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)35.11-19.55-28.914.77-11.82-22.597.3162.44-3.433.93962.1620.550.911416.6789.580.5051.5225.00.0566.6766.6725.94-22.01-26.18412.681.225.86202.03-45.8-19.93-102.0362.5933.018.70-24.02-34.44
23Q3 (19)43.6418.46-8.716.7548.765.884.50363.9243.770.37115.95133.040.06116.22142.860.3337.526.920.030.00.033.2623.83-6.44407.703.016.23372.73-68.2-25.78-272.7374.5632.1911.4513.25-10.96
23Q2 (18)36.84-30.88-24.0911.26-22.66-35.660.97145.75-86.55-2.3267.37-149.47-0.3749.32-162.710.2460.0-36.840.0350.00.026.86-28.56-27.8395.781.384.11172.22274.16385.37-1072.22-239.39-652.6910.11-40.42-17.33
23Q1 (17)53.307.94-0.1314.56-23.69-10.84-2.12-128.01-153.81-7.11-318.1-1147.37-0.73-252.08-1116.670.15-62.5-34.780.02-33.330.037.607.0-1.54390.400.143.27-673.08-366.77-261.67769.23605.05343.1816.9727.8811.06
22Q4 (16)49.383.3148.6919.0820.6144.227.57141.85-30.993.26391.07-59.20.48442.86-76.810.4053.85-45.210.030.0-40.035.14-1.1531.32389.851.582.55252.31-49.76109.51-152.3162.13-634.6613.273.1989.84
22Q3 (15)47.80-1.519.4415.82-9.6126.03.13-56.59194.28-1.12-123.8881.55-0.14-123.7379.410.26-31.58160.00.030.050.035.55-4.4422.25383.780.94-2.38502.22107.95337.61-402.22-182.35-229.1812.865.15-0.16
22Q2 (14)48.53-9.0714.1917.507.16147.527.2182.99208.14.69922.81157.970.591083.33169.410.3865.22322.220.0350.050.037.20-2.5931.68380.190.575.42241.51-41.99328.24-142.4554.97-169.6112.23-19.96-11.57
22Q1 (13)53.3760.7-3.1616.3323.43-16.083.94-64.08-38.72-0.57-107.13-186.36-0.06-102.9-185.710.23-68.49-17.860.02-60.00.038.1942.71-8.0378.02-0.575.78416.33245.7137.66-316.33-1425.81-56.2615.28118.69.06
21Q4 (12)33.21-17.02-5.3813.2389.01845.5910.97430.42-55.377.99231.63-59.342.07404.41-31.460.73630.0-15.120.05150.066.6726.76-7.98-43.0380.17-3.34.42120.43156.984124.2-20.73-106.66-121.346.99-45.73-45.73
21Q3 (11)40.02-5.84-6.697.00-0.99-59.72-3.3250.22-120.6-6.0724.97-154.98-0.6820.0-133.830.1011.11-85.510.020.0-50.029.082.94-23.11393.139.013.93-211.36-99.75-296.02311.3652.144078.5412.88-6.8755.18
21Q2 (10)42.50-22.889.547.07-63.67450.0-6.67-203.73-164.01-8.09-1325.76-235.74-0.85-1314.29-225.00.09-67.86-78.570.020.00.028.25-31.94-36.77360.630.91-8.31-105.81-134.99-436.63204.65201.0970.9413.83-1.280
21Q1 (9)55.1157.0127.5419.462761.76188.726.43-73.8456.070.66-96.64162.860.07-97.68158.330.28-67.443.70.02-33.33-33.3341.51-11.599.76357.37-1.85-0.75302.4410508.6384.65-202.44-308.38-217.3414.018.774.87
20Q4 (8)35.10-18.1619.550.68-96.09105.5424.5852.48320.8919.6577.99320.773.0250.25371.870.8624.6486.960.03-25.00.046.9524.1434.95364.09-3.752.142.85-97.36101.3697.151341.35-68.6812.8855.180
20Q3 (7)42.8910.54-29.4117.38960.4-52.2416.1254.7-54.4811.0485.23-57.472.01195.59-52.710.6964.29-43.440.04100.00.037.82-15.35-36.28378.28-3.826.1107.83646.834.8-7.83-106.54-185.458.300-6.53
20Q2 (6)38.80-10.210.65-2.02-129.9717.5510.42152.91255.995.96667.62150.770.68666.67154.40.4255.5600.02-33.330.044.6818.1458.38393.309.237.33-19.72-112.04-152.99119.72287.6787.20.00-100.0-100.0
20Q1 (5)43.2147.17-0.766.74154.89-30.874.12-29.45-41.06-1.05-122.48-146.26-0.12-118.75-148.00.27-41.3-20.590.030.00.037.828.71-1.36360.081.0213.13163.79177.9218.03-63.79-120.56-64.5213.3607.22
19Q4 (4)29.36-51.680.0-12.28-133.750.05.84-83.510.04.67-82.010.00.64-84.940.00.46-62.30.00.03-25.00.034.79-41.380.0356.46-0.020.0-210.20-304.310.0310.2011414.290.00.00-100.00.0
19Q3 (3)60.7657.610.036.391585.310.035.41630.090.025.96321.120.04.25440.00.01.2200.00.04100.00.059.35110.390.0356.52-2.710.0102.89176.510.0-2.74-104.290.08.88-33.530.0
19Q2 (2)38.55-11.460.0-2.45-125.130.0-6.68-195.570.0-11.74-617.180.0-1.25-600.00.00.00-100.00.00.02-33.330.028.21-26.420.0366.4515.130.037.21-73.190.063.95264.930.013.367.220.0
19Q1 (1)43.540.00.09.750.00.06.990.00.02.270.00.00.250.00.00.340.00.00.030.00.038.340.00.0318.290.00.0138.780.00.0-38.780.00.012.460.00.0
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)40.42-18.5614.31-17.2811.83-22.433.57-36.59-0.220-0.1401.20-4.760.1330.029.72-18.4412.685.86401.1230.54-301.1206.860.6311.01-17.47
2022 (9)49.6323.1217.3043.8115.2515.95.6338.331.7388.040.8764.151.265.880.10-16.6736.4220.52389.852.55307.274.16-207.5806.823.2513.3424.56
2021 (8)40.310.7812.0380.0913.16-5.04.07-72.480.92-90.660.53-90.261.19-47.580.120.030.22-27.56380.174.42295.00552.52-195.0006.608.0710.71-7.03
2020 (7)40.00-9.286.68-30.9213.85-6.714.7916.559.8533.655.4445.072.2710.190.120.041.72-0.26364.092.1445.21-40.5854.79130.356.115.2511.52-3.84
2019 (6)44.0994.749.67-27.9414.85568.9412.698.07.37-31.73.75-88.112.06-69.160.12-76.4741.83143.48356.4617.2876.09-33.423.7905.805.2811.98345.35
2018 (5)22.64-20.9513.4202.22-39.5711.75010.79031.5406.6800.51168.4217.18168.44303.95-56.57114.26318.64-14.2305.5102.69-52.64
2017 (4)28.64-46.42-0.9003.67-65.66-3.300-4.990-7.570-0.1200.19375.06.400699.81-0.4127.29-73.3872.4900.0005.68-72.78
2016 (3)53.4519.23-147.89010.69-12.04-144.210-147.460-41.420-5.9600.04-20.0-114.030702.6767.69102.5434.94-2.5600.00020.873.99
2015 (2)44.83-4.54-26.21012.169.57-34.500-38.070-8.770-1.3300.05-16.67-5.800419.0329.9175.99024.01-77.010.00020.076.98
2014 (1)46.9600.25011.10778.21-5.980-10.870-2.380-0.1500.06-86.9617.25-54.23322.5533.85-4.420104.4200.00018.76780.75

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