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)0.87-7.450.01.47-8.13-10.37104.638.260.3262.119.0412.07116.837.0815.5849.9212.18-14.87
24Q3 (19)0.94-3.094.441.603.91.9196.652.84-4.3756.96-3.59-1.44109.110.6811.9944.50-0.43-27.56
24Q2 (18)0.9716.87-3.961.549.228.4593.98-14.63.9959.08-8.69-8.08108.37-7.9823.644.69-21.58-33.26
24Q1 (17)0.83-4.610.671.41-14.0241.0110.055.51-8.9764.7016.74-28.98117.7716.515.9556.99-2.81-43.47
23Q4 (16)0.87-3.33-1.141.644.4650.46104.303.20.5555.42-4.1-33.38101.083.75-3.3658.64-4.54-28.77
23Q3 (15)0.90-10.895.881.5710.5649.52101.0711.84-5.4557.79-10.08-33.0297.4311.12-13.3861.43-8.26-23.88
23Q2 (14)1.0134.6724.691.4242.032.7190.37-25.25-19.9964.27-29.45-24.4787.68-21.12-30.2766.96-33.58-7.37
23Q1 (13)0.75-14.77-5.061.00-8.26-13.79120.8916.544.8891.109.5116.14111.166.28-13.48100.8222.4654.58
22Q4 (12)0.883.53-1.121.093.81-16.79103.73-2.971.5983.19-3.5819.65104.59-7.01-5.4482.332.0234.9
22Q3 (11)0.854.94-9.571.05-1.87-19.23106.90-5.3610.1486.281.422.82112.48-10.556.2680.7011.6331.3
22Q2 (10)0.812.530.01.07-7.76-2.73112.95-2.00.3385.098.482.62125.74-2.13-0.4472.2910.844.45
22Q1 (9)0.79-11.24-2.471.16-11.450.0115.2612.882.7778.4412.810.1128.4816.163.3965.226.87-1.55
21Q4 (8)0.89-5.325.951.310.77-3.68102.115.2-5.2869.53-1.023.68110.614.5-4.7961.03-0.73.99
21Q3 (7)0.9416.05-4.081.3018.18-13.9197.06-13.794.5270.25-15.2816.4105.85-16.18-0.6161.46-11.231.58
21Q2 (6)0.810.0-33.061.10-5.17-19.12112.580.3849.6982.925.8223.71126.291.6319.6369.214.4788.79
21Q1 (5)0.81-3.5712.51.16-14.7143.21112.154.04-11.2678.3616.85-30.23124.276.97-28.2166.2512.881.02
20Q4 (4)0.84-14.290.01.36-9.930.0107.8016.090.067.0611.120.0116.179.080.058.6925.650.0
20Q3 (3)0.98-19.010.01.5111.030.092.8623.470.060.35-9.970.0106.500.880.046.7127.410.0
20Q2 (2)1.2168.060.01.3667.90.075.21-40.490.067.03-40.320.0105.57-39.020.036.66-44.10.0
20Q1 (1)0.720.00.00.810.00.0126.380.00.0112.310.00.0173.110.00.065.580.00.0
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)3.436.526.1517.59106.34-6.3159.37-14.94107.952.5357.75-25.97
2023 (9)3.22-0.315.2314.19113.500.5869.80-12.36105.29-9.778.012.79
2022 (8)3.23-0.924.58-9.31112.840.8279.6410.11116.60-1.7875.8915.79
2021 (7)3.26-7.125.055.21111.927.5172.33-4.82118.71-3.1665.5413.96
2020 (6)3.51-8.124.80-4.57104.108.9175.994.78122.589.2157.512.95
2019 (5)3.828.225.03-3.4595.58-7.6372.523.45112.243.2655.86-13.9
2018 (4)3.5311666.675.2110320.0103.48-99.270.10-99.13108.70-99.2364.88-99.06
2017 (3)0.0300.05012921.3008099.81014154.5006866.620

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