | -3.08 | 14.09 | -0.14 | 87.62 | 11.56 | 40.98 | 284.05 | 8.03 | 27.26 | 2261.76 | 1.28 | -0.78 | 4166.67 | 0.80 | -2.44 | 400.0 | 0.08 | -27.27 | 100.0 | 18.27 | 34.04 | 11.81 | 93.99 | -1.24 | 9.0 | 121.67 | -29.35 | -53.21 | -21.67 | 70.0 | 85.87 | 12.30 | 35.02 | -39.79 |
| 20Q4 (8) | 26.26 | 64.43 | 63.11 | 14.11 | 158.42 | 121.86 | 8.20 | 801.1 | 42.86 | 6.31 | 276.26 | 203.37 | 1.29 | 343.4 | 290.91 | 0.82 | 685.71 | 182.76 | 0.11 | 37.5 | 37.5 | 13.63 | 63.04 | 19.88 | 95.17 | 10.33 | 7.35 | 172.22 | -70.19 | 56.08 | -72.22 | 84.88 | -598.15 | 9.11 | -27.06 | -17.33 |
| 20Q3 (7) | 15.97 | -31.16 | -13.63 | 5.46 | -43.88 | -26.71 | 0.91 | -90.05 | -78.23 | -3.58 | -152.26 | -137.64 | -0.53 | -153.54 | -142.4 | -0.14 | -120.9 | -117.72 | 0.08 | 0.0 | 14.29 | 8.36 | -48.62 | -38.75 | 86.26 | -1.89 | -5.08 | 577.78 | 445.68 | 226.16 | -477.78 | -8022.22 | -519.34 | 12.49 | 0 | -6.37 |
| 20Q2 (6) | 23.20 | -7.27 | 12.84 | 9.73 | 29.56 | -30.45 | 9.15 | 203.99 | -22.59 | 6.85 | 1914.71 | -23.03 | 0.99 | 3200.0 | -30.28 | 0.67 | 318.75 | -20.24 | 0.08 | 100.0 | 0.0 | 16.27 | -0.43 | -17.7 | 87.92 | 1.96 | -15.64 | 105.88 | -59.28 | -11.12 | -5.88 | 96.16 | 67.79 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 25.02 | 55.4 | 36.35 | 7.51 | 18.08 | -28.75 | 3.01 | -47.56 | -64.17 | 0.34 | -83.65 | -94.9 | 0.03 | -90.91 | -97.3 | 0.16 | -44.83 | -76.47 | 0.04 | -50.0 | -50.0 | 16.34 | 43.71 | 2.0 | 86.23 | -2.73 | -12.78 | 260.00 | 135.63 | 108.49 | -153.33 | -1382.22 | -492.42 | 20.43 | 85.39 | 88.12 |
| 19Q4 (4) | 16.10 | -12.93 | 0.0 | 6.36 | -14.63 | 0.0 | 5.74 | 37.32 | 0.0 | 2.08 | -78.13 | 0.0 | 0.33 | -73.6 | 0.0 | 0.29 | -63.29 | 0.0 | 0.08 | 14.29 | 0.0 | 11.37 | -16.7 | 0.0 | 88.65 | -2.45 | 0.0 | 110.34 | -37.71 | 0.0 | -10.34 | 86.59 | 0.0 | 11.02 | -17.39 | 0.0 |
| 19Q3 (3) | 18.49 | -10.07 | 0.0 | 7.45 | -46.75 | 0.0 | 4.18 | -64.64 | 0.0 | 9.51 | 6.85 | 0.0 | 1.25 | -11.97 | 0.0 | 0.79 | -5.95 | 0.0 | 0.07 | -12.5 | 0.0 | 13.65 | -30.96 | 0.0 | 90.88 | -12.8 | 0.0 | 177.14 | 48.7 | 0.0 | -77.14 | -322.45 | 0.0 | 13.34 | 19.75 | 0.0 |
| 19Q2 (2) | 20.56 | 12.04 | 0.0 | 13.99 | 32.73 | 0.0 | 11.82 | 40.71 | 0.0 | 8.90 | 33.43 | 0.0 | 1.42 | 27.93 | 0.0 | 0.84 | 23.53 | 0.0 | 0.08 | 0.0 | 0.0 | 19.77 | 23.41 | 0.0 | 104.22 | 5.41 | 0.0 | 119.13 | -4.47 | 0.0 | -18.26 | 29.45 | 0.0 | 11.14 | 2.58 | 0.0 |
| 19Q1 (1) | 18.35 | 0.0 | 0.0 | 10.54 | 0.0 | 0.0 | 8.40 | 0.0 | 0.0 | 6.67 | 0.0 | 0.0 | 1.11 | 0.0 | 0.0 | 0.68 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 16.02 | 0.0 | 0.0 | 98.87 | 0.0 | 0.0 | 124.71 | 0.0 | 0.0 | -25.88 | 0.0 | 0.0 | 10.86 | 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) | 37.97 | 30.3 | 32.20 | 52.61 | 1.26 | -11.63 | 26.71 | 21.85 | 19.69 | 20.06 | 11.32 | 25.08 | 7.17 | 31.56 | 0.36 | 16.13 | 30.25 | 13.47 | 60.25 | -0.9 | 120.56 | 25.23 | -20.56 | 0 | 14.12 | 4.8 | 9.19 | -10.43 |
| 2022 (9) | 29.14 | 26.04 | 21.10 | 63.69 | 1.42 | -52.66 | 21.92 | 106.21 | 16.40 | 131.64 | 9.05 | 83.2 | 5.45 | 74.12 | 0.31 | -13.89 | 26.66 | 56.55 | 60.80 | -37.33 | 96.27 | -20.69 | 3.73 | 0 | 13.48 | 31.07 | 10.26 | -0.87 |
| 2021 (8) | 23.12 | 1.85 | 12.89 | 30.33 | 3.01 | -17.99 | 10.63 | 81.4 | 7.08 | 128.39 | 4.94 | 177.53 | 3.13 | 111.49 | 0.36 | 20.0 | 17.03 | 27.85 | 97.02 | 1.94 | 121.38 | -28.23 | -21.38 | 0 | 10.28 | 3.86 | 10.35 | -10.85 |
| 2020 (7) | 22.70 | 23.71 | 9.89 | 2.49 | 3.67 | -12.3 | 5.86 | -23.5 | 3.10 | -53.31 | 1.78 | -56.27 | 1.48 | -43.94 | 0.30 | -3.23 | 13.32 | -12.6 | 95.17 | 7.35 | 169.12 | 34.29 | -69.12 | 0 | 9.90 | -1.7 | 11.61 | 0.87 |
| 2019 (6) | 18.35 | 5.58 | 9.65 | 1.37 | 4.18 | 24.28 | 7.66 | 3.79 | 6.64 | 28.93 | 4.07 | -8.74 | 2.64 | 0.76 | 0.31 | -24.39 | 15.24 | 16.6 | 88.65 | -13.55 | 125.94 | -2.29 | -25.94 | 0 | 10.07 | 20.62 | 11.51 | 36.7 |
| 2018 (5) | 17.38 | 979.5 | 9.52 | 0 | 3.36 | -17.15 | 7.38 | 0 | 5.15 | 0 | 4.46 | 0 | 2.62 | 0 | 0.41 | 51.85 | 13.07 | 0 | 102.54 | -18.17 | 128.89 | 57.03 | -28.89 | 0 | 8.35 | 0 | 8.42 | -30.81 |
| 2017 (4) | 1.61 | 0 | -8.86 | 0 | 4.06 | -21.52 | -10.80 | 0 | -10.54 | 0 | -6.57 | 0 | -2.23 | 0 | 0.27 | 8.0 | -2.87 | 0 | 125.31 | -3.56 | 82.08 | 1.44 | 17.92 | -5.52 | 0.00 | 0 | 12.17 | 1.25 |
| 2016 (3) | -17.39 | 0 | -24.63 | 0 | 5.17 | 154.41 | -30.41 | 0 | -25.25 | 0 | -13.75 | 0 | -5.77 | 0 | 0.25 | -40.48 | -21.71 | 0 | 129.93 | 21.89 | 80.92 | -39.96 | 18.97 | 0 | 0.00 | 0 | 12.02 | 68.58 |
| 2015 (2) | 12.30 | -38.56 | 8.07 | -45.98 | 2.03 | 10.31 | 5.98 | -68.69 | 4.59 | -70.43 | 3.82 | -72.26 | 2.33 | -71.27 | 0.42 | -17.65 | 9.53 | -55.88 | 106.60 | 27.53 | 134.78 | 72.12 | -35.18 | 0 | 0.00 | 0 | 7.13 | -2.33 |
| 2014 (1) | 20.02 | 0 | 14.94 | 0 | 1.84 | -30.94 | 19.10 | 0 | 15.52 | 0 | 13.77 | 0 | 8.11 | 0 | 0.51 | 30.77 | 21.60 | -4.3 | 83.59 | 30.83 | 78.31 | -27.04 | 21.83 | 0 | 0.00 | 0 | 7.30 | 4.73 |
