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
20Q1 (20)0.00-100.0-100.015.11-34.19-28.352.64-78.16-69.669.62-29.73-30.094.82-55.08-54.70.77-62.62-52.760.63-60.38-50.00.12-14.299.090.00-100.0-100.037.546.41-0.480.00-100.0-100.00.00-100.0-100.011.6802.46
19Q4 (19)0.273.85575.022.9613.725.7112.0930.5621.6313.698.22185.2110.738.38300.372.0612.57402.441.5913.57307.690.147.6927.2719.252.3440.7235.28-2.03-8.1788.4620.97-57.0811.54-57.07110.870.00-100.0-100.0
19Q3 (18)0.2652.9430.020.19-4.814.189.264.8712.9312.6511.95-7.129.9030.95-2.271.8345.2438.641.4042.8642.860.138.3330.018.814.213.0736.01-12.36-11.7673.12-6.421.8726.8822.86-32.8110.615.5720.98
19Q2 (17)0.17-26.09-41.3821.210.570.98.831.49-8.8811.30-17.88-49.057.56-28.95-55.51.26-22.7-37.310.98-22.22-36.770.129.0933.3318.05-13.68-36.1741.098.9328.2578.1224.1377.9521.88-40.98-61.0110.05-11.84-12.3
19Q1 (16)0.23475.0-54.021.09-2.99.678.70-12.4728.8913.76186.67-62.6510.64297.01-65.261.63297.56-52.341.26223.08-52.090.110.022.2220.9152.85-51.537.72-1.8231.4762.94-69.47243.4237.06134.92-54.6211.406.15-2.06
18Q4 (15)0.04-80.0-80.021.7212.0731.09.9421.2277.54.80-64.76-66.92.68-73.54-75.750.41-68.94-71.920.39-60.2-64.550.1110.010.013.68-25.04-31.2638.42-5.8616.18206.12243.54434.04-106.12-365.31-272.8310.7422.46-5.37
18Q3 (14)0.20-31.0333.3319.38-7.8-6.388.20-15.38-8.3813.62-38.5914.4510.13-40.3815.241.32-34.3317.860.98-36.7715.290.1011.1111.1118.25-35.474.4140.8127.3711.260.0036.67-19.7140.00-28.765.458.77-23.47-8.36
18Q2 (13)0.29-42.0107.1421.029.31-6.459.6943.5614.2722.18-39.7997.3316.99-44.5398.022.01-41.2395.151.55-41.0698.720.090.00.028.28-34.4032.0411.68-5.443.90139.55-42.256.10-31.31133.2511.46-1.55-4.74
18Q1 (12)0.50150.0525.019.2315.984.856.7520.54-11.0736.84154.07401.2230.63177.19481.213.42134.25410.452.63139.09415.690.09-10.00.043.11116.63028.69-13.24-30.4118.33-52.52-81.9981.6733.012386.8511.642.56-13.84
17Q4 (11)0.2033.33120.8316.58-19.9528.425.60-37.43139.3814.5021.85142.811.0525.71134.811.4630.36123.71.1029.41125.290.1011.11-28.5719.9013.84033.07-9.89-19.0538.60-48.35-8.0561.40153.995.8211.3518.6-46.64
17Q3 (10)0.157.147.1420.70-7.8872.58.955.54280.8511.905.8769.038.792.4548.231.128.7415.460.858.9721.430.090.0-18.1817.48012.9936.708.36-10.0574.73-1.61124.1824.180.52-63.749.57-20.45-27.5
17Q2 (9)0.1475.0600.022.4722.5259.148.4811.73113.611.2452.93205.438.5862.81741.181.0353.73472.220.7852.94358.820.090.0-25.00.000-100.033.87-17.85-28.875.95-25.38-29.2324.05773.42428.6912.03-10.9514.79
17Q1 (8)0.08108.33018.34573.907.59153.3807.35121.6905.27116.600.67110.8800.51111.7200.09-35.7100.000041.230.930101.79142.490-3.57-106.16013.51-36.480
16Q4 (7)-0.96-785.710-3.87-132.250-14.22-705.110-33.88-581.250-31.74-635.240-6.16-735.050-4.35-721.4300.1427.2700.00-100.0040.850.12041.9825.93058.02-12.96021.2761.140
16Q3 (6)0.14600.0012.00-15.0102.35-40.8107.0491.305.93481.3700.97438.8900.70311.7600.11-8.33015.4741.28040.80-14.23033.33-68.94066.671011.11013.2025.950
16Q2 (5)0.020014.12003.97003.68001.02000.18000.17000.120010.950047.5700107.3200-7.320010.4800
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
2019 (10)0.93-9.7121.404.79.8312.095.58-8.8612.86-27.19.74-28.496.80-3.275.28-0.560.5134.2119.21-20.9135.28-8.1776.3553.4923.65-52.940.02-1.1810.45-1.23
2018 (9)1.0377.5920.445.148.7715.096.1316.0117.6456.3813.6261.187.0366.195.3165.940.382.724.2943.1338.4216.1849.74-26.1550.2655.350.02010.58-8.79
2017 (8)0.58019.44128.717.6205.28-0.211.2808.4504.2303.2000.37-22.9216.972551.5633.07-19.0567.35132.2232.35-54.430.00011.60-21.25
2016 (7)-0.6908.50-36.71-1.5305.29-13.96-5.310-5.960-4.180-2.6900.48-23.810.64-94.3640.85-23.0129.00-70.1671.002800.680.00014.7341.36
2015 (6)0.45800.013.43-3.384.44-5.536.1529.174.56171.433.17466.073.14406.452.22252.380.63-3.0811.3459.7253.06-14.6497.20-65.152.4500.00010.4211.21
2014 (5)0.0525.013.9079.354.7004.76-8.961.681580.00.567.690.6210.710.636.780.654.847.1017.7462.16-15.36278.950-179.8200.0009.37-7.41
2013 (4)0.0407.750-1.8005.2300.1000.5200.5600.5900.6206.03073.440-1700.0001785.7100.00010.120

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