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)0.5732.5635.714.85-8.3213.58160.37-24.55-26.8218.779.06-12.014.30-7.26-3.05164.84-23.1-26.97
24Q3 (19)0.43-10.42-17.315.29-8.08.4212.5511.3220.6317.218.79-7.6715.429.059.44214.3511.2818.6
24Q2 (18)0.48-2.04-17.245.7525.025.55190.942.120.9515.82-20.1-20.4214.141.582.24192.63-0.1317.51
24Q1 (17)0.4916.67-19.674.607.7328.13187.01-14.6626.0519.80-7.17-21.8913.92-5.63-20.86192.89-14.5423.55
23Q4 (16)0.42-19.23-31.154.27-12.528.61219.1424.3746.721.3314.43-22.314.754.68-22.25225.7224.8942.99
23Q3 (15)0.52-10.34-17.464.886.5535.56176.2011.6121.5518.64-6.24-26.1814.091.88-18.46180.7410.2518.18
23Q2 (14)0.58-4.92-3.334.5827.5852.67157.876.414.5619.88-21.58-34.3713.83-21.38-42.66163.935.04.31
23Q1 (13)0.610.08.933.598.1324.22148.36-0.68-8.725.35-7.65-19.3717.59-7.27-37.67156.12-1.1-5.79
22Q4 (12)0.61-3.17-1.613.32-7.788.85149.383.051.2127.458.71-7.8918.979.78-25.93157.863.224.01
22Q3 (11)0.635.012.53.6020.031.39144.96-3.99-10.825.25-16.64-23.8817.28-28.36-43.44152.93-2.69-7.39
22Q2 (10)0.607.145.263.003.81-23.47150.98-7.08-6.1230.29-3.6630.524.12-14.53-14.98157.15-5.170.96
22Q1 (9)0.56-9.68-9.682.89-5.25-24.74162.4910.110.931.445.532.7128.2210.191.84165.729.1816.29
21Q4 (8)0.6210.718.773.0511.31-0.65147.59-9.19-6.8229.80-10.160.5725.61-16.17-3.14151.78-8.09-6.07
21Q3 (7)0.56-1.75-12.52.74-30.1-22.6162.521.0614.0733.1742.9128.9730.557.6836.14165.146.113.31
21Q2 (6)0.57-8.061.793.922.08203.88160.829.76-1.023.21-2.03-67.0828.372.38-52.36155.659.22-10.25
21Q1 (5)0.628.771.643.8425.0836.65146.52-7.49-1.4623.69-20.05-26.9127.714.8-0.04142.51-11.8-7.09
20Q4 (4)0.57-10.940.03.07-13.280.0158.3911.170.029.6315.20.026.4417.830.0161.5810.870.0
20Q3 (3)0.6414.290.03.54174.420.0142.47-12.30.025.72-63.520.022.44-62.320.0145.74-15.960.0
20Q2 (2)0.56-8.20.01.29-54.090.0162.459.250.070.51117.560.059.55114.830.0173.4213.070.0
20Q1 (1)0.610.00.02.810.00.0148.690.00.032.410.00.027.720.00.0153.380.00.0
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)2.02-3.8117.4921.46180.724.1420.87-17.7112.90-20.91188.683.34
2023 (9)2.10-9.4814.4023.18173.5310.4925.36-18.816.31-33.78182.5811.56
2022 (8)2.32-7.211.69-14.67157.057.4731.2317.1924.631.73163.6610.15
2021 (7)2.5012.1113.708.99146.14-10.7926.65-8.224.21-8.88148.58-10.64
2020 (6)2.23-19.7812.579.88163.8124.8229.03-9.026.57-2.03166.2822.25
2019 (5)2.78-14.4611.44-2.8131.2416.7931.902.8727.12-3.11136.0217.87
2018 (4)3.25-6.0711.77-15.08112.376.5131.0117.7327.99-4.67115.4012.62
2017 (3)3.46-20.2813.86-5.84105.5025.5226.346.2129.36-1.71102.4729.76
2016 (2)4.34-6.6714.72-5.9484.057.1524.806.3529.875.8178.977.4
2015 (1)4.65-5.6815.65-1.9478.445.9623.322.0128.2311.6373.532.7

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