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)60.699.3319.668.9327.39202.291.10-92.01145.641.48-87.75142.050.51-85.51165.380.38-85.21174.510.2519.0566.674.71-74.0498.7341.619.01-10.07900.001667.86148.28-800.00-1729.63-204.7626.200.38-15.7
23Q3 (19)55.51-3.112.127.01-23.4715.8713.771.18357.4812.08-10.05532.463.52-5.63528.572.57-7.22497.670.215.05.018.146.14162.938.17-1.27-9.5350.91-24.91-73.649.0952.44149.0926.109.89-7.51
23Q2 (18)57.29-1.282.479.164.09138.5413.6117.9412272.7313.4319.383969.73.7329.973290.912.7733.172208.330.2011.11-9.0917.099.55385.5138.6616.73-25.1567.80-10.27-96.6132.2031.74101.6923.75-13.95-2.26
23Q1 (17)58.0314.417.098.80200.8-38.9711.54578.8421.3511.25419.616.12.87467.95-12.772.08507.84-12.970.1820.0-25.015.60558.2323.5233.12-28.42-19.0875.56-79.16-50.5624.44109.31146.2727.60-11.225.68
22Q4 (16)50.72-6.7-7.58-8.73-244.3-200.23-2.41-180.07-370.79-3.52-284.29-400.85-0.78-239.29-256.0-0.51-218.6-230.770.15-25.0-50.02.37-65.65-31.946.279.6716.9362.5087.96-63.75-262.50-162.570.8331.0810.1388.94
22Q3 (15)54.36-2.77-6.296.0557.55-62.523.012636.36-75.491.91478.79-84.380.56409.09-90.570.43258.33-88.090.20-9.09-31.036.9096.02-52.7742.19-18.32-11.03192.86-90.3645.82-100.0094.74-220.6928.2216.1373.02
22Q2 (14)55.913.17-2.563.84-73.37-71.720.11-98.84-97.870.33-96.59-93.730.11-96.66-95.070.12-94.98-91.240.22-8.33-12.03.52-72.13-54.8751.6526.19-40.62000.001208.64650.0-1900.00-3496.43-1059.3224.3010.6640.54
22Q1 (13)54.19-1.26-4.9614.4265.5687.769.51968.54945.059.69728.214504.553.29558.03755.562.39512.8224000.00.24-20.0-14.2912.63262.93247.9340.933.41-22.04152.83-84.72-81.23-52.8394.1392.621.9633.529.56
21Q4 (12)54.88-5.4-4.88.71-46.03-60.30.89-92.75-95.571.17-90.43-93.970.50-91.58-94.220.39-89.2-93.340.303.450.03.48-76.18-85.339.58-16.53-10.511000.00656.1810.18-900.00-2786.21-9671.4316.450.86-4.8
21Q3 (11)58.011.17.0916.1418.85-18.4812.28137.98-32.8612.23132.51-21.755.94166.37-34.03.61163.5-35.540.2916.0-17.1414.6187.31-33.3547.42-45.47-12.14132.26-50.422.54-31.1880.97-265.2816.31-5.67-10.83
21Q2 (10)57.380.6311.513.5876.8214.315.16467.03-55.565.262490.91-4.192.232577.78-24.921.3713800.0-26.740.25-10.71-24.247.80114.88-50.7986.9665.6421.9266.67-67.25161.17-163.8977.06-7684.7217.292.015.81
21Q1 (9)57.02-1.0915.787.68-65.0-49.640.91-95.47-95.02-0.22-101.13-101.69-0.09-101.04-101.34-0.01-100.17-100.230.28-6.67-15.153.63-84.67-83.5152.5018.7-6.63814.29641.15873.0-714.29-7655.1-4478.8816.95-1.91-3.42
20Q4 (8)57.656.426.7821.9410.8122.520.079.7323.8119.4024.1229.688.65-3.89-3.355.864.640.690.30-14.29-23.0823.688.0329.2644.23-18.05-13.55109.871.8-0.97-9.21-7.899.8717.28-5.524.41
20Q3 (7)54.175.273.119.8066.6714.8518.2957.542.8715.63184.718.59.00203.03-21.475.60199.47-22.870.356.06-36.3621.9238.312.753.97-24.35-5.78107.935.711.25-8.54-305.49-385.9818.2911.9354.74
20Q2 (6)51.464.4922.4111.88-22.137.3411.61-36.5224.445.49-57.87-3.172.97-55.67-31.721.87-57.4-35.290.330.0-35.2915.85-28.0238.6771.3426.8720.89102.1122.0111.15-2.11-112.91-130.1816.34-6.8921.04
20Q1 (5)49.25-8.78-5.2715.25-14.85-34.7518.2912.83-24.3913.03-12.9-36.726.70-25.14-56.694.39-24.57-59.720.33-15.38-37.7422.0220.2-13.256.239.9132.0683.69-24.57-13.6816.31259.63359.0717.556.0419.31
19Q4 (4)53.992.760.017.913.890.016.21-8.830.014.9613.420.08.95-21.90.05.82-19.830.00.39-29.090.018.32-5.810.051.16-10.680.0110.9514.360.0-10.22-442.340.016.5540.020.0
19Q3 (3)52.5424.980.017.2499.310.017.7890.570.013.19132.630.011.46163.450.07.26151.210.00.557.840.019.4570.170.057.28-2.930.097.015.610.02.99-57.210.011.82-12.440.0
19Q2 (2)42.04-19.140.08.65-62.990.09.33-61.430.05.67-72.460.04.35-71.880.02.89-73.490.00.51-3.770.011.43-54.950.059.0138.590.091.86-5.250.06.9896.350.013.50-8.230.0
19Q1 (1)51.990.00.023.370.00.024.190.00.020.590.00.015.470.00.010.900.00.00.530.00.025.370.00.042.580.00.096.950.00.03.550.00.014.710.00.0
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)57.887.038.4960.493.140.7110.05215.059.61238.3811.63245.18.17224.210.841.213.92102.3341.61-10.0784.66-49.0315.3400.30-16.5825.860.35
2022 (9)54.08-4.895.29-54.323.1250.613.19-35.162.84-39.73.37-57.932.52-56.850.83-30.836.88-8.1446.2716.9166.10-29.31-66.1000.3636.7125.7753.85
2021 (8)56.867.0211.58-32.752.07-37.774.92-71.094.71-64.698.01-70.045.84-68.191.20-11.767.49-64.0439.58-10.51234.97132.02-134.9700.26-14.8916.75-3.62
2020 (7)53.135.9417.223.673.33128.7117.021.6713.34-0.1526.74-33.818.36-33.211.36-33.6620.8312.7244.23-13.55101.271.92-1.2700.31-47.5417.3824.59
2019 (6)50.15-28.1216.6101.4517.0516.74013.36040.39027.4902.05188.7318.48051.1623.5799.363.510.81-79.950.59-44.0113.95-72.18
2018 (5)69.77-15.96-22.8501.24-40.55-23.840-27.480-25.170-19.5200.7139.22-20.94041.40115.8595.98-5.54.0201.06050.15-26.05
2017 (4)83.02-7.65-29.9902.090.77-29.460-32.890-19.860-16.7400.514.08-22.65019.185.33101.57-28.02-1.9700.00067.826.84
2016 (3)89.90-0.93-13.1802.0742.81-9.360-11.260-6.620-5.5400.49-16.95-3.53018.21-11.64141.1155.07-41.1100.00063.4827.96
2015 (2)90.74-0.837.35-75.811.4542.768.07-75.152.40-89.931.72-92.121.42-92.090.59-21.3311.95-65.5320.61-3.4291.00-2.79.0039.060.00049.6130.45
2014 (1)91.50030.3901.02-12.5632.47023.84021.84017.9600.754.1734.670.9921.34-2.5693.53-4.136.47164.630.00038.037.07

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