玩股撇步(動畫小學堂)  

  • 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,營業利益率,稅前淨利率,股東權益報酬率-近20季
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 YoYEBITDA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)42.68-5.22-3.1524.64-10.98-3.4126.06-29.41-13.2220.43-31.26-14.882.81-37.0-27.392.02-31.99-22.010.09-10.0-10.031.61-24.88-8.945.61-0.83-10.7894.6626.2111.815.34-78.63-63.8332.9022.995.01
23Q3 (19)45.034.582.5527.6812.11-7.7936.926.06-2.6929.728.940.274.4610.4-24.662.9710.82-18.850.100.0-16.6742.085.310.6745.99-28.45-18.4775.005.45-5.4325.00-13.4318.6426.75-5.8417.17
23Q2 (18)43.068.114.2124.694.05-10.1534.8116.813.5127.2815.35.614.0415.76-26.412.6810.74-19.760.100.0-23.0839.9614.937.7464.2835.93-13.4271.12-11.1-13.0328.8840.1458.528.4112.0322.19
23Q1 (17)39.83-9.620.523.73-6.987.1829.80-0.774.7523.66-1.425.063.49-9.82-14.042.42-6.56-4.350.100.0-9.0934.770.27.3547.29-7.49-23.2880.00-5.52.8620.6139.49-7.2725.36-19.06-7.28
22Q4 (16)44.070.3613.6425.51-15.0210.8630.03-20.855.024.00-19.031.393.87-34.63-15.322.59-29.23-3.00.10-16.67-9.0934.70-16.997.4351.12-9.38-22.7284.666.745.1114.77-29.9-24.0831.3337.2321.15
22Q3 (15)43.916.2711.3930.029.2412.6537.9412.8223.529.6414.7521.185.927.8314.953.669.5819.610.12-7.690.041.8012.722.6556.41-24.02-31.6679.31-3.02-8.5821.0715.6759.1422.83-1.810.75
22Q2 (14)41.324.266.9627.4824.1214.0233.6318.2124.9325.8314.724.05.4935.2223.653.3432.0221.010.1318.180.037.0914.5122.5374.2420.4422.6381.785.15-8.4618.22-18.0270.9123.25-14.99-3.37
22Q1 (13)39.632.196.7622.14-3.7810.2628.45-0.5223.7522.52-4.8624.014.06-11.1628.892.53-5.2432.460.110.010.032.390.2818.7861.64-6.82-9.1777.78-3.43-10.7222.2214.272.5527.355.765.44
21Q4 (12)38.78-1.625.5523.01-13.665.4528.60-6.927.3923.67-3.2338.994.57-11.2625.212.67-12.7530.240.11-8.33-8.3332.30-5.2224.8166.15-19.86-7.1480.54-7.17-17.319.4646.95644.3225.8614.124.78
21Q3 (11)39.422.054.8126.6510.5814.4830.7214.1226.2624.4617.4324.735.1515.9918.943.0610.8736.610.12-7.699.0934.0812.5922.0682.5436.34-15.4586.76-2.89-9.413.2424.22212.1322.66-5.82-1.39
21Q2 (10)38.634.071.9524.1020.0216.4326.9217.0924.420.8314.716.564.4440.9537.462.7644.556.820.1330.044.4430.2711.016.5160.54-10.79-39.989.342.55-6.0410.66-17.23160.124.06-7.25-12.19
21Q1 (9)37.121.031.0320.08-7.9724.7222.992.419.2218.166.645.773.15-13.75.351.91-6.8313.020.10-16.6711.1127.275.376.1967.86-4.74-18.3587.12-10.5413.5512.88392.61-44.6725.945.11-11.77
20Q4 (8)36.74-2.31-2.4721.82-6.27-0.9522.45-7.731.9117.03-13.16-3.293.65-15.7-11.842.05-8.48-9.290.129.090.025.88-7.310.7471.24-27.02-19.2497.391.7-2.612.61-38.38024.687.48.25
20Q3 (7)37.61-0.74-4.8823.2812.467.3824.3312.432.7419.619.743.14.3334.063.842.2427.270.00.1122.220.027.927.470.997.62-3.096.7995.760.714.654.243.52-50.0722.98-16.13-13.28
20Q2 (6)37.893.133.2120.7028.5716.2921.642.80.6517.874.084.693.238.03-12.231.764.14-15.380.090.0-25.025.981.172.53100.7321.28.4395.0823.9315.44.10-82.39-75.7527.40-6.82.78
20Q1 (5)36.74-2.47-2.0516.10-26.92-18.5221.05-4.45-14.7417.17-2.5-12.042.99-27.78-25.251.69-25.22-26.840.09-25.0-18.1825.68-0.04-10.6283.11-5.7810.6576.72-23.28-3.9423.28015.6529.4028.9511.7
19Q4 (4)37.67-4.730.022.031.610.022.03-6.970.017.61-7.410.04.14-0.720.02.260.890.00.129.090.025.69-7.160.088.21-3.50.0100.009.290.0-0.00-100.00.022.80-13.960.0
19Q3 (3)39.547.710.021.6821.80.023.6810.140.019.0211.420.04.1713.320.02.247.690.00.11-8.330.027.679.190.091.41-1.60.091.5011.060.08.50-49.730.026.50-0.60.0
19Q2 (2)36.71-2.130.017.80-9.920.021.50-12.920.017.07-12.550.03.68-8.00.02.08-9.960.00.129.090.025.34-11.80.092.9023.690.082.393.160.016.90-16.020.026.661.290.0
19Q1 (1)37.510.00.019.760.00.024.690.00.019.520.00.04.000.00.02.310.00.00.110.00.028.730.00.075.110.00.079.870.00.020.130.00.026.320.00.0
營業毛利率,營業利益率,稅前淨利率,股東權益報酬率-近10年
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 YoYEBITDA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)42.621.025.17-4.774.0525.7331.96-2.3225.32-1.1714.57-23.3210.16-17.130.39-17.0237.161.4245.61-10.7878.68-2.6121.1810.220.37-1.128.269.07
2022 (9)42.209.4726.4311.753.225.7732.7218.9825.6216.8819.008.712.2615.990.470.036.6417.751.12-22.7280.79-6.1319.2136.540.381.9525.915.63
2021 (8)38.553.5223.6514.313.04-0.9527.5022.3921.9222.0517.4825.310.5731.140.479.331.1317.8366.15-7.1486.07-6.5414.0777.810.37-6.6924.53-5.25
2020 (7)37.24-1.6120.691.673.072.4522.47-2.0517.96-1.7513.95-11.328.06-8.20.43-6.5226.42-1.5371.24-19.2492.093.797.91-29.810.400.9425.891.53
2019 (6)37.852.6320.355.223.0012.722.942.4118.282.9915.73-4.498.783.660.460.026.832.6888.215.7988.732.8911.27-17.150.390.5425.503.49
2018 (5)36.88-2.2519.34-5.892.669.6822.4021.3417.7512.6316.477.378.4717.150.466.9826.1316.8183.38-33.0486.23-22.6513.6100.39024.64-0.73
2017 (4)37.73-4.4120.55-3.612.429.1518.46-18.2515.76-12.5915.34-20.687.23-22.420.43-12.2422.37-14.36124.52-5.6111.4817.95-11.3000.00024.822.69
2016 (3)39.470.9221.3220.052.226.722.58-3.7918.03-8.5719.34-17.399.32-18.960.49-12.526.12-2.32131.9124.0894.5124.845.63-76.840.00024.170.67
2015 (2)39.117.6817.766.862.0847.7423.4713.7119.7213.6623.414.7911.508.80.56-3.4526.7415.16106.31-11.8375.71-5.9724.2924.660.00024.016.76
2014 (1)36.32016.6201.41-30.7920.64017.35022.34010.5700.58-22.6723.2212.45120.58-3.1480.510.4319.49-1.760.00022.496.49

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