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)1.63-10.93-28.191.212.5419.855.6911.7639.0274.97-2.51-17.243.4813.32-2.2787.17-1.351.23
24Q2 (19)1.831.1-32.221.1815.6928.2649.83-0.8247.8276.90-14.14-22.2638.37-9.16-21.3488.36-9.445.38
24Q1 (18)1.81-15.42-28.171.02-11.318.650.2417.9938.989.5613.63-14.8842.2410.46-20.4497.5717.3110.5
23Q4 (17)2.14-5.73-13.711.1513.8621.0542.586.2915.8678.82-12.94-17.8438.24-14.05-28.2483.17-3.414.75
23Q3 (16)2.27-15.93-5.421.019.788.640.0618.845.4890.54-8.47-7.1644.49-8.79-21.2786.112.79.01
23Q2 (15)2.707.1410.20.926.98-4.1733.71-6.8-9.2198.92-5.994.8548.78-8.12-11.8783.85-5.0410.16
23Q1 (14)2.521.6126.00.86-9.474.8836.17-1.58-20.58105.229.67-4.8253.09-0.38-29.0688.3011.218.68
22Q4 (13)2.483.3324.00.952.15-5.9436.75-3.24-19.1895.94-1.626.4953.29-5.7-23.0179.400.5219.69
22Q3 (12)2.40-2.048.110.93-3.123.3337.982.29-7.4697.523.37-4.0756.512.1-12.9378.993.771.53
22Q2 (11)2.4522.52.080.9617.0711.6337.13-18.47-1.9594.34-14.66-10.8155.35-26.0414.8676.12-6.31-20.26
22Q1 (10)2.000.0-2.910.82-18.8124.2445.540.153.17110.5522.71-19.5874.848.1224.3881.2522.48-33.09
21Q4 (9)2.00-9.91-14.161.0112.2218.8245.4710.7916.3590.09-11.38-15.7269.226.6627.4366.34-14.73-27.62
21Q3 (8)2.22-7.5-9.390.904.658.4341.048.3710.47101.66-3.89-7.4864.9034.6823.7477.80-18.5-17.75
21Q2 (7)2.4016.514.290.8630.30.037.87-14.2-12.8105.78-23.05-0.5548.19-19.91-2.2595.46-21.39-5.01
21Q1 (6)2.06-11.5925.610.66-22.35-10.8144.1412.95-20.57137.4628.611.3960.1710.77-16.34121.4332.4813.43
20Q4 (5)2.33-4.947.470.852.41-14.1439.085.2-32.32106.89-2.7216.4554.323.57-16.4891.66-3.18.49
20Q3 (4)2.4516.670.00.83-3.490.037.15-14.460.0109.883.30.052.456.390.094.59-5.880.0
20Q2 (3)2.1028.050.00.8616.220.043.43-21.850.0106.37-13.80.049.30-31.450.0100.50-6.120.0
20Q1 (2)1.643.80.00.74-25.250.055.57-3.760.0123.4034.440.071.9210.580.0107.0526.70.0
19Q4 (1)1.580.00.00.990.00.057.740.00.091.790.00.065.040.00.084.490.00.0
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)8.50-5.664.1410.442.936.0388.14-9.4844.83-29.8486.2316.59
2022 (9)9.010.563.75-3.8540.49-0.6197.374.0763.907.7873.96-1.4
2021 (8)8.9622.573.9014.7140.74-18.3993.56-12.859.29-7.1975.01-19.63
2020 (7)7.3113.513.40-8.1149.92-11.94107.298.7563.886.2993.33-2.01
2019 (6)6.44-15.823.70-1.8656.6918.7798.661.8560.1022.4595.24-0.29
2018 (5)7.65-10.213.77-8.0547.7311.3696.878.8249.08-12.6795.5226.22
2017 (4)8.52-1.394.10-28.0742.861.4289.0238.9956.20-5.5175.6861.57
2016 (3)8.6414.595.70-0.3542.26-12.7264.050.3859.48-7.1546.84-2.78
2015 (2)7.54-2.085.72-13.3348.422.1563.8115.3964.0612.7848.184.97
2014 (1)7.7015.276.609.2747.40-13.2355.30-8.4756.80-11.445.90-9.89

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