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
21Q2 (20)5.34-4.6455.230.010.00.017.034.74-35.6912775.80-0.4320.813940.212.142.988852.65-1.5112.84
21Q1 (19)5.6015.9414.990.010.00.016.26-13.65-12.9112831.30-21.3214.863859.16-22.11177.598988.39-20.96-8.28
20Q4 (18)4.8323.21-9.550.010.00.018.83-18.9110.516307.3016.9531.44954.6816.04221.3411371.5017.274.46
20Q3 (17)3.9213.95-32.060.010.00.023.22-12.3147.1513943.7031.86-2.034269.8254.95105.649697.1123.6-20.33
20Q2 (16)3.44-29.36-38.90.010.0026.4841.8363.8610574.70-5.34-42.072755.6998.22-1.337845.47-19.94-49.31
20Q1 (15)4.87-8.8-21.070.010.00.018.679.5726.6611171.30-9.98-20.071390.22-9.84-24.349799.76-9.98-19.36
19Q4 (14)5.34-7.45-23.820.010.00.017.047.9831.1812410.40-12.8-2.241541.87-25.74-1.810885.60-10.56-2.26
19Q3 (13)5.772.49-46.770.010015.78-2.3587.8614232.10-22.03-42.682076.38-25.65-48.6212171.50-21.36-41.48
19Q2 (12)5.63-8.75-73.240.00-100.0-100.016.169.63273.2118254.4030.61147.972792.7151.99101.2115477.9027.36158.91
19Q1 (11)6.17-11.98-36.850.010.0014.7413.4758.3213975.9010.09-31.951837.4717.03-46.8412153.209.12-28.89
18Q4 (10)7.01-35.33-10.590.010012.9954.6411.9812694.70-48.87-35.591570.08-61.15-61.3111137.60-46.45-28.9
18Q3 (9)10.84-48.48-5.160.00-100.008.4094.05.5324830.50237.2925.984041.47191.17-3.4420797.40247.933.89
18Q2 (8)21.04115.35-73.220.01004.33-53.49273.287361.68-64.16-66.851387.99-59.84-73.175978.01-65.02-64.91
18Q1 (7)9.7724.62-60.590.000-100.09.31-19.74153.6820538.104.219.493456.58-14.82-21.5717090.809.1133.69
17Q4 (6)7.84-31.41-53.640.000-100.011.6045.73115.6119710.300.046.564058.18-3.0413.8315663.700.8458.39
17Q3 (5)11.43-85.45-53.970.000-100.07.96586.21117.4919710.20-11.2510.134185.24-19.1-18.215532.90-8.8221.49
17Q2 (4)78.57216.940.00.00-100.00.01.16-68.390.022207.7029.210.05173.6117.390.017035.2033.250.0
17Q1 (3)24.7946.60.00.010.00.03.67-31.780.017187.5027.80.04407.0523.620.012784.1029.270.0
16Q4 (2)16.91-31.90.00.010.00.05.3846.990.013448.90-24.860.03564.99-30.320.09889.31-22.650.0
16Q3 (1)24.830.00.00.010.00.03.660.00.017897.800.00.05116.180.00.012785.300.00.0
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
2020 (10)23.26-6.440.02-33.3315.696.8121614.1049.125214.6964.316415.1044.81
2019 (9)24.86-22.510.030.014.6929.0914494.7010.223173.7931.7311335.605.42
2018 (8)32.08-67.790.0350.011.38210.9313150.20-32.592409.25-38.010752.40-31.19
2017 (7)99.6161.60.020.03.66-38.1819508.7020.393885.81-16.7115626.5035.35
2016 (6)61.64-68.810.020.05.92220.016205.00-4.364665.46-24.5211545.407.25
2015 (5)197.65-75.030.02100.01.85302.1716944.50-51.886181.22-48.2910765.10-53.72
2014 (4)791.64164.260.01-92.860.46-62.335216.301268.0111954.602413.4823262.201007.79
2013 (3)299.57744.10.1401.22-88.132574.270475.6202099.870
2012 (2)35.490-0.02010.2800.0000.0000.000

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