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)0.80-8.05-3.611.800.0-33.82113.057.812.8650.43-0.150.7239.45-1.55-49.55124.037.690.29
24Q3 (19)0.873.57-18.691.805.88-42.86104.86-3.1923.4850.48-5.6374.8540.07-29.25-33.17115.279.62114.18
24Q2 (18)0.8413.51-17.651.70-8.6-20.56108.31-12.2121.3153.499.5725.7156.64-29.54-5.0105.1514.5445.62
24Q1 (17)0.74-10.84-8.641.86-31.623.91123.3712.2510.3848.8245.91-4.0780.392.8115.4491.8040.84-1.31
23Q4 (16)0.83-22.43-6.742.72-13.6518.78109.9129.436.9233.4615.9-15.878.1930.426.6665.1821.11-19.34
23Q3 (15)1.074.9-4.463.1547.230.7184.92-4.884.3428.87-32.15-23.4659.960.5714.8453.82-25.47-19.54
23Q2 (14)1.0225.93-4.672.1419.559.7489.28-20.125.0542.55-16.39-9.059.62-14.3910.5572.21-22.37-7.21
23Q1 (13)0.81-8.99-15.621.79-21.83-7.73111.778.7317.7650.8928.068.3769.6412.8112.6393.0215.1116.22
22Q4 (12)0.89-20.54-13.592.29-4.98-11.58102.8026.3116.2439.745.3613.1261.7318.2314.5980.8120.8115.94
22Q3 (11)1.124.678.742.4123.59-8.7181.39-4.24-7.9637.72-19.339.4952.21-3.19-6.3366.89-14.05-0.37
22Q2 (10)1.0711.461.91.950.52-34.7884.99-10.45-1.7546.76-0.4353.4653.93-12.78-1.777.82-2.7725.27
22Q1 (9)0.96-6.86.671.94-25.1-27.8894.917.32-6.146.9633.6739.0661.8314.78-13.9580.0414.8427.05
21Q4 (8)1.030.00.982.59-1.89-21.0488.440.01-0.5635.131.9726.6953.87-3.35-20.4569.703.8142.39
21Q3 (7)1.03-1.9-15.572.64-11.71-24.5788.432.2318.2534.4513.0632.555.741.66.767.148.0838.32
21Q2 (6)1.0516.678.252.9911.1518.6586.50-14.42-7.9730.47-9.77-15.7154.86-23.65-3.362.12-1.4-15.39
21Q1 (5)0.90-11.7612.52.69-17.9921.72101.0813.65-11.3633.7721.78-17.8371.856.111.3363.0028.7-30.47
20Q4 (4)1.02-16.390.03.28-6.290.088.9418.940.027.736.650.067.7229.630.048.950.840.0
20Q3 (3)1.2225.770.03.5038.890.074.78-20.440.026.00-28.080.052.24-7.910.048.54-33.890.0
20Q2 (2)0.9721.250.02.5214.030.093.99-17.580.036.15-12.040.056.73-12.10.073.42-18.970.0
20Q1 (1)0.800.00.02.210.00.0114.040.00.041.100.00.064.540.00.090.610.00.0
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)2.86-16.867.24-25.05127.5220.0450.4033.3375.2213.44102.7032.12
2023 (9)3.44-13.579.662.01106.2315.7337.80-1.9566.3110.5477.7310.49
2022 (8)3.98-0.759.47-13.5291.790.9638.5515.6359.99-8.5570.3519.93
2021 (7)4.0115.5610.953.490.92-13.5133.34-3.2865.60-4.958.66-16.92
2020 (6)3.47-11.0310.590.76105.1212.3334.47-0.6968.9830.4570.61-6.38
2019 (5)3.90-9.9310.51-8.9393.5811.0134.719.752.88-1.2175.4220.87
2018 (4)4.33-5.2511.54-5.1884.305.6531.645.4753.537.5362.403.98
2017 (3)4.57-8.9612.17-18.4979.799.7730.0022.749.7824.2360.015.15
2016 (2)5.023.9314.93-11.7672.69-3.9124.4513.3540.07-12.5557.0711.03
2015 (1)4.8310.7816.92-5.6375.65-9.621.575.9445.82-18.6751.407.76

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