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)0.83-2.35-23.150.95-9.5215.85109.132.129.5695.8410.52-13.3879.0010.7822.84125.973.0-3.53
24Q3 (19)0.85-6.59-26.721.057.1443.84106.896.5936.1186.72-6.77-30.9171.31-0.0635.73122.300.29-19.27
24Q2 (18)0.91-8.08-13.330.9815.2996.0100.288.9215.2593.02-13.13-48.6571.35-3.8727.16121.95-2.39-42.49
24Q1 (17)0.99-8.330.00.853.6693.1892.079.31-0.31107.08-3.23-47.874.2215.4132.44124.93-4.33-48.26
23Q4 (16)1.08-6.96.930.8212.3390.784.237.26-6.73110.65-11.84-47.4864.3122.4-8.06130.58-13.81-43.48
23Q3 (15)1.1610.4828.890.7346.073.8178.53-9.75-21.98125.51-30.71-41.9252.54-6.36-45.45151.50-28.55-31.27
23Q2 (14)1.056.06-6.250.5013.64-12.2887.01-5.796.72181.14-11.713.7256.110.12-39.82212.04-12.1943.69
23Q1 (13)0.99-1.981.020.442.33-35.2992.362.27-0.04205.15-2.6252.6356.04-19.89-42.46241.484.5286.59
22Q4 (12)1.0112.22-17.210.432.38-52.7590.31-10.2721.25210.67-2.52110.6969.95-27.38-14.14231.034.8148.42
22Q3 (11)0.90-19.64-19.640.42-26.32-52.27100.6523.4523.95216.1135.68109.1996.323.34.99220.4449.38137.62
22Q2 (10)1.1214.29-2.610.57-16.18-41.8481.53-11.763.06159.2818.571.4593.24-4.266.58147.5714.0274.58
22Q1 (9)0.98-19.67-10.090.68-25.27-37.0492.4024.0610.5134.4134.4259.2597.3919.5429.77129.4239.1639.22
21Q4 (8)1.228.932.520.913.41-22.8874.48-8.28-2.9399.99-3.2130.1181.47-11.1943.4693.000.25-3.92
21Q3 (7)1.12-2.61-1.750.88-10.2-1.1281.202.641.59103.3111.210.8291.744.8727.8292.779.75-16.14
21Q2 (6)1.155.518.560.98-9.267.6979.11-5.39-15.7592.9010.07-7.0587.4816.5613.9884.53-9.07-27.82
21Q1 (5)1.09-8.415.961.08-8.470.9383.628.98-13.3484.409.82-1.1175.0532.1510.8792.96-3.96-18.56
20Q4 (4)1.194.390.01.1832.580.076.73-4.00.076.85-25.00.056.79-20.870.096.79-12.510.0
20Q3 (3)1.1417.530.00.89-2.20.079.93-14.880.0102.472.520.071.77-6.490.0110.63-5.530.0
20Q2 (2)0.973.190.00.91-14.950.093.90-2.680.099.9517.110.076.7513.380.0117.112.590.0
20Q1 (1)0.940.00.01.070.00.096.490.00.085.350.00.067.690.00.0114.150.00.0
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)3.74-11.373.7461.997.6812.8997.51-38.1873.268.29121.94-30.95
2023 (9)4.226.032.31-1.786.53-5.55157.721.767.65-15.94176.606.25
2022 (8)3.98-8.082.35-39.1291.618.72155.0864.1980.484.21166.2163.79
2021 (7)4.3318.633.86-5.6284.26-15.7594.455.9377.236.16101.48-12.83
2020 (6)3.65-16.284.09-0.97100.0119.589.160.9972.7510.63116.429.61
2019 (5)4.36-22.424.13-12.6883.6928.8388.2914.3465.760.97106.2137.86
2018 (4)5.624.464.73-21.6964.96-4.2377.2227.8765.13-10.9277.0439.77
2017 (3)5.387.826.04-9.0467.83-7.3560.399.7873.11-2.4355.123.43
2016 (2)4.992.896.643.4373.21-2.7155.01-3.2574.933.2153.29-10.45
2015 (1)4.850.416.42-12.5375.25-0.4556.8614.4372.60-0.9559.5114.49

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