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
21Q3 (20)0.70-7.89-13.580.94-2.0832.39129.588.0315.4896.682.24-24.7381.286.0515.77144.985.15-14.94
21Q2 (19)0.764.11-8.430.9617.0752.38119.95-3.859.6294.56-15.3-34.0376.641.824.4137.88-14.42-23.12
21Q1 (18)0.73-2.672.820.825.1341.38124.752.6-3.22111.64-4.11-29.0575.2713.481.29161.12-6.15-23.97
20Q4 (17)0.75-7.411.350.789.869.86121.598.36-0.78116.42-9.37-8.866.33-5.5319.06171.680.72-11.73
20Q3 (16)0.81-2.416.580.7112.716.39112.212.55-5.79128.45-10.39-13.4670.21-4.3627.33170.45-4.96-19.75
20Q2 (15)0.8316.910.670.638.6221.15109.42-15.11-9.52143.34-8.9-17.9773.41-1.2123.5179.35-15.37-24.08
20Q1 (14)0.71-4.0516.390.58-18.3128.89128.905.18-13.05157.3423.25-21.6974.3133.39-8.78211.938.96-20.83
19Q4 (13)0.74-2.6329.820.7116.3942.0122.552.89-23.24127.66-13.99-30.0655.711.03-41.02194.50-8.42-21.49
19Q3 (12)0.761.33-11.630.6117.31-7.58119.11-1.5112.65148.43-15.067.2655.14-7.23-27.09212.39-10.0926.07
19Q2 (11)0.7522.95-9.640.5215.56-13.33120.93-18.4210.67174.74-13.0315.5659.44-27.03-25.77236.23-11.7630.95
19Q1 (10)0.617.02-17.570.45-10.0-21.05148.24-7.1520.85200.9210.0725.5981.46-13.76-12.37267.708.0641.13
18Q4 (9)0.57-33.72-26.920.50-24.24-16.67159.6551.036.51182.5431.9119.694.4624.94.25247.7347.0538.42
18Q3 (8)0.863.61-24.560.6610.0-22.35105.73-3.2432.43138.38-8.4829.7375.63-5.5627.56168.47-6.6132.41
18Q2 (7)0.8312.1653.70.605.26-40.59109.27-10.92-34.99151.21-5.48-18.3880.08-13.86-22.65180.40-4.89-27.78
18Q1 (6)0.74-5.13-2.630.57-5.011.76122.664.882.46159.984.8216.8392.962.590.39189.685.9815.62
17Q4 (5)0.78-31.58-1.270.60-29.417.14116.9546.480.92152.6343.0920.0190.6152.83-13.86178.9740.6729.81
17Q3 (4)1.14111.110.00.85-15.840.079.84-52.50.0106.67-42.420.059.29-42.730.0127.23-49.070.0
17Q2 (3)0.54-28.950.01.0198.040.0168.0740.390.0185.2535.290.0103.5311.80.0249.7952.260.0
17Q1 (2)0.76-3.80.00.51-8.930.0119.723.310.0136.937.670.092.60-11.970.0164.0518.990.0
16Q4 (1)0.790.00.00.560.00.0115.880.00.0127.180.00.0105.190.00.0137.870.00.0
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
2020 (10)3.1416.732.9122.78116.24-14.21125.42-18.4466.96-7.92174.70-19.33
2019 (9)2.69-16.982.370.42135.4920.3153.78-0.4972.72-12.72216.5517.79
2018 (8)3.241.252.36-10.61112.63-1.34154.5311.6183.32-14.57183.8418.55
2017 (7)3.20-22.332.64-27.27114.1628.75138.4537.6797.5338.93155.0730.27
2016 (6)4.1244.063.6334.9488.67-30.51100.57-25.9270.20-6.61119.04-36.74
2015 (5)2.86-1.722.69-1.1127.601.57135.761.2875.17-9.3188.196.44
2014 (4)2.91-5.522.72-7.48125.635.95134.057.8982.885.78176.807.49
2013 (3)3.0802.940118.570124.25078.350164.480

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