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)21.6582.7-29.41-26.6756.31-530.5-143.73-111.15-2323.78-233.16-158.46-4737.34-48.80-423.04-5036.84-35.60-367.81-4295.060.1587.5-11.76-139.37-133.37-6322.5858.56145.53285.7718.55-79.3-73.8981.45685.96181.3626.23-46.741.98
23Q3 (19)11.85-46.33-75.1-61.0423.19-1059.75-68.0716.68-2346.53-90.21-5.6-28290.62-9.330.0-18760.0-7.611.42-15320.00.08-11.11-42.86-59.7219.72-880.6523.8515.027.8189.64-7.96-56.4610.36296.74109.7949.25-6.5364.11
23Q2 (18)22.08-16.3-45.56-79.47-206.24-1026.22-81.70-169.99-1740.56-85.43-169.67-1998.44-9.33-141.09-997.12-7.72-135.37-997.670.09-10.0-52.63-74.39-207.02-988.7720.74-0.24-12.4997.3913.62-43.72.61-81.72103.5852.6918.51111.44
23Q1 (17)26.38-13.99-31.76-25.95-513.48-837.22-30.26-410.29-1254.96-31.68-557.26-1879.78-3.87-307.37-1043.9-3.28-304.94-1064.710.10-41.18-47.37-24.23-1016.59-468.820.7936.966.8385.7120.63-34.8614.29-50.65145.2444.4672.8669.69
22Q4 (16)30.67-35.55-11.51-4.23-166.51-361.11-5.93-295.71-407.25-4.82-1606.25-591.84-0.95-2000.0-451.85-0.81-1720.0-468.180.1721.43-22.73-2.17-128.37-134.515.18-18.65-34.2371.05-65.49-18.828.95127.3454.3925.72-14.312.71
22Q3 (15)47.5917.3314.266.36-25.872027.273.03-39.16621.430.32-92.89100.00.05-95.1925.00.05-94.1966.670.14-26.32-26.327.65-8.643.2618.66-21.27-12.52205.8819.03408.82-105.88-45.1-163.5330.0120.431.28
22Q2 (14)40.564.914.648.58143.75270.244.9890.08247.774.50152.81244.231.04153.66248.570.86152.94248.280.190.00.08.3727.4481.2523.7021.7917.27172.9731.4613.67-72.97-131.08-39.8624.92-4.89-24.42
22Q1 (13)38.6611.544.433.52117.28128.812.6235.75119.821.7881.63113.090.4151.85116.40.3454.55116.50.19-13.6426.676.574.45193.4619.46-15.68-2.7131.5850.3840.98-31.58-268.42-494.7426.2014.81-30.06
21Q4 (12)34.66-16.7816.111.62590.91108.341.93359.52110.970.98512.5107.780.27575.0111.640.22633.33111.520.2215.7946.676.2917.79156.5123.088.21.4587.50231.25-21.0918.75-88.75272.1622.82-22.98-37.31
21Q3 (11)41.657.4637.05-0.3393.4598.190.42112.46103.110.16105.13101.190.04105.71101.840.03105.17101.670.190.046.155.34270.83168.221.335.5410.06-66.67-143.81-149.46166.67419.44579.1729.63-10.13-20.05
21Q2 (10)38.764.727.96-5.0458.7673.72-3.3774.5180.8-3.1277.0678.29-0.7072.067.59-0.5871.8467.780.1926.6746.151.44120.48112.7520.211.05-5.34152.1763.0440.72-52.17-752.17-460.8732.97-11.99-6.86
21Q1 (9)37.0224.020.68-12.2237.08-7.19-13.2224.84-62.81-13.60-7.94-127.81-2.50-7.76-177.78-2.06-7.85-174.670.150.015.38-7.0336.84-485.8320.00-12.096.7293.33-15.83-34.58.00173.45120.037.462.915.05
20Q4 (8)29.85-1.78-27.48-19.42-6.24-23.85-17.59-30.2-10.01-12.606.397.01-2.32-6.91-9.43-1.91-6.11-7.910.1515.3815.38-11.13-42.15-78.3722.7517.3916.37110.89-17.7313.56-10.8968.69-562.8736.40-1.78-0.82
20Q3 (7)30.390.33-33.89-18.284.694.89-13.5123.02-2.82-13.466.33-30.05-2.17-0.46-47.62-1.800.0-47.540.130.08.33-7.8330.65-46.919.38-9.23-1.82134.7824.64-8.23-34.78-273.9125.837.064.69-6.46
20Q2 (6)30.29-17.6215.0-19.18-68.2552.5-17.55-116.1352.52-14.37-140.752.51-2.16-140.042.4-1.80-140.041.750.130.030.0-11.29-840.8359.8921.3513.938.38108.14-24.11-1.02-9.3076.74-0.4735.40-0.73-23.51
20Q1 (5)36.77-10.676.49-11.4027.332.94-8.1249.2242.82-5.9755.9447.45-0.9057.5548.57-0.7557.6347.180.130.00.0-1.2080.7783.718.74-4.14-16.75142.5045.9318.5-40.00-1800.0-97.535.66-2.830.76
19Q4 (4)41.16-10.460.0-15.6818.420.0-15.99-21.690.0-13.55-30.920.0-2.12-44.220.0-1.77-45.080.00.138.330.0-6.24-17.070.019.55-0.960.097.65-33.520.02.35105.020.036.70-7.370.0
19Q3 (3)45.9774.530.0-19.2252.40.0-13.1464.450.0-10.3565.80.0-1.4760.80.0-1.2260.520.00.1220.00.0-5.3381.070.019.740.20.0146.8834.430.0-46.88-406.250.039.62-14.390.0
19Q2 (2)26.34-23.720.0-40.38-137.530.0-36.96-160.280.0-30.26-166.370.0-3.75-114.290.0-3.09-117.610.00.10-23.080.0-28.15-282.470.019.70-12.480.0109.26-9.140.0-9.2654.280.046.2830.770.0
19Q1 (1)34.530.00.0-17.000.00.0-14.200.00.0-11.360.00.0-1.750.00.0-1.420.00.00.130.00.0-7.360.00.022.510.00.0120.250.00.0-20.250.00.035.390.00.0
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)21.11-46.0-45.1901.9455.56-84.060-116.990-69.450-53.6100.46-34.29-77.73058.56285.7753.74-80.9746.2601.45-44.1341.6957.26
2022 (9)39.093.113.6301.24-5.291.2800.6300.5200.4500.70-5.415.21140.0915.18-34.23282.35139.85-182.3502.60-27.0626.51-11.63
2021 (8)37.9119.4-3.3101.31-19.9-2.820-3.180-2.890-2.3400.7439.622.17023.081.45117.72-1.84-17.7203.57-22.3930.00-17.01
2020 (7)31.75-14.81-17.1501.64-44.04-14.300-11.630-7.490-6.1700.5310.42-7.92022.7516.37119.934.41-19.9304.6047.9236.15-7.62
2019 (6)37.27111.52-22.2802.9391.24-19.360-15.800-9.110-7.5000.48-4.0-11.13019.55-13.88114.878.65-15.1303.1110.2639.13-2.27
2018 (5)17.62-38.48-44.3501.533.97-41.930-31.590-18.970-15.7200.50-13.79-35.60022.7019.47105.73-4.59-5.7302.82040.0430.21
2017 (4)28.64-21.86-19.9301.47-1.66-17.970-14.720-10.100-8.5200.585.45-12.52019.004.97110.8283.82-10.9900.00030.751.89
2016 (3)36.65-11.54-11.1101.508.93-18.420-16.920-11.050-9.3100.551.85-13.17018.10-6.1760.29-75.6739.7100.00030.180.84
2015 (2)41.43-6.65-6.1401.3842.16-2.490-2.370-1.520-1.2800.54-18.182.48-75.8319.294.44247.78225.86-147.7800.00029.9318.72
2014 (1)44.3805.1300.97-14.376.7305.6904.4603.7600.6613.7910.26-63.5918.47-1.676.043717.1223.64-75.850.00025.21-6.87

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