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)76.78-47.24360.310.16-30.430.01.1988.89-78.21574.2442.022.121.057.14-36.36574.3742.171.46
24Q3 (19)145.5256.522166.670.23109.0976.920.63-35.71-95.55404.35-49.48-41.570.98-55.45-34.67404.00-49.44-42.67
24Q2 (18)92.97-54.89800.870.11-54.17-50.00.98122.73-88.89800.31114.6691.792.20111.54144.44799.09114.6887.93
24Q1 (17)206.091135.552080.850.2450.050.00.44-91.94-95.43372.82-33.7-32.781.04-36.97-22.39372.23-34.25-33.88
23Q4 (16)16.68159.81133.940.1623.0877.785.46-61.47-57.21562.32-18.75-47.171.6510.0-14.95566.13-19.67-47.35
23Q3 (15)6.42-37.79-18.730.13-40.91-43.4814.1760.6623.11692.0565.8572.681.5066.67127.27704.7265.7471.21
23Q2 (14)10.329.21-12.320.2237.583.338.82-8.4114.1417.28-24.77-44.80.90-32.84-8.16425.20-24.47-44.25
23Q1 (13)9.4532.54-43.820.1677.7833.339.63-24.5378.0554.64-47.89-28.871.34-30.9316.52562.93-47.65-28.2
22Q4 (12)7.13-9.75-50.90.09-60.87-43.7512.7610.86103.511064.45165.6182.151.94193.94165.751075.27161.2482.28
22Q3 (11)7.90-32.88-32.010.2391.6735.2911.5148.947.0400.76-46.99-23.170.66-32.6534.69411.61-46.03-22.19
22Q2 (10)11.77-30.02-35.650.120.020.07.7342.8855.22755.96-3.06-15.410.98-14.78-2.97762.71-2.72-15.03
22Q1 (9)16.8215.84-55.00.12-25.0140.05.41-13.72122.63779.7933.44-54.951.1557.53-62.78784.0532.91-54.68
21Q4 (8)14.5224.96-57.970.16-5.88100.06.27-19.92138.4584.3712.03-47.440.7348.98-74.83589.9011.52-46.93
21Q3 (7)11.62-36.47-68.450.1770.06.257.8357.23217.0521.63-41.63-5.640.49-51.49-58.12528.97-41.07-4.53
21Q2 (6)18.29-51.07-98.820.10100.0-44.444.98104.948200.0893.70-48.3776.331.01-67.31-12.93897.67-48.1277.5
21Q1 (5)37.388.19-97.260.05-37.5-70.592.43-7.63371.431730.8155.68221.313.096.5599.351730.1655.66222.08
20Q4 (4)34.55-6.190.00.08-50.00.02.636.480.01111.77101.120.02.90147.860.01111.50100.60.0
20Q3 (3)36.83-97.630.00.16-11.110.02.474016.670.0552.799.070.01.170.860.0554.099.560.0
20Q2 (2)1554.8313.910.00.185.880.00.06-14.290.0506.83-5.910.01.16-25.160.0505.74-5.850.0
20Q1 (1)1364.950.00.00.170.00.00.070.00.0538.680.00.01.550.00.0537.190.00.0
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)0.0000.7412.120.000493.76-10.560.91-17.27492.85-12.36
2023 (9)31.9119.470.6622.2211.44-16.31552.03-18.221.10-4.35562.36-18.2
2022 (8)26.71-62.120.5410.213.67163.9674.99-9.811.15-26.28687.51-8.57
2021 (7)70.5200.49-19.675.180748.3725.591.563.31751.9926.52
2020 (6)0.0000.61-28.240.000595.8638.01.51-14.2594.3535.17
2019 (5)37.60104.570.85-31.459.71-51.08431.7846.711.767.98439.7240.69
2018 (4)18.3835.551.2415.8919.85-26.24294.31-14.01.63-1.21312.54-14.95
2017 (3)13.56-33.761.0722.9926.9150.93342.22-18.661.65-15.82367.49-15.83
2016 (2)20.47-5.230.870.017.835.5420.75-0.271.96-10.91436.620.0
2015 (1)21.60-1.910.87-20.9116.901.93421.8927.62.2029.41436.6026.36

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