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)26.176.2131.0514.8725.3884.0310.74-43.8993.177.45-51.9460.913.58-42.07113.12.03-40.2993.330.2623.8123.8113.86-40.2346.285.56-4.3227.17138.30122.63-4.26-38.30-201.1113.8313.61-16.66-4.29
23Q3 (19)24.6410.8932.411.8620.2850.5119.1418.08-6.0415.504.87-6.346.1810.36-17.933.402.72-17.070.21-4.55-12.523.1915.95-1.789.423.1817.4162.121.6560.3137.88-2.6-38.1616.331.324.37
23Q2 (18)22.2215.1911.669.8628.55-8.1116.2184.2-13.7814.78102.47-10.645.60126.72-40.933.31109.49-34.580.224.76-26.6720.0056.01-6.1586.6639.95-12.4661.11-31.258.1238.89162.5-8.2616.1212.138.97
23Q1 (17)19.29-3.4121.47.67-5.071.868.8058.27-43.987.3057.67-42.472.4747.02-66.81.5850.48-61.460.210.0-34.3812.8235.23-29.2161.92-7.97-23.288.89-38.4687.3914.81133.33-71.8214.381.1328.97
22Q4 (16)19.977.317.378.082.54-22.615.56-72.7-44.844.63-72.02-37.771.68-77.69-61.561.05-74.39-56.070.21-12.5-32.269.48-59.81-25.5967.28-11.66-22.71144.44272.7638.55-44.44-172.56-944.4414.228.332.9
22Q3 (15)18.61-6.489.667.88-26.56-9.2220.378.35118.816.550.06118.347.53-20.5780.584.10-18.9782.220.24-20.0-17.2423.5910.788.7276.16-23.06-13.8138.75-31.44-59.1661.2544.49696.2513.1313.1913.78
22Q2 (14)19.9025.2413.8410.7342.528.9718.8019.67137.3716.5430.34108.059.4827.42152.85.0623.41137.560.30-6.2515.3821.3117.6789.2598.9922.775.8956.5219.15-47.0142.39-19.35735.8711.604.04-8.88
22Q1 (13)15.89-14.57-22.037.53-27.87-29.0315.7155.8546.6912.6970.5644.377.4470.2594.764.1071.5577.490.323.2323.0818.1142.1526.4780.63-7.3816.8647.44-54.5-51.3552.561335.26011.154.21-13.83
21Q4 (12)18.609.614.8510.4420.2886.7610.088.27-60.167.44-1.85-68.254.374.8-64.182.396.22-62.120.316.914.8112.741.92-55.1487.05-1.4824.07104.269.89371.42-4.26-155.32-105.4610.70-7.28-28.71
21Q3 (11)16.97-2.92-10.878.684.33-9.879.3117.5517.47.58-4.6515.734.1711.218.472.255.6337.20.2911.5420.8312.5011.019.1788.36-5.48-28.6194.87-11.06-22.67.69215.38134.0711.54-9.350.7
21Q2 (10)17.48-14.23-20.588.32-21.58-31.077.92-26.05-28.397.95-9.56-21.833.75-1.83-27.042.13-7.79-13.770.260.08.3311.26-21.37-21.293.4835.48-26.61106.679.4-0.29-6.67028.3312.73-1.620
21Q1 (9)20.3814.881.1410.6189.812.5110.71-57.67-2.818.79-62.48-1.793.82-68.69-10.752.31-63.396.940.26-3.713.0414.32-49.58-0.2869.00-1.65-33.7697.50340.8714.210.00-100.0-100.012.94-13.796.24
20Q4 (8)17.74-6.83-10.365.59-41.95-33.2125.30219.04121.9323.43257.71116.1412.20246.59123.036.31284.76138.110.2712.512.528.40148.0396.2770.16-43.31-35.422.12-81.96-70.2877.88444.92204.4615.0130.9817.17
20Q3 (7)19.04-13.49-11.529.63-20.22-0.627.93-28.3-26.236.55-35.59-25.823.52-31.52-1.121.64-33.6-6.290.240.026.3211.45-19.87-24.52123.77-2.839.39122.5814.5935.71-22.58-142.74-333.3311.460-14.29
20Q2 (6)22.019.2314.112.0728.073.1711.060.3632.7710.1713.6339.325.1420.0979.092.4714.3566.890.244.3526.3214.29-0.4914.69127.3722.276.95106.9825.3227.35-9.30-163.57-158.140.00-100.0-100.0
20Q1 (5)20.151.828.929.4312.6632.8211.02-3.3325.948.95-17.4426.234.28-21.7655.642.16-18.4944.00.23-4.1715.014.36-0.7615.62104.17-4.0812.0785.3714.714.7714.63-42.79-20.9812.18-4.92-1.14
19Q4 (4)19.79-8.040.08.37-13.620.011.406.050.010.8422.760.05.4753.650.02.6551.430.00.2426.320.014.47-4.610.0108.60-4.020.074.42-17.610.025.58164.340.012.81-4.190.0
19Q3 (3)21.5211.560.09.6939.020.010.7529.050.08.8320.960.03.5624.040.01.7518.240.00.190.00.015.1721.750.0113.15-4.990.090.327.530.09.68-39.520.013.372.140.0
19Q2 (2)19.294.270.06.97-1.830.08.33-4.80.07.302.960.02.874.360.01.48-1.330.00.19-5.00.012.460.320.0119.0928.120.084.003.090.016.00-13.60.013.096.250.0
19Q1 (1)18.500.00.07.100.00.08.750.00.07.090.00.02.750.00.01.500.00.00.200.00.012.420.00.092.950.00.081.480.00.018.520.00.012.320.00.0
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)23.3726.7411.4032.12.9316.0913.62-13.3611.07-15.6917.19-33.4510.12-32.080.88-20.7217.25-7.6685.5627.1783.5952.3916.41-63.650.40015.0221.82
2022 (9)18.440.668.63-9.442.53-7.4815.7265.1313.1366.225.8364.7314.9065.371.110.018.6847.3267.28-22.7154.85-45.1545.1500.00012.333.7
2021 (8)18.32-7.019.534.52.73-2.829.52-32.057.90-36.5515.68-35.239.01-31.591.117.7712.68-27.087.0524.07100.0053.150.0000.07-6.9111.89-7.69
2020 (7)19.70-0.39.1213.432.81-10.5814.0141.5212.4543.9324.2170.0113.1777.971.0325.6117.3727.0770.16-35.465.30-19.3435.1684.590.07-43.6312.880.08
2019 (6)19.7612.538.0411.983.1451.879.900.08.657.4514.24-6.627.40-7.850.82-14.5813.679.54108.6015.9880.9512.0919.05-31.430.12-37.8912.8720.17
2018 (5)17.56-1.577.18-15.432.072.09.9065.558.0560.6815.2552.28.0354.420.960.012.4844.2893.64-6.1272.22-49.5627.7800.20010.714.08
2017 (4)17.84-16.798.49-28.172.0358.385.98-51.585.01-51.0310.02-67.975.20-61.480.96-24.418.65-39.4799.74-13.47143.1849.38-42.0500.00010.299.94
2016 (3)21.446.411.8242.411.28-21.6612.3536.3110.2334.2531.2848.9513.5065.851.2725.7414.2924.15115.26-33.0495.854.494.15-49.830.0009.36-15.45
2015 (2)20.1520.88.3070.081.6332.949.0645.437.6236.3121.0049.368.1434.771.012.0211.5137.35172.12-2.2291.7317.948.27-62.780.00011.072.12
2014 (1)16.6804.8801.2330.166.2305.59014.0606.0400.99-10.08.38-11.32176.0332.7977.78-3.2822.2213.450.00010.84-0.73

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