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)12.33-2.9923.051.89-6.448.627.383.07-18.7248.257.34-7.4824.4813.6-3.8131.151.93-12.94
24Q3 (19)12.7114.92-10.742.024.1217.447.16-13.012.0544.95-4.06-15.2221.55-0.32-3.8830.56-8.64-17.38
24Q2 (18)11.063.27-36.981.940.5231.978.23-3.1858.5746.85-0.78-24.1221.62-3.61-6.8133.450.48-23.49
24Q1 (17)10.716.89-26.941.9310.9241.918.50-6.3936.8847.22-9.45-29.4522.43-11.87-5.2833.29-6.96-32.69
23Q4 (16)10.02-29.63-22.861.741.1653.989.0842.129.7152.15-1.64-34.9825.4513.513.5435.78-3.27-42.87
23Q3 (15)14.24-18.86-22.271.7217.0159.266.3923.1228.5753.02-14.12-37.1622.42-3.368.7836.99-15.39-46.18
23Q2 (14)17.5519.7122.471.478.0965.175.19-16.43-18.2761.74-7.75-39.4223.20-2.03-6.0743.72-11.61-47.68
23Q1 (13)14.6612.866.771.3620.355.436.21-11.29-6.3366.93-16.56-5.0223.68-3.660.049.46-21.03-7.41
22Q4 (12)12.99-29.09-17.01.134.63-29.817.0040.8520.4880.21-4.9341.8424.5819.2610.3762.63-8.8856.22
22Q3 (11)18.3227.84-16.541.0821.35-23.44.97-21.7319.7684.37-17.2230.420.61-16.56-0.8268.73-17.7643.01
22Q2 (10)14.334.37-32.150.89-31.01-36.886.35-4.2247.33101.9244.6357.7224.704.3126.683.5756.4469.14
22Q1 (9)13.73-12.27-29.011.29-19.88-20.866.6314.1141.0670.4724.6226.2723.686.3315.2353.4233.2533.68
21Q4 (8)15.65-28.7-10.981.6114.188.785.8140.012.1656.55-12.6-8.1722.277.17-11.140.09-16.58-3.86
21Q3 (7)21.953.93-0.361.410.0-21.674.15-3.710.4864.700.1228.1220.786.51-1.0948.06-2.7342.95
21Q2 (6)21.129.2-6.921.41-13.5-10.194.31-8.37.4864.6215.7911.7619.51-5.061.5149.4123.6515.93
21Q1 (5)19.3410.016.671.6310.1421.644.70-9.27-6.3755.81-9.37-18.1220.55-17.96-1.9639.96-4.17-23.48
20Q4 (4)17.58-20.20.01.48-17.780.05.1825.420.061.5821.940.025.0519.230.041.7024.030.0
20Q3 (3)22.03-2.910.01.8014.650.04.132.990.050.50-12.660.021.019.310.033.62-21.120.0
20Q2 (2)22.6925.150.01.5717.160.04.01-20.120.057.82-15.170.019.22-8.30.042.62-18.380.0
20Q1 (1)18.130.00.01.340.00.05.020.00.068.160.00.020.960.00.052.220.00.0
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)41.85-3.17.3824.458.723.249.45-19.5926.493.8831.68-28.73
2023 (9)43.194.05.9321.028.45-3.8761.50-17.4125.50-8.0744.45-19.92
2022 (8)41.53-15.744.90-15.378.7918.6274.4618.1327.749.355.5123.22
2021 (7)49.29-24.065.793.767.4131.8563.03-3.6725.383.7645.05-3.31
2020 (6)64.912.795.58-17.825.62-2.7765.4321.7524.4623.4746.5917.33
2019 (5)63.158.886.79-12.615.78-8.1153.7414.4119.81-5.0339.7122.56
2018 (4)58.00-18.027.771.836.2921.946.97-1.820.86-2.1632.402.31
2017 (3)70.75-23.337.6343.965.1630.347.83-30.5421.3214.1331.67-41.49
2016 (2)92.28-18.435.3036.253.9622.668.86-26.6818.6810.0854.13-32.48
2015 (1)113.1312.043.89-6.493.23-10.7793.926.9616.97-7.5280.179.7

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