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)4.39-11.491.621.79-7.7316.9920.7112.98-1.7150.708.29-14.93176.0716.0817.78-104.66-20.95-52.08
24Q3 (19)4.9621.87-15.211.9422.0144.7818.33-17.9517.8846.82-18.05-31.09151.68-6.4514.21-86.53-4.68-75.45
24Q2 (18)4.0745.88-3.11.5919.5563.9222.34-31.63.057.13-16.31-39.37162.13-16.21-6.97-82.6610.71-41.64
24Q1 (17)2.79-35.42-44.641.33-13.0711.7632.6655.0181.0468.2614.53-10.91193.4929.4322.42-92.57-34.51-46.01
23Q4 (16)4.32-26.15-28.241.5314.180.021.0735.539.4459.60-12.280.27149.4912.566.52-68.82-39.54-4.61
23Q3 (15)5.8539.2912.071.3438.14-22.9915.55-28.31-10.8467.94-27.8929.66132.81-23.79-1.98-49.3215.4924.87
23Q2 (14)4.20-16.67-8.70.97-18.49-38.2221.6920.239.5594.2222.9762.45174.2710.2627.96-58.367.950.05
23Q1 (13)5.04-16.2812.251.19-22.22-16.7818.0419.39-11.0576.6228.920.79158.0612.6314.52-63.403.63-16.74
22Q4 (12)6.0215.3349.011.53-12.074.0815.11-13.36-32.9659.4413.44-3.79140.343.589.46-65.79-0.21-49.9
22Q3 (11)5.2213.4880.621.7410.8331.8217.44-11.92-44.652.40-9.66-23.75135.49-0.515.23-65.65-12.43-129.87
22Q2 (10)4.602.4581.11.579.7924.619.80-2.37-44.7558.00-8.56-19.86136.19-1.335.75-58.39-7.51-183.58
22Q1 (9)4.4911.1470.081.43-2.7215.3220.28-10.03-41.1563.432.67-13.88138.027.654.89-54.31-23.74-131.3
21Q4 (8)4.0439.7938.831.4711.3625.6422.54-28.4-27.9661.78-10.1-20.67128.21-0.433.9-43.89-53.68-208.65
21Q3 (7)2.8913.780.01.324.7653.4931.48-12.170.168.72-5.04-34.71128.76-0.02-10.69-28.56-38.71-282.33
21Q2 (6)2.54-3.79-35.531.261.6175.035.844.055.2972.37-1.74-42.51128.79-2.12-26.8-20.5912.3123.66
21Q1 (5)2.64-9.28-2.581.245.9858.9734.4610.132.5673.65-5.43-36.85131.586.63-24.98-23.48-65.126.71
20Q4 (4)2.910.690.01.1736.050.031.29-0.510.077.88-26.010.0123.40-14.410.0-14.22-90.360.0
20Q3 (3)2.89-26.650.00.8619.440.031.4536.270.0105.26-16.380.0144.18-18.050.0-7.4772.30.0
20Q2 (2)3.9445.390.00.72-7.690.023.08-31.310.0125.887.940.0175.940.310.0-26.97-7.150.0
20Q1 (1)2.710.00.00.780.00.033.600.00.0116.620.00.0175.400.00.0-25.170.00.0
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)14.31-21.636.147.7225.5027.6359.44-7.2188.6221.11-103.680
2023 (9)18.26-19.065.70-0.8719.9823.4964.050.83155.7412.01-71.700
2022 (8)22.5661.725.758.716.18-38.1763.52-7.88139.040.7-59.340
2021 (7)13.9561.465.2939.5826.17-38.0968.95-28.48138.08-13.14-42.970
2020 (6)8.64-17.243.79-19.0242.2720.9496.4023.57158.974.58-20.300
2019 (5)10.44-28.884.68-5.4534.9540.5378.015.82152.0118.65-39.040
2018 (4)14.68-20.174.9521.6224.8725.2973.72-17.81128.1223.17-29.530
2017 (3)18.3933.944.0721.4919.85-25.3589.70-17.6104.02-16.225.53-50.98
2016 (2)13.7318.873.35-11.3826.59-15.85108.8612.8124.1619.3611.28-53.18
2015 (1)11.5522.873.7819.2431.60-18.6496.51-16.24104.025.1924.09-56.33

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