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)47.0921.215.4921.7121.35-3.7320.61-11.9610.7518.05-5.5522.045.1711.914.132.5617.9714.80.1427.27-6.6723.31-12.479.23107.061.493.9105.1436.89-13.31-5.14-121.6875.8419.66-8.17-2.48
23Q3 (19)38.85-0.74-12.117.89-7.02-13.3723.415.17-26.2919.118.09-24.414.62-2.74-37.482.173.33-36.180.11-8.33-15.3826.635.3-23.34105.49-16.12-3.3776.80-11.1718.123.7175.1-32.1921.4115.29-2.24
23Q2 (18)39.14-6.09-6.7219.240.89-0.2622.2621.97-19.1417.6822.95-11.564.7531.94-22.02.1022.81-21.350.120.0-7.6925.2912.35-17.43125.77-3.56-3.186.46-17.4523.8713.54386.31-54.5518.57-16.88-14.5
23Q1 (17)41.68-6.63-2.7319.07-15.431.3318.25-1.93-21.7414.38-2.77-22.233.60-20.53-36.41.71-23.32-36.430.12-20.0-14.2922.515.48-14.93130.4126.56-0.02104.73-13.6430.16-4.7377.77-124.2122.3410.812.38
22Q4 (16)44.641.04.8922.559.2-2.3418.61-41.4-27.2814.79-41.5-31.274.53-38.7-42.82.23-34.41-44.80.1515.38-21.0521.34-38.57-24.59103.04-5.628.93121.2886.4834.91-21.28-160.85-318.0920.16-7.9549.55
22Q3 (15)44.205.349.020.657.059.5531.7615.3767.625.2826.4669.327.3921.3552.373.4027.3436.550.130.0-23.5334.7413.4259.72109.17-15.899.9965.03-6.82-34.6134.9717.356403.521.900.8312.02
22Q2 (14)41.96-2.08-5.319.292.5-23.2427.5318.0520.0619.998.1111.126.097.632.682.67-0.748.10.13-7.14-7.1430.6315.7616.15129.80-0.4837.469.80-13.26-36.4229.8052.53404.5821.72-0.4633.58
22Q1 (13)42.850.68-3.0818.82-18.49-20.7923.32-8.87-1.3118.49-14.080.385.66-28.5424.942.69-33.427.60.14-26.327.6926.46-6.5-3.68130.4337.8962.6180.47-10.49-19.9919.53100.233557.6721.8261.8716.62
21Q4 (12)42.564.96-1.0923.0922.498.125.5935.0427.7621.5244.1440.387.9263.3100.514.0462.2587.040.1911.7635.7128.3030.1118.3694.59-4.710.989.90-9.62-15.299.761714.63243.4113.48-31.05-29.09
21Q3 (11)40.55-8.49-13.9218.85-24.99-21.9818.95-17.36-16.2214.93-17.01-17.334.855.6613.852.490.8110.180.1721.4341.6721.75-17.52-19.599.255.0619.8899.46-9.4-6.910.54105.5107.8519.5520.23-7.96
21Q2 (10)44.310.23-6.7725.135.7711.6422.93-2.967.817.99-2.339.494.591.3222.42.47-1.222.890.147.6916.6726.37-4.01.0794.4717.78-3.09109.789.173.46-9.78-1631.52-60.1916.26-13.090
21Q1 (9)44.212.741.8723.7611.2442.7923.6317.9735.1818.4220.1635.044.5314.6884.152.5015.7477.30.13-7.1430.027.4714.8916.9980.21-5.961.01100.56-5.245.47-0.5691.69-112.1518.71-1.583.03
20Q4 (8)43.03-8.66-4.9721.36-11.59-2.2420.03-11.459.115.33-15.127.653.95-7.2820.82.16-4.4216.130.1416.677.6923.91-11.513.2885.293.0211.81106.12-0.68-11.04-6.800.6864.7519.01-10.51329.32
20Q3 (7)47.11-0.88-0.724.167.3310.9822.626.358.4418.069.9211.974.2613.618.992.2612.4418.320.120.00.027.023.564.9382.79-15.072.39106.850.72.51-6.85-12.16-61.6421.24014.07
20Q2 (6)47.539.523.0322.5135.2833.5121.2721.688.7416.4320.459.93.7552.4435.382.0142.5537.670.1220.020.026.0911.122.8497.4822.76-4.15106.1111.2823.57-6.11-231.3-143.220.00-100.0-100.0
20Q1 (5)43.40-4.15-3.6616.64-23.84-12.1417.48-4.79-11.7213.64-4.21-12.112.46-24.77-8.551.41-24.19-2.080.10-23.0811.1123.481.43-7.9279.414.1-8.1295.35-20.080.374.65124.124.0318.161265.41-8.84
19Q4 (4)45.28-4.550.021.850.370.018.36-11.980.014.24-11.720.03.27-8.660.01.86-2.620.00.138.330.023.15-10.10.076.28-5.660.0119.3014.450.0-19.30-355.440.01.33-92.860.0
19Q3 (3)47.442.840.021.7729.120.020.866.650.016.137.890.03.5829.240.01.9130.820.00.1220.00.025.751.50.080.86-20.490.0104.2421.390.0-4.24-129.990.018.6235.030.0
19Q2 (2)46.132.40.016.86-10.980.019.56-1.210.014.95-3.670.02.772.970.01.461.390.00.1011.110.025.37-0.510.0101.7017.670.085.87-9.610.014.13276.810.013.79-30.770.0
19Q1 (1)45.050.00.018.940.00.019.800.00.015.520.00.02.690.00.01.440.00.00.090.00.025.500.00.086.430.00.095.000.00.03.750.00.019.920.00.0
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)41.98-3.3819.61-3.831.955.0521.12-15.8217.36-10.8817.29-21.768.56-23.640.49-14.0424.35-13.25107.063.992.7914.187.21-61.525.14-16.2620.42-4.4
2022 (9)43.451.6620.39-9.51.85-8.3825.0910.019.486.2222.100.4511.21-3.780.57-9.5228.078.21103.048.9381.26-17.6518.741464.516.13-16.5721.3627.14
2021 (8)42.74-5.6122.535.132.02-31.0522.8111.2718.3414.8422.0058.2711.6549.940.6331.2525.943.194.5910.998.68-5.581.2007.35-17.1616.80-19.62
2020 (7)45.28-1.6121.436.512.93-6.9720.504.5915.975.2713.907.757.778.980.484.3525.161.2985.2911.81104.511.74-4.5108.87-15.5720.9066.4
2019 (6)46.021.1220.1212.533.1517.0119.60-13.8115.17-18.9612.901.987.133.480.4627.7824.84-8.7476.28-20.53102.7231.02-2.72010.51-1.712.56-25.55
2018 (5)45.51-3.5617.88-29.612.7067.9922.741.4318.725.5812.65-27.86.89-25.190.36-29.4127.228.495.9918.8478.40-30.7821.30010.69016.8720.76
2017 (4)47.198.4125.409.441.6019.7322.42-0.7117.73-2.2617.52-17.639.21-14.090.51-12.0725.110.6480.77-25.5113.2610.1-13.2600.00013.97-2.38
2016 (3)43.53-8.323.21-4.011.34-18.8622.58-9.3218.14-10.5121.27-16.5910.72-21.810.58-13.4324.95-9.54108.4117.29102.876.06-2.8700.00014.31-13.11
2015 (2)47.474.3124.1812.051.65-19.4224.907.9820.2711.1325.5026.1813.7120.260.678.0627.585.7192.4312.996.993.72.81-56.540.00016.478.43
2014 (1)45.51021.5802.05122.4423.06018.24020.21011.4000.62-38.6126.09-8.5281.8710.2693.53-4.436.47203.550.00015.1952.82

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