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)1.08-12.2-1.823.95-7.06-22.0984.3914.42.1423.047.5128.3653.3417.774.7354.088.368.94
24Q3 (19)1.2318.2723.04.2534.493.1673.77-15.86-18.9321.43-25.54-2.945.29-21.7-15.2349.91-14.86-16.3
24Q2 (18)1.04-5.45-21.213.16-24.04-48.0387.686.4126.7828.7831.6692.3857.842.1751.1458.6223.0227.85
24Q1 (17)1.100.02.84.16-17.95-28.482.40-0.27-3.121.8621.7839.556.6111.159.3147.65-4.01-2.6
23Q4 (16)1.1010.010.05.0723.06-6.2882.62-9.2-9.4817.95-18.676.7250.93-4.685.449.64-16.75-16.96
23Q3 (15)1.00-24.2416.284.12-32.24-18.4290.9931.56-13.5822.0747.5322.3453.4339.613.4559.6330.05-16.8
23Q2 (14)1.3223.364.766.084.6552.7669.16-18.67-4.0414.96-4.53-34.538.27-26.111.5145.85-6.28-19.87
23Q1 (13)1.077.0-6.145.817.39180.6885.04-6.836.4215.67-6.84-64.4151.797.18-0.6948.92-18.17-31.86
22Q4 (12)1.0016.28-5.665.417.13166.591.27-13.326.4616.82-6.76-62.5148.32-6.4530.3159.78-16.59-36.08
22Q3 (11)0.86-31.75-4.445.0526.88135.98105.2946.093.6518.04-21.02-57.6651.6537.020.4271.6725.25-29.24
22Q2 (10)1.2610.5326.03.9892.2722.4672.07-9.81-20.7222.84-48.13-18.4937.70-27.71-25.4857.22-20.3-16.27
22Q1 (9)1.147.557.552.071.97-25.079.91-6.79-7.1544.03-1.8733.4252.1540.642.7671.79-23.245.09
21Q4 (8)1.0617.78-18.462.03-5.14-24.2585.73-15.622.5244.875.332.0937.08-13.55-22.7393.52-7.6767.15
21Q3 (7)0.90-10.0-10.02.14-34.153.38101.5811.7511.1342.6152.07-3.2342.89-15.22-19.7101.2948.2123.48
21Q2 (6)1.00-5.66-7.413.2517.7534.8590.905.627.7328.02-15.09-25.9150.59-0.3215.8768.340.04-12.99
21Q1 (5)1.06-18.4610.422.762.9943.0186.0623.0-9.2533.00-2.86-30.0650.755.75-1.4868.3122.09-24.52
20Q4 (4)1.3030.00.02.6829.470.069.97-23.450.033.97-22.850.047.99-10.150.055.95-31.790.0
20Q3 (3)1.00-7.410.02.07-14.110.091.418.330.044.0316.420.053.4122.330.082.034.440.0
20Q2 (2)1.0812.50.02.4124.870.084.38-11.020.037.82-19.840.043.66-15.240.078.54-13.220.0
20Q1 (1)0.960.00.01.930.00.094.830.00.047.180.00.051.510.00.090.500.00.0
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)3.76-19.4914.62-28.9997.1924.4124.9640.8662.4113.6659.7445.96
2023 (9)4.67-3.5120.5960.4878.123.5317.72-37.6954.91-1.6840.93-14.82
2022 (8)4.84-24.0212.83-6.4975.4631.7828.446.9655.8538.4848.0510.38
2021 (7)6.3770.3213.7259.1657.26-41.2826.59-37.2140.33-31.7543.53-46.1
2020 (6)3.74-18.878.62-40.7297.5123.242.3568.7359.0937.7180.7631.68
2019 (5)4.6110.2914.54-13.1479.15-9.3325.1015.1442.91-21.5761.3312.76
2018 (4)4.182.9616.7422.1987.29-2.8721.80-18.1754.71-10.454.39-1.89
2017 (3)4.062.7813.70-20.6389.87-2.7926.6425.9661.0616.1955.44-9.2
2016 (2)3.95-16.6717.2613.6392.4520.1121.15-12.0252.5515.6761.069.86
2015 (1)4.743.0415.1968.476.97-3.024.04-40.645.43-21.6355.58-10.14

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