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)15.20-19.28-35.325.42-48.63-66.930.64101.87-95.08-2.0393.82-119.84-1.1290.71-113.54-0.4293.45-110.80.2840.0-24.326.70126.19-59.95106.1617.36-9.54856.522886.84579.77-752.17-675.34-2807.1523.964.2228.61
23Q3 (19)18.8334.31-5.8510.55100.57-12.81-34.30-479.84-284.61-32.86-541.67-334.21-12.06-476.88-213.03-6.41-464.2-232.990.20-9.09-41.18-25.58-254.94-213.3990.4615.6-26.0-30.73-152.66-147.2130.73213.99274.822.993.427.93
23Q2 (18)14.02-16.5-26.135.26-46.98-57.759.0310.26-43.247.4414.29-38.973.20-27.27-70.531.76-18.14-64.440.22-29.03-45.016.5127.59-13.7978.25-35.44-39.2358.36-51.89-25.4141.64295.2691.422.2327.0323.02
23Q1 (17)16.79-28.55-8.69.92-39.48-12.378.19-37.1-38.886.51-36.36-37.764.40-46.8-49.712.15-44.73-45.980.31-16.22-18.4212.94-22.65-22.7121.203.275.15121.32-3.7143.7-21.3217.58-236.9617.50-6.07-6.27
22Q4 (16)23.5017.522.6516.3935.4532.0713.02-29.9218.3610.23-27.0810.08.27-22.491.353.89-19.293.460.378.82-7.516.73-25.8418.74117.36-3.99-10.1126.0093.511.79-25.87-174.18-103.5618.63-12.54-6.0
22Q3 (15)20.005.3710.9912.10-2.8132.2418.5816.7890.1714.0315.0979.8710.67-1.75103.634.82-2.6391.270.34-15.06.2522.5617.8165.15122.24-5.0713.5765.12-16.78-30.4434.8860.34445.9721.3017.875.39
22Q2 (14)18.983.32-5.3812.459.98-3.4115.9118.7331.0512.1916.5432.510.8624.1144.994.9524.3742.650.405.268.1119.1514.424.19128.7711.7211.4678.25-7.33-26.3521.7539.73448.7218.07-3.21-6.66
22Q1 (13)18.37-4.12-1.5511.32-8.781.9813.4021.8234.9410.4612.4734.628.757.2341.133.985.8540.140.38-5.05.5616.7418.8124.46115.26-11.71-6.2684.43-25.09-24.4915.57222.49231.8418.67-5.8-3.41
21Q4 (12)19.166.33-9.1112.4135.63-4.2411.0012.5917.99.3019.2324.178.1655.7325.933.7649.2125.750.4025.02.5614.093.1510.6130.5421.296.87112.7120.4-18.88-12.71-298.9467.3719.82-1.93-8.54
21Q3 (11)18.02-10.17-16.389.15-29.01-33.949.77-19.52-15.857.80-15.22-5.575.24-30.04-13.252.52-27.38-15.150.32-13.51-8.5713.66-11.41-12.1107.63-6.84-8.6293.61-11.89-21.436.39202.42133.3620.214.39-0.93
21Q2 (10)20.067.578.4712.8916.13840.8812.1422.261126.269.2018.4525.857.4920.81985.513.4722.18706.980.372.7860.8715.4214.65132.58115.53-6.0410.69106.24-4.98-23.07-6.2447.1783.6219.360.16-19.57
21Q1 (9)18.66-11.4832.7211.10-14.35121.569.936.4368.597.773.7487.686.20-4.32155.142.84-5.02113.530.36-7.6916.1313.455.5734.23122.960.6623.84111.81-19.5331.83-11.8169.68-177.7419.33-10.8-14.36
20Q4 (8)21.08-2.1811.7712.96-6.4326.819.33-19.6424.237.49-9.3226.526.487.2845.952.990.6718.180.3911.43-7.1412.74-18.0220.42122.153.7146.36138.9516.622.06-38.95-103.39-7.7521.676.23-3.65
20Q3 (7)21.5591.7331.1613.85910.95198.4911.611072.7372.778.26461.995.736.04775.36177.062.97590.7130.230.3552.1716.6715.54134.3939.5117.7812.8564.77119.15-13.7271.85-19.1549.73-162.4420.40-15.25-31.84
20Q2 (6)11.24-20.06-27.991.37-72.65-80.140.99-83.19-88.941.47-64.49-75.460.69-71.6-81.50.43-67.67-80.450.23-25.81-36.116.63-33.83-46.1104.375.1242.33138.1062.8379.23-38.10-350.79-265.9924.076.652.6
20Q1 (5)14.06-25.45-13.425.01-50.98-45.725.89-21.57-32.144.14-30.07-34.082.43-45.27-51.791.33-47.43-54.30.31-26.19-32.6110.02-5.29-11.4899.2918.9745.6784.81-37.71-20.2115.19142.03341.4422.570.3614.16
19Q4 (4)18.8614.790.010.22120.260.07.5111.760.05.9240.280.04.44103.670.02.5396.120.00.4240.00.010.58-5.030.083.4616.760.0136.1496.360.0-36.14-217.860.022.49-24.860.0
19Q3 (3)16.435.250.04.64-32.750.06.72-24.920.04.22-29.550.02.18-41.550.01.29-41.360.00.30-16.670.011.14-9.430.071.48-2.520.069.33-10.010.030.6733.620.029.9327.580.0
19Q2 (2)15.61-3.880.06.90-25.240.08.953.110.05.99-4.620.03.73-25.990.02.20-24.40.00.36-21.740.012.308.660.073.337.590.077.05-27.510.022.95464.80.023.4618.660.0
19Q1 (1)16.240.00.09.230.00.08.680.00.06.280.00.05.040.00.02.910.00.00.460.00.011.320.00.068.160.00.0106.290.00.0-6.290.00.019.770.00.0
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)16.15-20.567.88-40.35.0669.77-1.210-2.560-5.130-1.8800.95-34.035.18-72.31106.16-9.54-651.450751.455747.580.114.2321.1610.67
2022 (9)20.336.8913.2014.682.98-3.7215.1540.6711.6735.8637.3535.3317.0738.01.441.4118.7131.85117.36-10.187.15-18.4512.8500.117.2919.12-2.8
2021 (8)19.025.9611.5122.063.09-14.3310.7739.158.5945.3527.6081.2212.3759.01.4211.8114.1919.95130.546.87106.86-12.28-6.8600.1034.8819.67-10.39
2020 (7)17.956.49.4316.423.6118.587.74-3.735.913.3215.23-1.237.78-9.111.27-14.1911.834.69122.1546.36121.8220.92-21.8200.07-52.9621.95-5.92
2019 (6)16.8717.078.1030.653.0410.68.0411.25.725.1515.424.618.560.711.48-5.1311.3011.2283.463.69100.7417.41-0.7400.16-37.0723.33-3.36
2018 (5)14.41-4.326.20-8.422.75-13.667.2341.765.4424.214.7427.298.5022.31.56-1.2710.1619.5380.4921.6685.80-35.3414.2000.25024.141.17
2017 (4)15.065.616.7739.013.19-23.265.10-7.274.38-0.4511.586.736.956.921.587.488.50-15.0866.16-2.14132.6950.04-32.6900.00023.86-10.67
2016 (3)14.2633.94.87524.364.16-6.145.50261.844.40519.7210.85516.486.50485.591.473.5210.0156.6567.610.2588.4471.7511.36-76.580.00026.71-1.87
2015 (2)10.6540.870.7804.43-1.841.5200.7101.7601.1101.425.196.3932.367.44-17.1451.49-88.6248.5100.00027.224.45
2014 (1)7.560-0.9004.5111.58-0.200-0.710-1.900-0.7801.35-6.94.8328.1281.39-28.33452.63306.95-352.6300.00026.065.08

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