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)1.80-5.76-10.00.524.030.050.596.1711.09174.26-4.48-24.3522.9929.23-13.8201.86-4.92-19.01
24Q2 (19)1.919.77-32.270.5047.06-18.0347.65-8.8247.66182.44-30.8922.4317.79-38.14-5.42212.30-26.1630.66
24Q1 (18)1.74-37.41-37.410.34-46.03-32.052.2659.4359.57264.0081.5744.3228.7677.6424.07287.5077.4849.35
23Q4 (17)2.7839.023.560.6357.534.0432.78-28.02-18.98145.40-36.88-24.8216.19-39.3-43.33161.99-35.0-21.09
23Q3 (16)2.00-29.08-8.680.40-34.43-9.0945.5441.129.76230.3654.5812.4626.6741.79-42.15249.2353.3924.47
23Q2 (15)2.821.4424.230.6122.017.3132.27-1.47-19.65149.02-18.54-15.2118.81-18.85-63.89162.48-15.59-0.81
23Q1 (14)2.7823.5627.520.506.38-13.7932.75-19.06-21.69182.93-5.4116.3623.18-18.87-50.65192.50-6.2326.59
22Q4 (13)2.252.7435.540.476.82-12.9640.46-2.48-26.21193.40-5.5814.3728.57-38.03-50.16205.292.5323.21
22Q3 (12)2.19-3.5214.060.44-15.38-42.1141.493.31-12.52204.8316.5571.8946.10-11.5-2.39200.2322.2367.74
22Q2 (11)2.274.1310.190.52-10.34-46.9440.16-3.97-8.98175.7511.7989.1252.0910.957.85163.817.7357.42
22Q1 (10)2.1831.3310.10.587.41-34.0941.82-23.73-9.13157.21-7.0352.3246.97-18.0651.76152.06-8.7428.56
21Q4 (9)1.66-13.54-8.790.54-28.95-34.9454.8315.69.73169.1041.9154.0857.3221.36107.76166.6239.5826.1
21Q3 (8)1.92-6.828.860.76-22.4522.5847.437.5-22.5119.1628.23-18.6247.2343.1253.99119.3714.71-32.54
21Q2 (7)2.064.0419.770.9811.3648.4844.12-4.13-16.7792.93-9.96-32.4733.006.622.07104.06-12.02-34.26
21Q1 (6)1.988.7933.780.886.02114.6346.02-7.9-25.27103.21-5.96-53.0230.9512.18-61.25118.28-10.48-41.27
20Q4 (5)1.8222.15-12.080.8333.87-6.7449.97-18.3513.65109.75-25.046.9227.59-10.04-43.39132.13-25.3334.99
20Q3 (4)1.49-13.370.00.62-6.060.061.2015.450.0146.426.40.030.67-5.130.0176.9511.780.0
20Q2 (3)1.7216.220.00.6660.980.053.01-13.920.0137.61-37.360.032.33-59.520.0158.30-21.390.0
20Q1 (2)1.48-28.50.00.41-53.930.061.5840.050.0219.68114.010.079.8763.870.0201.38105.740.0
19Q4 (1)2.070.00.00.890.00.043.970.00.0102.650.00.048.740.00.097.880.00.0
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)10.632.112.07-5.9134.34-2.08175.955.8221.65-34.01188.6511.93
2022 (9)10.4123.052.20-19.1235.07-18.73166.2724.0632.81-14.13168.5421.29
2021 (8)8.4617.662.72-6.5343.15-15.04134.026.6738.21-21.52138.968.78
2020 (7)7.197.632.9110.2350.79-7.06125.64-9.0648.69-11.5127.74-7.29
2019 (6)6.68-3.052.647.7654.653.17138.16-7.255.02-2.41137.78-5.29
2018 (5)6.89-12.672.45-18.3352.9714.5148.8822.1756.386.58145.4726.27
2017 (4)7.8920.093.00-8.5446.26-16.77121.869.5352.908.98115.21-2.61
2016 (3)6.57-2.673.28-2.6755.582.81111.262.7748.543.19118.302.62
2015 (2)6.75-8.413.370.054.069.19108.260.0847.048.34115.280.89
2014 (1)7.371.383.37-8.4249.51-1.35108.179.0543.42-5.44114.2610.45

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