- 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 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 20Q3 (20) | 14.17 | 23.76 | 15.3 | -8.33 | 2.34 | -37.69 | -7.56 | -29.45 | -36.46 | -7.71 | -31.12 | -70.2 | -2.06 | -77.59 | -119.15 | -1.48 | -72.09 | -120.9 | 0.20 | 33.33 | 33.33 | -0.00 | -100.0 | -100.0 | 41.37 | 27.92 | 24.42 | 110.23 | -24.29 | 0.42 | -10.23 | 77.56 | -13.41 | 0.00 | -100.0 | -100.0 |
| 20Q2 (19) | 11.45 | 28.8 | -37.77 | -8.53 | 40.6 | -2651.61 | -5.84 | 47.76 | -714.74 | -5.88 | 47.59 | -1033.33 | -1.16 | 31.76 | -992.31 | -0.86 | 32.28 | -816.67 | 0.15 | 25.0 | 0.0 | 4.41 | 100.45 | -60.13 | 32.34 | 8.78 | -9.77 | 145.60 | 13.58 | 578.4 | -45.60 | -61.75 | -134.96 | 27.67 | -15.85 | 1.43 |
| 20Q1 (18) | 8.89 | 59.32 | 845.74 | -14.36 | 27.36 | 26.58 | -11.18 | 40.44 | -274.96 | -11.22 | 38.76 | -320.43 | -1.70 | 49.1 | -277.08 | -1.27 | 48.37 | -276.39 | 0.12 | -14.29 | -14.29 | 2.20 | 136.36 | -87.68 | 29.73 | -8.72 | -16.09 | 128.19 | 21.95 | 141.72 | -28.19 | -424.9 | -106.92 | 32.88 | 8.59 | 6.68 |
| 19Q4 (17) | 5.58 | -54.6 | -50.79 | -19.77 | -226.78 | -204.15 | -18.77 | -238.81 | -488.4 | -18.32 | -304.42 | -514.77 | -3.34 | -255.32 | -430.16 | -2.46 | -267.16 | -459.09 | 0.14 | -6.67 | -6.67 | -6.05 | -223.47 | -190.3 | 32.57 | -2.05 | -15.73 | 105.12 | -4.24 | -48.45 | -5.37 | 40.47 | 94.83 | 30.28 | 19.12 | 22.69 |
| 19Q3 (16) | 12.29 | -33.21 | -29.25 | -6.05 | -1851.61 | -320.8 | -5.54 | -683.16 | -218.38 | -4.53 | -819.05 | -224.11 | -0.94 | -823.08 | -197.92 | -0.67 | -658.33 | -194.37 | 0.15 | 0.0 | -21.05 | 4.90 | -55.7 | -60.39 | 33.25 | -7.23 | -11.99 | 109.77 | 460.69 | 88.76 | -9.02 | -106.92 | -121.93 | 25.42 | -6.82 | 8.87 |
| 19Q2 (15) | 18.40 | 1857.45 | 24.75 | -0.31 | 98.42 | -127.43 | 0.95 | -85.13 | -47.22 | 0.63 | -87.62 | -62.5 | 0.13 | -86.46 | -70.45 | 0.12 | -83.33 | -64.71 | 0.15 | 7.14 | -21.05 | 11.06 | -38.04 | 15.69 | 35.84 | 1.16 | -3.94 | -30.43 | 90.09 | -148.34 | 130.43 | -67.97 | 252.17 | 27.28 | -11.49 | 24.79 |
| 19Q1 (14) | 0.94 | -91.71 | -92.32 | -19.56 | -200.92 | -1307.19 | 6.39 | 300.31 | 550.0 | 5.09 | 270.81 | 451.03 | 0.96 | 252.38 | 382.35 | 0.72 | 263.64 | 400.0 | 0.14 | -6.67 | -17.65 | 17.85 | 166.42 | 146.21 | 35.43 | -8.33 | 7.56 | -307.25 | -250.69 | -415.55 | 407.25 | 491.97 | 15375.36 | 30.82 | 24.88 | 32.9 |
| 18Q4 (13) | 11.34 | -34.72 | -23.58 | -6.50 | -337.23 | -65100.0 | -3.19 | -168.16 | -432.29 | -2.98 | -181.64 | -308.39 | -0.63 | -165.62 | -285.29 | -0.44 | -161.97 | -276.0 | 0.15 | -21.05 | -11.76 | 6.70 | -45.84 | -29.1 | 38.65 | 2.3 | 9.52 | 203.90 | 250.6 | 0 | -103.90 | -352.58 | -203.9 | 24.68 | 5.7 | 10.97 |
| 18Q3 (12) | 17.37 | 17.76 | 12.28 | 2.74 | 142.48 | 82.67 | 4.68 | 160.0 | 180.24 | 3.65 | 117.26 | 176.52 | 0.96 | 118.18 | 166.67 | 0.71 | 108.82 | 173.08 | 0.19 | 0.0 | 0.0 | 12.37 | 29.39 | 30.21 | 37.78 | 1.26 | -21.41 | 58.16 | -7.63 | -34.42 | 41.13 | 11.06 | 263.36 | 23.35 | 6.82 | 17.1 |
| 18Q2 (11) | 14.75 | 20.51 | -4.78 | 1.13 | 181.29 | -49.78 | 1.80 | 226.76 | -14.29 | 1.68 | 215.86 | 3.7 | 0.44 | 229.41 | 4.76 | 0.34 | 241.67 | 3.03 | 0.19 | 11.76 | 11.76 | 9.56 | 31.86 | 0 | 37.31 | 13.27 | -26.76 | 62.96 | -35.34 | -40.74 | 37.04 | 1307.41 | 692.59 | 21.86 | -5.74 | 7.53 |
| 18Q1 (10) | 12.24 | -17.52 | -12.07 | -1.39 | -14000.0 | -156.97 | -1.42 | -247.92 | -2940.0 | -1.45 | -201.4 | 0 | -0.34 | -200.0 | 0 | -0.24 | -196.0 | -250.0 | 0.17 | 0.0 | 0.0 | 7.25 | -23.28 | 0 | 32.94 | -6.66 | -33.14 | 97.37 | 0 | -97.47 | 2.63 | -97.37 | 100.07 | 23.19 | 4.27 | 28.98 |
| 17Q4 (9) | 14.84 | -4.07 | 361.73 | 0.01 | -99.33 | 100.06 | 0.96 | -42.51 | 105.8 | 1.43 | 8.33 | 108.59 | 0.34 | -5.56 | 107.8 | 0.25 | -3.85 | 108.87 | 0.17 | -10.53 | 0.0 | 9.45 | -0.53 | 248.58 | 35.29 | -26.59 | -34.15 | 0.00 | -100.0 | -100.0 | 100.00 | 783.33 | 5118.18 | 22.24 | 11.53 | 28.85 |
| 17Q3 (8) | 15.47 | -0.13 | 28.81 | 1.50 | -33.33 | 80.72 | 1.67 | -20.48 | 356.92 | 1.32 | -18.52 | 241.94 | 0.36 | -14.29 | 244.0 | 0.26 | -21.21 | 316.67 | 0.19 | 11.76 | 5.56 | 9.50 | 0 | -8.03 | 48.07 | -5.63 | -5.56 | 88.68 | -16.54 | 167.27 | 11.32 | 281.13 | -95.12 | 19.94 | -1.92 | 17.29 |
| 17Q2 (7) | 15.49 | 11.28 | 104.08 | 2.25 | -7.79 | 181.52 | 2.10 | 4100.0 | 164.02 | 1.62 | 0 | 147.23 | 0.42 | 0 | 146.15 | 0.33 | 106.25 | 157.89 | 0.17 | 0.0 | -5.56 | 0.00 | 0 | -100.0 | 50.94 | 3.39 | -0.45 | 106.25 | -97.24 | 26.64 | -6.25 | 99.83 | -138.82 | 20.33 | 13.07 | 19.94 |
| 17Q1 (6) | 13.92 | 345.5 | 0 | 2.44 | 114.44 | 0 | 0.05 | 100.3 | 0 | 0.00 | 100.0 | 0 | 0.00 | 100.0 | 0 | 0.16 | 105.67 | 0 | 0.17 | 0.0 | 0 | 0.00 | 100.0 | 0 | 49.27 | -8.06 | 0 | 3850.00 | 3674.78 | 0 | -3750.00 | -188081.82 | 0 | 17.98 | 4.17 | 0 |
| 16Q4 (5) | -5.67 | -147.21 | 0 | -16.90 | -2136.14 | 0 | -16.56 | -2447.69 | 0 | -16.65 | -1690.32 | 0 | -4.36 | -1644.0 | 0 | -2.82 | -2250.0 | 0 | 0.17 | -5.56 | 0 | -6.36 | -161.57 | -139.33 | 53.59 | 5.28 | 0 | 101.99 | 177.37 | 0 | -1.99 | -100.86 | 0 | 17.26 | 1.53 | 0 |
| 16Q3 (4) | 12.01 | 58.23 | 0.0 | 0.83 | 130.07 | 0.0 | -0.65 | 80.18 | 0.0 | -0.93 | 72.89 | 0.0 | -0.25 | 72.53 | 0.0 | -0.12 | 78.95 | 0.0 | 0.18 | 0.0 | 0.0 | 10.33 | 16.2 | 0.0 | 50.90 | -0.53 | 0.0 | -131.82 | -257.12 | 0.0 | 231.82 | 1339.71 | 0.0 | 17.00 | 0.29 | 0.0 |
| 16Q2 (3) | 7.59 | 0 | 0.0 | -2.76 | 0 | 0.0 | -3.28 | 0 | 0.0 | -3.43 | 0 | 0.0 | -0.91 | 0 | 0.0 | -0.57 | 0 | 0.0 | 0.18 | 0 | 0.0 | 8.89 | 0 | 0.0 | 51.17 | 0 | 0.0 | 83.90 | 0 | 0.0 | 16.10 | 0 | 0.0 | 16.95 | 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 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2019 (10) | 9.65 | -31.66 | -10.92 | 0 | 8.45 | 18.67 | -4.01 | 0 | -4.03 | 0 | -3.24 | 0 | -2.26 | 0 | 0.59 | -16.9 | 7.11 | -22.3 | 32.57 | -15.73 | 272.18 | 0 | -172.45 | 0 | 0.76 | 749.42 | 28.32 | 22.07 |
| 2018 (9) | 14.12 | -5.43 | -0.71 | 0 | 7.12 | -7.04 | 0.72 | -40.0 | 0.45 | -58.33 | 0.43 | -60.55 | 0.37 | -63.0 | 0.71 | 1.43 | 9.15 | -9.85 | 38.65 | 9.52 | -97.50 | 0 | 197.50 | 0 | 0.09 | 0 | 23.20 | 15.77 |
| 2017 (8) | 14.93 | 162.39 | 1.60 | 0 | 7.66 | -30.43 | 1.20 | 0 | 1.08 | 0 | 1.09 | 0 | 1.00 | 0 | 0.70 | 6.06 | 10.15 | 48.39 | 35.29 | -34.15 | 134.03 | 39.53 | -33.33 | 0 | 0.00 | 0 | 20.04 | 18.09 |
| 2016 (7) | 5.69 | -49.33 | -4.94 | 0 | 11.01 | -24.68 | -5.15 | 0 | -5.28 | 0 | -5.50 | 0 | -3.30 | 0 | 0.66 | 8.2 | 6.84 | -61.81 | 53.59 | -10.59 | 96.06 | 122.91 | 4.08 | -92.86 | 0.00 | 0 | 16.97 | -1.28 |
| 2015 (6) | 11.23 | -23.29 | 0.92 | -83.33 | 14.62 | 3.7 | 2.14 | -57.96 | 1.90 | -55.19 | 1.87 | -59.35 | 1.47 | -52.58 | 0.61 | -1.61 | 17.91 | -12.51 | 59.94 | -4.98 | 43.09 | -60.24 | 57.24 | 0 | 0.00 | 0 | 17.19 | -1.26 |
| 2014 (5) | 14.64 | 15.28 | 5.52 | 42.27 | 14.09 | -1.67 | 5.09 | -35.49 | 4.24 | -38.46 | 4.60 | -50.59 | 3.10 | -41.51 | 0.62 | -7.46 | 20.47 | -13.7 | 63.08 | -30.12 | 108.39 | 120.23 | -8.25 | 0 | 0.00 | 0 | 17.41 | -12.51 |
| 2013 (4) | 12.70 | 0 | 3.88 | 0 | 14.33 | 0 | 7.89 | 0 | 6.89 | 0 | 9.31 | 0 | 5.30 | 0 | 0.67 | 0 | 23.72 | 0 | 90.27 | 0 | 49.22 | 0 | 50.78 | 0 | 0.00 | 0 | 19.90 | 0 |
