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)35.94-24.97-31.217.42-45.48-47.628.47-64.78-72.3410.73-78.92-72.820.91-80.13-76.90.60-66.29-61.780.030.0-25.044.94-20.36-5.67152.24-21.42-11.51206.0655.1990.21-106.06-223.57-1112.1231.7554.730.35
23Q3 (19)47.90-15.06-21.6731.95-22.04-30.9224.05-36.69-43.0150.9077.2954.434.5887.733.141.7876.2428.060.030.0-25.056.43-5.95-4.53193.752.0210.78132.7822.9921.14-32.78-312.06-241.0920.52-5.130.1
23Q2 (18)56.39-3.33-12.3440.98-3.58-18.1237.991.82-23.2228.71-13.99-29.22.44-13.78-44.161.01-12.93-43.580.030.0-25.060.003.16-8.31189.919.4311.14107.95-5.356.63-7.9543.43-542.7321.63-3.9515.67
23Q1 (17)58.3311.66-9.8642.5027.78-15.0837.3121.85-19.7833.38-15.45-10.02.83-28.17-28.721.16-26.11-30.950.03-25.0-25.058.1622.08-6.57173.550.8813.25114.065.296.16-14.06-60.71-82.3322.52-28.8221.73
22Q4 (16)52.24-14.57-7.8333.26-28.09-13.7730.62-27.44-14.2839.4819.7839.163.9414.5323.511.5712.9511.350.040.0-20.047.64-19.4-6.22172.04-1.648.98108.33-1.160.4-8.758.95-10.7131.6454.3410.09
22Q3 (15)61.15-4.942.8646.25-7.598.5942.20-14.7110.8532.96-18.728.853.44-21.2830.81.39-22.3511.20.040.00.059.11-9.671.98174.902.3626.19109.618.27-1.82-9.61-676.4620.3820.509.636.72
22Q2 (14)64.33-0.599.5550.050.023.7349.486.3938.0240.559.3345.034.3710.0894.221.796.5557.020.040.00.065.445.1214.47170.8711.527.83101.24-5.78-10.26-1.2483.9590.3418.701.08-8.24
22Q1 (13)64.7114.179.450.0529.7621.346.5130.2128.337.0930.7427.853.9724.4578.831.6819.1543.590.04-20.00.062.2522.546.52153.25-2.9329.41107.45-0.42-5.62-7.712.4244.318.50-35.63-8.78
21Q4 (12)56.68-4.666.838.57-9.4420.7635.72-6.1729.3728.37-6.31-36.363.1921.29-9.631.4112.8-22.530.0525.025.050.80-12.351.03157.8713.936.41107.90-3.34-6.53-7.9034.5148.828.7449.615.47
21Q3 (11)59.451.244.7642.595.2912.738.076.197.1830.288.34.232.6316.8924.061.259.658.70.040.033.3357.961.380.64138.603.6927.72111.64-1.044.89-12.075.77-87.6219.21-5.74-7.64
21Q2 (10)58.72-0.733.9840.45-1.967.935.85-1.110.0427.96-3.6220.362.251.3538.891.14-2.5621.280.040.033.3357.17-2.172.51133.6712.8822.79112.81-0.91-1.62-12.817.516.4720.380.49-3.73
21Q1 (9)59.1511.467.2141.2629.1818.2636.2531.2922.0929.01-34.9322.412.22-37.1144.161.17-35.7128.570.040.033.3358.4416.237.13118.422.3217.57113.85-1.38-3.61-13.8510.320.0720.28-25.58-9.79
20Q4 (8)53.07-6.4815.5231.94-15.4834.5427.61-22.2749.444.5853.46176.383.5366.51184.681.8258.26142.670.0433.330.050.28-12.6919.32115.736.6411.08115.448.46-9.98-15.44-139.9645.3327.2531.01-7.38
20Q3 (7)56.750.5-25.1937.790.8-40.2735.529.02-42.2729.0525.05-41.162.1230.86-77.851.1522.34-73.860.030.0-66.6757.593.26-20.64108.52-0.31-11.0106.43-7.183.5-6.4358.05-127.4220.80-1.7544.04
20Q2 (6)56.472.368.7637.497.4524.4332.589.7337.7623.23-1.9851.831.625.1919.120.943.316.050.030.0-25.055.772.2411.27108.868.08-18.29114.67-2.92-9.71-15.3311.4843.2121.17-5.83-10.68
20Q1 (5)55.1720.092.9134.8946.975.9229.6960.669.7623.7046.939.771.5424.19-19.790.9121.33-26.610.03-25.0-40.054.5529.455.57100.72-3.33-17.31118.11-7.9-3.29-17.3238.6521.722.48-23.59-0.71
19Q4 (4)45.94-39.440.023.74-62.480.018.48-69.970.016.13-67.330.01.24-87.040.00.75-82.950.00.04-55.560.042.14-41.930.0104.19-14.550.0128.2424.710.0-28.24-898.20.029.42103.740.0
19Q3 (3)75.8646.110.063.27109.990.061.53160.170.049.37222.680.09.57603.680.04.40443.210.00.09125.00.072.5744.790.0121.93-8.470.0102.83-19.030.0-2.8389.520.014.44-39.070.0
19Q2 (2)51.92-3.150.030.13-8.530.023.65-12.570.015.30-29.130.01.36-29.170.00.81-34.680.00.04-20.00.050.12-3.00.0133.229.380.0127.003.990.0-27.00-22.040.023.704.680.0
19Q1 (1)53.610.00.032.940.00.027.050.00.021.590.00.01.920.00.01.240.00.00.050.00.051.670.00.0121.800.00.0122.120.00.0-22.120.00.022.640.00.0
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)49.18-18.9532.70-27.3320.3266.626.33-37.7730.68-18.279.93-36.434.56-28.640.12-25.054.61-6.98152.24-11.51124.1516.73-24.1500.06-19.524.279.03
2022 (9)60.684.0345.0011.0312.20-15.9742.3116.1437.5429.9915.6253.296.3932.570.166.6758.715.56172.048.98106.36-4.44-6.3600.0745.8522.26-2.24
2021 (8)58.335.540.5314.4314.52-17.1136.4316.528.88-6.3310.1917.134.822.340.1515.3855.622.19157.8736.41111.29-1.88-11.2900.051.422.77-1.39
2020 (7)55.29-9.8235.42-18.7617.5126.8431.27-20.8630.83-1.388.70-31.444.71-38.830.13-40.9154.43-6.86115.7311.08113.422.78-13.2600.05-10.6323.0911.65
2019 (6)61.3119.7243.6062.4413.8111.1239.5166.2931.2688.212.69102.727.7075.40.22-8.3358.4449.88104.1981.93110.36-2.23-10.3600.0590.4320.68-14.72
2018 (5)51.217.1626.8423.7412.43-10.9723.7621.4716.61-26.736.26-21.164.39-18.10.2414.2938.995.1257.27-1.65112.871.65-12.8700.03024.25-1.7
2017 (4)47.792.0521.696.9513.96-9.4119.5612.7422.6730.747.9436.665.3637.440.2110.5337.09-0.5958.23-15.55111.03-5.06-10.6900.00024.67-2.57
2016 (3)46.831.9820.286.0115.41-1.4817.359.6717.349.615.818.63.9010.480.195.5637.311.868.95-17.86116.96-3.34-16.9600.00025.32-1.13
2015 (2)45.92-10.719.13-24.2415.6415.215.82-29.9415.82-27.865.35-32.963.53-27.220.18-5.2636.65-11.3783.94-7.94121.008.01-21.0000.00025.613.47
2014 (1)51.42025.25013.58-7.0122.58021.9307.9804.8500.190.041.353.8991.18-4.13112.03-5.79-11.6800.00024.75-1.08

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