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
24Q3 (20)6.466.0827.9214.59-8.24-12.4814.08-5.82-21.826.249.0914.2916.35-14.71-11.03.97162.91-22.31
24Q2 (19)6.09-25.37-0.1615.90-37.13-68.1414.9534.080.135.7258.89214.2919.173.0113.71.51139.121472.73
24Q1 (18)8.16-2.39-9.9325.2963.2733.0411.152.4811.063.60-38.67-24.8418.61-0.16-15.18-3.86-104.2345.71
23Q4 (17)8.3665.54-23.7215.49-7.089.4710.88-39.5931.085.877.51-8.7118.641.4767.78-1.89-136.99-152.21
23Q3 (16)5.05-17.214.1216.67-66.6-1.0118.0120.63-4.055.46200.01.1118.378.9682.65.114745.45-63.81
23Q2 (15)6.10-32.6722.7449.91162.5516.7214.9348.71-18.371.82-62.0-14.5516.86-23.15-41.25-0.1198.4598.67
23Q1 (14)9.06-17.3485.2819.0134.35-45.510.0420.96-45.994.79-25.5183.5221.9497.48-54.23-7.11-296.4173.41
22Q4 (13)10.96125.9863.3414.15-15.97-38.828.30-55.78-38.756.4319.0763.6111.1110.44-71.693.62-74.36116.64
22Q3 (12)4.85-2.41-28.1516.84-60.62-32.818.772.6239.145.40153.5248.7610.06-64.95-79.9114.12270.53142.85
22Q2 (11)4.971.6425.5142.7622.59018.29-1.61-20.412.13-18.39028.70-40.13-55.76-8.2869.0480.23
22Q1 (10)4.89-27.12-2.7834.8850.8018.5937.22.652.61-33.59047.9422.17-51.87-26.74-22.8967.19
21Q4 (9)6.71-0.59-24.3523.13-7.740.8613.550.4432.073.938.26-29.0639.24-21.63-28.72-21.7633.9644.56
21Q3 (8)6.7570.45-33.3725.060123.5513.49-41.350.223.630-55.350.07-22.81-9.46-32.9521.3413.74
21Q2 (7)3.96-21.27-55.750.000-100.022.9826.89126.180.000-100.064.87-34.8731.96-41.8948.6-32.23
21Q1 (6)5.03-43.29-29.250.00-100.0-100.018.1176.5141.480.00-100.0-100.099.6080.93256.1-81.50-107.64-646.34
20Q4 (5)8.87-12.4449.3316.4246.4823.2710.2614.25-33.075.54-31.77-18.8955.05-0.4587.12-39.25-2.75-440.63
20Q3 (4)10.1313.180.011.21-9.890.08.98-11.610.08.1210.930.055.3012.490.0-38.20-20.580.0
20Q2 (3)8.9525.880.012.44-41.980.010.16-20.630.07.3272.640.049.1675.760.0-31.68-190.110.0
20Q1 (2)7.1119.70.021.4460.960.012.80-16.50.04.24-37.920.027.97-4.930.0-10.92-50.410.0
19Q4 (1)5.940.00.013.320.00.015.330.00.06.830.00.029.420.00.0-7.260.00.0
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)40.512.9563.31-22.049.01-2.915.7728.517.03-50.357.750
2022 (9)39.3581.4281.21-7.129.28-44.864.497.6714.16-62.91-0.390
2021 (8)21.69-22.9287.44-42.8216.8329.764.1774.4838.1819.39-17.180
2020 (7)28.1456.25152.91155.0212.97-35.982.39-60.7631.98-15.73-16.620
2019 (6)18.01-10.1359.9620.3820.2611.266.09-16.9237.95-48.6-11.600
2018 (5)20.0414.4549.815.8218.21-12.667.33-5.4273.83-46.59-48.290
2017 (4)17.51-37.7347.07-55.0720.8560.637.75122.7138.2216.41-109.610
2016 (3)28.1251.59104.77-27.3612.98-34.043.4837.55118.74-36.53-102.280
2015 (2)18.55-21.93144.2393.5719.6828.132.53-48.37187.0744.91-164.870
2014 (1)23.76-10.9474.5147.6615.3612.284.90-32.23129.0912.68-108.830

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