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)27.324.24-2.5712.76-11.0825.2218.2231.3648.9813.1424.4341.593.8512.959.752.8015.2367.660.21-8.716.6722.6025.2129.4440.605.51-13.2570.00-32.55-15.7430.001025.077.2725.9713.65-8.4
23Q3 (19)26.2122.02-8.7714.3579.82-4.7813.873.97-28.8710.5610.0-29.63.4125.83-29.252.4324.62-26.810.2315.04.5518.051.29-24.4138.48-18.46-17.9103.7873.3434.76-3.24-108.08-114.3622.85-3.015.93
23Q2 (18)21.48-9.41-17.327.98-21.76-10.9413.3412.29-0.979.6014.29-1.132.7120.9813.391.9521.1216.070.205.2617.6517.827.22-8.3347.1929.252.759.87-30.24-9.4940.13183.021.3223.56-0.59-10.59
23Q1 (17)23.71-15.4414.5410.200.170.011.88-2.8630.268.40-9.4829.432.24-7.0524.441.61-3.5925.780.195.560.016.62-4.8114.8636.51-21.99-17.2185.823.329.3914.18-16.21-59.1323.70-16.4-0.34
22Q4 (16)28.04-2.439.510.19-32.38197.0812.23-37.28152.699.28-38.13152.862.41-50.0177.011.67-49.7165.080.18-18.1812.517.46-26.8837.2646.80-0.159.1483.087.8715.2416.92-25.05-44.0228.3531.435.63
22Q3 (15)28.7310.5932.8215.0768.19549.5719.5044.77276.4515.0054.48271.294.82101.67391.843.3297.62374.290.2229.4129.4123.8822.84109.1146.872.02.9977.0216.4272.3722.58-31.73-59.1821.57-18.14-21.59
22Q2 (14)25.9825.5113.98.9649.33175.6913.4747.7120.469.7149.61-17.362.3932.78-13.721.6831.25-12.950.17-10.536.2519.4434.3554.6545.954.22.4166.15-0.2623.1833.08-4.66-28.5526.3510.81-0.42
22Q1 (13)20.702.99-14.466.0074.93-14.899.1288.438.196.4976.84-1.521.80106.92.271.28103.174.920.1918.755.5614.4713.761.444.102.85-4.0566.33-8.0-21.3634.6914.76105.6923.78-11.4-11.2
21Q4 (12)20.10-7.07-29.373.4347.84-77.764.84-6.56-69.543.67-9.16-65.890.87-11.22-74.030.63-10.0-72.250.16-5.88-23.8112.7211.38-39.1142.88-5.78-12.972.0961.35-25.8230.23-45.35976.2826.84-2.4424.43
21Q3 (11)21.63-5.1718.392.32-28.62181.45.18-15.222690.04.04-65.62463.960.98-64.62462.960.70-63.73537.50.176.250.011.42-9.1580.745.511.43-8.1244.68-16.8-96.2855.3219.49104.8127.513.973.81
21Q2 (10)22.81-5.74142.143.25-53.9118.836.11-27.52155.2911.7578.3178.542.7757.39235.121.9358.2231.290.16-11.1160.012.57-11.913323.0844.87-2.371.8453.70-36.32-65.8246.30174.47181.0226.46-1.19-30.37
21Q1 (9)24.20-14.972.57.05-54.28-15.268.43-46.95-15.536.59-38.75-3.371.76-47.468.641.22-46.26-2.40.18-14.290.014.27-31.69-9.9745.96-6.6442.8784.34-13.231.6416.87500.48-0.926.7824.1518.86
20Q4 (8)28.4655.775.615.42641.0536.8215.898045.08.8410.761069.37-39.353.351340.74-35.452.271518.75-40.420.2123.530.020.89230.546.0449.23-0.6169.0697.19-91.926.272.81100.24-87.821.57-18.6-17.83
20Q3 (7)18.2793.95-36.43-2.8583.49-118.12-0.2098.19-101.13-1.1192.58-108.01-0.2786.83-105.97-0.1689.12-105.00.1770.0-26.096.321720.51-71.9549.5312.4110.761200.00663.641257.07-1150.00-1912.5-10036.026.50-30.2628.58
20Q2 (6)9.42-60.1-66.35-17.26-307.45-216.31-11.05-210.72-159.86-14.96-319.35-201.7-2.05-226.54-146.38-1.47-217.6-144.010.10-44.44-56.52-0.39-102.46-101.6644.0636.9615.28157.1489.3895.04-57.14-435.71-394.0838.0068.6693.68
20Q1 (5)23.61-12.39-10.38.32-26.18-32.419.98-31.64-33.696.82-61.56-37.891.62-68.79-47.911.25-67.19-48.350.18-14.29-18.1815.85-19.54-21.6132.1710.4719.5582.987.811.5617.02-26.09-6.9522.53-14.173.44
19Q4 (4)26.95-6.230.011.27-28.350.014.60-17.750.017.7427.990.05.1914.820.03.8119.060.00.21-8.70.019.70-12.560.029.12-34.880.076.97-12.960.023.0398.980.026.2527.370.0
19Q3 (3)28.742.680.015.736.00.017.75-3.850.013.86-5.780.04.522.260.03.20-4.190.00.230.00.022.53-4.090.044.7217.010.088.439.750.011.57-40.440.020.615.050.0
19Q2 (2)27.996.340.014.8420.550.018.4622.660.014.7133.970.04.4242.120.03.3438.020.00.234.550.023.4916.170.038.2242.030.080.57-1.390.019.436.220.019.62-9.920.0
19Q1 (1)26.320.00.012.310.00.015.050.00.010.980.00.03.110.00.02.420.00.00.220.00.020.220.00.026.910.00.081.710.00.018.290.00.021.780.00.0
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)24.79-4.5811.4611.263.94-17.0714.414.0410.501.4512.055.988.527.040.805.2618.82-1.0540.60-13.2579.576.9220.43-20.140.5729.1624.02-3.22
2022 (9)25.9816.8710.30152.454.76-23.9313.85123.7510.3559.4811.3778.217.9678.080.7613.4319.0248.8346.809.1474.4213.1225.58-25.230.4440.924.82-7.73
2021 (8)22.232.214.080.746.25-0.936.19-0.966.49124.576.38146.334.47130.410.673.0812.780.5542.88-12.965.791.2934.21-2.390.3143.5226.905.45
2020 (7)21.75-21.024.05-70.226.3127.216.25-62.142.89-79.852.59-84.791.94-85.260.65-29.3512.71-40.8849.2369.0664.95-21.0535.0599.210.22-7.325.5115.8
2019 (6)27.540.1113.608.974.965.316.51-1.0814.3420.6117.0327.3713.1626.660.925.7521.500.3329.12-3.8982.2810.0617.59-30.320.24-3.7122.030.0
2018 (5)27.51-5.9212.48-17.024.7123.5216.69-7.7911.89-6.5313.37-10.0310.39-9.490.87-3.3321.43-2.4130.3010.8774.75-10.0925.2549.770.24022.039.44
2017 (4)29.24-8.3715.04-23.773.8122.4118.10-13.1512.72-17.5114.86-24.4511.48-24.370.90-8.1621.96-8.4627.33-14.8683.14-12.1316.86213.560.00020.133.28
2016 (3)31.910.9219.7310.473.12-0.8720.84-0.2415.42-1.9119.67-5.8915.18-7.830.98-5.7723.99-0.532.1017.6394.6210.65.38-63.080.00019.491.46
2015 (2)31.622.317.869.983.148.0720.8917.3615.7213.3420.905.0316.474.441.04-8.7724.1116.4727.29-1.6985.56-6.1714.5665.230.00019.21-0.77
2014 (1)30.91016.2402.91-5.5517.80013.87019.90015.7701.140.8820.7012.8727.7613.6391.194.978.81-32.870.00019.36-0.77

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