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
24Q3 (20)1.57-18.2337.720.778.4537.558.0422.68-27.37117.99-7.82-27.25118.755.0123.6957.29-7.94-60.78
24Q2 (19)1.9253.656.10.7151.0629.0947.31-35.18-36.25128.00-33.48-22.28113.08-12.0824.4162.23-54.51-57.96
24Q1 (18)1.2512.6115.740.47-9.62-14.5572.99-11.05-13.01192.4310.5415.43128.6127.5833.91136.81-11.92-11.49
23Q4 (17)1.11-2.632.780.52-7.14-14.7582.062.69-2.38174.087.3316.26100.815.015.75155.326.325.88
23Q3 (16)1.14-7.32-3.390.561.82-3.4579.917.683.42162.19-1.523.2496.015.6311.19146.09-1.3-1.31
23Q2 (15)1.2313.894.240.550.05.7774.21-11.56-3.42164.70-1.2-6.090.89-5.36-6.45148.02-4.24-4.43
23Q1 (14)1.080.0-10.00.55-9.8414.5883.91-0.1810.55166.7011.33-12.4496.0410.28-14.89154.575.370.73
22Q4 (13)1.08-8.47-12.90.615.1722.084.068.7914.71149.73-4.69-17.5387.090.86-26.46146.69-0.917.53
22Q3 (12)1.180.0-1.670.5811.547.4177.270.562.24157.10-10.34-6.6286.35-11.13-28.67148.03-4.4220.58
22Q2 (11)1.18-1.67-4.070.528.33-16.1376.841.244.2175.21-7.9718.4997.16-13.9-9.87154.880.9336.09
22Q1 (10)1.20-3.2311.110.48-4.0-21.3175.903.58-9.64190.394.8627.68112.84-4.71-8.59153.4512.4839.91
21Q4 (9)1.243.336.90.50-7.41-39.7673.28-3.04-6.72181.567.9266.49118.42-2.184.91136.4211.1382.55
21Q3 (8)1.20-2.44-8.40.54-12.9-46.075.582.59.14168.2413.7884.23121.0612.326.03122.767.8690.3
21Q2 (7)1.2313.89-12.770.621.64-29.5573.74-12.2113.97147.87-0.8343.51107.80-12.6723.98113.813.7740.87
21Q1 (6)1.08-6.9-8.470.61-26.51-11.5984.006.928.72149.1136.7413.65123.449.3630.07109.6846.77-3.43
20Q4 (5)1.16-11.45-13.430.83-17.012.1678.5613.4415.68109.0519.42-11.18112.8817.5133.3874.7315.84-29.53
20Q3 (4)1.31-7.090.01.0013.640.069.257.030.091.32-11.370.096.0610.480.064.51-20.150.0
20Q2 (3)1.4119.490.00.8827.540.064.70-16.260.0103.04-21.460.086.95-8.380.080.79-28.860.0
20Q1 (2)1.18-11.940.00.69-6.760.077.2613.770.0131.206.870.094.9012.140.0113.577.090.0
19Q4 (1)1.340.00.00.740.00.067.910.00.0122.770.00.084.630.00.0106.050.00.0
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
2023 (10)4.26-15.812.03-10.5785.6218.74180.2412.1103.375.33162.4820.57
2022 (9)5.0613.22.274.6172.11-11.78160.79-4.4398.14-22.46134.769.19
2021 (8)4.47-16.762.17-33.8481.7420.26168.2451.36126.5632.0123.4248.29
2020 (7)5.3724.313.2832.2667.97-19.62111.15-24.3795.88-6.5683.23-35.44
2019 (6)4.32-15.622.48-21.5284.5618.51146.9727.24102.6128.6128.9120.4
2018 (5)5.129.173.161.2871.35-8.29115.51-1.1479.79-18.48107.0710.66
2017 (4)4.69-2.093.120.6577.802.13116.84-0.9297.88-8.9496.7611.72
2016 (3)4.79-13.543.10-5.4976.1815.7117.925.99107.499.0486.6110.29
2015 (2)5.54-13.573.28-4.9365.8415.61111.265.2798.583.4978.5316.57
2014 (1)6.415.253.458.4956.95-4.96105.69-8.0295.26-6.9167.37-7.06

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