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)0.6615.7913.7927.021.27.9110.3919.2934.0611.781.95.659.740.09.933.7110.429.762.3814.4214.980.2414.294.3515.64-2.866.0351.84-15.91-11.9388.1418.2925.2511.86-53.46-62.3123.17-8.6-5.24
24Q2 (19)0.579.62-30.4926.7018.191.958.7136.31-15.611.5610.52-11.769.7421.6-16.823.3611.63-33.732.0811.23-30.430.21-8.7-16.016.1011.34-1.3561.65-1.99-11.3274.5122.58-4.7925.49-35.017.2525.358.153.81
24Q1 (18)0.52372.73-17.4622.591.85-14.926.3957.0-42.4810.46352.81-10.218.01337.7-12.933.01377.78-23.61.87367.5-20.760.234.55-11.5414.46133.6-0.8962.903.95-11.0760.78-66.23-36.0239.22149.02684.3123.44-5.484.97
23Q4 (17)0.11-81.03-76.622.18-11.42-12.094.07-47.48-49.322.31-79.28-71.091.83-79.35-73.40.63-81.36-78.570.40-80.68-77.780.22-4.35-15.386.19-58.03-41.3360.512.8-6.13180.00155.7980.0-80.00-354.12024.801.436.3
23Q3 (16)0.58-29.273.5725.04-4.3913.357.75-24.9-5.611.15-14.894.118.86-24.348.453.38-33.33-6.892.07-30.77-5.480.23-8.0-14.8114.75-9.6213.8158.86-15.33-6.4170.37-10.08-7.8531.4844.8133.1924.450.1212.99
23Q2 (15)0.8230.1664.026.19-1.3611.6810.32-7.1114.5413.1012.4527.4311.7127.2850.515.0728.6855.522.9926.6947.290.25-3.85-3.8516.3211.8630.0469.52-1.710.3678.26-17.62-11.0721.74334.7881.1624.429.3613.9
23Q1 (14)0.6334.04125.026.555.2326.3711.1138.3669.6211.6545.8163.859.2033.7276.583.9434.01121.352.3631.11108.850.260.018.1814.5938.2948.5770.739.7335.7395.00-5.02.315.000-30.022.33-4.29-3.96
22Q4 (13)0.47-16.07104.3525.2314.2133.858.03-2.1971.227.99-25.454.256.88-15.7960.02.94-19.0194.71.80-17.8187.50.26-3.718.1810.55-18.631.8864.462.52.55100.0030.9510.530.00-100.0-100.023.337.811.7
22Q3 (12)0.5612.075.022.09-5.813.698.21-8.8890.4910.714.1866.058.175.0129.683.6311.3572.042.197.8855.320.273.8522.7312.963.2733.7562.89-9.2116.6476.36-13.2219.3223.6496.97-26.1421.640.93-8.65
22Q2 (11)0.5078.57108.3323.4511.6110.39.0137.5646.2710.2844.5960.377.7849.3354.373.2683.15107.642.0379.6582.880.2618.1818.1812.5527.828.7269.2732.9346.788.00-5.23-8.012.0068.0176.021.44-7.78-10.33
22Q1 (10)0.2821.7427.2721.0111.46-2.326.5539.6699.77.1137.268.055.2121.16-12.141.7817.8821.921.1317.716.60.220.022.229.8222.75-12.2452.11-17.141.8792.862.6385.717.14-25.0-85.7123.251.35-22.01
21Q4 (9)0.23-28.12109.0918.85-2.99-0.484.698.82810.615.18-19.69896.154.30-31.7537.381.51-28.4498.680.96-31.9174.550.220.029.418.00-17.4453.8562.8616.5866.4790.4841.37145.249.52-70.24-96.8322.94-3.17-21.68
21Q3 (8)0.3233.3377.7819.43-8.61-5.454.31-30.032.386.450.6232.996.3025.057.52.1134.3972.951.4127.0374.070.220.010.09.69-0.6215.2253.9214.1929.7464.00-33.09-26.8632.00636.0156.023.69-0.92-6.44
21Q2 (7)0.249.09-27.2721.26-1.16-3.366.1687.816.676.41-2.58-15.555.04-15.01-28.211.577.53-28.311.114.72-23.970.2222.224.769.75-12.87-12.047.2228.56-19.895.6591.335.934.35-91.3-85.3323.91-19.790
21Q1 (6)0.22100.0-15.3821.5113.570.843.28596.97-46.676.581165.380.615.9389.4612.741.4692.11-13.11.0692.73-7.020.185.88-18.1811.19115.1915.3636.73-2.73-12.5750.00125.0-47.8350.00-83.331100.029.811.7824.62
20Q4 (5)0.11-38.89-59.2618.94-7.83-5.3-0.66-115.68-112.740.52-89.28-89.233.13-21.75-31.660.76-37.7-55.810.55-32.1-51.330.17-15.0-32.05.20-38.17-31.5837.76-9.14-27.93-200.00-328.57-282.61300.002300.03250.029.2915.6838.49
20Q3 (4)0.18-45.450.020.55-6.590.04.21-20.270.04.85-36.10.04.00-43.020.01.22-44.290.00.81-44.520.00.20-4.760.08.41-24.10.041.56-29.420.087.5024.340.012.50-57.810.025.3200.0
20Q2 (3)0.3326.920.022.003.140.05.28-14.150.07.5916.060.07.0233.460.02.1930.360.01.4628.070.00.21-4.550.011.0814.230.058.8840.160.070.37-26.570.029.63611.110.00.00-100.00.0
20Q1 (2)0.26-3.70.021.336.650.06.1518.730.06.5435.40.05.2614.850.01.68-2.330.01.140.880.00.22-12.00.09.7027.630.042.01-19.810.095.83-12.50.04.17143.750.023.9213.10.0
19Q4 (1)0.270.00.020.000.00.05.180.00.04.830.00.04.580.00.01.720.00.01.130.00.00.250.00.07.600.00.052.390.00.0109.520.00.0-9.520.00.021.150.00.0
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)2.1418.2325.098.858.475.612.9842.369.787.128.1114.0612.6710.177.8311.220.96-3.0313.1814.0160.51-6.1386.60-1.5213.4011.050.57-19.1823.977.1
2022 (9)1.8179.2123.0514.458.0271.372.09-29.379.1349.437.1132.911.5071.97.0458.20.9919.2811.5621.4364.462.5587.9315.9112.07-47.50.70-17.9722.38-9.5
2021 (8)1.0114.7720.14-3.314.6815.562.96-8.736.1118.185.357.436.6915.544.4511.530.833.759.527.8162.8666.4775.86-3.0722.995.750.85-34.3124.73-4.77
2020 (7)0.88-36.2320.834.464.05-33.53.2552.195.17-26.354.98-14.145.79-36.093.99-32.720.80-21.578.83-5.7637.76-27.9378.26-9.4221.7459.851.30130.5625.9725.28
2019 (6)1.3833.9819.9416.686.0953.792.1313.647.0227.645.8024.469.0628.155.9328.631.023.039.3724.7752.39-2.086.4020.9613.60-50.50.56-12.0620.730.63
2018 (5)1.03171.0517.092.833.9698.01.88-24.835.50117.394.66105.297.07156.164.61143.920.9919.287.5141.753.460.4171.43-6.5927.4733.440.64020.60-10.82
2017 (4)0.38-19.1516.62-13.122.00-23.662.50-9.462.53-31.622.27-32.842.76-21.141.89-25.00.8312.165.30-20.6653.2428.8576.478.5420.59-30.320.00023.10-11.73
2016 (3)0.4746.8719.131.542.62403.852.7634.593.7010.783.3826.123.5047.062.5244.00.7413.856.6819.541.327.6370.45322.7329.55-64.550.00026.17-3.93
2015 (2)0.32-31.9118.842.840.52-76.472.0525.473.34-23.742.68-22.772.38-31.211.75-32.170.65-12.165.59-11.1338.3912.9816.67-66.6783.3366.670.00027.2412.89
2014 (1)0.47-18.9718.3202.2101.638.444.3803.4703.4602.5800.74-3.96.29-5.5633.98-0.1850.000.050.000.00.00024.135.14

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