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)21.67154.04-45.68-8.8975.05-251.1915.06229.27-45.6312.12217.21-55.650.68238.78-62.010.58241.46-61.330.0525.00.038.40134.86-18.6117.51-1.13-7.55-57.89-118.78-382.24157.89175.7998.6421.66-6.72-21.83
23Q3 (19)8.53-77.79-77.76-35.63-384.36-898.88-11.65-130.34-153.94-10.34-135.4-181.1-0.49-120.16-149.49-0.41-120.6-150.00.04-42.86-33.3316.35-69.8-57.8517.71-18.16-13.95308.33825.01485.71-208.33-405.85-367.8623.2238.3-2.6
23Q2 (18)38.41-13.8644.7812.53-37.0212.5838.4029.08463.2929.2123.56747.672.4327.89883.871.9925.95865.380.070.016.6754.1416.31503.5721.64-1.414.4433.33-50.48-68.7568.12108.351121.7416.79-7.9-43.45
23Q1 (17)44.5911.7856.3519.89238.27266.0329.757.4475.1623.64-13.5452.311.906.15531.821.585.33538.890.0740.040.046.55-1.34280.6221.9515.89-2.3667.31228.13-56.4532.69-58.87159.9418.23-34.21-29.09
22Q4 (16)39.893.9962.825.8831.84126.4427.7028.24214.9927.33114.35255.91.7980.81265.741.5082.93268.540.05-16.670.047.1821.631621.9418.94-7.97-12.1120.515.49-78.0779.492.21132.0527.7116.23-25.55
22Q3 (15)38.3644.5971.14.46140.07119.0421.60304.35181.0812.75382.71159.520.99419.35173.880.82415.38175.230.060.020.038.79332.44740.120.58-0.68-11.1819.44-81.77-78.0577.781266.67580.5623.84-19.7-44.81
22Q2 (14)26.53-6.9818.54-11.137.128.79-10.57-33.2926.75-4.5132.7920.6-0.3129.5518.42-0.2627.7816.130.0620.020.08.97-26.66222.6620.72-7.83-9.24106.67-30.981.82-6.6787.7830.029.6915.48-7.71
22Q1 (13)28.5216.4167.57-11.9846.1358.79-7.9367.0825.4-6.7161.7280.22-0.4459.2676.22-0.3659.5576.160.050.025.012.23494.52-18.4722.484.326.95154.5565.2-42.6-54.55-945.4567.7725.71-30.92-29.19
21Q4 (12)24.509.28287.66-22.245.0459.96-24.099.5772.2-17.5318.1676.16-1.0819.470.33-0.8918.3569.420.050.025.0-3.1048.8494.6621.55-6.99-4.1893.555.6246.366.45-43.55-82.1237.22-13.84-15.39
21Q3 (11)22.420.18-22.29-23.42-49.84-954.95-26.64-84.62-328.3-21.42-277.11-260.61-1.34-252.63-157.69-1.09-251.61-179.490.050.0-28.57-6.06-317.99-155.0923.171.49-14.6388.57-15.45165.7111.43220.0-82.8643.2034.2952.81
21Q2 (10)22.3831.49-22.32-15.6346.23-844.29-14.43-35.75-599.31-5.6883.26-1151.85-0.3879.46-860.0-0.3179.47-720.00.0525.0-28.572.78-81.47-84.9722.838.61-28.12104.76-61.0946.67-9.5294.37-133.3332.17-11.40
21Q1 (9)17.02169.3-32.3-29.0747.67-378.13-10.6387.73-285.51-33.9353.86-1796.5-1.8549.18-1421.43-1.5148.11-1358.330.040.0-33.3315.00125.84-44.7921.02-6.54-24.17269.23321.22344.76-169.23-569.01-184.6236.31-17.460
20Q4 (8)6.32-78.09-82.57-55.55-2402.25-666.26-86.64-1292.93-1955.25-73.54-1138.05-5713.74-3.64-600.0-2526.67-2.91-646.15-2338.460.04-42.86-55.56-58.04-627.64-419.7822.49-17.13-27.3163.9291.75-70.3236.08-45.88133.5143.9955.6149.17
20Q3 (7)28.850.14-5.29-2.22-205.71-122.82-6.22-315.22-131.4-5.94-1200.0-144.83-0.52-1140.0-133.33-0.39-880.0-131.970.070.0-22.2211.00-40.54-60.227.14-14.55-3.6633.33-53.33-33.3366.67133.3328.5728.270-11.82
20Q2 (6)28.8114.6-6.372.10134.54-36.172.89-49.56-78.890.54-73.0-93.950.05-64.29-94.570.05-58.33-93.060.0716.67-12.518.50-31.91-14.1531.7614.57-3.0271.43164.94185.7128.57-85.71-61.90.000-100.0
20Q1 (5)25.14-30.67-10.47-6.08-161.98-321.095.7322.7393.852.0052.67230.720.14-6.67200.00.12-7.69233.330.06-33.33-14.2927.1749.7287.5927.72-10.41-4.74-110.00-151.0726.67200.00285.71-20.00.00-100.0-100.0
19Q4 (4)36.2619.040.09.810.820.04.67-76.430.01.31-90.110.00.15-90.380.00.13-89.340.00.090.00.018.15-34.330.030.949.830.0215.38330.770.0-107.69-307.690.029.49-8.020.0
19Q3 (3)30.46-1.010.09.73195.740.019.8144.70.013.2548.380.01.5669.570.01.2269.440.00.0912.50.027.6428.260.028.17-13.980.050.00100.00.051.85-30.860.032.06-19.530.0
19Q2 (2)30.779.580.03.2919.640.013.69802.050.08.93683.660.00.92757.140.00.72900.00.00.0814.290.021.55207.420.032.7512.540.025.00116.670.075.00-70.00.039.8414.290.0
19Q1 (1)28.080.00.02.750.00.0-1.950.00.0-1.530.00.0-0.140.00.0-0.090.00.00.070.00.07.010.00.029.100.00.0-150.000.00.0250.000.00.034.860.00.0
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)31.33-6.511.54019.693.7321.90166.116.84126.344.50118.453.81121.510.230.041.6152.4717.51-7.557.03092.97-32.390.12-0.5819.41-27.14
2022 (9)33.5154.5-2.89018.98-8.398.2307.4402.0601.7200.2315.027.291336.3218.94-12.11-35.420137.5000.12-1.4426.64-28.25
2021 (8)21.69-11.11-22.29020.727.7-19.010-19.020-4.630-3.7900.20-16.671.90-71.2121.55-4.18117.0051.12-17.0000.1261.5237.1316.58
2020 (7)24.40-22.91-10.16019.24107.31-13.050-12.570-3.870-3.0100.24-27.276.60-65.5522.49-27.3177.428.1622.58-20.550.07-23.4531.85-5.57
2019 (6)31.65-5.016.77-47.89.28213.189.50-47.975.75-36.62.48-47.791.99-46.360.33-19.5119.16-10.2230.948.7971.581.0528.42-0.980.10-7.8433.7310.88
2018 (5)33.32-8.4412.97-35.762.961.3918.26-5.589.07-36.134.75-41.723.71-42.030.41-8.8921.34-4.3528.443.5770.83-32.1428.7000.10030.424.54
2017 (4)36.39-11.820.19-21.042.92-18.4119.34-37.1714.20-35.438.15-34.436.40-34.630.450.022.31-35.1827.461.03104.3825.7-4.3800.00029.108.06
2016 (3)41.261.3325.570.03.58-10.6830.782.621.995.5712.43-8.749.79-8.160.45-11.7634.420.8527.182.0383.04-2.6116.9615.080.00026.934.18
2015 (2)40.72-1.7125.57-1.464.015.1130.005.3720.831.5613.62-14.4510.66-13.540.51-15.034.135.3426.64-9.3685.26-6.5914.7464.940.00025.85-5.21
2014 (1)41.43025.9503.82-5.6128.47020.51015.92012.3300.60-20.032.4010.1729.39-1.2491.28-7.958.94958.940.00027.2712.97

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