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
24Q2 (20)0.8936.92-8.250.2215.79-33.33101.98-26.779.15406.50-15.2548.17117.52-17.7224.7390.96-17.8742.93
24Q1 (19)0.65-21.69-5.80.19-36.67-36.67139.2627.475.1479.6357.3659.91142.8346.5438.55476.0550.3744.54
23Q4 (18)0.83-17.018.570.30-11.76-6.25109.2520.61-15.73304.8014.087.3697.472.2-15.21316.5820.656.02
23Q3 (17)1.003.09-15.250.343.03-33.3390.58-3.0517.62267.18-2.6148.3395.371.228.43262.40-4.0743.49
23Q2 (16)0.9740.58-1.020.3310.00.093.43-29.490.23274.35-8.53-0.5294.24-8.58-14.07273.53-16.955.47
23Q1 (15)0.69-1.43-14.810.30-6.25-6.25132.502.217.57299.945.655.24103.09-10.33-22.08329.3510.324.1
22Q4 (14)0.70-40.68-40.680.32-37.25-34.69129.6568.3567.7283.9157.6253.77114.9654.8114.35298.6063.2984.99
22Q3 (13)1.1820.4111.320.5154.554.0877.01-17.39-10.63180.12-34.69-2.374.26-32.29-28.48182.87-29.499.7
22Q2 (12)0.9820.99-2.00.333.13-38.8993.22-17.282.84275.79-3.2363.68109.67-17.1125.32259.34-2.2851.1
22Q1 (11)0.81-31.36-2.410.32-34.69-34.69112.7045.782.48285.0154.3752.81132.3031.658.56265.4064.4324.58
21Q4 (10)1.1811.3237.210.490.0-3.9277.31-10.28-27.1184.630.154.38100.53-3.1839.32161.41-3.17-23.42
21Q3 (9)1.066.037.660.49-9.2611.3686.17-4.94-27.12184.369.42-10.05103.8318.6534.41166.70-2.87-32.22
21Q2 (8)1.0020.488.70.5410.222.7390.65-17.57-7.9168.49-9.66-18.4187.514.8827.34171.63-19.43-27.34
21Q1 (7)0.83-3.4922.060.49-3.9263.33109.973.7-17.93186.515.44-37.7283.4415.63-5.9213.031.07-38.22
20Q4 (6)0.8611.69-4.440.5115.9134.21106.05-10.34.33176.88-13.7-26.3472.16-6.5911.08210.77-14.3-23.86
20Q3 (5)0.77-16.3-22.220.440.025.71118.2320.1228.29204.96-0.75-20.5677.2512.4113.89245.954.12-12.89
20Q2 (4)0.9235.290.00.4446.670.098.43-26.540.0206.50-31.050.068.72-22.50.0236.21-31.490.0
20Q1 (3)0.68-24.440.00.30-21.050.0133.9931.820.0299.4824.710.088.6736.50.0344.8024.550.0
19Q4 (2)0.90-9.090.00.388.570.0101.6510.30.0240.14-6.930.064.96-4.230.0276.83-1.950.0
19Q3 (1)0.990.00.00.350.00.092.160.00.0258.020.00.067.830.00.0282.340.00.0
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
2023 (10)3.30-11.291.31-14.94110.4512.45278.4517.5893.39-11.76295.5128.94
2022 (9)3.72-10.581.54-24.5198.2212.05236.8232.23105.8424.09229.1926.3
2021 (8)4.1623.082.0418.687.66-18.9179.10-15.7885.2917.09181.46-26.8
2020 (7)3.3817.361.7222.86108.09-14.59212.65-18.3272.84-25.79247.90-14.15
2019 (6)2.88-12.21.40-26.7126.5513.62260.3536.3998.156.73288.7537.3
2018 (5)3.285.471.914.95111.38-5.18190.89-4.6591.96-10.05210.31-2.37
2017 (4)3.1119.161.8213.75117.46-15.99200.19-12.15102.235.1215.42-20.34
2016 (3)2.615.241.60-6.43139.82-5.03227.896.6297.278.33270.43-0.28
2015 (2)2.48-20.771.71-9.52147.2326.31213.7510.8789.795.61271.1820.87
2014 (1)3.138.681.8914.55116.56-8.0192.80-12.8685.02-3.16224.35-13.76

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