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)0.2833.3312.078.483.7366.7370.427.2269.77173.157.0757.94143.7013.0358.021.3831.436.981.1831.116.310.010.00.0174.236.3358.3916.96-1.28-1.9140.48-1.396.7759.52-0.3-4.140.00-100.0-100.0
24Q2 (19)0.21320.031.2575.66-1.43-0.4365.68-3.27-3.33161.71384.8936.98127.14380.540.881.05356.5231.250.90350.030.430.010.00.0163.86364.3236.8117.189.642.3841.04-80.19-27.8259.70157.6441.629.6210.9622.08
24Q1 (18)0.05-61.54-16.6776.76-60.57-3.0467.90-60.47-4.8633.35-85.56-28.5426.46-85.69-29.210.23-65.15-28.120.20-64.91-28.570.0100.035.29-84.94-27.6515.671.822.96207.14175.0633.41-103.57-499.49-96.798.67-53.2412.16
23Q4 (17)0.13-48.0160.0194.67313.58151.19171.78314.13155.66230.92110.64425.77184.88103.3429.440.66-48.84135.710.57-48.65128.00.00-100.0-100.0234.29112.99415.4915.39-10.991.1875.3198.66-50.7625.93-58.25148.9718.54297.8591.33
23Q3 (16)0.2556.258.747.07-38.06-39.0341.48-38.95-38.5109.63-7.13-44.2190.940.76-43.591.2961.254.881.1160.874.720.010.00.0110.00-8.16-44.6117.293.045.6237.91-33.3310.5762.0947.29-5.514.66-40.86-48.28
23Q2 (15)0.16166.67-38.4675.99-4.02-3.9767.94-4.81-2.24118.05152.95-45.1890.25141.44-50.290.80150.0-43.260.69146.43-42.980.010.00.0119.77145.53-44.4216.7810.250.4256.86-63.3876.3942.16180.1-37.797.881.94-18.0
23Q1 (14)0.0620.00.079.172.150.3971.376.221.5846.676.26-14.937.387.04-14.720.3214.29-8.570.2812.0-6.670.010.00.048.787.33-13.4215.220.07-4.64155.261.5221.11-52.630.58-86.67.73-20.23-12.46
22Q4 (13)0.05-78.26150.077.500.392.5567.19-0.39-1.3743.92-77.65167.9734.92-78.34167.180.28-77.24154.550.25-76.42150.00.010.00.045.45-77.11162.2615.21-7.09-6.11152.94346.08-64.01-52.94-180.5683.719.697.5535.71
22Q3 (12)0.23-11.54109.0977.20-2.445.5167.45-2.9515.32196.52-8.7454.64161.22-11.245.871.23-12.7795.241.06-12.496.30.010.00198.59-7.8452.7616.37-2.03-3.7634.296.36-24.3365.71-3.0220.169.01-6.24-31.01
22Q2 (11)0.26333.33550.079.130.340.9369.50-1.081.31215.33292.65384.0181.56314.24424.131.41302.86513.041.21303.33505.00.010.00.0215.49282.48362.9216.714.74.732.24-74.86-79.0567.76340.25225.859.618.83-4.95
22Q1 (10)0.06200.0700.078.864.353.3170.263.142.1154.84234.59497.9743.83235.35520.230.35218.18537.50.30200.0528.570.010.00.056.34225.1586.1115.96-1.48-2.33128.21-69.83126.71-28.2191.32-104.958.8323.6712.2
21Q4 (9)0.02-81.82-87.575.573.284.5568.1216.468.3716.39-87.1-87.8413.07-88.17-87.990.11-82.54-87.640.10-81.48-86.840.0100.017.33-86.67-87.3516.20-4.76-0.18425.00837.93814.67-325.00-694.29-707.087.14-45.33-15.5
21Q3 (8)0.11175.0266.6773.17-6.673.9258.49-14.74-4.91127.08185.64822.21110.52219.05402.360.63173.91293.750.54170.0285.710.00-100.0-100.0130.00179.27745.2517.016.58-10.0545.31-70.55-89.854.69201.56115.8813.0629.1851.33
21Q2 (7)0.04500.00.078.402.718.0368.60-0.3116.7544.49422.86-30.5234.64432.12-1.790.23387.515.00.20385.7117.650.010.0046.55501.64-30.1815.96-2.33-14.97153.85132.0569.23-53.85-109.45-692.3110.1128.460
21Q1 (6)-0.01-106.25-110.076.335.61.4168.819.475.34-13.78-110.22-117.04-10.43-109.58-116.09-0.08-108.99-115.09-0.07-109.21-115.220.010.00.0-11.59-108.46-114.0216.340.681.05-480.00-1133.04-697.55570.00964.722797.57.87-6.86-27.26
20Q4 (5)0.16433.33-5.8872.282.66-1.362.862.191.06134.83878.4511.9108.83394.6815.70.89456.25-1.110.76442.86-2.560.010.00.0136.99790.712.0816.23-14.174.1146.46-89.55-9.5653.54115.5410.18.45-2.09-23.11
20Q3 (4)0.03-25.00.070.41-2.980.061.514.680.013.78-78.480.022.00-37.620.00.16-20.00.00.14-17.650.00.0100.015.38-76.930.018.910.750.0444.44388.890.0-344.44-3888.890.08.6300.0
20Q2 (3)0.04-60.00.072.57-3.590.058.76-10.040.064.03-20.830.035.27-45.60.00.20-62.260.00.17-63.040.00.00-100.00.066.67-19.350.018.7716.080.090.9113.170.09.09-53.790.00.00-100.00.0
20Q1 (2)0.10-41.180.075.272.790.065.325.020.080.88-32.870.064.84-31.070.00.53-41.110.00.46-41.030.00.010.00.082.67-32.360.016.173.720.080.3356.350.019.67-59.540.010.82-1.550.0
19Q4 (1)0.170.00.073.230.00.062.200.00.0120.490.00.094.060.00.00.900.00.00.780.00.00.010.00.0122.220.00.015.590.00.051.380.00.048.620.00.010.990.00.0
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)0.600.077.15-1.2868.640.10.87-15.16109.12-13.2187.59-15.583.08-4.942.68-4.630.030.0110.50-12.8515.391.1862.9315.4337.07-18.50.0007.63-17.87
2022 (9)0.60275.078.152.968.573.111.03-13.06125.73243.15103.76234.713.24272.412.81269.740.0350.0126.80230.7315.21-6.1154.52-69.8245.4800.0009.290.98
2021 (8)0.16-50.075.954.4466.506.51.19-21.4436.64-51.7531.00-48.920.87-50.290.76-50.00.020.038.34-50.6816.20-0.18180.65120.06-81.7200.0009.20-9.72
2020 (7)0.32-69.8172.72-2.3662.44-4.041.514.7575.93-60.0960.69-60.451.75-69.831.52-69.780.02-33.3377.74-59.516.234.1182.09139.7317.91-72.760.00010.192.1
2019 (6)1.0623.2674.481.165.071.941.44-4.9190.25-8.26153.4417.885.8016.945.0316.170.030.0191.93-8.4715.590.1334.2411.1765.76-4.970.0009.98-3.85
2018 (5)0.86-24.5673.672.7963.832.981.52-16.67207.373.66130.17-22.654.96-26.524.33-26.730.03-25.0209.703.615.577.1630.80-0.3469.200.370.00010.381.07
2017 (4)1.142.771.67-1.1661.98-1.291.82-32.32200.0411.77168.2812.576.756.85.916.680.040.0202.4210.9814.530.0730.91-12.1168.946.060.00010.273.11
2016 (3)1.111.8372.510.9362.79-0.332.698.36178.9718.83149.4918.356.323.615.543.750.040.0182.3918.6514.52-1.2235.17-16.1565.0011.60.0009.968.73
2015 (2)1.097.9271.845.4663.007.882.48-16.83150.6118.0126.3117.646.107.585.347.230.04-20.0153.7217.4414.70-0.5441.94-8.1258.247.160.0009.16-2.97
2014 (1)1.0123.1768.12058.4002.98-10.32127.640107.3705.6704.9800.050.0130.8925.6614.784.9745.65-19.3954.3526.130.0009.445.83

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