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)58.17-2.1-5.5532.042.990.0932.081.780.9425.630.51-0.397.81-12.64-14.085.17-7.18-9.930.20-9.09-9.0944.314.114.0453.471.77-9.7699.691.2-1.290.00-100.0100.015.16-10.3-4.83
23Q3 (19)59.42-2.33-2.8431.11-2.66.2531.52-2.875.025.50-4.579.168.94-7.744.075.571.835.690.2210.00.042.56-2.923.9652.54-28.73-14.098.510.051.091.19-22.63-53.2616.90-2.48-6.99
23Q2 (18)60.84-0.990.0831.94-4.68.232.45-2.177.226.721.111.19.69-2.7116.195.47-6.6614.920.20-9.090.043.840.164.1873.72-13.85.6298.46-2.40.991.54275.41-38.5317.336.45-5.87
23Q1 (17)61.45-0.230.1333.484.591.8233.174.370.7326.432.720.889.969.572.685.862.093.530.220.04.7643.772.770.2585.5244.34-1.11100.88-0.110.88-0.88-33.72016.282.2-6.54
22Q4 (16)61.590.7-2.1932.019.321.7231.785.862.0225.7310.153.139.095.8210.455.748.9211.890.220.010.042.594.03-0.9859.25-3.01-2.92100.993.630.12-0.66-125.7524.3415.93-12.33-12.52
22Q3 (15)61.160.61-0.1629.28-0.819.8730.02-0.8313.4523.36-2.8712.88.593.028.215.2710.7131.750.2210.015.7940.94-2.714.3161.09-12.48-6.1597.45-0.05-3.12.551.76552.1918.17-1.3-11.11
22Q2 (14)60.79-0.950.2329.52-10.229.7430.27-8.0813.4124.05-8.2110.178.34-14.0220.354.76-15.918.70.20-4.7611.1142.08-3.624.7869.80-19.29-10.197.49-2.51-3.12.510511.7218.415.68-9.49
22Q1 (13)61.37-2.54-3.7832.884.484.1232.935.714.5426.205.013.939.7017.8623.255.6610.3316.70.215.010.5343.661.51-1.3686.4841.716.57100.00-0.86-0.520.00100.0017.42-4.34-9.65
21Q4 (12)62.972.790.2931.4718.0911.5631.1517.7212.0124.9520.4711.988.2322.8426.625.1328.2523.910.205.2611.1143.019.585.9661.03-6.2410.18100.870.3-0.38-0.87-53.9130.4318.21-10.91-11.08
21Q3 (11)61.261.01-3.5926.65-0.93-16.8226.46-0.86-19.2820.71-5.13-21.76.70-3.32-23.344.00-0.25-24.950.195.56-5.039.25-2.27-11.4665.09-16.161.28100.56-0.043.18-0.567.34-127.8220.440.496.68
21Q2 (10)60.65-4.911.0726.90-14.82-7.7826.69-15.27-10.0121.83-13.41-10.246.93-11.94-1.284.01-17.32-5.420.18-5.265.8840.16-9.26-7.4477.644.6513.34100.610.092.75-0.610-143.920.345.50
21Q1 (9)63.781.587.2331.5811.9523.3131.5013.2721.7225.2113.1524.747.8721.0863.624.8517.1559.540.195.5626.6744.269.044.0774.1933.947.04100.52-0.721.520.00100.0-100.019.28-5.860
20Q4 (8)62.79-1.184.2928.21-11.9552.6527.81-15.1655.122.28-15.7764.916.50-25.63108.334.14-22.33100.970.18-10.020.040.59-8.4416.3755.39-13.82-1.34101.253.89-1.6-1.25-161.5656.8820.486.89-3.98
20Q3 (7)63.545.8813.0632.049.84100.7532.7810.52108.7926.458.76118.788.7424.5224.915.3325.71208.090.2017.6542.8644.332.1731.964.27-6.186.1397.46-0.46-4.222.0346.19215.7419.160-15.85
20Q2 (6)60.010.892.0129.1713.943.9129.6614.6129.4624.3220.3443.577.0245.9588.24.2439.4781.20.1713.3330.7743.392.026.6968.50-1.171.9597.92-1.119.991.3941.67-87.350.000-100.0
20Q1 (5)59.48-1.219.1625.6138.5876.9925.8844.3472.6520.2149.5980.124.8154.17124.773.0447.5794.870.150.015.3842.5321.9321.3469.3123.467.8499.02-3.773.420.98133.82-76.960.00-100.0-100.0
19Q4 (4)60.217.140.018.4815.790.017.9314.20.013.5111.750.03.1215.990.02.0619.080.00.157.140.034.883.780.056.14-7.30.0102.901.120.0-2.90-65.220.021.33-6.320.0
19Q3 (3)56.20-4.470.015.96-21.260.015.70-31.470.012.09-28.630.02.69-27.880.01.73-26.070.00.147.690.033.61-17.360.060.56-9.870.0101.7514.30.0-1.75-115.980.022.772.150.0
19Q2 (2)58.837.960.020.2740.080.022.9152.840.016.9450.980.03.7374.30.02.3450.00.00.130.00.040.6716.030.067.194.540.089.02-7.020.010.98157.930.022.29-5.030.0
19Q1 (1)54.490.00.014.470.00.014.990.00.011.220.00.02.140.00.01.560.00.00.130.00.035.050.00.064.270.00.095.740.00.04.260.00.023.470.00.0
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)59.98-2.0632.143.8810.832.8132.303.3326.064.8734.482.4422.354.980.850.043.633.1453.47-9.7699.470.480.53-47.320.45-22.3116.42-5.79
2022 (9)61.24-1.5130.945.9610.53-12.031.267.7924.857.1133.6620.3921.2918.540.8511.8442.301.5959.25-2.9298.99-1.781.0100.58-19.8617.43-10.75
2021 (8)62.180.7529.200.5211.97-5.529.00-1.1323.20-1.6127.967.8317.965.960.767.0441.64-2.5361.0310.18100.791.63-0.6600.72-15.4919.531.24
2020 (7)61.727.1929.0566.8612.66-26.0529.3363.2223.5874.5425.93123.5316.9599.650.7118.3342.7218.455.39-1.3499.172.381.00-68.230.85222.1819.29-13.92
2019 (6)57.586.2617.4148.817.1261.1317.9729.7513.5134.2911.6053.858.4942.450.603.4536.0845.6656.1485.196.8614.853.14-79.970.2610.9122.41-6.2
2018 (5)54.19-0.0711.70-1.7610.63-8.0113.8526.4810.0620.197.5414.075.9621.380.580.024.778.9330.3313.8584.34-22.8515.6600.24023.899.19
2017 (4)54.23-1.5411.9112.3611.554.1710.956.218.37-2.226.61-16.864.91-5.760.58-1.6922.743.8426.64-46.99109.326.45-8.4700.00021.88-9.81
2016 (3)55.08-1.2410.6016.6111.094.1310.314.258.567.137.9512.295.2113.020.597.2721.903.7950.25-21.94102.7011.63-2.7000.00024.26-0.66
2015 (2)55.771.129.09-8.3710.658.499.89-19.857.99-22.287.08-21.944.61-30.150.55-11.2921.10-6.5164.3710.9192.0014.538.00-59.330.00024.424.94
2014 (1)55.1509.9209.827.0612.34010.2809.0706.6000.62-11.4322.579.458.04138.9580.33-9.8519.6765.570.00023.27-4.0

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