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)2.09-5.8610.582.34-8.24-2.0943.506.33-9.638.888.912.144.1010.422.0638.284.39-10.96
24Q3 (19)2.223.749.362.5512.332.4140.91-3.67-8.8135.70-10.75-2.4939.94-0.5-3.1336.67-13.37-8.89
24Q2 (18)2.145.425.422.273.652.2542.47-5.37-5.4840.00-3.8-2.4240.14-4.63-3.6542.33-4.6-4.38
24Q1 (17)2.037.415.732.19-8.370.4644.88-6.73-5.3841.589.19-0.2642.09-2.59-0.844.373.21-4.97
23Q4 (16)1.89-6.97.392.39-4.023.4648.127.27-7.0938.084.02-3.3543.214.8-6.1942.996.81-4.76
23Q3 (15)2.030.04.12.4912.16-4.9644.86-0.16-4.0636.61-10.695.2941.23-1.03-3.8740.25-9.084.17
23Q2 (14)2.035.7316.02.221.83-0.8944.93-5.27-13.5840.99-1.680.9441.66-1.81-9.4744.27-5.18-4.98
23Q1 (13)1.929.0910.342.18-5.63-2.2447.43-8.42-9.1641.695.812.2342.43-7.88-9.4946.693.431.24
22Q4 (12)1.76-9.74-1.682.31-11.83-6.4851.7910.762.0339.4013.326.8346.067.39-0.5245.1416.829.19
22Q3 (11)1.9511.430.02.6216.966.0746.76-10.06-0.0234.77-14.38-5.6742.89-6.8-3.8838.64-17.06-0.92
22Q2 (10)1.750.57-5.912.240.453.751.99-0.426.2540.61-0.42-3.5846.02-1.832.2746.591.021.17
22Q1 (9)1.74-2.790.02.23-9.720.052.212.86-0.4240.7810.57-0.0746.881.252.3446.1211.56-2.78
21Q4 (8)1.79-8.214.682.470.0-5.050.768.53-4.836.880.055.4646.303.773.741.346.0-5.25
21Q3 (7)1.954.842.632.4714.35-3.8946.77-4.41-2.3436.86-12.494.344.62-0.849.1239.00-15.31-7.89
21Q2 (6)1.866.93.332.16-3.14-0.9248.93-6.68-3.3242.123.210.7245.00-1.778.3846.05-2.93-9.56
21Q1 (5)1.741.7512.992.23-14.238.2552.43-1.67-11.4840.8116.7-7.5745.812.6-3.1747.448.73-15.39
20Q4 (4)1.71-10.00.02.601.170.053.3211.340.034.97-1.050.044.659.20.043.633.050.0
20Q3 (3)1.905.560.02.5717.890.047.89-5.370.035.34-15.490.040.89-1.520.042.34-16.850.0
20Q2 (2)1.8016.880.02.185.830.050.61-14.550.041.82-5.280.041.52-12.240.050.92-9.180.0
20Q1 (1)1.540.00.02.060.00.059.230.00.044.150.00.047.310.00.056.070.00.0
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)9.109.379.710.5240.09-8.6637.58-0.5339.39-0.1838.28-9.31
2023 (9)8.327.359.66-2.0343.89-6.8237.782.0839.46-5.1942.21-0.64
2022 (8)7.750.529.86-9.0447.10-0.5537.019.9541.62-1.0742.489.06
2021 (7)7.717.0810.841.447.36-6.5133.66-1.4642.07-2.6238.95-6.42
2020 (6)7.20-1.2310.69-3.7850.661.1634.164.0243.201.4641.623.17
2019 (5)7.296.1111.11497.3150.08-5.7432.84-83.2842.58-8.3140.34-80.13
2018 (4)6.871.331.86100.053.13-1.3196.38-49.8646.44-2.56203.07-48.96
2017 (3)6.78-2.160.930.053.832.2391.70-0.447.665.86397.87-0.76
2016 (2)6.93-8.090.93-48.952.678.87393.2896.4645.024.6400.9395.08
2015 (1)7.54-3.951.82-14.1548.384.02200.1816.1543.042.18205.5216.28

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