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)2.83-12.925.60.4714.632.1732.1514.86-5.36192.54-12.83-3.5125.631.3434.97199.06-10.97-7.2
24Q3 (19)3.2519.9343.810.4120.5913.8927.99-16.5-30.46220.89-16.42-13.7225.290.3226.51223.58-17.99-19.07
24Q2 (18)2.71-1.0956.650.340.047.8333.520.9-36.42264.30-1.29-32.6625.21-2.93-2.55272.61-0.87-34.99
24Q1 (17)2.742.2456.570.34-26.0936.033.22-2.21-36.25267.7534.18-26.6425.9736.76-8.97274.9928.19-29.23
23Q4 (16)2.6818.5867.50.4627.7853.3333.97-15.6-40.23199.54-22.06-34.1118.99-5.0-38.32214.51-22.35-34.78
23Q3 (15)2.2630.6432.940.3656.52-5.2640.25-23.65-24.81256.01-34.787.1419.99-22.73-27.04276.27-34.124.22
23Q2 (14)1.73-1.1419.310.23-8.0-32.3552.721.17-15.92392.517.5545.0925.87-9.32-23.62419.357.9240.08
23Q1 (13)1.759.3718.240.25-16.67-34.2152.11-8.31-15.03364.9720.5151.5328.53-7.34-17.76388.5618.1445.26
22Q4 (12)1.60-5.88-6.430.30-21.05-33.3356.836.166.68302.8626.7449.4230.7912.37-5.87328.9024.0747.32
22Q3 (11)1.7017.24-5.560.3811.76-5.053.53-14.635.92238.96-11.674.327.40-19.1-22.27265.09-11.458.47
22Q2 (10)1.45-2.03-23.280.34-10.53-2.8662.702.2329.98270.5312.323.8533.87-2.36-0.18299.3711.918.94
22Q1 (9)1.48-13.45-13.950.38-15.565.5661.3315.1316.0240.8618.83-3.4234.696.059.57267.5019.82-1.15
21Q4 (8)1.71-5.0-16.180.4512.5-13.4653.275.419.47202.69-11.5314.7232.71-7.2161.05223.26-8.6511.1
21Q3 (7)1.80-4.76-12.20.4014.2933.3350.544.7714.11229.11-12.05-24.6835.253.8947.98244.39-11.07-24.72
21Q2 (6)1.899.8829.450.35-2.7845.8348.24-8.76-22.46260.504.45-32.6733.937.170.27274.811.56-33.82
21Q1 (5)1.72-15.69-7.030.36-30.772.8652.8718.577.33249.3941.15-4.4431.6655.88-7.26270.6034.65-1.99
20Q4 (4)2.04-0.490.00.5273.330.044.590.680.0176.68-41.920.020.31-14.740.0200.96-38.10.0
20Q3 (3)2.0540.410.00.3025.00.044.29-28.810.0304.19-21.380.023.82-29.610.0324.66-21.820.0
20Q2 (2)1.46-21.080.00.24-31.430.062.2126.290.0386.9048.250.033.84-0.880.0415.2750.410.0
20Q1 (1)1.850.00.00.350.00.049.260.00.0260.970.00.034.140.00.0276.090.00.0
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)8.8812.121.5615.5641.08-10.81234.50-13.127.576.57248.02-14.49
2023 (9)7.9227.951.35-1.4646.06-21.88269.851.0925.87-20.35290.04-1.15
2022 (8)6.192.311.37-12.1858.96-2.21266.9314.032.48-3.79293.4112.56
2021 (7)6.052.21.568.3360.29-2.16234.15-7.6133.76-2.9260.68-7.0
2020 (6)5.92-22.311.44-11.1161.6228.7253.4412.2434.77-6.41280.2918.5
2019 (5)7.623.811.62-10.047.88-3.74225.8111.5237.15-9.74236.5412.07
2018 (4)7.346.531.80-2.1749.74-6.12202.491.941.161.91211.06-0.12
2017 (3)6.89-13.331.84-3.1652.9815.32198.723.1940.3913.23211.314.18
2016 (2)7.95-3.41.902.745.943.63192.57-2.5935.671.28202.83-1.92
2015 (1)8.23-11.411.85-3.6544.3312.83197.693.9735.22-1.98206.806.87

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