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)1.7518.24-0.571.05-5.41-18.651.88-15.530.1586.515.2623.0930.372.5722.56108.01-5.2511.0
24Q3 (19)1.48-9.2-22.511.11-9.020.9161.4210.1928.6382.1910.63-0.7129.6124.7846.22114.007.233.36
24Q2 (18)1.631.24-18.091.229.9129.7955.74-1.6422.1374.29-9.52-23.3923.73-11.5920.89106.31-5.03-13.55
24Q1 (17)1.61-8.52-20.31.11-13.9519.3556.679.426.0282.1116.83-16.3726.848.3121.67111.9415.03-7.56
23Q4 (16)1.76-7.85-14.981.2917.2743.3351.808.4817.9170.28-15.1-30.2624.7822.377.2797.31-11.77-19.98
23Q3 (15)1.91-4.02-13.961.1017.0223.647.754.6216.7582.78-14.63-18.9920.253.16-10.0110.29-10.31-8.54
23Q2 (14)1.99-1.49-3.860.941.082.1745.641.493.9996.97-1.23-1.5319.63-11.02-22.66122.971.555.12
23Q1 (13)2.02-2.428.60.933.33-16.2244.972.37-7.998.18-2.5820.2722.06-4.5-23.22121.09-0.4219.03
22Q4 (12)2.07-6.760.00.901.12-29.1343.937.41-0.05100.78-1.3841.1123.102.672.44121.600.8430.99
22Q3 (11)2.227.250.910.89-3.26-23.2840.90-6.81-1.04102.193.7730.3822.50-11.353.93120.593.0922.98
22Q2 (10)2.0711.29-4.170.92-17.12-26.443.89-10.124.3598.4820.6435.2925.38-11.661.08116.9814.9930.35
22Q1 (9)1.86-10.14-2.621.11-12.6-31.0648.8311.12.6581.6314.344.3828.7327.4117.03101.739.5927.87
21Q4 (8)2.07-5.914.551.279.48-25.2943.956.34-4.4471.42-8.8833.0722.554.1614.792.83-5.3316.04
21Q3 (7)2.201.85-5.581.16-7.2-11.4541.33-1.746.0378.387.6812.4421.65-13.787.8298.069.2710.66
21Q2 (6)2.1613.0947.951.25-22.3643.6842.06-11.58-32.372.7928.74-30.225.112.28-21.4389.7412.8-33.26
21Q1 (5)1.91-3.542.141.61-5.2931.9747.573.44-2.3656.545.35-24.3224.5524.877.1179.56-0.55-20.84
20Q4 (4)1.98-15.020.01.7029.770.045.9917.980.053.67-23.010.019.66-2.090.080.00-9.720.0
20Q3 (3)2.3359.590.01.3150.570.038.98-37.260.069.71-33.160.020.08-37.170.088.61-34.10.0
20Q2 (2)1.46-21.930.00.87-28.690.062.1327.520.0104.2939.590.031.9639.440.0134.4633.780.0
20Q1 (1)1.870.00.01.220.00.048.720.00.074.710.00.022.920.00.0100.510.00.0
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)7.799.724.9013.9546.86-8.8774.56-12.225.095.7896.34-14.46
2023 (9)7.10-7.194.30-2.2751.427.7584.922.4423.72-3.66112.626.25
2022 (8)7.65-2.84.40-26.6747.722.9382.9036.3724.622.16106.0027.63
2021 (7)7.8723.746.007.7246.36-19.1660.79-7.1824.107.4983.05-17.31
2020 (6)6.36-5.075.57-4.7957.355.2965.494.8822.422.99100.435.56
2019 (5)6.702.765.85-6.2554.47-2.762.446.7721.77-23.9995.1410.86
2018 (4)6.525.166.24-6.4555.98-4.9158.486.8128.64-15.2485.827.5
2017 (3)6.20-7.886.67-0.1558.878.554.750.2433.799.9679.832.14
2016 (2)6.73-27.016.685.754.2637.0254.62-5.4530.73-2.3278.1618.59
2015 (1)9.22-18.986.3212.2639.6023.4457.77-10.9331.4619.2165.91-6.59

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