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)45.04-7.99-19.933.32-67.92-83.827.40-59.91-58.175.54-61.34-61.980.74-55.95-56.210.63-54.68-56.250.1110.010.014.60-46.17-42.5623.3126.9627.3150.00-8.33-56.2560.0032.0520.033.79-18.62-9.26
23Q3 (19)48.95-3.224.6810.35-24.73-43.9318.46-7.28-18.0314.33-7.19-19.131.68-9.68-33.61.39-10.9-35.050.100.0-16.6727.12-1.88-3.0418.36-24.51-6.5254.55-22.99-32.8745.4536.36142.4241.523.7739.24
23Q2 (18)50.586.51-5.7913.75-12.14-29.9919.9113.51-19.015.4412.87-21.381.869.41-15.071.566.85-18.750.10-9.090.027.6410.56-12.3424.3245.5431.670.83-18.54-13.0733.33283.3380.040.018.4912.32
23Q1 (17)47.49-15.57-6.9215.65-23.7320.5717.54-0.854.7813.68-6.112.241.700.5916.441.461.3911.450.1110.010.025.00-1.650.9316.71-8.7451.7786.96-23.9111.88.70160.87-60.8736.88-0.97-3.23
22Q4 (16)56.2520.34.9620.5211.16796.0717.69-21.45-46.8814.57-17.78-39.421.69-33.2-11.521.44-32.71-15.790.10-16.6742.8625.42-9.12-42.6218.31-6.7741.28114.2940.661385.71-14.29-176.19-115.4837.2424.88-25.21
22Q3 (15)46.76-12.9110.8318.46-6.01430.8222.52-8.38931.017.72-9.78746.722.5315.531200.02.1411.461226.320.1220.071.4327.97-11.29277.4619.646.2863.3981.25-0.28-67.518.751.25118.7529.82-16.28-33.95
22Q2 (14)53.695.23-29.7519.6451.31-37.6324.5846.83-26.2119.6446.79-11.892.1950.05.291.9246.564.350.100.025.031.5327.29-24.518.4867.8547.4981.484.76-15.7118.52-16.67177.7835.62-6.53-18.32
22Q1 (13)51.02-4.8-0.8912.98466.8193.1516.74-49.7336.6513.38-44.3736.531.46-23.5653.681.31-23.3955.950.1042.8625.024.77-44.0921.2411.01-15.05-20.6877.78911.1142.5922.22-75.93-51.1138.11-23.46-5.46
21Q4 (12)53.5927.02-16.072.29141.04-89.1833.301328.78-3.3924.05977.74-20.941.91930.43-42.641.711000.0-41.030.070.0-22.2244.30497.843.712.967.82-21.937.69-96.92-87.7692.31192.31130.7749.7910.2836.37
21Q3 (11)42.19-44.83.71-5.58-117.7273.15-2.71-108.1475.8-2.74-112.2967.88-0.23-111.0658.93-0.19-110.3360.420.07-12.516.677.41-82.26351.8312.02-4.07-14.33250.00158.6234.62-100.00-1600.0-16.6745.153.53-26.56
21Q2 (10)76.4348.4796.0731.49368.6190.3333.31171.92276.7122.29127.45209.972.08118.95292.591.84119.05293.680.080.060.041.76104.412188.012.53-9.730.2496.6777.22-48.826.67-85.33107.543.618.19-43.85
21Q1 (9)51.48-19.3716.266.72-68.26134.9812.25-64.46170.489.80-67.78156.390.95-71.47187.160.84-71.03186.60.08-11.1133.3320.43-52.18515.2413.88-16.3921.4354.55-13.22-50.045.4513.64600.040.3110.41-36.7
20Q4 (8)63.8556.96-9.6221.17201.8877.4534.47407.77141.8930.42456.62140.473.33694.64306.12.90704.17281.580.0950.050.042.722504.8860.8416.6018.3270.9662.86-66.15-29.2940.00146.67260.036.51-40.61-33.42
20Q3 (7)40.684.361.9-20.7840.3932.62-11.2040.5858.35-8.5357.9264.56-0.5648.1550.44-0.4849.4752.940.0620.050.01.64182.0115.4114.0312.2453.33185.71-1.6872.45-85.713.57-457.1461.48-20.84-14.29
20Q2 (6)38.98-11.97-29.5-34.86-81.47-58000.0-18.85-8.46-439.03-20.27-16.63-560.68-1.080.92-391.89-0.952.06-387.880.05-16.67-28.57-2.0059.35-111.812.509.365.84188.8973.150-88.89-877.78-188.8977.6721.9738.08
20Q1 (5)44.28-37.3219.32-19.21-261.02-5155.26-17.38-221.96-428.54-17.38-237.39-562.23-1.09-232.93-236.25-0.97-227.63-246.970.060.0-64.71-4.92-118.52-138.4711.4317.71-63.95109.0922.730-9.09-181.82-111.3663.6816.1271.6
19Q4 (4)70.6576.980.011.93138.680.014.25152.990.012.65152.560.00.82172.570.00.76174.510.00.0650.00.026.56349.620.09.716.120.088.89-17.460.011.11172.220.054.84-23.550.0
19Q3 (3)39.92-27.80.0-30.84-51300.00.0-26.89-583.630.0-24.07-647.050.0-1.13-405.410.0-1.02-409.090.00.04-42.860.0-10.64-162.770.09.15-22.520.0107.6900.0-15.38-115.380.071.7327.520.0
19Q2 (2)55.2948.990.0-0.06-115.790.05.565.10.04.4017.020.00.37-53.750.00.33-50.00.00.07-58.820.016.9532.530.011.81-62.760.0-0.0000.0100.0025.00.056.2551.580.0
19Q1 (1)37.110.00.00.380.00.05.290.00.03.760.00.00.800.00.00.660.00.00.170.00.012.790.00.031.710.00.00.000.00.080.000.00.037.110.00.0
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)47.92-7.2410.62-41.07.5216.7615.58-24.012.06-26.515.93-23.974.96-26.840.410.023.37-14.8323.3127.3168.35-22.2231.65161.080.08-4.137.888.66
2022 (9)51.66-8.3418.0092.516.44-26.120.507.3316.4122.467.8065.256.7863.370.4132.2627.44-3.6918.3141.2887.8881.2512.12-76.470.08-53.734.86-21.65
2021 (8)56.3613.089.3508.72-20.0619.10506.3513.40580.24.72742.864.15641.070.3124.028.4991.0812.96-21.9348.48051.52-84.010.18-33.9944.49-19.92
2020 (7)49.84-0.78-7.29010.9111.273.1583.141.9785.850.5643.590.5636.590.25-21.8814.9118.816.6070.96-222.220322.2217.170.2745.6955.566.25
2019 (6)50.2315.52-2.5209.80364.991.72-88.171.06-90.990.39-96.150.41-95.120.32-54.9312.55-28.169.71-58.13-150.000275.001000.00.18-77.2652.2932.58
2018 (5)43.48-9.8110.821.412.11-31.8314.5439.8111.7745.8510.1455.768.4156.320.715.9717.4718.223.1929.7775.00-27.4225.0000.81039.44-12.96
2017 (4)48.21-1.4910.6733.043.09-11.8610.4027.768.0719.566.5115.025.3814.960.67-2.914.7820.3617.87-26.43103.333.33-3.3300.00045.31-1.01
2016 (3)48.94-8.118.0219.353.51-16.968.1413.066.7520.325.6614.574.6811.690.69-8.012.28-0.3224.2943.05100.005.260.0000.00045.77-13.95
2015 (2)53.269.416.72-31.714.2370.077.20-28.435.61-32.414.94-59.544.19-57.590.75-36.4412.32-11.8716.98-10.4495.00-5.05.0060.00.00053.1913.29
2014 (1)48.6809.8402.487.2510.0608.30012.2109.8801.18-22.3713.98-2.1718.96-50.18100.003.573.12-9.370.00046.954.45

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