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)1.13-1.7414.141.140.8818.7580.291.67-13.0579.90-0.89-15.6730.28-1.34-5.4129.900.78-16.24
24Q3 (19)1.158.4918.561.132.737.6278.97-8.07-15.9580.62-2.98-6.8430.6910.7510.55128.90-8.76-15.6
24Q2 (18)1.062.910.01.108.912.885.90-2.4-0.2783.10-7.72-2.2227.7111.153.2141.28-7.74-2.07
24Q1 (17)1.034.045.11.015.21-1.9488.01-4.69-5.2190.05-4.962.3424.93-22.12-31.15153.14-1.255.88
23Q4 (16)0.992.062.060.96-8.57-21.9592.34-1.72-2.0394.759.4928.2132.0115.31-14.46155.081.5418.64
23Q3 (15)0.97-8.49-5.831.05-1.87-23.3693.969.096.886.541.8230.2327.763.39-29.95152.735.8633.04
23Q2 (14)1.068.16-4.51.073.88-23.5786.13-7.245.0984.99-3.4130.6526.85-25.85-33.41144.27-0.2535.24
23Q1 (13)0.981.03-11.711.03-16.26-25.3692.85-1.4913.0587.9919.0733.536.21-3.23-6.43144.6310.6432.28
22Q4 (12)0.97-5.83-5.831.23-10.22-5.3894.257.136.8573.9011.215.8737.42-5.58-1.99130.7213.879.09
22Q3 (11)1.03-7.21-7.211.37-2.145.3887.987.356.9966.452.15-4.9639.63-1.715.37114.807.610.23
22Q2 (10)1.110.00.911.401.4512.981.96-0.21-1.1265.05-1.3-11.2740.324.19-1.8106.68-2.43-7.35
22Q1 (9)1.117.773.741.386.1513.1182.13-6.89-3.6465.91-5.57-11.4638.701.36-7.57109.34-8.75-7.18
21Q4 (8)1.03-7.21-0.961.300.09.2488.217.270.4969.80-0.17-8.4638.181.526.0119.834.62-6.39
21Q3 (7)1.110.9118.091.304.8418.1882.23-0.8-15.4269.92-4.62-15.5537.61-8.42.68114.54-0.52-20.12
21Q2 (6)1.102.87.841.241.647.8382.89-2.75-7.1673.31-1.52-7.041.06-1.936.37115.14-2.26-11.1
21Q1 (5)1.072.883.881.222.527.9685.23-2.9-3.874.44-2.37-7.3841.8716.2414.09117.80-7.98-10.93
20Q4 (4)1.0410.640.01.198.180.087.78-9.710.076.25-7.90.036.02-1.670.0128.01-10.730.0
20Q3 (3)0.94-7.840.01.10-4.350.097.228.890.082.795.020.036.63-5.10.0143.3910.720.0
20Q2 (2)1.02-0.970.01.151.770.089.280.770.078.83-1.920.038.605.180.0129.51-2.080.0
20Q1 (1)1.030.00.01.130.00.088.600.00.080.370.00.036.700.00.0132.260.00.0
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)4.4616.754.378.9881.88-14.2883.45-8.3728.20-15.49137.13-10.5
2023 (9)3.82-17.324.01-24.295.5220.9191.0731.8733.37-3.13153.2234.86
2022 (8)4.625.725.291.9379.00-5.3269.06-1.8334.45-11.12113.61-1.23
2021 (7)4.373.075.1912.3483.44-3.1670.35-10.9238.762.95115.03-9.77
2020 (6)4.2419.14.622.986.16-16.0878.97-2.9537.65-14.43127.48-8.97
2019 (5)3.56-14.224.49-31.13102.6716.8481.3745.2544.008.83140.0435.36
2018 (4)4.151.226.52-8.8187.87-1.2756.029.7440.4318.6103.46-2.37
2017 (3)4.10-10.287.156.8889.0011.3951.05-6.4534.0910.93105.972.14
2016 (2)4.57-16.156.69-22.9379.9019.2254.5729.7130.7316.14103.7525.56
2015 (1)5.4510.18.68-26.5767.02-9.1942.0736.2826.4636.0482.63-3.03

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