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)30.753.128.813.33-29.3-51.395.47-19.08-53.843.01-31.12-69.00.91-38.51-73.780.53-36.14-69.710.14-12.5-17.6512.46-10.04-30.82108.32-2.0610.1561.29-11.235.6338.7125.06-7.7830.609.3613.38
23Q3 (19)29.82-4.514.854.7137.32-23.666.76-59.88-42.614.37-66.74-53.951.48-65.01-68.440.83-61.93-61.570.160.0-27.2713.85-42.39-15.34110.60-6.1-5.6569.05232.0929.9730.95-60.92-35.427.98-5.8210.81
23Q2 (18)31.237.6515.543.4325.64-55.9116.85388.4118.013.14721.257.444.23746.0-22.392.18522.86-11.020.160.0-20.024.04133.8530.94117.7925.64-9.2920.79-74.32-61.7479.21315.8473.529.718.0421.22
23Q1 (17)29.012.659.062.73-60.15-68.293.45-70.89-51.481.60-83.52-73.380.50-85.59-80.540.35-80.0-71.310.16-5.88-20.010.28-42.92-8.7893.75-4.67-24.4180.9539.51-33.7719.05-54.62185.7127.501.8925.17
22Q4 (16)28.26-0.630.866.8511.02-26.3411.850.5931.239.712.3233.753.47-26.0114.91.75-18.9819.860.17-22.73-15.018.0110.0935.4198.34-16.11-10.7158.029.22-43.9841.98-12.41275.3126.996.896.51
22Q3 (15)28.445.221.836.17-20.69-39.3911.78-17.516.039.49-22.42.264.69-13.9410.092.16-11.844.850.2210.00.016.36-10.8910.09117.22-9.732.8253.12-2.25-41.6447.924.96433.9325.253.0210.26
22Q2 (14)27.031.620.377.78-9.64-7.3814.28100.8458.8412.23103.4967.085.45112.0682.892.45100.8263.330.200.00.018.3662.9144.11129.854.6921.3254.35-55.53-41.5545.65305.43550.5424.5111.56-3.47
22Q1 (13)26.60-5.07-6.278.61-7.4216.987.11-21.26-18.376.01-17.22-16.872.57-14.90.01.22-16.44-8.270.200.011.1111.27-15.26-12.23124.0312.6223.72122.2218.0143.61-22.22-522.22-249.2121.97-13.3-20.11
21Q4 (12)28.020.32-11.919.30-8.64-4.719.03-18.7229.567.26-21.7728.53.02-29.1151.761.46-29.1340.380.20-9.0911.1113.30-10.516.16110.13-3.3913.19103.5713.78-26.89-3.57-139.891.4325.3410.66-5.52
21Q3 (11)27.933.71-14.8510.1821.19-14.3111.1123.581.469.2826.78-4.724.2642.955.972.0637.333.520.2210.010.014.8616.640.27114.006.5114.091.03-2.1-16.788.9727.88195.7322.90-9.81-6.19
21Q2 (10)26.93-5.11-18.528.4014.13-33.178.993.21-42.267.321.24-47.972.9815.95-50.581.5012.78-52.230.2011.11-9.0912.74-0.78-33.71107.036.76-2.2292.989.2514.447.02-52.88-64.5425.39-7.67-0.35
21Q1 (9)28.38-10.7812.227.36-24.59530.418.7124.9632.987.2327.9625.522.5729.1571.331.3327.8852.870.180.028.5712.8412.142.47100.253.0325.5585.11-39.92416.1114.89135.74-87.927.502.54-1.96
20Q4 (8)31.81-3.020.829.76-17.855.176.97-36.35-13.845.65-41.99-18.231.99-50.5-21.651.04-47.74-25.710.18-10.0-5.2611.45-22.74-14.3697.30-2.714.54141.6729.5224.32-41.67-344.44-198.6126.829.8710.1
20Q3 (7)32.80-0.765.1311.88-5.4937.0210.95-29.67-30.839.74-30.77-34.014.02-33.33-28.61.99-36.62-31.850.20-9.095.2614.82-22.89-24.81100.00-8.64-1.48109.3834.62102.46-9.38-147.37-120.9124.41-4.20.41
20Q2 (6)33.0530.6817.9912.57835.0982.9715.57137.7145.7914.07144.2743.726.03302.057.033.14260.9248.110.2257.144.7619.2253.3934.78109.4637.0819.8581.25401.7926.8319.79-83.92-44.9325.48-9.163.92
20Q1 (5)25.29-19.84-9.22-1.71-118.43-130.376.55-19.041.875.76-16.645.111.50-40.94-23.080.87-37.86-22.320.14-26.32-30.012.53-6.2820.0279.85-6.02.77-26.92-123.63-130.4123.08982.05976.9228.0515.1512.56
19Q4 (4)31.551.120.09.287.040.08.09-48.890.06.91-53.180.02.54-54.880.01.40-52.050.00.190.00.013.37-32.170.084.95-16.310.0113.95110.940.0-13.95-131.130.024.360.210.0
19Q3 (3)31.2011.390.08.6726.20.015.8348.220.014.7650.770.05.6346.610.02.9237.740.00.19-9.520.019.7138.220.0101.5011.140.054.02-15.670.044.8324.740.024.31-0.860.0
19Q2 (2)28.010.540.06.8722.020.010.6866.10.09.7978.650.03.8496.920.02.1289.290.00.215.00.014.2636.590.091.3317.540.064.06-27.670.035.94214.450.024.52-1.610.0
19Q1 (1)27.860.00.05.630.00.06.430.00.05.480.00.01.950.00.01.120.00.00.200.00.010.440.00.077.700.00.088.570.00.011.430.00.024.920.00.0
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)30.189.193.56-51.035.0530.478.13-28.125.53-41.046.99-53.623.89-49.020.62-21.5215.16-5.43108.3210.1543.59-32.3656.4157.257.35-4.5228.9116.81
2022 (9)27.64-0.587.27-18.313.878.9511.3118.689.3819.815.0716.827.6317.570.79-2.4716.0318.7498.34-10.7164.44-30.9335.87435.857.70357.7624.75-1.55
2021 (8)27.80-11.018.90-1.773.55-4.629.53-9.247.83-15.4412.90-1.536.49-7.290.819.4613.50-8.85110.1313.1993.318.376.69-51.841.68-10.3925.14-3.27
2020 (7)31.245.59.0619.533.734.7610.502.049.26-0.1113.10-5.077.00-9.790.74-9.7614.812.4997.3014.5486.1016.8513.90-47.171.88-15.5225.995.95
2019 (6)29.6116.037.586.613.5620.2310.2916.149.2721.4913.804.237.761.970.82-16.3314.4517.7784.957.0273.68-7.8926.3234.572.224.7624.530.12
2018 (5)25.52-8.67.11-21.262.96-6.88.863.387.636.4213.2418.537.6112.570.986.5212.27-0.6579.387.3980.00-24.2919.5602.12024.50-10.09
2017 (4)27.9219.939.03131.543.17-13.248.5795.227.1785.2711.1791.66.7684.20.922.2212.3541.1473.9214.14105.6719.03-5.1500.00027.25-1.8
2016 (3)23.2822.853.9003.668.244.39608.063.871282.145.831167.393.67841.030.90-5.268.7587.3764.76-4.8188.78011.22-89.480.00027.75-3.98
2015 (2)18.954.01-0.0503.38-2.630.62-29.550.28600.00.46557.140.39129.410.95-5.944.67-5.8568.03-4.45-6.670106.6711.520.00028.905.71
2014 (1)18.2200.0403.47-0.760.8800.0400.0700.1701.01-3.814.96071.20-11.54.35-94.4295.65333.850.00027.344.11

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