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)1.0817.3911.340.8017.655.2683.91-14.95-11.0113.83-14.76-5.1528.91-18.22-11.78168.83-14.23-6.99
24Q3 (19)0.92-7.07-7.070.68-12.82-6.8598.667.776.97133.5414.177.4935.351.9614.4196.8513.246.08
24Q2 (18)0.992.06-1.00.786.8518.1891.55-2.520.35116.97-5.52-15.2934.670.8716.5173.84-5.2-12.88
24Q1 (17)0.970.014.120.73-3.9532.7393.92-0.38-12.18123.813.17-25.6434.374.88-11.35183.371.02-21.86
23Q4 (16)0.97-2.0211.490.764.1133.3394.282.22-10.03120.01-3.4-25.1232.776.05-22.29181.52-2.18-18.56
23Q3 (15)0.99-1.0-4.810.7310.6110.6192.231.15.74124.24-10.02-9.730.903.83-26.32185.56-7.011.47
23Q2 (14)1.0017.65-8.260.6620.01.5491.23-14.699.09138.08-17.07-1.7529.76-23.24-35.22199.55-14.9611.96
23Q1 (13)0.85-2.3-22.020.55-3.51-21.43106.942.0528.66166.503.8827.5438.77-8.0616.64234.665.2830.06
22Q4 (12)0.87-16.35-22.320.57-13.64-18.57104.7920.1429.05160.2816.4923.3342.170.5544.96222.9021.8922.43
22Q3 (11)1.04-4.59-0.950.661.546.4587.224.291.08137.59-2.1-6.2741.94-8.7123.5182.872.6-8.17
22Q2 (10)1.090.013.540.65-7.143.1783.630.61-11.47140.547.65-2.2345.9438.2138.17178.23-1.21-13.04
22Q1 (9)1.09-2.6818.480.700.09.3783.122.36-15.55130.550.45-8.3133.2414.27-12.96180.42-0.9-10.96
21Q4 (8)1.126.6716.670.7012.90.081.20-5.9-14.26129.96-11.47-0.1329.09-14.34-19.19182.06-8.57-3.6
21Q3 (7)1.059.385.00.62-1.59-3.1386.29-8.66-5.61146.802.122.5833.962.144.04199.13-2.84-1.36
21Q2 (6)0.964.3557.380.63-1.5653.6694.47-4.02-36.32143.750.96-35.233.25-12.94-35.46204.961.15-35.68
21Q1 (5)0.92-4.1724.320.64-8.5710.3498.433.93-19.46142.389.41-9.438.196.084.0202.627.29-16.5
20Q4 (4)0.96-4.00.00.709.370.094.713.60.0130.13-9.070.036.0010.290.0188.85-6.450.0
20Q3 (3)1.0063.930.00.6456.10.091.42-38.380.0143.11-35.490.032.64-36.650.0201.88-36.650.0
20Q2 (2)0.61-17.570.00.41-29.310.0148.3621.390.0221.8441.160.051.5240.310.0318.6831.330.0
20Q1 (1)0.740.00.00.580.00.0122.220.00.0157.150.00.036.720.00.0242.650.00.0
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)3.854.343.0414.2994.89-4.0120.17-12.2734.54-6.45180.53-9.24
2023 (9)3.69-14.982.66-1.4898.8417.61136.981.2236.9216.03198.906.05
2022 (8)4.347.962.700.7584.04-7.39135.33-0.8131.82-4.59187.55-3.24
2021 (7)4.0230.942.6815.5290.75-23.61136.44-13.3433.35-18.32193.84-17.66
2020 (6)3.07-9.172.32-3.33118.8010.0157.453.4740.8322.58235.423.78
2019 (5)3.38-3.432.403.9108.003.51152.17-3.6733.31-10.91226.850.86
2018 (4)3.507.362.31-1.7104.34-6.7157.961.537.392.27224.91-2.59
2017 (3)3.269.42.35-0.42111.83-8.77155.630.836.56-5.04230.90-3.17
2016 (2)2.9812.882.36-3.28122.58-11.41154.393.1338.50-17.33238.46-1.25
2015 (1)2.64-15.112.44-6.51138.3617.97149.706.8446.573.79241.4913.63

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