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
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)2.308.4921.050.49-7.55-14.0439.60-7.63-17.29185.628.7416.9148.578.29-15.04176.654.6918.17
24Q3 (19)2.120.9535.90.53-3.64-8.6242.87-0.99-26.72170.703.798.0844.850.02-33.18168.733.5612.99
24Q2 (18)2.10-8.728.050.55-5.17-16.6743.309.21-21.95164.465.4619.4344.84-1.52-42.67162.938.5841.72
24Q1 (17)2.3021.0536.090.581.75-18.3139.65-17.19-26.23155.94-1.7821.2245.53-20.36-45.73150.060.3852.35
23Q4 (16)1.9021.797.950.57-1.72-36.6747.88-18.15-7.46158.770.5357.0357.17-14.82-8.31149.490.1165.2
23Q3 (15)1.56-4.8851.460.58-12.12-3.3358.505.44-33.92157.9414.74.2367.12-14.18-34.89149.3329.899.02
23Q2 (14)1.64-2.9650.460.66-7.04-7.0455.483.22-33.82137.707.046.6978.21-6.77-13.27114.9716.72-6.32
23Q1 (13)1.69-3.98106.10.71-21.1114.5253.753.88-51.79128.6427.23-12.9783.8934.55-29.8998.508.85-29.45
22Q4 (12)1.7670.8746.670.9050.0-10.8951.74-41.56-31.98101.11-33.2712.4262.35-39.52-20.9390.49-33.933.82
22Q3 (11)1.03-5.537.330.60-15.49-4.7688.535.61-26.76151.5317.414.8103.0914.32-22.7136.9711.613.69
22Q2 (10)1.0932.9319.780.7114.52-10.1383.83-24.8-16.03129.06-12.6912.1890.18-24.64-20.92122.72-12.121.69
22Q1 (9)0.82-31.6722.390.62-38.610.0111.4846.55-17.93147.8164.341.09119.6651.76-18.84139.6260.193.72
21Q4 (8)1.2060.053.851.0160.3220.2476.07-37.06-34.789.94-37.8-16.9278.85-40.87-31.2387.16-34.01-20.84
21Q3 (7)0.75-17.58-13.790.63-20.25-27.59120.8721.0815.31144.5925.6838.47133.3616.9530.03132.0930.9823.83
21Q2 (6)0.9135.8249.180.7927.4219.799.83-26.51-32.77115.05-21.31-17.12114.03-22.66-16.28100.85-25.08-33.26
21Q1 (5)0.67-14.1-10.670.62-26.19-22.5135.8416.611.24146.2135.0529.32147.4428.612.81134.6122.2528.84
20Q4 (4)0.78-10.340.00.84-3.450.0116.5011.140.0108.263.680.0114.6511.790.0110.113.220.0
20Q3 (3)0.8742.620.00.8731.820.0104.82-29.410.0104.42-24.780.0102.56-24.70.0106.67-29.410.0
20Q2 (2)0.61-18.670.00.66-17.50.0148.4921.60.0138.8222.780.0136.204.210.0151.1144.630.0
20Q1 (1)0.750.00.00.800.00.0122.110.00.0113.060.00.0130.700.00.0104.480.00.0
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)8.9633.932.05-19.9240.73-25.35178.2724.850.71-21.73168.2826.9
2023 (9)6.6991.692.567.1154.56-47.78142.84-6.6364.79-43.63132.61-6.95
2022 (8)3.495.762.39-26.91104.48-5.53152.9836.94114.942.17142.5229.79
2021 (7)3.3021.323.279.0110.60-17.69111.71-8.23112.50-20.09109.81-4.77
2020 (6)2.720.373.00-32.43134.37-0.12121.7348.11140.7911.38115.3127.67
2019 (5)2.71-26.564.44-34.32134.5335.9682.1952.18126.4034.6890.3252.8
2018 (4)3.6938.726.7615.7598.95-27.7654.01-13.5493.85-13.3359.11-35.16
2017 (3)2.66-25.285.84-21.4136.9833.762.4727.07108.2931.291.1632.0
2016 (2)3.562.897.4338.88102.45-2.7749.16-27.9782.54-3.5269.06-21.59
2015 (1)3.469.495.3527.08105.37-8.7968.25-21.2685.55-2.9288.07-22.81

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