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)63.93-15.49-9.3340.27-24.22-17.0935.51-61.74-17.7838.04-35.5452.651.08-37.2161.191.00-34.2158.730.030.00.042.86-57.14-9.777.70-13.871.32113.33100.911.4-13.33-130.59-13.3312.57-6.68-15.12
23Q3 (19)75.653.438.653.1412.817.2692.8227.2-35.4559.0136.95-49.261.7257.8-47.241.5256.7-47.590.0350.050.0100.0027.58-32.268.94-48.8912.1756.41-10.4178.1443.5917.69-36.2113.47-26.03-23.86
23Q2 (18)73.144.490.0847.113.84-3.3272.9747.71-14.8643.09118.51-21.281.09122.45-13.490.97110.87-13.390.020.00.078.3838.09-14.717.49113.552.4662.96-33.338.4437.04233.33-17.9918.21-0.059.17
23Q1 (17)70.00-0.72-0.7545.37-6.591.7949.4014.38-36.6319.72-20.87-66.820.49-26.87-63.430.46-26.98-62.90.02-33.330.056.7619.49-32.68.197.766.6494.44-15.561.1111.11194.44-75.2118.2223.02-11.55
22Q4 (16)70.511.222.3848.577.174.5943.19-69.96-22.0724.92-78.57-12.650.67-79.45-8.220.63-78.28-7.350.0350.050.047.50-67.82-20.197.60-4.640.26111.76252.9435.29-11.76-117.22-167.6514.81-16.28-7.78
22Q3 (15)69.66-4.6812.0745.32-7.012.09143.7967.7650.68116.29112.4466.183.26158.7389.532.90158.9380.120.020.00.0147.6260.6537.997.97-53.316.8431.67-45.46-23.6368.3351.3116.7417.696.0615.77
22Q2 (14)73.083.6210.7948.739.3336.3885.719.96-25.354.74-7.91-43.541.26-5.97-43.51.12-9.68-46.410.020.00.091.899.12-28.1617.07122.27157.0858.06-0.9589.6845.160.74-34.9116.68-19.034.25
22Q1 (13)70.532.4114.4644.57-4.0323.7777.9540.65-38.2359.44108.34-35.651.3483.56-40.971.2482.35-41.510.020.00.084.2141.48-39.657.681.325.0658.62-29.04101.5144.83157.76-36.7820.6028.275.59
21Q4 (12)68.8710.7934.8546.4414.8753.0755.42-41.93-50.1928.53-59.23-66.920.73-57.56-69.20.68-57.76-69.230.020.0-33.3359.52-44.36-51.37.581.612.8582.6199.23195.0317.39-70.29-75.8516.065.13.01
21Q3 (11)62.16-5.766.5340.4313.1536.5495.43-16.83-77.0969.98-27.83-81.731.72-22.87-83.831.61-22.97-83.030.020.00.0106.98-16.36-75.227.4612.350.6741.4635.45490.8558.54-15.64-37.0515.28-4.5-35.96
21Q2 (10)65.967.0413.9435.73-0.7866.42114.74-9.08-76.0396.964.97-78.862.23-1.76-80.572.09-1.42-79.160.020.00.0127.91-8.33-73.86.64-9.17-62.3630.615.23604.0869.39-2.15-27.4616.00-17.99-45.0
21Q1 (9)61.6220.6611.8736.0118.69102.3126.2013.43-16.3792.377.11-33.272.27-4.22-39.472.12-4.07-37.280.02-33.330.0139.5314.16-17.237.31-0.81-34.7929.093.9156.9770.91-1.52-20.0419.5125.14-24.93
20Q4 (8)51.07-12.48-17.8430.342.47-31.22111.26-73.29127.3986.24-77.49131.332.37-77.7358.02.21-76.7163.70.0350.0-25.0122.22-71.69102.427.37-0.54-36.7928.00299.0-68.3572.00-22.57524.015.59-34.6621.13
20Q3 (7)58.350.79-6.0129.6137.91-32.6416.50-12.99535.68383.08-16.46637.1210.64-7.32411.549.49-5.38433.150.020.0-33.33431.71-11.58472.037.41-57.99-39.957.0261.4-89.3292.98-2.79195.8523.86-17.98119.91
20Q2 (6)57.895.1-1.3821.4720.62-43.2478.68217.2772.55458.55231.251073.0611.48206.13731.8810.03196.75742.860.020.0-33.33488.24189.64624.9317.6457.36-22.124.35-61.59-93.4895.657.86222.8329.0911.93113.58
20Q1 (5)55.08-11.39-10.8717.80-59.65-55.68150.91208.42166.53138.43271.33229.913.75150.0167.863.38150.37168.250.02-50.0-33.33168.57179.18140.0911.21-3.86-4.611.32-87.2-83.9188.68668.55199.2925.99101.9461.53
19Q4 (4)62.160.130.044.110.410.048.93-25.320.037.28-28.270.01.50-27.880.01.35-24.160.00.0433.330.060.38-19.990.011.66-5.510.088.4634.620.011.54-63.290.012.8718.620.0
19Q3 (3)62.085.760.043.9316.220.065.5219.430.051.9732.950.02.0850.720.01.7849.580.00.030.00.075.4712.060.012.34-45.520.065.71-1.430.031.436.070.010.85-20.340.0
19Q2 (2)58.70-5.020.037.80-5.880.054.86-3.110.039.09-6.840.01.38-1.430.01.19-5.560.00.030.00.067.35-4.070.022.6592.770.066.67-5.260.029.630.00.013.62-15.350.0
19Q1 (1)61.800.00.040.160.00.056.620.00.041.960.00.01.400.00.01.260.00.00.030.00.070.210.00.011.750.00.070.370.00.029.630.00.016.090.00.0
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)70.62-0.3846.48-0.626.299.0162.71-29.1740.47-37.54.31-33.284.00-33.330.1011.1169.18-26.587.701.3274.7541.326.26-44.240.00015.45-11.31
2022 (9)70.899.746.7718.115.77-44.8788.54-9.9364.75-10.446.46-13.296.00-13.420.09-10.094.23-12.867.600.2652.9031.4747.10-21.190.00017.424.19
2021 (8)64.6216.6439.6056.1510.47-22.7698.30-65.0472.30-71.967.45-72.156.93-71.730.1011.11108.14-63.327.582.8540.24348.7959.76-34.350.00016.72-27.59
2020 (7)55.40-9.5125.36-39.0713.5523.78281.15397.61257.82504.3626.75318.6224.51324.780.09-30.77294.84332.577.37-36.798.97-87.8391.03245.930.00023.0974.0
2019 (6)61.221.9341.627.6310.9573.356.50-9.7642.66-1.936.3928.315.7725.710.1318.1868.16-1.1511.66-1.6973.6820.1226.32-30.410.00013.27-5.01
2018 (5)60.06-4.9138.6735.976.32-1.0562.61-84.9243.50-88.244.98-87.74.59-87.810.1110.068.95-83.6711.8676.7561.34789.537.82-59.380.00013.97-44.52
2017 (4)63.161.9728.44-9.486.38-17.4415.31402.43369.83428.6340.50312.8437.64318.220.10-23.08422.34366.936.71-23.496.90-81.8193.1049.950.00025.1836.77
2016 (3)61.94-0.8831.4257.657.73-10.9382.66-16.2569.9612.139.8119.789.0028.020.1318.1890.45-15.718.77-8.2637.9186.1162.09-22.030.00018.41-43.2
2015 (2)62.498.3419.9340.758.68-0.0298.70-61.0662.39-73.278.19-77.017.03-76.610.11-15.38107.31-59.19.56-58.420.37266.6779.63-15.690.00032.415.92
2014 (1)57.68014.1608.68-22.28253.450233.45035.63030.0500.138.33262.40718.9822.9867.375.56-83.3394.4441.670.00030.60-11.87

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