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)53.05-2.23-5.4210.33-49.19-49.9813.10-39.35-30.139.40-43.24-32.912.59-46.15-33.250.34-43.33-33.330.040.00.038.23-17.48-12.36660.25-3.45-0.2178.80-16.3-28.4221.20259.61310.0512.838.734.65
23Q3 (19)54.26-1.63-5.5920.33-6.83-15.521.60-5.01-6.9816.56-4.22-5.214.81-1.84-9.930.60-4.76-6.250.040.00.046.33-2.17-4.73683.84-4.364.894.15-1.93-9.15.9045.83262.7511.800.6-5.9
23Q2 (18)55.16-2.08-5.6621.82-7.46-19.7522.74-6.07-1.917.29-8.239.574.90-2.39-5.950.63-5.9710.530.040.00.047.36-3.64-4.01715.0110.66-16.2896.00-1.46-18.154.0456.93123.3711.73-0.26-2.82
23Q1 (17)56.330.43-5.6823.5814.19-8.7124.2129.12-7.3118.8434.48-6.925.0229.38-21.680.6731.37-6.940.040.00.049.1512.68-7.04646.14-2.34-17.1797.42-11.51-1.52.58125.52135.7111.76-4.08-7.18
22Q4 (16)56.09-2.4-0.4820.65-14.17-4.3518.75-19.25-17.1814.01-19.81-20.763.88-27.34-35.230.51-20.31-22.730.040.00.043.62-10.3-10.91661.651.4-18.23110.096.2915.44-10.09-178.62-317.6712.26-2.23-7.05
22Q3 (15)57.47-1.714.0624.06-11.515.1123.220.17-0.4717.4710.71-3.645.342.5-15.10.6412.28-5.880.040.00.048.63-1.44-1.54652.49-23.6-20.61103.58-11.75.54-3.6279.06-289.6612.543.892.62
22Q2 (14)58.47-2.097.3227.195.2720.1523.18-11.260.715.78-22.04-7.55.21-18.72-11.390.57-20.83-10.940.040.00.049.34-6.68-1.12854.109.481.08117.2918.5919.27-17.29-1682.46-1144.612.07-4.7411.55
22Q1 (13)59.725.9613.9725.8319.6443.3426.1215.3739.3820.2414.4844.266.417.0135.520.729.0938.460.040.00.052.877.9914.39780.12-3.59-2.0898.913.722.871.09-76.43-71.612.67-3.9419.87
21Q4 (12)56.362.0511.9121.59-5.68158.2522.64-2.96143.1817.68-2.48113.275.99-4.77110.920.66-2.94112.90.040.00.048.96-0.8731.93809.18-1.55-0.9895.36-2.836.14.64142.77-54.8113.197.9422.47
21Q3 (11)55.231.389.522.891.1580.2423.331.3581.4218.136.2780.46.296.9775.210.686.2578.950.040.00.049.39-1.0221.89821.93-2.73-1.8898.14-0.2-0.611.9115.3552.1512.2212.9415.94
21Q2 (10)54.483.978.6122.6325.5849.1823.0222.8449.3817.0621.653.565.8824.3149.620.6423.0856.10.040.00.049.907.9617.49844.986.06-2.4798.342.28-0.161.66-56.9810.4410.822.370
21Q1 (9)52.404.058.8918.02115.5550.0418.74101.2949.9214.0369.2444.944.7366.5538.710.5267.7444.440.040.00.046.2224.5516.6796.67-2.51-5.7996.156.970.053.85-62.49-1.2110.57-1.861.25
20Q4 (8)50.36-0.1612.448.36-34.17-5.229.31-27.6-8.648.29-17.51-9.42.84-20.89-12.620.31-18.42-8.820.040.00.037.11-8.42-2.19817.21-2.44-6.0189.88-8.973.7510.26717.39-23.210.772.180
20Q3 (7)50.440.566.7512.70-16.28-14.4812.86-16.55-12.710.05-9.54-8.223.59-8.65-8.420.38-7.32-7.320.040.00.040.52-4.59-3.66837.69-3.31-3.4298.740.25-2.01.26-16.27265.5310.540-15.61
20Q2 (6)50.164.2410.0715.1726.313.215.4123.282.5311.1114.773.163.9315.253.690.4113.890.00.040.00.042.477.141.92866.392.450.7998.502.490.661.50-61.52-30.260.00-100.0-100.0
20Q1 (5)48.127.433.3712.0136.17-27.3912.5022.67-27.459.685.79-24.323.414.92-18.030.365.88-25.00.040.00.039.644.48-11.46845.67-2.748.7696.1010.920.153.90-70.84-3.5310.440-5.09
19Q4 (4)44.79-5.210.08.82-40.610.010.19-30.820.09.15-16.440.03.25-17.090.00.34-17.070.00.040.00.037.94-9.80.0869.500.250.086.64-14.010.013.361861.890.00.00-100.00.0
19Q3 (3)47.253.690.014.851.020.014.73-2.00.010.951.670.03.923.430.00.410.00.00.040.00.042.060.940.0867.330.90.0100.762.970.0-0.76-135.280.012.4919.980.0
19Q2 (2)45.57-2.110.014.70-11.120.015.03-12.770.010.77-15.790.03.79-8.890.00.41-14.580.00.040.00.041.67-6.920.0859.5810.540.097.851.970.02.15-46.780.010.41-5.360.0
19Q1 (1)46.550.00.016.540.00.017.230.00.012.790.00.04.160.00.00.480.00.00.040.00.044.770.00.0777.590.00.095.960.00.04.040.00.011.000.00.0
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)54.66-5.5318.89-22.316.78-0.2120.31-10.4515.43-7.9416.99-14.792.24-7.820.140.045.16-6.75660.25-0.2193.02-13.246.9800.28128.4512.04-2.75
2022 (9)57.865.8424.3114.0216.82-6.1822.683.1816.76-0.0619.94-11.422.43-1.620.14-6.6748.43-0.45661.65-18.23107.2110.5-7.2300.12-11.4312.385.45
2021 (8)54.679.8521.3276.9317.92-6.5221.9875.716.7771.4722.5166.132.4770.340.150.048.6521.5809.18-0.9897.020.722.98-18.290.14-19.8211.7411.7
2020 (7)49.773.4512.05-8.6419.170.4812.51-8.959.78-6.8613.55-9.181.45-12.120.15-6.2540.04-0.37817.21-6.0196.330.343.64-8.840.1717.3710.51-1.31
2019 (6)48.1111.9113.19-11.0619.08-9.9613.74-10.3710.50-5.6614.92-7.621.65-8.330.160.040.19-6.77869.5016.8896.00-0.754.0022.180.14-6.410.65-1.75
2018 (5)42.99-3.1814.83-5.2421.19-15.6815.33-7.1511.13-14.2516.15-17.311.80-11.760.160.043.113.28743.94-14.896.732.063.27-37.390.15-15.3910.8410.5
2017 (4)44.403.8415.659.6725.14-4.6516.5125.8412.9824.0919.5323.922.0416.570.16-5.8841.745.51873.224.3894.78-12.935.2200.1809.812.83
2016 (3)42.765.2714.272.2226.36-4.3213.1214.1910.4614.1915.767.721.754.170.17-5.5639.561.18836.609.54108.85-10.37-8.8100.0009.547.31
2015 (2)40.623.6213.963.6427.55-6.6811.49-16.629.16-12.5114.63-19.221.68-21.50.18-10.039.10-9.8763.73-2.33121.4524.16-21.4500.0008.897.76
2014 (1)39.20013.47029.53-11.613.78010.47018.1102.1400.20-9.0943.35-8.76781.9610.5297.826.232.18-72.430.0008.252.74

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