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
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)0.4223.53-40.00.74138.71-24.49218.15-19.1768.44122.47-57.732.1365.36-54.5-16.62275.25-33.7991.4
24Q3 (19)0.34-5.56-8.110.31-24.39-45.61269.897.858.42289.5231.9182.62143.6618.2526.78415.7519.3941.34
24Q2 (18)0.3656.52-25.00.415.130.0250.24-37.6231.55219.49-5.12-2.03121.49-33.85-30.54348.24-22.4145.49
24Q1 (17)0.23-67.14-14.810.39-60.22.63401.14209.7419.29231.34149.58-3.35183.66134.29-16.09448.81212.0925.8
23Q4 (16)0.7089.1925.00.9871.93-8.41129.51-47.97-20.3592.69-41.548.8578.39-30.8220.88143.81-51.11-21.37
23Q3 (15)0.37-22.9215.620.5739.0296.55248.9230.85-12.82158.54-29.24-49.05113.31-35.22-40.02294.1522.89-27.87
23Q2 (14)0.4877.78-11.110.417.89-46.75190.23-43.4312.72224.04-6.488.87174.91-20.09152.76239.36-32.919.7
23Q1 (13)0.27-51.79-12.90.38-64.49-39.68336.27106.8113.21239.37181.1266.46218.89237.53182.91356.7695.06-1.85
22Q4 (12)0.5675.0-9.681.07268.97-4.46162.60-43.0611.185.15-72.644.5264.85-65.6762.65182.90-55.15-2.69
22Q3 (11)0.32-40.74-50.00.29-62.34-56.72285.5469.2100.32311.19162.34130.05188.91172.99292.74407.8286.9177.54
22Q2 (10)0.5474.1935.00.7722.2224.19168.76-43.19-25.32118.62-17.51-19.6169.20-10.5647.33218.19-39.97-33.19
22Q1 (9)0.31-50.0-32.610.63-43.7512.5297.04102.9551.07143.8076.51-11.1277.3794.064.55363.4893.3927.8
21Q4 (8)0.62-3.13-20.511.1267.164.67146.362.6825.181.47-39.77-3.9839.87-17.1111.52187.95-18.1813.16
21Q3 (7)0.6460.0-4.480.678.06-2.9142.54-36.924.46135.27-8.333.0448.102.4142.35229.70-29.66-1.81
21Q2 (6)0.40-13.04-18.370.6210.7114.81225.9814.9320.94147.56-8.8-13.046.97-36.5339.13326.5614.821.19
21Q1 (5)0.46-41.0331.430.56-47.66-6.67196.6268.07-23.56161.7990.686.2574.00106.9947.79284.4171.24-20.87
20Q4 (4)0.7816.420.01.0755.070.0116.99-14.260.084.85-35.370.035.755.80.0166.09-29.00.0
20Q3 (3)0.6736.730.00.6927.780.0136.45-26.980.0131.28-22.590.033.790.090.0233.94-27.510.0
20Q2 (2)0.4940.00.00.54-10.00.0186.86-27.350.0169.6011.380.033.76-32.570.0322.71-10.220.0
20Q1 (1)0.350.00.00.600.00.0257.220.00.0152.270.00.050.070.00.0359.430.00.0
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)1.24-16.781.98-26.39294.7120.21184.7136.29132.50-2.37346.9141.6
2023 (9)1.49-3.872.69-21.8245.173.96135.5327.82135.7249.21244.99-2.35
2022 (8)1.55-14.363.4423.3235.8216.92106.03-19.0590.9626.58250.89-3.8
2021 (7)1.814.022.79-11.43201.70-3.95130.9812.9871.8615.25260.81-1.05
2020 (6)1.742.353.15-26.06209.99-1.96115.9335.2962.3519.49263.586.41
2019 (5)1.70-14.144.2631.48214.1916.285.69-23.8952.18-14.44247.704.99
2018 (4)1.98-44.073.2411.72184.3378.91112.58-10.5760.9922.4235.9231.74
2017 (3)3.5425.982.9063.84103.03-20.74125.88-38.8249.83-20.03179.08-34.5
2016 (2)2.8192.471.7743.9129.99-47.91205.75-30.5262.31-40.48273.42-38.0
2015 (1)1.46-27.01.23-25.45249.5436.91296.1434.24104.68-30.15441.0174.31

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