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
22Q1 (20)6.38-16.49-10.640.51-3.77-46.8714.2619.6311.84177.322.6586.9324.4018.2230.69167.181.9387.95
21Q4 (19)7.6423.03-0.130.5317.78-54.3111.92-18.630.17172.74-14.65119.4120.64-41.6810.49164.01-9.72127.98
21Q3 (18)6.21-15.16-22.470.45-44.44-62.8114.6517.8628.96202.4081.13168.435.3945.2875.11181.6782.0172.98
21Q2 (17)7.322.5233.820.81-15.62-1.2212.43-2.51-25.3111.7417.790.3124.3630.48-3.2299.8212.22-2.96
21Q1 (16)7.14-6.6780.30.96-17.2439.1312.757.14-44.4994.8620.49-27.6718.67-0.05-1.9988.9523.64-34.14
20Q4 (15)7.65-4.4980.01.16-4.1356.7611.904.75-44.4778.734.4-35.5618.68-7.5730.8171.948.1-44.37
20Q3 (14)8.0146.4475.661.2147.5680.611.36-31.73-43.0375.41-32.3-44.6620.21-19.71-4.1766.55-35.3-50.74
20Q2 (13)5.4738.1313.720.8218.8412.3316.64-27.56-11.96111.39-15.07-10.9125.1732.1319.4102.86-23.84-16.27
20Q1 (12)3.96-6.82-17.50.69-6.76-2.8222.977.1921.21131.157.342.6519.0533.4-22.18135.064.4310.49
19Q4 (11)4.25-6.8-21.440.7410.45-2.6321.437.4727.33122.18-10.332.2314.28-32.29-45.74129.33-4.2717.55
19Q3 (10)4.56-5.2-17.390.67-8.22-14.119.945.521.0136.268.9816.9221.090.05-7.78135.109.9822.65
19Q2 (9)4.810.21-12.860.732.82-2.6718.90-0.2614.75125.03-2.142.5321.08-13.898.44122.840.493.25
19Q1 (8)4.80-11.28-13.820.71-6.581.4318.9512.615.9127.776.91-1.2624.48-6.9920.29122.2411.11-2.52
18Q4 (7)5.41-1.99-12.880.76-2.5624.5916.832.1214.96119.512.55-19.8926.3215.097.21110.02-0.12-21.01
18Q3 (6)5.520.0-11.820.784.034.4816.480.0613.34116.54-4.43-25.6222.8717.64-24.25110.15-7.41-21.9
18Q2 (5)5.52-0.9-8.610.757.1410.2916.470.739.36121.94-5.77-8.4319.44-4.47-25.8118.97-5.13-2.5
18Q1 (4)5.57-10.310.00.7014.750.016.3511.680.0129.40-13.260.020.35-17.110.0125.40-9.970.0
17Q4 (3)6.21-0.80.00.615.170.014.640.690.0149.18-4.790.024.55-18.680.0139.28-1.240.0
17Q3 (2)6.263.640.00.58-14.710.014.54-3.450.0156.6817.650.030.1915.230.0141.0315.580.0
17Q2 (1)6.040.00.00.680.00.015.060.00.0133.170.00.026.200.00.0122.020.00.0
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
2021 (10)27.6435.163.12-11.1113.20-26.05116.9812.3618.6330.19111.553.62
2020 (9)20.4510.93.5115.0817.85-9.8104.11-12.9314.31-26.8107.65-10.15
2019 (8)18.44-12.523.0517.3119.7914.26119.57-14.919.55-27.03119.81-8.57
2018 (7)21.08-7.182.601.1717.327.78140.51-1.2226.79-4.73131.040.65
2017 (6)22.71-4.862.57-1.5316.075.1142.241.7328.12-0.99130.192.75
2016 (5)23.870.292.6112.9915.29-0.33139.82-11.628.40-15.53126.71-9.42
2015 (4)23.80-22.982.31-11.1515.3429.89158.1712.7133.62-23.01139.8928.97
2014 (3)30.90-59.272.60-10.6511.81145.53140.3311.8543.674.65108.4722.51
2013 (2)75.86-58.022.91-0.684.81138.12125.460.5541.7327.388.54-5.82
2012 (1)180.6902.9302.020124.77032.78094.010

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