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)47.061.491.4929.32-0.030.0329.62-9.475.5223.10-9.917.844.04-16.5315.762.98-13.8715.950.130.08.3338.73-6.472.2436.28-11.4-9.8498.9410.36-5.211.01-90.24122.7723.546.76-2.93
23Q3 (19)46.371.670.1329.33-3.334.6832.7221.4110.3225.6420.3812.014.848.7629.413.4610.1927.210.13-7.148.3341.4118.355.2940.95-8.318.3989.66-20.39-5.1310.34182.2988.2722.056.47-14.27
23Q2 (18)45.610.44-2.1530.342.4-0.0326.95-10.82-6.0621.30-9.36-3.974.455.45-0.453.143.63-3.680.147.690.034.99-11.06-4.444.660.774.93112.6214.876.45-12.57-739.82-117.0320.71-12.76-12.13
23Q1 (17)45.41-2.075.2629.631.096.5130.227.66-10.2223.509.71-8.844.2220.92-11.533.0317.9-15.130.138.33-7.1439.343.85-6.0444.3210.1423.0498.04-6.0818.611.96144.3-88.6723.74-2.1-3.18
22Q4 (16)46.370.13-1.8629.314.6-6.1528.07-5.36-21.5721.42-6.42-23.063.49-6.68-34.152.57-5.51-26.360.120.00.037.88-3.69-14.7840.246.5112.91104.3810.4519.62-4.43-180.71-134.6724.25-5.72-9.18
22Q3 (15)46.31-0.64-5.8928.02-7.68-7.9829.663.38-5.0322.893.2-4.73.74-16.33-42.642.72-16.56-25.480.12-14.29-20.039.337.461.8937.78-11.23-53.6994.51-10.67-3.075.49194.86119.8625.729.12-3.05
22Q2 (14)46.618.04-5.1130.359.09-11.4628.69-14.77-13.1922.18-13.96-12.714.47-6.29-42.913.26-8.68-22.750.140.0-12.536.60-12.59-7.8542.5618.16-50.25105.7927.991.98-5.79-133.39-54.7723.57-3.8714.36
22Q1 (13)43.14-8.7-11.027.82-10.92-16.3833.66-5.954.3725.78-7.45.74.77-10.0-26.623.572.291.130.1416.670.041.87-5.84.736.021.07-61.4682.66-5.27-19.8617.3435.6644.1924.52-8.1610.85
21Q4 (12)47.25-3.98-6.0631.232.56-2.6535.7914.6-5.8227.8415.9-5.145.30-18.71-28.183.49-4.38-12.750.12-20.0-7.6944.4515.16-4.135.64-56.31-57.6887.26-10.513.3612.79411.87-17.8826.700.6412.9
21Q3 (11)49.210.18-3.1730.45-11.17-6.831.23-5.51-17.2924.02-5.47-18.636.52-16.73-17.683.65-13.51-7.590.15-6.2515.3838.60-2.82-16.6381.58-4.64-12.9997.50-6.0212.652.50166.78-81.4826.5328.7215.25
21Q2 (10)49.121.34-3.4834.283.04-0.4133.052.480.8925.414.182.967.8320.469.664.2219.5524.480.1614.2923.0839.72-0.68-3.5785.55-8.46-29.06103.740.59-1.28-3.74-17.4126.5120.61-6.830
21Q1 (9)48.47-3.6411.4333.273.7151.6432.25-15.1376.9124.39-16.990.46.50-11.92194.123.53-11.75199.150.147.6975.039.99-13.7221.5193.4610.98-20.95103.1322.16-14.43-3.19-120.4684.3422.12-6.47-13.56
20Q4 (8)50.30-1.025.8732.08-1.8122.4938.000.6442.4829.35-0.5844.877.38-6.8258.714.001.2776.990.130.030.046.350.1123.2784.21-10.19-29.6284.42-2.46-14.0815.5815.42749.6823.652.74-2.35
20Q3 (7)50.82-0.1410.7732.67-5.0831.4737.7615.26135.4129.5219.61171.327.9210.92219.353.9516.52206.20.130.030.046.3012.4171.9393.76-22.26-24.0186.56-17.64-44.1713.50365.06124.5923.020-4.28
20Q2 (6)50.8916.997.2934.4256.8827.7232.7679.735.8224.6892.6640.637.14223.0866.053.39187.2954.790.1362.58.3341.1925.1623.03120.602.01.49105.09-12.8-5.98-5.0974.9856.740.00-100.0-100.0
20Q1 (5)43.50-8.44-5.0421.94-16.23-3.7318.23-31.65-31.8512.81-36.77-36.932.21-52.47-43.191.18-47.79-42.720.08-20.0-11.1132.91-12.47-14.39118.23-1.1913.36120.5222.6641.5-20.35-1209.97-237.2725.595.66-9.93
19Q4 (4)47.513.550.026.195.390.026.6766.270.020.2686.210.04.6587.50.02.2675.190.00.100.00.037.6039.620.0119.65-3.030.098.26-36.620.01.83103.340.024.220.710.0
19Q3 (3)45.88-3.270.024.85-7.790.016.04-33.50.010.88-38.010.02.48-42.330.01.29-41.10.00.10-16.670.026.93-19.560.0123.393.840.0155.0438.710.0-54.88-366.290.024.051.520.0
19Q2 (2)47.433.540.026.9518.250.024.12-9.830.017.55-13.590.04.3010.540.02.196.310.00.1233.330.033.48-12.90.0118.8313.930.0111.7731.220.0-11.77-179.410.023.69-16.610.0
19Q1 (1)45.810.00.022.790.00.026.750.00.020.310.00.03.890.00.02.060.00.00.090.00.038.440.00.0104.300.00.085.180.00.014.820.00.028.410.00.0
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)46.121.1229.672.568.04-2.2329.83-0.623.351.2617.095.312.635.340.533.9238.55-0.836.28-9.8499.463.170.54-84.980.06-19.7122.45-8.26
2022 (9)45.61-6.0928.93-10.578.2222.0930.01-9.0923.06-9.0716.23-27.3811.99-18.990.51-10.5338.86-4.1940.2412.9196.41-1.623.5979.230.08-31.1524.472.38
2021 (8)48.57-1.8632.353.626.73-16.033.01-0.5725.360.022.35-6.1714.8019.160.5721.2840.56-4.9435.64-57.6898.004.222.00-66.380.11-24.6923.902.71
2020 (7)49.495.9531.2223.28.01-6.9433.2042.5525.3647.8723.8254.1712.4256.820.4711.942.6725.7684.21-29.6294.02-13.585.9600.14-3.5623.27-6.62
2019 (6)46.71-3.2725.34-4.958.6124.6423.29-4.5917.15-5.7715.45-10.027.92-16.10.42-14.2933.933.26119.6514.14108.81-0.4-8.8100.15-31.6624.92-3.75
2018 (5)48.29-7.0626.66-11.696.9115.7424.41-23.1418.20-24.3217.17-30.499.44-28.810.49-7.5532.86-15.89104.8329.28109.2414.94-9.2400.22025.89-5.3
2017 (4)51.961.5430.1917.885.97-15.5631.7618.4624.0525.9824.7028.8513.2637.270.5310.4239.0710.4981.09-28.5995.04-0.484.9610.310.00027.340.51
2016 (3)51.17-0.7925.618.77.07-1.4326.8128.2219.0922.1419.1742.639.6634.730.489.0935.3620.81113.567.095.51-15.234.4900.00027.20-1.98
2015 (2)51.58-6.1223.56-17.367.1711.320.91-26.6615.63-26.6913.44-28.137.17-34.940.44-12.029.27-18.49106.1320.22112.6612.66-12.6600.00027.759.55
2014 (1)54.94028.5106.4411.2228.51021.32018.70011.0200.50-15.2535.91-8.0288.2845.87100.007.840.0000.00025.337.56

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