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)15.0578.111650.05.55134.181750.06.05-43.83-94.316.40-57.21-94.6319.07-49.56-50.773.37-70.12-99.1
24Q3 (19)8.45186.44316.262.371723.08259.0910.77-65.15-75.9338.33-94.33-72.0637.81-66.6281.011.28-98.1-93.0
24Q2 (18)2.9521.418.470.13-72.34-59.3830.90-17.58-15.39676.32252.23135.94113.26498.31415.29593.96182.0797.2
24Q1 (17)2.43182.5620.30.4756.6723.6837.49-64.67-16.6192.01-37.13-20.6618.93-51.14232.11210.57-43.51-25.13
23Q4 (16)0.86-57.64-54.970.30-54.55-30.23106.11137.17122.27305.40122.5843.4938.7485.45233.39372.78131.4449.73
23Q3 (15)2.03-18.47113.680.66106.25120.044.7422.51-53.25137.21-52.13-55.520.89-4.96-50.88161.07-46.52-55.45
23Q2 (14)2.4923.2747.340.32-15.79-27.2736.52-18.75-32.22286.6518.4538.6921.98285.61-46.86301.197.0937.4
23Q1 (13)2.025.769.190.38-11.6346.1544.95-5.84-8.81242.0113.71-31.615.70-50.95-92.12281.2612.97-14.97
22Q4 (12)1.91101.05-50.650.4343.332.3847.74-50.11102.8212.83-30.98-2.5711.62-72.68-79.75248.96-31.1434.85
22Q3 (11)0.95-43.79-68.650.30-31.82-42.3195.7077.62218.36308.3649.277.8942.532.83-24.81361.5364.93146.21
22Q2 (10)1.69-8.65-9.140.4469.23-27.8753.889.3110.0206.68-41.5938.5241.36-42.867.32219.20-33.7337.29
22Q1 (9)1.85-52.23.930.26-38.1-42.2249.29109.39-3.47353.8761.9973.1772.3826.1465.82330.7879.1756.21
21Q4 (8)3.8727.72131.740.42-19.23-12.523.54-21.69-56.88218.4526.0215.5357.381.4547.47184.6225.73-9.84
21Q3 (7)3.0362.9212.370.52-14.758.3330.06-38.63-67.96173.3416.17-8.6656.5646.7659.19146.84-8.03-40.8
21Q2 (6)1.864.4955.00.6135.5660.5348.98-4.07-35.23149.21-26.98-38.3338.54-11.71-12.03159.66-24.6-41.67
21Q1 (5)1.786.5987.370.45-6.2573.0851.06-6.47-46.57204.358.07-40.6643.6512.18-32.36211.763.41-43.59
20Q4 (4)1.6772.160.00.480.00.054.59-41.810.0189.09-0.360.038.919.510.0204.78-17.440.0
20Q3 (3)0.97-19.170.00.4826.320.093.8124.050.0189.77-21.560.035.53-18.90.0248.05-9.380.0
20Q2 (2)1.2026.320.00.3846.150.075.62-20.870.0241.93-29.750.043.81-32.110.0273.74-27.080.0
20Q1 (1)0.950.00.00.260.00.095.560.00.0344.360.00.064.530.00.0375.390.00.0
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)32.42176.868.44427.511.26-63.8843.27-80.9810.1918.2144.34-82.27
2023 (9)11.7110.791.60-1.2331.17-9.73227.470.828.62-67.91250.027.18
2022 (8)10.57-11.621.62-7.4334.5313.14225.617.926.86-39.09233.2719.3
2021 (7)11.9697.691.7510.0630.52-49.4209.10-9.1344.10-9.41195.53-19.12
2020 (6)6.05-16.21.59-8.6260.3219.33230.109.3948.6811.93241.7411.19
2019 (5)7.2212.291.74-33.0850.55-10.94210.3549.7243.499.02217.4138.15
2018 (4)6.432.062.605.6956.76-2.05140.50-5.3639.89-24.62157.372.53
2017 (3)6.3045.52.4618.2757.95-31.32148.46-15.2252.92-2.2153.49-25.27
2016 (2)4.33-1.372.088.984.381.54175.12-8.2354.1128.41205.38-11.39
2015 (1)4.39-31.411.91-46.583.1045.61190.8286.8642.1485.64231.7769.81

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