- 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) | 13.68 | 0.51 | -40.55 | -1.22 | 19.74 | -135.67 | 4.42 | -39.29 | -57.0 | 3.12 | -54.05 | -55.17 | 0.60 | -50.82 | -69.39 | 0.38 | -49.33 | -63.81 | 0.11 | 10.0 | -21.43 | 14.99 | -19.5 | -18.04 | 73.77 | -2.59 | -28.96 | -26.92 | -27.37 | -180.5 | 126.92 | 4.78 | 89.74 | 0.00 | 0 | -100.0 |
| 20Q2 (19) | 13.61 | 190.81 | -43.01 | -1.52 | 86.76 | -150.0 | 7.28 | -95.57 | -25.87 | 6.79 | -95.46 | -28.9 | 1.22 | -94.4 | -52.34 | 0.75 | -93.34 | -46.43 | 0.10 | 42.86 | -28.57 | 18.62 | -89.55 | 3.33 | 75.73 | -6.3 | -28.0 | -21.14 | -201.76 | -168.52 | 121.14 | 13.21 | 75.18 | 0.00 | 0 | -100.0 |
| 20Q1 (18) | 4.68 | -75.88 | -80.07 | -11.48 | -956.72 | -352.86 | 164.26 | 1505.67 | 1333.33 | 149.64 | 1614.09 | 1660.47 | 21.79 | 839.22 | 962.93 | 11.26 | 822.95 | 862.39 | 0.07 | -46.15 | -46.15 | 178.22 | 850.0 | 777.5 | 80.82 | -25.0 | -9.69 | -7.01 | -153.01 | -117.72 | 107.01 | 23.3 | 77.95 | 0.00 | -100.0 | -100.0 |
| 19Q4 (17) | 19.40 | -15.69 | -22.43 | 1.34 | -60.82 | -81.02 | 10.23 | -0.49 | -20.2 | 8.73 | 25.43 | -25.13 | 2.32 | 18.37 | -25.4 | 1.22 | 16.19 | -28.24 | 0.13 | -7.14 | -7.14 | 18.76 | 2.57 | -6.94 | 107.76 | 3.77 | 19.18 | 13.21 | -60.49 | -76.04 | 86.79 | 29.74 | 93.52 | 23.92 | -3.94 | 4.59 |
| 19Q3 (16) | 23.01 | -3.64 | -17.79 | 3.42 | 12.5 | -67.71 | 10.28 | 4.68 | -46.49 | 6.96 | -27.12 | -54.3 | 1.96 | -23.44 | -59.59 | 1.05 | -25.0 | -58.82 | 0.14 | 0.0 | -12.5 | 18.29 | 1.5 | -27.42 | 103.85 | -1.26 | 10.71 | 33.45 | 8.41 | -39.39 | 66.89 | -3.26 | 49.26 | 24.90 | 2.77 | 9.07 |
| 19Q2 (15) | 23.88 | 1.7 | -16.3 | 3.04 | -33.04 | -75.14 | 9.82 | -14.31 | -35.44 | 9.55 | 12.35 | -13.89 | 2.56 | 24.88 | -28.69 | 1.40 | 19.66 | -27.84 | 0.14 | 7.69 | -17.65 | 18.02 | -11.28 | -13.86 | 105.18 | 17.53 | 4.6 | 30.85 | -21.96 | -61.62 | 69.15 | 14.99 | 252.66 | 24.23 | -1.94 | 13.54 |
| 19Q1 (14) | 23.48 | -6.12 | -11.13 | 4.54 | -35.69 | -43.25 | 11.46 | -10.61 | -15.49 | 8.50 | -27.1 | 12.14 | 2.05 | -34.08 | 4.06 | 1.17 | -31.18 | 3.54 | 0.13 | -7.14 | -7.14 | 20.31 | 0.74 | -1.69 | 89.49 | -1.03 | 3.16 | 39.53 | -28.32 | -33.07 | 60.13 | 34.09 | 46.9 | 24.71 | 8.05 | -3.17 |
| 18Q4 (13) | 25.01 | -10.65 | -16.16 | 7.06 | -33.33 | -45.14 | 12.82 | -33.26 | 25.69 | 11.66 | -23.44 | 78.02 | 3.11 | -35.88 | 54.73 | 1.70 | -33.33 | 50.44 | 0.14 | -12.5 | -12.5 | 20.16 | -20.0 | 22.78 | 90.42 | -3.6 | -3.26 | 55.15 | -0.05 | -56.35 | 44.85 | 0.07 | 272.28 | 22.87 | 0.18 | 0.62 |
| 18Q3 (12) | 27.99 | -1.89 | -2.95 | 10.59 | -13.41 | -11.97 | 19.21 | 26.3 | 14.62 | 15.23 | 37.33 | 7.71 | 4.85 | 35.1 | 2.75 | 2.55 | 31.44 | 3.66 | 0.16 | -5.88 | -5.88 | 25.20 | 20.46 | 11.41 | 93.80 | -6.71 | -0.28 | 55.18 | -31.36 | -23.25 | 44.82 | 128.56 | 58.47 | 22.83 | 6.98 | 2.56 |
| 18Q2 (11) | 28.53 | 7.99 | -1.21 | 12.23 | 52.88 | -1.45 | 15.21 | 12.17 | 8.72 | 11.09 | 46.31 | 5.22 | 3.59 | 82.23 | 10.46 | 1.94 | 71.68 | 12.79 | 0.17 | 21.43 | 13.33 | 20.92 | 1.26 | 0 | 100.55 | 15.91 | -3.99 | 80.39 | 36.11 | -9.34 | 19.61 | -52.1 | 73.06 | 21.34 | -16.38 | -7.94 |
| 18Q1 (10) | 26.42 | -11.43 | 3.81 | 8.00 | -37.84 | 5.26 | 13.56 | 32.94 | 85.75 | 7.58 | 15.73 | 24.26 | 1.97 | -1.99 | 34.93 | 1.13 | 0.0 | 34.52 | 0.14 | -12.5 | 16.67 | 20.66 | 25.82 | 32.69 | 86.75 | -7.19 | -9.59 | 59.07 | -53.25 | -43.31 | 40.93 | 257.25 | 1076.57 | 25.52 | 12.27 | -0.51 |
| 17Q4 (9) | 29.83 | 3.43 | 5.97 | 12.87 | 6.98 | 64.58 | 10.20 | -39.14 | -1.83 | 6.55 | -53.68 | -21.84 | 2.01 | -57.42 | -11.45 | 1.13 | -54.07 | -10.32 | 0.16 | -5.88 | 14.29 | 16.42 | -27.41 | 0 | 93.47 | -0.63 | -2.86 | 126.35 | 75.72 | 67.24 | -26.03 | -192.05 | -204.89 | 22.73 | 2.11 | -18.06 |
| 17Q3 (8) | 28.84 | -0.14 | 0.28 | 12.03 | -3.06 | -6.31 | 16.76 | 19.8 | 8.76 | 14.14 | 34.16 | 21.17 | 4.72 | 45.23 | 41.32 | 2.46 | 43.02 | 36.67 | 0.17 | 13.33 | 13.33 | 22.62 | 0 | 1.62 | 94.06 | -10.19 | -0.62 | 71.90 | -18.91 | -13.72 | 28.28 | 149.61 | 69.69 | 22.26 | -3.97 | 0.68 |
| 17Q2 (7) | 28.88 | 13.48 | 0.21 | 12.41 | 63.29 | -1.97 | 13.99 | 91.64 | -9.04 | 10.54 | 72.79 | -7.87 | 3.25 | 122.6 | 4.84 | 1.72 | 104.76 | 1.18 | 0.15 | 25.0 | 7.14 | 0.00 | -100.0 | 0 | 104.73 | 9.15 | 10.23 | 88.67 | -14.9 | 7.91 | 11.33 | 370.3 | -35.59 | 23.18 | -9.63 | -3.01 |
| 17Q1 (6) | 25.45 | -9.59 | 0 | 7.60 | -2.81 | 0 | 7.30 | -29.74 | 0 | 6.10 | -27.21 | 0 | 1.46 | -35.68 | 0 | 0.84 | -33.33 | 0 | 0.12 | -14.29 | 0 | 15.57 | 0 | 15.68 | 95.95 | -0.28 | 0 | 104.19 | 37.92 | 0 | -4.19 | -116.89 | 0 | 25.65 | -7.53 | 0 |
| 16Q4 (5) | 28.15 | -2.12 | 0 | 7.82 | -39.1 | 0 | 10.39 | -32.58 | 0 | 8.38 | -28.19 | 0 | 2.27 | -32.04 | 0 | 1.26 | -30.0 | 0 | 0.14 | -6.67 | 0 | 0.00 | -100.0 | 0 | 96.22 | 1.66 | 0 | 75.55 | -9.34 | 0 | 24.82 | 48.91 | 0 | 27.74 | 25.46 | 0 |
| 16Q3 (4) | 28.76 | -0.21 | 0.0 | 12.84 | 1.42 | 0.0 | 15.41 | 0.2 | 0.0 | 11.67 | 2.01 | 0.0 | 3.34 | 7.74 | 0.0 | 1.80 | 5.88 | 0.0 | 0.15 | 7.14 | 0.0 | 22.26 | 0 | 0.0 | 94.65 | -0.38 | 0.0 | 83.33 | 1.42 | 0.0 | 16.67 | -5.25 | 0.0 | 22.11 | -7.49 | 0.0 |
| 16Q2 (3) | 28.82 | 0 | 0.0 | 12.66 | 0 | 0.0 | 15.38 | 0 | 0.0 | 11.44 | 0 | 0.0 | 3.10 | 0 | 0.0 | 1.70 | 0 | 0.0 | 0.14 | 0 | 0.0 | 0.00 | -100.0 | 0.0 | 95.01 | 0 | 0.0 | 82.17 | 0 | 0.0 | 17.59 | 0 | 0.0 | 23.90 | 0 | 0.0 |
| 16Q1 (2) | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 13.46 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 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) | 22.46 | -17.12 | 3.07 | -68.22 | 7.31 | 30.32 | 10.43 | -32.14 | 8.43 | -27.08 | 8.90 | -33.73 | 4.86 | -33.79 | 0.53 | -13.11 | 18.82 | -13.83 | 107.76 | 19.18 | 29.53 | -52.98 | 70.55 | 89.74 | 0.70 | 223.06 | 24.44 | 6.17 |
| 2018 (9) | 27.10 | -4.71 | 9.66 | -15.78 | 5.61 | -0.72 | 15.37 | 23.75 | 11.56 | 20.42 | 13.43 | 20.99 | 7.34 | 20.72 | 0.61 | 3.39 | 21.84 | 14.95 | 90.42 | -3.26 | 62.82 | -32.0 | 37.18 | 387.49 | 0.22 | -59.94 | 23.02 | -1.16 |
| 2017 (8) | 28.44 | 3.99 | 11.47 | 16.09 | 5.65 | -13.0 | 12.42 | 5.52 | 9.60 | 7.14 | 11.10 | 17.09 | 6.08 | 15.59 | 0.59 | 7.27 | 19.00 | -1.04 | 93.47 | -2.86 | 92.37 | 10.12 | 7.63 | -52.42 | 0.54 | 0 | 23.29 | -5.29 |
| 2016 (7) | 27.35 | 19.9 | 9.88 | 153.98 | 6.49 | -17.68 | 11.77 | -4.07 | 8.96 | -4.68 | 9.48 | 8.1 | 5.26 | 5.2 | 0.55 | 10.0 | 19.20 | -9.09 | 96.22 | 5.9 | 83.89 | 164.95 | 16.03 | -76.51 | 0.00 | 0 | 24.59 | -5.02 |
| 2015 (6) | 22.81 | 0.71 | 3.89 | -25.48 | 7.89 | 8.45 | 12.27 | 14.89 | 9.40 | 17.06 | 8.77 | 1.98 | 5.00 | 2.88 | 0.50 | -10.71 | 21.12 | 12.04 | 90.86 | 7.29 | 31.66 | -35.24 | 68.25 | 33.55 | 0.00 | 0 | 25.89 | 8.78 |
| 2014 (5) | 22.65 | 2.77 | 5.22 | 23.11 | 7.27 | -0.98 | 10.68 | 68.19 | 8.03 | 82.09 | 8.60 | 68.96 | 4.86 | 62.54 | 0.56 | -5.08 | 18.85 | 28.58 | 84.69 | -11.75 | 48.89 | -26.9 | 51.11 | 54.33 | 0.00 | 0 | 23.80 | 4.52 |
| 2013 (4) | 22.04 | 0 | 4.24 | 0 | 7.35 | 0 | 6.35 | 0 | 4.41 | 0 | 5.09 | 0 | 2.99 | 0 | 0.59 | 0 | 14.66 | 0 | 95.97 | 0 | 66.89 | 0 | 33.11 | 0 | 0.00 | 0 | 22.77 | 0 |
