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)26.59-42.166.4518.8640.2283.4618.6016.6161.3215.1116.1445.997.46309.89123.355.79335.34109.030.38280.040.7419.273.8352.0925.09-25.66-1.34101.4917.1110.32-1.49-111.19-112.449.14-69.02-33.53
23Q3 (19)45.9743.6662.7813.45-9.85460.4215.95-4.7888.5313.01-3.2789.931.82-43.361.061.33-41.4141.490.10-41.18-23.0818.562.0971.6933.75-26.2188.6586.67-2.93160.013.3324.44-82.8629.5089.143.0
23Q2 (18)32.00-41.52-12.2114.92107.5180.8516.7536.0731.6813.4544.6235.863.21333.78143.182.27298.25114.150.17183.3370.018.1811.1219.4545.7417.2852.9889.2956.2533.9310.71-75.0-67.8615.60-63.97-38.66
23Q1 (17)54.72119.0635.987.19-30.06324.6912.316.76220.579.30-10.14322.730.74-77.84311.110.57-79.42256.250.06-77.78-14.2916.3629.1289.7939.0053.3662.0957.14-37.89157.1442.86257.14-78.5743.30214.919.51
22Q4 (16)24.98-11.54-50.4910.28328.33-69.8711.5336.29-66.4310.3551.09-64.353.34195.58-71.012.77194.68-71.030.27107.69-18.1812.6717.21-64.1325.4342.1534.5592.00176.0-8.012.00-84.571004.013.75-33.35-6.08
22Q3 (15)28.24-22.52-14.892.40-70.91-48.398.46-33.49-28.126.85-30.81-42.631.13-14.39-31.930.94-11.32-32.370.1330.08.3310.81-28.98-26.8117.89-40.17-20.3833.33-50.0-16.6777.78133.3329.6320.63-18.88-16.98
22Q2 (14)36.45-9.4267.368.25357.81313.7312.72231.251717.149.90350.01420.01.32633.331420.01.06562.51614.290.1042.86-9.0915.2276.57315.8529.9024.2769.0266.67166.67122.2233.33-83.33-91.6725.43-35.6922.97
22Q1 (13)40.24-20.2495.43-3.20-109.3870.533.84-88.82141.072.20-92.42123.530.18-98.44113.950.16-98.33114.290.07-78.79-41.678.62-75.59249.9124.0627.391.71-100.00-200.0-188.89200.0018300.01700.039.54170.0856.84
21Q4 (12)50.4552.0567.5534.12633.76567.7134.35191.84293.4729.03143.13290.7111.52593.98766.179.56587.77703.360.33175.0106.2535.32139.13209.8218.90-15.8927.44100.00150.066.671.09-98.19-97.2814.64-41.09-34.85
21Q3 (11)33.1852.34-5.664.65220.471309.0911.771581.431126.0411.941692.02812.21.661760.03220.01.392085.712216.670.129.0920.014.77303.55254.222.4727.0274.5940.00113.33060.00-85.0024.8520.16-17.58
21Q2 (10)21.785.78-47.86-3.8664.46-127.280.70107.49-96.12-0.7591.98-104.18-0.1092.25-105.05-0.0793.75-104.050.11-8.3310.03.66163.65-83.1617.6940.9611.47-300.00-366.67-490.0400.003300.01633.3320.68-17.970
21Q1 (9)20.59-31.62-23.66-10.86-312.5239.77-9.35-207.138.41-9.35-225.8438.41-1.29-196.9911.64-1.12-194.128.20.12-25.050.0-5.75-150.4441.5712.55-15.37-19.96112.5087.5-7.95-12.50-131.2543.7525.2112.19-33.94
20Q4 (8)30.11-14.39-34.15.111448.48-83.818.73809.38-71.957.431712.2-75.751.332560.0-90.01.191883.33-89.360.1660.0-55.5611.40173.38-64.7214.8315.23-29.1460.000-40.7340.0003340.022.47-25.4779.47
20Q3 (7)35.17-15.8-0.870.33-97.67101.740.96-94.67105.320.41-97.72102.270.05-97.47103.470.06-96.53104.960.100.042.864.17-80.82137.5312.87-18.9-25.170.00-100.0-100.00.00-100.0030.150-32.93
20Q2 (6)41.7754.88-19.1814.15178.48170.4318.02218.71205.0717.96218.31195.281.98235.62275.221.73241.8280.210.1025.0100.021.74320.93346.4915.871.21-0.0676.92-37.06-34.0723.08203.85238.460.00-100.0-100.0
20Q1 (5)26.97-40.9719.13-18.03-157.13-102.13-15.18-148.78-104.58-15.18-149.54-104.58-1.46-110.98-56.99-1.22-110.91-54.430.08-77.78-27.27-9.84-130.45-253.9615.68-25.0819.97122.2220.731.85-22.22-1700.0-11.1138.16204.7932.0
19Q4 (4)45.6928.780.031.56266.630.031.12272.60.030.64269.940.013.301023.610.011.181023.970.00.36414.290.032.31390.820.020.9321.690.0101.23-10.010.0-1.2300.012.52-72.150.0
19Q3 (3)35.48-31.350.0-18.945.720.0-18.03-5.130.0-18.034.350.0-1.44-27.430.0-1.21-26.040.00.0740.00.0-11.11-25.960.017.208.310.0112.50-3.570.0-0.00100.00.044.95-24.360.0
19Q2 (2)51.68128.270.0-20.09-125.220.0-17.15-131.130.0-18.85-154.040.0-1.13-21.510.0-0.96-21.520.00.05-54.550.0-8.82-217.270.015.8821.50.0116.67-2.780.0-16.6716.670.059.43105.570.0
19Q1 (1)22.640.00.0-8.920.00.0-7.420.00.0-7.420.00.0-0.930.00.0-0.790.00.00.110.00.0-2.780.00.013.070.00.0120.000.00.0-20.000.00.028.910.00.0
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)32.9910.8916.16150.151.48-28.717.2570.2913.9364.2713.00124.9110.45117.260.7432.1418.9352.0525.09-1.3493.1647.265.98-83.710.00016.44-20.39
2022 (9)29.75-22.026.46-59.192.079.1310.13-44.038.48-44.145.78-50.984.81-52.520.56-15.1512.45-38.2125.4334.5563.27-27.5936.73190.820.00020.658.46
2021 (8)38.1514.8815.83934.641.90-39.9218.10313.2415.18302.6511.79530.4810.13510.240.6657.1420.15154.7418.9027.4487.37144.6312.63-80.350.00019.04-30.03
2020 (7)33.21-19.061.53-89.563.1630.064.38-70.783.77-74.071.87-80.961.66-80.140.42-26.327.91-55.4614.83-29.1435.71-63.164.293885.710.00027.2119.19
2019 (6)41.03-8.3714.66-18.332.43336.7414.99-21.9314.54-21.329.82-19.118.36-20.530.570.017.76-11.4720.9328.8896.774.331.61-72.180.13-12.8222.83-0.17
2018 (5)44.78-0.617.95124.660.56-24.7919.20-49.4118.48-51.312.14-42.4410.52-43.710.5716.3320.06-48.4216.244.7192.75330.045.80-92.70.15022.87-19.64
2017 (4)45.057.677.9900.74-38.5237.95037.95021.09018.6900.4948.4838.89015.5148.7121.57-86.279.4100.00028.46-42.37
2016 (3)41.84-0.4-14.8701.2029.52-9.640-9.640-3.580-3.1400.33-21.43-7.83010.43-24.75156.256.91-56.2500.00049.3817.94
2015 (2)42.012.21-8.6900.93-30.85-5.970-5.970-2.930-2.4700.420.0-4.65013.86-26.32146.15-45.19-46.1500.00041.873.51
2014 (1)41.100-7.3401.35-11.88-2.620-2.620-1.310-1.0400.42-12.5-0.45018.81-8.91266.67148.89-183.3300.00040.4516.94

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