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)22.796.3-3.5113.8551.04-3.3514.3156.05-2.529.6268.77-5.412.3660.54-4.451.8562.28-3.140.190.00.016.7844.913.0123.86-31.89-18.496.65-3.35-0.953.35037.998.05-5.63-1.35
23Q3 (19)21.44-9.54-4.969.17-32.37-35.339.17-31.0-36.285.70-35.01-40.691.47-24.62-41.91.14-26.45-41.540.1911.76-5.011.58-27.76-25.4835.038.798.45100.00-1.721.420.00100.0-100.08.53-11.88-0.47
23Q2 (18)23.7014.611.3213.564.0723.3813.299.6511.598.7711.7217.721.9580.5620.371.5578.1618.320.1754.550.016.03-2.0219.932.2030.427.26101.75-5.0310.05-1.7575.44-123.299.68-13.115.91
23Q1 (17)20.68-12.45-0.4313.03-9.0720.0912.12-17.4412.437.85-22.8117.341.08-56.28-12.20.87-54.45-11.220.11-42.11-21.4316.360.4330.7824.69-15.5610.37107.149.816.17-7.14-394.29-678.5711.1436.5219.66
22Q4 (16)23.624.727.7414.331.0624.0714.682.0226.4410.175.8327.122.47-2.378.331.91-2.0510.40.19-5.0-9.5216.294.8327.9729.24-9.47-9.0297.57-1.05-1.872.4373.95327.188.16-4.786.81
22Q3 (15)22.565.9722.6114.1829.0320.2714.3920.8219.129.6128.9915.922.5356.176.31.9548.858.330.2017.65-9.0915.5416.2316.7532.307.59-6.4398.606.641.421.40-81.48-37.218.57-6.244.0
22Q2 (14)21.292.513.6110.991.2925.7411.9110.4834.127.4511.3621.341.6231.7123.661.3133.6725.960.1721.430.013.376.8726.7330.0234.2-8.2592.47-8.37-5.617.53921.23269.189.14-1.83-0.11
22Q1 (13)20.7712.33-2.8110.85-6.0626.610.78-7.1528.036.69-16.3718.621.23-46.0526.80.98-43.3525.640.14-33.337.6912.51-1.7319.3722.37-30.4-7.9100.921.49-0.39-0.92-261.4730.289.3121.86-7.46
21Q4 (12)18.490.49-15.5311.55-2.049.911.61-3.8916.228.00-3.523.652.28-4.231.791.73-3.8932.060.21-4.555.012.73-4.3610.732.14-6.892.1399.432.27-5.440.57-74.43111.047.64-7.284.8
21Q3 (11)18.40-1.81-12.9211.7934.917.212.0836.0413.968.2935.0215.462.3881.6814.421.8073.0814.650.2229.410.013.3126.1611.134.525.5-9.9297.22-0.751.982.228.89-58.338.24-9.950
21Q2 (10)18.74-12.31-9.218.741.98-43.98.885.46-44.676.148.87-40.161.3135.05-39.911.0433.33-39.530.1730.770.010.550.67-40.532.7234.714.7797.96-3.310.982.04255.1-31.849.15-9.050
21Q1 (9)21.37-2.3829.678.57-18.46195.338.42-15.72190.155.64-12.83181.620.97-43.93224.360.78-40.46236.840.13-35.044.4410.48-8.87268.4924.29-22.82-6.83101.32-3.645.29-1.3274.44-134.8710.0638.0-28.9
20Q4 (8)21.893.60.9710.514.47-10.639.99-5.75-18.256.47-9.89-23.071.73-16.83-20.641.31-16.56-18.630.20-9.095.2611.50-4.01-15.3831.47-17.88-8.04105.1510.299.27-5.15-196.51-236.47.2900
20Q3 (7)21.132.372.8710.06-35.43-6.2410.60-33.96-3.027.18-30.021.992.08-4.598.331.57-8.7211.350.2229.4110.011.98-32.43-1.1638.3222.7-1.5295.33-1.72-2.735.3378.13168.440.000-100.0
20Q2 (6)20.6425.242.3315.58273.357.3716.05271.8448.210.26248.4846.572.18379.4910.661.72401.7512.420.1788.89-22.7317.73385.0547.6331.2319.79-11.6397.010.816.372.99-20.66-66.00.00-100.0-100.0
20Q1 (5)16.48-23.99-13.13-8.99-176.45-209.9-9.34-176.43-215.74-6.91-182.16-237.38-0.78-135.78-162.9-0.57-135.4-156.440.09-52.63-55.0-6.22-145.77-165.8226.07-23.825.4696.230.0-5.613.770.0488.6814.15051.66
19Q4 (4)21.685.550.011.769.60.012.2211.80.08.4119.460.02.1813.540.01.6114.180.00.19-5.00.013.5912.130.034.22-12.050.096.23-1.820.03.7789.940.00.00-100.00.0
19Q3 (3)20.541.830.010.738.380.010.930.920.07.040.570.01.92-2.540.01.41-7.840.00.20-9.090.012.120.920.038.9110.10.098.017.480.01.99-77.440.08.546.090.0
19Q2 (2)20.176.330.09.9021.030.010.8334.20.07.0039.170.01.9758.870.01.5351.490.00.2210.00.012.0127.090.035.3442.960.091.19-10.540.08.811006.920.08.05-13.720.0
19Q1 (1)18.970.00.08.180.00.08.070.00.05.030.00.01.240.00.01.010.00.00.200.00.09.450.00.024.720.00.0101.940.00.0-0.970.00.09.330.00.0
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)22.280.4112.26-4.222.5693.2412.18-7.527.96-8.196.83-14.095.53-10.230.68-2.8614.982.5323.86-18.4100.653.56-0.6500.0009.104.12
2022 (9)22.1916.6112.8022.251.321.7713.1724.68.6719.597.9516.236.1616.890.70-2.7814.6121.5529.24-9.0297.19-1.882.81196.930.0008.741.86
2021 (8)19.03-7.8510.4715.441.30-16.1710.5715.657.2523.36.8436.255.2736.180.7212.512.0210.6832.142.1399.050.050.9526.340.0008.58-7.74
2020 (7)20.651.529.07-10.641.5529.459.14-13.285.88-14.535.02-31.73.87-32.460.64-22.8910.86-8.0431.47-8.0499.002.780.75-79.620.0009.308.27
2019 (6)20.34-13.8910.15-38.341.2053.1510.54-33.166.88-32.557.35-52.095.73-53.150.83-30.2511.81-28.8634.2241.9396.33-7.713.6700.0008.5917.83
2018 (5)23.620.4716.46-3.520.7892.5615.77-7.8910.20-10.2915.34-18.7112.23-17.811.19-9.1616.60-5.4124.11-13.15104.374.67-4.3700.0007.294.59
2017 (4)23.51-1.8817.06-2.290.4115.7817.12-6.811.37-8.0118.87-25.2714.88-23.851.31-16.5617.55-6.627.764.7999.714.890.29-94.170.0006.97-4.13
2016 (3)23.96-3.7817.46-4.540.35-16.518.37-0.2712.360.7325.25-23.0719.54-19.161.57-19.918.79-0.6926.49-23.3395.06-4.264.94592.730.0007.27-0.68
2015 (2)24.904.7518.296.960.421.2618.428.6112.279.0732.82-25.2924.17-8.551.96-15.1518.927.5634.55-11.8299.29-1.490.7100.0007.323.98
2014 (1)23.77017.1000.4110.8116.96011.25043.93026.4302.31-12.1717.591.6239.18-72.65100.79-7.07-0.7900.0007.044.14

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