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
24Q3 (20)1.517.864.141.4451.5813.3960.44-7.16-3.9663.16-34.08-12.0372.42-21.634.8751.19-25.28-22.05
24Q2 (19)1.40-11.393.70.951.0613.165.1013.2-3.3695.82-1.05-11.4792.415.0610.0568.513.19-25.24
24Q1 (18)1.5869.893.950.9416.053.357.51-41.29-4.1396.84-14.16-3.5787.96-24.5122.6366.39-29.56-25.14
23Q4 (17)0.93-35.86-2.110.81-36.228.097.9655.672.13112.8257.13-7.4116.5268.7226.0294.2543.52-24.77
23Q3 (16)1.457.41-2.681.2751.196.7262.93-6.582.9171.80-33.67-6.2369.06-17.7616.365.67-28.34-16.17
23Q2 (15)1.35-11.184.650.84-7.695.067.3612.29-4.18108.247.78-5.0883.9717.060.6891.643.33-9.2
23Q1 (14)1.5260.00.00.9121.33-3.1959.99-37.460.23100.43-17.573.6371.73-22.42-6.1288.69-29.2110.39
22Q4 (13)0.95-36.24-1.040.75-36.97-19.3595.9256.860.75121.8459.1224.3392.4655.71-12.11125.2959.9342.36
22Q3 (12)1.4915.511.191.1948.75-17.3661.15-13.02-9.9576.57-32.8520.8159.38-28.8-28.0778.34-22.3860.73
22Q2 (11)1.29-15.13-1.530.80-14.89-24.5370.3017.461.21114.0317.6732.9883.409.15-17.84100.9325.6387.95
22Q1 (10)1.5258.33-1.940.941.08-11.3259.85-37.142.2496.91-1.1112.8476.41-27.37-19.9880.34-8.7164.19
21Q4 (9)0.96-28.3614.290.93-35.424.4995.2140.2-12.0598.0054.62-4.08105.2027.44-20.5188.0180.5712.7
21Q3 (8)1.342.29-11.841.4435.85-16.2867.91-2.2313.2263.38-26.0919.8882.55-18.6813.6148.74-9.2421.3
21Q2 (7)1.31-15.488.261.060.00.069.4618.65-7.985.75-0.150.21101.516.3-9.6653.709.7510.45
21Q1 (6)1.5584.521.311.0619.1-22.6358.54-45.93-1.2885.88-15.9429.3895.49-27.8513.9148.93-37.3416.92
20Q4 (5)0.84-44.74-5.620.89-48.26-11.0108.2680.495.68102.1793.2512.72132.3582.1510.7378.0994.356.17
20Q3 (4)1.5225.620.01.7262.260.059.98-20.470.052.87-38.210.072.66-35.340.040.18-17.360.0
20Q2 (3)1.21-20.920.01.06-22.630.075.4227.180.085.5728.910.0112.3734.050.048.6216.180.0
20Q1 (2)1.5371.910.01.3737.00.059.30-42.110.066.38-26.770.083.83-29.870.041.85-43.10.0
19Q4 (1)0.890.00.01.000.00.0102.440.00.090.640.00.0119.530.00.073.550.00.0
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
2023 (10)6.950.873.75-1.3252.51-0.8997.251.2774.247.1975.52-5.32
2022 (9)6.89-8.133.80-9.7452.988.8396.0310.6769.26-14.6279.7646.81
2021 (8)7.50-1.324.21-6.4448.681.4286.776.981.12-8.6654.3334.61
2020 (7)7.604.254.50-5.2648.00-4.1381.175.5488.810.0340.365.68
2019 (6)7.29-2.544.753.2650.072.5676.91-3.1288.7812.5838.19-22.61
2018 (5)7.485.354.60-3.1648.82-5.0479.393.3378.8627.6149.35-25.71
2017 (4)7.101.874.750.4251.41-1.8776.83-0.4561.806.9666.43-7.47
2016 (3)6.97-4.784.7316.552.395.0177.18-14.0857.7812.8171.79-18.89
2015 (2)7.3210.414.0617.3449.89-9.4289.83-14.7951.2210.4688.51-22.45
2014 (1)6.63-1.493.46-25.1155.081.62105.4233.4146.3723.98114.1319.11

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