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)24.346.33-5.2211.1813.853.1410.22-22.2216.88.08-21.2520.963.89-27.1535.072.05-22.6436.670.250.019.0513.37-17.988.096.970.7-8.19109.2246.35-12.25-9.22-136.3661.2113.10-10.82-20.36
23Q3 (19)22.89-2.475.399.82-10.6519.7613.140.5411.7310.26-7.235.665.34-14.5633.52.65-13.1131.190.25-7.4125.016.300.37-3.9596.30-16.860.2474.63-11.496.8725.3758.27-15.9114.69-2.0-19.11
23Q2 (18)23.4710.7120.2410.9914.3691.4613.0743.4716.3811.0658.4525.256.2588.2561.083.0579.4161.380.2717.3928.5716.2424.060.93115.8314.211.4484.32-19.9465.0516.03400.97-67.2314.9912.28-2.22
23Q1 (17)21.20-17.4514.049.61-11.3580.989.114.117.186.984.494.653.3215.2818.151.7013.3325.00.239.5215.013.095.74-6.63101.42-3.98-6.34105.33-15.3868.77-5.3377.6-114.1713.35-18.84-12.8
22Q4 (16)25.6818.2310.4510.8432.237.048.75-25.621.876.68-31.277.192.88-28.054.841.50-25.7466.670.215.0-8.712.38-27.05-5.71105.629.94-11.5124.4878.2512.92-23.78-178.81-132.2816.45-9.4211.45
22Q3 (15)21.7211.2711.048.2042.8681.0211.764.7270.199.719.9766.554.003.0935.142.026.8845.320.20-4.76-13.0416.975.4750.8496.07-15.87-19.2369.8336.696.830.17-38.32-12.8518.1618.4646.57
22Q2 (14)19.525.010.785.748.1-0.5211.2332.1273.048.8332.3862.023.8838.0827.631.8938.9735.00.215.0-16.016.0914.7640.16114.195.46-4.7551.09-18.14-42.7348.9130.11353.2615.330.1358.37
22Q1 (13)18.59-20.0410.135.31-32.8732.428.5018.3871.376.6776.9286.832.8151.0818.571.3651.1133.330.20-13.04-25.9314.026.7846.81108.28-9.27-15.8362.41-43.39-22.6237.59467.2694.2415.313.73-3.28
21Q4 (12)23.2518.8743.257.9174.6146.757.183.9173.853.77-35.3310.561.86-37.16-28.190.90-35.25-12.620.230.0-20.6913.1316.7155.94119.340.33-25.34110.2468.6-15.44-10.24-129.5766.2814.7619.13-7.92
21Q3 (11)19.5611.012.894.53-21.49-37.346.916.47-28.695.836.97-20.572.96-2.63-50.421.39-0.71-41.10.23-8.0-25.8111.25-2.0-21.0118.95-0.78-27.6765.38-26.71-12.3834.62220.7736.4312.3928.0-10.15
21Q2 (10)17.624.38-16.375.7743.89-34.86.4930.85-33.785.4552.66-30.483.0428.27-34.481.4037.25-30.00.25-7.410.011.4820.21-24.82119.89-6.81-21.2989.2110.62-1.4310.79-44.2413.599.68-38.85-44.78
21Q1 (9)16.884.0-3.984.01-25.6-11.874.9620.1-36.083.574.69-41.092.37-8.49-18.281.02-0.97-23.880.27-6.928.579.5513.42-34.68128.65-19.514.0880.65-38.1437.5119.35163.76-53.215.83-1.25-9.7
20Q4 (8)16.23-14.62-10.135.39-25.45-14.314.13-57.38-23.093.41-53.54-19.762.59-56.626.151.03-56.36-8.040.29-6.4516.08.42-40.87-20.04159.84-2.8123.8130.3674.6811.16-30.36-219.64-75.7516.0316.24-3.14
20Q3 (7)19.01-9.7820.857.23-18.3170.129.69-1.1245.717.34-6.3832.495.9728.6691.352.3618.063.890.3124.024.014.24-6.7521.29164.467.9829.574.63-17.5417.6525.37167.09-29.1713.79-21.33-24.48
20Q2 (6)21.0719.8542.088.8594.51249.89.8026.2969.847.8429.3770.434.6460.0107.142.0049.2585.190.2519.058.715.274.4535.73152.3123.2226.0390.5054.31104.619.50-77.03-82.9717.530.0-10.06
20Q1 (5)17.58-2.6617.914.55-27.6646.777.7644.5140.336.0642.5945.672.9018.8542.161.3419.6439.580.21-16.0-4.5514.6238.8440.17123.61-4.2611.2558.65-49.993.9241.35339.41-5.0817.535.92-0.23
19Q4 (4)18.0614.810.06.2948.00.05.37-19.250.04.25-23.290.02.44-21.790.01.12-22.220.00.250.00.010.53-10.310.0129.111.660.0117.2784.880.0-17.27-148.220.016.55-9.360.0
19Q3 (3)15.736.070.04.2567.980.06.6515.250.05.5420.430.03.1239.290.01.4433.330.00.258.70.011.744.360.0127.005.090.063.4343.410.035.82-35.770.018.26-6.310.0
19Q2 (2)14.83-0.540.02.53-18.390.05.774.340.04.6010.580.02.249.80.01.0812.50.00.234.550.011.257.860.0120.858.770.044.23-21.630.055.7728.020.019.4910.930.0
19Q1 (1)14.910.00.03.100.00.05.530.00.04.160.00.02.040.00.00.960.00.00.220.00.010.430.00.0111.110.00.056.440.00.043.560.00.017.570.00.0
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)23.027.5710.4238.23.04-30.8711.4814.239.1915.4518.6036.269.4942.491.0124.6914.850.296.97-8.1990.7921.069.21-63.170.134.5214.07-13.63
2022 (9)21.4012.397.5439.114.39-5.3910.0560.297.9672.6713.6529.386.6645.410.81-14.7414.8232.32105.62-11.575.00-13.1425.0083.10.13-16.3616.2923.13
2021 (8)19.043.535.42-17.254.641.576.27-18.784.61-23.9310.55-31.724.58-29.540.95-8.6511.20-12.7119.34-25.3486.351.7613.65-9.860.152.8113.23-13.02
2020 (7)18.3915.36.5558.984.57-2.917.7232.196.0630.3215.4557.016.5045.411.0411.8312.8316.74159.8423.884.8520.1915.15-48.480.15-65.2415.21-15.17
2019 (6)15.9521.764.12-37.864.7145.795.84-34.684.65-25.09.84-25.574.47-24.110.930.010.99-11.58129.110.5170.60-4.7729.4013.660.42223.917.93-22.78
2018 (5)13.10-24.366.6320.993.235.18.9465.566.2049.0413.2247.545.8940.570.93-4.1212.4342.22128.46-1.4774.14-27.1925.8600.13-23.2823.2226.06
2017 (4)17.32-13.875.48-37.83.07-11.955.40-43.344.16-45.488.96-48.244.19-51.950.97-13.398.74-34.29130.3714.8101.819.99-1.5500.17018.422.22
2016 (3)20.11-1.038.8136.173.49-10.649.536.247.633.6717.3120.888.723.21.12-1.7513.302.23113.5636.2192.5728.417.43-73.370.00018.02-12.86
2015 (2)20.32-5.846.47-10.763.90-8.38.9718.037.3619.8714.3218.748.458.611.14-9.5213.018.5183.3744.8772.09-24.4427.91507.130.00020.68-2.77
2014 (1)21.5807.2504.26-26.07.6006.14012.0607.7801.2631.2511.9939.2657.555.4295.40138.514.60-92.340.00021.27-16.26

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