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)1.18-4.074.420.51-7.2715.9177.435.05-3.48179.598.54-13.379.0015.872.65178.024.11-15.39
24Q3 (19)1.23-6.111.650.553.770.073.716.03-2.07165.46-4.31-0.0368.188.6410.18170.99-4.83-4.42
24Q2 (18)1.3113.913.150.5326.1910.4269.52-12.03-3.32172.91-20.55-8.6662.76-18.530.82179.66-18.2-9.7
24Q1 (17)1.151.77-1.710.42-4.5510.5379.03-1.481.61217.645.06-8.0477.030.093.4219.644.39-8.47
23Q4 (16)1.13-6.61-3.420.44-20.010.080.226.582.83207.1525.16-9.8276.9624.37-2.34210.4117.61-8.09
23Q3 (15)1.21-4.720.830.5514.5819.5775.274.67-0.66165.51-12.57-16.8561.88-0.59-20.92178.90-10.08-8.99
23Q2 (14)1.278.55-6.620.4826.32-7.6971.91-7.557.68189.30-20.028.7462.25-16.44-17.63198.96-17.0920.36
23Q1 (13)1.170.0-2.50.38-5.0-15.5677.78-0.292.77236.673.0317.8974.50-5.46-21.68239.964.8232.34
22Q4 (12)1.17-2.5-4.880.40-13.04-23.0878.012.965.09229.7115.431.8778.800.7-14.27228.9216.4646.28
22Q3 (11)1.20-11.76-7.690.46-11.54-24.5975.7713.468.38199.0514.3434.3778.253.552.18196.5718.9238.96
22Q2 (10)1.3613.339.680.5215.56-10.3466.78-11.76-8.73174.09-13.2810.775.57-20.55-3.96165.30-8.848.94
22Q1 (9)1.20-2.44-5.510.45-13.46-30.7775.681.955.96200.7515.2544.2295.123.4828.45181.3215.8732.77
21Q4 (8)1.23-5.38-3.910.52-14.75-25.7174.236.184.56174.1917.5834.3491.9220.0327.38156.4910.6221.78
21Q3 (7)1.304.84-6.470.615.17-11.5969.91-4.466.54148.14-5.813.1276.58-2.6817.27141.46-6.777.76
21Q2 (6)1.24-2.360.810.58-10.775.4573.172.45-0.72157.2612.97-4.678.696.2719.34151.7411.11-12.09
21Q1 (5)1.27-0.7814.410.65-7.1430.071.420.61-12.72139.207.36-23.1774.052.62-0.67136.576.28-27.53
20Q4 (4)1.28-7.910.00.701.450.070.998.180.0129.66-0.990.072.1610.510.0128.50-2.110.0
20Q3 (3)1.3913.010.00.6925.450.065.62-10.960.0130.96-20.560.065.30-0.970.0131.27-23.950.0
20Q2 (2)1.2310.810.00.5510.00.073.70-9.940.0164.85-9.010.065.94-11.550.0172.61-8.410.0
20Q1 (1)1.110.00.00.500.00.081.830.00.0181.180.00.074.550.00.0188.450.00.0
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)5.08-5.222.008.1171.795.48182.74-7.5872.896.5181.64-7.96
2023 (9)5.36-6.461.85-5.1368.066.79197.735.7668.44-12.65197.3514.51
2022 (8)5.7316.461.95-12.5663.73-14.01186.9614.178.35-11.77172.3415.53
2021 (7)4.922.932.23-5.5174.11-2.91163.855.8388.8011.71149.17-1.65
2020 (6)4.78-6.822.363.0676.337.3154.82-3.0679.49-7.07151.674.38
2019 (5)5.13-2.662.291.3371.142.64159.71-0.9485.54-18.94145.3116.23
2018 (4)5.27-10.072.26-7.3869.3111.32161.237.78105.536.25125.0211.11
2017 (3)5.86-2.012.449.9162.262.07149.59-9.0699.325.76112.52-14.49
2016 (2)5.982.932.222.7861.00-2.9164.50-2.893.917.58131.59-9.1
2015 (1)5.815.832.1611.9262.82-5.53169.24-10.7487.29-3.88144.77-12.41

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