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)56.93-2.2-1.3741.387.9611.1843.01-10.493.7435.32-10.93.46.041.347.475.151.188.880.1515.387.1448.13-10.663.6818.408.49-6.6596.2720.547.63.73-81.49-64.622.06-13.799.37
23Q3 (19)58.214.811.4838.33-1.72-0.7348.050.8431.7239.640.7641.425.96-15.5861.525.09-10.8661.590.13-7.1418.1853.871.5626.416.96-8.23-12.4979.87-2.98-24.3820.1310.07458.3925.5913.78-2.66
23Q2 (18)55.5411.087.4139.0050.1212.147.6585.05330.0539.3490.23702.867.06196.64828.955.71194.33806.350.1455.5616.6753.0457.02231.2918.48-38.3215.582.32-19.1-73.9618.291142.68108.4622.49-25.486.84
23Q1 (17)50.00-13.370.0825.98-30.2-8.325.75-37.89-29.1820.68-39.46-32.42.38-57.65-21.971.94-58.99-20.490.09-35.7112.533.78-27.23-22.1529.9652.0-16.34101.7513.7332.47-1.75-116.67-108.0730.1849.63-4.34
22Q4 (16)57.720.63-7.4637.22-3.6-8.1441.4613.651.0234.1621.872.865.6252.36.844.7350.167.260.1427.277.6946.428.920.9319.711.718.0289.47-15.29-9.5910.53287.37921.0520.17-23.28-23.94
22Q3 (15)57.3610.9333.0238.6110.9861.3536.48229.2459.0928.03472.0452.923.69385.53-7.293.15400.0-0.940.11-8.33-35.2942.62166.2150.2319.3821.12-25.46105.62-66.591.48-5.6297.4-37.6426.2924.890.0
22Q2 (14)51.713.5-9.9834.7922.8-1.8111.08-69.53-66.364.90-83.98-81.950.76-75.08-88.50.63-74.18-87.520.1250.0-36.8416.01-63.1-58.2316.00-55.32-39.65316.13311.56192.71-216.13-1094.19-2601.6121.05-33.28-17.13
22Q1 (13)49.96-19.9-4.0528.33-30.08-20.236.36-11.43.4430.59-7.898.783.05-42.02-59.222.44-44.67-56.120.08-38.46-60.043.39-5.657.5635.81114.43-3.0376.81-22.39-24.0921.742008.71926.0931.5518.9729.46
21Q4 (12)62.3744.64-0.740.5269.33-3.0441.0478.98-0.1933.2181.181.375.2632.16-52.74.4138.68-42.580.13-23.53-43.4845.9962.11-1.116.70-35.77-50.7498.97-4.91-2.011.03125.26151.5526.520.870.08
21Q3 (11)43.12-24.93-16.8523.93-32.46-10.7122.93-30.39-11.1218.33-32.49-10.763.98-39.79-42.653.18-37.03-25.70.17-10.53-15.028.37-25.98-12.926.00-1.92-61.24104.08-3.63-0.35-4.0848.988.1626.293.5-18.23
21Q2 (10)57.4410.3135.5435.43-0.2219.1932.94-6.29184.2127.15-3.45176.26.61-11.63122.565.05-9.17185.310.19-5.011.7638.33-4.98101.2126.51-28.22-58.18108.006.7314.75-8.00-572.0-236.025.404.23-30.68
21Q1 (9)52.07-17.1035.50-15.05035.15-14.52028.12-14.1607.48-32.7305.56-27.600.20-13.04040.34-13.25036.938.940101.190.190-1.1940.48024.37-8.040
20Q4 (8)62.8121.11041.7955.93041.1259.38032.7659.49011.1260.2307.6879.4400.2315.0046.5042.77033.90-49.460101.00-3.30-2.0055.0026.50-17.570
20Q3 (7)51.8622.37026.80141.44025.80122.61020.54108.9506.94133.6704.28141.8100.2017.65032.5770.97067.085.820104.4410.970-4.44-175.56032.15-12.250
20Q2 (6)42.380011.100011.59009.83002.97001.77000.170019.050063.390094.12005.880036.6400
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)55.631.9137.235.595.527.7142.4736.5634.9044.7520.4963.6617.3162.230.4911.3648.4431.9518.40-6.6587.76-22.5812.4300.34-19.024.502.38
2022 (9)54.591.1535.263.495.122.0831.10-6.4924.11-10.3712.52-27.1710.67-24.70.44-15.3836.71-4.919.7118.02113.3510.81-13.3500.42380.8523.93-6.63
2021 (8)53.97-1.0534.0716.485.02-11.4633.2619.1726.9015.717.19-24.9314.17-12.850.52-24.6438.6012.616.70-50.74102.30-2.65-2.3000.09-65.5725.63-19.48
2020 (7)54.54-0.0729.25-8.425.6740.4127.91-5.3323.25-5.9522.90-22.4816.26-19.580.69-14.8134.280.7133.90-42.32105.08-3.01-4.5700.25031.835.92
2019 (6)54.5813.3831.9456.344.04-2.8929.4871.024.7276.5729.54123.2820.22112.840.8120.934.0453.6158.7779.45108.33-9.23-8.3300.00030.05-19.67
2018 (5)48.1413.720.4312.624.1626.5717.2416.3314.006.0613.23-17.319.50-13.480.67-17.2822.1620.2432.75-37.33119.35-2.2-17.7400.00037.4124.12
2017 (4)42.34-23.2718.14-49.863.2858.0414.82-53.4713.20-58.4516.00-63.8310.98-61.940.81-8.9918.43-46.9252.269.01122.037.03-22.0300.00030.14-4.04
2016 (3)55.187.2936.18148.662.08-48.4231.85119.8131.77118.544.23156.5528.85172.430.8932.8434.7272.4847.94-30.74114.0214.02-14.0200.00031.41-47.7
2015 (2)51.43172.5514.5504.0314.7714.49014.54017.24010.5900.67-22.9920.13069.22-27.23100.00-2.940.0000.00060.06-4.12
2014 (1)18.870-30.2403.510-28.750-28.750-46.600-24.4100.870-22.81095.120103.030-6.0600.00062.640

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