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
24Q4 (20)0.571.7962.8616.16-3.69-2.368.80-2.6529.229.02-3.433.566.32-1.2528.982.300.8852.321.63-0.6140.520.23-4.179.5214.27-2.39-13.1558.9217.7220.4998.411.6424.313.170.0-86.1517.44-8.45-11.34
24Q3 (19)0.563.712.016.78-13.55-4.669.048.025.739.34-13.36-16.836.40-2.142.892.281.796.051.640.03.140.244.354.3514.62-12.82-17.8750.055.484.2996.8326.0651.843.17-85.4-91.2419.05-7.57-1.35
24Q2 (18)0.5425.5858.8219.419.917.368.3716.41-0.9510.7810.022.086.546.5143.112.2420.4348.341.6418.8442.610.239.529.5216.77-0.36.6147.454.52-12.5276.816.35-18.3921.74-16.15454.3520.610.447.91
24Q1 (17)0.4322.86115.017.666.7118.057.195.5830.259.8012.5181.156.1425.31124.911.8623.18104.41.3818.9784.00.210.00.016.822.3739.4745.40-7.16-21.7972.22-8.77-30.0325.9313.13903.720.524.326.16
23Q4 (16)0.35-30.075.016.55-5.973.316.81-5.29-1.738.71-22.4498.864.90-21.22142.571.51-29.7769.661.16-27.0445.00.21-8.7-22.2216.43-7.761.5548.901.9-22.9479.1724.15-49.7622.92-36.75139.819.671.8620.6
23Q3 (15)0.5047.06-46.2417.60-2.65-14.367.19-14.91-42.0211.2327.18-23.56.2236.11-33.972.1542.38-50.121.5938.26-42.60.239.52-20.6917.8013.16-11.4947.99-11.52-28.363.77-32.25-24.0236.23823.91138.719.311.128.91
23Q2 (14)0.3470.0-41.3818.0820.863.618.4553.08-12.898.8363.22-23.154.5767.4-35.541.5165.93-45.291.1553.33-41.330.210.0-22.2215.7330.43-2.6654.24-6.5610.3394.12-8.8211.093.92221.57-74.3319.10-1.1920.5
23Q1 (13)0.200.0-41.1814.96-6.62-5.085.52-20.35-24.95.4123.52-32.042.7335.15-45.830.912.25-45.830.75-6.25-38.020.21-22.22-8.712.0618.58-14.4758.05-8.5337.46103.23-34.4911.17-3.2394.4-145.1619.3318.5221.19
22Q4 (12)0.20-78.49-60.016.02-22.04-4.136.93-44.11-20.164.38-70.16-57.62.02-78.56-69.30.89-79.35-64.820.80-71.12-54.550.27-6.93.8510.17-49.43-38.9963.46-5.1837.0157.5887.7588.47-57.58-479.32-451.2116.318.88-13.47
22Q3 (11)0.9360.34220.6920.5517.7714.7412.4027.8439.814.6827.76123.19.4232.86136.094.3156.16203.522.7741.33179.80.297.4126.0920.1124.4464.766.9336.1528.9883.93-0.94-36.6315.18-0.65143.214.98-5.49-11.78
22Q2 (10)0.5870.59314.2917.4510.7212.09.7031.9787.9811.4944.35154.777.0940.67256.282.7664.29300.01.9661.98269.810.2717.3912.516.1614.6153.3249.1616.41-2.984.72-8.76-26.9615.28113.89195.4915.85-0.63-13.67
22Q1 (9)0.34-32.0466.6715.76-5.690.257.35-15.32148.317.96-22.94168.925.04-23.4284.731.68-33.6441.941.21-31.25348.150.23-11.5443.7514.10-15.4216.4342.23-8.832.292.8611.06-7.147.14-56.43015.95-15.38-30.17
21Q4 (8)0.5072.41247.0616.71-6.7-13.738.68-2.149.4610.3356.9949.496.5864.91239.412.5378.17260.131.7677.78266.040.2613.0413.0416.6736.5329.6346.32-10.73-8.1583.61-36.87-27.7916.39146.66203.8318.8511.01-8.81
21Q3 (7)0.29107.14-19.4417.9114.967.318.8771.918.746.5845.9-20.823.99100.5-22.971.42105.8-15.480.9986.79-22.050.23-4.170.012.2115.84-20.8751.892.4911.88132.4314.1748.99-35.14-119.59-416.2216.98-7.52-11.56
21Q2 (6)0.14133.33-94.2415.58-0.8954.565.1674.32174.574.5152.36-92.121.9951.91-96.280.69122.58-94.120.5396.3-93.580.2450.060.010.54-12.96-84.3950.6322.5321.07116.0016.01071.5-16.000-114.2918.36-19.610
21Q1 (5)0.06117.6550.015.72-18.8420.642.96-62.6738.322.96-57.16-2.951.31127.7579.450.31119.6247.620.27125.4712.50.16-30.43-20.012.11-5.8310.6941.32-18.06-9.66100.00-13.6440.00.00100.0-100.022.8410.50
20Q4 (4)-0.34-194.440.019.3716.060.07.936.160.06.91-16.850.0-4.72-191.120.0-1.58-194.050.0-1.06-183.460.00.230.00.012.86-16.660.050.438.730.0115.7930.260.0-15.79-242.110.020.677.660.0
20Q3 (3)0.36-85.190.016.6965.580.07.47207.950.08.31-85.480.05.18-90.310.01.68-85.690.01.27-84.620.00.2353.330.015.43-77.150.046.3810.90.088.89844.440.011.11-90.070.019.2000.0
20Q2 (2)2.435975.00.010.08-22.640.0-6.92-423.360.057.251777.050.053.487226.030.011.745490.480.08.263341.670.00.15-25.00.067.52517.180.041.82-8.570.0-11.94-116.720.0111.94291.790.00.0000.0
20Q1 (1)0.040.00.013.030.00.02.140.00.03.050.00.00.730.00.00.210.00.00.240.00.00.200.00.010.940.00.045.740.00.071.430.00.028.570.00.00.000.00.0
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
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
2024 (10)2.1051.0817.453.818.4120.144.92-13.059.7112.916.3637.078.7642.446.1533.120.894.7115.530.2658.9220.4986.756.5613.25-28.720.32-39.2519.31-0.21
2023 (9)1.39-32.216.81-4.497.00-24.085.6517.898.60-11.254.64-21.496.15-36.24.62-30.420.85-19.0515.492.1148.90-22.9481.41-14.2918.59301.30.53-0.2219.3522.86
2022 (8)2.05105.017.606.349.2236.594.80-20.019.6950.935.9159.739.6498.766.6489.711.0519.3215.1716.6963.4637.094.98-9.734.6300.53-13.7815.75-16.84
2021 (7)1.00-59.6816.557.756.7584.936.00-14.046.42-58.93.70-63.44.85-58.43.50-57.780.8811.3913.00-43.846.32-8.15105.22347.95-5.2200.62-20.2718.94-11.25
2020 (6)2.48185.0615.360.793.65-24.596.9713.9615.62181.4410.11224.0411.66165.08.29139.60.79-18.5623.1387.7450.4324.2423.49-73.2176.51485.080.77811.2721.3426.65
2019 (5)0.87-32.0315.24-1.234.84-19.66.1257.985.552.783.12-18.544.40-32.723.46-27.460.97-14.1612.3224.4440.59-20.1587.69-21.1813.0800.086.5916.85-11.22
2018 (4)1.28-11.1115.43-8.866.02-28.593.87-16.535.40-12.763.83-13.356.54-10.044.773.471.1320.219.90-15.0250.83-1.07111.26-18.72-11.2600.08018.98-3.11
2017 (3)1.44016.93115.128.4304.64-42.286.1904.4207.2704.6100.9436.2311.65573.4151.38-51.77136.8864.96-36.1700.00019.59-24.77
2016 (2)-2.1607.87266.05-6.5308.04-12.04-7.870-7.570-10.550-4.7500.692.991.73188.33106.5311.5782.98-21.4817.0200.00026.04-4.96
2015 (1)-2.3802.150-10.1809.1415.36-9.630-8.160-10.110-5.1600.67-14.10.60-91.6895.4826.16105.68-19.76-5.6800.00027.4018.05

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