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
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)2.3262.2450.650.9525.015.8539.25-38.24-33.5395.82-20.4-14.1445.46-18.56-4.0789.60-30.06-27.31
24Q3 (19)1.432.14107.250.7615.1580.9563.55-1.91-51.83120.38-13.2-45.0955.82-22.98-17.63128.11-2.21-54.79
24Q2 (18)1.40-21.3566.670.66-24.1417.8664.7926.79-39.96138.6833.35-14.3872.4733.3477.71131.0030.02-42.82
24Q1 (17)1.7815.58201.690.876.1107.1451.10-13.46-67.06104.00-6.81-52.5554.3514.69-17.83100.75-18.26-67.31
23Q4 (16)1.54123.1985.540.8295.2457.6959.05-55.24-46.1111.60-49.09-36.3347.39-30.07-34.26123.26-56.5-42.06
23Q3 (15)0.69-17.86-53.690.42-25.0-44.0131.9422.27116.61219.2235.3579.9467.7766.1834.41283.3823.69114.16
23Q2 (14)0.8442.37-26.960.5633.331.82107.91-30.4436.73161.97-26.11-2.7340.78-38.34-39.72229.10-25.6728.86
23Q1 (13)0.59-28.92-59.860.42-19.23-33.33155.1441.6151.2219.2025.0650.7266.14-8.253.98308.2044.88114.64
22Q4 (12)0.83-44.3-47.80.52-30.67-13.33109.5679.8791.91175.2743.8614.9572.0942.986.55212.7360.7749.93
22Q3 (11)1.4929.57-12.870.7536.368.760.91-22.8214.64121.83-26.84-7.7250.42-25.47-32.83132.32-25.5820.19
22Q2 (10)1.15-21.77-53.060.55-12.7-43.378.9227.78112.32166.5214.4978.1967.656.356.35177.7923.82165.32
22Q1 (9)1.47-7.55-10.910.635.0-27.5961.768.1812.17145.44-4.6139.4263.61-5.99-3.2143.591.253.31
21Q4 (8)1.59-7.02-31.170.60-13.04-42.3157.097.4544.82152.4715.4973.9167.66-9.8662.22141.8928.8966.17
21Q3 (7)1.71-30.2-19.720.69-28.877.8153.1342.9424.16132.0241.27-7.575.0618.067.69110.0964.29-21.79
21Q2 (6)2.4548.48120.720.9711.49155.2637.17-32.49-54.6193.45-10.42-61.1363.61-3.26.667.01-28.45-74.48
21Q1 (5)1.65-28.5761.760.87-16.35123.0855.0639.68-38.02104.3218.99-55.3765.7157.5426.893.669.68-65.41
20Q4 (4)2.318.450.01.0462.50.039.42-7.880.087.67-38.580.041.71-6.810.085.39-39.340.0
20Q3 (3)2.1391.890.00.6468.420.042.79-47.750.0142.73-40.630.044.76-24.990.0140.77-46.40.0
20Q2 (2)1.118.820.00.38-2.560.081.89-7.810.0240.392.850.059.6715.150.0262.62-3.00.0
20Q1 (1)1.020.00.00.390.00.088.830.00.0233.720.00.051.820.00.0270.740.00.0
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)7.93144.03.5064.3246.04-58.95104.43-38.9754.64-26.0895.83-54.22
2023 (9)3.25-32.572.13-14.8112.1548.13171.1117.1673.9224.97209.3428.75
2022 (8)4.82-32.592.50-19.6175.7148.22146.0524.3159.152.12162.6046.95
2021 (7)7.1534.913.1129.0551.08-25.85117.49-22.3257.925.6110.65-33.05
2020 (6)5.3035.92.4124.2368.89-26.31151.24-19.4854.8518.24165.28-29.65
2019 (5)3.90-0.261.94-22.493.490.16187.8328.7646.39-17.82234.9428.55
2018 (4)3.91-1.512.5014.6893.341.56145.88-12.9956.45-17.64182.76-4.33
2017 (3)3.97-16.242.183.3291.9119.27167.66-3.0968.5420.86191.03-1.21
2016 (2)4.743.042.110.9677.06-2.92173.01-0.9856.71-0.54193.36-1.89
2015 (1)4.60-6.882.09-0.9579.387.4174.721.0157.02-5.0197.085.47

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