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)1.767.9815.030.813.85-11.9651.63-7.62-13.33111.77-3.7713.353.82-21.1-21.74109.585.5522.5
24Q3 (19)1.634.4918.120.78-9.3-4.8855.89-3.9-15.37116.159.294.5168.21-18.545.49103.8228.63-7.73
24Q2 (18)1.564.0-1.890.86-10.42-8.5158.16-3.931.43106.2811.6210.1983.7311.678.0480.71-0.01-24.39
24Q1 (17)1.50-1.962.740.964.3518.5260.541.63-3.095.22-3.48-14.9575.039.118.3680.72-9.76-27.26
23Q4 (16)1.5310.872.680.9212.210.8459.57-9.8-2.6598.65-11.24-10.3568.776.366.5589.45-20.5-16.16
23Q3 (15)1.38-13.21-6.120.82-12.77-2.3866.0415.176.98111.1415.233.1864.6637.4918.84112.525.41-2.19
23Q2 (14)1.598.9-1.850.9416.055.6257.34-8.121.8196.45-13.85-5.1547.03-25.813.05106.75-3.8-5.0
23Q1 (13)1.46-2.013.550.81-2.411.2562.411.99-3.3111.961.74-1.9363.39-1.784.29110.974.01-5.89
22Q4 (12)1.491.36-0.670.83-1.190.061.19-0.870.66110.042.160.3664.5418.623.46106.69-7.26-1.27
22Q3 (11)1.47-9.2614.840.84-5.6212.061.739.61-12.92107.715.92-11.2654.4119.22-10.77115.042.38-12.38
22Q2 (10)1.6214.8911.720.8911.250.056.32-12.74-10.25101.69-10.92-0.345.64-24.91-8.52112.37-4.71-2.16
22Q1 (9)1.41-6.0-4.730.80-3.61-6.9864.546.174.98114.164.127.6260.78-2.5615.99117.929.122.4
21Q4 (8)1.5017.198.70.8310.6710.6760.79-14.25-8.1109.64-9.67-9.5962.382.32.56108.06-17.69-14.64
21Q3 (7)1.28-11.72-7.250.75-15.73-10.7170.8912.977.7121.3819.012.1660.9822.2311.79131.2914.319.88
21Q2 (6)1.45-2.03-2.680.893.49-3.2662.752.072.5102.00-3.853.0249.89-4.79-0.8114.85-0.274.48
21Q1 (5)1.487.251.370.8614.67-1.1561.48-7.06-1.17106.08-12.531.052.40-13.846.07115.16-9.04-2.28
20Q4 (4)1.380.00.00.75-10.710.066.150.50.0121.2712.060.060.8211.490.0126.605.950.0
20Q3 (3)1.38-7.380.00.84-8.70.065.827.510.0108.229.30.054.558.470.0119.498.70.0
20Q2 (2)1.492.050.00.925.750.061.22-1.590.099.01-5.730.050.291.80.0109.93-6.720.0
20Q1 (1)1.460.00.00.870.00.062.210.00.0105.030.00.049.400.00.0117.850.00.0
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)6.9315.693.41-1.4552.67-13.53107.041.5966.63-9.2693.080.26
2023 (9)5.993.453.466.4660.91-3.35105.36-6.2773.43-1.3292.84-8.1
2022 (8)5.79-1.363.250.6263.021.29112.41-0.6274.419.49101.02-5.91
2021 (7)5.87-5.783.23-0.3162.226.2113.110.567.9618.77107.36-5.76
2020 (6)6.23-1.273.24-0.9258.591.23112.550.8657.22-1.94113.922.52
2019 (5)6.318.423.276.8657.88-7.67111.59-6.3258.35-14.22111.12-2.35
2018 (4)5.82-2.023.06-0.6562.692.03119.120.3568.02-9.81113.798.67
2017 (3)5.9413.793.083.0161.44-12.2118.70-2.7275.420.27104.71-10.34
2016 (2)5.221.162.99-11.869.98-1.12122.0213.275.2247.63116.78-8.49
2015 (1)5.169.553.397.9670.77-8.66107.79-7.3850.953.92127.61-11.89

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