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)3.22938.712827.2784.3541.96-1.461.71240.5692.1861.7024.8719.1649.1352.4825.1455.33631.88733.2841.70745.841378.720.85466.671114.2962.31-8.93-36.4739.7895.96-72.45100.00180.058.820.00-100.0-100.018.35-44.22-37.61
24Q2 (19)0.31136.9542.8659.42-8.7411.7818.12116.73542.5549.41117.561370.5432.22111.457104.357.56134.5715220.04.93152.951796.150.15400.0275.068.42147.37-16.9220.30-79.21-88.0635.71-6.02-64.2964.293.69032.90-71.73-27.71
24Q1 (18)-0.84-2900.0-546.1565.1121.86-6.1-108.32-1684.51-2366.11-281.42-1772.13-2759.96-281.42-1378.6-1687.93-21.87-864.69-1722.5-9.31-755.63-5718.750.03-40.00.0-144.44-263.08-238.6697.63-38.38-39.238.00214.0176.062.00-53.5-69.0116.38158.91158.16
23Q4 (17)0.03-72.73127.2753.43-37.55-16.08-6.07-118.9-123.7416.83-67.5-25.1322.01-43.9440.12.86-56.93-53.191.42-49.65-41.320.05-28.57-64.2988.57-9.794.87158.439.73-4.59-33.33-152.94-129.76133.33260.01211.1144.9552.8466.54
23Q3 (16)0.11257.14320.085.5560.9320.1732.111038.6518.8851.781441.07355.4539.268634.78263.586.6413380.0667.522.82984.629500.00.0775.0250.098.0819.1-52.92144.38-15.09-32.9462.96-37.04141.9837.040-87.6529.41-35.38-34.29
23Q2 (15)-0.0746.1546.1553.16-23.33-25.242.82-41.0130.193.36134.15105.42-0.4697.0899.3-0.0595.8398.410.26262.5141.270.0433.33300.082.35-20.95-50.59170.035.89-23.95100.00300.0700.00.00-100.0-100.045.510.952.52
23Q1 (14)-0.13-18.1856.6769.348.911.74.78-81.31105.89-9.84-143.7793.15-15.74-200.1989.04-1.20-119.6482.43-0.16-106.6191.110.03-78.57200.0104.17129.235.43160.57-3.3-28.02-50.00-144.64-190.0200.001766.67350.045.0867.02-21.46
22Q4 (13)-0.11-120.078.4363.67-10.56-17.7725.57-5.33128.322.48210.9113.6115.71165.46109.386.11622.22154.262.428166.67206.610.14600.0600.045.45-78.18-31.83166.05-22.88-21.97112.00174.67103.64-12.00-104.0-126.6726.99-39.7-32.68
22Q3 (12)-0.0561.5416.6771.190.115.6127.01389.19222.38-20.2767.2741.25-24.0063.3129.62-1.1762.8676.02-0.0395.2486.360.02100.00.0208.3325.026.81215.30-3.71-66.95-150.00-1300.0-350.0300.00300.0650.044.760.83-2.31
22Q2 (11)-0.1356.6727.7871.114.3-18.33-9.3488.580.59-61.9456.8826.02-65.4254.4523.78-3.1553.8876.79-0.6365.056.550.010.0-50.0166.67116.6888.88223.590.23-65.6812.50-77.5-78.1275.0068.7575.044.39-22.6715.21
22Q1 (10)-0.3041.18-328.5768.18-11.9585.27-81.1910.13-617.23-143.6313.05-664.8-143.6314.2-664.8-6.8339.3410.95-1.8020.7-1185.710.01-50.0-66.6776.9215.37-23.08223.074.83-62.3355.561.01-7.4144.44-1.2311.1157.4043.1840.38
21Q4 (9)-0.51-750.0-88.8977.4314.8685.46-90.34-309.33-62.51-165.18-378.78-153.07-167.40-390.91-159.13-11.26-130.7497.91-2.27-931.82-13.50.020.0-50.066.67-59.4286.7212.80-67.34-98.3255.00-8.33-38.1245.0012.5170.040.09-12.51138.21
21Q3 (8)-0.0666.6771.4367.41-22.58465.52-22.0754.13-18.02-34.5058.79-36.2-34.1060.27-34.62-4.8864.0497.58-0.2284.8380.530.020.0-66.67164.2986.19318.15651.50-0.01-99.0160.005.0-23.6440.00-6.6740.045.8218.920
21Q2 (7)-0.18-157.1484.7587.07136.6329.55-48.11-325.045.97-83.72-345.7966.57-85.83-357.0365.73-13.57-76.9298.1-1.45-935.7181.10.02-33.33-33.3388.24-11.76167.23651.5710.04-91.4457.14-4.7657.6442.867.14-34.0738.53-5.770
21Q1 (6)-0.0774.0787.536.80-11.86337.88-11.3279.6483.02-18.7871.2375.76-18.7870.9375.76-7.6798.5798.04-0.1493.095.820.03-25.0-40.0100.00180.030592.11-95.34-94.2860.00-32.5-30.9140.00140.0204.040.89142.960
20Q4 (5)-0.27-28.57-1450.041.75250.2565.02-55.59-197.27-3088.71-65.27-157.68-4601.38-64.60-155.03-4241.03-538.09-166.63-4220.14-2.00-76.99-412.50.04-33.33-50.035.71-9.11-26.8412701.00-80.7421.5888.8913.13-55.5616.67-41.67016.8300
20Q3 (4)-0.2182.20.011.92131.430.0-18.7079.00.0-25.3389.880.0-25.3389.880.0-201.8171.770.0-1.1385.270.00.06100.00.039.29129.940.065953.60766.820.078.57116.750.028.57-56.040.00.0000.0
20Q2 (3)-1.18-110.710.0-37.93-145.180.0-89.05-33.610.0-250.42-223.210.0-250.42-223.210.0-714.92-82.790.0-7.67-128.960.00.03-40.00.0-131.2500.07608.67-26.520.036.25-58.260.065.00394.00.00.0000.0
20Q1 (2)-0.56-2900.00.0-15.47-161.150.0-66.65-3683.330.0-77.48-5443.450.0-77.48-5066.670.0-391.11-3094.720.0-3.35-623.440.00.05-37.50.00.00-100.00.010354.30-0.880.086.84-56.580.013.1600.00.0000.0
19Q4 (1)0.020.00.025.300.00.01.860.00.01.450.00.01.560.00.013.060.00.00.640.00.00.080.00.048.810.00.010446.600.00.0200.000.00.0-0.000.00.00.000.00.0
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)-0.06067.533.4211.49-15.6463.01-1.0821.82016.7208.9604.5900.2017.6593.1529.52158.43-4.5953.12046.88-93.890.00039.5221.6
2022 (9)-0.60065.303.4713.62063.70-56.21-2.300-7.970-3.940-0.1100.17112.571.92-32.19166.05-21.97-666.670766.671635.090.12-66.5532.50-21.04
2021 (8)-1.09063.110-37.300145.45101.21-65.240-66.100-31.570-3.9600.08-57.89106.060212.80-98.3258.140.9144.194.250.35152.4641.162.82
2020 (7)-2.210-0.830-52.84072.2960.72-91.250-91.140-1941.760-15.3400.19-55.81-6.02012701.0021.5857.62-52.2642.3800.1446.340.0333.79
2019 (6)-0.43018.87190.31-8.03044.98114.56-6.680-6.630-112.3901.0798.150.43-28.3350.23117.0710446.60352.57120.69-98.99-20.6900.10-52.1429.921.84
2018 (5)-0.0606.50-56.05-18.39020.961.72-0.160-0.660-9.5600.5400.607.1423.1402308.29-0.2511900.0021670.54-11700.0000.20029.3810.74
2017 (4)-4.05014.7940.59-17.05020.61-7.1-31.130-32.440-706.860-15.6000.5630.23-4.1002313.96-66.1754.667.8445.34-7.740.00026.532.04
2016 (3)-15.76010.52-37.53-35.77022.1819.28-70.490-72.900-183.130-28.6500.4310.26-40.1206839.142562.5950.69-17.5649.1427.580.00026.005.73
2015 (2)-3.91016.84-24.31-9.24018.6023.98-15.020-16.620-20.870-4.6200.39-15.229.24-65.68256.8627.5461.48-20.538.5269.930.00024.5915.07
2014 (1)1.550.6522.2505.56015.0020.387.2105.6808.4204.4300.46-9.826.9217.4201.40-17.8477.3316.022.67-32.00.00021.37-2.95

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