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)28.9355.1213.3613.5998.9818.3814.6280.7221.7311.1169.627.868.23123.6417.914.06112.5713.090.3628.575.8816.1358.2915.79109.469.9115.0592.869.6-2.617.14-53.2553.570.00-100.0-100.0
23Q3 (19)18.65-24.0-16.556.83-14.62-6.188.09-14.48-1.16.55-8.521.713.6814.2911.851.9113.6913.020.2821.7412.010.19-15.51-6.4399.593.53-2.884.720.13-4.4915.28-0.6935.3212.27-23.88-17.32
23Q2 (18)24.5410.1913.48.0075.0590.489.4654.5858.467.1648.5548.863.2261.8156.311.6857.0146.090.239.520.012.0626.4233.1196.19-5.4-4.2984.6212.8222.2215.38-38.46-50.016.12-0.68-5.01
23Q1 (17)22.27-12.741.64.57-60.1932.856.12-49.0452.244.82-53.270.321.99-71.4997.031.07-70.1981.360.21-38.245.09.54-31.5125.2101.686.8734.0475.00-21.34-13.1625.00437.583.3316.2331.42-9.43
22Q4 (16)25.5214.184.9311.4857.6938.4812.0146.8231.410.3059.9438.076.98112.1688.143.59112.4375.120.3436.025.9313.9327.9217.9595.14-7.148.5995.357.484.584.65-58.8-47.2912.35-16.78-15.87
22Q3 (15)22.353.283.527.2873.3320.738.1837.0223.756.4433.8927.523.2959.7146.871.6946.9627.070.258.70.010.8920.215.24102.461.9525.5588.7128.14-2.6411.29-63.3127.0214.84-12.55-3.2
22Q2 (14)21.64-1.28-10.734.2022.09-42.935.9748.51-28.764.8169.96-21.412.06103.96-10.041.1594.92-17.270.2315.04.559.0618.9-21.63100.5032.4845.1569.23-19.84-21.1130.77125.64151.2816.97-5.3-4.82
22Q1 (13)21.92-9.87-12.183.44-58.5-39.544.02-56.02-36.792.83-62.06-41.041.01-72.78-38.040.59-71.22-39.80.20-25.930.07.62-35.48-24.6375.86-13.4110.2186.36-5.28-5.013.6454.5550.017.9222.07-0.28
21Q4 (12)24.3212.64-11.58.2937.48-29.639.1438.28-21.617.4647.72-23.093.7165.62-30.132.0554.14-31.890.278.0-10.011.8124.97-16.087.617.3512.6591.180.07-9.778.82-0.74938.2414.68-4.2413.1
21Q3 (11)21.59-10.93-5.566.03-18.0712.926.61-21.1215.765.05-17.4819.392.24-2.1835.761.33-4.3243.010.2513.6419.059.45-18.251.7281.6117.87-0.3591.113.82-2.818.89-27.4142.2215.33-14.02-14.17
21Q2 (10)24.24-2.88-13.47.3629.35-45.528.3831.76-42.766.1227.5-48.442.2940.49-63.061.3941.84-59.00.2210.0-21.4311.5614.34-32.9569.240.6-26.6987.76-3.47-5.3612.2434.6949.6617.83-0.780
21Q1 (9)24.96-9.17-0.65.69-51.7107.666.36-45.4531.44.80-50.5232.231.63-69.336.970.98-67.4434.250.20-33.3311.1110.11-28.0911.9668.83-11.5-12.7190.91-10.0460.849.09963.64-79.0917.9738.440
20Q4 (8)27.4820.21-11.111.78120.6-1.1711.66104.2-8.129.70129.31-1.425.31221.82-10.463.01223.66-11.210.3042.86-11.7614.0651.35-5.4577.77-5.04-3.28101.057.797.0-1.05-116.84-116.2412.98-27.320
20Q3 (7)22.86-18.33-4.035.34-60.474.35.71-61.0-6.74.23-64.36-10.951.65-73.39-24.660.93-72.57-27.910.21-25.0-19.239.29-46.111.4281.90-13.296.6893.751.114.266.25-23.61-59.3817.86017.97
20Q2 (6)27.9911.4715.7613.51393.07132.1314.64202.48145.6411.87227.0159.746.20421.01210.03.39364.38177.870.2855.5612.017.2490.9286.9894.4519.7814.7492.7364.06-7.278.18-81.18202.730.000-100.0
20Q1 (5)25.11-18.764.452.74-77.01-37.014.84-61.868.523.63-63.118.681.19-79.93-5.560.73-78.47-9.880.18-47.06-18.189.03-39.2710.1278.85-1.9415.5356.52-40.15-41.1243.48570.81986.960.000-100.0
19Q4 (4)30.9129.760.011.92132.810.012.69107.350.09.84107.160.05.93170.780.03.39162.790.00.3430.770.014.8762.340.080.414.740.094.4415.10.06.48-57.870.00.00-100.00.0
19Q3 (3)23.82-1.490.05.12-12.030.06.122.680.04.753.940.02.199.50.01.295.740.00.264.00.09.16-0.650.076.77-6.740.082.05-17.950.015.38469.230.015.14-0.390.0
19Q2 (2)24.180.580.05.8233.790.05.9633.630.04.5736.830.02.0058.730.01.2250.620.00.2513.640.09.2212.440.082.3220.620.0100.004.170.02.70-32.430.015.20-9.420.0
19Q1 (1)24.040.00.04.350.00.04.460.00.03.340.00.01.260.00.00.810.00.00.220.00.08.200.00.068.250.00.096.000.00.04.000.00.016.780.00.0
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)24.184.049.0622.431.90-16.5610.3324.467.9817.3516.4426.178.3218.521.022.012.5714.48109.4615.0587.74-1.2912.2614.390.19-31.930.000
2022 (9)23.24-1.947.406.782.27-13.968.307.656.8014.0913.0332.427.0226.261.0011.1110.982.3395.148.5988.89-1.5210.714.460.28-26.4414.98-7.87
2021 (8)23.70-9.546.93-25.082.642.887.71-22.95.96-25.969.84-29.915.56-31.270.90-7.2210.73-17.7187.6112.6590.26-2.2510.2633.850.38-19.4816.264.7
2020 (7)26.20-0.049.2526.892.571.2110.0027.718.0533.2814.0426.838.0924.650.97-5.8313.0421.377.77-3.2892.34-0.567.6614.940.48107.6215.53-1.21
2019 (6)26.2112.27.29-18.182.5445.277.83-15.96.04-16.3411.07-25.556.49-25.911.03-14.1710.75-4.5380.415.5792.86-2.946.6753.890.23196.915.7218.82
2018 (5)23.36-6.268.91-2.091.75-9.519.31-0.967.22-0.8214.877.688.765.541.207.1411.26-2.2676.1711.3995.67-1.214.3337.00.08013.23-6.04
2017 (4)24.92-5.689.10-16.671.93-2.399.40-17.987.28-21.3813.81-19.058.30-20.881.120.011.52-15.6768.38-0.9796.841.663.16-33.370.00014.08-4.99
2016 (3)26.426.3610.9214.231.98-7.5811.4619.09.2619.3317.0620.4810.4916.691.12-1.7513.6613.4669.0515.6695.25-4.344.75464.750.00014.822.63
2015 (2)24.84-0.29.563.582.141.599.636.417.765.4314.161.148.994.171.14-0.8712.045.7159.70-2.5599.58-2.60.8400.00014.44-3.73
2014 (1)24.8909.2302.11-11.599.0507.36014.0008.6301.157.4811.39-5.8761.26-12.36102.24-1.6-1.7900.00015.00-2.34

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