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)19.56-20.78-38.1-26.61-17.54-352.55-22.246.0-392.04-5.4777.75-244.03-1.1372.3-289.66-0.7173.21-294.440.1318.188.33-19.670.66-2298.7857.644.712.95120.3725.6-5.42-20.37-588.8925.3143.61-10.113.39
23Q3 (19)24.69-21.97-44.49-22.6431.04-227.77-23.6627.69-253.34-24.5820.38-330.15-4.08-2.77-247.83-2.65-0.76-255.880.1122.22-31.25-19.8028.29-210.1855.055.82-5.895.83-4.17-16.734.170127.648.51-22.4161.27
23Q2 (18)31.6420.99-3.27-32.8319.14-444.85-32.7217.3144.4-30.8717.7234.47-3.9711.1974.3-2.6311.1573.860.0912.5-57.14-27.6119.2251.5352.024.69-22.53100.00-3.12725.0-0.00100.0-100.062.52-5.77152.81
23Q1 (17)26.15-17.25-15.34-40.60-590.48-916.9-39.57-775.44-621.34-37.52-2259.75-711.07-4.47-1441.38-428.68-2.96-1544.44-402.040.08-33.33-50.0-34.18-4068.29-440.7849.69-2.6319.65103.23-18.8957.87-3.2388.17-109.3266.3572.52111.78
22Q4 (16)31.60-28.96-9.59-5.88-133.18-129.36-4.52-129.29-122.72-1.59-114.89-110.8-0.29-110.51-104.36-0.18-110.59-103.70.12-25.0-63.64-0.82-104.56-103.951.03-12.6827.67127.2710.5826.39-27.27-80.68-3827.2738.4627.86158.82
22Q3 (15)44.4835.986.9517.7286.1383.8215.43126.2254.9210.68122.6751.72.76117.8685.231.70116.954.550.16-23.810.017.97131.5549.1358.44-12.9770.48115.09819.3418.69-15.09-113.01-598.1130.0821.63-5.68
22Q2 (14)32.715.890.49.5291.55215.82-58.85-875.36-713.97-47.11-867.26-924.13-15.45-1236.03-1987.84-10.06-1126.53-1834.620.2131.2575.0-56.96-667.9-1200.4667.1561.6977.22-16.00-124.47-113.71116.00235.111144.024.73-21.07-39.37
22Q1 (13)30.89-11.62-20.184.97-75.191.227.59-61.8425.256.14-58.2911.231.36-79.5549.450.98-79.8444.120.16-51.5233.3310.03-52.3519.5541.533.92.4465.38-35.07-14.534.625084.6296.1531.33110.83-19.4
21Q4 (12)34.95-15.97-12.0820.03107.785.1419.8999.71.9514.72109.09-6.66.65346.3125.04.86341.8218.830.33106.2526.9221.0574.692.3839.9716.623.14100.693.843.49-0.69-122.92-125.6914.86-53.4-32.24
21Q3 (11)41.5927.661.819.64217.27-47.559.96237.76-48.697.04253.04-48.911.49301.35-65.021.10311.54-65.410.1633.33-30.4312.05375.11-41.0834.28-9.5322.9196.97-16.882.33.03127.27-41.8231.89-21.8239.32
21Q2 (10)32.58-15.81-31.42-8.22-267.41-146.05-7.23-219.31-139.55-4.60-183.33-135.69-0.74-181.32-122.02-0.52-176.47-121.580.120.0-36.84-4.38-152.21-122.1837.89-6.54-5.63116.6752.5619.95-11.11-162.96-505.5640.794.940
21Q1 (9)38.70-2.641.314.91-74.23270.496.06-68.94322.795.52-64.97749.410.91-82.89800.00.68-83.37855.560.12-53.859.098.39-59.192146.3440.5424.892.7476.47-21.41-23.5317.65552.94038.8777.25-3.16
20Q4 (8)39.75-2.69-0.7719.053.65-28.6219.510.52-25.8515.7614.37-24.925.3224.88-56.144.0928.62-55.880.2613.04-40.9120.560.54-23.6332.4616.390.4697.302.64-3.922.70-48.11313.5121.93-4.1950.41
20Q3 (7)40.85-14.0215.2718.382.9732.0419.416.1837.8613.786.937.114.2626.7914.523.1831.9510.420.2321.05-20.6920.453.5434.2727.89-30.54-5.0194.79-2.54-3.935.2190.1290.6222.8906.17
20Q2 (6)47.5124.3722.3217.85719.79143.8518.28772.06119.9812.891616.47105.583.362684.62130.142.412777.78107.760.1972.735.5619.754917.0798.6940.151.7534.4697.26-2.7413.472.740-74.430.00-100.0-100.0
20Q1 (5)38.20-4.648.62-2.88-110.79-602.44-2.72-110.34-623.08-0.85-104.05-808.33-0.13-101.07-750.0-0.09-100.97-400.00.11-75.0-26.67-0.41-101.52-115.339.4622.1380.02100.00-1.25200.0-0.00100.0-100.040.14175.314.75
19Q4 (4)40.0613.040.026.6991.740.026.3186.860.020.99108.860.012.13226.080.09.27221.880.00.4451.720.026.9276.760.032.3110.050.0101.272.630.0-1.27-194.940.014.58-32.370.0
19Q3 (3)35.44-8.750.013.9290.160.014.0869.430.010.0560.290.03.72154.790.02.88148.280.00.2961.110.015.2353.220.029.36-1.670.098.6715.110.01.33-87.560.021.56-28.470.0
19Q2 (2)38.8410.440.07.321885.370.08.311498.080.06.275125.00.01.467200.00.01.163766.670.00.1820.00.09.94270.90.029.8636.220.085.71185.710.010.71-94.640.030.14-21.350.0
19Q1 (1)35.170.00.0-0.410.00.00.520.00.00.120.00.00.020.00.00.030.00.00.150.00.02.680.00.021.920.00.0-100.000.00.0200.000.00.038.320.00.0
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)24.83-28.96-29.7603.6576.74-28.400-22.490-13.660-8.8300.39-40.0-24.51057.6412.95104.590-4.5900.1610.1553.5978.22
2022 (9)34.95-4.567.73-28.032.0730.46-14.670-11.780-11.170-7.6600.65-5.8-12.18051.0327.67-52.910152.434345.790.15-17.0630.0712.54
2021 (8)36.62-12.110.74-30.41.5850.2411.10-30.638.44-30.427.96-34.975.88-36.50.69-9.2112.92-25.4539.9723.1497.140.843.43-6.40.18-41.7726.721.87
2020 (7)41.669.615.43-7.381.0525.4716.00-4.8812.13-6.7612.24-28.39.26-30.690.76-25.4917.33-3.6232.460.4696.34-2.813.66315.140.30-44.6126.2319.06
2019 (6)38.0124.9916.66548.250.8449.2516.82500.7113.01708.0717.07775.3813.36729.811.024.0817.98384.6432.3140.1199.127.740.88-88.970.55-46.0122.03-17.18
2018 (5)30.41-9.632.57-65.690.56-1.522.80-64.291.61-70.991.95-66.951.61-63.820.9822.53.71-56.7123.061.2392.00-3.798.0082.671.02026.60-2.31
2017 (4)33.65-14.77.49-61.960.5757.377.84-61.445.55-65.055.90-75.574.45-73.160.80-23.088.57-58.8222.78-44.1895.62-1.24.3836.250.00027.2343.24
2016 (3)39.4510.4719.690.560.3616.3820.33-0.7315.88-0.3824.15-19.3716.58-18.651.04-18.7520.81-0.2940.81-19.2596.791.263.21-27.180.00019.0111.04
2015 (2)35.716.4119.5866.640.31-53.8220.4862.1515.9461.529.95158.6420.38137.811.2847.1320.8756.2150.5418.0695.592.784.41-36.910.00017.12-22.53
2014 (1)33.56011.7500.6811.112.6309.87011.5808.5700.87-23.0113.36-26.0742.8152.2993.00-3.387.0087.020.00022.1029.54

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