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)17.1530.92-26.43-16.84-8.3-379.73-25.62-166.32-340.96-26.45-189.07-355.25-6.06-161.21-183.18-3.76-164.79-208.20.15-11.76-31.82-17.98-369.45-740.1954.173.65-20.1265.43-59.82163.5134.57154.99-82.7235.6320.8271.46
23Q3 (19)13.10-19.83-37.38-15.554.89-501.81-9.62-223.81-178.15-9.15-228.69-174.33-2.32-238.92-148.54-1.42-222.41-149.130.1713.33-26.09-3.83-126.9-124.0652.26-3.44-25.52162.86178.52409.81-62.86-120.45-192.3629.49-1.9328.66
23Q2 (18)16.34-2.56-3.48-16.35-116.56-528.857.77188.3233.487.11180.889.61.67175.2332.541.16191.3446.840.150.0-21.0514.24633.33115.4354.12-10.41-22.39-207.41-344.44-75.5307.411928.8940.930.0710.1120.86
23Q1 (17)16.77-28.0630.71-7.55-225.4226.98-8.80-51.46-21.21-8.80-51.46-13.55-2.22-3.74-15.63-1.27-4.1-22.120.15-31.827.14-2.67-24.77-34.1760.41-10.91-25.6484.85182.35-38.7215.15-92.42135.8127.3131.42-1.16
22Q4 (16)23.3111.4227.736.0255.56209.26-5.81-147.213.28-5.81-147.213.28-2.14-144.77-20.9-1.22-142.21-19.610.22-4.3537.5-2.14-113.4410.0867.81-3.36-4.43-103.03-422.53-222.66200.00193.88900.020.78-9.34-21.76
22Q3 (15)20.9223.5736.553.87248.85185.2412.31428.33846.0612.31228.27846.064.78279.371117.022.89265.821170.370.2321.0527.7815.92140.851226.6770.170.6311.2431.94127.03-88.2368.06-68.81139.722.92-7.882.09
22Q2 (14)16.9331.96-1.28-2.6074.85-333.332.33132.091113.043.75148.391730.431.26165.621900.00.79175.962733.330.1935.71-5.06.61432.16176.5769.73-14.1720.54-118.18-185.35-139.39218.18615.7209.0924.88-9.9529.85
22Q1 (13)12.83-29.7-35.2-10.34-87.66-179.46-7.26-8.36-236.11-7.75-15.67-258.8-1.92-8.47-308.51-1.04-1.96-271.430.14-12.50.0-1.9916.39-230.0781.2414.554.8138.4664.84-19.23-42.31-311.5440.7727.634.0310.43
21Q4 (12)18.2519.13-19.03-5.51-21.37-1477.5-6.70-306.06-644.72-6.70-306.06-644.72-1.77-276.6-636.36-1.02-277.78-543.480.16-11.110.0-2.38-298.33-150.2170.9512.4830.2384.00-69.05110.020.00111.67-66.6726.5618.3117.89
21Q3 (11)15.32-10.67-39.99-4.54-656.67-245.05-1.65-617.39-159.78-1.65-617.39-104.11-0.47-571.43-187.04-0.27-800.0-181.820.18-10.063.641.20-49.79-84.463.089.04-17.66271.43-9.52141.27-171.4314.29-1271.4322.4517.1719.1
21Q2 (10)17.15-13.38-18.87-0.6083.78-385.71-0.2389.35-108.49-0.2389.35-108.49-0.0785.11-107.87-0.0389.29-105.080.2042.860.02.3956.21-63.2957.8510.23-24.17300.0075.03500.0-200.00-180.0-300.019.16-23.420
21Q1 (9)19.80-12.1683.5-3.70-1025.082.38-2.16-275.6189.88-2.16-275.6189.88-0.47-242.4288.7-0.28-221.7488.930.14-12.516.671.53-67.72110.4152.48-3.67-14.3171.43328.5774.33-71.43-219.05-4385.7125.0211.050
20Q4 (8)22.54-11.7122.10.40-87.22113.291.23-55.43129.571.23-96.94111.830.33-38.89111.260.23-30.3112.50.1645.45-11.114.74-38.36887.554.48-28.89-5.5840.00-64.44-47.6960.00580.0104.022.5319.520
20Q3 (7)25.5320.7755.483.131390.48146.232.761.85200.040.171382.291550.180.54-39.33170.130.33-44.07171.740.11-45.0-42.117.6918.13225.8576.610.4256.99112.501250.0-53.45-12.50-112.591.1818.850-9.42
20Q2 (6)21.1495.9222.690.21101.0103.342.71112.6949.722.71112.6922.620.89121.3958.930.59123.3222.920.2066.6711.116.51144.29-15.3476.2924.5895.078.33-91.53102.33100.005900.0-78.120.000-100.0
20Q1 (5)10.79-41.55-21.18-21.00-597.67-62.04-21.35-413.22-161.64-21.35-105.29-161.64-4.16-41.98-131.11-2.53-37.5-100.790.12-33.33-25.0-14.70-3162.5-740.061.246.1463.0998.3328.59-37.421.67-94.33102.920.000-100.0
19Q4 (4)18.4612.420.0-3.0155.540.0-4.16-50.720.0-10.40-275.450.0-2.93-280.520.0-1.84-300.00.00.18-5.260.00.48-79.660.057.7018.240.076.47-68.360.029.41120.760.00.00-100.00.0
19Q3 (3)16.42-4.70.0-6.77-7.630.0-2.76-252.490.0-2.77-225.340.0-0.77-237.50.0-0.46-195.830.00.195.560.02.36-69.310.048.8024.780.0241.67167.670.0-141.67-130.990.020.81-17.580.0
19Q2 (2)17.2325.860.0-6.2951.470.01.81122.180.02.21127.080.00.56131.110.00.48138.10.00.1812.50.07.69539.430.039.114.150.0-357.14-327.270.0457.14900.00.025.25-6.410.0
19Q1 (1)13.690.00.0-12.960.00.0-8.160.00.0-8.160.00.0-1.800.00.0-1.260.00.00.160.00.0-1.750.00.037.550.00.0157.140.00.0-57.140.00.026.980.00.0
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)15.79-17.72-13.9005.0747.64-8.750-8.970-8.880-5.0400.61-23.75-2.28054.17-20.12158.54395.43-58.5400.34-68.1330.4428.82
2022 (9)19.199.780.3803.4315.471.2601.5202.0701.4700.8021.215.35603.9567.81-4.4332.00-76.368.0001.07419.8623.632.69
2021 (8)17.48-14.27-3.4502.97-25.58-2.550-2.550-2.740-1.5900.668.20.76-64.9870.9530.23135.00-2.34-35.0000.21-19.1723.010.52
2020 (7)20.3923.05-3.3003.99-16.06-2.4005.080-2.300-1.2700.61-14.082.17-4.8254.48-6.04138.24-37.17-38.2400.2596.2622.89-5.41
2019 (6)16.57-23.36-7.0004.7628.7-3.180-4.740-4.940-3.0800.71-17.442.28-70.0457.9856.7220.00512.17-120.0000.13-53.9224.201.3
2018 (5)21.62-1.051.2403.70-10.433.4203.5504.3003.2200.866.177.61611.2137.00-19.2735.94-68.8364.0600.2824.6823.896.79
2017 (4)21.85-3.49-4.2304.13-13.17-3.670-4.190-5.150-3.2200.818.01.07-90.3745.83-20.16115.281191.11-15.2800.23022.37-4.2
2016 (3)22.6413.650.4904.75-1.545.6004.9105.8103.9300.755.6311.11301.0857.400.778.93-92.3391.0700.00023.35-2.42
2015 (2)19.928.08-3.5804.83-3.7-3.070-2.940-3.380-1.7700.714.412.77-20.1756.96-12.6116.397.16-16.3900.00023.937.94
2014 (1)18.430-3.0205.0127.11-2.800-1.730-3.370-1.5300.68-24.443.47236.8965.17-22.95108.627.73-8.6200.00022.175.17

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