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)24.6014.5310.5110.9339.4120.2411.58-17.6470.548.10-24.7937.761.11-33.9330.591.00-33.7733.330.12-14.29-7.6915.65-12.0342.5312.276.88-9.5194.2469.12-29.555.35-87.92115.8410.10-10.064.34
23Q3 (19)21.48-11.170.427.84-12.89-1.5114.06-23.13-34.0510.77-19.6926.111.68-18.0517.481.51-15.6421.770.147.69-6.6717.79-19.72-29.4311.48-7.42-22.3355.7213.3849.3444.28-12.93-29.3711.23-11.446.75
23Q2 (18)24.182.11-15.259.00-8.54-36.3118.2945.27-16.113.4135.4510.372.0538.51-29.071.7938.76-18.640.130.0-27.7822.1635.12-9.6612.40-31.19-23.649.15-37.0-24.2550.85131.2944.8212.687.015.48
23Q1 (17)23.686.38-22.569.848.25-42.1512.5985.42-45.219.9068.37-43.591.4874.12-62.631.2972.0-56.270.130.0-23.5316.4049.36-35.9618.0232.89-61.4678.01-41.685.2921.99165.1-15.5311.8522.4218.38
22Q4 (16)22.264.07-41.519.0914.2-67.126.79-68.15-74.265.88-31.15-66.870.85-40.56-79.910.75-39.52-78.010.13-13.33-31.5810.98-56.45-61.9913.56-8.25-43.19133.77258.5227.58-33.77-153.88-595.769.68-7.985.68
22Q3 (15)21.39-25.03-53.277.96-43.67-78.0421.32-2.2-42.368.54-29.71-69.371.43-50.52-85.611.24-43.64-84.280.15-16.67-46.4325.212.77-34.3314.78-8.93-38.8837.31-42.49-61.9162.6978.532985.410.52-4.1967.52
22Q2 (14)28.53-6.7-48.4514.13-16.93-69.9221.80-5.13-52.0612.15-30.77-65.912.89-27.02-85.052.20-25.42-84.420.185.88-55.024.53-4.22-47.2116.23-65.29-42.3464.89-12.43-37.235.1134.911155.3410.989.6981.49
22Q1 (13)30.58-19.65-50.2117.01-38.48-65.9222.98-12.89-53.9817.55-1.13-55.023.96-6.38-82.982.95-13.49-82.520.17-10.53-60.4725.61-11.35-49.7446.7695.89-1.7974.10-29.33-25.8626.03636.1645083.5610.019.28-10.22
21Q4 (12)38.06-16.85-33.6827.65-23.7-40.9326.38-28.68-41.5717.75-36.33-49.674.23-57.44-78.013.41-56.78-77.790.19-32.14-56.8228.89-24.75-37.7523.87-1.28-13.7104.857.031.13-4.85-338.93-31.859.1645.86-5.95
21Q3 (11)45.77-17.29-0.2836.24-22.865.936.99-18.6513.2227.88-21.7715.499.94-48.585.197.89-44.127.930.28-30.0-6.6738.39-17.399.9724.18-14.17.4797.97-5.19-6.432.03161.06142.46.283.8-38.55
21Q2 (10)55.34-9.958.9846.98-5.87110.4845.47-8.95112.0835.64-8.66120.4119.33-16.93285.8314.12-16.35259.290.40-6.9866.6746.47-8.8191.0828.15-40.87-23.92103.333.39-0.77-3.33-5876.0719.456.05-45.740
21Q1 (9)61.427.02119.5949.916.62217.2949.9410.61179.9339.0210.63174.7923.2720.95452.7316.889.97382.290.43-2.2772.050.969.8144.8847.6172.13153.3899.94-3.6113.120.06101.56-99.5111.1514.485.29
20Q4 (8)57.3925.03125.3246.8136.79192.0145.1538.2229.0835.2746.11229.0119.24103.6420.015.35109.99404.930.4446.6757.1446.4132.94184.227.6622.9325.61103.68-0.98-11.32-3.6823.1678.239.74-4.725.35
20Q3 (7)45.9031.8698.4434.2253.32152.5532.6752.38120.324.1449.29174.329.4588.62181.257.3186.01174.810.3025.00.034.9143.54102.1422.50-39.19-0.04104.700.5514.57-4.79-15.99-155.6310.22024.94
20Q2 (6)34.8124.4529.522.3241.8941.7121.4420.1822.3716.1713.8717.865.0119.03.093.9312.291.290.24-4.0-14.2924.3216.8720.9337.0096.9119.01104.1317.8715.68-4.13-134.82-140.620.00-100.0-100.0
20Q1 (5)27.979.82-1.9315.73-1.87-15.3417.8430.03-7.914.2032.46-2.814.2113.78-22.183.5015.13-21.70.25-10.71-19.3520.8127.43-4.9818.79-14.67-5.0588.35-24.43-8.0611.86170.15191.3910.5936.2936.29
19Q4 (4)25.4710.120.016.0318.30.013.72-7.480.010.7221.820.03.7010.120.03.0414.290.00.28-6.670.016.33-5.440.022.02-2.180.0116.9127.930.0-16.91-296.340.07.77-5.010.0
19Q3 (3)23.13-13.950.013.55-13.970.014.83-15.350.08.80-35.860.03.36-30.860.02.66-31.440.00.307.140.017.27-14.120.022.51-27.60.091.391.520.08.61-15.30.08.18-8.810.0
19Q2 (2)26.88-5.750.015.75-15.230.017.52-9.550.013.72-6.090.04.86-10.170.03.88-13.20.00.28-9.680.020.11-8.170.031.0957.10.090.02-6.320.010.17149.760.08.9715.440.0
19Q1 (1)28.520.00.018.580.00.019.370.00.014.610.00.05.410.00.04.470.00.00.310.00.021.900.00.019.790.00.096.090.00.04.070.00.07.770.00.0
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)23.44-11.259.36-26.363.7919.2414.17-26.1610.59-10.256.20-27.745.51-23.790.52-14.7518.05-19.4912.27-9.5166.06-0.2634.020.610.06-20.111.4911.12
2022 (9)26.41-49.2612.71-69.853.18139.6519.19-53.9311.80-62.978.58-83.957.23-83.050.61-54.4822.42-47.8613.56-43.1966.23-34.5433.8100.0811.3410.3427.18
2021 (8)52.0515.7242.1525.931.33-35.8841.6527.4531.8726.7753.4647.9242.6547.631.3416.5243.0023.5623.87-13.7101.18-1.23-1.1700.07-13.28.13-19.9
2020 (7)44.9873.0733.47109.582.07-17.2932.6899.5125.14110.236.14107.8228.89102.741.15-3.3634.8083.9327.6625.61102.445.08-2.4400.08-19.2210.1524.24
2019 (6)25.9910.2715.9713.672.5021.6516.386.2311.963.7317.39-15.4214.25-15.081.19-18.4918.928.0522.02-2.097.497.042.51-71.840.10-19.468.1714.11
2018 (5)23.5723.3414.0542.932.06-19.6215.4264.5711.5352.9220.5664.2216.7863.551.467.3517.5146.2822.47-0.7191.08-13.148.9200.1307.16-0.14
2017 (4)19.11-9.229.83-4.192.56-27.659.37-9.477.54-10.6612.528.8710.268.111.3621.4311.97-14.0722.634.38104.855.82-4.9500.0007.17-11.81
2016 (3)21.05-17.0610.26-30.23.54-12.1310.35-35.078.44-31.7211.50-36.259.49-34.911.12-5.0813.93-30.4521.683.0999.097.450.91-88.160.0008.133.44
2015 (2)25.3887.7214.70377.274.02-17.7215.94289.7312.36293.6318.04320.5114.58331.361.1812.3820.03119.6321.03-24.2292.2122.17.72-68.450.0007.8614.08
2014 (1)13.5203.0804.895.134.0903.1404.2903.3801.05-7.089.12-3.3927.75-17.775.52-13.3524.4890.540.0006.891.03

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