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)42.47-8.92-19.2617.19-20.05-35.8113.21-66.8-50.9513.65-59.69-39.391.61-58.07-61.581.25-54.04-61.060.0912.5-35.7118.55-59.45-39.5428.58-21.68-1.75130.28141.1731.09-30.28-165.86-5025.8224.856.933.41
23Q3 (19)46.6331.72-10.5721.5065.38-45.3539.7959.29-6.9733.86143.07-0.533.8498.96-57.622.72110.85-55.630.08-11.11-55.5645.7551.390.5336.49-23.618.654.024.18-41.2845.98-3.83474.1923.2415.2855.76
23Q2 (18)35.40-25.08-48.0613.00-51.55-76.5524.98-21.59-55.7313.93-46.59-68.631.93-55.53-90.771.29-58.39-89.870.09-25.0-68.9730.22-16.15-47.8947.77-13.03-26.3951.85-38.48-47.2247.81204.252618.6120.16-6.150.22
23Q1 (17)47.25-10.17-12.8626.830.19-31.531.8618.31-29.4226.0815.81-26.334.343.58-50.343.10-3.43-47.010.12-14.29-25.036.0417.47-25.2154.9388.83-14.0484.29-15.19-2.8715.712456.1918.8121.47-10.6542.94
22Q4 (16)52.600.8836.3426.78-31.9338.3326.93-37.04-0.2222.52-33.844.44.19-53.756.083.21-47.6315.050.14-22.227.6930.68-32.59-0.6529.09-13.42-23.199.398.0438.760.61-92.32-97.8124.0361.066.05
22Q3 (15)52.14-23.5-5.9539.34-29.04-1.6742.77-24.2111.8534.04-23.3516.59.06-56.6911.176.13-51.884.250.18-37.93-10.045.51-21.5211.4633.60-48.23-29.7891.99-6.36-12.068.01355.33273.7914.9211.181.63
22Q2 (14)68.1625.7125.4855.4441.5446.2456.4325.0122.1444.4125.4515.4120.92139.36139.9112.74117.7892.160.2981.2570.5957.9920.3416.5464.901.56115.8398.2413.2219.711.76-86.7-90.1913.42-10.65-17.01
22Q1 (13)54.2240.5420.5739.17102.3248.9945.1467.257.7135.4064.12-2.678.74121.2722.245.85109.6811.010.1623.0814.2948.1956.063.8663.9068.9188.6186.7721.1638.2513.23-52.95-64.4815.02-33.72-18.01
21Q4 (12)38.58-30.41-9.1819.36-51.61-28.5926.99-29.421.0921.57-26.184.353.95-51.53-12.222.79-52.55-14.420.13-35.0-18.7530.88-24.37-0.5537.83-20.94-1.6971.62-31.53-29.5128.11710.021856.7622.6654.3627.3
21Q3 (11)55.442.0618.6640.015.5427.5438.24-17.2323.7929.22-24.0617.548.15-6.5432.955.88-11.3141.010.2017.6517.6540.83-17.9516.9947.8559.1321.6104.6127.473.04-4.61-125.69-203.4514.68-9.21-5.96
21Q2 (10)54.3220.79-6.1537.9144.2-9.9546.2010.2411.738.485.822.168.7221.96-14.766.6325.814.740.1721.43-15.049.767.2410.6330.07-11.25-46.9782.0630.75-19.3917.94-51.831094.7316.17-11.740
21Q1 (9)44.975.86-12.3426.29-3.02-16.741.9156.9724.136.3775.9625.337.1558.89-8.225.2761.6614.810.14-12.5-12.546.4049.4420.4333.88-11.95-50.9162.77-38.22-32.8337.232427.13467.8218.322.92-11.54
20Q4 (8)42.48-9.08-6.1827.11-13.5815.6626.70-13.5610.0120.67-16.85-6.434.50-26.59-21.873.26-21.82-2.40.16-5.886.6731.05-11.035.0138.48-2.21-47.66101.600.085.01-1.60-5.37-144.3217.8014.03-8.2
20Q3 (7)46.72-19.283.4131.37-25.4944.0330.89-25.3159.824.86-21.0856.256.13-40.0853.634.17-34.1292.170.17-15.030.7734.90-22.4136.8639.35-30.6-48.0101.52-0.28-10.12-1.5215.7987.7915.610-33.15
20Q2 (6)57.8812.8329.642.1033.4142.7941.3622.48105.5731.508.55130.2610.2331.32196.526.3337.91240.320.2025.053.8544.9816.7474.3456.70-17.84-46.59101.808.9518.28-1.80-127.5-112.940.00-100.0-100.0
20Q1 (5)51.3013.323.3531.5634.64118.8633.7739.14108.5929.0231.37119.357.7935.24143.444.5937.43153.590.166.6723.0838.5330.376.8269.01-6.13-14.4893.44-3.424.476.5681.64-41.3520.716.810.34
19Q4 (4)45.280.220.023.447.620.024.2725.560.022.0938.840.05.7644.360.03.3453.920.00.1515.380.029.5715.960.073.52-2.840.096.75-14.340.03.61129.030.019.39-16.960.0
19Q3 (3)45.181.160.021.7825.610.019.33-3.930.015.9116.30.03.9915.650.02.1716.670.00.130.00.025.50-1.160.075.67-28.720.0112.9531.230.0-12.44-189.270.023.356.380.0
19Q2 (2)44.667.380.017.3420.250.020.1224.270.013.683.40.03.457.810.01.862.760.00.130.00.025.8018.40.0106.1631.570.086.07-3.770.013.9324.60.021.956.350.0
19Q1 (1)41.590.00.014.420.00.016.190.00.013.230.00.03.200.00.01.810.00.00.130.00.021.790.00.080.690.00.089.440.00.011.180.00.020.640.00.0
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)43.12-26.4820.14-53.174.7099.3927.62-39.1421.90-39.2210.94-72.28.57-71.150.39-52.4432.70-31.7828.58-1.7572.89-23.127.11419.460.058.3722.2738.41
2022 (9)58.6518.6843.0133.282.36-29.1245.3817.3236.0314.4539.3537.229.7142.630.8224.2447.9313.5829.09-23.194.7813.655.22-68.560.05-30.116.09-8.06
2021 (8)49.42-1.1432.27-3.873.33-14.6138.6815.1231.4817.8128.681.220.8311.690.66-4.3542.2011.7937.83-1.6983.40-16.5216.6016367.520.0722.017.501.74
2020 (7)49.9913.0533.5773.043.90-22.1233.6066.9226.7262.6328.3477.7918.65105.170.6927.7837.7546.2638.48-47.6699.903.630.10-97.20.05-14.6417.20-19.1
2019 (6)44.22-2.8319.40-14.545.0016.2920.13-20.3116.43-20.5515.94-36.169.09-32.770.54-15.6225.81-14.9373.52-15.7796.407.243.60-64.690.06-3.7421.268.25
2018 (5)45.514.6222.7019.794.30-28.0525.2637.9620.6852.2824.9771.9713.5259.810.646.6730.3421.2687.28-3.8689.89-13.2310.2000.07019.641.5
2017 (4)43.50-6.2318.95-5.065.98-1.4518.31-5.7613.58-14.8114.52-13.378.46-21.810.60-10.4525.02-3.5890.7840.2103.590.79-3.4300.00019.35-7.37
2016 (3)46.390.6719.9612.516.07-1.2419.431.7315.94-3.816.763.6510.821.220.674.6925.950.3564.7532.49102.7810.68-2.7800.00020.89-7.4
2015 (2)46.084.1117.74-5.796.141.2219.10-4.416.571.2216.17-9.8710.69-8.40.64-9.8625.86-3.048.87-17.2492.86-1.477.1424.140.00022.568.31
2014 (1)44.26018.8306.07-10.9419.98016.37017.94011.6700.71-4.0526.6613.9859.0515.7894.2546.345.75-83.710.00020.83-1.84

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