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
EPS QoQ YoY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
23Q1 (20)1.46-28.78186.2723.75-8.6923.710.494.0795.3410.13-29.41108.877.34-29.69136.017.35-35.75127.552.57-29.59127.430.32-3.0314.2915.12-22.2638.84199.14-13.68-22.26104.0548.24-8.56-4.05-113.660.8112.05-13.0-10.67
22Q4 (19)2.05257.6981.4226.01361.990.510.08217.0723.8314.35273.31112.2810.44228.7350.2211.44251.5249.353.65281.5965.910.3317.8617.8619.451053.4349.62230.70-4.39-17.3370.19-32.56-41.2729.81830.29252.7613.857.45-16.92
22Q3 (18)-1.30-200.0-420.05.63-75.24-67.68-8.61-199.31-835.9-8.28-181.74-311.94-8.11-210.34-193.84-7.55-198.56-178.6-2.01-181.38-644.440.28-6.6712.0-2.04-112.77-136.04241.303.96-21.79104.0822.67290.82-4.08-129.93-102.6412.89-2.13-17.58
22Q2 (17)1.30154.994.0322.7418.442.528.6761.4545.9610.13108.87115.537.35136.3330.787.66137.1541.592.47118.5849.70.307.1425.015.9846.7428.56232.10-9.39-19.4784.85-25.44-33.1513.64231.82150.6513.17-2.37-14.03
22Q1 (16)0.51-54.8713.3319.20-25.81-4.765.37-34.0326.064.85-28.2515.753.11-55.25-13.853.23-57.83-11.751.13-48.64-5.040.280.021.7410.89-16.23-8.95256.15-8.21-21.5113.79-4.799.24-10.3446.98013.49-19.08-12.29
21Q4 (15)1.13552.0309.2625.8848.5639.748.14595.73450.06.76436.32345.826.95351.81272.467.66382.66288.672.20914.81479.310.2812.021.7413.00129.68142.54279.05-9.55-20.06119.51319.11312.47-19.51-112.63-113.0116.676.596.86
21Q3 (14)-0.25-137.31-133.7817.42-21.46-5.331.17-80.3-68.03-2.01-142.77-138.73-2.76-149.11-159.35-2.71-150.09-153.98-0.27-116.36-118.00.254.174.175.66-54.47-57.25308.527.05-8.48-54.55-142.98-179.34154.55674.03449.4915.642.097.79
21Q2 (13)0.6748.89-26.3722.1810.0215.225.9439.4413.364.7012.17-31.095.6255.6811.075.4147.81-8.921.6538.661.230.244.35-4.012.433.93-14.33288.20-11.68-20.41126.9221.8565.38-26.920-215.7715.32-0.390
21Q1 (12)0.45183.33129.2220.168.86148.894.26187.84166.884.19252.36143.23.61189.58135.673.66190.15129.121.19305.17150.00.230.0-14.8111.96123.13578.4326.31-6.52-13.53104.17285.1958.510.00-100.0-100.015.38-1.410
20Q4 (11)-0.54-172.9766.8718.520.65123.941.48-59.56120.19-2.75-152.9973.35-4.03-186.6764.02-4.06-180.8867.39-0.58-138.6778.20.23-4.17-14.815.36-59.52268.55349.083.554.53-56.25-181.82-179.77150.00433.33408.715.607.5137.81
20Q3 (10)0.74-18.68511.1118.40-4.4210.783.66-30.1566.365.19-23.910480.04.65-8.1674.075.02-15.49664.041.50-7.98900.00.24-4.0-14.2913.24-8.7597.02337.10-6.916.9868.75-10.42028.1220.94014.51015.25
20Q2 (9)0.91159.09177.1219.25137.65229.065.24182.26147.596.82170.31162.515.06150.0158.295.94147.26175.091.63168.49196.450.25-7.414.1714.51680.4560.63362.10-4.0420.5876.7416.78-24.2523.26-32.171867.440.000-100.0
20Q1 (8)-1.545.52-285.08.10-2.06-44.56-6.3713.1-1492.5-9.706.01-758.41-10.129.64-597.93-12.57-0.96-779.02-2.3810.53-11800.00.270.0-3.57-2.5021.38-144.48377.3513.045.065.71-6.8197.1434.2916.27-48.570.00-100.0-100.0
19Q4 (7)-1.63-805.56-87.368.27-50.21-25.7-7.33-433.18-15.62-10.32-20540.0-65.12-11.20-1282.72-107.79-12.45-1298.88-158.3-2.66-1873.33-160.780.27-3.578.0-3.18-147.32-667.86333.9515.8931.2370.510-31.0229.4901426.9211.32-10.09-12.79
19Q3 (6)-0.1884.7594.7116.61183.93149.772.20119.98125.61-0.0599.5499.75-0.8190.6795.71-0.8988.7594.160.15108.88103.390.2816.6712.06.72313.33147.46288.17-4.0416.370.00-100.0-100.00.00100.0-100.012.59-10.65-7.02
19Q2 (5)-1.18-195.0-2460.05.85-59.96-55.31-11.01-2652.5-1323.33-10.91-865.49-1535.53-8.68-498.62-1376.47-7.91-453.15-1592.45-1.69-8350.0-475.560.24-14.29-14.29-3.15-156.05-165.9300.3015.3956.36101.32203.95-13.16-1.32-101.9792.1114.098.5522.2
19Q1 (4)-0.4054.020.014.6131.270.0-0.4093.690.0-1.1381.920.0-1.4573.10.0-1.4370.330.0-0.0298.040.00.2812.00.05.62903.570.0260.242.260.033.33-67.390.066.673100.00.012.980.00.0
18Q4 (3)-0.8774.410.011.1367.370.0-6.3426.190.0-6.2568.870.0-5.3971.480.0-4.8268.350.0-1.0276.980.00.250.00.00.56103.950.0254.482.760.0102.22137.960.0-2.22-103.90.012.98-4.140.0
18Q3 (2)-3.40-6900.00.06.65-49.20.0-8.59-1054.440.0-20.08-2742.110.0-18.90-2879.410.0-15.23-2973.580.0-4.43-1084.440.00.25-10.710.0-14.16-396.230.0247.6428.940.042.96-63.180.057.04442.250.013.5417.430.0
18Q2 (1)0.050.00.013.090.00.00.900.00.00.760.00.00.680.00.00.530.00.00.450.00.00.280.00.04.780.00.0192.060.00.0116.670.00.0-16.670.00.011.530.00.0
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
EPS YoY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
2022 (10)2.5728.518.91-12.054.33-12.534.75-14.475.8667.433.686.3614.875.995.159.111.1517.3511.637.39230.70-17.3373.51-47.9625.8300.00013.37-15.22
2021 (9)2.00021.5036.774.95597.185.55-3.293.5003.46014.0304.725144.440.981.0310.8348.15279.05-20.06141.250-41.2500.00015.777.28
2020 (8)-0.43015.7236.10.7105.7411.76-0.420-1.410-5.9800.0900.97-11.017.31320.11349.084.53-163.640263.64834.190.08-56.614.7016.39
2019 (7)-3.39011.55-2.2-3.8705.1344.09-5.370-5.360-22.870-4.2901.09-0.911.740333.9531.2372.3946.5728.22-43.560.18-63.412.63-1.48
2018 (6)-4.05011.81-33.16-2.8703.5642.56-5.780-5.480-18.140-4.7701.10-12.0-0.530254.4867.0649.39-54.8150.0000.50012.82-3.61
2017 (5)1.26-67.117.67-21.683.80-53.262.5017.073.45-56.052.45-60.426.71-62.913.85-61.811.25-17.766.85-35.07152.3379.8109.305.44-10.4700.00013.30-5.41
2016 (4)3.831.0622.56-5.298.13-0.612.138.937.85-8.936.19-10.4218.092.7810.08-5.791.522.710.55-3.5684.72-16.4103.669.19-3.6600.00014.06-6.39
2015 (3)3.7938.8323.82-16.398.18-0.851.96-24.558.62-2.716.91-2.5417.6019.0810.70-4.121.48-2.6310.94-6.97101.34173.7494.941.975.06-26.580.00015.02-20.74
2014 (2)2.7360.5928.4914.18.2547.582.60-0.918.8652.237.0954.4714.7848.5411.1646.261.52-3.811.7634.5537.02-3.0493.10-2.916.9067.820.00018.954.12
2013 (1)1.70024.9705.5902.6205.8204.5909.9507.6301.5808.74038.18095.8904.1100.00018.200

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