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)1.90-31.65-30.40.44-37.14-50.047.9246.1443.9205.2358.7998.8991.1951.3367.81161.9659.1397.15
24Q3 (19)2.7881.7-12.580.70118.75-40.1732.79-45.0414.73129.25-54.2566.6760.26-44.0576.56101.78-56.641.34
24Q2 (18)1.53-31.39-37.550.32-39.62-62.3559.6646.4860.94282.5463.42163.81107.7145.02261.32234.4968.27105.05
24Q1 (17)2.23-18.32-23.890.53-39.77-32.9140.7322.3131.22172.8967.5550.4874.2736.68220.54139.3569.6313.52
23Q4 (16)2.73-14.15-7.460.88-24.7925.7133.3016.527.94103.1933.06-20.4854.3459.2160.4882.1514.08-35.19
23Q3 (15)3.1829.818.221.1737.6564.7928.58-22.9-15.6777.55-27.59-39.4834.1314.49-42.372.01-37.03-30.02
23Q2 (14)2.45-16.3815.020.857.5944.0737.0719.43-13.27107.10-6.78-30.529.8128.66-67.79114.36-6.849.67
23Q1 (13)2.93-0.6820.580.7912.86-20.231.040.62-17.07114.89-11.4724.8723.17-31.57-61.01122.75-3.1675.31
22Q4 (12)2.959.678.060.70-1.41-46.5630.85-8.97-7.61129.771.2687.1833.86-42.76-43.06126.7523.18193.0
22Q3 (11)2.6926.294.260.7120.34-47.4133.89-20.71-4.05128.15-16.8390.4259.15-36.09-18.12102.90-1.32238.71
22Q2 (10)2.13-12.35-17.120.59-40.4-53.1742.7414.1920.56154.0967.47113.0192.5555.7330.91104.2848.93181.15
22Q1 (9)2.43-10.9922.110.99-24.4323.7537.4312.1-18.1192.0132.71-18.759.43-0.07-39.6970.0261.8616.02
21Q4 (8)2.735.8151.671.31-2.9639.3633.39-5.46-33.9369.333.02-28.6659.47-17.68-31.5643.2642.4-28.9
21Q3 (7)2.580.3935.791.357.1439.1835.32-0.37-26.2267.30-6.97-28.0972.242.18-18.130.38-18.09-42.96
21Q2 (6)2.5729.1513.721.2657.522.3335.45-22.45-11.8672.34-36.08-18.470.70-28.25-10.7837.09-38.54-25.27
21Q1 (5)1.9910.5628.390.80-14.89-1.2345.71-9.56-22.26113.1816.461.2998.5413.4112.8860.35-0.81-27.49
20Q4 (4)1.80-5.260.00.94-3.090.050.545.580.097.183.840.086.89-1.490.060.8414.230.0
20Q3 (3)1.90-15.930.00.97-5.830.047.8719.020.093.595.570.088.2011.310.053.267.310.0
20Q2 (2)2.2645.810.01.0327.160.040.22-31.60.088.65-20.660.079.24-9.230.049.63-40.370.0
20Q1 (1)1.550.00.00.810.00.058.800.00.0111.740.00.087.300.00.083.230.00.0
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)9.21-34.871.93-36.9339.6253.51188.8758.1683.17117.78145.3135.75
2023 (9)14.1432.43.06-12.8225.81-24.51119.4214.9538.19-5.8107.049.74
2022 (8)10.6812.93.51-28.0734.19-11.38103.8938.8540.54-26.997.5468.32
2021 (7)9.4646.444.8833.738.58-31.7574.82-25.1855.46-33.657.95-20.63
2020 (6)6.46-7.453.65-17.7956.538.17100.0021.6883.5224.0673.018.78
2019 (5)6.98-2.794.446.4752.262.7382.18-6.0367.32-20.8767.1226.05
2018 (4)7.18-4.774.17-18.450.875.0287.4522.5185.07-6.9953.2587.76
2017 (3)7.54-0.535.113.8648.440.5871.38-3.7491.467.4928.36-23.78
2016 (2)7.5819.184.9219.7148.16-16.0874.15-16.4485.09-1.1637.21-38.02
2015 (1)6.3623.024.116.257.39-18.6988.74-5.8786.09-10.7760.04-12.2

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