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)43.09-0.28-6.1410.0635.0380.948.13-25.6249.455.87-32.5356.951.17-32.76101.721.01-28.87106.120.176.2530.7711.55-18.5525.9515.33-4.6-3.46122.4178.9118.46-24.14-176.44-624.1423.53-12.3-16.26
23Q3 (19)43.216.98-4.687.4566.67-33.1210.9330.43-31.398.70-22.53-31.231.74-17.14-34.341.42-18.39-24.060.160.06.6714.1820.58-24.0916.07-43.97-19.6568.4227.72-1.931.58-31.984.3926.83-1.185.17
23Q2 (18)40.391.3-15.254.47402.25-78.528.38293.43-69.3511.23572.46-53.92.10740.0-65.631.74690.91-59.630.1623.08-11.1111.7686.08-59.7428.68132.79-54.0853.5717.86-29.6646.43-27.0494.7227.15-4.930.22
23Q1 (17)39.87-13.16-14.90.89-83.99-96.042.13-60.85-91.841.67-55.35-91.960.25-56.9-94.740.22-55.1-94.090.130.0-27.786.32-31.08-77.3912.32-22.42-52.9845.45-56.01-47.2663.642009.09360.9328.551.653.17
22Q4 (16)45.911.28-10.45.56-50.09-80.595.44-65.85-81.123.74-70.43-84.030.58-78.11-91.420.49-73.8-90.50.13-13.33-40.919.17-50.91-69.9215.88-20.6-45.84103.3348.153.93-3.33-111.02-680.028.1010.1568.47
22Q3 (15)45.33-4.89-20.0411.14-46.47-70.1815.93-41.73-59.4512.65-48.07-58.132.65-56.63-78.011.87-56.61-79.830.15-16.67-51.6118.68-36.05-53.9220.00-67.98-39.0869.75-8.42-26.7330.2526.88510.5425.5122.3561.35
22Q2 (14)47.661.73-8.5620.81-7.35-35.8327.344.79-13.6724.3617.23-3.66.1128.63-33.734.3115.86-39.890.180.0-35.7129.214.51-11.8662.46138.4127.3876.16-11.65-25.6323.8472.71091.4920.8511.8637.17
22Q1 (13)46.85-8.576.022.46-21.58-12.526.09-9.441.4420.78-11.277.064.75-29.73-29.03.72-27.91-27.630.18-18.18-30.7727.95-8.331.4926.20-10.64-12.4386.19-13.31-13.5613.812302.244828.7318.6411.7530.53
21Q4 (12)51.24-9.6126.0528.64-23.3424.0428.81-26.6526.6923.42-22.4836.86.76-43.9-3.575.16-44.34-4.80.22-29.03-31.2530.49-24.7925.8929.32-10.69-4.3499.434.44-2.00.57-88.4139.6616.685.522.92
21Q3 (11)56.698.7740.7737.3615.265.6839.2824.0370.2630.2119.5559.4212.0530.6940.129.2729.2945.30.3110.71-8.8240.5422.3362.8132.8319.5117.9795.20-7.04-2.64.95306.04118.6415.814.0114.15
21Q2 (10)52.1217.9216.4732.4326.3326.2431.6723.1325.2825.2730.1913.479.2237.82-12.117.1739.49-8.310.287.69-20.033.1420.3323.2427.47-8.19-34.89102.402.690.8-2.40-958.52-51.115.206.442.77
21Q1 (9)44.208.73-3.7225.6711.1735.3225.7213.131.0219.4113.3812.266.69-4.5641.145.14-5.1733.850.26-18.7518.1827.5413.7123.529.92-2.3816.1999.72-1.73.510.28119.33-90.8114.285.23-27.62
20Q4 (8)40.650.941.8323.092.3983.6922.74-1.4386.8517.12-9.6673.817.01-18.49153.075.42-15.05137.720.32-5.8839.1324.22-2.7365.2130.6510.1347.21101.453.8-1.45-1.45-163.9550.7213.57-2.02-31.64
20Q3 (7)40.27-10.01-2.6422.55-12.2286.2123.07-8.7479.1118.95-14.9178.618.60-18.02179.226.38-18.41164.730.34-2.8647.8324.90-7.464.3627.83-34.0425.797.73-3.84.442.27242.4-64.7113.85-6.36-35.94
20Q2 (6)44.75-2.5311.9325.6935.4289.8725.2828.7873.9822.2728.862.4410.49121.31145.097.82103.65128.650.3559.0940.026.8920.5863.0742.1963.8424.67101.595.459.65-1.59-152.2-124.0514.79-25.04-21.12
20Q1 (5)45.9115.0122.318.9750.91316.0119.6361.3148.817.2975.53158.454.7471.12248.533.8468.42231.030.22-4.3529.4122.3052.11102.3625.7523.6848.3396.34-6.4168.63.05203.66-92.8919.73-0.6-13.43
19Q4 (4)39.92-3.480.012.573.80.012.17-5.510.09.85-7.160.02.77-10.060.02.28-5.390.00.230.00.014.66-3.230.020.82-5.960.0102.9410.010.0-2.94-145.80.019.85-8.190.0
19Q3 (3)41.363.450.012.11-10.50.012.88-11.360.010.61-22.610.03.08-28.040.02.41-29.530.00.23-8.00.015.15-8.130.022.14-34.570.093.581.00.06.42-2.960.021.6215.310.0
19Q2 (2)39.986.50.013.53196.710.014.5384.160.013.71104.930.04.28214.710.03.42194.830.00.2547.060.016.4949.640.033.8494.930.092.6562.130.06.62-84.560.018.75-17.730.0
19Q1 (1)37.540.00.04.560.00.07.890.00.06.690.00.01.360.00.01.160.00.00.170.00.011.020.00.017.360.00.057.140.00.042.860.00.022.790.00.0
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)41.77-10.386.05-63.642.7242.567.71-62.937.12-58.725.19-64.434.49-62.080.63-8.711.19-51.7715.33-3.4678.61-1.6721.397.433.3119.1326.3717.67
2022 (9)46.61-9.2816.64-47.141.9151.2620.80-34.7617.25-30.8114.59-58.9511.84-56.710.69-37.2723.20-30.615.88-45.8479.94-19.0619.911519.12.7871.0822.4144.95
2021 (8)51.3820.8931.4836.751.26-17.3731.8838.2524.9330.5235.5419.727.3516.381.10-10.5733.4334.5829.32-4.3498.77-1.071.23661.341.6221.6415.463.41
2020 (7)42.506.6223.02105.541.53-17.6823.0688.7119.1080.8729.69159.5323.50145.561.2335.1624.8470.2530.6547.2199.848.940.16-98.071.34-13.2714.95-27.29
2019 (6)39.863.3711.2025.141.85-7.0312.22-4.0810.56-1.5811.44-0.449.57-0.210.912.2514.59-5.0120.8215.0991.6530.188.35-71.781.54-10.2320.56-3.75
2018 (5)38.560.768.952.051.99-9.9312.7442.1910.7351.1311.4943.629.5946.640.89-3.2615.3629.9518.09-15.7470.40-28.1629.601375.171.72021.366.37
2017 (4)38.27-6.048.77-7.22.213.278.96-19.357.10-18.38.00-12.576.54-13.260.925.7511.82-14.7221.47-7.5497.9915.082.01-86.480.00020.08-8.23
2016 (3)40.73-5.619.45-20.322.1422.2611.11-19.088.69-26.179.15-24.887.54-25.930.870.013.86-14.523.2217.5785.15-1.3814.858.710.00021.887.52
2015 (2)43.151.111.86-25.221.7511.3113.73-19.5211.77-20.2612.18-23.9710.18-24.030.87-4.416.21-15.6619.750.7786.34-7.2313.6692.460.00020.3511.08
2014 (1)42.68015.8601.5840.0117.06014.76016.02013.4000.91-2.1519.22-4.919.600.293.071.837.10-17.540.00018.322.92

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