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)41.121.3616.9825.4620.0437.0314.26-60.55-12.5713.59-55.781.042.85-58.33-38.972.33-56.85-33.240.17-5.56-34.6219.51-51.234.9521.10-9.6-30.13172.22187.0448.47-77.78-284.21-386.1123.80-28.1-8.71
23Q3 (19)40.57-2.85-0.4721.212.76-12.536.1516.1617.5230.7338.1725.536.8457.24-25.735.4058.82-16.920.1820.0-33.3340.0012.6416.5823.34-22.66-41.1160.00-10.0-23.6442.2226.6797.0433.10-8.944.12
23Q2 (18)41.76-9.399.0620.64-32.53-20.7131.12-0.819.6522.24-11.4611.374.35-41.22-48.213.40-41.28-43.520.15-34.78-50.035.513.8920.9130.1816.75-31.6366.67-30.56-33.3333.331566.67036.3533.7926.43
23Q1 (17)46.0931.1233.8730.5964.6454.1131.3792.3433.8325.1286.7722.547.4058.460.275.7965.98.430.23-11.54-11.5434.1883.8623.8925.85-14.4-26.3796.00-17.2412.72.00112.5-86.527.174.22-21.52
22Q4 (16)35.15-13.76-7.5718.58-23.35-26.9116.31-46.98-47.1513.45-45.06-50.594.67-49.29-64.673.49-46.31-61.440.26-3.7-21.2118.59-45.82-45.3930.20-23.8-28.39116.0047.6438.56-16.00-174.67-186.026.07-17.99-15.49
22Q3 (15)40.766.4519.7824.24-6.8812.3830.7618.2640.224.4822.5815.319.219.640.556.507.977.970.27-10.0-3.5734.3116.8226.9339.63-10.22-22.6978.57-21.43-21.4321.430031.7910.57-1.64
22Q2 (14)38.2911.2134.2126.0331.1386.8626.0110.96105.2919.97-2.5964.638.4013.8257.896.0212.7372.00.3015.383.4529.376.4554.1744.1425.72-20.11100.0017.39-13.330.00-100.0100.028.75-16.96-19.96
22Q1 (13)34.43-9.47962.6519.85-21.91220.1623.44-24.04236.220.50-24.69220.667.38-44.18228.575.34-40.99244.320.26-21.2118.1827.59-18.95419.3335.11-16.74-30.5785.191.75-8.2614.81-20.37107.4134.6212.22-26.15
21Q4 (12)38.0311.75025.4217.85030.8640.66027.2228.21013.2244.3209.0550.3300.3317.86034.0425.93042.17-17.73083.72-16.28018.600030.85-4.550
21Q3 (11)34.0319.28021.5754.85021.9473.16021.2375.0209.1672.1806.0272.000.28-3.45027.0341.89051.26-7.220100.00-13.3300.00100.0032.32-10.020
21Q2 (10)28.53780.56013.93184.32012.67173.62012.13171.3905.32192.6803.50194.5900.2931.82019.05320.49055.259.250115.3824.260-7.69-207.69035.92-23.380
21Q1 (9)3.2400-16.5200-17.2100-16.9900-5.7400-3.70000.2200-8.640050.570092.86007.140046.8800
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)42.6514.6225.0012.713.8926.1228.3718.6523.1119.3721.33-17.5817.03-11.440.74-25.2532.3019.4521.10-30.1387.67-5.1411.6453.70.00029.72-0.87
2022 (9)37.2131.5322.1859.343.09-41.2523.9156.0719.3639.3825.8818.2319.2329.670.99-6.627.0430.1330.20-28.3992.421.527.58-15.40.15029.98-15.33
2021 (8)28.2914.413.9287.355.25-19.0615.3270.4113.8970.2221.8936.6414.8352.731.06-9.420.7832.6942.17-25.5591.0410.368.96-48.830.00035.418.39
2020 (7)24.7312.617.43917.816.49-8.58.99128.758.16447.6516.02418.459.71464.531.1717.015.6636.2956.64-29.9982.50340.017.50-78.460.00032.67-8.23
2019 (6)21.9637.420.73284.217.09-0.523.93-35.781.49-75.03.09-81.171.72-74.711.00-6.5411.49-18.2280.90-40.3718.75443.7581.25-15.850.00035.6018.39
2018 (5)15.98-18.260.19-93.657.1315.726.12125.05.96400.8416.41287.946.80202.221.07-10.8314.0541.06135.68-26.613.45-96.9696.5500.00030.072.7
2017 (4)19.5502.9906.16-39.082.7201.1904.2302.2501.2030.439.960184.87-10.0113.3311.23-6.6700.00029.28-22.68
2016 (3)-3.670-23.73010.1158.87-23.350-23.240-51.260-20.6800.92-11.54-11.870205.40101.63101.8956.75-1.8900.00037.8714.55
2015 (2)15.48-31.96-2.3706.3676.84-3.710-4.120-8.300-4.0401.04-6.313.27-81.43101.8717.5265.0024.5835.00-26.820.00033.068.43
2014 (1)22.7506.8203.60013.08014.34037.04016.3401.11017.61086.68052.17047.8300.00030.490

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