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)1.349.842.290.676.356.3567.96-8.72-2.33136.82-5.04-4.5681.29-7.35-4.18123.49-5.59-3.59
24Q3 (19)1.22-3.17-8.960.63-5.97-7.3574.452.839.57144.085.967.7187.745.0311.3130.804.786.44
24Q2 (18)1.26-8.7-10.00.670.03.0872.409.4511.15135.970.74-2.5483.544.226.81124.833.2-1.27
24Q1 (17)1.385.34-0.720.676.358.0666.15-4.930.9134.97-5.85-8.7380.16-5.527.08120.96-5.57-12.72
23Q4 (16)1.31-2.24-7.750.63-7.356.7869.582.48.28143.367.17-7.2184.847.6210.71128.094.23-9.88
23Q3 (15)1.34-4.293.080.684.6213.3367.954.31-3.12133.77-4.11-11.8978.830.79-4.46122.89-2.81-11.88
23Q2 (14)1.400.72-0.710.654.84-4.4165.14-0.640.68139.51-5.664.7978.214.484.02126.44-8.773.1
23Q1 (13)1.39-2.11-6.710.625.08-4.6265.562.027.02147.88-4.285.6374.86-2.31-4.79138.59-2.4913.01
22Q4 (12)1.429.23-8.390.59-1.67-7.8164.26-8.389.14154.501.778.5876.63-7.13-10.65142.131.9123.15
22Q3 (11)1.30-7.8-11.560.60-11.76-10.4570.148.4113.15151.8214.0411.4482.519.74-7.5139.4613.7127.9
22Q2 (10)1.41-5.37-1.40.684.62-6.8564.705.621.47133.13-4.916.1375.19-4.37-14.38122.640.0120.97
22Q1 (9)1.49-3.874.930.651.56-8.4561.264.04-4.24140.00-1.619.3678.63-8.31-16.25122.636.2625.02
21Q4 (8)1.555.442.650.64-4.48-11.1158.88-5.02-2.42142.294.4412.0785.76-3.86-0.16115.415.8413.83
21Q3 (7)1.472.8-3.290.67-8.22-4.2961.99-2.783.84136.248.615.2189.201.5723.05109.047.56-6.56
21Q2 (6)1.430.732.410.732.8240.3863.76-0.33-24.28125.44-2.02-28.1887.82-6.47-12.07101.383.35-36.23
21Q1 (5)1.42-5.9610.080.71-1.399.2363.976.02-9.11128.020.83-8.2693.899.38.4998.09-3.25-20.5
20Q4 (4)1.51-0.660.00.722.860.060.341.070.0126.96-1.950.085.9018.50.0101.39-13.120.0
20Q3 (3)1.5240.740.00.7034.620.059.70-29.10.0129.49-25.860.072.49-27.420.0116.70-26.590.0
20Q2 (2)1.08-16.280.00.52-20.00.084.2019.640.0174.6525.150.099.8815.410.0158.9728.840.0
20Q1 (1)1.290.00.00.650.00.070.380.00.0139.550.00.086.540.00.0123.390.00.0
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)5.41-2.872.655.5867.432.88137.75-5.1681.996.59123.19-7.98
2023 (9)5.57-9.582.51-3.4665.5410.67145.253.4376.924.72133.876.08
2022 (8)6.16-0.962.60-4.4159.220.94140.434.7173.45-15.38126.2019.08
2021 (7)6.2218.482.726.2558.67-15.61134.11-6.0186.80-9.92105.98-8.51
2020 (6)5.25-12.652.56-11.7269.5214.44142.6813.4796.3615.57115.8412.35
2019 (5)6.01-2.442.90-1.6960.752.55125.741.6983.38-7.11103.1110.72
2018 (4)6.16-2.072.95-1.3459.242.05123.651.389.761.2693.131.81
2017 (3)6.29-0.632.994.9158.050.69122.06-4.5788.641.1591.47-6.59
2016 (2)6.332.12.851.7957.65-2.14127.90-1.9587.63-1.7497.92-2.26
2015 (1)6.2059.382.80-23.7158.91-37.16130.4531.1789.18-19.94100.1822.44

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