- 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 | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 24Q3 (20) | -0.26 | -4.0 | -30.0 | 24.32 | -31.38 | -23.98 | -44.43 | 25.28 | 51.68 | -50.76 | -2.84 | 10.3 | -50.76 | -2.42 | 7.94 | -2.35 | -6.33 | -21.13 | -1.51 | -3.42 | -41.12 | 0.03 | 0.0 | 50.0 | -38.46 | 0.0 | -2.56 | 47.98 | 9.84 | -32.03 | 85.71 | -35.71 | -46.43 | 14.29 | 185.71 | 123.81 | 63.10 | -18.18 | -39.64 |
| 24Q2 (19) | -0.25 | -66.67 | -78.57 | 35.44 | -19.76 | 0.08 | -59.46 | 24.33 | 47.14 | -49.36 | -15.25 | 40.52 | -49.56 | -15.71 | 42.25 | -2.21 | -53.47 | 14.01 | -1.46 | -82.5 | 1.35 | 0.03 | 50.0 | 50.0 | -38.46 | -73.09 | 46.16 | 43.68 | 5.94 | -27.2 | 133.33 | -23.81 | 0.0 | -16.67 | 77.78 | 50.0 | 77.12 | -26.75 | -33.17 |
| 24Q1 (18) | -0.15 | 76.56 | 25.0 | 44.17 | 18.32 | 21.55 | -78.58 | -4.83 | 22.92 | -42.83 | 60.09 | 60.45 | -42.83 | 67.71 | 60.17 | -1.44 | 76.66 | 61.08 | -0.80 | 76.05 | 59.6 | 0.02 | -33.33 | 0.0 | -22.22 | 75.56 | 74.61 | 41.23 | -49.6 | -33.05 | 175.00 | 140.62 | 75.0 | -75.00 | -375.0 | 0 | 105.28 | 13.35 | -13.37 |
| 23Q4 (17) | -0.64 | -220.0 | -236.84 | 37.33 | 16.69 | -24.11 | -74.96 | 18.47 | -109.85 | -107.32 | -89.64 | -153.83 | -132.65 | -140.57 | -135.86 | -6.17 | -218.04 | -73.8 | -3.34 | -212.15 | -97.63 | 0.03 | 50.0 | 0.0 | -90.91 | -142.43 | -195.45 | 81.80 | 15.88 | -12.22 | 72.73 | -54.55 | -12.73 | 27.27 | 145.45 | 63.64 | 92.88 | -11.15 | 35.75 |
| 23Q3 (16) | -0.20 | -42.86 | -42.86 | 31.99 | -9.66 | -22.37 | -91.94 | 18.27 | 5.5 | -56.59 | 31.81 | -5.42 | -55.14 | 35.75 | 26.14 | -1.94 | 24.51 | 26.79 | -1.07 | 27.7 | 13.01 | 0.02 | 0.0 | 0.0 | -37.50 | 47.5 | -50.0 | 70.59 | 17.65 | -24.2 | 160.00 | 20.0 | -8.57 | -60.00 | -80.0 | 20.0 | 104.54 | -9.41 | -12.93 |
| 23Q2 (15) | -0.14 | 30.0 | 6.67 | 35.41 | -2.56 | 38.32 | -112.49 | -10.35 | -156.3 | -82.99 | 23.37 | -143.66 | -85.82 | 20.19 | -133.52 | -2.57 | 30.54 | 7.89 | -1.48 | 25.25 | -13.85 | 0.02 | 0.0 | -50.0 | -71.43 | 18.37 | -203.57 | 60.00 | -2.57 | -38.3 | 133.33 | 33.33 | 14.29 | -33.33 | 0 | 0.0 | 115.40 | -5.04 | 113.62 |
| 23Q1 (14) | -0.20 | -5.26 | -25.0 | 36.34 | -26.12 | 96.33 | -101.94 | -185.39 | 3.71 | -108.30 | -156.15 | -38.47 | -107.53 | -91.2 | -43.91 | -3.70 | -4.23 | -30.28 | -1.98 | -17.16 | -50.0 | 0.02 | -33.33 | 0.0 | -87.50 | -184.37 | -57.49 | 61.58 | -33.92 | -36.28 | 100.00 | 20.0 | -22.22 | -0.00 | -100.0 | 100.0 | 121.53 | 77.62 | 7.96 |
| 22Q4 (13) | -0.19 | -35.71 | -290.0 | 49.19 | 19.36 | -18.28 | -35.72 | 63.29 | -290.51 | -42.28 | 21.24 | -392.6 | -56.24 | 24.66 | -538.35 | -3.55 | -33.96 | -298.32 | -1.69 | -37.4 | -272.45 | 0.03 | 50.0 | -57.14 | -30.77 | -23.08 | -259.02 | 93.19 | 0.06 | -12.96 | 83.33 | -52.38 | -30.56 | 16.67 | 122.22 | 183.33 | 68.42 | -43.02 | 128.68 |
| 22Q3 (12) | -0.14 | 6.67 | -133.33 | 41.21 | 60.98 | -24.59 | -97.29 | -121.67 | -682.07 | -53.68 | -57.6 | -278.29 | -74.65 | -103.13 | -426.07 | -2.65 | 5.02 | -138.74 | -1.23 | 5.38 | -167.39 | 0.02 | -50.0 | -50.0 | -25.00 | -6.25 | -349.64 | 93.13 | -4.23 | -9.57 | 175.00 | 50.0 | 75.0 | -75.00 | -125.0 | 0 | 120.07 | 122.27 | 129.45 |
| 22Q2 (11) | -0.15 | 6.25 | 25.0 | 25.60 | 38.3 | -41.22 | -43.89 | 58.54 | -46.69 | -34.06 | 56.45 | 15.96 | -36.75 | 50.82 | 11.76 | -2.79 | 1.76 | 21.19 | -1.30 | 1.52 | 22.16 | 0.04 | 100.0 | 0.0 | -23.53 | 57.65 | 29.4 | 97.24 | 0.62 | 6.8 | 116.67 | -9.26 | 63.33 | -33.33 | -16.67 | -216.67 | 54.02 | -52.01 | 9.86 |
| 22Q1 (10) | -0.16 | -260.0 | -900.0 | 18.51 | -69.25 | -61.32 | -105.87 | -664.64 | -2938.34 | -78.21 | -641.25 | -2647.56 | -74.72 | -682.39 | -3076.89 | -2.84 | -258.66 | -828.21 | -1.32 | -234.69 | -555.17 | 0.02 | -71.43 | -75.0 | -55.56 | -387.13 | -673.97 | 96.64 | -9.74 | -8.98 | 128.57 | 7.14 | 28.57 | -28.57 | -42.86 | 0 | 112.57 | 276.24 | 249.05 |
| 21Q4 (9) | 0.10 | 266.67 | 132.26 | 60.19 | 10.14 | 334.27 | 18.75 | 250.72 | 143.17 | 14.45 | 201.83 | 129.68 | 12.83 | 190.42 | 125.13 | 1.79 | 261.26 | 135.31 | 0.98 | 313.04 | 139.52 | 0.07 | 75.0 | 40.0 | 19.35 | 448.02 | 150.79 | 107.07 | 3.96 | 3.82 | 120.00 | 20.0 | 33.33 | -20.00 | 0 | -300.0 | 29.92 | -42.82 | -29.9 |
| 21Q3 (8) | -0.06 | 70.0 | 75.0 | 54.65 | 25.49 | 124.71 | -12.44 | 58.42 | 77.04 | -14.19 | 64.99 | 75.41 | -14.19 | 65.93 | 74.99 | -1.11 | 68.64 | 72.99 | -0.46 | 72.46 | 75.92 | 0.04 | 0.0 | 0.0 | -5.56 | 83.32 | 87.03 | 102.99 | 13.11 | 16.86 | 100.00 | 40.0 | 0.0 | -0.00 | -100.0 | -100.0 | 52.33 | 6.43 | -15.36 |
| 21Q2 (7) | -0.20 | -1100.0 | -150.0 | 43.55 | -9.01 | 13.32 | -29.92 | -902.14 | -173.74 | -40.53 | -1420.2 | -249.4 | -41.65 | -1759.36 | -239.72 | -3.54 | -1007.69 | -160.29 | -1.67 | -675.86 | -240.82 | 0.04 | -50.0 | -20.0 | -33.33 | -444.32 | 0 | 91.05 | -14.24 | -21.65 | 71.43 | -28.57 | -28.57 | 28.57 | 0 | 0 | 49.17 | 52.47 | 0 |
| 21Q1 (6) | 0.02 | 106.45 | 108.33 | 47.86 | 245.31 | 103.31 | 3.73 | 108.59 | 109.52 | 3.07 | 106.31 | 107.92 | 2.51 | 104.92 | 106.22 | 0.39 | 107.69 | 109.87 | 0.29 | 111.69 | 116.48 | 0.08 | 60.0 | 60.0 | 9.68 | 125.41 | 136.78 | 106.17 | 2.95 | -10.26 | 100.00 | 11.11 | 0.0 | 0.00 | -100.0 | 0 | 32.25 | -24.44 | -33.71 |
| 20Q4 (5) | -0.31 | -29.17 | 29.55 | 13.86 | -43.01 | 35.75 | -43.43 | 19.86 | 37.09 | -48.68 | 15.65 | 42.9 | -51.05 | 10.03 | 40.03 | -5.07 | -23.36 | 20.28 | -2.48 | -29.84 | 18.95 | 0.05 | 25.0 | 25.0 | -38.10 | 11.11 | 48.04 | 103.13 | 17.02 | -1.25 | 90.00 | -10.0 | 17.0 | 10.00 | -20.0 | -35.0 | 42.68 | -30.97 | -35.93 |
| 20Q3 (4) | -0.24 | -200.0 | 0.0 | 24.32 | -36.72 | 0.0 | -54.19 | -395.79 | 0.0 | -57.71 | -397.5 | 0.0 | -56.74 | -362.81 | 0.0 | -4.11 | -202.21 | 0.0 | -1.91 | -289.8 | 0.0 | 0.04 | -20.0 | 0.0 | -42.86 | 0 | 0.0 | 88.13 | -24.16 | 0.0 | 100.00 | 0.0 | 0.0 | 12.50 | 0 | 0.0 | 61.83 | 0 | 0.0 |
| 20Q2 (3) | -0.08 | 66.67 | 0.0 | 38.43 | 63.25 | 0.0 | -10.93 | 72.12 | 0.0 | -11.60 | 70.09 | 0.0 | -12.26 | 69.63 | 0.0 | -1.36 | 65.57 | 0.0 | -0.49 | 72.16 | 0.0 | 0.05 | 0.0 | 0.0 | -0.00 | 100.0 | 0.0 | 116.21 | -1.77 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 20Q1 (2) | -0.24 | 45.45 | 0.0 | 23.54 | 130.56 | 0.0 | -39.20 | 43.21 | 0.0 | -38.78 | 54.52 | 0.0 | -40.37 | 52.57 | 0.0 | -3.95 | 37.89 | 0.0 | -1.76 | 42.48 | 0.0 | 0.05 | 25.0 | 0.0 | -26.32 | 64.11 | 0.0 | 118.31 | 13.28 | 0.0 | 100.00 | 30.0 | 0.0 | -0.00 | -100.0 | 0.0 | 48.65 | -26.96 | 0.0 |
| 19Q4 (1) | -0.44 | 0.0 | 0.0 | 10.21 | 0.0 | 0.0 | -69.03 | 0.0 | 0.0 | -85.26 | 0.0 | 0.0 | -85.12 | 0.0 | 0.0 | -6.36 | 0.0 | 0.0 | -3.06 | 0.0 | 0.0 | 0.04 | 0.0 | 0.0 | -73.33 | 0.0 | 0.0 | 104.44 | 0.0 | 0.0 | 76.92 | 0.0 | 0.0 | 15.38 | 0.0 | 0.0 | 66.61 | 0.0 | 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 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 (10) | -1.51 | 0 | 35.38 | 5.23 | -93.31 | 0 | 11.76 | 35.29 | -89.85 | 0 | -97.84 | 0 | -15.65 | 0 | -7.85 | 0 | 0.09 | -18.18 | -70.59 | 0 | 81.80 | -12.22 | 103.23 | -18.89 | -3.23 | 0 | 0.00 | 0 | 107.09 | 33.93 |
| 2022 (9) | -0.64 | 0 | 33.62 | -35.61 | -61.91 | 0 | 8.70 | 113.04 | -47.87 | 0 | -55.66 | 0 | -11.83 | 0 | -5.43 | 0 | 0.11 | -50.0 | -32.61 | 0 | 93.19 | -12.96 | 127.27 | 409.09 | -27.27 | 0 | 0.00 | 0 | 79.96 | 109.26 |
| 2021 (8) | -0.13 | 0 | 52.21 | 107.35 | -0.57 | 0 | 4.08 | -56.27 | -4.42 | 0 | -5.32 | 0 | -2.44 | 0 | -0.77 | 0 | 0.22 | 22.22 | 2.04 | 0 | 107.07 | 3.82 | 25.00 | -73.08 | 100.00 | 1300.0 | 0.00 | 0 | 38.21 | -18.28 |
| 2020 (7) | -0.85 | 0 | 25.18 | -19.96 | -35.37 | 0 | 9.33 | 1.11 | -37.58 | 0 | -38.63 | 0 | -14.50 | 0 | -6.62 | 0 | 0.18 | 12.5 | -25.33 | 0 | 103.13 | -1.25 | 92.86 | 3.17 | 7.14 | -28.57 | 0.00 | 0 | 46.76 | -19.78 |
| 2019 (6) | -1.03 | 0 | 31.46 | 8.82 | -42.24 | 0 | 9.23 | 16.92 | -46.84 | 0 | -46.54 | 0 | -15.19 | 0 | -6.79 | 0 | 0.16 | -11.11 | -32.31 | 0 | 104.44 | -6.51 | 90.00 | -12.81 | 10.00 | 0 | 0.00 | 0 | 58.29 | 2.61 |
| 2018 (5) | -1.04 | 0 | 28.91 | -7.55 | -41.81 | 0 | 7.89 | 83.16 | -40.15 | 0 | -38.24 | 0 | -14.20 | 0 | -6.46 | 0 | 0.18 | -35.71 | -28.95 | 0 | 111.71 | 13.08 | 103.23 | 19.11 | -3.23 | 0 | 0.00 | 0 | 56.81 | 24.5 |
| 2017 (4) | -1.51 | 0 | 31.27 | -28.95 | -22.76 | 0 | 4.31 | -18.1 | -26.12 | 0 | -29.05 | 0 | -16.66 | 0 | -7.64 | 0 | 0.28 | 21.74 | -18.97 | 0 | 98.79 | -9.77 | 86.67 | 1.11 | 13.33 | -6.67 | 0.00 | 0 | 45.63 | -22.86 |
| 2016 (3) | -1.65 | 0 | 44.01 | 73.2 | -25.16 | 0 | 5.26 | -9.65 | -29.81 | 0 | -36.98 | 0 | -16.67 | 0 | -7.91 | 0 | 0.23 | 0.0 | -21.05 | 0 | 109.49 | 22.36 | 85.71 | -23.08 | 14.29 | 0 | 0.00 | 0 | 59.15 | 10.31 |
| 2015 (2) | -0.99 | 0 | 25.41 | 50.98 | -37.70 | 0 | 5.83 | 0.32 | -34.28 | 0 | -39.46 | 0 | -16.30 | 0 | -8.65 | 0 | 0.23 | -30.3 | -25.24 | 0 | 89.48 | 29.68 | 111.43 | -15.25 | -11.43 | 0 | 0.00 | 0 | 53.62 | 22.98 |
| 2014 (1) | -1.44 | 0 | 16.83 | 0 | -45.73 | 0 | 5.81 | -31.29 | -35.02 | 0 | -38.23 | 0 | -19.77 | 0 | -12.01 | 0 | 0.33 | 0.0 | -27.10 | 0 | 69.00 | 35.59 | 131.48 | 0 | -31.48 | 0 | 0.00 | 0 | 43.60 | -16.04 |
