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)42.453.748.8722.690.712.6718.18-36.59-11.1914.50-37.87-7.72.89-47.74-35.632.31-44.47-24.510.16-11.11-15.7919.67-34.52-10.4726.574.2-44.97124.5558.7314.9-24.55-213.96-219.0918.00-7.7910.7
23Q3 (19)40.926.6211.4122.532.468.2728.6711.087.523.347.469.535.53-2.64-22.554.165.05-9.570.180.0-14.2930.049.926.7525.50-39.21-47.7878.46-7.510.6721.5447.46-2.3619.528.0817.73
23Q2 (18)38.380.0515.5721.991.0147.2925.8118.0244.6721.7223.4141.415.6830.5739.563.9632.8948.310.185.885.8827.3316.439.4441.95-10.08-35.5284.83-14.540.6814.611901.12-12.3618.064.036.17
23Q1 (17)38.36-1.6220.2521.77-1.4939.9121.876.8418.7317.6012.0319.814.35-3.1217.892.98-2.6119.20.17-10.530.023.486.8715.0446.65-3.383.1299.27-8.4217.820.73109.49-95.3617.366.773.83
22Q4 (16)38.996.1525.0122.106.248.4220.47-23.2534.3215.71-26.2831.144.49-37.1135.243.06-33.4836.610.19-9.525.5621.97-21.9327.9648.28-1.13-11.1108.3939.0710.72-7.69-134.87-465.3816.26-1.939.42
22Q3 (15)36.7310.67.2120.8139.387.126.6749.530.3521.3138.7429.867.1475.4337.314.6072.2835.690.2123.535.028.1443.5725.6348.83-24.951.9477.94-7.5-17.9622.0632.35341.1816.58-2.537.87
22Q2 (14)33.214.11-3.0914.93-4.05-15.3617.84-3.157.1515.364.56-2.354.0710.3-6.652.676.8-7.930.170.0-5.5619.60-3.972.3565.0643.813.5384.260.0-20.4216.675.88383.3317.011.734.87
22Q1 (13)31.902.28-6.9415.564.5-12.6318.4220.875.2614.6922.624.933.6911.141.372.5011.61-7.750.17-5.56-10.5320.4118.872.9245.24-16.75.3184.26-13.93-17.3615.74647.69902.7816.7212.524.89
21Q4 (12)31.19-8.96-3.5314.89-23.370.3415.24-25.51-1.311.98-27.0-2.523.32-36.153.112.24-33.92-13.850.18-10.0-14.2917.17-23.35-2.554.3113.38112.497.893.052.562.11-57.89-38.2514.86-3.32-23.24
21Q3 (11)34.26-0.034.5519.4310.1521.5920.4622.8820.7116.414.3219.875.2019.2742.863.3916.918.120.2011.11-4.7622.4016.9718.6447.90-23.77110.7395.00-10.280.345.00185.0-6.015.37-5.24-8.02
21Q2 (10)34.27-0.03-10.9917.64-0.956.8416.65-4.863.6115.7312.361.424.3619.7860.292.907.0131.820.18-5.2628.5719.15-3.434.4762.8446.28101.67105.883.854.15-5.88-200.0-76.4716.221.76-25.9
21Q1 (9)34.286.03-11.8817.8120.019.8717.5013.34-7.0614.0013.91-6.673.6413.0451.042.714.2329.670.19-9.5235.7119.8312.61-6.242.9668.01168.33101.966.8218.06-1.96-157.52-114.3815.94-17.67-29.69
20Q4 (8)32.33-1.34-11.9114.84-7.13-6.7815.44-8.9115.6612.29-10.23-8.353.22-11.5426.272.60-9.4122.070.210.031.2517.61-6.7315.3225.5712.4969.2395.450.82-20.73.41-35.91118.4119.3615.86-0.46
20Q3 (7)32.77-14.88-12.1715.98-3.21-2.0216.955.48-6.9213.69-11.73-6.683.6433.8225.092.8730.4526.990.2150.040.018.883.0-7.4122.73-27.05-9.3794.68-6.875.995.32259.57-50.1316.71-23.66-21.51
20Q2 (6)38.50-1.032.7216.511.85-1.7816.07-14.66-15.6915.513.40.392.7212.86-17.072.205.26-16.030.140.0-17.6518.33-13.29-13.0531.1694.63-3.23101.6717.7215.22-3.33-124.44-128.3321.89-3.4414.79
20Q1 (5)38.905.996.8116.211.820.018.8341.053.5215.0011.864.92.41-5.49-10.742.09-1.88-7.930.14-12.5-12.521.1438.443.3716.015.96-16.0586.36-28.25-3.0113.64173.6424.4322.6716.5611.18
19Q4 (4)36.70-1.630.015.92-2.390.013.35-26.690.013.41-8.590.02.55-12.370.02.13-5.750.00.166.670.015.27-25.110.015.11-39.750.0120.3734.740.0-18.52-273.610.019.45-8.640.0
19Q3 (3)37.31-0.450.016.31-2.970.018.21-4.460.014.67-5.050.02.91-11.280.02.26-13.740.00.15-11.760.020.39-3.270.025.08-22.110.089.331.240.010.67-9.330.021.2911.640.0
19Q2 (2)37.482.910.016.813.70.019.064.780.015.458.040.03.2821.480.02.6215.420.00.176.250.021.083.080.032.2068.850.088.24-0.90.011.767.350.019.07-6.470.0
19Q1 (1)36.420.00.016.210.00.018.190.00.014.300.00.02.700.00.02.270.00.00.160.00.020.450.00.019.070.00.089.040.00.010.960.00.020.390.00.0
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)39.9812.7822.2419.251.199.3623.8312.4119.4714.4618.05-3.7313.315.970.68-6.8525.3210.5726.57-44.9793.386.186.62-45.060.15-16.8518.269.8
2022 (9)35.455.8218.656.691.091.0721.2020.8717.0116.6718.7515.3812.567.170.73-7.5922.9016.0148.28-11.187.94-11.6512.065192.910.19-34.3716.636.67
2021 (8)33.50-4.1517.4810.771.08-20.3217.545.2214.585.1216.2538.4211.7220.080.7912.8619.744.7254.31112.499.545.360.23-95.620.28-58.7715.59-20.86
2020 (7)34.95-5.5215.78-3.371.35-16.4416.67-3.3613.87-4.2111.743.539.760.720.704.4818.85-2.4825.5769.2394.48-0.315.19-0.610.69241.5219.70-1.65
2019 (6)36.994.6716.3326.21.62-9.4217.2511.6514.4810.5311.3416.199.6917.60.676.3519.336.9115.11-21.8394.7712.985.23-67.570.20-28.0820.03-3.28
2018 (5)35.342.6712.9412.131.79-18.3315.4543.4513.1037.759.7635.188.2434.860.63-1.5618.0831.8719.3311.0983.88-21.7816.1200.28020.714.28
2017 (4)34.42-10.2911.54-26.732.19-13.2110.77-32.779.51-30.537.22-36.056.11-36.420.64-8.5713.71-27.3117.40-8.23107.249.26-7.2400.00019.86-4.38
2016 (3)38.370.2415.75-5.122.529.416.02-3.7813.69-1.9311.29-11.739.61-12.480.70-11.3918.86-2.0318.9618.1398.15-1.461.85368.520.00020.7710.42
2015 (2)38.286.9316.605.82.31-0.0716.65-6.4613.96-9.2312.79-17.6410.98-16.440.79-7.0619.25-5.5416.05-5.5399.6013.00.40-96.670.00018.81-2.23
2014 (1)35.80015.6902.311.3817.80015.38015.53013.1400.85-14.1420.383.1416.99-13.3288.15-5.5311.8577.080.00019.245.37

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