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)41.07445.42105.250.19375.058.332.22-81.64-51.21473.66-80.16-37.7732.99-78.76-8.34442.88-80.26-39.31
24Q3 (19)7.5347.36-75.140.04100.0-63.6412.09-32.15303.02387.33-42.95177.62155.30-32.36310.412244.12-43.51171.98
24Q2 (18)5.11-65.5-26.370.02-77.780.017.82190.2335.934184.42292.415.3229.59363.7230.783972.65288.344.23
24Q1 (17)14.81-25.9924.140.09-25.0125.06.1434.95-19.531066.3540.1-55.849.5137.57-54.181022.9840.19-55.76
23Q4 (16)20.01-33.9441.410.129.09200.04.5551.67-29.24761.15-11.49-66.5535.99-4.89-63.07729.71-11.56-66.6
23Q3 (15)30.29336.46537.680.11450.0450.03.00-77.12-84.35859.94-78.36-84.4737.84-78.44-84.39825.11-78.35-84.48
23Q2 (14)6.94-41.8384.570.02-50.0-60.013.1171.82-45.83973.7964.71106.69175.5562.4795.863811.3564.83105.23
23Q1 (13)11.93-15.69-13.860.040.0-71.437.6318.6616.132412.666.03263.73108.0510.87215.572312.245.85263.77
22Q4 (12)14.15197.89540.270.04100.0100.06.43-66.46-84.382275.50-58.92-40.7597.46-59.79-47.282184.46-58.9-40.91
22Q3 (11)4.7526.33-36.50.02-60.0-33.3319.17-20.7557.655538.74188.0975.13242.38170.4283.775315.53186.2274.69
22Q2 (10)3.76-72.8591.840.05-64.29150.024.19268.19-47.861922.58189.85-56.989.63161.77-52.651857.14192.17-56.99
22Q1 (9)13.85526.7739.390.14600.0600.06.57-84.04-88.12663.31-82.73-85.0534.24-81.48-82.82635.64-82.81-85.19
21Q4 (8)2.21-70.45-58.690.02-33.33-83.3341.17238.57142.033840.5121.43406.6184.8840.18387.683696.8121.49401.47
21Q3 (7)7.48281.6311.810.0350.0-76.9212.16-73.79-10.653162.64-29.1353.61131.89-30.33290.323042.90-29.53349.45
21Q2 (6)1.9618.79-55.350.020.0-66.6746.39-16.14123.674460.930.56190.84189.30-5.03158.474318.010.6191.5
21Q1 (5)1.65-69.16-46.60.02-83.33-50.055.32225.2287.594436.17485.1891.73199.32425.7744.384292.16482.2394.63
20Q4 (4)5.35-20.030.00.12-7.690.017.0124.980.0758.098.730.037.9112.190.0737.198.890.0
20Q3 (3)6.6952.390.00.13116.670.013.61-34.380.0697.21-54.540.033.79-53.860.0677.03-54.30.0
20Q2 (2)4.3942.070.00.0650.00.020.74-29.670.01533.81-33.710.073.24-46.950.01481.31-32.830.0
20Q1 (1)3.090.00.00.040.00.029.490.00.02313.800.00.0138.050.00.02205.250.00.0
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)59.715.890.3520.696.11-5.561050.15-15.2363.9813.26992.28-16.54
2023 (9)56.3923.550.2926.096.47-19.131238.89-22.056.49-26.561188.87-21.75
2022 (8)45.64360.540.23155.568.00-78.271588.26-60.976.92-63.111519.33-60.95
2021 (7)9.91-64.920.09-74.2936.82184.984062.37288.95208.53244.453890.66290.31
2020 (6)28.25114.990.3584.2112.92-53.471044.44-46.9260.54-53.24996.82-46.58
2019 (5)13.1414.160.19-40.6227.77-12.41967.5675.0129.4871.931865.8572.65
2018 (4)11.51123.50.3252.3831.70-55.241124.32-33.9875.31-35.051080.71-34.81
2017 (3)5.15-10.430.215.070.8311.511702.98-5.01115.95-5.351657.85-4.38
2016 (2)5.75-40.840.20-42.8663.5269.121792.7170.45122.5040.91733.7372.96
2015 (1)9.72-57.70.35-32.6937.56136.521051.7851.0586.940.951002.4160.11

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