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)1.494.226.271.02-5.5664.5261.12-4.04-20.989.175.61-39.1292.1913.06-18.0458.11-12.71-47.77
24Q3 (19)1.43-8.9218.181.081.8920.063.699.56-15.4784.43-1.31-16.981.5428.51-18.7666.57-17.03-13.07
24Q2 (18)1.578.285.371.0653.62-6.1958.13-7.13-4.785.55-35.296.1363.45-17.04-17.5980.23-32.1924.16
24Q1 (17)1.4522.8821.850.6911.29-19.7762.59-19.0-18.35132.21-9.7325.1276.48-32.01-20.22118.326.3636.83
23Q4 (16)1.18-2.48-7.810.62-31.11-30.3477.272.558.46146.4644.1543.8112.4812.0736.99111.2545.2722.28
23Q3 (15)1.21-18.79-15.970.90-20.352.2775.3523.5218.92101.6026.04-1.26100.3730.3741.1976.5818.51-19.53
23Q2 (14)1.4925.2112.881.1331.479.3761.00-20.43-11.480.61-23.72-44.4776.99-19.68-8.5464.62-25.27-50.23
23Q1 (13)1.19-7.038.180.86-3.3721.1376.667.61-7.1105.673.75-17.5495.8616.7535.0986.47-4.96-38.11
22Q4 (12)1.28-11.1126.730.891.1427.1471.2412.44-20.99101.85-1.02-21.5182.1115.5-2.3890.98-4.4-33.02
22Q3 (11)1.449.0920.00.8839.684.7663.36-7.97-16.25102.90-29.12-5.5471.09-15.55-10.7295.17-26.7-9.32
22Q2 (10)1.3220.0-0.750.63-11.27-28.4168.85-16.570.28145.1713.2841.084.1818.638.66129.83-7.0837.91
22Q1 (9)1.108.91-5.980.711.43-19.3282.52-8.486.45128.15-1.2524.0670.96-15.63-16.63139.722.8646.0
21Q4 (8)1.01-15.83-56.090.70-16.67-49.2890.1719.19127.64129.7719.1397.3184.115.6340.7135.8329.42197.87
21Q3 (7)1.20-9.77-26.380.84-4.55-12.575.6510.1835.33108.935.815.2579.632.793.52104.9511.4842.79
21Q2 (6)1.3313.68-2.920.880.08.6468.66-11.433.59102.96-0.33-8.5777.47-8.98-0.9794.14-1.63-6.49
21Q1 (5)1.17-49.1318.180.88-36.2333.3377.5295.71-15.79103.3057.06-24.9485.1142.373.1395.70109.87-34.97
20Q4 (4)2.3041.10.01.3843.750.039.61-29.140.065.77-30.420.059.78-22.280.045.60-37.960.0
20Q3 (3)1.6318.980.00.9618.520.055.90-15.660.094.52-16.060.076.92-1.670.073.50-26.990.0
20Q2 (2)1.3738.380.00.8122.730.066.28-28.00.0112.61-18.180.078.23-5.210.0100.67-31.60.0
20Q1 (1)0.990.00.00.660.00.092.060.00.0137.630.00.082.530.00.0147.170.00.0
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)6.5413.743.6811.1855.85-12.0299.18-10.0178.49-3.7976.54-16.91
2023 (9)5.7511.433.31-1.4963.48-10.33110.211.3281.58-0.9292.12-5.25
2022 (8)5.1611.693.363.770.79-10.47108.77-3.4482.34-4.8997.22-7.55
2021 (7)4.62-23.513.24-13.1479.0730.76112.6515.1786.5713.61105.1628.13
2020 (6)6.0441.453.7335.1460.47-29.2897.81-26.1376.20-1.9682.07-41.46
2019 (5)4.27-1.842.76-3.8385.512.02132.404.1677.72-11.23140.1913.62
2018 (4)4.3511.832.87-0.3583.82-10.57127.110.4287.55-18.43123.389.2
2017 (3)3.89-13.172.88-6.4993.7314.94126.586.86107.338.73112.9911.56
2016 (2)4.48140.863.088.0781.55-58.5118.45-7.6598.71-16.24101.28-51.06
2015 (1)1.86-15.842.85-8.95196.5218.89128.2610.03117.85-5.53206.9331.7

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