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)29.44-10.95-9.312.52-19.02-21.1611.99-26.71-16.2110.33-20.84-10.494.11-16.635.662.58-10.422.380.2210.010.017.95-16.74-7.4383.537.0628.09104.7210.58-5.85-4.72-188.9557.9815.661.36-11.33
23Q3 (19)33.062.29-4.6415.46-7.09-28.9816.36-17.83-46.5213.05-21.24-48.094.93-24.73-54.982.88-28.54-54.290.20-9.09-16.6721.56-15.05-37.9478.02-14.822.6294.7013.533.415.30-67.99-81.4815.452.251.71
23Q2 (18)32.329.459.1216.649.83-10.8719.9192.74-19.8516.57119.18-16.486.55168.44-23.124.03122.65-20.510.2210.0-12.025.3849.29-10.1691.5945.7513.6283.43-42.7911.0516.57136.15-33.3915.11-9.58-6.5
23Q1 (17)29.53-9.0321.2215.15-4.638.2310.33-27.81-9.547.56-34.49-11.892.44-37.28-23.991.81-28.17-9.950.200.0-9.0917.00-12.338.762.84-3.63-3.32145.8331.1251.67-45.83-308.33-1291.6716.71-5.38-2.62
22Q4 (16)32.46-6.3734.0215.88-27.0625.6314.31-53.22-2.2511.54-54.1-10.333.89-64.47-29.012.52-60.0-26.320.20-16.67-23.0819.39-44.193.6965.21-14.23-4.38111.2256.729.12-11.22-139.21-180.9817.6616.2622.13
22Q3 (15)34.6717.0524.7621.7716.699.3630.5923.15232.1425.1426.71274.1110.9528.52482.456.3024.26392.190.24-4.033.3334.7422.97132.8476.03-5.6838.0170.98-5.52-41.128.6315.09259.515.19-6.0-25.47
22Q2 (14)29.6221.598.918.6770.3550.224.84117.51113.9519.84131.24104.758.52165.42185.915.07152.24149.750.2513.6425.028.2580.6362.4580.6124.0250.6275.13-21.87-29.8824.87546.7448.2216.16-5.83-8.55
22Q1 (13)24.360.58-10.1410.96-13.2912.6411.42-21.99-5.628.58-33.33-14.633.21-41.4223.942.01-41.2312.290.22-15.3829.4115.64-16.36-17.4265.00-4.6931.7996.1511.6318.343.85-72.25-79.4917.1618.67-15.8
21Q4 (12)24.22-12.85-19.2712.6415.75-7.6714.6458.9659.4812.8791.5262.915.48191.49130.253.42167.19102.370.2644.4423.8118.7025.3422.9568.2023.836.9586.14-28.52-42.113.86177.23128.4214.46-29.05-5.49
21Q3 (11)27.792.17-17.0210.92-12.15-33.989.21-20.67-5.926.72-30.65-9.311.88-36.91-6.01.28-36.95-8.570.18-10.00.014.92-14.2-9.5255.092.9328.03120.5112.48-29.22-17.95-151.2874.4620.3815.3416.79
21Q2 (10)27.200.33-16.2312.4327.75-18.3811.61-4.05-9.159.69-3.58-9.692.9815.0624.692.0313.4118.020.2017.6525.017.39-8.18-14.5953.528.521.85107.1431.87-10.0-7.14-138.162.517.67-13.30
21Q1 (9)27.11-9.63-10.419.73-28.9333.1112.1031.81-18.910.0527.22-16.62.598.820.391.795.92-7.730.17-19.056.2518.9424.52-14.5349.32-0.9641.2881.25-45.3969.2718.75138.44-62.520.3833.20
20Q4 (8)30.00-10.42-11.5813.69-17.23-4.739.18-6.23-28.737.906.61-22.42.3819.0-15.61.6920.71-21.760.2116.675.015.21-7.76-19.0149.8015.7328.48148.78-12.6234.15-48.7830.58-347.1515.30-12.32-8.27
20Q3 (7)33.493.1414.6516.548.641.619.79-23.4-40.457.41-30.94-44.242.00-16.32-47.781.40-18.6-48.720.1812.5-10.016.49-19.01-26.4543.03-18.1237.56170.2743.03140.6-70.27-268.92-340.417.450-2.68
20Q2 (6)32.477.30.0915.23108.344.5312.78-14.34-26.2610.73-10.95-32.392.39-7.36-55.241.72-11.34-53.010.160.0-27.2720.36-8.12-11.0952.5550.53-12.37119.05148.0242.09-19.05-138.1-217.460.000-100.0
20Q1 (5)30.26-10.82-4.967.31-49.13-46.6814.9215.8444.5712.0518.3751.762.58-8.5112.171.94-10.1913.450.16-20.0-23.8122.1618.034.3834.91-9.93-12.3548.00-56.72-64.050.00558.33250.00.00-100.0-100.0
19Q4 (4)33.9316.160.014.3723.030.012.88-21.650.010.18-23.40.02.82-26.370.02.16-20.880.00.200.00.018.78-16.240.038.7623.910.0110.9156.720.0-10.91-137.320.016.68-6.970.0
19Q3 (3)29.21-9.960.011.68-19.840.016.44-5.140.013.29-16.260.03.83-28.280.02.73-25.410.00.20-9.090.022.42-2.10.031.28-47.840.070.77-15.530.029.2380.260.017.937.170.0
19Q2 (2)32.441.880.014.576.270.017.3367.930.015.8799.870.05.34132.170.03.66114.040.00.224.760.022.9038.870.059.9750.560.083.78-37.160.016.22148.650.016.73-11.010.0
19Q1 (1)31.840.00.013.710.00.010.320.00.07.940.00.02.300.00.01.710.00.00.210.00.016.490.00.039.830.00.0133.330.00.0-33.330.00.018.800.00.0
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)31.122.1314.90-13.023.7731.3814.80-29.3912.05-28.4418.26-30.8111.63-29.470.87-7.4520.62-18.1183.5328.09100.6323.18-0.6300.17-2.4115.69-4.68
2022 (9)30.4715.9417.1347.162.87-31.720.9671.2416.8464.7726.39112.6516.49106.640.9423.6825.1842.9165.21-4.3881.69-14.118.31273.870.18-41.6816.46-6.9
2021 (8)26.28-16.5711.64-12.684.20-16.3612.247.2710.229.5412.4136.987.9822.960.7613.4317.62-3.3568.2036.9595.10-18.764.9000.30-56.7617.680.57
2020 (7)31.50-1.2513.33-2.065.039.1211.41-20.389.33-21.739.06-34.36.49-35.870.67-18.2918.23-9.849.8028.48117.0622.86-17.0600.70-28.4817.580.51
2019 (6)31.906.1213.618.364.6112.814.331.6311.923.0313.79-3.710.12-2.790.82-7.8720.216.6538.76-8.9995.286.895.15-52.580.98-46.2817.495.68
2018 (5)30.06-12.3412.56-23.134.082.9414.10-11.9911.57-16.4614.32-3.0510.41-6.550.8911.2518.95-6.8842.5924.4689.14-12.4710.8601.82016.55-2.7
2017 (4)34.29-8.916.34-15.513.976.616.02-24.4713.85-19.6614.77-19.7311.14-20.880.80-1.2320.35-19.534.226.5101.8311.83-1.8300.00017.014.61
2016 (3)37.648.8819.3411.093.727.4821.2113.6717.2425.6618.408.4914.0815.320.81-7.9525.2811.4132.137.0691.06-2.288.9431.130.00016.2615.16
2015 (2)34.574.8817.413.573.464.6118.66-2.013.72-3.2416.96-25.2212.21-9.150.88-4.3522.69-2.4130.01-47.7393.185.586.82-41.930.00014.12-5.74
2014 (1)32.96016.8103.31-1.819.04014.18022.68013.4400.92-3.1623.258.0957.41-40.6288.26-16.2411.7400.00014.9813.06

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