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)1.85-2.12-1.070.89-6.3217.1149.312.671.23101.875.79-15.4743.1418.6830.97108.050.08-20.73
24Q3 (19)1.89-5.54.420.9523.3850.7948.035.56-4.4996.29-18.54-33.6336.35-2.9126.79107.96-14.49-35.24
24Q2 (18)2.0037.93-0.990.7716.6757.1445.50-27.440.89118.20-14.54-36.9937.44-15.5242.47126.26-19.42-38.83
24Q1 (17)1.45-22.46-10.490.66-13.16100.062.7128.7411.54138.3114.76-49.3644.3234.5543.71156.6914.96-47.51
23Q4 (16)1.873.31-2.090.7620.6380.9548.71-3.142.18120.52-16.93-44.7232.9414.895.04136.30-18.24-41.84
23Q3 (15)1.81-10.411.040.6328.5753.6650.2911.51-9.71145.08-22.66-34.3928.679.09-48.43166.70-19.23-24.65
23Q2 (14)2.0224.6915.430.4948.48-3.9245.10-19.78-13.42187.58-31.325.2126.28-14.79-58.96206.40-30.8624.08
23Q1 (13)1.62-15.18-19.00.33-21.43-58.2356.2217.9423.83273.1325.27137.8830.84-1.66-51.3298.5127.38208.03
22Q4 (12)1.9117.18-29.520.422.44-70.8347.67-14.4241.96218.03-1.39244.4431.36-43.59-32.73234.345.93366.26
22Q3 (11)1.63-6.86-43.210.41-19.61-74.0555.706.9375.71221.1124.02282.8155.59-13.1947.73221.2232.99326.82
22Q2 (10)1.75-12.5-30.830.51-35.44-63.3152.0914.7445.02178.2955.28171.8764.041.1449.63166.3471.64183.37
22Q1 (9)2.00-26.26.380.79-45.14-39.2345.4035.2-6.43114.8281.3964.6263.3235.8218.496.9192.8249.55
21Q4 (8)2.71-5.5711.071.44-8.86-5.8833.585.93-10.0763.309.596.3346.6223.897.5450.26-3.03-6.09
21Q3 (7)2.8713.4435.381.5813.6750.4831.70-11.75-26.0657.76-11.92-33.3637.63-12.08-32.4451.83-11.7-29.82
21Q2 (6)2.5334.575.861.396.9218.835.92-25.97-5.865.58-5.98-15.8442.80-19.97-5.0858.70-9.41-17.27
21Q1 (5)1.88-22.9518.241.30-15.0344.4448.5229.94-15.0769.7517.17-30.6953.4823.37-18.3364.8021.08-29.78
20Q4 (4)2.4415.090.01.5345.710.037.34-12.90.059.53-31.320.043.35-22.170.053.52-27.530.0
20Q3 (3)2.12-11.30.01.05-10.260.042.8712.430.086.6811.240.055.7023.530.073.854.090.0
20Q2 (2)2.3950.310.01.1730.00.038.13-33.260.077.92-22.570.045.09-31.140.070.95-23.110.0
20Q1 (1)1.590.00.00.900.00.057.130.00.0100.630.00.065.480.00.092.280.00.0
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)6.08-3.493.1357.2960.063.68116.66-36.3941.1923.66135.53-34.85
2023 (9)6.30-11.021.99-22.2757.9312.42183.4028.5833.31-34.07208.0244.82
2022 (8)7.08-22.792.56-52.7751.5329.5142.63111.7450.52-7.78143.64174.23
2021 (7)9.1728.975.42-7.0339.79-22.5167.367.5554.780.6252.38-12.03
2020 (6)7.118.225.8324.5751.35-7.4962.63-19.7154.440.2659.54-24.84
2019 (5)6.575.124.684.4655.51-5.078.00-4.254.3010.6479.22-12.72
2018 (4)6.2521.124.48-8.0158.43-17.3781.428.649.08-20.0490.777.67
2017 (3)5.16-20.624.87-22.0870.7125.9174.9728.3361.387.584.3046.66
2016 (2)6.50-12.46.252.856.1614.2458.42-2.7157.100.7957.489.34
2015 (1)7.42-4.016.089.1649.164.0960.05-8.3856.654.8752.57-10.52

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