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)26.85108.62-16.590.02100.0-77.783.39-52.0519.794307.36-64.65303.04465.74-70.05572.263845.00-63.85283.63
24Q3 (19)12.870.47204.260.010.007.07-0.42-67.1212185.50-18.46-58.691554.8773.5432.8310637.70-24.31-62.47
24Q2 (18)12.8141.23-91.860.01-50.0-90.07.10-29.211124.1414943.60210.771524.46895.97159.063388.9814054.70214.231470.69
24Q1 (17)9.07-71.82112.410.02-77.78010.03254.42-52.914808.50349.93-87.86345.85399.21-72.874472.68346.26-88.34
23Q4 (16)32.19660.99562.350.09002.83-86.84-84.871068.71-96.38-97.1869.28-94.08-95.751002.26-96.46-97.24
23Q3 (15)4.23-97.31101.430.00-100.0021.503606.9-50.4629497.103106.52-6.221170.544458.18-3.3328348.103068.06-6.4
23Q2 (14)157.313584.07370.570.100150.00.58-97.28-78.68919.91-97.68-57.6425.68-97.99-47.98894.81-97.67-57.9
23Q1 (13)4.27-12.144.150.000021.3013.84-4.139601.904.498.571274.60-21.7565.8438348.605.687.33
22Q4 (12)4.86131.43-86.970.000-100.018.71-56.89666.837899.1020.5850.01628.9234.522180.1236288.9019.82825.65
22Q3 (11)2.10-93.72-65.80.00-100.0-100.043.401495.59193.0531452.801348.18258.451210.892352.68988.9330285.301325.03248.98
22Q2 (10)33.43715.37-33.140.040-50.02.72-87.7549.452171.89-94.0582.1749.37-93.5880.452125.24-94.0582.16
22Q1 (9)4.10-89.01-94.440.00-100.0-100.022.21810.251705.6936474.80814.3604.5768.57975.83320.0835728.40811.35615.18
21Q4 (8)37.29507.33126.140.02100.0-90.482.44-83.52-55.83989.37-54.53804.6871.44-35.76172.053920.37-54.82832.91
21Q3 (7)6.14-87.72-12.910.01-87.5-92.8614.81713.7414.818774.57635.981294.16111.20306.43127.828678.18643.831362.25
21Q2 (6)50.00-32.15975.270.08300.0-27.271.8247.97-90.71192.23-76.9740.2827.36-85.05-60.571166.69-76.6545.82
21Q1 (5)73.69346.881886.250.02-90.48-81.821.23-77.72-94.985177.411074.1508.11182.96596.73121.824995.691088.8529.62
20Q4 (4)16.49133.90.00.2150.00.05.52-57.210.0440.97-29.940.026.26-46.20.0420.23-29.190.0
20Q3 (3)7.0551.610.00.1427.270.012.90-34.120.0629.38-25.950.048.81-29.660.0593.48-25.820.0
20Q2 (2)4.6525.340.00.110.00.019.58-20.150.0849.90-0.180.069.39-15.870.0800.090.840.0
20Q1 (1)3.710.00.00.110.00.024.520.00.0851.400.00.082.480.00.0793.450.00.0
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)23.77-65.320.05-73.6815.36188.727101.87266.02409.50256.86707.73266.37
2023 (9)68.555.070.19280.05.32-5.01940.29-75.36114.77-53.141830.84-76.02
2022 (8)65.24-72.470.05-61.545.60263.647873.28171.39244.92171.537633.95171.44
2021 (7)236.98426.620.13-78.691.54-81.012901.10383.5590.20114.712812.44396.84
2020 (6)45.0079.070.61-30.688.11-44.15599.9644.3642.01-24.59566.0651.18
2019 (5)25.13-43.020.88-38.4614.5275.36415.6062.5555.7114.3374.4273.97
2018 (4)44.10208.611.43217.788.28-67.57255.68-68.248.74-60.15215.22-69.57
2017 (3)14.2956.00.45-13.4625.53-35.9804.1115.41122.3045.89707.348.37
2016 (2)9.1638.160.5252.9439.83-27.61696.72-35.2683.83-11.25652.71-37.05
2015 (1)6.63-30.720.3417.2455.0244.221076.24-14.2394.4674.61036.80-16.31

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