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)1.3018.1835.422.4612.3323.6269.97-15.36-26.2937.01-10.95-19.25101.10-5.9413.685.88-64.9-88.65
24Q3 (19)1.10-12.0-3.512.19-3.9517.7482.6713.253.1241.564.11-14.99107.488.8229.7316.7518.46-63.76
24Q2 (18)1.2522.559.652.2816.9234.9173.00-18.12-8.439.92-14.59-25.9198.77-5.750.2514.14-54.53-59.66
24Q1 (17)1.026.25-4.671.95-2.0114.7189.16-6.084.546.741.99-12.85104.8017.852.9931.10-39.98-16.38
23Q4 (16)0.96-15.79-20.661.996.9913.7194.9318.4126.6945.83-6.26-11.6488.937.34-11.2151.8212.1294.52
23Q3 (15)1.140.0-17.391.8610.0610.0680.170.621.2348.89-9.26-9.1482.85-15.91-15.3246.2231.87109.14
23Q2 (14)1.146.54-10.241.69-0.5927.0779.69-6.611.4753.880.47-21.1298.52-3.18-20.535.05-5.75120.86
23Q1 (13)1.07-11.57-8.551.70-2.86-5.0385.3213.879.3653.633.395.53101.761.6-14.7837.1939.6294.38
22Q4 (12)1.21-12.32-17.121.753.55-26.1674.9313.3120.551.87-3.6135.29100.162.376.0726.6420.54336.72
22Q3 (11)1.388.66-9.211.6927.07-10.5866.13-7.510.5153.81-21.2311.9997.84-21.055.2722.1039.2647.83
22Q2 (10)1.278.55-5.221.33-25.7-14.1971.49-8.374.9868.3134.4216.31123.933.7915.4115.8768.29-18.41
22Q1 (9)1.17-19.86-2.51.79-24.47-13.5378.0225.472.5650.8232.5515.32119.4126.4512.349.4354.59-31.86
21Q4 (8)1.46-3.9528.072.3725.4-29.8862.183.91-22.0938.34-20.2142.2694.431.610.826.10-59.2-71.69
21Q3 (7)1.5213.4347.571.8921.94-38.6459.84-12.13-32.348.05-18.1862.7792.94-13.45-0.0914.95-23.14-39.94
21Q2 (6)1.3411.6711.671.55-25.12-46.9268.10-10.48-10.0558.7333.2788.36107.381.035.6719.4540.53269.07
21Q1 (5)1.205.2610.092.07-38.76-25.2776.07-4.69-8.5744.0763.5333.91106.2924.743.1113.84-35.786.3
20Q4 (4)1.1410.680.03.389.740.079.81-9.710.026.95-8.710.085.21-8.40.021.55-13.420.0
20Q3 (3)1.03-14.170.03.085.480.088.3916.750.029.52-5.320.093.02-8.460.024.89372.30.0
20Q2 (2)1.2010.090.02.925.420.075.71-9.00.031.18-5.260.0101.62-1.420.05.27-59.520.0
20Q1 (1)1.090.00.02.770.00.083.200.00.032.910.00.0103.080.00.013.020.00.0
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)4.6022.999.9647.3479.34-18.7736.65-32.1399.37-7.5516.62-62.39
2023 (9)3.74-20.266.76-13.2297.6725.5154.0015.26107.480.944.19143.47
2022 (8)4.69-9.817.79-30.7677.8210.8946.8544.47106.5210.6618.15185.83
2021 (7)5.2019.8211.250.6370.18-16.6232.43-0.6796.26-7.536.35-50.08
2020 (6)4.34-10.8811.1810.9184.1712.2632.65-9.78104.1015.4412.72-39.43
2019 (5)4.8728.1610.0811.574.98-21.936.19-10.3390.18-15.4621.00-29.29
2018 (4)3.80-13.249.04-36.2996.0115.2240.3656.86106.677.629.70199.4
2017 (3)4.382.8214.19-8.883.33-2.6625.739.6899.14-8.959.925121.05
2016 (2)4.26-10.8815.560.3985.6112.1123.46-0.38108.8817.040.19-97.24
2015 (1)4.7815.7415.5015.0776.36-13.5623.55-13.0793.03-2.186.89-66.13

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