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)29.75-2.7583.870.000-100.03.063.03-45.650.000-100.020.5327.91121.23-17.47-33.56-378.63
24Q3 (19)30.5973.2258.170.000-100.02.97-42.33-36.810.000-100.016.05-4.75194.5-13.08-11.89-1691.78
24Q2 (18)17.66-26.72-2.380.000-100.05.1536.242.390.000-100.016.8575.34159.63-11.69-100.51-711.81
24Q1 (17)24.1048.95134.210.00-100.0-100.03.78-32.86-57.240.00-100.0-100.09.613.56-29.55-5.83-59.73-22.74
23Q4 (16)16.18-16.34325.7917028.20118.562060.315.6319.79-76.480.010.0-91.679.2870.28-75.03-3.65-400.072.16
23Q3 (15)19.346.91608.427791.1173.523397.224.70-6.56-85.90.01-50.0-97.565.45-16.02-94.79-0.7349.3198.97
23Q2 (14)18.0975.831.374489.96145.122630.295.03-43.1-23.90.02-60.0-96.366.49-52.42-89.59-1.4469.6897.39
23Q1 (13)10.29170.79104.571831.76132.397819.418.84-63.07-51.110.05-58.33-98.7313.64-63.29-86.45-4.7563.7793.96
22Q4 (12)3.8039.19-47.95788.23253.821592.9323.94-28.1991.980.12-70.73-93.8537.16-64.5-66.38-13.1181.5186.36
22Q3 (11)2.73-80.17-43.48222.7835.47-86.1333.34404.3976.960.41-25.45583.33104.6767.85-53.71-70.92-28.565.77
22Q2 (10)13.77173.7686.08164.45610.98-95.76.61-63.44-46.260.55-86.012650.062.36-38.07-11.65-55.1929.865.25
22Q1 (9)5.03-31.1-7.7123.13-50.32018.0844.998.23.93101.540100.69-8.897.93-78.6818.13-2.74
21Q4 (8)7.3051.14-9.6546.56-97.1012.47-33.8110.751.953150.00110.52-51.1251.27-96.1053.62-55.5
21Q3 (7)4.83-34.73-57.481606.40-57.99264.7818.8453.17135.210.06200.0-71.43226.11220.36441.97-207.21-255.73-518.54
21Q2 (6)7.4035.78604.763824.00011746.3412.30-26.39-85.750.020-99.2970.58-24.34-72.74-58.2523.9465.69
21Q1 (5)5.45-32.5513.070.000-100.016.7148.4-11.450.000-100.093.2927.69164.13-76.58-23.92-372.13
20Q4 (4)8.08-28.870.00.00-100.00.011.2640.570.00.00-100.00.073.0675.120.0-61.80-84.480.0
20Q3 (3)11.36981.90.0440.381264.250.08.01-90.720.00.21-92.550.041.72-83.880.0-33.5080.270.0
20Q2 (2)1.05-78.220.032.28-91.930.086.29357.290.02.821126.090.0258.87632.930.0-169.76-946.610.0
20Q1 (1)4.820.00.0399.960.00.018.870.00.00.230.00.035.320.00.0-16.220.00.0
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)124.5971.00.0002.93-41.520.00012.3311.38-9.400
2023 (9)72.86414.9139297.208494.445.01-80.570.01-98.7511.07-76.06-6.060
2022 (8)14.15-51.44457.24151.9425.79105.830.80-60.246.24-48.86-19.650
2021 (7)29.14168.08181.49-79.2712.53-62.662.01378.5790.41-2.41-75.870
2020 (6)10.87-74.99875.50-52.2233.56299.520.42110.092.64257.82-58.660
2019 (5)43.46-20.261832.17208.048.4025.370.20-67.2125.89-3.29-17.290
2018 (4)54.50-25.91594.79142.436.7035.080.61-59.0626.778.73-19.460
2017 (3)73.56-5.61245.345.524.965.981.49-5.124.62-3.83-18.170
2016 (2)77.93-13.02232.51-46.044.6814.991.5784.7125.6022.61-19.350
2015 (1)89.607.42430.89-22.864.07-7.080.8530.7720.883.32-15.960

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