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)6.99-22.25-19.471.460.6932.7313.0228.6624.2462.30-0.78-24.825.55-13.55-55.5369.774.93-13.74
24Q3 (19)8.994.7822.311.450.052.6310.12-4.53-18.1962.790.35-34.256.42-57.11-50.6266.4914.24-29.91
24Q2 (18)8.582.88-23.051.4518.8519.8310.60-2.8429.962.57-16.28-16.4714.97-14.36152.0258.20-14.63-24.54
24Q1 (17)8.34-3.92-28.531.2210.917.9610.914.139.8774.74-9.81-7.1617.4840.06113.4368.17-15.71-14.9
23Q4 (16)8.6818.123.471.1015.797.8410.48-15.28-19.0782.87-13.23-6.9112.48-4.0-0.480.88-14.75-9.57
23Q3 (15)7.35-34.0854.090.95-21.493.2612.3751.59-35.295.5027.49-3.8713.00118.8613.1494.8723.0-11.29
23Q2 (14)11.15-4.4645.181.217.08-4.728.164.62-31.1474.91-6.944.355.94-27.47-27.9177.13-3.722.28
23Q1 (13)11.6766.0112.961.1310.7816.497.80-39.77-53.0180.50-9.57-13.88.19-34.64-15.7480.11-10.43-20.11
22Q4 (12)7.0347.38109.231.0210.8725.9312.95-32.16-52.1689.02-10.39-20.5712.539.05-12.5689.44-16.37-28.34
22Q3 (11)4.77-37.89-10.840.92-27.56-18.5819.0961.112.2399.3438.3823.7611.4939.44-22.94106.9541.8229.84
22Q2 (10)7.6840.15-3.41.2730.938.5511.85-28.613.5871.79-23.13-7.98.24-15.2311.9675.41-24.8-8.07
22Q1 (9)5.4863.1-34.680.9719.75-10.1916.60-38.6853.1493.39-16.6710.79.72-32.17179.31100.28-19.659.34
21Q4 (8)3.36-37.2-57.790.81-28.32-22.8627.0759.14136.83112.0739.6229.5514.33-3.89252.09124.8151.5232.96
21Q3 (7)5.35-32.7-38.081.13-3.4215.3117.0148.6961.3980.272.98-13.2314.91102.58213.2482.370.41-16.2
21Q2 (6)7.95-5.24-34.681.178.3314.7111.445.5452.9477.95-7.6-12.967.36111.49-9.4782.03-10.56-7.73
21Q1 (5)8.395.4-58.21.082.86-3.5710.84-5.16139.2984.36-2.493.453.48-14.5-55.4491.71-2.317.16
20Q4 (4)7.96-7.870.01.057.140.011.438.440.086.51-6.490.04.07-14.50.093.87-4.50.0
20Q3 (3)8.64-29.010.00.98-3.920.010.5440.910.092.513.290.04.76-41.450.098.2910.560.0
20Q2 (2)12.17-39.360.01.02-8.930.07.4865.120.089.569.820.08.134.10.088.9013.570.0
20Q1 (1)20.070.00.01.120.00.04.530.00.081.550.00.07.810.00.078.280.00.0
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)33.84-6.056.6836.6110.796.5254.66-26.755.50-26.5759.94-22.43
2023 (9)36.0263.434.894.7110.13-38.8374.62-4.67.4930.7277.27-13.23
2022 (8)22.044.854.6715.8816.56-4.6178.22-13.625.7329.3589.05-13.94
2021 (7)21.02-50.324.032.2817.36101.1690.55-2.224.43-16.73103.487.89
2020 (6)42.311.953.94-2.488.63-1.8292.612.445.32-38.4395.915.92
2019 (5)41.5042.324.04-19.688.79-29.7990.4024.548.6421.3590.5516.1
2018 (4)29.16-2.215.03-20.6612.522.2972.5926.187.1227.8377.9921.48
2017 (3)29.82-34.696.34-14.5612.2453.1957.5316.985.57-2.6264.2024.78
2016 (2)45.66-36.757.4217.037.9957.9149.18-14.625.7224.8951.45-11.4
2015 (1)72.19-6.866.344.115.067.4357.60-3.844.5825.1458.07-4.71

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