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)2.0429.9417.240.2414.299.0944.61-22.89-14.79376.48-13.94-8.6128.38-0.4258.02392.72-15.87-12.01
24Q3 (19)1.57-1.88-12.290.21-4.555.057.851.8113.63437.446.99-4.5428.5055.5771.38466.784.34-5.23
24Q2 (18)1.607.38-21.180.224.764.7656.82-6.726.72408.85-7.47-3.9418.32-2.4519.5447.35-7.57-1.71
24Q1 (17)1.49-14.37-21.990.21-4.5510.5360.9016.3328.1441.847.26-5.8918.784.57-4.82483.978.43-2.68
23Q4 (16)1.74-2.79-22.670.2210.0-4.3552.352.8329.45411.93-10.112.1317.968.04.91446.33-9.384.61
23Q3 (15)1.79-11.829.150.20-4.765.2650.9113.54-8.24458.247.66-4.4916.638.48-13.74492.528.21-4.55
23Q2 (14)2.036.2830.130.2110.5310.5344.84-5.68-23.0425.64-9.34-8.8115.33-22.3-28.2455.15-8.47-9.63
23Q1 (13)1.91-15.1124.840.19-17.390.047.5417.56-20.09469.4716.4-1.9819.7315.25-14.14497.2816.55-3.52
22Q4 (12)2.2537.229.310.2321.059.5240.44-27.11-22.71403.33-15.94-7.2717.12-11.2-15.71426.66-17.31-8.63
22Q3 (11)1.645.13-4.090.190.0-24.055.48-4.724.46479.802.7932.1319.28-9.72.66515.992.4529.82
22Q2 (10)1.561.96-28.770.190.0-45.7158.23-2.1239.88466.76-2.5479.1621.35-7.0938.1503.64-2.2975.66
22Q1 (9)1.53-12.07-28.840.19-9.52-20.8359.4913.740.7478.9310.1127.2822.9813.1577.59515.4410.3827.08
21Q4 (8)1.741.75-13.00.21-16.0-4.5552.32-1.4914.76434.9519.783.6820.318.1524.75466.9617.494.04
21Q3 (7)1.71-21.924.910.25-28.5725.053.1127.58-4.87363.1339.38-21.7418.7821.47-17.96397.4638.63-20.02
21Q2 (6)2.191.8625.860.3545.8375.041.63-1.54-20.6260.53-30.76-42.5215.4619.47-5.56286.71-29.31-41.4
21Q1 (5)2.157.520.790.249.0920.042.28-7.26-17.53376.28-10.3-15.6512.94-20.52-43.52405.61-9.63-14.5
20Q4 (4)2.0022.70.00.2210.00.045.59-18.340.0419.50-9.590.016.28-28.880.0448.82-9.690.0
20Q3 (3)1.63-6.320.00.200.00.055.836.480.0464.012.380.022.8939.830.0496.951.560.0
20Q2 (2)1.74-2.250.00.200.00.052.432.260.0453.231.610.016.37-28.550.0489.303.140.0
20Q1 (1)1.780.00.00.200.00.051.270.00.0446.070.00.022.910.00.0474.420.00.0
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)6.65-7.120.886.0254.887.59415.42-5.4625.7623.08444.53-5.31
2023 (9)7.16-2.050.832.4751.012.18439.39-1.9820.930.92469.47-1.67
2022 (8)7.31-8.630.81-8.9949.929.35448.289.220.7462.41477.457.68
2021 (7)8.005.960.899.8845.65-5.56410.52-8.4712.77-30.94443.39-7.31
2020 (6)7.55-2.080.81-10.9948.342.16448.5111.3318.49-24.28478.3712.36
2019 (5)7.713.210.91-7.1447.32-3.17402.868.3424.42-15.09425.768.62
2018 (4)7.473.460.98-8.4148.87-3.32371.869.4328.76-5.49391.988.9
2017 (3)7.220.141.07-7.7650.55-0.08339.827.930.43-13.99359.949.02
2016 (2)7.21-4.381.16-1.6950.594.52314.942.0735.38-13.07330.164.4
2015 (1)7.54-20.381.18-18.0648.4025.58308.5421.4540.7010.87316.2423.59

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