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)27.179.511.6118.3367.426.3317.75116.7334.7813.67143.6733.52.98373.02115.941.61257.7898.770.1183.3357.1429.66-6.05-6.32100.92-1.120.53103.10-23.63-6.8-3.1090.770.86.58-40.99-34.4
23Q3 (19)24.81-17.71-23.1210.95-35.09-41.828.19-45.0-51.375.61-50.49-57.440.63-59.87-63.370.45-49.44-53.610.06-14.290.031.57-7.69-5.87102.06-4.435.17135.0018.820.97-33.33-144.44-187.511.1520.029.21
23Q2 (18)30.158.143.416.8715.5519.0514.899.08-20.8411.336.79-33.551.5718.05-18.230.8914.1-15.240.0716.6740.034.20-0.87-12.01106.79-4.031.11113.645.8750.74-13.64-85.8-155.49.29-8.2-18.51
23Q1 (17)27.884.26-18.4114.600.62-10.8113.653.64-19.6610.613.61-14.231.33-3.629.920.78-3.711.430.06-14.2920.034.508.97-12.53111.2810.855.86107.34-2.9711.68-7.3430.89-288.9910.120.9-24.25
22Q4 (16)26.74-17.14-18.6214.51-22.9-18.9413.17-21.79-33.4210.24-22.31-33.161.38-19.77-37.270.81-16.49-33.610.0716.670.031.66-5.61-10.13100.393.451.36110.62-0.8721.89-10.628.41-214.8210.03-1.768.79
22Q3 (15)32.2710.67-18.8418.8232.82-25.6116.84-10.47-7.1213.18-22.7-6.061.72-10.4253.570.97-7.6242.650.0620.050.033.54-13.71-25.6297.04-8.120.61111.5948.03-19.76-11.59-147.170.3310.21-10.44-27.43
22Q2 (14)29.16-14.66-14.4414.17-13.44-16.718.8110.71-5.8617.0537.832.41.9258.6858.681.0550.041.890.050.025.038.87-1.45-21.01105.620.4815.3975.38-21.57-10.5424.62533.8568.5211.40-14.67-24.05
22Q1 (13)34.173.99-0.4416.37-8.55-25.0116.99-14.11-23.512.37-19.26-24.531.21-45.0-30.460.70-42.62-30.690.05-28.57-16.6739.4411.95-6.72105.126.1415.0596.125.91-2.513.88-58.01175.7313.3644.927.24
21Q4 (12)32.86-17.35-6.5717.90-29.255.2319.789.170.9615.329.1971.562.2096.43171.61.2279.41134.620.0775.075.035.23-21.87-3.8599.042.697.1990.75-34.75-38.179.25123.67119.779.22-34.47-41.05
21Q3 (11)39.7616.6723.7925.3048.748.5818.13-9.26-22.5514.03-15.74-24.931.12-7.44-60.70.68-8.11-52.780.040.0-42.8645.09-8.3715.0896.455.38-20.1139.0865.0439.8-39.08-367.55-7720.6914.07-6.2673.06
21Q2 (10)34.08-0.712.4817.01-22.08-9.9519.98-10.0412.8816.651.5917.831.21-30.46-28.40.74-26.73-19.570.04-33.33-33.3349.2116.3930.8891.530.18-23.2784.27-14.53-21.3514.61937.08304.4915.0142.9543.09
21Q1 (9)34.32-2.423.8121.8328.3411.4322.2191.9629.2816.3983.5429.571.74114.8132.821.0194.2331.170.0650.020.042.2815.395.2391.37-1.11-15.2698.59-32.83-14.071.41103.01110.2910.50-32.86-11.84
20Q4 (8)35.179.519.517.01-27.0-1.1611.57-50.58-9.478.93-52.22-28.960.81-71.58-44.140.52-63.89-37.350.04-42.86-33.3336.64-6.4810.6692.40-23.45-16.55146.7747.539.03-46.77-9220.97-35.1315.6492.370
20Q3 (7)32.126.0115.9623.3023.3513.7723.4132.2615.5518.6932.2715.32.8568.64-4.041.4456.52-5.260.0716.67-22.2239.184.218.4120.711.1913.1899.49-7.15-1.540.51107.18148.978.13-22.517.32
20Q2 (6)30.30-8.355.4318.89-3.57-6.9517.703.033.0314.1311.75.531.6929.01-15.50.9219.48-14.810.0620.0-14.2937.60-6.4212.64119.2910.64-1.17107.14-6.62-9.34-7.1447.860.7110.49-11.9226.08
20Q1 (5)33.0612.3343.819.5913.8362.9817.1834.4342.6912.650.6436.91.31-9.6615.930.77-7.2314.930.05-16.67-16.6740.1821.3528.49107.82-2.63-4.19114.74-14.7714.74-13.6860.47011.91020.18
19Q4 (4)29.436.250.017.21-15.970.012.78-36.920.012.57-22.460.01.45-51.180.00.83-45.390.00.06-33.330.033.110.060.0110.733.830.0134.6233.220.0-34.62-3205.770.00.00-100.00.0
19Q3 (3)27.70-3.620.020.480.890.020.2617.930.016.2121.060.02.9748.50.01.5240.740.00.0928.570.033.09-0.870.0106.65-11.640.0101.05-14.50.0-1.0594.240.06.93-16.710.0
19Q2 (2)28.7425.010.020.3068.890.017.1842.690.013.3944.910.02.0076.990.01.0861.190.00.0716.670.033.386.750.0120.707.260.0118.1818.180.0-18.1800.08.32-16.040.0
19Q1 (1)22.990.00.012.020.00.012.040.00.09.240.00.01.130.00.00.670.00.00.060.00.031.270.00.0112.530.00.0100.000.00.00.000.00.09.910.00.0
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)27.55-9.215.82-1.1214.78-8.0514.43-11.3110.97-16.076.455.563.756.840.2926.0932.06-9.54100.920.53109.6611.5-9.6604.64-2.58.80-20.58
2022 (9)30.34-12.8716.00-20.8716.07-13.8116.27-19.1813.07-16.166.11-1.133.51-1.680.2315.035.44-14.73100.391.3698.35-2.051.6504.75-5.3211.08-4.15
2021 (8)34.827.1120.220.718.658.2820.1310.8515.599.796.18-3.593.57-4.550.20-9.0941.568.0399.047.19100.41-9.18-0.4105.02264.5511.564.05
2020 (7)32.5119.020.0811.8717.2223.3118.1612.3814.207.336.41-14.193.74-9.00.22-18.5238.4717.3692.40-16.55110.56-0.5-10.5601.38-2.9411.1127.7
2019 (6)27.32-6.2517.95-2.1313.97-18.3816.1610.0813.234.347.4718.014.1114.80.2717.3932.78-6.5110.73-0.52111.11-11.11-11.1101.42-4.988.70-13.35
2018 (5)29.14-10.4218.3410.0217.11-16.1414.68012.6806.3303.5800.239.5235.0655.27111.31-3.67125.000-25.0001.49010.04-5.73
2017 (4)32.5315.7716.6719.3320.4113.05-1.230-4.220-1.810-0.2900.21-4.5522.58-28.25115.5519.28-1357.6901457.6900.00010.656.18
2016 (3)28.10-11.4113.97-9.5218.0511.1310.33-12.537.28-21.723.05-29.722.21-30.280.22-18.5231.471.9896.8724.21135.093.32-35.0900.00010.034.59
2015 (2)31.729.315.44-13.5516.24-3.7911.81-23.869.30-26.314.34-23.053.17-22.870.27-6.930.86-10.2677.9925.24130.7413.57-30.7400.0009.59-0.21
2014 (1)29.02017.86016.882.7415.51012.6205.6404.1100.29-3.3334.39-3.6262.2731.32115.129.6-15.1200.0009.613.89

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