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)33.74-3.32-11.1912.73-9.65-30.4416.98-10.11-8.4611.47-16.15-19.343.50-6.67-33.212.22-0.45-31.90.1918.75-13.6420.88-11.97-5.3158.26-14.3723.276.194.13-23.8126.197.381130.9516.78-7.29-1.87
23Q3 (19)34.90-6.78-14.7914.09-30.45-38.3418.89-10.73-25.9813.68-10.06-31.63.75-24.09-60.862.23-25.91-56.270.16-15.79-36.023.72-3.22-17.1268.04-18.26-19.6873.17-24.02-18.724.39558.54143.918.1019.3139.77
23Q2 (18)37.44-6.773.7720.26-7.7444.421.16-2.4923.9615.21-7.824.824.942.92-0.83.01-6.8111.070.190.05.5624.51-3.6212.6483.2459.43-13.8996.30-5.5917.73.70285.19-79.6315.17-7.89-12.36
23Q1 (17)40.165.7147.9221.9620.0148.721.7016.98131.8416.5016.03137.414.80-8.496.723.23-0.92125.870.19-13.64-5.025.4315.3387.452.2110.4-33.73102.002.07.67-2.00-194.0-138.016.47-3.681.17
22Q4 (16)37.99-7.258.5418.30-19.9166.6718.55-27.3126.8814.22-28.922.385.24-45.335.43.26-36.0843.610.22-12.015.7922.05-22.9612.147.29-44.17-36.76100.0011.1135.02.13-78.72-91.7917.1032.057.61
22Q3 (15)40.9613.5365.8322.8562.874108.7725.5249.55004.020.0037.84321.059.5892.37594.25.1088.19537.50.2538.8956.2528.6231.53346.4984.71-12.3713.9690.0010.0190.010.00-45.0-95.012.95-25.19-36.33
22Q2 (14)36.0832.890.2214.0358.89-28.4917.0782.37-20.3814.51108.7811.74.98104.1-26.02.7189.51-24.930.18-10.0-33.3321.7660.35-12.0196.6722.71-2.0681.82-13.64-10.6118.18245.45114.5517.316.3357.36
22Q1 (13)27.15-22.43-14.418.83-19.5884.349.36-35.98111.766.95-40.1965.082.44-36.9582.091.43-37.076.540.205.2611.1113.57-31.0141.6578.785.350.5194.7427.89-17.115.26-79.7136.8416.282.45-15.6
21Q4 (12)35.0041.7-3.910.982026.32-23.814.622824.05.6411.62144.6312.493.87180.43-46.692.27183.75-45.950.1918.75-52.519.67206.867.4374.780.614.5374.07174.07-28.8325.93-87.04735.1915.89-21.88-7.67
21Q3 (11)24.70-31.390-0.57-102.9100.50-97.6704.75-63.4301.38-79.4900.80-77.8400.16-40.7406.41-74.08074.33-24.690-100.00-209.260200.002260.0020.3484.910
21Q2 (10)36.0013.49019.62309.6021.44385.07012.99208.5506.73402.2403.61345.6800.2750.0024.73158.14098.7025.92091.53-19.9208.47159.32011.00-42.980
21Q1 (9)31.72-12.904.79-66.7604.42-68.0604.21-59.2401.34-81.5400.81-80.7100.18-55.009.58-47.68078.389.560114.299.80-14.29-250.0019.2912.090
20Q4 (8)36.420014.410013.840010.33007.26004.20000.400018.310071.5400104.0800-4.080017.2100
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)36.561.1917.313.533.360.0819.697.4214.20-1.6616.85-15.511.30-11.650.78-10.3423.535.9458.2623.288.24-3.1712.3038.570.15-12.7416.575.34
2022 (9)36.1310.8616.7260.923.36-17.8218.3352.6214.4457.9919.9450.9512.7963.140.874.8222.2133.847.29-36.7691.125.758.88-35.820.17-14.615.73-0.38
2021 (8)32.59-12.2510.39-22.464.09-9.2412.01-13.229.14-4.4913.218.377.849.960.8315.2816.60-12.3574.784.5386.17-10.8213.83310.280.20-38.6615.79-14.74
2020 (7)37.14-10.1813.40-10.194.500.5213.8411.979.5726.9212.1924.017.1320.240.72-2.718.947.6171.54-14.3696.63-20.03.3700.33018.520.43
2019 (6)41.3535.014.9251.784.4866.0812.3625.877.54-19.19.8305.9300.74017.6032.4383.5419.19120.7820.78-20.7800.00018.44-3.15
2018 (5)30.6309.8302.7009.8209.3200.0000.0000.00013.29070.090100.0000.0000.00019.040

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