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)1.7515.130.570.7862.514.7152.09-12.98-0.29116.51-38.36-13.5233.588.92-58.12135.02-38.0826.44
24Q1 (19)1.521.330.00.48-5.88-21.3159.86-1.63-0.18189.035.2727.6330.83-34.78-57.93218.0612.9161.77
23Q4 (18)1.502.04-4.460.51-7.27-30.1460.85-1.824.93179.569.2644.5647.27-40.37-25.76193.1331.3462.94
23Q3 (17)1.47-15.521.380.55-19.12-30.3861.9818.64-0.96164.3421.9841.8179.27-1.1318.45147.0537.731.82
23Q2 (16)1.7414.4720.00.6811.48-31.3152.24-12.89-16.95134.73-9.0346.7280.189.477.47106.79-20.78-2.51
23Q1 (15)1.52-3.1829.910.61-16.44-25.6159.973.41-22.65148.1119.2432.6873.2915.1147.17134.8013.73-3.27
22Q4 (14)1.578.2831.930.73-7.59-14.1257.99-7.33-24.14124.217.1815.3663.67-4.8611.31118.536.26-6.6
22Q3 (13)1.450.027.190.79-20.26.7662.58-0.51-21.6115.8926.2-6.0966.9248.128.95111.551.83-21.33
22Q2 (12)1.4523.9328.320.9920.7357.1462.90-18.87-22.1291.83-17.74-36.2545.18-9.28-23.2109.54-21.39-34.0
22Q1 (11)1.17-1.682.630.82-3.5338.9877.531.43-2.61111.633.68-27.3649.80-12.94-12.72139.359.8-20.92
21Q4 (10)1.194.393.480.8514.8621.4376.44-4.23-3.11107.67-12.75-17.7357.20-6.877.92126.91-10.5-19.05
21Q3 (9)1.140.8817.530.7417.4610.4579.82-1.18-14.54123.40-14.34-8.6361.424.411.37141.80-14.57-18.18
21Q2 (8)1.13-0.882.730.636.78-4.5580.771.46-2.03144.05-6.264.158.833.19.88165.98-5.81-0.78
21Q1 (7)1.14-0.875.560.59-15.71-6.3579.610.91-5.2153.6717.416.0557.067.662.11176.2212.411.86
20Q4 (6)1.1518.5615.00.704.484.4878.89-15.54-13.7130.88-3.09-3.0253.00-3.910.58156.77-9.54-12.15
20Q3 (5)0.97-11.823.190.671.52-17.2893.4013.29-3.66135.06-2.419.7155.153.0121.42173.313.65.46
20Q2 (4)1.101.850.00.664.760.082.44-1.830.0138.38-4.50.053.54-4.190.0167.29-3.30.0
20Q1 (3)1.088.00.00.63-5.970.083.98-8.130.0144.907.370.055.8816.590.0173.00-3.050.0
19Q4 (2)1.006.380.00.67-17.280.091.41-5.710.0134.9619.620.047.935.530.0178.458.590.0
19Q3 (1)0.940.00.00.810.00.096.950.00.0112.820.00.045.420.00.0164.340.00.0
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)6.6514.852.47-17.3954.91-12.9147.8821.0748.95-18.77153.8423.15
2022 (9)5.7915.82.99-0.9963.04-13.67122.141.2160.2613.27124.92-11.09
2021 (8)5.005.263.028.6373.02-5.0120.68-8.1753.205.85140.50-11.08
2020 (7)4.75-3.262.781.0976.863.29131.41-0.9250.26-0.42158.010.92
2019 (6)4.9122.142.75-1.0874.41-17.99132.630.8750.47-5.2156.57-7.34
2018 (5)4.0211.052.78-3.8190.73-10.08131.494.0853.244.97168.97-4.28
2017 (4)3.62-1.362.8932.57100.901.42126.33-24.5350.72-2.98176.52-17.74
2016 (3)3.670.02.1815.3499.49-0.04167.39-13.3252.286.72214.59-11.93
2015 (2)3.679.881.891.0799.53-8.96193.12-0.9948.99-12.75243.66-1.84
2014 (1)3.34-0.61.87-2.6109.320.53195.052.556.15-1.94248.222.67

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