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)1.15-4.9627.780.79-10.23-5.9579.085.3-21.9115.0810.856.7647.541.28-35.63146.6211.098.45
24Q3 (19)1.21-55.6831.520.88-45.34-2.2275.10125.46-24.24103.8283.982.6946.94155.39-28.09131.9884.95-2.2
24Q2 (18)2.73333.3316.171.61257.78-4.7333.31-76.81-14.0456.43-71.945.0418.38-81.2-21.5571.36-71.13.36
24Q1 (17)0.63-30.0-73.420.45-46.43-26.23143.6241.85274.6201.0886.5535.1397.7432.352808.93246.9682.6634.37
23Q4 (16)0.90-2.17-55.670.84-6.6742.37101.252.14125.6107.796.62-29.5373.8513.131512.45135.200.19-30.05
23Q3 (15)0.92-60.85-51.580.90-46.7515.3899.13155.82106.48101.1088.2-12.9865.28178.621143.43134.9595.47-15.09
23Q2 (14)2.35-0.84-2.491.69177.0545.6938.751.072.4953.72-63.9-31.4723.43597.32437.3969.04-62.44-38.27
23Q1 (13)2.3716.7530.220.613.39-36.4638.34-14.57-23.52148.81-2.7157.063.36-26.64-39.02183.79-4.9131.87
22Q4 (12)2.036.845.180.59-24.36-48.2544.88-6.52-4.77152.9631.6692.234.58-12.761.78193.2721.658.16
22Q3 (11)1.90-21.16-18.80.78-32.76-43.8848.0126.9823.51116.1848.2177.895.2520.4157.66158.9442.1157.58
22Q2 (10)2.4132.424.781.1620.83-13.4337.81-24.58-4.5278.39-17.2715.334.36-20.8732.52111.84-19.757.26
22Q1 (9)1.82-5.7-19.110.96-15.79-29.4150.136.3724.0894.7519.0841.745.5122.4465.47139.3714.0534.11
21Q4 (8)1.93-17.52-6.311.14-17.99-6.5647.1321.256.6879.5721.836.554.5035.1430.06122.2021.165.88
21Q3 (7)2.341.749.861.393.7312.138.87-1.84-8.9765.31-3.91-10.753.331.2257.82100.86-3.27-11.34
21Q2 (6)2.302.2252.321.34-1.4731.3739.60-1.98-34.2167.971.68-24.083.29-1.247.53104.270.34-29.3
21Q1 (5)2.259.2210.291.3611.487.9440.40-8.56-9.566.85-10.48-7.473.33-3.7673.44103.92-9.96-9.62
20Q4 (4)2.06-3.290.01.22-1.610.044.183.470.074.682.050.03.4663.980.0115.411.450.0
20Q3 (3)2.1341.060.01.2421.570.042.70-29.060.073.18-18.260.02.11-5.380.0113.76-22.870.0
20Q2 (2)1.51-25.980.01.02-19.050.060.1934.830.089.5323.920.02.2316.150.0147.4928.270.0
20Q1 (1)2.040.00.01.260.00.044.640.00.072.250.00.01.920.00.0114.980.00.0
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)4.19-39.633.24-30.4787.1065.68112.7243.8561.7770.26138.0545.85
2023 (9)6.94-18.164.6645.1752.5722.1778.36-31.0936.28737.8894.65-37.9
2022 (8)8.48-0.243.21-34.4943.030.19113.7152.714.335.1152.4134.52
2021 (7)8.506.654.9022.1942.95-6.2674.46-18.14.1227.55113.30-15.14
2020 (6)7.9713.864.0118.2945.82-12.1990.92-15.623.2362.31133.51-15.46
2019 (5)7.00-8.143.39-30.3952.188.98107.7543.741.9925.16157.9330.25
2018 (4)7.62-16.364.87-42.7747.8819.4974.9674.691.5931.4121.2548.28
2017 (3)9.11-3.78.51-9.8540.073.8142.9111.021.21-33.5281.778.41
2016 (2)9.4626.989.4424.5438.60-21.2138.65-19.711.82-2.1575.43-20.83
2015 (1)7.45-3.627.58-5.9648.993.8148.146.251.86-10.1495.275.35

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