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)48.0811.17-4.5114.71115.37-15.311.11-92.82-89.4611.486.24.940.845.0-9.680.798.22-9.20.070.0-12.59.57-60.89-48.335.40-19.64-15.761400.003400.0710.53-1300.00-2537.5-1942.8623.45-6.694.5
23Q3 (19)43.25-1.14-10.646.83-33.43-53.0915.45-11.31-56.1810.81-11.32-59.130.80-16.67-63.470.73-16.09-64.390.070.0-12.524.47-3.09-43.286.72-40.85-9.6840.00-32.0-4.053.3329.52-8.5725.133.032.87
23Q2 (18)43.75-7.05-10.1110.26-41.8-31.0917.425.45-28.6912.198.74-33.460.9614.29-38.460.8711.54-40.410.070.0-12.525.25-0.04-23.5111.3615.3376.1258.82-44.64-1.9641.18758.822.9424.391.33-0.29
23Q1 (17)47.07-6.51-2.2417.631.512.5816.5256.89-27.5111.212.47-35.650.84-9.68-41.260.78-10.34-41.790.07-12.5-12.525.2636.39-19.329.8553.6725.16106.25-38.4952.73-6.2590.18-120.5424.077.263.53
22Q4 (16)50.354.0326.7917.3719.31006.3710.53-70.14685.010.94-58.64844.220.93-57.53875.00.87-57.56890.910.080.00.018.52-57.07124.486.41-13.849.01172.73314.55272.73-63.64-209.09-142.4222.44-8.15-15.92
22Q3 (15)48.40-0.554.6514.56-2.223.735.2644.33150.7826.4544.38134.072.1940.3899.092.0540.41100.980.080.0-11.1143.1430.6985.317.4415.3530.7641.67-30.56-58.3358.3345.83024.43-0.129.95
22Q2 (14)48.671.0812.6114.89-4.9232.024.437.2218.9318.325.17228.91.569.09168.971.468.96170.370.080.0-20.033.015.43104.656.45-18.04-37.7460.00-13.75-57.1440.0031.43180.024.465.212.93
22Q1 (13)48.1521.256.8815.66897.4549.4322.791366.11113.5917.421285.03103.981.431291.6774.391.341318.1876.320.080.0-11.1131.31279.5255.157.8733.84-14.2769.57169.57-30.4330.43-79.71023.25-12.890.56
21Q4 (12)39.71-14.14-15.531.57-88.82-90.43-1.80-112.8-114.43-1.47-113.01-117.99-0.12-110.91-114.81-0.11-110.78-114.470.08-11.11-11.118.25-64.56-62.245.883.34-14.66-100.00-200.0-175.0150.000550.026.6920.1218.89
21Q3 (11)46.257.01-4.2814.0424.47-16.1314.0683.55-2.8311.30102.871.071.1089.66-11.291.0288.89-12.820.09-10.0-10.023.2844.333.975.69-45.08-16.45100.00-28.57-13.640.00100.0100.022.222.599.78
21Q2 (10)43.22-4.06-4.411.287.6338.757.66-28.2146.745.57-34.7839.60.58-29.2765.710.54-28.9563.640.1011.1125.016.13-20.073.8610.3612.8577.7140.0040.0-12.5-50.00016.6721.66-6.310
21Q1 (9)45.05-4.17-2.1510.48-36.143.7610.67-14.4313.518.544.5310.910.821.2326.150.760.024.590.090.012.520.18-7.64-3.99.1833.2443.89100.00-25.028.570.00100.0-100.023.122.98-15.99
20Q4 (8)47.01-2.71-2.4916.40-2.03258.8612.47-13.825095.838.17-26.92304.460.81-34.68376.470.76-35.04347.060.09-10.012.521.85-2.4187.556.891.1714.83133.3315.150-33.33-111.11022.4510.92-15.25
20Q3 (7)48.326.88-2.6816.74105.9728.7114.47177.2756.2111.18180.21932.731.24254.292380.01.17254.552240.00.1025.025.022.3944.1770.536.8116.816.74115.79-27.6315.79-15.7973.68020.240-29.84
20Q2 (6)45.21-1.86.758.1311.52684.895.22-44.47473.633.99-48.1864.880.35-46.1566.670.33-45.965.00.080.00.015.53-26.0524.245.83-8.62-31.65160.00105.71260.0-60.00-370.0-130.00.00-100.0-100.0
20Q1 (5)46.04-4.517.127.2959.52401.249.403816.67646.517.70281.19547.670.65282.35533.330.61258.82535.710.080.00.021.0080.26129.016.386.3318.8177.780-48.1522.220144.4427.523.89-2.41
19Q4 (4)48.21-2.90.04.57126.240.00.24-85.80.02.02267.270.00.17240.00.00.17240.00.00.080.00.011.65-11.270.06.00-5.960.00.00-100.00.00.0000.026.49-8.180.0
19Q3 (3)49.6517.240.02.02245.320.01.6985.710.00.55-77.270.00.05-76.190.00.05-75.00.00.080.00.013.135.040.06.38-25.210.0100.00200.00.0-0.00-100.00.028.853.70.0
19Q2 (2)42.357.730.0-1.3942.560.00.91152.910.02.42240.70.00.21240.00.00.20242.860.00.080.00.012.5036.310.08.5358.850.0-100.00-166.670.0200.00500.00.027.82-1.350.0
19Q1 (1)39.310.00.0-2.420.00.0-1.720.00.0-1.720.00.0-0.150.00.0-0.140.00.00.080.00.09.170.00.05.370.00.0150.000.00.0-50.000.00.028.200.00.0
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)45.52-6.9512.35-21.095.50-5.6312.70-44.9311.43-37.133.39-43.313.21-43.090.28-9.6821.20-32.815.40-15.7695.9242.382.04-93.755.162.8724.262.67
2022 (9)48.9211.9215.6561.175.83-17.923.06186.8218.18189.495.98155.565.64154.050.31-11.4331.5580.086.419.0167.37-44.8832.6305.02-5.3223.631.63
2021 (8)43.71-6.549.71-23.127.10-1.968.04-25.216.28-21.52.34-23.032.22-22.650.35-2.7817.52-14.085.88-14.66122.223.26-22.2205.30-3.3323.25-1.98
2020 (7)46.774.5112.631873.447.24-16.7810.754379.178.00912.663.041025.932.87925.00.3612.520.3975.936.8914.83118.37-60.54-18.3705.480.4423.72-14.8
2019 (6)44.752.850.64-86.478.7054.350.24-97.240.79-92.710.27-92.820.28-92.110.32-3.0311.59-36.76.008.7300.00455.0-200.0005.4612.2127.84-5.02
2018 (5)43.51-9.694.73-61.925.6367.258.71-43.2210.83-12.733.76-23.423.55-23.160.33-10.8118.31-20.225.52-14.4254.05-33.1245.95139.584.86029.317.36
2017 (4)48.182.5312.4212.63.375.8615.3418.2712.411.974.917.444.627.690.375.7122.958.566.455.2280.82-5.9819.1821.460.00027.30-8.51
2016 (3)46.99-0.7611.03-2.563.182.512.975.6212.1722.314.5721.874.2922.220.350.021.143.636.13-13.1785.96-7.2915.79117.110.00029.84-0.2
2015 (2)47.35-7.2811.32-20.623.10-15.0212.28-30.59.95-33.583.75-29.783.51-30.630.352.9420.40-22.967.0611.0192.7315.167.27-62.670.00029.90-6.45
2014 (1)51.07014.2603.655.9417.67014.9805.3405.0600.34-5.5626.48-4.026.3641.0280.52-10.3119.4890.480.00031.966.39

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