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)46.120.1126.0126.584.36128.1521.90-24.12149.7116.58-20.7589.055.45-25.03191.443.72-24.24183.970.22-4.3557.1427.46-19.862.146.79-3.371.56121.0137.86-7.13-21.01-280.1236.9618.626.77-18.33
23Q3 (19)46.0713.9518.1325.4738.597.2928.8644.9574.2820.9249.8664.857.2780.85151.564.9183.21157.070.2321.0553.3334.2430.2941.7248.42-2.32-2.8587.78-4.3312.3611.6761.67-46.6717.44-14.68-22.28
23Q2 (18)40.439.957.1818.3958.442.7819.9172.6821.0313.9656.3331.454.0285.2566.122.6879.8774.030.1918.7535.7126.2839.799.4549.57-7.45-16.4891.75-8.2516.17.220-68.0420.44-6.96-8.55
23Q1 (17)36.770.46-3.8411.61-0.341.5711.5331.47-38.938.931.82-35.622.1716.04-25.171.4913.74-23.20.1614.2914.2918.8010.98-30.653.5616.26-13.75100.00-23.2665.00.00100.0-100.021.97-3.64-4.85
22Q4 (16)36.60-6.15-3.6111.65-9.7611.168.77-47.04-29.18.77-30.89-20.491.87-35.29-12.621.31-31.41-14.380.14-6.670.016.94-29.88-20.2846.07-7.568.09130.3066.7953.3-33.33-252.38-322.2222.801.60.84
22Q3 (15)39.003.39-6.7912.910.23-20.716.560.670.5512.6919.4927.542.8919.4238.281.9124.0334.510.157.147.1424.160.62-2.7849.84-16.0215.6178.12-1.15-20.4521.88-3.121125.022.440.40.94
22Q2 (14)37.72-1.36-2.212.8812.69-7.8716.45-12.8719.210.62-23.4312.742.42-16.5534.441.54-20.6235.090.140.016.6724.01-11.378.5959.35-4.43-1.479.0330.4-20.9722.58-42.681048.3922.35-3.2-4.73
22Q1 (13)38.240.71-13.7211.439.06-42.5118.8852.63-12.113.8725.75-11.492.9035.51-13.691.9426.8-14.540.140.00.027.0927.48-6.8862.1045.710.5360.61-28.7-35.1939.39162.63405.5623.092.12-1.74
21Q4 (12)37.97-9.25-19.9610.48-35.63-58.5812.37-24.89-44.2311.0310.85-38.212.142.39-49.531.537.75-49.340.140.0-17.6521.25-14.49-27.4742.62-1.1412.0185.00-13.45-24.8115.00740.0206.1522.611.7117.09
21Q3 (11)41.848.48-17.9816.2816.45-51.3616.4719.35-50.09.955.63-57.352.0916.11-72.751.4224.56-73.310.1416.67-39.1324.8512.39-36.0243.11-28.38-2.898.21-1.79-2.891.79175.0204.7622.23-5.2433.59
21Q2 (10)38.57-12.97-21.9913.98-29.68-55.6613.80-35.75-53.839.42-39.89-53.81.80-46.43-72.141.14-49.78-73.850.12-14.29-42.8622.11-23.99-41.4160.19-2.5626.16100.006.94-4.67-2.38-130.5657.4423.46-0.1725.19
21Q1 (9)44.32-6.58-17.5119.88-21.42-46.9421.48-3.16-40.5815.67-12.21-39.683.36-20.75-63.912.27-24.83-64.480.14-17.65-41.6729.09-0.72-33.5861.7762.3419.5793.51-17.28-9.887.79155.14307.0523.5021.736.63
20Q4 (8)47.44-7.0-8.2425.30-24.41-19.522.18-32.67-25.2217.85-23.49-19.634.24-44.72-49.73.02-43.23-49.240.17-26.09-34.6229.30-24.56-20.3838.05-14.21-16.12113.0411.776.8-14.13-728.99-141.7919.3116.05-0.26
20Q3 (7)51.013.185.0533.476.1519.0732.9410.219.5223.3314.4212.337.6718.7316.925.3222.0214.660.239.524.5538.842.915.1244.35-7.046.61101.14-3.58-0.64-1.7069.534.5516.64-11.21-21.8
20Q2 (6)49.44-7.9813.5531.53-15.8560.4629.89-17.3256.5720.39-21.5237.966.46-30.6178.454.36-31.7764.530.21-12.523.5337.74-13.8420.6947.71-7.657.0104.901.093.15-5.59-48.65-65.0318.748.95-23.35
20Q1 (5)53.733.9334.7337.4719.22126.036.1521.8893.8325.9816.9776.029.3110.44187.356.397.39165.150.24-7.6950.043.8019.0238.0851.6613.8938.95103.76-1.9717.91-3.7635.6-131.3617.20-11.16-29.31
19Q4 (4)51.706.470.031.4311.810.029.667.620.022.216.930.08.4328.510.05.9528.230.00.2618.180.036.80-0.410.045.369.040.0105.843.990.0-5.84-227.270.019.36-9.020.0
19Q3 (3)48.5611.530.028.1143.050.027.5644.370.020.7740.530.06.5681.220.04.6475.090.00.2229.410.036.9518.160.041.60-6.710.0101.790.090.0-1.7947.320.021.28-12.970.0
19Q2 (2)43.549.180.019.6518.520.019.092.360.014.780.140.03.6211.730.02.659.960.00.176.250.031.27-1.420.044.5919.930.0101.6915.560.0-3.39-128.250.024.450.490.0
19Q1 (1)39.880.00.016.580.00.018.650.00.014.760.00.03.240.00.02.410.00.00.160.00.031.720.00.037.180.00.088.000.00.012.000.00.024.330.00.0
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)43.0213.5121.5275.825.67-23.3521.4641.8415.7737.7318.3083.3712.6278.750.7931.6727.4519.0946.791.56100.2223.89-0.2200.14-11.4819.34-14.65
2022 (9)37.90-7.1812.24-20.167.39-6.0315.13-6.7811.45-1.729.9812.017.069.120.609.0923.05-6.2246.078.0980.89-14.3319.11242.410.16-6.722.66-1.26
2021 (8)40.83-19.2915.33-52.577.8719.1116.23-47.2211.65-47.388.91-66.776.47-66.350.55-36.0524.58-35.0942.6212.0194.42-10.115.5800.173.5322.9528.36
2020 (7)50.597.4832.3226.896.60-28.7730.7523.222.1416.7126.8123.0419.2322.720.866.1737.878.7638.05-16.12105.032.83-5.0300.16-16.4717.88-18.02
2019 (6)47.0744.1225.47910.719.27-21.3624.96856.3218.978147.8321.7912717.6515.675703.70.8152.8334.82130.945.3623.83102.146.78-2.1400.19-20.7421.81-28.61
2018 (5)32.66-0.552.52011.7913.862.6100.2300.1700.2700.531.9215.0865.1736.63-1.4895.651526.094.35-95.380.25030.55-8.56
2017 (4)32.84-25.23-0.13010.3649.87-1.900-3.060-2.100-1.4700.52-26.769.13-57.8937.1849.325.88-94.6694.1200.00033.4112.72
2016 (3)43.92-3.8315.52-28.976.9151.5914.07-34.8910.37-37.6110.02-50.457.62-44.780.71-11.2521.68-19.6724.90-49.8110.178.73-10.1700.00029.643.24
2015 (2)45.67-1.421.854.354.568.6221.610.8416.627.320.22-9.3713.80-1.920.80-8.0526.991.0949.60-6.57101.323.77-0.9900.00028.710.95
2014 (1)46.32020.9404.200.4921.43015.49022.31014.0700.87-16.3526.70-5.4253.09-35.9897.640.312.36-11.320.00028.4413.62

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