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)25.62-16.575.3514.88-24.852.916.29-24.690.6213.02-25.220.233.24-33.88-0.611.82-31.580.550.14-6.670.018.00-20.983.0979.031.93-4.2391.39-0.02.758.610.04-18.3929.66-1.31.89
23Q3 (19)30.7117.044.2119.8016.548.1421.634.04-1.7317.412.41-2.464.900.41-3.162.66-0.75-1.850.15-6.250.022.783.88-1.8177.53-15.35-1.1291.3911.919.748.61-53.04-48.5230.0511.130.91
23Q2 (18)26.24-23.63-18.5316.99-23.88-11.7420.79-20.650.9217.00-18.662.844.882.9528.762.680.3729.470.1623.0833.3321.93-20.51-0.4591.5925.07-3.7281.67-3.98-12.9118.3322.63175.027.04-21.69-20.63
23Q1 (17)34.3641.283.1222.3254.367.5726.2061.83-9.8120.9060.89-15.794.7445.4-14.92.6747.51-16.040.13-7.140.027.5958.02-9.6673.23-11.260.8585.05-4.3818.9214.9541.67-47.5134.5318.62-2.84
22Q4 (16)24.32-17.48-13.4514.46-21.03-20.8516.19-26.44-16.9712.99-27.23-15.373.26-35.57-22.381.81-33.21-22.980.14-6.67-6.6717.46-24.74-15.9882.525.246.288.946.81-4.8710.55-36.962.2529.11-2.253.01
22Q3 (15)29.47-8.51-0.8418.31-4.88-0.4922.016.843.1917.857.997.345.0633.514.552.7130.923.440.1525.0-6.2523.205.312.5278.41-17.58-2.1583.28-11.2-3.6116.72150.8522.9429.78-12.592.41
22Q2 (14)32.21-3.33-0.0619.25-7.23-0.6720.60-29.09-0.5816.53-33.4-6.613.79-31.96-7.332.07-34.91-9.610.12-7.69-7.6922.03-27.87-1.1795.1331.025.4793.7831.120.346.67-76.591.934.07-4.140.12
22Q1 (13)33.3218.58-1.7720.7513.57-3.6729.0548.9727.0824.8261.6935.75.5732.6233.893.1835.3229.80.13-13.330.030.5446.9724.9672.61-6.557.371.52-23.51-23.9928.48337.9382.1435.5425.762.19
21Q4 (12)28.10-5.450.518.27-0.715.9719.50-8.584.7315.35-7.72.44.20-13.2218.312.35-10.3112.980.15-6.257.1420.78-8.172.9277.70-3.036.3593.508.221.336.50-52.19-9.8728.26-2.82-15.59
21Q3 (11)29.72-7.792.3418.40-5.06-5.8321.332.943.5916.63-6.050.04.8418.34-5.652.6214.41-10.580.1623.08-11.1122.631.533.4880.13-11.1618.3886.40-7.56-9.213.60107.93160.429.08-14.557.62
21Q2 (10)32.23-4.9813.5319.38-10.0315.8420.72-9.3616.8617.70-3.2320.04.09-1.6812.672.29-6.538.020.130.0-7.1422.29-8.815.4990.2033.298.393.46-0.67-0.76.5410.7511.2134.03-2.160
21Q1 (9)33.9221.32-2.8621.5424.94-4.122.8622.770.9318.2922.01-7.774.1617.18-8.772.4517.79-11.870.13-7.14-7.1424.4421.050.7867.67-7.3813.2694.091.98-5.075.91-18.14567.5134.783.882.81
20Q4 (8)27.96-3.7211.3117.24-11.7710.2318.62-9.5710.914.99-9.8610.953.55-30.8-5.592.08-29.01-6.730.14-22.22-12.520.19-7.6811.1273.067.936.0792.27-3.03-1.147.2238.148.2533.4823.9118.81
20Q3 (7)29.042.29-11.7619.5416.81.1420.5916.132.1816.6312.753.615.1341.3232.562.9338.2131.980.1828.5728.5721.8713.320.2867.69-18.73-0.6395.151.1-0.85.22-11.1927.9927.020-20.69
20Q2 (6)28.39-18.7-0.6316.73-25.51-5.9117.73-21.72-1.8314.75-25.622.433.63-20.39-7.42.12-23.74-5.780.140.0-12.519.30-20.41-0.7283.2939.42.8194.12-5.04-3.985.88564.71296.080.00-100.0-100.0
20Q1 (5)34.9239.010.5822.4643.610.922.6534.9-3.0819.8346.78-0.654.5621.28-8.252.7824.66-3.810.14-12.50.024.2533.46-2.7359.75-13.25-13.3699.126.194.310.88-86.73-80.6133.8320.056.42
19Q4 (4)25.12-23.670.015.64-19.050.016.79-16.670.013.51-15.830.03.76-2.840.02.230.450.00.1614.290.018.17-16.690.068.881.120.093.33-2.70.06.6763.330.028.18-17.290.0
19Q3 (3)32.9115.190.019.328.660.020.1511.570.016.0511.460.03.87-1.280.02.22-1.330.00.14-12.50.021.8112.190.068.12-15.910.095.92-2.140.04.08174.830.034.0716.160.0
19Q2 (2)28.57-17.710.017.78-20.130.018.06-22.720.014.40-27.860.03.92-21.130.02.25-22.150.00.1614.290.019.44-22.020.081.0117.470.098.023.160.01.49-67.460.029.33-7.740.0
19Q1 (1)34.720.00.022.260.00.023.370.00.019.960.00.04.970.00.02.890.00.00.140.00.024.930.00.068.960.00.095.020.00.04.560.00.031.790.00.0
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)29.05-2.0218.381.61.201.2221.10-3.2116.99-5.0317.610.519.750.210.575.5622.44-3.0379.03-4.2387.135.0212.87-24.450.84-7.0130.11-5.67
2022 (9)29.65-3.718.09-6.221.18-6.221.803.6117.895.9217.523.489.730.720.54-5.2623.142.9482.526.282.96-9.4717.04103.820.91-2.0431.922.18
2021 (8)30.792.7419.291.581.26-2.9321.045.6816.892.2416.931.569.66-0.920.57-3.3922.485.0577.706.3591.64-3.858.3682.860.93-12.7631.240.06
2020 (7)29.97-0.4318.991.931.30-2.5719.912.2616.524.116.671.719.752.090.59-1.6721.402.173.066.0795.31-0.384.575.781.06593.6531.221.73
2019 (6)30.101.7918.636.951.3334.7319.477.7515.874.9616.391.679.55-2.750.60-7.6920.969.1768.88-7.9895.68-0.74.3218.540.15170.5230.692.3
2018 (5)29.57-2.3817.42-3.010.99-3.7818.07-21.0915.12-22.0216.12-25.689.82-27.790.65-7.1419.20-20.474.8539.796.3522.923.65-83.130.06030.004.28
2017 (4)30.291.9917.963.041.03-2.1222.9031.0119.3930.421.6924.6613.6040.790.709.3724.1228.553.58-19.7878.39-21.421.617820.290.00028.770.21
2016 (3)29.708.2817.4322.231.051.4617.4820.8914.8724.1217.4020.429.6629.320.643.2318.7719.4866.79-31.5399.731.110.27-79.980.00028.711.31
2015 (2)27.4313.0714.2628.581.03-11.5614.4618.1411.9823.1214.4533.187.4725.130.621.6415.7114.8497.546.7498.648.791.36-85.740.00028.34-0.11
2014 (1)24.26011.0901.17-3.6312.2409.73010.8505.9700.61-4.6913.6816.7291.3820.7390.671.669.56-11.610.00028.378.53

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