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)2.5439.56-53.391.39-26.06-3.4735.86-28.29114.7365.3634.853.392.4437.08597.1498.792.1624.15
24Q3 (19)1.82-42.04171.641.8844.6279.0550.0172.69-63.2148.47-30.93-43.841.78114.46-76.4296.70-1.64-54.96
24Q2 (18)3.14-3.68252.811.3023.81-46.7228.963.8-71.7870.18-18.8788.00.832.47-74.3898.31-13.45-28.09
24Q1 (17)3.26-40.18243.161.05-27.0810.5327.9067.07-70.9186.5036.82-10.010.81131.43237.5113.5942.75-40.77
23Q4 (16)5.45713.43890.911.4437.14140.016.70-87.71-89.963.22-26.74-58.110.35-95.36-65.079.57-62.94-74.76
23Q3 (15)0.67-24.72-63.391.05-56.97-32.26135.9332.45173.7286.30131.1847.097.55133.02678.35214.6857.0299.96
23Q2 (14)0.89-6.32-53.42.44156.84221.05102.637.01115.4337.33-61.16-68.763.241250.0-23.76136.72-28.71-16.06
23Q1 (13)0.9572.73-68.850.9558.33-2.0695.91-42.01221.0996.12-36.312.630.24-76.0-90.44191.79-39.1758.46
22Q4 (12)0.55-69.95-67.840.60-61.29-4.76165.40233.06210.55150.91157.224.891.003.09-83.44315.31193.6965.01
22Q3 (11)1.83-4.1923.651.55103.95131.3449.664.24-19.0258.67-50.9-57.070.97-77.18-92.06107.36-34.09-42.22
22Q2 (10)1.91-37.38-6.830.76-21.65-14.6147.6459.497.32119.4927.5816.694.2569.32-47.85162.8834.5817.48
22Q1 (9)3.0578.3621.510.9753.9759.0229.87-43.92-17.6793.66-34.9-36.732.51-58.44-49.6121.03-36.66-32.51
21Q4 (8)1.7115.54-6.560.63-5.97103.2353.26-13.147.08143.885.27-51.386.04-50.5339.17191.092.85-44.01
21Q3 (7)1.48-27.8-59.120.67-24.7248.8961.3238.14143.91136.6833.48-32.0212.2149.82677.71185.8034.02-17.29
21Q2 (6)2.05-18.3376.720.8945.9-59.1744.3922.35-43.57102.40-30.83145.628.1563.65647.71138.64-22.6916.24
21Q1 (5)2.5137.16141.350.6196.77-56.4336.28-27.06-58.6148.04-49.97128.424.9814.7550.45179.34-47.4620.25
20Q4 (4)1.83-49.450.00.31-31.110.049.7497.850.0295.9247.180.04.34176.430.0341.3251.950.0
20Q3 (3)3.62212.070.00.45-79.360.025.14-68.040.0201.06382.270.01.5744.040.0224.6388.340.0
20Q2 (2)1.1611.540.02.1855.710.078.67-10.220.041.69-35.670.01.09-67.070.0119.27-20.030.0
20Q1 (1)1.040.00.01.400.00.087.630.00.064.810.00.03.310.00.0149.140.00.0
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
2024 (10)14.35121.114.84-9.3625.43-54.7775.3410.150.99167.5799.78-19.69
2023 (9)6.49-14.495.3427.4556.2216.8368.40-21.570.3712.12124.25-7.96
2022 (8)7.59-61.654.1935.648.12160.9587.21-26.080.33-71.79135.00-0.18
2021 (7)19.79133.13.0963.4918.44-57.11117.98-38.811.17-89.4135.25-39.83
2020 (6)8.499.971.89-12.0942.99-9.09192.8213.7511.04-66.11224.7722.01
2019 (5)7.72-11.772.15-3.1547.2913.41169.512.9332.5870.84184.22-1.65
2018 (4)8.75-6.722.2265.6741.707.14164.69-39.6119.0711.91187.32-36.41
2017 (3)9.38-23.241.34-25.1438.9230.34272.7133.517.04-11.06294.5937.04
2016 (2)12.2239.51.79-11.3929.86-28.34204.2712.9919.16132.24214.970.35
2015 (1)8.76-11.522.02-55.1141.6713.08180.79123.098.2557.74214.2190.14

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