- 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)
| EPS QoQ YoY | 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 | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 22Q1 (20) | 0.10 | -54.55 | -54.55 | 14.82 | -8.74 | -8.86 | 4.05 | -44.82 | -38.54 | 4.34 | -50.51 | -51.13 | 4.02 | -45.6 | -50.25 | 0.60 | -55.22 | -55.88 | 0.45 | -52.13 | -52.63 | 0.10 | -16.67 | -9.09 | 8.12 | -29.88 | -31.94 | 43.50 | -12.46 | -14.69 | 85.71 | 4.08 | 14.29 | 0.00 | -100.0 | -100.0 | 0.00 | 0 | 0 |
| 21Q4 (19) | 0.22 | -12.0 | -29.03 | 16.24 | -8.25 | -29.27 | 7.34 | 2.51 | -32.91 | 8.77 | -18.27 | -41.49 | 7.39 | -21.38 | -39.57 | 1.34 | -13.55 | -31.63 | 0.94 | -12.96 | -30.37 | 0.12 | 9.09 | 9.09 | 11.58 | -17.52 | -37.84 | 49.69 | 1.7 | 0.95 | 82.35 | 23.53 | 9.8 | 17.65 | -47.06 | -39.5 | 0.00 | 0 | 0 |
| 21Q3 (18) | 0.25 | -16.67 | -28.57 | 17.70 | -8.67 | -2.85 | 7.16 | -22.17 | 12.23 | 10.73 | -19.5 | -32.35 | 9.40 | -17.69 | -35.04 | 1.55 | -16.22 | -32.9 | 1.08 | -14.29 | -29.87 | 0.11 | 0.0 | 10.0 | 14.04 | -15.27 | -30.25 | 48.86 | -7.34 | -6.61 | 66.67 | -4.17 | 60.0 | 33.33 | 9.52 | -46.67 | 0.00 | 0 | 0 |
| 21Q2 (17) | 0.30 | 36.36 | 700.0 | 19.38 | 19.19 | 254.3 | 9.20 | 39.61 | 228.31 | 13.33 | 50.11 | 517.87 | 11.42 | 41.34 | 558.63 | 1.85 | 36.03 | 716.67 | 1.26 | 32.63 | 940.0 | 0.11 | 0.0 | 37.5 | 16.57 | 38.89 | 547.27 | 52.73 | 3.41 | -8.14 | 69.57 | -7.25 | -65.22 | 30.43 | 21.74 | 124.35 | 0.00 | 0 | 0 |
| 21Q1 (16) | 0.22 | -29.03 | 22.22 | 16.26 | -29.18 | 0.12 | 6.59 | -39.76 | 68.54 | 8.88 | -40.76 | -4.52 | 8.08 | -33.93 | -4.27 | 1.36 | -30.61 | 13.33 | 0.95 | -29.63 | 14.46 | 0.11 | 0.0 | 22.22 | 11.93 | -35.96 | -13.36 | 50.99 | 3.6 | -2.95 | 75.00 | 0.0 | 95.0 | 25.00 | -14.29 | -53.57 | 0.00 | 0 | 0 |
| 20Q4 (15) | 0.31 | -11.43 | 47.62 | 22.96 | 26.02 | 32.87 | 10.94 | 71.47 | 69.61 | 14.99 | -5.49 | 63.11 | 12.23 | -15.48 | 50.25 | 1.96 | -15.15 | 43.07 | 1.35 | -12.34 | 45.16 | 0.11 | 10.0 | 0.0 | 18.63 | -7.45 | 45.55 | 49.22 | -5.93 | -12.95 | 75.00 | 80.0 | 2.27 | 29.17 | -53.33 | 9.38 | 0.00 | 0 | -100.0 |
| 20Q3 (14) | 0.35 | 800.0 | 105.88 | 18.22 | 233.09 | 7.62 | 6.38 | 188.98 | 22.46 | 15.86 | 597.18 | 89.94 | 14.47 | 681.12 | 96.07 | 2.31 | 870.0 | 104.42 | 1.54 | 1126.67 | 97.44 | 0.10 | 25.0 | 0.0 | 20.13 | 686.33 | 57.88 | 52.32 | -8.85 | -2.84 | 41.67 | -79.17 | -37.5 | 62.50 | 150.0 | 50.0 | 0.00 | 0 | -100.0 |
| 20Q2 (13) | -0.05 | -127.78 | -131.25 | 5.47 | -66.32 | -62.04 | -7.17 | -283.38 | -281.98 | -3.19 | -134.3 | -146.37 | -2.49 | -129.5 | -141.09 | -0.30 | -125.0 | -129.13 | -0.15 | -118.07 | -120.0 | 0.08 | -11.11 | -33.33 | 2.56 | -81.41 | -75.96 | 57.40 | 9.25 | -2.2 | 200.00 | 420.0 | 242.86 | -125.00 | -332.14 | -400.0 | 0.00 | 0 | -100.0 |
| 20Q1 (12) | 0.18 | -14.29 | 50.0 | 16.24 | -6.02 | 0.68 | 3.91 | -39.38 | 16.72 | 9.30 | 1.2 | 36.56 | 8.44 | 3.69 | 41.61 | 1.20 | -12.41 | 53.85 | 0.83 | -10.75 | 36.07 | 0.09 | -18.18 | -10.0 | 13.77 | 7.58 | 21.21 | 52.54 | -7.07 | 45.98 | 38.46 | -47.55 | -13.46 | 53.85 | 101.92 | -3.08 | 0.00 | -100.0 | -100.0 |
| 19Q4 (11) | 0.21 | 23.53 | 61.54 | 17.28 | 2.07 | 33.75 | 6.45 | 23.8 | 193.18 | 9.19 | 10.06 | 58.18 | 8.14 | 10.3 | 51.3 | 1.37 | 21.24 | 59.3 | 0.93 | 19.23 | 38.81 | 0.11 | 10.0 | -8.33 | 12.80 | 0.39 | 34.88 | 56.54 | 5.0 | 54.82 | 73.33 | 10.0 | 120.0 | 26.67 | -36.0 | -60.0 | 18.39 | -7.68 | 2.57 |
| 19Q3 (10) | 0.17 | 6.25 | -15.0 | 16.93 | 17.49 | 21.1 | 5.21 | 32.23 | 49.28 | 8.35 | 21.37 | -2.22 | 7.38 | 21.78 | -6.23 | 1.13 | 9.71 | -13.74 | 0.78 | 4.0 | -18.75 | 0.10 | -16.67 | -16.67 | 12.75 | 19.72 | 3.91 | 53.85 | -8.25 | 50.25 | 66.67 | 14.29 | 55.56 | 41.67 | 0.0 | -27.08 | 19.92 | 12.1 | 13.5 |
| 19Q2 (9) | 0.16 | 33.33 | -54.29 | 14.41 | -10.66 | -33.32 | 3.94 | 17.61 | -65.23 | 6.88 | 1.03 | -54.56 | 6.06 | 1.68 | -52.09 | 1.03 | 32.05 | -54.22 | 0.75 | 22.95 | -54.27 | 0.12 | 20.0 | -7.69 | 10.65 | -6.25 | -42.25 | 58.69 | 63.07 | 29.24 | 58.33 | 31.25 | -21.25 | 41.67 | -25.0 | 60.71 | 17.77 | -17.43 | 2.19 |
| 19Q1 (8) | 0.12 | -7.69 | -57.14 | 16.13 | 24.85 | -28.22 | 3.35 | 52.27 | -68.63 | 6.81 | 17.21 | -49.74 | 5.96 | 10.78 | -50.66 | 0.78 | -9.3 | -58.29 | 0.61 | -8.96 | -56.12 | 0.10 | -16.67 | -9.09 | 11.36 | 19.7 | -34.9 | 35.99 | -1.45 | 1.07 | 44.44 | 33.33 | -44.44 | 55.56 | -16.67 | 177.78 | 21.52 | 20.02 | 10.99 |
| 18Q4 (7) | 0.13 | -35.0 | 0 | 12.92 | -7.58 | 0 | 2.20 | -36.96 | 0 | 5.81 | -31.97 | 0 | 5.38 | -31.64 | 0 | 0.86 | -34.35 | 0 | 0.67 | -30.21 | 0 | 0.12 | 0.0 | 0 | 9.49 | -22.66 | 0 | 36.52 | 1.9 | 0 | 33.33 | -22.22 | 0 | 66.67 | 16.67 | 0 | 17.93 | 2.17 | 0 |
| 18Q3 (6) | 0.20 | -42.86 | 0 | 13.98 | -35.31 | 0 | 3.49 | -69.2 | 0 | 8.54 | -43.59 | 0 | 7.87 | -37.79 | 0 | 1.31 | -41.78 | 0 | 0.96 | -41.46 | 0 | 0.12 | -7.69 | 0 | 12.27 | -33.46 | 0 | 35.84 | -21.07 | 0 | 42.86 | -42.14 | 0 | 57.14 | 120.41 | 0 | 17.55 | 0.92 | 0 |
| 18Q2 (5) | 0.35 | 25.0 | 0 | 21.61 | -3.83 | 0 | 11.33 | 6.09 | 0 | 15.14 | 11.73 | 0 | 12.65 | 4.72 | 0 | 2.25 | 20.32 | 0 | 1.64 | 17.99 | 0 | 0.13 | 18.18 | 0 | 18.44 | 5.67 | 0 | 45.41 | 27.52 | 0 | 74.07 | -7.41 | 0 | 25.93 | 29.63 | 0 | 17.39 | -10.31 | 0 |
| 18Q1 (4) | 0.28 | 0 | 0.0 | 22.47 | 0 | 0.0 | 10.68 | 0 | 0.0 | 13.55 | 0 | 0.0 | 12.08 | 0 | 0.0 | 1.87 | 0 | 0.0 | 1.39 | 0 | 0.0 | 0.11 | 0 | 0.0 | 17.45 | 0 | 0.0 | 35.61 | 0 | 0.0 | 80.00 | 0 | 0.0 | 20.00 | 0 | 0.0 | 19.39 | 0 | 0.0 |
| EPS YoY | 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 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 (10) | 0.99 | 25.32 | 17.35 | 5.41 | 7.55 | 75.99 | 2.69 | -26.82 | 10.36 | 2.47 | 9.01 | 1.24 | 6.09 | 20.12 | 4.25 | 21.08 | 0.45 | 21.62 | 13.60 | -6.46 | 49.69 | 0.95 | 72.60 | 68.44 | 27.40 | -51.85 | 0.00 | 0 | 0.00 | 0 |
| 2020 (9) | 0.79 | 19.7 | 16.46 | 1.92 | 4.29 | -10.44 | 3.68 | 7.53 | 10.11 | 28.95 | 8.90 | 28.8 | 5.07 | 17.63 | 3.51 | 11.78 | 0.37 | -13.95 | 14.54 | 22.29 | 49.22 | -12.95 | 43.10 | -28.66 | 56.90 | 43.74 | 0.07 | -0.78 | 0.00 | 0 |
| 2019 (8) | 0.66 | -31.96 | 16.15 | -9.12 | 4.79 | -31.47 | 3.42 | 10.99 | 7.84 | -27.74 | 6.91 | -27.64 | 4.31 | -34.1 | 3.14 | -35.52 | 0.43 | -14.0 | 11.89 | -17.03 | 56.54 | 54.82 | 60.42 | -6.02 | 39.58 | 10.83 | 0.07 | -10.89 | 19.27 | 6.94 |
| 2018 (7) | 0.97 | -20.49 | 17.77 | -10.21 | 6.99 | -26.03 | 3.08 | 5.7 | 10.85 | -15.5 | 9.55 | -16.23 | 6.54 | -25.85 | 4.87 | -23.67 | 0.50 | -9.09 | 14.33 | -10.61 | 36.52 | -8.15 | 64.29 | -12.97 | 35.71 | 36.65 | 0.07 | 0 | 18.02 | 6.19 |
| 2017 (6) | 1.22 | 60.53 | 19.79 | 23.46 | 9.45 | 59.09 | 2.92 | -13.07 | 12.84 | 59.5 | 11.40 | 54.68 | 8.82 | 58.35 | 6.38 | 60.3 | 0.55 | 5.77 | 16.03 | 34.82 | 39.76 | -9.0 | 73.86 | 0.38 | 26.14 | -1.06 | 0.00 | 0 | 16.97 | -1.74 |
| 2016 (5) | 0.76 | -8.43 | 16.03 | -1.9 | 5.94 | -11.87 | 3.35 | 6.86 | 8.05 | -5.41 | 7.37 | -2.9 | 5.57 | -9.28 | 3.98 | -4.56 | 0.52 | 0.0 | 11.89 | -3.1 | 43.69 | -11.9 | 73.58 | -6.06 | 26.42 | 32.08 | 0.00 | 0 | 17.27 | 3.29 |
| 2015 (4) | 0.83 | -11.7 | 16.34 | 52.43 | 6.74 | 78.78 | 3.14 | 31.56 | 8.51 | 28.16 | 7.59 | 32.0 | 6.14 | -13.03 | 4.17 | -9.74 | 0.52 | -29.73 | 12.27 | 27.28 | 49.59 | -20.5 | 78.33 | 37.08 | 20.00 | -53.33 | 0.00 | 0 | 16.72 | 43.77 |
| 2014 (3) | 0.94 | 54.1 | 10.72 | 59.76 | 3.77 | 2592.86 | 2.39 | -22.82 | 6.64 | 64.36 | 5.75 | 61.97 | 7.06 | 52.81 | 4.62 | 50.49 | 0.74 | -3.9 | 9.64 | 24.71 | 62.38 | -7.9 | 57.14 | 1157.14 | 42.86 | -56.15 | 0.00 | 0 | 11.63 | 6.99 |
| 2013 (2) | 0.61 | -39.6 | 6.71 | -29.81 | 0.14 | -96.62 | 3.09 | 23.64 | 4.04 | -23.05 | 3.55 | -21.29 | 4.62 | -40.08 | 3.07 | -37.09 | 0.77 | -22.22 | 7.73 | -6.42 | 67.73 | -4.99 | 4.55 | -94.24 | 97.73 | 364.2 | 0.00 | 0 | 10.87 | 29.25 |
| 2012 (1) | 1.01 | 0 | 9.56 | 0 | 4.14 | 0 | 2.50 | 0 | 5.25 | 0 | 4.51 | 0 | 7.71 | 0 | 4.88 | 0 | 0.99 | 0 | 8.26 | 0 | 71.29 | 0 | 78.95 | 0 | 21.05 | 0 | 0.00 | 0 | 8.41 | 0 |
