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)1.6417.1413.890.8115.7128.5755.36-15.04-12.67112.83-13.36-22.4129.92-12.0-10.04138.27-14.33-21.24
24Q3 (19)1.40-8.5-3.450.70-6.674.4865.169.883.69130.237.73-3.7834.0013.1112.77161.397.5-3.95
24Q2 (18)1.533.38-15.470.7517.195.6359.30-3.7717.92120.89-15.22-6.3230.06-6.5-2.34150.13-12.751.06
24Q1 (17)1.482.78-0.670.641.5910.3461.62-2.791.1142.60-1.94-8.7232.15-3.34-21.57172.07-1.98-2.33
23Q4 (16)1.44-0.695.880.63-5.97-3.0863.390.88-5.2145.427.454.5933.2610.32-13.59175.554.484.86
23Q3 (15)1.45-19.89-12.120.67-5.63-15.1962.8424.9614.15135.344.8717.9830.15-2.05-4.83168.0313.1121.68
23Q2 (14)1.8121.481.690.7122.41-1.3950.29-17.49-1.55129.05-17.392.0830.78-24.91-8.58148.56-15.683.29
23Q1 (13)1.499.56-7.450.58-10.77-10.7760.95-8.857.95156.2212.3611.0140.996.5-0.7176.185.2313.0
22Q4 (12)1.36-17.58-15.00.65-17.72-9.7266.8721.4717.52139.0421.2110.5638.4921.5-2.93167.4221.2417.08
22Q3 (11)1.65-7.3-17.50.799.72-7.0655.057.7721.15114.71-9.267.331.68-5.91-6.77138.09-3.9916.66
22Q2 (10)1.7810.562.890.7210.770.051.08-9.53-2.76126.42-10.170.0733.67-18.44-10.38143.83-7.751.8
22Q1 (9)1.610.635.920.65-9.72-9.7256.46-0.77-5.51140.7311.911.841.284.1117.51155.919.033.59
21Q4 (8)1.60-20.0-8.050.72-15.29-8.8656.9025.228.88125.7617.639.239.6516.6931.6143.0020.814.16
21Q3 (7)2.0015.61-0.50.8518.0611.8445.44-13.50.24106.91-15.37-10.8433.98-9.5622.45118.37-16.22-13.91
21Q2 (6)1.7313.8214.570.720.014.2952.53-12.08-12.94126.330.36-13.0137.576.958.18141.29-6.12-17.29
21Q1 (5)1.52-12.64-5.00.72-8.864.3559.7514.335.19125.889.31-4.6135.1316.590.26150.509.62-2.1
20Q4 (4)1.74-13.430.00.793.950.052.2615.290.0115.16-3.960.030.138.580.0137.29-0.150.0
20Q3 (3)2.0133.110.00.7620.630.045.33-24.880.0119.91-17.430.027.75-20.10.0137.49-19.520.0
20Q2 (2)1.51-5.630.00.63-8.70.060.346.230.0145.2210.040.034.73-0.880.0170.8311.120.0
20Q1 (1)1.600.00.00.690.00.056.800.00.0131.970.00.035.040.00.0153.730.00.0
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)5.47-3.872.9513.0366.693.99123.76-11.3628.07-10.03162.38-5.89
2023 (9)5.69-8.672.61-9.0664.139.51139.629.9531.20-9.49172.5514.21
2022 (8)6.239.682.87-2.7158.56-8.94126.992.7134.47-1.96151.08-1.12
2021 (7)5.68-1.052.95-1.6764.311.18123.641.4935.1610.6152.79-0.52
2020 (6)5.741.593.00-6.5463.56-1.66121.827.0931.79-4.51153.595.85
2019 (5)5.65-2.083.21-3.0264.632.15113.763.0333.29-10.41145.106.28
2018 (4)5.77-9.563.314.0963.2710.67110.41-3.9437.16-5.64136.522.86
2017 (3)6.38-2.63.18-2.4557.172.58114.942.8239.388.07132.731.26
2016 (2)6.5511.023.260.3155.73-9.85111.79-0.4136.44-2.31131.08-4.16
2015 (1)5.90-2.83.25-8.1961.822.86112.258.9837.3012.59136.775.24

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