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
23Q3 (20)47.329.01-5.1917.5966.41-28.0920.414.13-30.1316.16-14.04-34.073.087.32-40.771.6411.56-34.920.0928.57-10.028.57-3.97-22.49105.924.46-5.4586.0860.462.5113.92-69.63-14.8522.87-20.67-8.52
23Q2 (19)43.41-13.58-12.5910.57-64.94-53.2119.60-37.4-36.6518.80-25.49-34.452.87-55.02-55.781.47-50.0-51.320.07-36.36-30.029.75-21.63-21.11101.40-18.79-15.0753.65-44.38-26.5445.831115.9369.9428.8350.04.68
23Q1 (18)50.232.997.9830.1515.2128.331.3128.3723.925.2333.3524.846.3834.640.842.9429.5235.480.110.010.037.9622.2217.89124.86-2.8-0.1596.45-10.183.663.77151.04-45.7619.22-14.77-15.74
22Q4 (17)48.77-2.283.3726.176.999.4124.39-16.57.9718.92-22.817.014.74-8.85-1.462.27-9.92-8.10.1110.0-15.3831.06-15.748.72128.4614.6716.85107.3827.881.38-7.38-145.18-24.6222.55-9.817.14
22Q3 (16)49.910.542.1124.468.28156.1329.21-5.59155.5624.51-14.54175.395.20-19.88271.432.52-16.56223.080.100.025.036.86-2.2589.9112.03-6.1612.4383.9714.991.0316.35-39.39-3.1825.00-9.2213.9
22Q2 (15)49.666.7534.4722.59-3.87125.2230.9422.44193.2728.6841.91224.436.4943.27419.23.0239.17308.110.100.025.037.7117.11103.73119.39-4.5341.1773.03-21.52-23.3826.97288.06475.3527.5420.7417.99
22Q1 (14)46.52-1.440.823.50-1.76210.8525.2711.86190.1320.2114.31191.634.53-5.82256.692.17-12.15197.260.10-23.080.032.2012.7195.98125.0513.7480.5893.05-12.166.346.95217.28-44.422.8118.4910.67
21Q4 (13)47.1834.3480.723.92150.47811.922.5997.64699.217.6898.65640.674.81243.57659.32.47216.67923.330.1362.58.3328.5747.19839.8109.9410.34-9.62105.9327.4419.17-5.93-135.1-153.3319.25-12.3-22.19
21Q3 (12)35.12-4.924.89.55-4.79170.6411.438.34-86.158.900.68-86.431.4012.0-90.740.785.41-87.960.080.0-20.019.414.86-78.699.6417.82-16.5483.12-12.8609.7816.88260.17-85.5121.95-5.96-39.98
21Q2 (11)36.9311.77-12.3810.0332.67-56.7510.5521.13-49.068.8427.56-47.821.25-1.57-80.680.741.37-71.970.08-20.0-46.6718.5112.66-29.5984.5722.12-47.1495.318.93-14.754.69-62.5139.7223.3413.250
21Q1 (10)33.0426.5414.527.56325.091.398.71331.0369.466.93311.9374.561.27247.6733.680.73343.3335.190.10-16.6711.1116.43440.469.969.25-43.07-56.3387.50-1.5611.8112.5012.5-42.520.61-16.69-1.1
20Q4 (9)26.11-7.21-22.31-3.3675.15-150.07-3.77-104.57-154.4-3.27-104.99-159.13-0.86-105.69-137.39-0.30-104.63-128.30.1220.0-25.03.04-96.65-76.78121.641.88-21.888.89645.19-7.4111.11-90.46177.7824.74-32.3515.5
20Q3 (8)28.14-33.24-17.16-13.52-158.3-217.0682.51298.41508.4865.57287.07498.2715.12133.69259.146.48145.45274.570.10-33.33-28.5790.68244.92339.98119.39-25.37-30.66-16.30-114.58-119.18116.521087.37676.8136.57092.68
20Q2 (7)42.1546.133.3923.19487.0984.0520.71302.92-8.8916.94326.7-8.786.47581.05-21.772.64388.89-18.520.1566.67-6.2526.2975.85-9.03159.980.88-9.78111.8042.86102.05-11.80-154.29-126.420.00-100.0-100.0
20Q1 (6)28.85-14.1620.313.95-41.133490.915.14-25.83105.63.97-28.21113.440.95-58.782.690.54-49.0631.710.09-43.75-10.014.9514.2117.25158.581.95-4.8578.26-18.48021.74443.48-78.2620.84-2.7110.73
19Q4 (5)33.61-1.064.126.71-41.9-40.366.93-48.89-77.285.53-49.54-79.862.30-45.37-79.241.06-38.73-75.060.1614.296.6713.09-36.49-65.32155.55-9.66-8.4796.0012.94160.134.00-73.33-93.6621.4212.8619.2
19Q3 (4)33.977.50.011.55-8.330.013.56-40.340.010.96-40.980.04.21-49.090.01.73-46.60.00.14-12.50.020.61-28.690.0172.19-2.890.085.0053.610.015.00-66.420.018.9846.450.0
19Q2 (3)31.6031.780.012.6011354.550.022.73809.20.018.57898.390.08.271490.380.03.24690.240.00.1660.00.028.90126.670.0177.326.40.055.3300.044.67-55.330.012.96-31.140.0
19Q1 (2)23.98-25.710.00.11-99.020.02.50-91.80.01.86-93.230.00.52-95.310.00.41-90.350.00.10-33.330.012.75-66.230.0166.66-1.930.00.00-100.00.0100.0058.490.018.824.730.0
18Q4 (1)32.280.00.011.250.00.030.500.00.027.460.00.011.080.00.04.250.00.00.150.00.037.750.00.0169.940.00.036.900.00.063.100.00.017.970.00.0
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
2022 (10)48.7422.8924.3164.935.23-7.2727.2982.1822.8692.9120.80106.359.8697.990.412.534.2754.79128.4616.8589.07-9.5710.93629.181.38-28.2724.3716.55
2021 (9)39.6623.914.74277.955.640.5114.98-39.0111.85-39.4510.08-51.844.98-47.020.40-11.1122.14-30.36109.94-9.6298.50520.151.50-98.221.93-42.0320.91-11.85
2020 (8)32.011.683.90-53.635.619.2324.56101.1519.5798.0820.9347.69.4052.10.45-18.1831.7964.89121.64-21.815.88-76.9784.12171.043.32167.0323.7231.63
2019 (7)31.4835.468.4105.14-26.3312.21961.749.88696.7714.18912.866.18344.60.5527.9119.2877.04155.55-8.4768.97031.03-85.961.24-26.5718.026.38
2018 (6)23.2486.07-1.4406.972.21.15858.331.243.331.40-11.951.39-8.550.43-10.4210.8913.32169.9413.95-126.320221.05-97.41.69016.9411.59
2017 (5)12.49-21.25-9.5606.8235.480.12-90.551.20-20.531.59-43.011.522.010.48-22.589.6124.81149.13-27.23-8400.0008500.003789.830.00015.1827.14
2016 (4)15.86-12.42-1.5205.04-13.861.27182.221.51331.432.79357.381.4991.030.62-3.137.70-9.2204.946.33-118.520218.52555.560.00011.94-2.05
2015 (3)18.11-6.120.27-81.125.8517.170.45-77.390.35-78.530.61-77.070.78-57.840.64-7.258.48-8.13192.7433.2755.56-23.8733.3323.330.00012.19-1.53
2014 (2)19.2914.411.4304.995.661.9944.21.6335.832.6648.61.8513.50.69-9.219.2311.88144.6210.172.97027.03-90.440.00012.384.38
2013 (1)16.860-2.5004.7201.3801.2001.7901.6300.7608.250131.350-182.610282.6100.00011.860

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