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
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)0.99-65.86-78.19.9533.38-0.591.81192.3356.549.14-25.020.4437.7485.73-7.2763.21171.52650.13
24Q3 (19)2.90-35.41-42.357.46112.54-18.0231.4155.0373.6312.19-53.0421.920.32-49.29-44.7723.28279.15367.59
24Q2 (18)4.49-4.87-3.853.51-61.76-57.420.265.144.025.96161.96135.1440.075.78.56.14170.33195.94
24Q1 (17)4.724.42-7.459.18-8.217.2419.27-4.188.089.918.9-14.7937.91-6.86-2.29-8.7324.026.53
23Q4 (16)4.52-10.1415.0110.009.8936.9920.1111.17-13.219.10-9.0-27.0240.7010.636.24-11.49-32.07-330.34
23Q3 (15)5.037.711.829.1010.440.3318.09-7.14-1.7410.00-9.42-0.336.79-0.3866.85-8.70-35.94-235.94
23Q2 (14)4.67-8.4371.698.245.2457.5519.489.25-41.8311.04-5.07-36.5236.93-4.8239.67-6.4031.48-126.19
23Q1 (13)5.1029.7735.287.837.2672.8517.83-23.05-26.1111.63-6.74-42.0838.801.2812.3-9.34-249.81-196.79
22Q4 (12)3.93-20.45-22.647.30-19.5192.6123.1725.8629.3712.4724.33-48.0438.3173.74-2.91-2.67-141.72-208.54
22Q3 (11)4.9481.62-18.219.0773.42140.5818.41-45.0322.1610.03-42.32-58.4222.05-16.6-39.576.40-73.81137.04
22Q2 (10)2.72-27.85-48.485.2315.45-13.9833.4938.7994.4817.39-13.416.2426.44-23.47-32.3424.44153.26454.2
22Q1 (9)3.77-25.79-35.674.5319.53-53.0124.1334.7355.3820.08-16.33112.7134.55-12.44-2.269.65292.28192.97
21Q4 (8)5.08-15.89-23.723.790.53-53.0417.9118.8531.1124.00-0.5112.7739.468.146.392.46-8.89120.26
21Q3 (7)6.0414.397.283.77-37.99-52.7615.07-12.49-6.7524.1261.23111.5836.49-6.63-15.692.70139.13117.18
21Q2 (6)5.28-9.9-8.176.08-36.93-45.4217.2210.888.7814.9658.4783.1139.0810.5511.31-6.9033.5337.89
21Q1 (5)5.86-12.0123.379.6419.45-4.3715.5313.69-18.869.44-16.314.5435.35-4.6910.09-10.3814.5-164.12
20Q4 (4)6.6618.290.08.071.130.013.66-15.470.011.28-1.050.037.09-14.30.0-12.1422.770.0
20Q3 (3)5.63-2.090.07.98-28.370.016.162.080.011.4039.530.043.2823.270.0-15.72-41.490.0
20Q2 (2)5.7521.050.011.1410.520.015.83-17.290.08.17-9.520.035.119.340.0-11.11-182.70.0
20Q1 (1)4.750.00.010.080.00.019.140.00.09.030.00.032.110.00.0-3.930.00.0
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)6.39-66.7549.6039.2557.12200.797.36-28.233.88-17.4730.600
2023 (9)19.2241.0135.62122.2118.99-29.0910.25-54.9841.05-23.6-11.810
2022 (8)13.63-21.7116.03-25.9226.7827.7122.7735.0553.7329.85-4.180
2021 (7)17.41-19.721.64-47.7920.9724.5216.8691.3741.3824.98-3.540
2020 (6)21.6821.3241.45-10.4816.84-17.538.8111.833.112.79-7.470
2019 (5)17.8782.7246.3014.9220.42-45.287.88-13.0232.21-38.58-3.900
2018 (4)9.78-5.1440.29-14.037.325.369.0616.352.4418.99-6.060
2017 (3)10.31-26.2546.85-20.6535.4235.667.7926.0544.0711.29-0.860
2016 (2)13.98-26.3859.04-16.6226.1135.856.1820.039.6023.6-7.310
2015 (1)18.9911.1870.817.6519.22-10.025.15-7.2132.041.68-7.660

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