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)19.746.6577.849.7562.5557.758.2617.16657.86.6033.33140.884.7653.55193.832.0142.55151.250.2519.0519.0511.274.55191.21187.05-5.571.37118.0038.54160.11-18.00-221.41-106.086.78-21.35-13.3
23Q3 (19)18.5119.7350.246.00189.86192.687.0530.5675.814.9519.28156.483.1034.78124.641.4128.18101.430.2110.53-16.010.7817.0572.76198.09-6.4611.8885.17121.9366.1614.83-75.94-69.758.62-6.043.67
23Q2 (18)15.4634.0843.152.07256.914.365.40342.627814.294.15425.322493.752.30400.01990.911.10205.56450.00.19-9.52-20.839.21133.16367.51211.7618.29.4938.38-19.59101.761.6217.88-97.399.1720.1891.44
23Q1 (17)11.533.87-25.610.58127.23-89.181.2211.93-81.710.79-71.17-84.360.46-71.6-87.670.36-55.0-76.920.210.0-25.03.952.07-52.98179.16-2.93.547.73124.31-40.6452.27-82.36166.677.63-2.4323.66
22Q4 (16)11.10-9.94.23-2.13-203.9-213.31.09-72.82-63.912.7441.97174.01.6217.39100.00.8014.2995.120.21-16.0-30.03.87-37.98-11.03184.524.2216.04-196.30-482.94-415.51296.30504.44684.167.8230.3358.94
22Q3 (15)12.3214.0717.332.0513.26-46.894.015828.57389.021.931106.254925.01.381154.554700.00.70250.0536.360.254.17-10.716.24216.75176.11177.05-8.451.151.26102.27-89.1449.02-97.92113.176.0025.26112.77
22Q2 (14)10.80-30.32-40.661.81-66.23-81.36-0.07-101.05-100.390.16-96.83-98.90.11-97.05-99.160.20-87.18-95.80.24-14.29-25.01.97-76.55-89.71193.4011.7313.13-2257.14-2907.46-4264.682357.1411925.115040.414.79-22.37-12.75
22Q1 (13)15.5045.54-18.725.36185.11-32.416.67120.86-38.135.05405.0-35.093.73360.49-46.251.56280.49-36.330.28-6.67-6.678.4093.1-30.58173.108.86-11.780.4029.239.2819.60-48.12-25.836.1725.41-23.73
21Q4 (12)10.651.43-14.391.88-51.3-48.353.02268.29-48.731.002600.0-72.070.812800.0-76.720.41272.73-67.460.307.14-6.254.3592.48-40.0159.01-9.2-17.3562.21-86.820.8637.79110.15-1.384.9274.471.86
21Q3 (11)10.50-42.31-0.13.86-60.252.390.82-95.43-84.47-0.04-100.27-101.11-0.03-100.23-100.810.11-97.69-91.670.28-12.5-17.652.26-88.19-66.27175.132.44-15.85472.15771.17559.86-372.15-911.58-1408.262.82-48.63-34.72
21Q2 (10)18.20-4.5629.639.7122.45134.5417.9366.33260.7614.6187.79286.5113.1689.63281.454.7694.29283.870.326.6710.3419.1458.18179.82170.96-12.79-14.9954.20-26.33-35.0345.8673.51172.225.49-32.140
21Q1 (9)19.0753.3-19.747.93117.86-38.5710.7883.0224.627.78117.3225.086.9499.4324.822.4594.4430.320.30-6.257.1412.1066.914.04196.031.89-14.6973.5719.27-50.7726.43-31.02153.638.0967.4912.05
20Q4 (8)12.4418.3645.843.64-3.45450.05.8911.55270.723.58-0.83204.683.48-6.2212.991.26-4.55259.490.32-5.8814.297.258.21637.04192.39-7.56-8.7961.69-13.79105.0638.3134.69-45.24.8311.81-1.63
20Q3 (7)10.51-25.14-35.23.77-8.94-39.05.286.24-34.163.61-4.5-44.553.717.54-30.521.326.45-27.070.3417.2430.776.70-2.05-34.06208.123.49-10.4971.55-14.23-7.0328.4568.8723.54.320-29.53
20Q2 (6)14.04-40.9165.374.14-67.93215.974.97-42.5438.833.78-39.2391.883.45-37.95146.431.24-34.04106.670.293.5726.096.84-35.5314.77201.10-12.48-3.5583.42-44.18183.4216.84134.19-91.580.00-100.0-100.0
20Q1 (5)23.76178.55120.012.911341.351230.938.65350.72213.416.22281.87161.345.56280.52179.41.88337.97129.270.280.00.010.61885.93116.97229.788.9315.56149.44396.78326.62-49.28-170.48-175.847.2247.0525.13
19Q4 (4)8.53-47.410.0-1.04-116.830.0-3.45-143.020.0-3.42-152.530.0-3.08-157.680.0-0.79-143.650.00.287.690.0-1.35-113.290.0210.94-9.270.030.08-60.920.069.92203.560.04.91-19.90.0
19Q3 (3)16.2291.050.06.18273.110.08.02124.020.06.51230.460.05.34281.430.01.81201.670.00.2613.040.010.1670.470.0232.5011.510.076.97176.970.023.03-88.480.06.13-14.980.0
19Q2 (2)8.49-21.390.0-3.57-468.040.03.5829.710.01.97-17.230.01.40-29.650.00.60-26.830.00.23-17.860.05.9621.880.0208.514.860.0-100.00-385.480.0200.00207.830.07.2124.960.0
19Q1 (1)10.800.00.00.970.00.02.760.00.02.380.00.01.990.00.00.820.00.00.280.00.04.890.00.0198.840.00.035.030.00.064.970.00.05.770.00.0
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)16.8033.655.27160.891.1815.955.8788.754.4474.810.6051.434.9948.510.84-17.659.1673.81187.051.3789.8337.8510.17-70.81.14-41.727.9229.2
2022 (9)12.57-13.792.02-65.471.0237.823.11-62.392.54-57.387.00-66.933.36-58.921.02-21.545.27-45.05184.5216.0465.16-7.9934.8419.41.95-10.266.1315.88
2021 (8)14.58-1.625.85-0.170.74-21.048.2734.915.9641.2321.1738.918.1845.551.306.569.5923.58159.01-17.3570.82-25.9529.18569.742.17-19.765.29-2.22
2020 (7)14.8233.885.861262.790.93-26.546.13150.24.22162.1115.24198.245.62140.171.2214.027.7665.11192.39-4.7595.64448.414.36-94.722.7115.725.41-11.31
2019 (6)11.0782.980.4301.2740.172.4501.6105.1102.3401.07-14.44.70416.48201.996.6317.44-94.5282.5602.34-18.126.1026.29
2018 (5)6.05-55.84-2.4400.9114.94-0.770-0.720-2.540-0.2301.252.460.91-89.33189.438.36318.11290.12-218.1102.8604.8314.18
2017 (4)13.70-3.795.7717.520.795.47.071.875.55-1.618.7017.317.3716.061.2219.618.530.95174.82-0.8281.5415.2718.46-36.910.0004.23-22.95
2016 (3)14.24136.544.9100.75-13.096.946840.05.64015.9406.352440.01.025.158.45409.04176.270.2570.74029.26-98.760.0005.497.86
2015 (2)6.021.18-2.1300.8659.620.10-97.0-0.240-0.6100.25-94.390.97-32.641.66-61.4175.8318.17-2268.4202368.422012.790.0005.0930.85
2014 (1)5.950-0.4000.5416.743.3302.7809.0304.4601.44-24.214.30-48.93148.8043.68-12.100112.101623.610.0003.894.85

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