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)0.904.6526.760.447.3257.14100.81-4.56-20.87205.04-7.1-37.31130.82-16.44-44.58175.033.09-19.85
24Q3 (19)0.86-2.27-3.370.4113.8917.14105.632.083.87220.72-12.71-15.66156.56-11.16-15.11169.78-5.74-5.13
24Q2 (18)0.886.02-14.560.3612.5-7.69103.48-5.2316.64252.86-10.128.52176.23-5.8337.58180.11-11.44-6.99
24Q1 (17)0.8316.9-25.890.3214.29-21.95109.19-14.2934.01281.32-13.9826.83187.15-20.7261.96203.37-6.878.33
23Q4 (16)0.71-20.22-23.660.28-20.0-34.88127.3925.2729.79327.0524.9853.75236.0728.0161.58218.3722.0132.53
23Q3 (15)0.89-13.59-15.240.35-10.26-45.31101.6914.6217.72261.6912.3184.67184.4243.9869.46178.97-7.5850.05
23Q2 (14)1.03-8.04-8.040.39-4.88-41.7988.728.899.02233.015.0572.05128.0910.8567.39193.653.1538.05
23Q1 (13)1.1220.435.660.41-4.65-32.7981.48-16.98-5.16221.814.2747.81115.55-20.9132.1187.7413.9426.42
22Q4 (12)0.93-11.43-12.260.43-32.81-29.5198.1513.6313.98212.7250.1142.2146.1034.2533.71164.7738.1530.31
22Q3 (11)1.05-6.25-1.870.64-4.48-25.5886.386.141.3141.714.6434.13108.8342.2240.95119.27-14.984.9
22Q2 (10)1.125.66-7.440.679.84-38.5381.38-5.278.46135.43-9.7562.0476.52-12.5227.64140.28-5.5442.2
22Q1 (9)1.060.0-22.630.610.0-37.1185.91-0.2329.29150.060.3160.2287.47-19.9515.5148.5017.4575.99
21Q4 (8)1.06-0.93-4.50.61-29.07-26.5186.110.995.41149.5941.5936.65109.2741.5217.04126.4411.229.28
21Q3 (7)1.07-11.57-3.60.86-21.1-11.3485.2713.653.8105.6526.4112.2677.2128.79-7.75113.7015.2622.84
21Q2 (6)1.21-11.68-0.821.0912.370.075.0312.910.783.58-10.760.459.95-20.840.2598.6516.910.7
21Q1 (5)1.3723.4218.10.9716.8715.4866.45-18.66-15.5893.66-14.44-13.6675.73-18.889.6784.38-13.72-28.57
20Q4 (4)1.110.00.00.83-14.430.081.69-0.560.0109.4716.320.093.3611.540.097.805.660.0
20Q3 (3)1.11-9.020.00.97-11.010.082.1510.250.094.1113.050.083.7039.970.092.56-5.510.0
20Q2 (2)1.225.170.01.0929.760.074.51-5.340.083.25-23.260.059.80-13.40.097.96-17.070.0
20Q1 (1)1.160.00.00.840.00.078.710.00.0108.480.00.069.050.00.0118.130.00.0
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)3.68-10.461.47-1.3499.1511.67247.780.94158.353.38188.594.13
2023 (9)4.11-4.641.49-12.8788.794.89245.4814.87153.1715.53181.119.24
2022 (8)4.31-17.91.71-43.3884.6521.75213.7176.65132.5847.02165.7965.24
2021 (7)5.253.753.02-9.0469.53-3.64120.9810.1890.184.69100.334.7
2020 (6)5.0615.263.3228.6872.16-13.27109.80-22.3586.14-12.3195.83-24.17
2019 (5)4.390.692.58-6.1883.20-0.67141.416.3698.238.43126.370.18
2018 (4)4.36-3.962.75-10.4283.764.09132.9611.7490.5920.37126.141.56
2017 (3)4.54-2.783.0710.4380.473.0118.99-9.5175.26-6.09124.20-4.09
2016 (2)4.67-4.892.78-13.6678.135.04131.5016.1480.1443.8129.49-1.81
2015 (1)4.91-5.033.22-22.7874.385.38113.2329.4155.7334.87131.8812.95

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