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)0.01-98.41-98.7717.01-28.14-17.635.79-28.5240.880.29-98.64-99.090.44-97.54-98.290.08-97.73-98.360.13-94.58-95.790.130.08.334.44-82.6-87.6519.70-63.0-65.521300.003280.09866.67-1200.00-2050.0-1480.027.191.610.15
24Q2 (19)0.6318.8761.5423.6754.444.518.10242.11485.7121.30-20.347.8517.92-11.7718.443.5215.7949.792.4016.561.070.1330.044.4425.51-19.881.4753.242.19-23.7138.46284.62436.5461.54-49.07-43.3226.76-21.11-13.09
24Q1 (18)0.53320.83960.015.33-30.4810.85-5.70-162.16-160.2726.74385.071099.120.31380.911047.463.04315.6948.282.06354.32610.340.10-16.670.031.84707.63327.3852.10-6.33-22.81-20.8379.1779.17120.83-39.58-39.5833.9232.9217.21
23Q4 (17)-0.24-129.6354.7222.056.78118.759.17123.11224.93-9.38-129.4663.0-7.23-128.1764.44-1.41-128.9555.66-0.81-126.2153.980.120.033.33-5.24-114.5871.5855.62-2.64-20.09-100.00-866.67-446.15200.00130.0181.2525.52-6.0-16.68
23Q3 (16)0.81107.69-2.4120.6526.0751.394.11295.71257.3931.8461.2227.1125.6769.6626.524.87107.23-3.183.09107.387.290.1233.33-14.2935.9442.9624.8857.13-18.14-22.8613.04214.13204.3586.96-19.91-9.1527.15-11.8222.35
23Q2 (15)0.39680.0-17.0216.3818.440.8-2.104.11-145.2619.75785.6552.5115.13754.848.332.35710.34-20.071.49413.79-11.310.09-10.0-43.7525.14237.4554.3369.793.39-19.09-11.4388.57-131.24108.57-45.7171.2130.796.3950.42
23Q1 (14)0.05109.43-86.1113.8337.239.56-2.1970.1668.312.23108.8-83.811.77108.71-83.940.29109.12-87.170.29116.48-77.860.1011.11-9.097.45140.4-59.4967.50-3.02-16.71-100.00-446.15-106.67200.00181.2534.7828.94-5.52-1.56
22Q4 (13)-0.53-163.86-1866.6710.08-26.1-20.69-7.34-738.26-349.66-25.35-201.2-2128.0-20.33-200.2-2153.54-3.18-163.22-1614.29-1.76-161.11-1077.780.09-35.71-25.0-18.44-164.07-453.2669.60-6.02-14.2928.89574.07-87.6271.11-25.7153.3330.6338.0420.92
22Q3 (12)0.8376.6167.7413.64-16.06-36.561.15-75.22-85.8425.0593.44148.5120.2998.92152.365.0371.09150.252.8871.43146.150.14-12.50.028.7876.67110.2374.06-14.14-10.244.29-88.29-94.4995.7150.93416.8622.198.40.0
22Q2 (11)0.4730.56261.5416.2563.98-31.954.64167.15-57.212.95-5.95173.7810.20-7.44169.132.9430.09250.01.6828.24216.980.1645.4533.3316.29-11.4276.8786.266.446.036.59175.61-83.963.41-57.26149.8320.47-30.37-18.58
22Q1 (10)0.361100.03500.09.91-22.03-35.52-6.91-335.03-2482.7613.771001.63178.5711.021013.133343.752.26976.193666.671.31627.781210.00.11-8.3310.018.39252.3197.5781.04-0.21.8-48.39-120.74-148.39148.39211.29029.4016.0713.91
21Q4 (9)0.03-90.32105.4512.71-40.88330.672.94-63.79114.091.25-87.6105.090.99-87.69105.150.21-89.55105.830.18-84.62109.380.12-14.2920.05.22-61.87127.8481.20-1.59-3.18233.33200.0174.17-133.33-820.0-995.2425.3314.15-7.35
21Q3 (8)0.31138.46155.3621.50-9.979447.838.12-25.09140.2810.08113.11134.838.04112.14133.712.01139.29156.31.17120.75159.690.1416.6755.5613.6948.64162.282.511.396.5577.78-65.7811.8118.52114.55-39.1522.19-11.73-29.98
21Q2 (7)0.131200.0131.7123.8855.37107.4710.843637.93236.74.731026.19123.143.791084.38123.170.841300.0133.470.53430.0136.550.1220.033.339.2149.03165.2381.382.228.68227.27127.27468.18-127.270-312.1225.14-2.60
21Q1 (6)0.01101.82103.2315.37378.95389.450.29101.39101.070.42101.71102.170.32101.67102.060.06101.67103.280.10105.21109.430.100.042.866.18132.96164.6479.61-5.0834.16100.0017.5-29.730.00-100.0100.025.81-5.6-25.43
20Q4 (5)-0.551.79-61.76-5.51-2295.65-138.97-20.86-3.47-847.67-24.5415.2-57.81-19.2119.45-56.05-3.60-0.84-87.5-1.922.04-72.970.1011.110.0-18.7514.81-102.9283.878.327.1785.1122.34593.6214.89-51.06-87.327.34-13.73-1.48
20Q3 (4)-0.56-36.590.0-0.23-102.00.0-20.16-154.220.0-28.94-41.590.0-23.85-45.780.0-3.57-42.230.0-1.96-35.170.00.090.00.0-22.01-55.880.077.443.420.069.5773.910.030.43-49.280.031.6900.0
20Q2 (3)-0.41-32.260.011.51316.760.0-7.9370.710.0-20.44-5.80.0-16.36-5.480.0-2.51-37.160.0-1.45-36.790.00.0928.570.0-14.12-47.70.074.8826.190.040.00-71.890.060.00241.820.00.00-100.00.0
20Q1 (2)-0.318.820.0-5.31-137.550.0-27.07-1070.250.0-19.32-24.240.0-15.51-26.00.0-1.834.690.0-1.064.50.00.07-30.00.0-9.56-3.460.059.34-10.020.0142.31925.380.0-42.31-136.090.034.6124.720.0
19Q4 (1)-0.340.00.014.140.00.02.790.00.0-15.550.00.0-12.310.00.0-1.920.00.0-1.110.00.00.100.00.0-9.240.00.065.950.00.0-17.240.00.0117.240.00.027.750.00.0
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)1.00-11.518.5342.652.7303.467.410.6810.798.5210.225.99-13.814.10-4.430.43-15.6915.3310.2955.62-20.0925.58074.42-33.230.00027.8912.51
2022 (9)1.13135.4212.99-30.31-1.0903.22-6.559.64111.877.73112.956.95122.764.29117.770.518.5113.9054.2769.60-14.29-11.460111.4600.00024.791.35
2021 (8)0.48018.648372.735.9303.45-41.914.5503.6303.1201.9700.4734.299.01081.20-3.18129.2763.17-29.2700.1541.4424.46-19.06
2020 (7)-1.8300.22-97.07-18.6205.949.28-23.460-18.830-11.380-6.2800.35-2.78-16.44083.8727.1779.22-26.3420.7800.114.6530.2212.68
2019 (6)-0.6307.50-40.94-7.9805.4336.43-7.440-5.920-3.490-1.9400.36-37.93-0.97065.9514.66107.55226.48-7.5500.10106.9226.8224.92
2018 (5)1.221933.3312.70-27.352.59-60.523.98-14.867.91778.897.591846.156.472056.674.501400.00.58-6.4512.22115.5257.5250.6932.94-95.5167.0600.05021.471.61
2017 (4)0.06017.4838.846.5604.68-44.830.9000.3900.3000.3000.6251.225.67-9.7138.17131.19733.33307.41-633.3300.00021.13-20.23
2016 (3)-0.20012.59-21.41-4.2308.4814.0-2.340-2.080-1.000-0.8600.41-12.776.28-61.4316.511.79180.00440.0-80.0000.00026.4917.68
2015 (2)0.94-64.1216.02-45.122.96-75.587.4483.478.79-42.927.92-39.634.49-62.583.75-62.040.47-37.3316.28-17.1116.22-35.6133.33-57.4265.22207.450.00022.5132.18
2014 (1)2.62-32.9929.19012.1204.05-7.3615.40013.12012.0009.8800.7517.1919.64-32.7425.1925.5178.28-8.1721.2143.830.00017.03-8.88

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