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)0.33-10.8113.7918.53-0.7-12.88.8041.48-6.689.12-12.89-2.987.25-13.69-3.721.30-10.9623.810.34-17.07-17.070.04-20.0-20.014.96-5.912.89269.84-27.2151.5796.7764.52-3.233.23-92.17015.02-2.85-15.62
24Q3 (19)0.3737.0460.8718.664.30.326.22-10.3759.4910.4736.1543.828.4031.8745.331.4637.7465.910.415.1313.890.05-16.67-16.6715.9068.0832.94370.73119.06133.9458.82-35.837.8441.18394.12-9.4115.46-1.47-11.66
24Q2 (18)0.27-6.90.017.89-22.35-16.46.94-4.93-10.227.69-7.9-11.16.37-7.14-8.351.06-2.75-2.750.390.0-9.30.060.00.09.46-4.83-27.06169.24-11.959.5191.673.62-0.368.33-27.78-30.5615.69-23.01-16.36
24Q1 (17)0.290.026.0923.048.4210.827.30-22.59-7.838.35-11.171.586.86-8.93.311.093.8115.960.39-4.885.410.0620.020.09.94-31.64-22.83192.217.9616.3988.46-11.54-7.3311.540153.8520.3814.4923.59
23Q4 (16)0.2926.0961.1121.2514.259.429.43141.7941.89.4029.1240.097.5330.2842.881.0519.3243.840.4113.8941.380.05-16.670.014.5421.5729.36178.0312.349.44100.0083.330.00.00-100.0017.801.7124.39
23Q3 (15)0.23-14.810.018.60-13.08-12.433.90-49.55-48.217.28-15.84-8.775.78-16.83-9.550.88-19.27-4.350.36-16.280.00.060.020.011.96-7.79-4.32158.472.54-6.1454.55-40.71-42.7345.45278.79854.5517.50-6.7211.04
23Q2 (14)0.2717.390.021.402.9310.487.73-2.450.988.655.23-19.386.954.67-16.061.0915.96-0.910.4316.22-4.440.0620.020.012.970.7-15.5154.55-6.41-3.3592.00-3.6299.3312.00164.0-77.7118.7613.7715.23
23Q1 (13)0.2327.7843.7520.797.05-1.77.9219.137.028.2222.537.466.6426.038.620.9428.7738.240.3727.5927.590.050.0-16.6712.8814.5921.17165.141.528.4295.45-4.55-4.554.550-31.8216.4915.23-9.69
22Q4 (12)0.18-21.74-47.0619.42-8.57-2.416.65-11.69-15.56.71-15.91-48.425.27-17.53-48.590.73-20.65-47.480.29-19.44-51.670.050.0-16.6711.24-10.08-36.21162.67-3.6510.73100.005.068.420.00-100.0-100.014.31-9.25.69
22Q3 (11)0.23-14.8191.6721.249.65-9.667.5347.0758.537.98-25.6361.876.39-22.8362.180.92-16.3680.390.36-20.050.00.050.0-16.6712.50-18.5724.5168.845.5823.095.24106.35-4.764.76-91.16015.76-3.19-19.26
22Q2 (10)0.2768.75107.6919.37-8.42-9.875.12-11.42-1.9210.7379.43101.318.2872.8694.371.1061.7696.430.4555.1773.080.05-16.67-16.6715.3544.446.47159.914.9919.2746.15-53.85-53.8553.85707.69016.28-10.84-1.75
22Q1 (9)0.16-52.946.6721.156.28-8.085.78-26.5613.565.98-54.0413.264.79-53.271.480.68-51.083.030.29-51.67-6.450.060.00.010.63-39.673.71152.313.6813.42100.0068.428.336.67-83.59018.2634.866.22
21Q4 (8)0.34183.33240.019.90-15.3612.687.8765.68248.2313.01163.89376.5610.25160.15385.781.39172.55286.110.60150.0200.00.060.0-25.017.6275.5181.02146.917.0220.7159.38-40.62-32.1440.620225.013.54-30.64-7.32
21Q3 (7)0.12-7.69100.023.519.436.774.75-9.097.924.93-7.594.863.94-7.51150.960.51-8.93104.00.24-7.6960.00.060.0-25.010.04-4.264.05137.272.3930.82100.000.00.00.000019.5217.824.89
21Q2 (6)0.13-13.33-56.6721.49-6.6125.385.222.5512.265.330.95-45.394.26-9.75-41.640.56-15.15-60.280.26-16.13-55.170.060.0-14.2910.482.24-20.67134.07-0.1627.13100.008.33107.690.000-100.016.57-3.610
21Q1 (5)0.1550.0-58.3323.0130.2932.75.09125.22-8.785.2893.412.724.72123.714.840.6683.33-49.620.3155.0-34.040.06-25.0-40.010.2563.4829.26134.2910.35-43.3392.315.49-16.080.00-100.0100.017.1917.660
20Q4 (4)0.1066.670.017.662.730.02.26-5.830.02.737.910.02.1134.390.00.3644.00.00.2033.330.00.080.00.06.272.450.0121.7015.980.087.50-12.50.012.5000.014.61-6.530.0
20Q3 (3)0.06-80.00.017.190.290.02.40-48.390.02.53-74.080.01.57-78.490.00.25-82.270.00.15-74.140.00.0814.290.06.12-53.670.0104.93-0.50.0100.00107.690.00.00-100.00.015.6300.0
20Q2 (2)0.30-16.670.017.14-1.150.04.65-16.670.09.7689.880.07.3077.620.01.417.630.00.5823.40.00.07-30.00.013.2166.580.0105.46-55.50.048.15-56.230.051.85618.520.00.0000.0
20Q1 (1)0.360.00.017.340.00.05.580.00.05.140.00.04.110.00.01.310.00.00.470.00.00.100.00.07.930.00.0236.980.00.0110.000.00.0-10.000.00.00.000.00.0
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
2024 (10)1.2622.3319.49-4.837.342.233.08-26.818.936.567.237.754.7621.431.552.650.20-9.0912.63-3.37269.8451.5781.90-5.1218.1022.840.17-20.8516.58-6.12
2023 (9)1.0322.6220.480.847.1813.974.212.068.387.36.719.113.9215.981.518.630.220.013.075.57178.039.4486.326.5514.74-22.390.21017.669.42
2022 (8)0.8413.5120.31-7.516.309.384.13-4.817.818.476.155.133.3810.11.39-0.710.220.012.382.74162.6710.7381.012.0218.99-7.780.00016.14-3.12
2021 (7)0.742.7821.9626.645.7649.224.3359.477.2043.715.8554.763.07-1.291.402.940.22-31.2512.0545.01146.9120.7179.414.2320.59-7.350.02-56.0316.6619.77
2020 (6)0.72-47.0617.34-3.723.86-34.472.720.745.01-25.343.78-30.643.11-36.661.36-19.050.3223.088.31-22.34121.70-38.4276.19-13.4222.2285.190.0590.3713.910.51
2019 (5)1.3620.3518.015.885.8964.992.70778.156.7188.485.4541.194.9110.591.6833.330.260.010.70104.98197.62-31.7888.00-12.012.0000.03-37.3213.84-6.11
2018 (4)1.13841.6717.0126.943.571452.170.31-47.163.5603.86797.674.44806.121.26270.590.2630.05.22162.31289.66-28.56100.0000.0000.04014.74-0.74
2017 (3)0.12-80.013.40-16.820.23-93.750.58-41.64-0.2300.43-79.130.49-80.560.34-54.050.200.01.99-64.4405.48-23.91-100.000200.0000.00014.858.24
2016 (2)0.607.1416.11-1.13.68-23.331.00-39.282.63-23.322.0610.162.527.690.741.370.20-9.095.59-17.67532.9113.91141.181.47-41.1800.00013.724.18
2015 (1)0.56-29.1116.2904.8001.6417.433.4301.8702.3400.7300.22-4.356.7911.31467.842.03139.130.75-39.1300.00013.170.38

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