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)43.90-2.858.7432.17-1.1715.3925.73-27.91-3.1220.29-30.82-4.73.35-30.93-11.842.36-27.83-10.270.110.0-8.3333.98-23.09-0.544.83-0.99-6.15125.5637.9719.66-24.81-376.03-403.3316.93-6.1-3.09
23Q3 (19)45.1914.3211.3632.5520.5115.1835.6925.6710.3929.3335.0414.754.8535.853.413.2741.562.190.1110.0-8.3344.1817.8112.3945.28-19.73-0.8891.01-4.723.928.9972.07-27.6618.03-4.551.98
23Q2 (18)39.530.36-10.7727.01-0.44-12.928.404.22-14.2521.720.32-14.863.575.62-22.392.313.12-24.760.100.0-16.6737.503.65-4.5856.41-6.3115.1995.52-4.481.855.22547.76-15.918.89-3.723.91
23Q1 (17)39.39-2.43-8.6327.13-2.69-3.2527.252.6-15.8221.651.69-17.183.38-11.05-24.722.24-14.83-28.430.10-16.67-16.6736.185.94-6.6660.2126.0417.07100.00-4.715.270.81116.36-93.9119.6212.314.58
22Q4 (16)40.37-0.52-9.327.88-1.34-10.5626.56-17.85-14.2921.29-16.71-21.063.80-18.98-20.342.63-17.81-24.860.120.0-7.6934.15-13.13-8.6947.774.5826.61104.9319.824.23-4.93-139.67-639.4417.47-1.190.92
22Q3 (15)40.58-8.4-1.5528.26-8.873.132.33-2.3919.2125.560.226.724.691.9645.23.204.2332.780.120.00.039.310.0315.3145.68-6.7226.9287.57-6.63-13.8612.43100.061591.1217.68-2.75-7.09
22Q2 (14)44.302.765.6831.0110.5911.1533.122.3226.4625.51-2.4123.964.602.4543.33.07-1.9227.390.120.00.039.301.3918.748.97-4.7843.1993.798.11-12.316.21-53.11189.2918.18-3.09-5.9
22Q1 (13)43.11-3.15-10.3428.04-10.04-15.9532.374.45-2.9426.14-3.08-0.874.49-5.871.583.13-10.57-5.720.12-7.69-7.6938.763.64-3.7351.4336.3156.3286.75-13.82-13.2513.252086.75018.768.38-2.04
21Q4 (12)44.517.98-3.1831.1713.72-6.7630.9914.27-4.226.9733.71-5.674.7747.68-17.763.5045.23-19.720.138.33-13.3337.409.71-1.4537.734.8311.76100.67-0.98-2.77-0.6720.081.1117.31-9.04-4.79
21Q3 (11)41.22-1.67-3.3127.41-1.76-8.8227.123.55-8.9920.17-1.99-14.973.230.62-34.222.410.0-34.690.120.0-25.034.092.96-4.1135.995.239.79101.67-4.951.01-0.8388.02-27.519.03-1.50.95
21Q2 (10)41.92-12.81-0.5227.90-16.37-8.1926.19-21.47-13.1120.58-21.96-10.793.21-27.38-25.522.41-27.41-29.530.12-7.69-20.033.11-17.76-7.7734.203.950.53106.966.966.2-6.960-880.8719.320.890
21Q1 (9)48.084.599.1733.36-0.219.3833.353.096.7526.37-7.767.024.42-23.793.513.32-23.85-8.030.13-13.33-13.3340.266.098.0232.90-2.5579.0100.00-3.412.990.00100.0-100.019.155.340
20Q4 (8)45.977.833.1933.4311.218.7532.358.5611.8228.5920.5330.615.8018.1337.774.3618.1624.220.15-6.25-6.2537.956.7510.133.762.9985.7103.532.86-2.9-3.53-440.046.6718.18-3.55-4.87
20Q3 (7)42.631.16-0.2630.06-1.09-0.9229.80-1.13-0.3723.722.82-1.044.9113.921.453.697.89-2.380.166.670.035.55-0.970.9132.78-3.6444.53100.65-0.06-0.74-0.657.8453.5918.850-3.18
20Q2 (6)42.14-4.31-7.1830.39-0.36-7.830.14-3.52-16.4623.07-6.37-16.924.310.94-22.623.42-5.26-21.920.150.0-6.2535.90-3.68-12.7434.0285.09-3.21100.713.7210.39-0.71-132.62-108.090.000-100.0
20Q1 (5)44.04-1.142.3230.50-0.78-1.1331.247.98-4.2624.6412.56-6.384.271.43-12.683.612.85-11.740.15-6.250.037.278.12-2.1818.381.1-9.0197.10-8.932.812.17132.85-60.870.00-100.0-100.0
19Q4 (4)44.554.230.030.741.320.028.93-3.280.021.89-8.680.04.21-13.020.03.51-7.140.00.160.00.034.47-2.160.018.18-19.840.0106.625.140.0-6.62-369.850.019.11-1.850.0
19Q3 (3)42.74-5.860.030.34-7.950.029.91-17.10.023.97-13.680.04.84-13.110.03.78-13.70.00.160.00.035.23-14.370.022.68-35.480.0101.4111.160.0-1.41-116.060.019.475.640.0
19Q2 (2)45.405.480.032.966.840.036.0810.570.027.775.510.05.5713.910.04.387.090.00.166.670.041.147.980.035.1574.010.091.23-3.410.08.7757.890.018.43-3.510.0
19Q1 (1)43.040.00.030.850.00.032.630.00.026.320.00.04.890.00.04.090.00.00.150.00.038.100.00.020.200.00.094.440.00.05.560.00.019.100.00.0
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)42.110.2429.833.687.8122.7229.29-5.5223.27-5.2114.55-14.0110.15-14.850.43-10.4237.890.3444.83-6.15101.759.68-1.9300.00018.321.78
2022 (9)42.01-4.4828.77-4.166.37-1.5131.005.1624.553.9416.927.2211.922.230.48-2.0437.764.1147.7726.6192.78-8.927.2200.00018.00-3.59
2021 (8)43.980.5730.02-3.636.4716.6229.48-4.623.62-5.8615.78-16.8211.66-22.580.49-18.3336.27-1.1737.7311.76101.861.02-1.8600.00018.67-0.85
2020 (7)43.73-0.531.15-0.265.5410.8230.90-3.0725.090.4818.97-1.8615.06-7.660.60-7.6936.70-1.2633.7685.7100.833.09-0.8300.00018.83-1.05
2019 (6)43.952.8831.232.975.00-1.5931.88-0.1924.97-0.5619.336.2116.317.940.658.3337.17-0.7518.18-8.0497.813.012.02-59.920.00019.03-4.71
2018 (5)42.720.4930.330.65.08-5.0231.9415.3925.1117.3418.2026.2115.1127.940.609.0937.4511.9619.77-12.8394.95-12.815.0500.00019.975.77
2017 (4)42.51-4.4530.15-3.35.353.1627.68-11.6221.40-15.9514.42-19.9811.81-17.120.55-1.7933.45-9.8422.68-3.12108.919.4-8.9100.00018.88-7.77
2016 (3)44.491.7431.186.635.19-8.031.32-1.5425.461.5618.027.8414.258.450.567.6937.10-2.0823.41-26.7199.558.470.45-94.320.00020.47-3.94
2015 (2)43.733.4129.2410.135.64-3.9631.816.2525.07-3.1716.710.4813.14-2.670.520.037.894.931.9429.2191.773.477.98-29.440.00021.31-4.14
2014 (1)42.29026.5505.87-16.0429.94025.89016.63013.5000.52-1.8936.128.4724.724.8388.69-6.4211.31134.670.00022.23-1.81

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