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)55.175.034.5523.59-16.052.0327.86-14.5422.8423.17-12.028.445.39-34.2737.154.20-29.1732.080.18-18.180.029.10-13.1321.2527.82-4.7616.0184.65-1.74-16.9415.3510.84898.0223.0720.0912.43
23Q3 (19)52.53-4.896.5128.10-9.1522.4932.600.872.1326.333.01-8.428.207.6133.335.935.1439.530.220.046.6733.500.720.5129.21-39.7422.8986.15-9.9419.7213.85219.04-50.6119.21-0.216.13
23Q2 (18)55.23-0.913.1630.935.5612.0232.3210.3816.325.56-1.2418.887.6226.5846.545.6415.5761.60.2215.7937.533.269.5515.5348.47108.74-27.4695.66-4.34-3.844.340726.7619.25-10.55-6.96
23Q1 (17)55.745.635.3529.3026.732.9929.2829.1-0.7125.8843.463.036.0253.18-6.084.8853.464.050.195.560.030.3626.50.2323.22-3.17-34.5100.00-1.893.710.00100.0-100.021.524.878.63
22Q4 (16)52.777.02.7723.120.78-15.6822.68-28.95-22.9618.04-37.25-24.583.93-36.1-43.133.18-25.18-36.140.1820.0-14.2924.00-27.99-20.8723.980.88-36.86101.9241.639.53-1.92-106.86-127.6920.5213.374.69
22Q3 (15)49.32-7.88-8.2122.94-16.91-27.5431.9214.86-3.2428.7533.729.486.1518.27-37.124.2521.78-39.890.15-6.25-44.4433.3315.77-1.1323.77-64.43-40.7171.97-27.65-24.9228.035240.61600.8718.10-12.52-1.9
22Q2 (14)53.541.19-1.1827.61-2.95-9.2127.79-5.76-11.3821.50-14.41-15.355.20-18.88-37.873.49-25.59-43.530.16-15.79-33.3328.79-4.95-10.9566.8288.4981.7799.483.172.510.52-85.33-82.2820.694.447.82
22Q1 (13)52.913.044.1328.453.768.529.490.174.525.125.022.036.41-7.24-13.54.69-5.82-15.040.19-9.52-13.6430.29-0.132.9235.45-6.664.5796.423.623.913.58-48.46-50.3619.811.07-5.62
21Q4 (12)51.35-4.434.7727.42-13.3922.929.44-10.7631.923.92-8.9133.716.91-29.3530.134.98-29.5625.760.21-22.22-4.5530.33-10.0328.337.98-5.268.8393.06-2.92-6.946.9473.61019.606.23-7.59
21Q3 (11)53.73-0.834.0731.664.1118.8932.995.223.1926.263.3915.639.7816.8521.347.0714.423.820.2712.58.033.714.2720.2640.099.0618.4795.86-1.22-3.654.0035.06682.018.45-3.86-9.02
21Q2 (10)54.186.634.3730.4115.9830.0731.3611.1333.3325.403.1724.888.3712.9642.116.1811.9647.140.249.0914.2932.339.8528.8636.768.44-26.1897.044.58-2.242.96-58.92302.7919.19-8.58-15.76
21Q1 (9)50.813.67-2.3126.2217.5345.9128.2226.4351.3124.6237.6265.017.4139.55139.815.5239.39134.890.220.037.529.4324.4941.1533.90-2.877.9692.79-7.21-3.557.21089.8420.99-1.04-23.51
20Q4 (8)49.01-5.07-4.8722.31-16.2222.7822.32-16.6529.1717.89-21.2230.395.31-34.1256.183.96-30.6552.90.22-12.015.7923.64-15.6623.3834.903.136.53100.000.51-4.490.00-100.0100.021.214.59-5.4
20Q3 (7)51.63-0.54-0.4226.6313.928.3426.7813.8624.4422.7111.6535.18.0636.8469.335.7135.9563.140.2519.0519.0528.0311.7221.0333.84-32.058.7499.490.233.070.51-30.43-85.2920.28-10.97-11.75
20Q2 (6)51.91-0.19-3.6723.3830.1119.123.5226.1115.6920.3436.3325.255.8990.6157.914.2078.7250.540.2131.2523.5325.0920.3412.5149.8058.618.9199.263.183.30.74-80.64-78.0622.78-16.98-14.17
20Q1 (5)52.010.95-2.4917.97-1.142.1718.657.9335.6414.928.7535.763.09-9.1250.02.35-9.2744.170.16-15.796.6720.858.8228.6231.40-4.1517.4796.20-8.124.483.80171.73-52.0627.4422.39-13.25
19Q4 (4)51.52-0.640.018.17-12.430.017.28-19.70.013.72-18.380.03.40-28.570.02.59-26.00.00.19-9.520.019.16-17.270.032.765.270.0104.718.480.0-5.29-252.210.022.42-2.440.0
19Q3 (3)51.85-3.790.020.755.710.021.525.850.016.813.510.04.7627.610.03.5025.450.00.2123.530.023.163.860.031.12-25.690.096.520.450.03.483.770.022.98-13.410.0
19Q2 (2)53.891.030.019.6355.30.020.3347.850.016.2447.770.03.7381.070.02.7971.170.00.1713.330.022.3037.570.041.8856.680.096.094.360.03.35-57.680.026.54-16.090.0
19Q1 (1)53.340.00.012.640.00.013.750.00.010.990.00.02.060.00.01.630.00.00.150.00.016.210.00.026.730.00.092.080.00.07.920.00.031.630.00.0
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)54.554.328.088.380.81-7.9330.739.5525.308.326.9028.5921.3534.020.8423.5331.768.9927.8216.0191.39-1.18.6112.333.38-20.2420.603.83
2022 (9)52.30-0.6825.91-11.210.8824.3428.05-8.6923.36-7.0820.92-35.8915.93-33.320.68-28.4229.14-7.9323.98-36.8692.41-2.77.6652.324.2465.1319.842.01
2021 (8)52.663.2129.1826.210.71-16.5930.7231.7925.1429.4532.6354.2823.8951.010.9517.2831.6527.5237.988.8394.97-4.265.03464.812.57-27.5119.45-13.17
2020 (7)51.02-2.9123.1227.240.85-20.0323.3125.7319.4232.2921.1555.2915.8250.950.8114.0824.8221.1334.906.5399.201.280.89-56.753.55-24.6122.40-11.88
2019 (6)52.55-0.318.1710.861.0649.1118.546.8614.681.4513.628.0110.485.970.714.4120.498.1832.7617.6397.943.812.06-62.434.70-15.8525.42-9.57
2018 (5)52.713.7816.395.740.7119.1817.3519.014.4718.6112.6124.69.8922.70.683.0318.9418.327.853.4294.35-11.215.4805.59028.111.44
2017 (4)50.791.5415.5010.480.604.0314.584.1412.204.910.124.228.063.20.66-1.4916.013.8926.9312.07106.266.02-6.2600.00027.71-0.86
2016 (3)50.022.6314.032.110.58-6.5714.003.5511.636.029.716.247.816.260.670.015.412.1924.03-3.18100.23-1.43-0.2300.00027.958.42
2015 (2)48.746.8213.74-5.70.62-39.4313.52-1.8210.972.529.14-10.927.35-10.150.67-11.8415.08-3.424.824.86101.68-3.8-1.6800.00025.7813.87
2014 (1)45.63014.5701.02-11.6613.77010.70010.2608.1800.76-1.315.6136.9323.67-14.02105.7026.11-5.9100.00022.641.98

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