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)32.15-39.97-28.82-13.95-162.7-222.48-13.95-158.49-231.98-11.88-161.94-242.11-0.76-137.62-196.2-0.50-131.06-176.920.05-37.5-28.578.33-77.4-68.6436.1223.440.44100.005.66-9.09-0.00-100.0100.048.1760.6237.55
23Q3 (19)53.5611.51-18.2822.2554.3-47.8923.8557.95-47.1119.1864.64-47.542.02100.0-65.111.6191.67-61.940.0814.29-27.2736.8619.06-32.1729.26-6.16-22.1494.641.4-0.387.14114.2942.8629.99-12.7441.06
23Q2 (18)48.0313.657.0214.4253.7381.6115.10-11.23119.4811.65-21.97144.751.01-21.71165.790.84-20.0147.060.070.016.6730.96-8.113.0331.1819.28-23.4193.3365.93-14.443.33-92.38118.3334.37-7.71-8.64
23Q1 (17)42.26-6.440.679.38-17.6510.6117.0160.93101.7814.9378.59128.991.2963.29126.321.0561.54123.40.070.016.6733.6926.8426.1826.14-27.31-28.4256.25-48.86-43.7543.75537.5037.246.343.44
22Q4 (16)45.17-31.08-7.9511.39-73.33-38.810.57-76.56-41.958.36-77.13-51.680.79-86.36-53.530.65-84.63-50.760.07-36.360.026.56-51.12-22.2735.96-4.316.26110.0015.797.03-10.00-300.0-260.035.0264.7214.56
22Q3 (15)65.5446.03114.8142.70437.78403.9145.09555.382016.936.56668.071546.855.791423.684725.04.231144.122921.430.1183.33175.054.3498.3985.437.58-7.6915.8495.00-12.92111.875.00127.5-99.4721.26-43.49-56.83
22Q2 (14)44.886.91134.487.94-6.37123.926.88-18.39123.334.76-26.99116.70.38-33.33127.140.34-27.66132.690.060.050.027.392.582666.6740.7111.4731.83109.099.09-0.83-18.180-36.3637.624.5-34.77
22Q1 (13)41.98-14.457.098.48-54.4338.118.43-53.7155.826.52-62.3152.690.57-66.4754.050.47-64.3942.420.06-14.29-14.2926.70-21.8612.036.527.9225.93100.00-2.7-18.180.00100.0100.036.0017.76-3.77
21Q4 (12)49.0760.8310.2418.61232.4683.7118.21754.9357.6617.30679.2889.691.701316.67102.381.32842.8694.120.0775.00.034.1716.5815.433.844.3211.65102.78112.8519.91-2.78-100.29-119.4430.57-37.93-11.08
21Q3 (11)30.5159.4-48.93-14.0557.67-140.432.13107.22-93.862.22107.79-92.560.12108.57-97.30.14113.46-95.770.040.0-63.6429.312860.61-36.8332.445.05-4.36-800.00-827.27-900.0950.007225.0049.25-14.6105.98
21Q2 (10)19.14-51.17-36.01-33.19-640.55-178.21-29.49-645.1-4501.49-28.50-767.45-4114.08-1.40-478.38-2900.0-1.04-415.15-1255.560.04-42.86-20.00.99-95.85-96.3230.886.48-19.96110.00-10.0106.88-13.33-20.0-100.7857.6754.1629.86
21Q1 (9)39.20-11.9337.56.14-39.39163.765.41-53.16153.834.27-53.18140.940.37-55.95144.580.33-51.47158.930.070.016.6723.84-19.4965.7929.00-4.32-17.89122.2242.5930.95-11.11-177.78-266.6737.418.81-12.0
20Q4 (8)44.51-25.4922.7910.13-70.85419.5611.55-66.712987.59.12-69.452380.00.84-81.122200.00.68-79.462166.670.07-36.3616.6729.61-36.1939.630.31-10.64-18.3285.71-14.29-82.8614.290102.8634.3843.79-11.09
20Q3 (7)59.7499.7319.4334.75391.2881.7534.705079.184.2829.854104.2398.214.458800.0134.213.313577.78139.860.11120.022.2246.4072.6835.6733.92-12.08-14.62100.00106.250.00.00-100.0100.023.91-46.16-19.41
20Q2 (6)29.914.91-25.02-11.93-23.88-419.840.67106.67-88.610.71106.81-91.550.05106.02-94.190.09116.07-86.150.05-16.67-28.5726.8786.869.8138.589.23-12.16-1600.00-1814.29-2614.291700.0025400.04575.044.414.4721.84
20Q1 (5)28.51-21.35-3.75-9.63-203.79-23.78-10.05-2412.5-22.86-10.43-2507.5-27.66-0.83-1975.0-10.67-0.56-1966.67-14.290.060.0-14.2914.38-32.21.2735.32-4.82-16.0893.33-81.330.516.67101.33-6.6742.519.931.21
19Q4 (4)36.25-27.530.0-3.17-116.580.0-0.40-102.120.0-0.40-102.660.0-0.04-102.110.00.03-97.830.00.06-33.330.021.21-37.980.037.11-6.590.0500.00400.00.0-500.00-21900.00.038.6730.330.0
19Q3 (3)50.0225.390.019.12412.60.018.83220.240.015.0679.290.01.90120.930.01.38112.310.00.0928.570.034.2039.760.039.73-9.540.0100.0057.140.0-2.27-106.250.029.67-18.60.0
19Q2 (2)39.8934.670.03.73147.940.05.88171.880.08.40202.820.00.86214.670.00.65232.650.00.070.00.024.4772.320.043.924.350.063.64-31.470.036.36409.090.036.45-13.210.0
19Q1 (1)29.620.00.0-7.780.00.0-8.180.00.0-8.170.00.0-0.750.00.0-0.490.00.00.070.00.014.200.00.042.090.00.092.860.00.07.140.00.042.000.00.0
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)45.34-12.8610.27-52.859.6712.3212.81-42.510.35-41.823.69-49.592.96-47.980.26-16.1329.02-21.7436.120.4480.61-17.6219.39801.537.49-17.8136.3218.73
2022 (9)52.0339.2321.7808.61-29.6722.28618.7117.79573.867.32838.465.69648.680.3140.9137.0851.4135.966.2697.8502.15-98.069.12-16.1430.59-25.23
2021 (8)37.37-15.91-0.39012.2414.233.10-77.92.64-77.120.78-82.510.76-78.470.22-24.1424.49-24.4833.8411.65-11.110111.11502.3410.87-17.5540.9120.82
2020 (7)44.4411.3811.50163.7610.72-2.7514.03163.7211.54140.424.46127.553.53116.560.29-3.3332.4332.6930.31-18.3282.520.0318.455.4113.19-13.6833.86-6.2
2019 (6)39.9015.994.36011.0242.025.3239.634.8060.541.9675.01.6369.790.303.4524.4413.7337.110.382.50017.50-87.3615.28-11.0636.10-1.69
2018 (5)34.40-33.16-1.6007.76131.423.81-78.722.99-79.151.12-79.450.96-79.490.29-12.1221.49-30.5737.0080.66-42.310138.465300.017.17036.7221.35
2017 (4)51.47-6.3217.41-25.093.3510.9817.90-24.3414.34-25.515.45-35.964.68-37.770.33-15.3830.95-12.6720.4860.6397.44-0.832.5647.010.00030.269.05
2016 (3)54.94-3.9823.24-13.613.02-7.0723.66-13.419.25-12.628.51-19.497.52-18.790.39-7.1435.44-9.1712.75-7.3498.260.241.7417.440.00027.758.74
2015 (2)57.22-1.9426.90-8.13.25-7.1227.32-7.3622.03-8.6310.57-12.359.26-12.310.42-4.5539.02-4.9213.76-5.0498.02-1.041.4956.680.00025.525.89
2014 (1)58.35029.2703.50-7.1429.49024.11012.06010.5600.440.041.0411.0714.494.4799.051.980.95-72.510.00024.10-1.71

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