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
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)6.99-17.1898.020.78-27.116.4213.0220.78-49.5116.7536.95-14.1353.8535.3412.5475.9134.98-33.35
24Q3 (19)8.44-3.65183.221.0727.38109.810.783.75-64.7385.25-20.84-52.0439.79-10.54-30.3656.24-23.59-62.8
24Q2 (18)8.7630.94131.130.8416.6771.4310.39-23.6-56.69107.70-15.28-41.9244.48-11.25-16.3973.60-18.76-52.89
24Q1 (17)6.6989.5234.880.727.46100.013.60-47.25-25.85127.12-6.5-49.950.124.74-25.8490.60-20.45-55.7
23Q4 (16)3.5318.466.010.6731.3739.5825.78-15.64-5.74135.96-23.52-28.447.85-16.2623.61113.89-24.67-36.21
23Q3 (15)2.98-21.37-27.850.514.0841.6730.5627.3938.66177.77-4.13-29.757.147.4146.74151.18-3.23-35.93
23Q2 (14)3.79-23.59-4.770.4936.11-9.2623.9930.814.99185.43-26.929.1353.20-21.28105.41156.22-23.61-6.38
23Q1 (13)4.9648.9534.420.36-25.0-7.6918.34-32.94-25.57253.7333.629.4767.5874.5886.84204.5014.54-7.16
22Q4 (12)3.33-19.37-9.020.4833.33269.2327.3524.0910.06189.89-24.91-72.6238.71-0.59-73.12178.54-24.34-68.92
22Q3 (11)4.133.772.230.36-33.33-26.5322.04-3.54-2.09252.8748.8237.3538.9450.35-8.38235.9741.4143.78
22Q2 (10)3.987.86-28.160.5438.4617.3922.85-7.2638.99169.92-26.69-13.8225.90-28.39-44.06166.87-24.24-0.26
22Q1 (9)3.690.82-41.610.39200.05.4124.64-0.8570.99231.79-66.58-6.4936.17-74.89-42.22220.26-61.6610.3
21Q4 (8)3.66-9.41-29.750.13-73.47-72.9224.8510.442.24693.61276.74269.37144.03238.89240.74574.42250.0252.43
21Q3 (7)4.04-27.08-15.480.496.5258.0622.5136.9218.16184.11-6.62-37.142.50-8.21-36.67164.12-1.91-32.91
21Q2 (6)5.54-12.34179.80.4624.3291.6716.4414.09-64.21197.17-20.46-48.2146.30-26.04-58.82167.31-16.22-46.75
21Q1 (5)6.3221.31117.930.37-22.92-15.9114.41-17.52-54.05247.8932.0119.0962.6048.1-27.12199.7022.5230.01
20Q4 (4)5.219.00.00.4854.840.017.47-8.290.0187.78-35.850.042.27-37.010.0162.99-33.380.0
20Q3 (3)4.78141.410.00.3129.170.019.05-58.520.0292.70-23.110.067.11-40.30.0244.64-22.140.0
20Q2 (2)1.98-31.720.00.24-45.450.045.9346.460.0380.6882.890.0112.4230.870.0314.19104.550.0
20Q1 (1)2.900.00.00.440.00.031.360.00.0208.150.00.085.900.00.0153.600.00.0
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)36.0142.93.2245.710.14-29.97113.38-31.3242.42-15.0281.09-37.45
2023 (9)25.205.442.2133.9414.48-5.24165.09-25.4249.926.39129.65-31.66
2022 (8)23.905.011.6533.0615.28-4.74221.37-24.9446.92-21.02189.72-24.58
2021 (7)22.7688.11.24-20.5116.04-46.82294.9326.1559.41-33.13251.5543.65
2020 (6)12.10-24.661.56-1.8930.1632.75233.802.0888.8518.77175.11-1.04
2019 (5)16.065.041.5928.2322.72-4.82229.04-22.2974.8174.87176.95-35.85
2018 (4)15.2951.541.2414.8123.87-34.04294.74-12.8742.78-8.77275.84-15.79
2017 (3)10.09-24.311.08-22.8636.1932.23338.2629.6146.89-12.99327.5639.71
2016 (2)13.3326.711.4012.027.37-21.08260.98-10.8853.89-12.56234.46-11.82
2015 (1)10.52-24.751.25-35.2334.6832.82292.8555.1161.6357.14265.9051.35

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