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)2.3161.54128.7112.5325.93-6.985.7112.85-17.137.0263.2673.335.7471.8673.947.3767.572.23.1172.7888.480.524.030.07.7457.9666.81138.09-9.21-25.5181.09-31.19-58.3618.49203.53119.514.9139.891.66
24Q3 (19)1.43-20.56-0.699.951.020.05.068.35-5.244.30-11.8911.113.34-24.098.094.40-24.66-8.711.80-21.749.090.500.025.04.90-11.07-9.09152.10-11.17-42.62117.8622.7-14.57-17.86-487.7652.953.51-8.363.85
24Q2 (18)1.8093.5559.299.856.4914.534.6739.8213.94.8831.5482.094.4058.2780.335.8494.6747.472.3075.5766.670.5028.2131.585.5114.3224.66171.235.24-44.2596.057.35-37.34.61-56.25108.663.83-11.5515.36
24Q1 (17)0.93-7.9250.09.25-31.3334.253.34-51.5234.683.71-8.475.02.78-15.7698.573.00-29.9144.231.31-20.6152.330.39-2.58.334.823.8832.42162.70-12.23-52.4789.47-54.05-23.4610.53111.11162.284.33-10.3535.31
23Q4 (16)1.01-29.86-44.8113.4735.3848.186.8929.0352.774.054.65-11.763.306.8-11.294.28-11.2-28.311.650.0-6.250.400.00.04.64-13.91-17.58185.38-30.07-36.78194.7441.1698.19-94.74-149.6-5531.584.8342.942.48
23Q3 (15)1.4427.43-31.19.9515.74.085.3430.24-2.23.8744.4-24.123.0926.64-24.264.8221.72-34.061.6519.57-17.090.405.26-9.095.3921.95-8.18265.08-13.69-12.05137.96-9.9528.89-37.9628.64-439.523.381.8111.55
23Q2 (14)1.1382.26-40.538.6024.82-9.284.1065.32-23.082.6826.42-47.242.4474.29-36.623.9690.38-41.591.3860.47-25.410.385.56-17.394.4221.43-20.93307.13-10.29-1.45153.1931.0446.3-53.19-214.72-1028.843.323.755.06
23Q1 (13)0.62-66.12-65.176.89-24.2-17.782.48-45.01-41.782.12-53.81-55.181.40-62.37-62.772.08-65.16-67.60.86-51.14-55.90.36-10.0-28.03.64-35.35-28.49342.3416.7629.95116.9018.9829.89-16.90-1069.01-269.013.20-5.62.56
22Q4 (12)1.83-12.442.819.09-4.923.34.51-17.4-1.314.59-10.0-7.653.72-8.82-5.345.97-18.33-12.971.76-11.56-17.370.40-9.09-24.535.63-4.096.43293.21-2.7137.9498.26-8.27.021.74124.79-78.73.3911.889.35
22Q3 (11)2.0910.048.239.560.8422.415.462.4436.165.100.3931.784.085.9735.557.317.8225.61.997.5718.450.44-4.35-20.05.875.0140.77301.39-3.2923.8107.042.222.58-7.04-49.3-94.173.03-4.119.39
22Q2 (10)1.906.7426.679.4813.1322.485.3325.1233.255.087.428.933.852.3926.236.785.616.771.85-5.133.350.46-8.0-19.35.599.8231.84311.6518.318.16104.7116.353.32-4.71-147.12-248.693.161.2815.75
22Q1 (9)1.780.0104.68.38-4.7738.974.26-6.7882.054.73-4.8396.273.76-4.3398.946.42-6.4171.661.95-8.4574.110.50-5.66-12.285.09-3.7885.77263.4423.940.0890.00-1.97-6.7110.0022.14183.333.120.6519.54
21Q4 (8)1.7826.24212.288.8012.6848.654.5713.97135.574.9728.42162.963.9330.56172.926.8617.87170.082.1326.79159.760.53-3.64-1.855.2926.86135.11212.56-12.68-8.0291.81-12.01-11.38.19325.96566.673.1011.9111.91
21Q3 (7)1.41-6.0314.717.810.958.14.010.25326.63.87-1.78316.133.01-1.31254.125.82-8.35282.891.68-6.15194.740.55-3.51-9.844.17-1.65220.77243.44-7.711.23104.352.964.35-3.62-168.1202.771.472.21
21Q2 (6)1.5072.4147.067.7428.36-24.414.0070.94-18.863.9463.49-11.863.0561.38-12.616.3569.7937.741.7959.82-0.560.570.014.04.2454.74-15.2263.750.266.59101.355.06-7.95-1.35-138.2986.622.734.60
21Q1 (5)0.8752.6327.946.031.86-28.552.3420.62-13.012.4127.51-26.071.8931.25-27.313.7447.2419.111.1236.59-9.680.575.5626.672.7421.78-28.83263.2313.9153.2696.47-6.816.123.53301.18-79.142.61-5.78-38.44
20Q4 (4)0.5767.650.05.9219.840.01.94106.380.01.89103.230.01.4469.410.02.5467.110.00.8243.860.00.54-11.480.02.2573.080.0231.095.580.0103.513.510.0-1.7500.02.772.210.0
20Q3 (3)0.34-66.670.04.94-51.760.00.94-80.930.00.93-79.190.00.85-75.640.01.52-67.030.00.57-68.330.00.6122.00.01.30-74.00.0218.8738.250.0100.00-9.170.00.00100.00.02.7100.0
20Q2 (2)1.0250.00.010.2421.330.04.9383.270.04.4737.120.03.4934.230.04.6146.820.01.8045.160.00.5011.110.05.0029.870.0158.32-7.820.0110.1032.530.0-10.10-159.690.00.00-100.00.0
20Q1 (1)0.680.00.08.440.00.02.690.00.03.260.00.02.600.00.03.140.00.01.240.00.00.450.00.03.850.00.0171.750.00.083.080.00.016.920.00.04.240.00.0
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)6.5556.710.498.74.782.360.3833.975.0759.944.1562.7519.6538.588.0638.011.8210.985.8228.19138.09-25.5194.40-37.645.7600.036.834.1513.7
2023 (9)4.18-45.09.655.584.67-4.690.2825.583.17-35.042.55-33.9414.18-45.655.84-26.911.64-13.684.54-18.2185.38-36.78151.3950.56-51.3900.03169.113.6515.14
2022 (8)7.6036.699.1420.424.9031.370.234.44.8828.763.8630.4126.0916.277.9911.91.90-19.495.5535.37293.2137.94100.552.24-0.5500.01-66.253.1713.21
2021 (7)5.56113.037.597.513.7352.870.22-25.853.7955.332.9652.5822.4490.017.1472.462.3616.264.1042.86212.56-8.0298.34-1.661.6600.03-39.82.80-14.89
2020 (6)2.6155.367.06-6.242.4412.440.29-6.482.4427.751.9430.211.8150.064.1428.572.0312.782.879.96231.0938.45100.00-12.23-0.4000.05-24.323.29-14.32
2019 (5)1.68-38.467.53-16.612.17-41.030.311239.511.91-41.411.49-38.437.87-40.923.22-40.041.80-10.02.61-27.9166.91-24.46113.940.92-13.9400.0779.833.844.63
2018 (4)2.7331.889.032.963.6826.90.02-27.163.262.842.42-3.9713.3224.255.3720.132.0021.213.625.85220.9579.33112.9022.88-12.5400.0403.67-6.62
2017 (3)2.0716.958.7733.282.9034.880.0329.243.1744.092.5250.910.7213.084.4735.051.65-12.233.4245.53123.21-35.9691.88-6.548.63409.140.0003.9335.05
2016 (2)1.77-3.286.58-28.632.15-36.390.02-30.42.20-31.681.67-32.939.48-8.233.31-22.481.8811.92.35-29.43192.39-9.7798.31-6.351.6900.0002.91-24.22
2015 (1)1.8329.799.2203.3800.04-23.413.2202.49010.3304.2701.68-19.623.330.0213.22173.85104.978.89-4.9700.0003.84-15.79

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