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)45.642.58-0.3515.16-2.19-6.5915.08-0.72-6.0412.06-0.74-5.5611.37-15.78-0.522.83-4.39-1.050.22-4.354.7627.362.55-4.07307.18-9.491.81100.47-1.63-0.61-0.4776.7156.8614.487.748.38
23Q3 (19)44.497.493.3715.5037.292.5815.1936.112.9112.1535.02.8813.5030.8111.022.9648.08.820.239.524.5526.6812.1-0.78339.39-19.040.99102.130.93-0.19-2.02-69.9913.0213.44-3.4511.35
23Q2 (18)41.39-7.492.6311.29-28.3233.9311.16-28.1437.19.00-27.5437.210.32-18.7484.952.00-28.3253.850.210.016.6723.80-15.064.57419.22-13.493.1101.19-0.27-2.38-1.1918.5967.4513.926.342.13
23Q1 (17)44.74-2.313.9315.75-2.9614.3815.53-3.2415.912.42-2.7415.9712.7011.1131.742.79-2.4529.770.210.010.5328.02-1.754.32484.5860.6135.74101.460.36-1.35-1.46-33.8248.8213.09-2.022.03
22Q4 (16)45.806.413.616.237.4110.5616.058.7410.0112.778.139.4311.43-6.0-2.892.865.1518.670.21-4.555.028.526.062.85301.71-10.22-24.92101.09-1.20.37-1.0953.03-88.7313.3610.692.22
22Q3 (15)43.046.72-1.0615.1179.2424.4614.7681.3325.8311.8180.0325.9112.16117.9228.132.72109.2354.550.2222.2229.4126.8918.152.2336.07-17.35-22.41102.32-1.28-1.08-2.3236.432.5112.07-11.45-7.86
22Q2 (14)40.33-6.32-6.278.43-38.78-6.338.14-39.25-13.226.56-38.75-12.535.58-42.12-26.481.30-39.530.00.18-5.2612.522.76-15.26-9.97406.6213.9-24.37103.650.788.21-3.65-28.01-192.8613.636.24-4.82
22Q1 (13)43.05-2.62-3.3213.77-6.2-16.0413.40-8.16-16.5610.71-8.23-16.599.64-18.1-32.962.15-10.79-20.660.19-5.0-5.026.86-3.14-5.85357.00-11.16-35.74102.852.110.6-2.85-393.5-35.1412.83-1.841.66
21Q4 (12)44.211.632.7414.6820.92-1.9414.5924.380.5511.6724.410.5211.7724.031.292.4136.93-1.630.2017.650.027.735.42.86401.84-7.225.73100.72-2.63-2.37-0.5883.281.7513.07-0.236.0
21Q3 (11)43.501.09-2.8812.1434.89-34.0211.7325.05-34.949.3825.07-34.959.4925.03-45.371.7635.38-46.50.176.25-22.7326.314.07-10.81433.12-19.442.62103.447.991.43-3.44-187.51-73.8913.10-8.528.35
21Q2 (10)43.03-3.372.779.00-45.12-22.619.38-41.59-20.787.50-41.59-25.897.59-47.22-35.021.30-52.03-35.960.16-20.0-15.7925.28-11.391.12537.63-3.2211.795.79-6.31-2.333.93286.31129.5614.3213.474.75
21Q1 (9)44.533.494.1616.409.5510.7416.0610.6810.9112.8410.5910.8814.3823.7510.72.7110.615.450.200.0-4.7628.535.828.98555.5446.172.11102.24-0.9-0.02-2.1133.366.8212.622.35-6.93
20Q4 (8)43.03-3.93-3.814.97-18.64-7.1314.51-19.52-7.9911.61-19.49-8.011.62-33.1-5.222.45-25.53-11.230.20-9.09-4.7626.96-8.61-3.4380.06-9.959.46103.171.170.94-3.17-60.05-43.4412.331.9921.0
20Q3 (7)44.796.974.2818.4058.2118.4818.0352.2819.2514.4242.4919.2717.3748.7225.963.2962.0717.50.2215.790.029.5018.011.07422.06-12.319.87101.983.98-0.71-1.98-215.5327.0112.09-11.5623.49
20Q2 (6)41.87-2.06-0.7811.63-21.47-18.2111.84-18.23-14.5710.12-12.61-8.7511.68-10.088.552.03-21.01-17.140.19-9.52-9.5225.00-4.51-3.03481.31-11.536.6998.07-4.1-4.451.71175.62164.8513.670.8140.06
20Q1 (5)42.75-4.43-0.4914.81-8.13-5.1914.48-8.18-3.2111.58-8.24-3.2612.995.9522.552.57-6.88-28.810.210.0-27.5926.18-6.2-2.06544.0456.6984.28102.270.06-2.05-2.27-2.5948.5313.5633.0738.65
19Q4 (4)44.734.140.016.123.80.015.774.30.012.624.380.012.26-11.090.02.76-1.430.00.21-4.550.027.915.080.0347.20-9.620.0102.21-0.490.0-2.2118.560.010.194.090.0
19Q3 (3)42.951.780.015.539.210.015.129.090.012.099.020.013.7928.160.02.8014.290.00.224.760.026.563.030.0384.15-14.850.0102.710.070.0-2.71-2.640.09.790.310.0
19Q2 (2)42.20-1.770.014.22-8.960.013.86-7.350.011.09-7.350.010.761.510.02.45-32.130.00.21-27.590.025.78-3.550.0451.1452.810.0102.64-1.690.0-2.6439.980.09.76-0.20.0
19Q1 (1)42.960.00.015.620.00.014.960.00.011.970.00.010.600.00.03.610.00.00.290.00.026.730.00.0295.230.00.0104.400.00.0-4.400.00.09.780.00.0
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)44.102.1814.466.4811.45-6.6614.287.4511.447.7240.788.9810.6119.350.8811.3926.490.42307.181.81101.27-0.95-1.3000.00013.746.18
2022 (9)43.16-1.6213.582.1112.27-5.8113.290.9110.620.8537.42-0.218.899.210.798.2226.38-2.55301.71-24.92102.241.23-2.2400.00012.94-2.19
2021 (8)43.871.613.30-11.9813.0314.213.17-11.3710.53-12.4737.50-18.098.14-21.350.73-10.9827.070.19401.845.73101.00-0.68-1.0000.00013.232.88
2020 (7)43.18-0.1215.11-1.8211.412.8114.86-0.5412.030.6745.782.6510.35-26.230.82-26.7927.021.01380.069.46101.69-1.24-1.6900.00012.860.31
2019 (6)43.23-1.315.393.3611.10210.7214.94-1.3211.95-1.5744.600.4714.03-34.471.12-36.026.7542.06347.20214.81102.974.74-2.9700.00012.82-2.51
2018 (5)43.802.2914.8914.713.576.215.1416.5512.1412.6244.395.2121.414.181.75-7.8918.8314.61110.292.6798.31-1.631.692808.020.00013.1527.92
2017 (4)42.824.1612.9818.543.367.6912.9914.4510.7814.5642.196.0820.555.981.90-7.3216.4313.0107.421.7599.943.540.06-98.330.00010.28-8.54
2016 (3)41.110.3710.953.693.12-4.6311.355.589.415.6139.777.3119.396.892.051.4914.543.19105.57-1.4996.52-1.773.4899.650.00011.24-4.01
2015 (2)40.961.1910.568.23.271.0910.755.198.915.6937.066.118.143.542.02-1.9414.094.06107.173.4498.262.871.74-61.170.00011.71-15.76
2014 (1)40.4809.7603.24-1.3310.2208.43034.93017.5202.063.013.547.04103.615.9395.527.844.48-61.270.00013.901.02

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