玩股撇步(動畫小學堂)  

  • 收帳和銷貨天數如果一直上升, 就要當心了!
  • 存貨在不同時期有不同的意義, 像是滯銷, 或是因為報價回升而屯貨, 或是積極備料, 這都需要去看存貨細項和判斷當時的情況來分辨
  • 當存貨增加時, 還需要注意增加的是不是商品或製成品. 如果是在製品或原物料, 反而有可能是供給不順沒法變製成品又或者是需求旺盛(短期營收趨勢向上)
  • 處在景氣下行的公司當存貨細項-原料和在製品的回升可能代表訂單開始回溫了
  • 當記憶體模組廠, 像是威剛、十銓存貨增加時, 有可能是在增加低價庫存, 代表著景氣循環來到相對低點, 也許就是建立部位的好時機
  • 當存貨提列減損損失,虧損認列在該年度,但是存貨價格回升後,之後年度也會直接回沖增加EPS,這種情況很容易在記憶體模組廠見到
  • 存貨一直增加,但是存貨銷售比沒什麼改變,可以推測是公司因為銷售良好而準備的存貨
  • 當淨營業週期(日)接近於0, 代表公司好像在做無本生意
平均收帳天數和平均銷貨天數-近20季
存貨銷售比
近3年股價
應收帳款周轉率 QoQ YoY存貨周轉率 QoQ YoY平均收帳天數 QoQ YoY平圴銷貨天數 QoQ YoY應付帳款付現天數 QoQ YoY淨營業週期(日) QoQ YoY
24Q4 (20)1.67-0.66.372.420.02.5454.640.74-5.4737.63-0.05-2.5655.790.527.2536.480.25-17.84
24Q3 (19)1.68-7.181.22.42-3.25.2254.248.18-1.237.653.35-4.8855.508.278.6736.393.06-16.17
24Q2 (18)1.8126.572.842.5017.927.350.14-21.08-3.1736.43-15.32-6.851.26-10.995.0435.31-27.88-16.07
24Q1 (17)1.43-8.920.02.12-10.172.9163.539.91-0.1443.0211.39-2.6957.5910.713.8648.9610.27-6.53
23Q4 (16)1.57-5.42-12.292.362.61-5.657.805.2813.7338.62-2.435.9552.021.8625.244.402.28-2.89
23Q3 (15)1.66-5.680.02.30-1.299.5254.906.030.3339.581.25-8.851.074.659.1543.413.19-15.43
23Q2 (14)1.7623.08-4.352.3313.111.351.78-18.614.6739.09-11.58-1.2148.80-11.998.8842.07-19.68-4.86
23Q1 (13)1.43-20.11-2.722.06-17.63.5263.6225.193.0144.2121.29-3.1155.4533.45-5.5452.3814.577.58
22Q4 (12)1.797.83-2.192.5019.05-6.3750.82-7.132.3236.45-16.016.8641.55-11.2-11.1645.72-10.9323.57
22Q3 (11)1.66-9.7811.412.10-8.7-19.5454.7210.61-10.4743.409.6824.5746.794.41.0651.3316.083.38
22Q2 (10)1.8425.1721.052.3015.58-13.2149.47-19.9-17.2139.57-13.2815.1644.82-23.65-1.3444.22-9.18-9.16
22Q1 (9)1.47-19.6726.721.99-25.47-11.5661.7624.34-20.9745.6333.7713.058.7025.515.6348.6931.59-22.68
21Q4 (8)1.8322.8222.02.672.312.1849.67-18.73-18.2434.11-2.1-10.8746.771.02-9.0837.00-25.48-22.24
21Q3 (7)1.49-1.977.192.61-1.5128.5761.122.29-6.4634.841.4-22.1546.301.92-17.2849.651.99-8.28
21Q2 (6)1.5231.0325.622.6517.7851.4359.75-23.54-20.4634.36-14.91-33.8645.43-18.25-36.048.68-22.69-13.21
21Q1 (5)1.16-22.6778.462.25-5.4671.7678.1528.64-44.3240.385.51-41.7655.578.03-49.9762.9732.35-36.14
20Q4 (4)1.507.910.02.3817.240.060.75-7.020.038.27-14.480.051.44-8.090.047.58-12.10.0
20Q3 (3)1.3914.880.02.0316.00.065.34-13.020.044.75-13.860.055.97-21.150.054.13-3.490.0
20Q2 (2)1.2186.150.01.7533.590.075.12-46.480.051.95-25.070.070.98-36.090.056.09-43.120.0
20Q1 (1)0.650.00.01.310.00.0140.350.00.069.330.00.0111.070.00.098.610.00.0
平均收帳天數和平均銷貨天數-近10年
應收帳款周轉率 YoY存貨周轉率 YoY平均收帳天數 YoY平圴銷貨天數 YoY應付帳款付現天數 YoY淨營業週期(日) YoY
2024 (10)6.302.619.395.9857.94-2.5238.89-5.5855.043.7541.80-12.15
2023 (9)6.14-4.218.86-2.4259.444.4341.192.4653.05-0.8647.589.1
2022 (8)6.415.69.08-4.0256.92-5.3240.204.1553.51-3.243.610.39
2021 (7)6.0746.979.4620.260.12-31.9138.60-16.7755.28-25.7343.44-27.88
2020 (6)4.13-1.677.87-0.2588.291.5146.380.2474.4329.860.23-20.67
2019 (5)4.201.697.890.2586.98-1.4846.27-0.1957.3427.0875.92-15.2
2018 (4)4.13-2.827.87-10.7788.292.8346.3612.0645.12-1.8189.5310.15
2017 (3)4.2510.398.8220.085.86-9.4741.37-16.6445.95-16.4781.28-9.14
2016 (2)3.858.457.353.8194.84-7.6549.63-3.7655.01-3.389.46-8.12
2015 (1)3.55-14.047.08-8.05102.7016.251.578.8256.8914.7997.3712.95

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