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)28.453.34-8.1710.37-14.16-27.8910.16-14.55-23.037.41-19.63-31.522.05-30.27-45.481.32-26.67-35.610.17-10.53-5.5618.11-4.53-9.6862.93-7.78-27.99101.920.46-6.23-1.92-31.7377.8818.4910.989.99
23Q3 (19)27.5312.28-4.5112.0838.37-22.0611.8925.29-32.759.22-5.05-32.062.94-6.96-49.661.80-2.7-38.980.195.56-9.5218.9711.59-18.0968.24-8.21-31.53101.469.5815.56-1.46-117.52-111.9616.66-2.422.14
23Q2 (18)24.52-20.18-10.748.73-46.38-32.229.49-38.22-29.79.71-14.75-10.013.16-18.77-32.331.85-15.53-19.570.180.0-14.2917.00-24.48-10.3874.34-15.43-32.4792.59-12.6-2.78.33240.1572.2217.077.4326.73
23Q1 (17)30.72-0.8427.5716.2813.2144.3315.3616.3629.411.395.2731.373.893.46-1.522.196.8310.050.180.0-18.1822.5112.2732.4187.900.58-21.04105.95-2.5311.87-5.9531.62-226.3515.89-5.4722.99
22Q4 (16)30.987.4615.2114.38-7.2365.4813.20-25.3447.6510.82-20.2753.043.76-35.6235.742.05-30.5140.410.18-14.29-10.020.05-13.4331.387.39-12.32-11.74108.7023.8111.8-8.70-171.25-413.0416.8123.2410.96
22Q3 (15)28.834.959.2515.5020.3453.6217.6830.9663.713.5725.7675.555.8425.0595.322.9528.2689.10.210.010.5323.1622.0933.1899.67-9.46-0.5987.80-7.74-6.1512.20152.2389.1713.641.26-10.73
22Q2 (14)27.4714.08-5.2412.8814.18-0.2313.5013.739.1410.7924.457.264.6718.2311.192.3015.587.980.21-4.550.018.9711.591.77110.09-1.111.295.160.48-8.524.842.82220.1613.474.26-5.61
22Q1 (13)24.08-10.45-16.9911.2829.8-29.8511.8732.77-23.868.6722.63-24.083.9542.6-15.781.9936.3-16.030.2210.010.017.0011.33-22.76111.3212.433.294.71-2.59-7.814.7169.41243.5312.92-14.72-6.17
21Q4 (12)26.891.89-4.888.69-13.8823.268.94-17.2227.177.07-8.5416.672.77-7.3642.051.46-6.4140.380.205.2625.015.27-12.192.999.01-1.25-1.0797.223.93-2.782.78-56.94015.15-0.85-15.97
21Q3 (11)26.39-8.97-9.2510.09-21.84-15.6410.80-12.69-6.577.73-23.16-1.42.99-28.8117.721.56-26.7619.080.19-9.5218.7517.39-6.71-10.41100.261.27-0.7393.55-10.07-9.986.45260.22264.5215.287.08-6.66
21Q2 (10)28.99-0.071.2212.91-19.7111.3912.37-20.657.2910.06-11.9115.94.20-10.4542.862.13-10.1346.90.215.031.2518.64-15.310.4399.00-8.22-10.89104.031.263.04-4.03-22.82-318.7914.273.630
21Q1 (9)29.012.625.6816.08128.0932.1315.59121.7629.1611.4288.4524.954.69140.5156.862.37127.8858.00.2025.033.3322.0148.3214.81107.877.78-5.99102.732.731.78-3.280-250.8213.77-23.63-10.64
20Q4 (8)28.27-2.7912.97.05-41.056.177.03-39.1926.676.06-22.73.951.95-23.23-2.011.04-20.61-1.890.160.00.014.84-23.5421.04100.08-0.91-9.05100.00-3.77-16.130.00100.0100.018.0310.1410.61
20Q3 (7)29.081.5417.6411.963.1946.5711.560.2644.687.84-9.6844.652.54-13.6128.931.31-9.6623.580.160.0-11.1119.414.5836.59101.00-9.09-3.65103.922.932.64-3.92-307.84-56.8616.37011.28
20Q2 (6)28.644.3411.6111.59-4.7721.3611.53-4.4720.618.68-5.0320.722.94-1.6718.071.45-3.335.070.166.67-11.1118.56-3.1814.36111.10-3.177.7100.960.030.96-0.96-2.8800.00-100.0-100.0
20Q1 (5)27.459.6223.8212.1783.2891.9612.07117.48107.039.1456.78115.572.9950.25130.01.5041.5187.50.15-6.25-6.2519.1756.3642.74114.744.2725.55100.93-15.35-6.54-0.9395.1488.3215.41-5.46-5.11
19Q4 (4)25.041.290.06.64-18.630.05.55-30.540.05.837.560.01.991.020.01.060.00.00.16-11.110.012.26-13.720.0110.044.970.0119.2317.760.0-19.23-669.230.016.3010.810.0
19Q3 (3)24.72-3.660.08.16-14.550.07.99-16.420.05.42-24.620.01.97-20.880.01.06-23.190.00.180.00.014.21-12.450.0104.831.620.0101.251.250.0-2.5000.014.71-3.160.0
19Q2 (2)25.6615.740.09.5550.630.09.5663.980.07.1969.580.02.4991.540.01.3872.50.00.1812.50.016.2320.850.0103.1612.880.0100.00-7.410.00.00100.00.015.19-6.470.0
19Q1 (1)22.170.00.06.340.00.05.830.00.04.240.00.01.300.00.00.800.00.00.160.00.013.430.00.091.390.00.0108.000.00.0-8.000.00.016.240.00.0
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)27.830.411.96-11.346.5532.411.82-16.239.51-13.3911.79-34.067.13-26.040.71-15.4819.22-2.8362.93-27.99101.315.99-1.3100.00016.9820.34
2022 (9)27.72-0.413.4913.084.95-10.0614.1118.4710.9821.0617.8825.569.6430.450.846.3319.788.0387.39-11.7495.58-4.594.4200.00014.11-3.49
2021 (8)27.83-1.8711.9311.815.50-16.0311.9113.119.0714.5214.2441.137.3941.30.7927.4218.311.8999.01-1.07100.18-1.13-0.1800.00014.62-11.71
2020 (7)28.3615.9410.6738.216.5513.0910.5344.447.9238.710.0929.195.2320.790.62-8.8217.9727.81100.08-9.05101.32-4.29-1.3200.00016.566.29
2019 (6)24.4612.17.7231.295.79-7.687.2917.25.7116.777.8124.564.3316.710.680.014.064.61110.0420.34105.8611.57-5.8600.00015.583.73
2018 (5)21.823.515.8815.986.27-10.86.2286.234.89118.36.27127.173.7189.290.687.9413.4415.4691.444.8994.88-37.925.5800.00015.020.6
2017 (4)21.08-9.225.07-14.657.03-17.313.34-29.242.24-26.072.76-23.551.96-20.650.635.011.64-23.2787.18-18.59152.8320.92-51.8900.00014.93-5.33
2016 (3)23.22-2.65.94-17.58.50-1.584.72-34.93.03-40.593.61-39.632.47-30.810.600.015.17-15.01107.0920.18126.3927.51-25.6900.00015.772.74
2015 (2)23.8420.47.20107.498.641.657.25101.955.10139.445.98123.133.5789.890.600.017.8528.1489.11-13.9399.122.570.88-73.90.00015.3511.39
2014 (1)19.8003.4708.5015.033.5902.1302.6801.8800.60-7.6913.93-7.87103.53-7.9596.6424.253.36-84.870.00013.785.27

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