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)1.9725.481.030.3754.17-11.946.08-20.63-1.24244.96-35.0713.5914.54-48.8-13.14276.50-32.0512.6
24Q3 (19)1.574.679.790.24-11.11-11.1158.06-4.44-8.49377.2612.2913.2228.40-15.25-15.95406.9212.0312.14
24Q2 (18)1.5012.78-4.460.27-18.18-18.1860.76-11.174.78335.9823.0920.3333.5129.931.39363.2415.1119.43
24Q1 (17)1.33-31.796.40.33-21.436.4568.4046.59-6.37272.9526.57-6.3825.7954.06-21.92315.5528.5-4.83
23Q4 (16)1.9536.36-6.70.4255.56-19.2346.66-26.466.92215.65-35.2823.416.74-50.46-9.07245.57-32.3322.8
23Q3 (15)1.43-8.92-20.990.27-18.18-25.063.459.4226.29333.2119.3432.333.792.2435.81362.8719.3130.9
23Q2 (14)1.5725.6-13.260.336.45-8.3357.99-20.6215.66279.21-4.249.9433.050.0659.43304.15-8.277.33
23Q1 (13)1.25-40.19-31.320.31-40.38-6.0673.0567.3946.48291.5666.846.7233.0379.4196.84331.5865.818.25
22Q4 (12)2.0915.47-6.280.5244.4485.7143.64-13.147.17174.75-30.62-45.7818.41-26.019.31199.98-27.86-42.46
22Q3 (11)1.810.0-11.710.360.024.1450.240.213.05251.86-0.83-19.3424.8820.029.31277.22-2.17-16.98
22Q2 (10)1.81-0.55-18.10.369.0924.1450.140.5421.82253.97-7.04-20.220.7323.54-40.31283.38-7.48-12.72
22Q1 (9)1.82-18.390.550.3317.8657.1449.8722.47-0.66273.21-15.23-37.8116.788.75-68.9306.30-11.87-29.68
21Q4 (8)2.238.788.780.28-3.45-40.4340.72-8.37-8.43322.283.2167.5415.43-32.21-22.5347.574.0860.23
21Q3 (7)2.05-7.2438.510.290.00.044.447.97-27.5312.25-1.89-0.7522.76-34.47-20.94333.932.85-3.8
21Q2 (6)2.2122.115.710.2938.1-19.4441.16-18.01-13.69318.25-27.5627.6234.73-35.6430.56324.69-25.4620.05
21Q1 (5)1.81-11.7164.550.21-55.32-16.050.2012.89-39.42439.35128.419.9453.96171.0245.88435.59100.815.68
20Q4 (4)2.0538.510.00.4762.070.044.47-27.460.0192.36-38.860.019.91-30.840.0216.92-37.510.0
20Q3 (3)1.48-22.510.00.29-19.440.061.3028.540.0314.6026.160.028.798.230.0347.1128.340.0
20Q2 (2)1.9173.640.00.3644.00.047.69-42.450.0249.37-31.920.026.60-28.090.0270.46-34.380.0
20Q1 (1)1.100.00.00.250.00.082.870.00.0366.300.00.036.990.00.0412.180.00.0
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)4.899.151.32-9.5974.60-8.51275.9510.3216.00-24.56334.567.76
2023 (9)4.48-31.711.46-8.1881.5446.5250.148.9121.2118.56310.4716.09
2022 (8)6.56-11.351.5939.4755.6612.81229.68-28.0217.89-37.32267.45-21.31
2021 (7)7.4017.271.14-23.4949.34-14.68319.0830.2328.544.89339.8823.31
2020 (6)6.3125.451.497.9757.83-20.25245.01-7.3927.2132.67275.63-12.93
2019 (5)5.03-19.651.386.1572.5124.33264.56-5.4620.5122.01316.55-1.5
2018 (4)6.267.381.3016.0758.32-6.81279.85-13.9716.8111.32321.37-13.79
2017 (3)5.838.971.120.962.58-8.2325.29-0.8315.1013.11372.77-2.63
2016 (2)5.35-5.981.1112.1268.176.27328.01-11.3313.3513.33382.82-9.35
2015 (1)5.693.640.99-1.9864.15-3.58369.922.0211.78-49.7422.294.09

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