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
24Q3 (20)0.5918.0-63.812.46-29.8-33.83-3.1046.55-166.3810.08-8.03-49.939.88-2.37-58.381.6822.63-64.561.0422.35-62.590.0928.57-18.1816.49-12.19-35.5177.53-11.297.29-31.5841.52-235.48131.58-14.5671.5716.07-22.63-3.83
24Q2 (19)0.50177.78100.017.75-4.77-6.58-5.80-136.73-176.3210.96173.32-2.2310.12147.43182.681.37211.3692.960.85142.8673.470.0716.67-36.3618.7836.3811.5287.4010.146.65-54.0010.0-179.92154.000.43374.8320.77-18.141.77
24Q1 (18)0.1828.5720.018.6463.2293.36-2.4538.1352.884.0179.0227.714.09229.84519.70.44144.44340.00.3575.0105.880.06-33.33-25.013.7747.4335.079.354.42-16.57-60.0067.063.57153.33-45.59-42.0725.3639.5729.45
23Q4 (17)0.14-91.41-50.011.42-39.35-51.83-3.96-184.8-139.322.24-88.87-48.391.24-94.78-67.710.18-96.2-76.320.20-92.81-58.330.09-18.18-10.09.34-63.47-6.8875.995.16-25.24-181.82-880.06-178.7281.82267.47315.0718.178.7416.7
23Q3 (16)1.63552.07.9518.83-0.89-9.824.67-38.55-57.4320.1379.579.5823.74563.1373.164.74567.616.762.78467.3522.470.110.0-31.2525.5751.8417.4672.26-11.82-30.2723.31-65.5-60.8276.69136.4789.316.7114.0653.87
23Q2 (15)0.2566.67-79.5119.0097.1-20.777.60246.15-40.5811.21257.01-45.743.58442.42-76.810.71610.0-80.110.49188.24-74.210.1137.5-8.3316.8465.1-33.5481.95-13.84-20.6167.57141.029.5332.43-87.75-15.3514.65-25.22-4.68
23Q1 (14)0.15-46.43-76.929.64-59.34-44.76-5.20-151.64-269.933.14-27.65-75.960.66-82.81-93.450.10-86.84-94.920.17-64.58-84.40.08-20.0-20.010.201.69-45.5195.11-6.439.54-164.71-171.29-810.84264.71302.01244.5419.5925.8213.11
22Q4 (13)0.28-81.46-22.2223.7113.5525.3210.07-8.230.954.34-76.37-33.743.84-71.9911.30.76-82.88-26.920.48-78.85-15.790.10-37.5-33.3310.03-53.93-0.2101.65-1.915.17231.03288.3896.22-131.03-423.44-638.5615.5743.3723.28
22Q3 (12)1.5123.774933.3320.88-12.939.0310.97-14.2348.8518.37-11.08273.3713.71-11.268450.04.4424.3744300.02.2719.475575.00.1633.336.6721.77-14.09159.79103.630.3911.2559.49-3.57-60.6340.515.75179.2610.86-29.343.04
22Q2 (11)1.2287.6969.4423.9837.4220.3812.79317.9742.5920.6658.19120.0215.4453.33118.73.5781.2273.31.9074.3163.790.1220.0-25.025.3435.3695.22103.2318.8914.061.69166.23-35.4438.31-50.13762.0115.37-11.2623.65
22Q1 (10)0.6580.56160.017.45-7.775.253.06-60.21-37.5513.0699.39160.6810.07191.88280.01.9789.42203.081.0991.23165.850.10-33.33-23.0818.7286.2798.186.83-10.166.9323.17-80.32-76.2476.83533.042973.1717.3237.1333.85
21Q4 (9)0.361100.0111.7618.92-1.225.887.694.34262.746.5533.13122.033.4517150.070.791.0410300.096.230.571325.067.650.150.07.1410.0519.9333.8296.653.7613.37117.74-22.0863.53-17.7465.29-163.3612.6319.8316.51
21Q3 (8)0.03-95.83-86.3619.15-3.8724.357.37-17.841183.824.92-47.6707.410.02-99.72-99.120.01-99.51-98.210.04-96.55-88.240.15-6.2525.08.38-35.44135.3993.152.87-2.9151.1158.1481.33-51.11-1250.0-406.6710.54-15.21-36.31
21Q2 (7)0.72188.0414.2919.9220.1410.858.9783.0684.959.3987.43206.867.06166.42341.252.06216.92402.441.16182.93329.630.1623.0823.0812.9837.3578.390.5511.51-16.1895.56-1.99-40.854.4477.78107.712.43-3.940
21Q1 (6)0.2547.06-92.6316.5810.3128.434.90131.13273.145.0169.83-94.22.6531.19-97.130.6522.64-96.090.4120.59-94.880.13-7.1444.449.4525.83-89.7981.20-4.75-16.7797.5035.423025.02.50-91.07-97.5812.9419.37-22.0
20Q4 (5)0.17-22.73200.015.03-2.4-3.222.12411.76472.972.95464.2186.762.02-10.62167.330.53-5.36165.430.340.0225.930.1416.6716.677.51110.96410.8885.25-11.13-31.0572.00-13.6772.028.0068.0-74.7110.84-34.50
20Q3 (4)0.2257.140.015.40-14.30.0-0.68-114.020.0-0.81-126.470.02.2641.250.00.5636.590.00.3425.930.00.12-7.690.03.56-51.10.095.93-11.20.083.33-48.410.016.67128.890.016.5500.0
20Q2 (3)0.14-95.870.017.9739.190.04.85271.380.03.06-96.450.01.60-98.270.00.41-97.530.00.27-96.630.00.1344.440.07.28-92.130.0108.0310.730.0161.544946.150.0-57.69-155.830.00.00-100.00.0
20Q1 (2)3.392094.120.012.91-16.870.0-2.83-864.860.086.312638.530.092.263175.330.016.632153.090.08.013066.670.00.09-25.00.092.556195.920.097.56-21.090.0-3.3368.890.0103.33-6.670.016.5900.0
19Q4 (1)-0.170.00.015.530.00.00.370.00.0-3.400.00.0-3.000.00.0-0.810.00.0-0.270.00.00.120.00.01.470.00.0123.640.00.0-10.710.00.0110.710.00.00.000.00.0
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
2023 (10)2.18-40.615.20-29.431.40-85.454.7427.869.95-32.918.06-28.485.63-47.433.40-40.250.37-22.9216.17-16.9975.99-25.2414.04-78.3285.96144.080.2248.117.1019.83
2022 (9)3.67171.8521.5415.09.6231.243.7115.0914.83126.4111.27235.4210.71181.15.69161.010.48-18.6419.4890.05101.655.1764.78-42.0435.2200.15-23.8414.2717.74
2021 (8)1.35-65.5618.7320.537.33495.933.22-18.286.55-63.513.36-82.513.81-79.922.18-77.290.5922.9210.25-54.8396.6513.37111.761532.35-11.7600.1916.4612.12-12.17
2020 (7)3.92218.715.54-20.021.23-78.53.947.8217.95234.2619.21509.8418.97440.469.60418.920.482.1322.69124.8885.25-31.056.85-93.5793.1500.17-6.813.805.42
2019 (6)1.23-64.3519.435.665.72-18.173.6671.365.37-35.463.15-53.953.51-68.031.85-60.220.47-25.410.09-9.59123.64-16.65106.5226.51-6.5200.18-1.013.0913.73
2018 (5)3.4588.5218.39-9.596.99-4.122.13-5.928.3227.226.8467.6510.9883.614.6567.270.635.011.1617.23148.33-7.2484.20-24.5215.8000.18011.51-4.95
2017 (4)1.8328.8720.34-2.027.29-1.622.27-20.676.5414.944.089.975.9824.842.7813.930.609.099.520.11159.9025.79111.55-14.16-11.5500.00012.11-4.65
2016 (3)1.42-52.3520.760.877.4114.882.860.85.69-39.983.71-48.764.79-52.572.44-46.490.55-5.179.51-28.01127.12-11.99129.9590.7-29.9500.00012.70-5.86
2015 (2)2.980.3420.58-5.686.45-18.152.847.779.482.497.241.2610.10-8.354.56-13.640.58-15.9413.214.84144.443.1268.14-19.9131.86117.580.00013.496.72
2014 (1)2.9715.5621.8207.8802.63-23.519.2507.15011.0205.2800.697.8112.60-10.83140.0732.9485.088.7214.64-32.650.00012.64-3.88

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