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)10.682.5-0.370.7412.12-14.948.52-2.520.35122.71-11.6617.1321.473.77-2.98109.76-13.5520.46
24Q3 (19)10.4229.28-8.110.66-1.49-51.828.74-22.528.84138.912.51108.5720.69-12.33-4.43126.963.06139.64
24Q2 (18)8.06-16.74-30.640.67-26.37-94.9111.2820.044.06135.5134.811858.2423.604.470.3123.1941.061503.08
24Q1 (17)9.68-9.7-34.90.914.6-94.129.4010.7253.59100.52-4.051609.5222.592.08-9.6887.33-4.16771.25
23Q4 (16)10.72-5.47-29.660.87-36.5-94.058.495.7342.21104.7657.31584.2422.132.22-9.3891.1271.99845.05
23Q3 (15)11.34-2.41-18.831.37-89.59-90.378.032.5523.3566.60862.43942.2521.65-7.996.3452.98703.42810.19
23Q2 (14)11.62-21.8619.6713.16-14.93-4.227.8327.94-16.446.9217.694.5323.53-5.924.02-8.7832.51-32.43
23Q1 (13)14.87-2.4346.0715.475.743.696.122.51-31.475.88-5.47-3.6125.012.426.88-13.01-6.38-55.62
22Q4 (12)15.249.0968.414.632.8121.715.97-8.29-40.66.22-2.66-17.8324.4219.949.12-12.23-63.94-157.47
22Q3 (11)13.9743.87129.7714.233.5760.616.51-30.52-56.516.39-3.47-37.7820.36-9.9920.33-7.46-12.52-189.56
22Q2 (10)9.71-4.6232.4713.74-7.9153.699.374.93-24.566.628.52-34.9122.62-3.335.85-6.6320.69-643.44
22Q1 (9)10.1812.49-4.1414.9224.1324.028.93-11.144.26.10-19.42-19.4223.404.56-11.33-8.36-76.018.44
21Q4 (8)9.0548.85-23.8912.0235.67-11.0310.05-32.8731.377.57-26.2912.4822.3832.27-4.4-4.75-157.0247.34
21Q3 (7)6.08-17.05-52.878.86-0.89-27.0214.9720.53112.0410.270.9837.1216.92-20.82-14.58.33582.79258.97
21Q2 (6)7.33-30.98-13.878.94-25.69-23.5212.4244.9216.0710.1734.3530.7221.37-19.023.191.22111.9154.71
21Q1 (5)10.62-10.68-7.0112.03-10.95-22.448.5712.037.537.5712.4828.9626.3912.738.96-10.25-13.641.35
20Q4 (4)11.89-7.830.013.5111.290.07.658.360.06.73-10.150.023.4118.290.0-9.02-72.140.0
20Q3 (3)12.9051.590.012.143.850.07.06-34.020.07.49-3.730.019.79-4.440.0-5.24-134.980.0
20Q2 (2)8.51-25.480.011.69-24.630.010.7034.250.07.7832.540.020.71-14.490.0-2.2378.540.0
20Q1 (1)11.420.00.015.510.00.07.970.00.05.870.00.024.220.00.0-10.390.00.0
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)28.55-18.892.88-50.1712.7823.24126.67100.5228.50-5.91110.95156.53
2023 (9)35.20-2.05.78-88.5410.372.0763.17772.5130.291.5143.250
2022 (8)35.9264.3950.4224.9910.16-39.167.24-20.029.84-15.06-12.440
2021 (7)21.85-25.5840.34-9.6916.7034.359.0510.7735.13-0.51-9.380
2020 (6)29.36-19.7844.67-22.7712.4324.678.1729.4835.3122.31-14.710
2019 (5)36.60-1.8557.84-7.349.971.846.317.8628.87-7.88-12.590
2018 (4)37.29-44.8562.42-35.159.7981.35.8554.3531.3416.55-15.700
2017 (3)67.620.5596.2624.255.40-0.553.79-19.5326.89-4.54-17.700
2016 (2)67.25-8.0477.470.665.438.824.71-0.6328.173.72-18.030
2015 (1)73.131196.6376.968.294.99-92.294.74-7.7827.16-8.83-17.420

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