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
24Q3 (20)1.1719.39254.550.20-33.33-9.0977.88-15.81-71.55445.9344.69.99248.8046.868.79275.0118.81-38.95
24Q2 (19)0.98133.33216.130.3030.4315.3892.50-57.12-68.19308.38-22.07-12.66169.41-29.44-10.3231.47-37.66-49.12
24Q1 (18)0.4213.51-12.50.23-36.11-17.86215.72-11.7714.17395.7158.1923.37240.1050.3416.06371.3310.8622.63
23Q4 (17)0.3712.12-47.140.3663.6412.5244.51-10.6688.24250.15-38.3-10.97159.70-30.17-22.74334.96-25.6464.08
23Q3 (16)0.336.45-40.00.22-15.38-18.52273.70-5.8764.08405.4414.8321.72228.6921.081.57450.44-0.9963.95
23Q2 (15)0.31-35.4210.710.26-7.1444.44290.7653.89-11.23353.0710.08-30.87188.87-8.71-41.85454.9650.25-11.4
23Q1 (14)0.48-31.43-36.00.28-12.516.67188.9445.4655.56320.7514.15-13.96206.880.08-4.83302.8148.339.36
22Q4 (13)0.7027.27-24.730.3218.5228.0129.89-22.1332.92280.98-15.64-22.84206.71-8.1912.8204.15-25.7-26.72
22Q3 (12)0.5596.43-28.570.2750.092.86166.81-49.0741.89333.09-34.78-47.53225.15-30.68-25.26274.75-46.49-39.09
22Q2 (11)0.28-62.67-61.110.18-25.038.46327.54169.67159.48510.7437.0-26.9324.7949.41-4.82513.4885.456.16
22Q1 (10)0.75-19.35-13.790.24-4.050.0121.4624.2916.14372.812.38-33.27217.3818.62-28.27276.89-0.61-23.14
21Q4 (9)0.9320.789.410.2578.5731.5897.72-16.88-8.56364.14-42.64-23.36183.26-39.17-35.68278.60-38.24-6.22
21Q3 (8)0.776.94-20.620.147.69-22.22117.56-6.8725.61634.80-9.1523.15301.25-11.72-0.03451.11-6.7446.61
21Q2 (7)0.72-17.24-19.10.13-18.75-27.78126.2320.723.03698.7225.0641.85341.2412.638.07483.7034.2838.99
21Q1 (6)0.872.3516.00.16-15.79-30.43104.58-2.14-13.71558.7017.5943.04303.056.3668.87360.2321.268.4
20Q4 (5)0.85-12.377.590.195.56-24.0106.8714.19-6.65475.14-7.8229.97284.93-5.4570.83297.08-3.45-5.17
20Q3 (4)0.978.990.00.180.00.093.59-8.780.0515.464.650.0301.3521.930.0307.70-11.590.0
20Q2 (3)0.8918.670.00.18-21.740.0102.60-15.350.0492.5726.110.0247.1537.720.0348.024.720.0
20Q1 (2)0.75-5.060.00.23-8.00.0121.205.870.0390.586.840.0179.467.60.0332.326.080.0
19Q4 (1)0.790.00.00.250.00.0114.480.00.0365.570.00.0166.790.00.0313.260.00.0
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
2023 (10)1.35-43.041.1614.85270.2075.51313.91-13.35227.710.36356.4023.19
2022 (9)2.37-16.551.0146.38153.9519.67362.27-31.92226.90-24.39289.31-19.78
2021 (8)2.84-8.090.69-13.75128.659.03532.0916.13300.0921.77360.659.37
2020 (7)3.096.920.80-15.79118.00-6.5458.1918.77246.4334.25329.760.41
2019 (6)2.89-0.690.95-37.91126.200.73385.7762.1183.5672.13328.4027.97
2018 (5)2.91-55.371.5315.91125.28123.95237.99-14.1106.642045.67256.63-21.77
2017 (4)6.5230.921.32-3.6555.94-23.74277.073.644.97-42.81328.04-1.19
2016 (3)4.9837.951.37-20.3573.35-27.44267.3326.028.69-17.71331.999.69
2015 (2)3.61-37.761.726.17101.0960.74212.14-5.7210.56-59.8302.6715.68
2014 (1)5.80-13.691.62-74.4962.8915.8225.02291.6826.27134.34261.64160.18

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