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)36.61-0.31.8113.79-4.17-8.7410.81-46.0-23.988.52-41.16-30.623.17-42.68-35.041.67-38.83-28.330.180.00.016.02-36.75-16.6999.59-6.94-12.46128.0080.020.69-28.00-196.92-362.09.86-4.92-3.43
23Q3 (19)36.723.383.9314.3962.97-20.7220.02218.28-11.0614.4896.74-11.275.53162.09-34.792.73148.18-26.610.1838.46-18.1825.3388.33-3.76107.02-6.58-15.5171.11-47.85-12.4828.89179.4454.0710.37-8.2312.6
23Q2 (18)35.52-2.717.348.83-26.05-44.436.29-56.44-59.767.36-33.21-29.572.11-34.88-58.221.10-32.93-52.380.13-7.14-38.113.45-35.92-32.75114.561.7-18.43136.3661.1636.36-36.36-289.09-1390.9111.30-1.9132.94
23Q1 (17)36.511.536.2311.94-20.987.5714.441.552.2711.02-10.26-2.823.24-33.61-8.731.64-29.61-1.20.14-22.220.020.999.151.94112.65-0.98-1.2184.62-20.226.8819.23417.31-7.6911.5212.831.41
22Q4 (16)35.961.7822.5215.11-16.7531.3914.22-36.8324.7412.28-24.7545.674.88-42.4518.162.33-37.3729.440.18-18.18-10.019.23-26.9422.1113.76-10.18-13.82106.0630.546.06-6.06-132.32010.2110.8622.13
22Q3 (15)35.336.7736.3618.1514.2247.5622.5144.0256.2116.3256.1757.538.4867.9238.793.7261.0441.980.224.76-12.026.3231.644.54126.66-9.82-14.3581.25-18.75-3.3818.75868.7537.59.218.3535.84
22Q2 (14)33.09-3.7215.4215.8943.1563.1415.6310.6994.1610.45-7.8595.335.0542.25150.02.3139.16153.850.2150.031.2520.00-2.8743.68140.4523.176.46100.0026.32-15.79-2.44-111.7186.998.50-25.18-3.63
22Q1 (13)34.3717.113.3911.10-3.48-20.9414.1223.867.4611.3434.5223.133.55-14.04-20.761.66-7.78-25.560.14-30.0-39.1320.5930.7315.87114.03-13.62-22.3579.17-20.83-25.4920.830433.3311.3635.8933.65
21Q4 (12)29.3513.28-13.8311.50-6.55.0211.40-20.89-7.848.43-18.63-8.864.13-32.4140.01.80-31.30.00.20-20.05.2615.75-13.51-8.54132.01-10.7396.06100.0018.9211.760.00-100.0-100.08.3623.3-16.98
21Q3 (11)25.91-9.63-20.7412.3026.283.814.4179.010.2810.3693.64-11.686.11202.4863.812.62187.9118.020.2556.2538.8918.2130.82-5.7147.8812.09111.7784.09-29.193.8813.64172.73-28.416.78-23.13-35.43
21Q2 (10)28.67-5.41-12.839.74-30.63-10.568.05-38.74-7.475.35-41.91-22.132.02-54.917.450.91-59.19-20.870.16-30.430.013.92-21.67-3.33131.93-10.1778.28118.7511.76-6.7-18.75-200.031.258.823.760
21Q1 (9)30.31-11.01-20.4914.0428.2255.4813.146.2215.989.21-0.433.254.4851.86166.672.2323.89110.380.2321.05109.0917.773.19-9.06146.86118.12105.37106.2518.7532.81-6.25-159.38-131.258.50-15.590
20Q4 (8)34.064.19-4.6710.95-7.597.6712.37-13.9270.869.25-21.1460.872.95-20.91120.151.80-18.92109.30.195.5635.7117.22-10.8215.1867.33-3.58-6.0889.4710.53-34.9310.53-44.74128.0710.07-4.1-13.78
20Q3 (7)32.69-0.61-0.5811.858.8296.8414.3765.17144.3911.7370.74129.553.7398.4227.192.2293.04196.00.1812.538.4619.3134.150.0469.83-5.64-0.9280.95-36.39-19.0519.05169.84010.500-9.25
20Q2 (6)32.89-13.72-7.2210.8920.620.28.70-23.21-20.846.87-22.98-20.491.8811.9-5.531.158.49-8.730.1645.4514.2914.40-26.31-20.4474.003.488.09127.2759.0955.56-27.27-236.36-250.00.000-100.0
20Q1 (5)38.126.6922.389.03-11.21124.0711.3356.4918.278.9255.1319.091.6825.373.71.0623.26-3.640.11-21.43-21.4319.5430.711.4771.51-0.255.1980.00-41.8280.020.00153.33-64.00.00-100.0-100.0
19Q4 (4)35.738.670.010.1768.940.07.2423.130.05.7512.520.01.3417.540.00.8614.670.00.147.690.014.9516.160.071.691.720.0137.5037.50.0-37.5000.011.680.950.0
19Q3 (3)32.88-7.250.06.02-33.550.05.88-46.50.05.11-40.860.01.14-42.710.00.75-40.480.00.13-7.140.012.87-28.90.070.482.950.0100.0022.220.0-0.00-100.00.011.57-2.530.0
19Q2 (2)35.4513.80.09.06124.810.010.9914.720.08.6415.350.01.9922.840.01.2614.550.00.140.00.018.103.250.068.460.710.081.8284.090.018.18-67.270.011.87-4.660.0
19Q1 (1)31.150.00.04.030.00.09.580.00.07.490.00.01.620.00.01.100.00.00.140.00.017.530.00.067.980.00.044.440.00.055.560.00.012.450.00.0
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)36.394.8712.49-19.473.9621.2413.23-22.5410.50-18.113.74-36.07.11-28.90.63-16.019.06-12.6199.59-12.4694.394.025.61-39.4424.13-0.3210.6810.67
2022 (9)34.7022.1815.5129.033.274.5317.0841.2712.8248.921.4727.3410.0014.680.75-22.6821.8131.94113.76-13.8290.74-8.59.261011.1124.20-7.189.6520.63
2021 (8)28.40-16.6712.0210.683.12-41.212.091.948.61-7.6216.8668.778.7242.250.9753.9716.53-6.72132.0196.0699.178.180.83-90.026.0808.00-27.14
2020 (7)34.080.6210.8646.565.31-22.1711.8640.869.3238.079.9964.046.1349.880.6312.517.7210.0667.33-6.0891.676.948.33-27.080.00010.98-7.58
2019 (6)33.8716.717.4115.426.831013.178.42-7.986.75-5.736.09-24.544.09-24.680.56-23.2916.1057.5371.6942.4785.7124.4211.43-60.440.00011.8816.36
2018 (5)29.02-1.496.4246.580.61-9.419.1521.687.1616.998.0728.55.4329.290.7312.3110.2219.1150.32-15.7468.8919.6528.89-31.90.00010.21-3.95
2017 (4)29.464.254.3822.350.680.97.5206.1206.2804.2000.651.568.58059.725.757.58042.42-76.430.00010.636.41
2016 (3)28.261.513.58167.160.6717.0-4.470-4.840-4.840-2.8400.64-12.33-3.36056.50-1.03-80.000180.00206.00.0009.99-6.11
2015 (2)27.84-2.421.34-37.960.5716.833.22-27.482.58-25.862.90-35.72.15-31.530.73-12.054.40-18.5257.0910.341.18-14.4858.8213.450.00010.645.66
2014 (1)28.5302.1600.49-10.154.4403.4804.5103.1400.83-15.315.40-30.6851.76-16.7748.15-26.2751.8549.460.00010.074.24

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