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)50.72-5.3-4.7510.15-45.52-55.19-0.22-100.45-101.020.52-98.72-96.520.04-98.9-97.670.15-93.85-87.80.05-16.67-37.54.52-91.49-81.4457.212.279.79-3600.00-9491.3-3531.783700.005900.075580.037.3010.0650.71
23Q3 (19)53.5611.724.9618.63132.0-5.2948.64519.62105.8440.66548.4897.963.64691.378.432.44510.067.120.0620.0-14.2953.10309.7297.1855.94-0.9221.2138.33-61.67-53.961.671580.0266.1533.89-17.5817.47
23Q2 (18)47.94-7.062.028.03-57.8-29.387.85-66.05126.886.27-67.3180.170.46-72.4658.620.40-66.3953.850.05-16.67-16.6712.96-52.8282.0256.463.7714.78100.0021.74-68.42-4.17-123.3398.1541.1233.5116.06
23Q1 (17)51.58-3.1423.0419.03-15.981598.4323.127.042.7119.1828.38-1.941.67-2.9136.891.19-3.2529.350.06-25.050.027.4712.772.1954.414.4135.0182.14-21.71660.7117.86464.29-83.0430.8024.44-31.25
22Q4 (16)53.254.3522.4122.6515.15132.7921.60-8.59-12.0914.94-27.26-36.561.72-15.69-18.11.23-15.75-22.150.0814.2914.2924.36-9.54-11.5152.1112.9133.58104.9026.15160.76-4.90-129.11-108.0524.75-14.21-27.27
22Q3 (15)51.038.615.319.6773.0528.5423.63582.95125.2620.54490.23127.462.04603.45223.811.46461.54186.270.0716.6740.026.93278.2386.546.15-6.1829.9683.16-73.74285.5116.84107.49-88.3728.85-18.57-36.43
22Q2 (14)46.9912.0911.2711.37995.28178.683.46-84.63179.033.48-82.21234.620.29-76.23262.50.26-71.74160.00.0650.00.07.12-73.5147.7249.1922.0653.53316.676116.67-2.56-225.00-313.750.035.43-20.92-11.93
22Q1 (13)41.92-3.63-7.85-1.27-113.0563.8222.51-8.3840.8619.56-16.9441.231.22-41.943.530.92-41.7733.330.04-42.86-20.026.88-2.3631.740.303.3133.4-5.26-113.0877.19105.2672.79-14.4744.8031.65-5.39
21Q4 (12)43.50-1.72-8.239.73311.98293.9324.57134.22462.2423.55160.8819.922.10233.331005.261.58209.8777.780.0740.016.6727.5390.65248.4839.019.8633.9240.23189.74-25.2960.92-57.9431.9934.03-25.01-14.39
21Q3 (11)44.264.81-1.38-4.59-212.5-366.8610.49745.97208.539.03768.27165.590.63687.5152.00.51410.0121.740.05-16.67-16.6714.44199.59113.6135.5110.8341.31-44.83-113.79-189.66144.83164.37189.6645.3812.83.51
21Q2 (10)42.23-7.17-0.784.08216.24290.651.24-92.24-97.771.04-92.49-98.130.08-90.59-98.110.10-85.51-97.010.0620.00.04.82-76.38-91.8232.046.066.94325.001508.339200.0-225.00-282.81-317.2440.23-15.04-8.8
21Q1 (9)45.49-4.0318.28-3.51-242.1176.415.98265.68115.4213.85441.02113.370.85347.37113.930.69283.33114.170.05-16.670.020.41158.35120.5830.213.7120.45-23.08-142.86-260.9123.08166.6743.6947.3519.12-8.18
20Q4 (8)47.405.61-1.92.4743.6225.04.3728.53213.82.56-24.718.940.19-24.0-9.520.18-21.74-10.00.060.0-14.297.9016.861075.3129.1315.9222.1453.857.69351.2846.15-7.69-61.9939.75-9.3312.7
20Q3 (7)44.885.45-8.741.72180.37-56.893.40-93.88-79.263.40-93.89-74.070.25-94.09-77.680.23-93.11-75.270.060.0-14.296.76-88.53-65.3325.13-16.12-4.8850.001500.0110.7150.00-51.72-34.4443.84-0.6111.33
20Q2 (6)42.5610.66-10.4-2.1485.61-242.6755.52153.58231.6655.61153.67338.914.23169.34331.633.34168.58297.620.0620.00.058.94159.43194.729.9619.4635.2-3.57-124.9-138.57103.5720.9111.8644.11-14.470.96
20Q1 (5)38.46-20.41-9.91-14.87-2056.58-499.6-103.62-2598.44-353.6-103.62-4509.36-416.78-6.10-3004.76-343.03-4.87-2535.0-328.640.05-28.57-16.67-99.17-12143.21-325.5925.085.1630.1514.34166.93336.6585.66-29.46-19.2451.5746.2128.22
19Q4 (4)48.32-1.750.00.76-80.950.0-3.84-123.430.02.35-82.070.00.21-81.250.00.20-78.490.00.070.00.0-0.81-104.150.023.85-9.730.0-21.43-190.310.0121.4359.210.035.27-10.440.0
19Q3 (3)49.183.540.03.99166.00.016.39-2.090.013.113.470.01.1214.290.00.9310.710.00.0716.670.019.50-2.50.026.4219.220.023.73156.270.076.27-17.630.039.38-9.860.0
19Q2 (2)47.5011.270.01.50160.480.016.74-59.030.012.67-61.270.00.98-60.960.00.84-60.560.00.060.00.020.00-54.50.022.1615.00.09.26252.780.092.59-12.70.043.698.630.0
19Q1 (1)42.690.00.0-2.480.00.040.860.00.032.710.00.02.510.00.02.130.00.00.060.00.043.960.00.019.270.00.0-6.060.00.0106.060.00.040.220.00.0
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)51.103.7814.28-5.372.08-1.6120.6814.0717.3618.665.7810.314.188.570.22-12.025.3117.5657.219.7969.10-17.1530.9086.120.00035.5111.67
2022 (9)49.2412.5515.09589.042.12-21.2718.1335.114.6319.145.2443.173.8533.680.2513.6421.5326.1352.1133.5883.40413.2116.60-80.170.02031.80-22.51
2021 (8)43.750.512.1902.69-10.4713.42012.2803.6602.8800.220.017.07039.0133.9216.25-67.583.7567.50.00041.04-7.82
2020 (7)43.53-7.44-2.6703.0118.44-5.340-5.790-1.600-1.1400.22-18.52-1.59029.1322.1450.00725.050.00-46.770.02-48.7744.5211.86
2019 (6)47.0313.61.02-69.02.5452.7316.7573.2214.6970.224.8368.294.0861.90.27-3.5719.8767.6823.8520.456.06-82.3593.9443.040.04-5.2839.809.64
2018 (5)41.40-7.073.29-57.661.66-3.499.6720.128.6320.032.873.242.523.280.28-17.6511.8518.2619.8030.8734.33-64.3165.671620.60.04036.3017.55
2017 (4)44.55-6.117.77-39.911.72-11.418.05-53.827.19-52.822.78-60.462.44-60.960.34-17.0710.02-49.3915.130.896.1829.643.82-85.210.00030.8810.25
2016 (3)47.45-3.8112.933.521.94-13.0717.43-11.0315.24-7.197.030.436.25-1.880.415.1319.80-10.7715.0127.174.1916.4525.81-28.880.00028.01-8.76
2015 (2)49.338.2712.4984.222.24-8.4419.5948.8616.4249.957.0052.176.3754.610.392.6322.1938.2611.8140.9363.7123.0736.29-25.450.00030.70-4.78
2014 (1)45.5606.7802.44-1.2813.16010.9504.6004.1200.380.016.0557.518.38-43.7651.7788.8148.67-32.940.00032.24-4.3

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