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
24Q3 (20)1.85-7.5-29.921.0914.74-8.449.188.2542.7283.60-12.528.9736.713.271.4696.07-8.877.01
24Q2 (19)2.0020.48-1.960.95-4.0421.7945.43-17.371.7795.574.23-17.9135.57-0.0346.38105.42-5.11-22.91
24Q1 (18)1.66-20.57-19.420.99-43.43-4.8154.9826.5124.6191.6976.464.4535.5883.6973.65111.1046.09-0.27
23Q4 (17)2.09-20.832.451.7547.0643.4443.4626.12-2.5651.96-32.27-30.2619.37-9.53-17.576.05-15.29-20.47
23Q3 (16)2.6429.4148.311.1952.56-4.834.46-22.8-32.4276.72-34.15.1721.41-11.89-19.3689.78-34.35-7.8
23Q2 (15)2.04-0.9722.160.78-25.0-32.1744.641.18-18.06116.4232.6347.6524.3018.59-18.97136.7522.7632.33
23Q1 (14)2.060.98-5.941.04-14.75-25.7144.12-1.086.1687.7817.8135.020.49-12.73-30.16111.4016.4944.24
22Q4 (13)2.0414.6113.331.22-2.42.5244.60-12.53-11.9474.512.14-2.3323.48-11.56-35.6995.63-1.85.75
22Q3 (12)1.786.5927.141.258.742.0550.99-6.41-21.4372.95-7.48-29.1226.55-11.47-39.9597.38-5.77-21.22
22Q2 (11)1.67-23.7415.171.15-17.8617.3554.4831.09-13.3678.8521.27-15.1229.992.22-19.73103.3433.81-12.73
22Q1 (10)2.1921.6776.611.4017.6555.5641.56-17.95-43.4465.02-14.77-35.7929.34-19.64-25.7877.23-14.6-42.88
21Q4 (9)1.8028.5773.081.1935.2326.650.65-21.96-42.1376.29-25.87-20.8436.51-17.42-6.2490.43-26.84-37.62
21Q3 (8)1.40-3.4511.110.88-10.24.7664.903.21-9.96102.9210.79-4.5344.2118.341.73123.614.38-9.38
21Q2 (7)1.4516.9412.40.988.8924.0562.88-14.43-10.8192.90-8.26-19.4337.36-5.49-9.41118.42-12.41-18.08
21Q1 (6)1.2419.235.080.90-4.2632.3573.48-16.05-4.47101.265.06-24.4739.531.52-7.94135.20-6.74-19.54
20Q4 (5)1.04-17.46-18.110.9411.916.0587.5321.4322.0696.38-10.59-14.4938.94-10.45.33144.976.28-1.68
20Q3 (4)1.26-2.330.00.846.330.072.082.240.0107.80-6.50.043.465.380.0136.41-5.640.0
20Q2 (3)1.299.320.00.7916.180.070.50-8.350.0115.30-13.990.041.24-3.960.0144.56-13.970.0
20Q1 (2)1.18-7.090.00.68-16.050.076.927.270.0134.0618.940.042.9416.150.0168.0413.970.0
19Q4 (1)1.270.00.00.810.00.071.710.00.0112.710.00.036.970.00.0147.440.00.0
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
2023 (10)6.93-14.554.72-0.4252.6516.9277.390.5223.80-14.76106.2412.9
2022 (9)8.1124.24.747.7345.03-19.4776.99-7.2127.92-22.8594.10-8.37
2021 (8)6.5326.84.4039.2455.92-21.1482.97-28.0736.19-6.58102.70-30.38
2020 (7)5.15-18.93.16-31.1570.9123.43115.3545.0938.7414.21147.5243.18
2019 (6)6.3516.094.594.0857.45-13.8679.50-3.8833.92-17.65103.03-4.8
2018 (5)5.4718.664.4141.866.69-15.882.71-29.5941.1910.99108.22-32.18
2017 (4)4.619.243.11-23.0279.20-8.42117.4730.037.1111.34159.5711.19
2016 (3)4.22-2.314.04-41.1986.482.2990.3670.1133.338.53143.5134.17
2015 (2)4.32-24.616.87-52.9184.5432.6153.12112.3130.719.13106.9676.41
2014 (1)5.73-2.8814.59-19.7963.753.0925.0224.6628.14-12.3960.6321.8

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