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)1.930.52-4.932.8019.1554.747.07-0.555.1632.52-15.9-35.2282.6215.712.54-3.03-120.75-121.06
24Q3 (19)1.92-22.5842.222.35-4.8644.1747.3329.18-29.6438.675.08-30.8871.4019.0-30.7314.608.71-27.54
24Q2 (18)2.4815.35-4.252.4721.67-18.2136.64-13.284.4236.80-17.8822.2260.00-22.05-0.4313.4332.97171.86
24Q1 (17)2.155.9138.712.0312.1516.6742.25-5.61-28.2644.81-10.74-14.3276.97-4.47-19.7910.10-29.81-33.68
23Q4 (16)2.0350.3714.691.8111.04-31.4444.76-33.46-13.1750.20-10.2845.8580.57-21.8318.2214.39-28.59-19.29
23Q3 (15)1.35-47.88-12.91.63-46.03-34.5467.2791.7114.2155.9585.8252.87103.0771.0458.320.15307.89-33.7
23Q2 (14)2.5967.163.923.0273.563.0735.09-40.41-39.0830.11-42.43-2.9360.26-37.2-5.994.94-67.56-79.85
23Q1 (13)1.55-12.43-6.631.74-34.09-52.8558.8914.247.6252.3051.95112.3495.9640.8157.0315.23-14.58-16.5
22Q4 (12)1.7714.1926.432.646.02-22.1251.55-12.48-20.7534.42-5.9628.0568.154.6722.1817.83-41.33-50.68
22Q3 (11)1.55-1.955.02.49-15.02-6.3958.902.26-35.3136.6017.996.8965.111.5813.4930.3923.94-55.26
22Q2 (10)1.58-4.8242.342.93-20.642.2357.605.26-29.9231.0225.94-29.9164.104.8916.2924.5234.43-65.62
22Q1 (9)1.6618.5736.073.698.85117.0654.72-15.88-26.9124.63-8.37-54.0161.119.563.6118.24-49.54-73.74
21Q4 (8)1.4040.011.113.3927.4482.2665.05-28.56-9.7226.88-21.5-45.0855.78-2.77-13.3936.15-46.78-36.13
21Q3 (7)1.00-9.91-60.162.6629.13-11.6391.0510.78150.934.24-22.6413.1257.374.0837.8167.92-4.78172.44
21Q2 (6)1.11-9.02-37.292.0621.1812.5782.199.7859.944.26-17.35-11.0455.12-6.54-3.0871.332.7161.05
21Q1 (5)1.22-3.170.831.70-8.6-15.074.873.91-0.1653.559.4217.6458.98-8.42-17.3569.4522.741.3
20Q4 (4)1.26-49.80.01.86-38.210.072.0598.540.048.9461.680.064.4054.70.056.60127.040.0
20Q3 (3)2.5141.810.03.0164.480.036.29-29.40.030.27-39.160.041.63-26.80.024.93-43.710.0
20Q2 (2)1.7746.280.01.83-8.50.051.40-31.460.049.759.290.056.87-20.310.044.29-9.890.0
20Q1 (1)1.210.00.02.000.00.074.990.00.045.520.00.071.360.00.049.150.00.0
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)9.8014.6210.142.1137.25-12.7435.99-2.0788.4019.36-15.170
2023 (9)8.5531.949.93-17.6642.69-24.2336.7521.4174.068.825.38-70.98
2022 (8)6.4822.2612.0631.9556.34-18.1230.27-24.2368.0611.6718.54-61.22
2021 (7)5.3031.199.1425.968.81-23.7839.95-20.5860.95-21.2447.81-24.35
2020 (6)4.04-16.367.26-35.0690.2819.5850.3054.0677.397.5563.2074.68
2019 (5)4.8310.2711.18-10.7775.50-9.3632.6512.1271.960.3136.18-11.06
2018 (4)4.3845.0312.537.7483.30-31.1129.12-7.1771.74-9.0540.68-44.58
2017 (3)3.02-7.0811.63-4.67120.917.5531.374.8578.8820.5773.40-4.58
2016 (2)3.25-11.212.2030.2112.4212.6629.92-23.265.4224.5676.92-10.81
2015 (1)3.66-1.089.3732.7299.791.1138.96-24.6152.524.686.24-13.9

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