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)33.771.357.3810.55-19.1-3.6511.09-14.821.198.24-13.637.012.81-25.46-9.061.91-21.4-3.540.23-8.0-8.015.36-8.91.2544.92-11.68-27.9895.08-4.92-4.924.920018.605.989.86
23Q3 (19)33.327.6214.4613.0453.9636.9713.025.019.789.54-19.90.743.77-23.84-3.082.43-19.86.580.250.08.716.863.569.7750.86-20.06-13.77100.0045.7114.780.00-100.0-100.017.55-4.624.65
23Q2 (18)30.961.6712.588.47-1.854.4412.4039.3330.9411.9183.2326.174.9595.652.483.0391.7726.780.254.170.016.2824.5623.4363.62-6.33-33.2268.63-29.33-19.7431.37987.58116.4718.403.212.2
23Q1 (17)30.45-3.1817.398.63-21.19-8.08.90-18.8-6.226.50-15.58-6.742.53-18.12-38.141.58-20.2-20.60.24-4.0-14.2913.07-13.844.0667.928.9-42.8897.12-2.88-1.682.880135.117.835.3234.57
22Q4 (16)31.458.0429.9610.9515.0258.4710.960.8371.257.70-18.6922.223.09-20.57-23.131.98-13.161.020.258.7-16.6715.17-1.2466.5262.375.75-39.45100.0014.78-7.630.00-100.0100.016.930.9528.55
22Q3 (15)29.115.85-3.869.5217.39-33.710.8714.78-25.59.470.32-14.763.89-19.46-52.212.28-4.6-38.870.23-8.0-30.315.3616.45-9.1158.98-38.09-49.787.121.89-11.412.12-16.36624.8516.772.2623.76
22Q2 (14)27.506.01-18.598.11-13.54-57.239.47-0.21-47.659.4435.44-30.994.8318.09-55.522.3920.1-54.730.25-10.71-34.2113.195.02-34.9395.27-19.87-23.4585.51-13.43-18.3414.491081.16407.5716.4023.7742.61
22Q1 (13)25.947.19-21.429.3835.75-39.799.4948.28-37.936.9710.63-41.584.091.74-45.831.991.53-51.460.28-6.67-17.6512.5637.87-30.49118.9015.4432.3898.77-8.77-3.191.23114.85160.3713.250.61-8.81
21Q4 (12)24.20-20.08-15.716.91-51.88-30.556.40-56.13-10.996.30-43.293.284.02-50.6130.11.96-47.4512.00.30-9.097.149.11-46.09-18.08103.00-12.1625.93108.2610.11-21.51-8.26-594.2178.2113.17-2.8-3.37
21Q3 (11)30.28-10.362.3314.36-24.2618.9714.59-19.3566.1711.11-18.7961.488.14-25.05130.593.73-29.3697.350.33-13.1622.2216.90-16.6333.49117.26-5.7837.2798.33-6.1-28.041.67135.49104.4413.5517.83-7.51
21Q2 (10)33.782.3313.7818.9621.6968.9818.0918.3160.3713.6814.6736.5310.8643.84118.955.2828.7894.120.3811.7640.7420.2712.1736.5124.4638.5730.53104.712.634.71-4.71-131.83-703.1411.50-20.85-22.56
21Q1 (9)33.0114.9810.5915.5856.5843.0715.29112.6632.1511.9395.5749.697.55144.3469.284.10134.2960.160.3421.436.2518.0762.523.6889.829.8218.57102.03-26.038.32-2.0394.64-135.014.536.66.06
20Q4 (8)28.71-2.97-0.939.95-17.56-15.177.19-18.11-28.676.10-11.34-18.993.09-12.46-34.121.75-7.41-34.210.283.7-17.6511.12-12.16-14.481.79-4.253.61137.930.9518.34-37.93-0.82-129.1713.63-6.96-1.73
20Q3 (7)29.59-0.340.3412.077.580.258.78-22.16-37.296.88-31.34-35.823.53-28.83-48.771.89-30.51-50.520.270.0-22.8612.66-14.75-25.1885.42-10.412.94136.6336.6358.75-37.62-4915.84-370.0814.65-1.35-1.41
20Q2 (6)29.69-0.545.711.223.035.3511.28-2.51-10.6210.0225.72-5.564.9611.21-27.272.726.25-20.930.27-15.62-15.6214.851.64-6.6695.3525.8711.6100.006.1618.570.78-86.55-95.0114.858.3911.65
20Q1 (5)29.853.016.2410.89-7.16-1.811.5714.7860.037.975.8444.124.46-4.916.452.56-3.7637.630.32-5.886.6714.6112.4729.9875.75-4.04-37.9894.19-19.18-38.775.81135.08110.7813.70-1.2315.91
19Q4 (4)28.98-1.730.011.73-2.570.010.08-28.00.07.53-29.760.04.69-31.930.02.66-30.370.00.34-2.860.012.99-23.230.078.94-4.870.0116.5535.420.0-16.55-218.820.013.87-6.660.0
19Q3 (3)29.494.980.012.0413.050.014.0010.940.010.721.040.06.891.030.03.8211.050.00.359.370.016.926.350.082.98-2.880.086.072.050.013.93-11.060.014.8611.730.0
19Q2 (2)28.099.380.010.65-3.970.012.6274.550.010.6191.860.06.8278.070.03.4484.950.00.326.670.015.9141.550.085.44-30.050.084.34-45.180.015.66129.090.013.3012.520.0
19Q1 (1)25.680.00.011.090.00.07.230.00.05.530.00.03.830.00.01.860.00.00.300.00.011.240.00.0122.140.00.0153.850.00.0-53.850.00.011.820.00.0
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)32.1013.7110.187.953.809.8711.3912.669.119.6313.68-9.889.055.970.98-2.015.4210.9444.92-27.9889.44-4.1310.5657.51.653.6618.0915.74
2022 (9)28.23-6.899.43-32.833.4649.7110.11-26.048.31-23.0615.18-49.538.54-45.711.00-30.5613.90-13.9362.37-39.4593.30-9.136.7001.5931.5115.6319.31
2021 (8)30.322.8814.0427.522.31-31.5913.6740.2110.8039.7230.0893.8115.7379.361.4429.7316.1521.16103.0025.93102.67-9.1-2.6701.21-16.913.10-7.62
2020 (7)29.474.7611.01-3.423.3720.289.75-11.847.73-10.6415.52-32.298.77-24.071.11-13.9513.33-6.7881.793.61112.959.5-12.9501.46-10.9114.184.88
2019 (6)28.1313.1511.4026.672.816.9811.0619.78.6515.4922.92-17.8511.553.871.292.3814.305.6178.94-44.52103.155.9-3.1501.64-3.1913.523.21
2018 (5)24.86-1.359.00-13.042.62-24.339.2432.07.4924.6327.90-18.0111.1230.821.2611.513.549.64142.28-48.4597.40-34.252.6001.69013.102.02
2017 (4)25.2039.7710.35-0.673.47-8.917.00-39.556.01-34.634.03-64.978.50-22.871.139.7112.35-28.41275.99-56.9148.1364.38-47.8400.00012.84-4.82
2016 (3)18.0312.210.42555.353.8111.6211.5809.19097.14011.022148.981.030.9817.25246.39640.28-60.2790.11010.08-97.530.00013.492.51
2015 (2)16.077.711.59-22.063.418.48-0.500-1.130-14.3600.4901.0204.988.51611.4682.18-313.040408.70-30.670.00013.16-3.45
2014 (1)14.9202.0403.140-0.410-0.8600.0000.0000.0004.590884.530-489.470589.4700.00013.630

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