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)1.646.49-29.00.120.0-42.8655.60-6.1940.9759.923.9579.23211.2712.8961.5604.250.1881.66
24Q3 (19)1.543.36-8.880.12-7.690.059.27-3.1910.09731.031.74-5.12187.15-2.86-3.75603.152.74-4.25
24Q2 (18)1.4925.21-21.580.1330.0-7.1461.22-19.927.52718.53-22.2912.86192.66-34.1623.67587.09-17.1411.0
24Q1 (17)1.19-48.485.310.10-52.3842.8676.4393.69-4.7924.68118.09-30.25292.62123.68-21.47708.50113.0-31.43
23Q4 (16)2.3136.6944.380.2175.090.9139.46-26.71-30.52423.99-44.97-49.4130.82-32.72-43.05332.63-47.19-49.98
23Q3 (15)1.69-11.0525.190.12-14.2933.3353.8412.14-20.3770.5121.02-21.3194.4424.81-7.58629.9119.1-24.67
23Q2 (14)1.9068.1438.690.14100.055.5648.01-40.14-27.62636.67-51.97-34.7155.79-58.19-23.68528.89-48.81-36.83
23Q1 (13)1.13-29.38-0.880.07-36.360.080.2041.220.11325.6658.215.0372.6262.2120.571033.2455.37-0.04
22Q4 (12)1.6018.52-40.740.1122.22-54.1756.79-15.9368.42837.92-14.41118.5229.729.19158.26665.00-20.47102.58
22Q3 (11)1.35-1.464.650.090.00.067.551.84-4.29979.020.41-1.1210.393.0720.98836.18-0.12-5.68
22Q2 (10)1.3720.18-20.810.0928.570.066.33-17.2126.42975.02-22.78-7.67204.13-33.953.37837.22-19.01-8.1
22Q1 (9)1.14-57.78-56.650.07-70.830.080.12137.6131.961262.59229.24-8.08309.04247.43-4.591033.67214.89-4.66
21Q4 (8)2.70109.3-24.160.24166.6771.4333.72-52.2231.72383.49-61.26-41.7688.95-48.85-46.09328.26-62.97-36.76
21Q3 (7)1.29-25.43-65.960.090.0-30.7770.5834.51193.96989.86-6.2746.39173.90-11.947.68886.54-2.6964.57
21Q2 (6)1.73-34.22-29.390.0928.570.052.4751.9141.011056.05-23.113.27197.48-39.03-14.52911.04-15.979.92
21Q1 (5)2.63-26.1213.360.07-50.0-12.534.5434.92-12.111373.52108.5827.83323.9196.314.41084.14108.8530.52
20Q4 (4)3.56-6.070.00.147.690.025.606.620.0658.52-2.610.0165.012.170.0519.11-3.630.0
20Q3 (3)3.7954.690.00.1344.440.024.01-35.470.0676.18-33.880.0161.50-30.10.0538.69-35.00.0
20Q2 (2)2.455.60.00.0912.50.037.21-5.320.01022.61-4.830.0231.03-18.40.0828.79-0.220.0
20Q1 (1)2.320.00.00.080.00.039.300.00.01074.490.00.0283.140.00.0830.650.00.0
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)5.15-16.80.47-14.5570.9020.17783.5017.89261.9714.27592.4319.83
2023 (9)6.1920.90.5548.6559.00-17.18664.62-33.2229.25-23.8494.38-35.41
2022 (8)5.12-38.460.37-24.4971.2462.43994.9934.08300.8650.61765.3730.57
2021 (7)8.32-28.40.498.8943.8639.68742.08-8.99199.76-14.61586.18-4.35
2020 (6)11.6221.550.4518.4231.40-17.78815.41-15.87233.95-39.47612.87-1.29
2019 (5)9.56-78.620.38-68.8538.19368.01969.23224.35386.51465.9620.90160.13
2018 (4)44.71131.661.22320.698.16-56.85298.82-76.1268.30-59.75238.69-78.31
2017 (3)19.30277.690.29625.018.91-73.51251.41-85.56169.69-82.531100.64-85.82
2016 (2)5.111.790.04-33.3371.36-1.828664.4140.6971.2633.697764.5140.95
2015 (1)5.02-32.160.06-14.2972.6847.366162.6625.61726.50-3.195508.8431.0

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