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)2.7134.831.120.6135.5619.6133.60-25.8-0.97150.07-25.01-16.0650.62-10.22-23.48133.05-29.61-9.22
24Q3 (19)2.01-4.29-6.510.452.2732.3545.284.436.82200.11-2.57-26.1456.38-1.45-34.73189.01-1.33-16.71
24Q2 (18)2.10-3.23-12.130.440.012.8243.363.5813.69205.39-1.58-12.557.21-19.62-16.51191.556.78-6.25
24Q1 (17)2.17-19.03-13.20.44-13.732.3341.8623.3715.0208.6916.72-2.1471.177.599.93179.3822.39-3.0
23Q4 (16)2.6824.651.90.5150.08.5133.93-19.96-2.11178.79-34.01-8.3266.15-23.4213.7146.57-35.41-14.54
23Q3 (15)2.15-10.04-8.510.34-12.820.042.3911.149.25270.9215.421.4286.3826.076.26226.9211.061.02
23Q2 (14)2.39-4.430.60.39-9.356.038.144.78-23.4234.7210.06-34.4968.525.84-33.85204.3310.5-32.89
23Q1 (13)2.50-4.9420.190.43-8.5143.3336.405.02-16.99213.269.35-29.1864.7411.28-40.93184.927.83-21.44
22Q4 (12)2.6311.91-6.070.4738.2411.934.66-10.676.58195.02-26.99-9.6258.18-28.43-37.51171.50-23.6510.51
22Q3 (11)2.3528.42-11.990.3436.03.0338.80-22.0713.68267.12-25.45-3.2181.29-21.53-10.03224.63-26.232.22
22Q2 (10)1.83-12.02-25.310.25-16.67-19.3549.7913.5533.81358.2918.9822.36103.59-5.4724.55304.4929.3623.36
22Q1 (9)2.08-25.71-16.470.30-28.57-21.0543.8534.8419.91301.1339.5525.98109.5917.736.04235.3951.6820.68
21Q4 (8)2.804.87-9.680.4227.27-10.6432.52-4.7210.88215.78-21.8111.5493.113.0539.01155.19-29.38-0.4
21Q3 (7)2.678.98-4.30.336.45-8.3334.13-8.284.82275.98-5.759.0990.358.6316.88219.76-10.975.53
21Q2 (6)2.45-1.61-9.260.31-18.42-11.4337.211.7510.32292.8122.512.5783.173.2417.8246.8426.5510.57
21Q1 (5)2.49-19.6817.450.38-19.1518.7536.5724.68-14.62239.0323.56-14.7280.5620.271.19195.0525.18-19.9
20Q4 (4)3.1011.110.00.4730.560.029.33-9.920.0193.46-23.530.066.98-13.350.0155.81-25.180.0
20Q3 (3)2.793.330.00.362.860.032.56-3.470.0252.98-2.740.077.309.490.0208.24-6.720.0
20Q2 (2)2.7027.360.00.359.370.033.73-21.250.0260.11-7.20.070.60-11.320.0223.25-8.320.0
20Q1 (1)2.120.00.00.320.00.042.830.00.0280.300.00.079.610.00.0243.510.00.0
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)8.490.832.0017.6542.97-0.85182.78-14.8465.54-5.03160.20-15.22
2023 (9)8.426.581.7016.4443.34-6.15214.64-13.9269.01-26.83188.96-6.09
2022 (8)7.90-5.621.460.6946.185.87249.35-0.8194.31-5.18201.212.89
2021 (7)8.37-1.31.45-2.0343.621.32251.392.1499.4632.05195.55-8.56
2020 (6)8.486.941.48-8.6443.05-6.41246.138.9575.325.02213.866.82
2019 (5)7.930.01.62-8.4746.00-0.11225.919.5471.72-16.61200.2020.4
2018 (4)7.93-3.761.77-4.3246.053.95206.234.6986.011.93166.285.96
2017 (3)8.24-6.471.857.5644.306.9197.00-7.2884.3817.44156.92-13.81
2016 (2)8.810.81.72-4.4441.44-0.72212.475.0571.852.89182.064.54
2015 (1)8.744.421.80-6.2541.74-4.31202.256.2769.833.3174.164.71

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