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
24Q3 (20)1.35-0.7411.570.784.032.267.190.54-10.68116.22-4.12-24.7638.5911.11-7.64144.82-5.54-22.93
24Q2 (19)1.366.2516.240.7510.2933.9366.83-5.74-13.75121.22-10.07-25.5534.7317.41-17.39153.32-12.95-22.67
24Q1 (18)1.28-3.0313.270.6811.4821.4370.902.63-11.6134.80-9.32-16.5629.58-15.44-29.17176.13-3.62-11.94
23Q4 (17)1.329.0917.860.613.39-4.6969.08-8.16-14.88148.65-3.763.8434.98-16.28-11.67182.75-2.74-1.06
23Q3 (16)1.213.4235.960.595.36-4.8475.22-2.92-26.28154.46-5.135.6941.78-0.62-11.93187.90-5.23-6.39
23Q2 (15)1.173.545.410.560.0-33.3377.48-3.39-5.57162.810.7850.2942.040.674.63198.26-0.8732.0
23Q1 (14)1.130.898.650.56-12.5-34.1280.20-1.18-8.7161.5512.8550.6241.765.452.58200.008.2829.54
22Q4 (13)1.1225.84-11.110.643.23-33.3381.16-20.4512.43143.15-2.0551.6339.60-16.536.54184.71-7.9842.72
22Q3 (12)0.89-19.82-9.180.62-26.19-34.04102.0324.359.66146.1434.951.547.4418.0715.65200.7333.6435.18
22Q2 (11)1.116.736.730.84-1.18-23.6482.05-6.59-6.38108.331.031.2140.18-1.32.24150.20-2.7114.75
22Q1 (10)1.04-17.46-14.750.85-11.46-20.5687.8421.6818.0107.2613.6126.1140.719.527.53154.3919.2926.93
21Q4 (9)1.2628.576.780.962.136.6772.19-22.41-6.6894.41-2.13-6.8837.17-9.39-4.35129.42-12.84-7.48
21Q3 (8)0.98-5.77-10.910.94-14.5520.5193.046.1612.196.4616.84-16.9541.024.383.04148.4913.45-6.81
21Q2 (7)1.04-14.75-0.951.102.830.9587.6417.731.1182.56-2.93-23.6939.303.8-0.66130.897.61-15.73
21Q1 (6)1.223.39-4.691.0718.895.9474.44-3.774.5185.05-16.11-5.8637.86-2.574.82121.63-13.05-3.05
20Q4 (5)1.187.27-0.840.9015.38-5.2677.36-6.80.79101.38-12.715.5838.86-2.39-4.36139.89-12.215.86
20Q3 (4)1.104.760.00.78-7.140.083.00-4.250.0116.147.350.039.810.630.0159.342.590.0
20Q2 (3)1.05-17.970.00.84-16.830.086.6821.690.0108.1919.760.039.569.520.0155.3223.810.0
20Q1 (2)1.287.560.01.016.320.071.23-7.190.090.34-5.920.036.12-11.10.0125.45-5.060.0
19Q4 (1)1.190.00.00.950.00.076.750.00.096.020.00.040.630.00.0132.140.00.0
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)4.36-3.112.32-21.0983.703.08157.6526.7939.18-5.66202.1723.27
2022 (9)4.502.972.94-17.8881.20-2.85124.3421.8941.53-1.02164.0014.19
2021 (8)4.37-8.393.582.8783.589.16102.01-2.6741.96-2.6143.623.85
2020 (7)4.77-4.63.48-9.3776.574.95104.8110.3643.084.64138.309.11
2019 (6)5.000.23.84-13.3272.96-0.2294.9715.2741.175.4126.758.84
2018 (5)4.992.044.43-3.973.12-1.9882.394.1239.06-6.35116.453.95
2017 (4)4.892.34.6113.8374.60-2.2879.13-12.1841.71-7.54112.02-7.67
2016 (3)4.78-30.324.05-40.0976.3443.4790.1066.8845.1165.06121.3351.91
2015 (2)6.8669.386.762.1153.21-40.9353.99-2.127.33-30.9579.87-24.4
2014 (1)4.053.326.627.6490.08-3.2455.15-7.039.587.67105.65-8.64

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