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)51.91-7.145.3417.70-14.6240.0317.98-10.6840.5816.354.4157.214.05-2.6462.652.570.063.690.160.06.6727.54-5.3922.9559.893.33-3.57100.00-2.274.172.70216.22027.86-8.11-7.6
23Q3 (19)55.906.973.7520.7380.736.820.1359.130.0515.6653.83-2.734.1680.090.732.5783.573.210.1623.086.6729.1122.0-1.8257.96-16.7-6.09102.3312.564.95-2.33-125.58-193.0230.32-10.562.23
23Q2 (18)52.265.437.5311.47-7.8730.1912.65-6.9938.7110.18-6.3539.842.31-0.4359.311.40-2.7852.170.130.08.3323.86-4.5612.0769.583.57-7.1990.91-0.43-9.099.094.55033.904.62.98
23Q1 (17)49.570.593.1812.45-1.55.0613.606.337.9410.874.526.152.32-6.8316.01.44-8.286.670.13-13.330.025.0011.612.6367.188.1628.8291.30-4.89-3.898.70073.9132.417.51.63
22Q4 (16)49.28-8.540.7812.64-34.88-17.3312.79-36.4341.6410.40-35.489.092.49-39.7199.21.57-36.9586.90.150.00.022.40-24.4514.5862.110.6315.4596.00-1.54-43.110.00-100.0100.030.151.6518.0
22Q3 (15)53.8810.8610.319.41120.3245.2820.12120.6121.8716.10121.1520.424.13184.8334.972.49170.6532.450.1525.07.1429.6539.275.2961.72-17.6713.5697.50-2.522.932.500-85.529.66-9.90.14
22Q2 (14)48.601.172.648.81-25.6569.429.12-27.6227.917.28-28.9127.941.45-27.530.630.92-31.8529.580.12-7.690.021.29-12.65.0874.9743.76-2.09100.005.2637.50.00-100.0-100.032.923.23-1.5
22Q1 (13)48.04-1.76-0.8511.85-22.5-2.2312.6039.536.6910.2486.188.132.0060.010.51.3560.7110.660.13-13.338.3324.3624.6-2.5652.15-3.070.3595.00-43.7-10.05.00107.27031.8924.811.98
21Q4 (12)48.900.1-3.4415.2914.4540.799.03-45.31-19.165.50-58.8613.171.25-59.1517.920.84-55.3215.070.157.147.1419.55-30.58-13.9953.80-1.01-3.43168.75112.7777.63-68.75-498.75-1475.025.55-13.74-23.43
21Q3 (11)48.853.17-5.7113.36156.92-5.1816.51131.56-12.6913.37134.97-20.233.06175.68-24.071.88164.79-22.630.1416.670.028.1638.99-4.4554.35-29.028.7779.319.055.7517.24-36.78-31.0329.62-11.37-14.64
21Q2 (10)47.35-2.274.325.20-57.129.357.13-39.6333.525.69-39.9246.271.11-38.677.770.71-41.810.940.120.0-20.020.26-18.9618.7676.5747.34-11.8172.73-31.10.027.2700.033.426.8813.1
21Q1 (9)48.45-4.328.9512.1211.640.611.815.7338.949.4794.8632.081.8170.751.121.2267.1215.090.12-14.29-14.2925.009.9919.0551.97-6.71-30.28105.5611.115.560.00-100.0031.27-6.294.23
20Q4 (8)50.64-2.2612.7610.86-22.9210.2511.17-40.9327.84.86-71.0-35.631.06-73.7-51.380.73-69.96-41.130.140.0-6.6722.73-22.8714.1655.7111.49-36.7395.0026.67-13.645.00-80.0133.3333.37-3.830
20Q3 (7)51.8114.149.9314.09250.510.7718.91254.1246.3616.76330.8540.844.03291.2613.522.43279.6929.950.14-6.67-6.6729.4772.7423.8849.97-42.44-44.9275.003.12-25.025.00-8.33034.7017.4316.44
20Q2 (6)45.392.074.754.02-53.36-19.925.34-37.18-25.313.89-45.75-24.761.03-42.46-27.460.64-39.62-20.00.157.147.1417.06-18.76-8.7286.8216.47-17.5372.73-27.27-0.8327.270-18.1829.55-1.5-3.93
20Q1 (5)44.47-0.981.818.62-12.49-21.718.50-2.75-19.27.17-5.03-29.361.79-17.89-34.431.06-14.52-34.970.14-6.67-6.6721.005.47-1.8774.54-15.34-15.48100.00-9.09-4.17-0.00100.0100.030.0002.49
19Q4 (4)44.91-4.710.09.85-22.560.08.74-32.350.07.55-36.550.02.18-38.590.01.24-33.690.00.150.00.019.91-16.310.088.05-2.940.0110.0010.00.0-15.0000.00.00-100.00.0
19Q3 (3)47.138.770.012.72153.390.012.9280.70.011.90130.170.03.55150.00.01.87133.750.00.157.140.023.7927.290.090.72-13.820.0100.0036.360.00.00-100.00.029.80-3.120.0
19Q2 (2)43.33-0.80.05.02-54.410.07.15-32.030.05.17-49.060.01.42-47.990.00.80-50.920.00.14-6.670.018.69-12.660.0105.2719.370.073.33-29.720.033.33866.670.030.765.090.0
19Q1 (1)43.680.00.011.010.00.010.520.00.010.150.00.02.730.00.01.630.00.00.150.00.021.400.00.088.190.00.0104.350.00.0-4.350.00.029.270.00.0
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)52.584.8515.9517.899.41-5.6116.3916.9913.5319.8412.4325.567.8322.340.571.7926.416.5359.89-3.5797.600.682.40-21.635.75-3.9330.94-0.23
2022 (9)50.153.5713.5315.549.97-10.814.0124.8711.2932.059.9040.036.4035.880.565.6624.796.5862.1115.4596.94-6.843.06037.21-8.131.014.1
2021 (8)48.421.0611.7127.1411.184.5111.223.998.555.567.07-9.944.71-1.460.53-5.3623.263.7553.80-3.43104.0521.4-4.05040.493.429.79-2.23
2020 (7)47.916.949.21-5.0510.704.8210.799.328.10-7.227.85-19.494.78-18.430.56-11.1122.426.8655.71-36.7385.71-13.2914.291142.8639.1617.0930.478.13
2019 (6)44.80-4.549.70-20.4310.20420.419.87-25.238.73-36.659.75-39.525.86-40.930.63-11.2720.9835.6288.0531.5898.856.791.15-84.5533.45-10.228.18-4.93
2018 (5)46.93-5.0612.19-32.581.96-5.1913.20-30.613.78-28.616.12-25.549.92-35.160.71-10.1315.47-27.3466.929.3892.56-3.097.4445.0437.24-3.4429.64-41.03
2017 (4)49.4339.4818.0850.542.0713.2319.0243.8719.3041.9121.65166.315.30142.860.7975.5621.2937.0961.18195.8495.516.535.13-50.4338.57050.26139.33
2016 (3)35.44193.8612.0101.83-33.3313.22013.6008.1306.3000.45-59.0915.53020.68-89.1189.66-13.4410.3400.00021.00-10.18
2015 (2)12.060-19.5502.74-57.73-18.940-18.940-76.030-20.7801.1069.23-16.440189.94-52.6103.57-0.79-3.5700.00023.38-37.89
2014 (1)-35.880-87.3906.4823.15-83.760-83.980-128.670-54.8200.65-26.97-76.850400.74440.37104.408.57-4.4000.00037.6422.85

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