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)2.30-10.5155.411.7833.8358.9339.6511.82-35.5850.99-25.38-37.2748.60-20.31-31.1942.04-1.75-41.76
24Q3 (19)2.570.3930.461.3331.6812.7135.46-0.17-23.1868.33-24.41-11.160.99-15.349.8142.79-20.57-36.59
24Q2 (18)2.5643.82-17.421.0134.6723.1735.52-30.6920.9490.39-25.99-18.0672.04-20.1645.0753.87-35.21-40.16
24Q1 (17)1.7820.278.540.75-33.0474.4251.25-16.73-7.64122.1350.26-42.0190.2327.75-11.983.1515.18-49.2
23Q4 (16)1.48-24.87-24.11.12-5.0824.4461.5533.3431.881.285.75-19.6470.6327.179.0872.196.98-13.12
23Q3 (15)1.97-36.45-13.61.1843.910.2846.1657.1715.676.86-30.32-9.9155.5411.844.9567.48-25.04-6.69
23Q2 (14)3.1089.021.970.8290.7-8.8929.37-47.07-1.97110.31-47.629.149.66-51.51-4.6190.02-45.013.93
23Q1 (13)1.64-15.9-28.380.43-52.22-20.3755.4918.8239.63210.60108.2324.52102.4258.1811.81163.6796.9839.57
22Q4 (12)1.95-14.47-26.970.90-15.894.6546.7016.9536.99101.1418.56-4.0164.7522.35-2.1883.0914.8913.4
22Q3 (11)2.28-25.0-0.441.0718.8928.9239.9333.280.4885.31-15.63-21.7452.921.65-27.5672.32-8.47-4.45
22Q2 (10)3.0432.7512.180.9066.67-15.8929.96-24.61-10.62101.11-40.2219.352.06-43.17-13.279.01-32.6335.55
22Q1 (9)2.29-14.2323.780.54-37.21-44.3339.7416.57-19.28169.1360.5380.5491.6038.3921.86117.2760.0573.09
21Q4 (8)2.6716.5930.240.863.61-41.8934.09-14.22-23.32105.36-3.3570.8466.19-9.395.6273.27-3.268.59
21Q3 (7)2.29-15.5-4.580.83-22.43-42.7639.7418.564.63109.0128.6373.4473.0521.7929.9475.6929.8569.67
21Q2 (6)2.7146.49-13.141.0710.31-0.9333.52-31.9115.0784.75-9.530.1759.98-20.2117.6158.29-13.96-7.09
21Q1 (5)1.85-9.7645.670.97-34.4656.4549.2310.73-31.0793.6851.91-36.3375.1719.95-19.667.7555.89-45.83
20Q4 (4)2.05-14.580.01.482.070.044.4617.060.061.67-1.880.062.6711.470.043.46-2.580.0
20Q3 (3)2.40-23.080.01.4534.260.037.9830.380.062.85-25.720.056.2210.240.044.61-28.90.0
20Q2 (2)3.12145.670.01.0874.190.029.13-59.210.084.61-42.50.051.00-45.450.062.74-49.830.0
20Q1 (1)1.270.00.00.620.00.071.420.00.0147.140.00.093.500.00.0125.060.00.0
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)8.09-9.16.4857.6645.109.9756.31-36.5951.87-17.4849.54-26.02
2023 (9)8.90-20.044.11-0.7241.0125.0788.810.7462.869.0266.965.8
2022 (8)11.1342.334.147.8132.79-29.7788.16-7.2557.66-23.2963.29-4.93
2021 (7)7.8218.133.84-21.1546.69-15.2895.0526.7575.175.7866.5712.75
2020 (6)6.62-18.074.87-29.5255.1121.9274.9941.9571.0620.8159.0450.61
2019 (5)8.08-10.326.912.9845.2011.6352.83-2.8358.82-11.3239.2037.4
2018 (4)9.014.046.7130.5440.49-3.8954.37-23.4766.33-21.3428.53-1.14
2017 (3)8.66-24.835.14-21.2942.1333.0371.0427.0484.3241.1728.863.55
2016 (2)11.5224.416.5314.5631.67-19.6655.92-12.7259.73-4.8927.87-31.51
2015 (1)9.2648.875.702.3339.42-32.8664.07-2.3262.80-5.0240.69-30.05

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