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)3.12-26.420.971.260.0-16.029.1936.08-0.7572.18-0.418.9715.91-49.3-72.9985.4636.65174.09
24Q3 (19)4.247.8916.481.26-44.49-33.3321.45-7.3-14.1772.4780.4150.2631.38-10.29-43.5362.54120.76254.54
24Q2 (18)3.938.26-16.562.2741.87-2.1623.14-7.719.7140.17-29.272.3434.98-30.28-33.1828.33-10.6354.74
24Q1 (17)3.6317.48-14.391.606.678.1125.07-14.7616.8256.79-6.4-7.5850.17-14.82-29.5531.691.64170.62
23Q4 (16)3.09-15.11-18.681.50-20.637.1429.4117.6922.960.6725.79-6.6258.905.997.2331.1876.76-8.21
23Q3 (15)3.64-22.72-29.871.89-18.5336.9624.9929.2842.3948.2322.88-27.0655.576.1518.7617.64183.15-52.17
23Q2 (14)4.7111.08-6.362.3256.7677.119.33-9.936.8539.25-36.13-43.752.35-26.4942.496.23-46.8-87.8
23Q1 (13)4.2411.58-51.651.485.7128.721.46-10.32106.9461.45-5.42-22.0771.2129.6478.4711.71-65.53-76.26
22Q4 (12)3.80-26.78-57.061.401.45-10.8323.9336.35132.7864.97-1.7411.954.9317.452.1633.97-7.895.37
22Q3 (11)5.193.18-43.651.385.34-34.617.55-2.9977.6366.12-5.1553.2346.7927.3547.8836.88-27.7672.5
22Q2 (10)5.03-42.65-49.451.3113.91-35.4718.0974.4597.9269.71-11.5955.7836.74-7.926.5551.053.51163.01
22Q1 (9)8.77-0.9-22.661.15-26.75-53.0610.370.8829.1478.8535.81112.3639.9010.5317.9849.3252.98334.92
21Q4 (8)8.85-3.91-26.371.57-25.59-40.7510.284.0535.858.0634.5569.2236.1014.1-13.9932.2450.840400.0
21Q3 (7)9.21-7.44-20.192.113.94-34.069.888.125.2243.15-3.5851.9431.64-8.24-17.2421.3810.151202.06
21Q2 (6)9.95-12.2645.042.03-17.14-1.939.1413.82-31.1244.7520.521.9634.481.95-4.8319.4171.16-7.26
21Q1 (5)11.34-5.66102.862.45-7.5549.398.036.08-50.7137.138.22-33.2833.82-19.42-24.3411.3414275.0-58.37
20Q4 (4)12.024.160.02.65-17.190.07.57-4.060.034.3120.810.041.979.780.0-0.0895.880.0
20Q3 (3)11.5468.220.03.2054.590.07.89-40.540.028.40-35.290.038.235.520.0-1.94-109.270.0
20Q2 (2)6.8622.720.02.0726.220.013.27-18.540.043.89-21.130.036.23-18.950.020.93-23.160.0
20Q1 (1)5.590.00.01.640.00.016.290.00.055.650.00.044.700.00.027.240.00.0
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)10.69-48.115.13-26.434.1492.6671.1635.8838.50-23.9966.81243.67
2023 (9)20.60-26.776.9721.0117.7236.5252.37-17.2850.658.5719.44-34.41
2022 (8)28.13-45.195.76-28.6212.9882.5663.3139.9746.6525.1329.6496.81
2021 (7)51.3235.558.07-4.617.11-26.2445.234.7737.28-24.215.06314.88
2020 (6)37.86-22.568.46-23.519.6429.0543.1730.8249.1814.673.630
2019 (5)48.89-6.211.066.247.476.7133.00-5.942.89-4.56-2.420
2018 (4)52.12-14.410.415.367.0016.8635.07-5.0444.94-5.25-2.860
2017 (3)60.89-5.99.88-9.365.996.2136.9310.2447.434.68-4.500
2016 (2)64.7112.9510.90-1.85.64-11.4633.501.9245.3121.9-6.170
2015 (1)57.29-1.6311.109.366.371.5932.87-8.6237.17-17.862.070

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