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
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
22Q3 (20)28.6023.81-9.383.23150.39-67.117.6124.75-53.286.1333.26-57.11.3240.43-57.560.9243.75-48.60.110.0-8.3315.0216.8-36.6893.290.4214.241.9492.9-30.1158.06-25.8145.1613.550.159.72
22Q2 (19)23.10-19.79-26.551.29-84.38-88.546.10-58.59-62.94.60-63.95-66.790.94-61.94-71.430.64-56.76-67.680.110.0-21.4312.86-42.28-43.692.9021.718.121.74-61.59-68.0978.2680.34145.4513.539.2-9.07
22Q1 (18)28.80-15.96-18.948.26-44.15-54.5714.73-25.79-36.2612.76-24.54-36.862.47-42.56-49.81.48-39.84-51.790.11-21.43-26.6722.28-14.11-23.2376.33-5.5421.5156.60-24.81-27.3243.4067.92105.1512.399.3616.78
21Q4 (17)34.278.59-4.9114.7950.61-25.4919.8521.85-17.8716.9118.33-20.094.3038.26-29.392.4637.43-34.40.1416.67-17.6525.949.36-12.6680.81-1.0820.3475.2825.47-8.1625.84-35.3943.3111.33-8.2622.09
21Q3 (16)31.560.35-9.159.82-12.79-42.8416.29-0.91-25.9214.293.18-25.693.11-5.47-40.991.79-9.6-45.430.12-14.29-29.4123.724.04-14.2181.69-4.9522.5760.00-11.91-23.540.0025.4585.4512.35-17.013.2
21Q2 (15)31.45-11.48-12.2711.26-38.06-37.8916.44-28.86-32.1213.85-31.47-35.13.29-33.13-37.331.98-35.5-43.910.14-6.67-12.522.80-21.43-26.6285.9436.839.4968.12-12.54-9.1831.8850.7227.5414.8840.2523.18
21Q1 (14)35.53-1.42-5.418.18-8.41-7.2423.11-4.390.5220.21-4.49-2.884.92-19.21-15.613.07-18.13-25.120.15-11.76-21.0529.02-2.29-0.1462.82-6.4533.7777.88-4.98-8.621.1517.3143.110.6114.33-15.66
20Q4 (13)36.043.747.0419.8515.547.6524.179.9111.2821.1610.047.366.0915.56-4.843.7514.33-15.540.170.0-22.7329.707.419.8867.150.7541.5881.974.51-2.7618.03-16.3921.229.28-14.94-10.68
20Q3 (12)34.74-3.14.5117.18-5.24-3.7521.99-9.211.4819.23-9.89-2.195.270.38-12.173.28-7.08-21.720.176.25-19.0527.65-11.011.4766.658.1842.9678.434.58-4.8221.57-13.7322.610.91-9.691.58
20Q2 (11)35.85-4.5523.8318.13-7.529.4124.225.3541.2221.342.5536.15.25-9.9519.053.53-13.96.970.16-15.79-20.031.076.9238.0361.6131.226.0975.00-11.99-8.8525.0069.1231.6712.08-3.972.46
20Q1 (10)37.5611.5537.3319.606.2953.6122.995.8546.6220.815.5847.285.83-8.9149.494.10-7.6629.340.19-13.64-13.6429.067.5141.046.96-0.9977.4885.221.093.9914.78-0.63-18.1312.5821.0817.24
19Q4 (9)33.671.2917.9318.443.3122.7721.720.2321.3419.710.2519.316.406.6726.984.445.977.770.224.76-12.027.03-0.8122.5347.431.7488.6684.302.290.4614.88-15.44-7.5610.39-3.2619.15
19Q3 (8)33.2414.8218.5417.8527.4115.4621.6726.3622.6419.6625.3817.096.0036.0519.284.1926.973.460.215.0-12.527.2521.0627.2846.62-4.58107.8582.410.16-5.8217.59-7.3540.7410.74-8.917.83
19Q2 (7)28.955.85-7.9514.019.8-13.5217.159.37-12.0515.6810.97-2.674.4113.086.013.304.1-3.790.20-9.09-4.7622.519.22-2.3948.8684.6670.9682.280.41-2.0518.995.169.5411.799.8825.03
19Q1 (6)27.35-4.2-14.512.76-15.05-32.2415.68-12.4-29.7214.13-14.47-26.13.90-22.62-27.913.17-23.06-31.830.22-12.0-8.3320.61-6.57-18.3426.465.2571.7181.94-2.34-2.518.0612.213.1510.7323.051.71
18Q4 (5)28.551.82-15.5615.02-2.85-21.9317.901.3-18.7516.52-1.61-11.095.040.2-0.794.121.73-5.070.254.178.722.063.04-14.425.1412.0836.1983.91-4.11-3.7916.0928.7425.818.72-12.45-17.81
18Q3 (4)28.04-10.840.015.46-4.570.017.67-9.380.016.794.220.05.0320.910.04.0518.080.00.2414.290.021.41-7.160.022.43-21.520.087.504.170.012.50-27.880.09.965.620.0
18Q2 (3)31.45-1.690.016.20-13.970.019.50-12.60.016.11-15.740.04.16-23.110.03.43-26.240.00.21-12.50.023.06-8.640.028.5885.460.084.00-0.050.017.338.620.09.43-10.620.0
18Q1 (2)31.99-5.380.018.83-2.130.022.311.270.019.122.910.05.416.50.04.657.140.00.244.350.025.24-2.060.015.41-16.520.084.04-3.630.015.9624.760.010.55-0.570.0
17Q4 (1)33.810.00.019.240.00.022.030.00.018.580.00.05.080.00.04.340.00.00.230.00.025.770.00.018.460.00.087.210.00.012.790.00.010.610.00.0
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
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
2021 (10)33.31-7.6813.72-26.795.628.6319.08-18.2516.45-20.315.47-30.259.25-36.250.54-20.5925.55-12.7780.8120.3471.83-10.5728.1743.130.0683.5712.259.57
2020 (9)36.0816.4618.7417.645.179.9423.3421.3720.6418.2122.188.3514.51-5.60.68-20.9329.2919.467.1541.5880.32-3.1119.6815.070.03-14.5911.182.66
2019 (8)30.983.6515.93-2.334.7041.4519.23-0.1617.461.9320.476.1215.37-3.450.86-6.5224.537.2147.4388.6682.89-2.2717.1112.690.04-19.9410.897.5
2018 (7)29.89-4.7516.31-1.273.331.8119.26-1.2317.131.2419.29-6.2215.92-9.850.92-11.5422.88-0.2225.1436.1984.820.2115.18-1.170.05010.13-9.47
2017 (6)31.38-6.8616.52-24.153.271.5419.50-14.9216.92-12.3320.57-37.8917.66-35.051.04-25.7122.93-13.1818.4629.8284.64-10.9315.36208.970.00011.1918.54
2016 (5)33.699.4521.7817.923.220.3922.9219.7519.309.2233.12-5.1827.195.881.40-2.126.4114.3814.22-58.2595.03-1.64.9745.260.0009.4421.49
2015 (4)30.7821.2818.4729.433.2011.2519.1427.3517.6728.0434.9316.6325.6820.391.43-5.323.0924.6834.06-20.0396.582.163.42-30.420.0007.773.19
2014 (3)25.38-4.7714.27-19.382.8815.9515.03-20.5613.80-9.5129.95021.3301.51018.52-14.4242.59-6.494.541.174.92-25.00.0007.5359.2
2013 (2)26.65017.7002.48018.92015.2500.0000.0000.00021.64045.50093.4406.5600.0004.730

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