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)1.15-0.8618.560.8936.92-8.2579.401.08-15.67101.79-27.18.15524.75-17.8498.17-343.5618.3-348.92
24Q3 (19)1.16-46.334.880.65-26.14-17.7278.5586.85-25.95139.6335.221.06638.7258.28155.0-420.53-62.86-1347.11
24Q2 (18)2.16237.5120.410.8862.9615.7942.04-70.21-54.86103.28-39.19-13.91403.54-24.82107.2-258.22-14.34-1507.96
24Q1 (17)0.64-34.02-48.390.54-44.33-22.86141.1049.8792.6169.8480.4531.43536.79102.72159.64-225.84-195.1-5188.99
23Q4 (16)0.9712.79-25.380.9722.788.9994.15-11.2534.0494.12-18.4-7.72264.805.7236.24-76.53-163.35-245.66
23Q3 (15)0.86-12.24-28.930.793.95-16.84106.0813.9141.21115.34-3.8620.15250.4828.6116.94-29.06-258.4532.54
23Q2 (14)0.98-20.97-44.940.768.57-46.8593.1327.1282.29119.97-7.1688.19194.76-5.7924.9818.34529.51144.73
23Q1 (13)1.24-4.62-17.880.70-21.35-48.1573.264.321.86129.2226.791.21206.746.3620.47-4.2780.7190.28
22Q4 (12)1.307.4478.080.89-6.32-28.2370.24-6.5-43.83101.996.2439.52194.37-9.257.21-22.1448.61-231.55
22Q3 (11)1.21-32.0212.040.95-33.57-48.6575.1247.03-10.7896.0050.5995.6214.1937.4573.35-43.08-5.07-542.75
22Q2 (10)1.7817.8885.421.435.93-19.6651.09-15.02-46.1563.75-5.6724.56155.83-9.221.46-41.006.63-330.86
22Q1 (9)1.51106.8575.581.358.87-55.8860.12-51.92-43.4667.58-7.55127.08171.61-5.3482.29-43.91-360.9-204.65
21Q4 (8)0.73-32.41-8.751.24-32.97-71.03125.0448.510.1273.1048.94243.52181.3046.73114.3816.8372.97-66.51
21Q3 (7)1.0812.535.01.853.93-38.3384.20-11.26-25.5849.08-4.161.77123.56-3.6961.649.73-45.21-85.49
21Q2 (6)0.9611.6320.01.78-41.83-4.8194.88-10.78-16.9451.1871.985.24128.3036.2953.8617.76-57.67-77.65
21Q1 (5)0.867.5-34.353.06-28.5101.32106.34-6.3553.129.7639.85-50.2294.1411.32-9.5741.96-16.5166.91
20Q4 (4)0.800.00.04.2842.670.0113.550.360.021.28-29.860.084.5710.640.050.26-25.030.0
20Q3 (3)0.800.00.03.0060.430.0113.14-0.950.030.34-37.610.076.44-8.330.067.04-15.640.0
20Q2 (2)0.80-38.930.01.8723.030.0114.2364.450.048.63-18.650.083.39-19.890.079.47216.110.0
20Q1 (1)1.310.00.01.520.00.069.460.00.059.780.00.0104.100.00.025.140.00.0
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)3.30-37.52.85-16.91110.5059.73127.8720.27513.99139.01-275.610
2023 (9)5.28-8.333.43-9.9769.189.13106.3210.91215.0515.59-39.540
2022 (8)5.7662.713.81-57.8163.39-38.5495.86137.22186.0554.1-26.800
2021 (7)3.54-17.879.03-9.97103.1421.8940.4111.08120.7321.5922.825.11
2020 (6)4.31-46.4610.03103.4584.6286.6836.38-50.8299.2944.7421.71-57.19
2019 (5)8.0552.754.93113.4245.33-34.5973.97-53.2768.609.0150.71-69.2
2018 (4)5.2737.62.3129.7869.30-27.33158.28-22.9362.93-30.38164.66-21.71
2017 (3)3.83-8.591.78-19.4695.369.52205.3624.2190.3937.79210.3312.59
2016 (2)4.199.112.21-6.7587.07-8.35165.337.2965.6013.65186.81-2.38
2015 (1)3.84-9.02.37-23.0595.009.8154.0929.9657.7279.37191.3710.68

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