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)-0.96-323.26-151.34-0.27-104.49-107.16-14.71-38.38-25.73-28.74-318.39-146.79-22.91-319.23-146.5-4.91-333.81-152.85-1.29-243.33-149.810.0716.6740.0-16.78-165.75-121.99217.49-1.36-21.1251.16162.72365.4148.84-73.1-58.850.00-100.0-100.0
24Q2 (19)0.43-71.52-54.746.0249.7534.08-10.6332.9830.0713.16-76.86-62.4510.45-77.03-60.742.10-72.66-56.430.90-63.11-36.620.0620.050.025.52-64.98-49.36220.48-1.91-33.51-81.58-195.45-86.17181.5841.4627.2522.95-19.92-9.22
24Q1 (18)1.51171.231410.04.02-38.06-72.73-15.86-12.8-1221.6756.87186.551328.2945.50186.731650.07.68172.451405.882.44195.69577.780.050.00.072.88242.29916.46224.78-19.46-25.03-27.61-230.47-219.65128.3663.9266.8728.668.1124.45
23Q4 (17)-2.12-213.37-42.286.4972.1520.86-14.06-20.17-128.62-65.71-206.98-60.23-52.46-206.47-56.5-10.60-214.1-48.04-2.55-198.46-47.40.050.0-16.67-51.22-167.13-53.17279.091.22-2.8721.16209.7944.8178.31-34.02-7.4626.513.6852.53
23Q3 (16)1.8796.84-37.463.77-16.04148.03-11.7023.03-104.1961.4275.24-13.0249.2785.09-12.369.2992.74-37.532.5982.39-36.520.0525.0-28.5776.3051.420.49275.73-16.844.86-19.2856.01-133.95118.67-16.8310.0225.571.1557.26
23Q2 (15)0.95850.0-37.094.49-69.54-8.55-15.20-1166.67-2275.035.05857.025.3826.62923.854.034.82845.1-39.91.42294.44-37.170.04-20.0-50.050.39602.7933.94331.5810.5912.89-43.82-289.89-1944.94142.7085.5140.6925.289.7788.66
23Q1 (14)0.10106.71-90.3814.74174.492881.13-1.2080.4987.06-4.6388.71-113.272.60107.76-90.670.51107.12-90.890.36120.81-77.910.05-16.670.07.17121.44-82.57299.834.3517.8123.0857.89185.8576.92-9.09-38.8623.0332.5115.32
22Q4 (13)-1.49-149.83-223.915.37253.293083.33-6.15-7.331.6-41.01-158.08-273.84-33.52-159.62-274.94-7.16-148.15-186.4-1.73-142.4-193.220.06-14.29-25.0-33.44-144.04-427.44287.339.273.7714.62277.38-74.5884.62-21.5599.117.386.8924.77
22Q3 (12)2.9998.013637.51.52-69.04-72.11-5.73-795.31-451.5370.61112.35130.3756.22119.74585.014.8785.413204.444.0880.531754.550.07-12.5-36.3675.93101.831515.53262.96-10.484.89-8.24-284.52-107.21107.876.35855.0616.2621.3445.7
22Q2 (11)1.5145.19277.654.911026.423676.92-0.6493.184.0433.26-4.7289.5225.59-8.21281.498.0243.21278.622.2638.65260.280.0860.0-27.2737.62-8.53367.19293.7315.4134.81-2.1492.03-109.45101.43-19.3831.1613.40-32.96.18
22Q1 (10)1.04326.09-82.75-0.53-194.44-112.65-9.27-48.32-186.1134.90418.14-68.9927.88411.86-74.895.60324.0-84.911.63376.27-86.060.05-37.5-50.041.13748.74-64.72254.50-8.0936.81-26.88-146.75-797.44125.81196.0222.1519.9743.3619.94
21Q4 (9)-0.46-675.09.8-0.18-103.3-103.77-6.25-483.44-551.04-10.97-912.5913.49-8.94-845.010.96-2.50-655.5633.51-0.59-368.1839.180.08-27.27-27.27-6.34-234.8924.16276.9010.452.9257.50-49.69762.542.50397.5-54.4613.9324.82-3.13
21Q3 (8)0.08109.41110.815.454092.31572.841.63140.65119.291.35107.69104.691.20108.51105.220.45110.02108.620.22115.6114.470.110.057.144.70133.38121.01250.7115.067.82114.29404.2296.99-14.29-118.47-120.511.16-11.57-44.03
21Q2 (7)-0.85-114.116.670.13-96.9100.53-4.01-23.7787.16-17.55-115.5968.71-14.10-112.766.85-4.49-112.132.99-1.41-112.0634.110.1110.0120.0-14.08-112.0870.45217.8917.132.6822.67856.72-58.9477.33-24.9276.7612.62-24.20
21Q1 (6)6.031282.3512160.04.19-12.16422.31-3.24-237.556.39112.55987.627862.07111.021205.789053.2337.111086.9711345.4511.691305.1500.10-9.0911.11116.581494.53147.35186.03-30.86-0.05-3.00-144.93-100.52103.0010.35122.8916.6515.79-8.97
20Q4 (5)-0.5131.0851.434.77488.89450.74-0.9688.6488.97-12.6855.9758.23-10.0456.3358.65-3.7627.9740.79-0.9736.1856.110.1157.1410.0-8.3662.6366.56269.0515.7147.416.67-76.84-77.0493.3333.9129.5514.38-27.88-15.06
20Q3 (4)-0.7427.450.00.81103.330.0-8.4572.940.0-28.8048.650.0-22.9945.940.0-5.2222.090.0-1.5228.970.00.0740.00.0-22.3753.050.0232.539.580.028.79-47.860.069.7059.310.019.9400.0
20Q2 (3)-1.02-1940.00.0-24.30-1769.230.0-31.23-320.320.0-56.09-3768.280.0-42.53-3329.840.0-6.70-1930.30.0-2.1400.00.05-44.440.0-47.65-1427.30.0212.2114.020.055.21-90.40.043.75109.720.00.00-100.00.0
20Q1 (2)-0.0595.240.0-1.304.410.0-7.4314.60.0-1.4595.220.0-1.2494.890.0-0.3394.80.00.00100.00.00.09-10.00.03.59114.360.0186.121.970.0575.001880.560.0-450.00-724.630.018.298.030.0
19Q4 (1)-1.050.00.0-1.360.00.0-8.700.00.0-30.360.00.0-24.280.00.0-6.350.00.0-2.210.00.00.100.00.0-25.000.00.0182.520.00.029.030.00.072.040.00.016.930.00.0
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)0.80-80.257.47145.72-10.4406.51109.054.85-81.875.23-74.94.11-80.62.16-64.470.20-25.9319.08-41.22279.09-2.87-215.090315.09166.062.2915.625.1053.42
2022 (9)4.05-15.83.0418.29-4.9603.1220.5126.7536.220.841.3621.19-31.116.08-29.30.27-32.532.4638.42287.333.77-18.430118.434.381.98-12.016.3622.0
2021 (8)4.8102.570-2.6702.59-33.0219.64020.56030.7608.6000.4025.023.450276.902.92-13.460113.46113.742.25-28.8813.41-22.66
2020 (7)-2.320-2.490-9.2803.8635.32-19.870-15.500-15.830-4.5000.32-20.0-14.310269.0547.4146.92-85.4453.0803.17-7.2617.348.31
2019 (6)-0.1803.53-51.18-2.1502.8549.09-0.680-0.950-1.1000.03-99.520.40-21.573.58-78.6182.52-5.19322.221294.44-222.2203.42016.0126.46
2018 (5)2.8807.2310.553.1535.781.91-9.2213.72011.19018.2206.2100.518.5116.730192.52-21.7423.11076.89-36.530.00012.66-3.43
2017 (4)-1.9806.54-31.872.32-42.722.11-6.04-10.830-8.740-12.800-3.6700.472.17-7.560246.0037.02-21.140121.1400.00013.11-3.32
2016 (3)0.45-74.439.6024.514.05313.272.240.352.56-76.872.15-76.962.58-73.431.39-69.980.462.225.91-59.55179.5427.5157.891709.72-57.8900.00013.56-10.61
2015 (2)1.76-35.067.71-20.920.98-71.922.240.5311.07-22.539.33-24.459.71-36.954.63-29.850.45-10.014.61-17.55140.8213.048.72-64.4390.6020.050.00015.179.93
2014 (1)2.7132.849.7503.4902.22-25.6514.29012.35015.4006.6000.50-3.8517.7237.68124.57-32.1924.53-42.0275.4730.820.00013.8011.92

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