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)14.71-25.41174.955.95-54.75306.64.04-54.45151.141.77-75.85128.270.15-86.49124.590.24-63.08271.430.04-33.330.018.589.1926.52131.921.29-4.27148.33-0.1304.83-48.330.31-176.2916.5479.7822.07
23Q3 (19)19.7253.58908.213.15116.64245.798.87306.88177.137.33942.53160.631.111109.09200.00.65441.67275.680.0620.050.017.0350.711580.87130.24-6.13-1.88148.48-46.3289.27-48.4872.54-325.029.20-17.71-31.29
23Q2 (18)12.849.28-37.46.0786.77-47.262.18595.45-69.89-0.8767.9-119.08-0.1152.17-125.00.12140.0-60.00.0525.025.011.30-4.24-33.14138.751.236.69276.60134.5773.78-176.60-119.62-198.4711.18-29.73-13.0
23Q1 (17)11.75119.63-48.783.25212.85-76.0-0.4494.43-104.61-2.7156.71-142.28-0.2362.3-144.230.05135.71-84.850.040.00.011.80551.93-42.83137.06-0.546.57-800.00-2283.33-662.5900.001320.482231.5815.9117.422.84
22Q4 (16)5.35319.26-79.01-2.8868.07-108.36-7.9031.3-168.76-6.2648.22-191.65-0.6145.05-181.33-0.1462.16-133.330.040.0-20.01.81257.39-91.31137.803.822.9436.64-53.3-87.7963.36194.05131.6813.551.1914.25
22Q3 (15)-2.44-111.9-112.07-9.02-178.37-183.06-11.50-258.84-228.64-12.09-365.13-323.89-1.11-352.27-370.73-0.37-223.33-232.140.040.033.33-1.15-106.8-105.03132.732.06-8.378.45-50.71-35.8121.55136.42200.8413.394.2-7.97
22Q2 (14)20.51-10.59199.4211.51-14.99650.727.24-24.11213.484.56-28.86146.390.44-15.38172.130.30-9.09350.00.040.0100.016.90-18.1263.44130.051.12-14.29159.1711.91384.42-59.17-40.13-188.1212.85-16.94-25.51
22Q1 (13)22.94-10.03.2413.54-60.72-1.029.54-16.977.316.41-6.154.910.52-30.676.120.33-21.433.130.04-20.033.3320.64-0.86-4.93128.61-3.93-12.21142.22-52.59-7.59-42.2278.8921.6715.4730.441.91
21Q4 (12)25.4926.0697.7534.47217.4455.9711.4928.52165.366.8326.48391.880.7582.93388.460.4250.02000.00.0566.670.020.82-8.8868.17133.87-7.51-7.39300.00145.45110.0-200.00-836.0-366.6711.86-18.4945.34
21Q3 (11)20.22195.1833.9110.86619.6225.848.94240.1331.285.40154.9355.170.41167.2132.260.28333.337.690.0350.0-25.022.85120.9941.66144.74-4.614.1122.22271.98-3.84-21.37-131.8221.1614.55-15.6551.4
21Q2 (10)6.85-69.17-58.88-2.09-115.28-119.77-6.38-171.77-190.37-9.83-260.88-341.52-0.61-224.49-256.41-0.12-137.5-141.380.02-33.33-50.010.34-52.37-34.85151.733.589.8732.86-78.65-78.1667.14224.55235.4417.2513.640
21Q1 (9)22.2272.381.5113.68120.650.448.89105.3124.686.11361.1173.090.49288.4688.460.321500.033.330.03-40.00.021.7175.3619.48146.491.3413.22153.917.73-19.13-53.91-25.7840.3215.1886.030
20Q4 (8)12.89-14.64-48.856.20-28.16-66.214.33-36.42-60.74-2.34-167.24-133.33-0.26-183.87-143.330.02-92.31-94.870.0525.025.012.38-23.25-39.67144.553.9613.01142.8612.39-13.77-42.86-58.1335.328.16-15.090
20Q3 (7)15.10-9.36-32.178.63-18.35-35.56.81-3.54-33.53.48-14.5-54.390.31-20.51-54.410.26-10.34-39.530.040.00.016.131.64-14.11139.040.689.19127.10-15.51-2.7-27.1045.3311.59.610-8.56
20Q2 (6)16.66-23.89-47.1910.57-22.39-56.567.06-0.98-70.034.0715.3-80.940.3950.0-90.820.2920.83-85.50.0433.33-55.5615.87-12.66-41.97138.106.7312.1150.43-20.9645.62-49.5745.12-1401.870.000-100.0
20Q1 (5)21.89-13.1321.6113.62-25.7854.67.13-35.36189.843.53-49.72492.220.26-56.67471.430.24-38.46118.180.03-25.00.018.17-11.4539.02129.391.16-0.74190.3214.89-46.58-90.32-36.364.750.000-100.0
19Q4 (4)25.2013.210.018.3537.140.011.037.710.07.02-7.990.00.60-11.760.00.39-9.30.00.040.00.020.529.270.0127.910.450.0165.6626.820.0-66.27-116.380.00.00-100.00.0
19Q3 (3)22.26-29.450.013.38-45.010.010.24-56.540.07.63-64.260.00.68-84.00.00.43-78.50.00.04-55.560.018.78-31.330.0127.343.370.0130.6226.450.0-30.63-827.820.010.51104.080.0
19Q2 (2)31.5575.280.024.33176.160.023.56857.720.021.352472.220.04.256171.430.02.001718.180.00.09200.00.027.35109.260.0123.19-5.490.0103.30-71.00.0-3.3098.710.05.15-56.360.0
19Q1 (1)18.000.00.08.810.00.02.460.00.0-0.900.00.0-0.070.00.00.110.00.00.030.00.013.070.00.0130.350.00.0356.250.00.0-256.250.00.011.800.00.0
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)15.3235.17.91158.54.02-1.694.3102.0600.9301.07791.670.1918.7514.7458.84131.92-4.27183.430-83.7305.59-4.512.45-9.52
2022 (9)11.34-43.073.06-81.894.09-26.07-0.910-2.030-0.7500.12-86.810.1614.299.28-52.48137.802.94-338.600438.6005.85-4.7513.76-3.98
2021 (8)19.9222.9616.9079.795.5488.466.8610.653.1565.791.0349.280.9115.190.14-6.6719.5327.4133.87-7.39246.4562.54-146.4506.14-0.4614.3346.67
2020 (7)16.20-38.269.40-49.022.9423.596.20-58.721.90-84.410.69-87.390.79-72.950.15-25.015.33-30.25144.5513.01151.6223.46-51.6206.172.989.7717.85
2019 (6)26.2438.9818.4454.442.38-2.2915.0271.8512.19212.565.47311.282.92178.10.2025.021.9837.89127.911.22122.81-10.02-22.8105.9928.918.29-14.18
2018 (5)18.88-30.8411.94-44.152.4317.978.74-55.433.90-75.731.33-74.951.05-64.160.160.015.94-35.8126.3718.77136.4925.11-36.4904.6509.666.98
2017 (4)27.30-22.2221.38-0.62.06-20.2219.6124.5916.0737.355.31178.012.93130.710.16100.024.831.76106.404.7109.09-20.29-9.0900.0009.03-31.9
2016 (3)35.10-15.9721.51-8.352.58-35.1615.74-16.2311.70-3.231.9127.331.2714.410.0833.3324.40-22.59101.62-0.51136.859.36-36.6200.00013.26-26.58
2015 (2)41.7737.3623.474.543.99244.3818.79-13.7312.09-39.061.50-83.091.11-75.920.06-71.4331.5223.17102.14-0.98125.1421.43-24.8600.00018.06246.64
2014 (1)30.41022.4501.16-55.2421.78019.8408.8704.6100.21133.3325.59-33.43103.15-12.53103.06-6.49-3.1300.0005.21-43.55

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