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)32.5014.361.563.24500.0-0.31-0.33-108.66-132.35-0.38-115.97-118.72-0.22-115.83-118.970.05-92.19-91.80.220.0-8.335.58-35.57-8.82153.83-7.363.72-875.00-6079.17-373.44950.001012.86531.8212.52-13.89-5.37
23Q3 (19)28.42-4.79-10.710.54-64.0117.533.81-13.41-38.352.38-28.1-31.611.39-33.49-9.740.64-32.63-13.510.22-12.022.228.66-1.03-30.83166.052.2420.8714.63-56.96129.2785.3729.34-43.914.5442.41-5.77
23Q2 (18)29.85-10.33-1.911.50-60.84161.484.4018.281995.243.319.6358.592.0911.17473.210.955.56733.330.250.038.898.753.4343.68162.418.788.8534.00-67.62103.7866.002740.0-93.410.21-14.35-29.49
23Q1 (17)33.294.0323.533.8317.85142.943.72264.71256.963.0248.77193.211.8862.07240.30.9047.54291.490.254.1747.068.4638.24120.31149.300.673.31105.00-67.19-71.67-2.5098.8699.0811.92-9.9-23.79
22Q4 (16)32.000.53-2.773.25205.52712.51.02-83.5179.692.03-41.676866.671.16-24.6811700.00.61-17.57916.670.2433.3314.296.12-51.1257.33148.317.961.33320.00740.01273.33-220.00-244.57-272.8613.23-14.26-19.92
22Q3 (15)31.834.62.51-3.08-26.23-202.336.182842.86344.63.48371.872576.921.54375.02466.670.74593.33825.00.180.0-14.2912.52105.58115.12137.38-7.920.18-50.0094.44-122.22152.17-84.78221.7415.436.5627.31
22Q2 (14)30.4312.91-12.73-2.4472.65-122.870.21108.86-97.36-1.2860.49-121.48-0.5658.21-116.18-0.1568.09-109.870.185.88-28.06.0958.59-46.39149.203.2511.91-900.00-342.86-776.921000.00469.573033.3314.48-7.4217.34
22Q1 (13)26.95-18.11-25.72-8.92-2330.0-166.87-2.37-85.16-118.57-3.24-10700.0-131.86-1.34-13300.0-117.03-0.47-883.33-114.60.17-19.05-45.163.84-1.29-75.31144.51-1.274.38370.591458.82254.73-270.59-312.61-5954.4115.64-5.3359.1
21Q4 (12)32.915.99-10.520.40-86.71-95.96-1.28-192.09-113.94-0.03-123.08-100.37-0.01-116.67-100.160.06-25.0-97.490.210.0-27.593.89-33.16-68.35146.376.74-8.79-27.27-112.12-125.34127.27201.821768.6916.5236.330.7
21Q3 (11)31.05-10.95-19.973.01-71.79-82.781.39-82.54-91.680.13-97.82-99.030.06-98.27-99.580.08-94.74-98.510.21-16.0-47.55.82-48.77-69.27137.132.86-17.35225.0069.23114.81-125.00-266.67-2534.6212.12-1.7810.28
21Q2 (10)34.87-3.89-6.6610.67-20.01-19.897.96-37.62-39.385.96-41.4-43.243.46-56.04-65.941.52-52.8-61.710.25-19.35-32.4311.36-26.95-26.61133.32-3.71-22.14132.9527.2730.75-34.09-662.78-1922.7312.3425.530
21Q1 (9)36.28-1.365.4713.3434.88294.6712.7639.0544.4410.1725.87784.357.8728.38883.753.2234.73685.370.316.910.7115.5526.53173.77138.45-13.73-6.78104.47-2.93-39.85-4.4741.493.939.83-22.23-17.81
20Q4 (8)36.78-5.2123.599.89-43.42320.859.18-45.061175.08.08-39.48648.156.13-56.89706.582.39-55.41512.820.29-27.53.5712.29-35.11140.51160.48-3.286.33107.632.75-67.24-7.63-60.7696.6612.6415.0119.47
20Q3 (7)38.803.8532.6517.4831.23562.1216.7127.271215.7513.3527.14959.5214.2239.961497.755.3635.011207.320.408.1148.1518.9422.35365.36165.92-3.16.14104.743.01-49.57-4.74-181.5195.5910.9900.92
20Q2 (6)37.368.630.3613.32294.08812.3313.13563.13351.210.50813.04323.3910.161170.0494.153.97868.29415.580.3732.1432.1415.48172.54149.68171.2215.286.85101.69-41.4596.59-1.6997.71-103.490.00-100.0-100.0
20Q1 (5)34.4015.594.343.3843.83-10.111.98175.0-48.71.156.48-64.170.805.26-64.290.415.13-62.040.280.0-9.685.6811.15-23.24148.52-1.5918.54173.68-47.1478.14-73.6867.76-3047.3711.9613.046.6
19Q4 (4)29.761.740.02.35-10.980.00.72-43.310.01.08-14.290.00.76-14.610.00.39-4.880.00.283.70.05.1125.550.0150.92-3.450.0328.5758.20.0-228.57-112.240.010.58-2.850.0
19Q3 (3)29.252.060.02.6480.820.01.27-56.360.01.26-49.190.00.89-47.950.00.41-46.750.00.27-3.570.04.07-34.350.0156.32-2.450.0207.69301.540.0-107.69-323.080.010.89-3.460.0
19Q2 (2)28.66-13.070.01.46-61.170.02.91-24.610.02.48-22.740.01.71-23.660.00.77-28.70.00.28-9.680.06.20-16.220.0160.2427.90.051.72-46.950.048.281831.030.011.280.530.0
19Q1 (1)32.970.00.03.760.00.03.860.00.03.210.00.02.240.00.01.080.00.00.310.00.07.400.00.0125.290.00.097.500.00.02.500.00.011.220.00.0
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)31.001.712.2703.84-17.32.92124.622.10377.275.17522.892.60261.110.9830.677.8811.3153.833.7277.34022.66-91.781.840.0412.27-15.79
2022 (9)30.48-10.72-2.2404.6451.381.30-79.430.44-91.080.83-93.20.72-85.740.75-23.477.08-29.83148.311.33-175.610275.6101.832.9614.5718.46
2021 (8)34.14-8.037.89-33.973.0635.256.32-43.724.93-45.712.20-59.835.05-58.330.98-25.1910.09-27.77146.37-8.79125.0017.44-25.0001.787.7912.306.86
2020 (7)37.1223.011.95366.82.27-21.2411.23410.459.08349.530.37432.8112.12343.961.319.1713.97145.09160.486.33106.44-8.03-6.4401.65-22.6811.514.64
2019 (6)30.18-9.262.56-29.282.88153.772.20-43.882.02-42.125.70-41.422.73-41.291.20-6.985.703.83150.9225.85115.7324.76-16.8502.14-12.2611.00-12.07
2018 (5)33.26-3.173.62-7.651.13-19.463.924.533.491.169.737.044.652.21.290.785.49-1.96119.926.192.76-11.37.8902.44012.515.21
2017 (4)34.350.593.9257.431.41-9.53.7555.63.4532.189.0946.854.5534.621.282.45.6025.28113.0313.06104.580.51-4.5800.00011.891.28
2016 (3)34.156.992.49678.131.55-12.862.411105.02.61218.296.19272.893.38212.961.255.044.4778.0999.9723.73104.05-42.19-2.7000.00011.74-3.29
2015 (2)31.923.870.32-73.551.7816.140.20-85.070.82-21.91.66-29.061.08-29.871.19-15.02.51-29.380.8035.87180.00100.57-60.0000.00012.1410.26
2014 (1)30.7301.2101.546.571.3401.0502.3401.5401.400.723.5580.259.47-0.9789.74-37.5710.2600.00011.016.27

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