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
近3年股價
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)1.5345.7196.150.1025.066.6759.61-31.27-49.09953.44-15.8-35.820.00001013.04-16.9-36.79
24Q3 (19)1.05-93.3556.720.080.0-46.6786.731403.12-36.191132.293.8883.130.00001219.0211.2561.63
24Q2 (18)15.781027.14161.690.08-11.11-61.95.77-91.12-61.741089.996.61147.930.00001095.750.76140.97
24Q1 (17)1.4079.49351.610.0950.0-47.0665.00-44.49-77.571022.45-31.1886.290.00001087.45-32.1529.66
23Q4 (16)0.7816.42212.00.06-60.0-40.0117.09-13.85-67.271485.60140.2864.80.00001602.68112.527.28
23Q3 (15)0.67-88.89-62.360.15-28.57114.29135.91801.26166.23618.2940.64-55.380.0000754.1965.86-47.51
23Q2 (14)6.031845.16458.330.2123.53425.015.08-94.8-82.05439.64-19.9-79.530.0000454.72-45.78-79.62
23Q1 (13)0.3124.0342.860.1770.01600.0289.83-18.98-78.02548.86-39.11-91.130.0000838.68-33.39-88.83
22Q4 (12)0.25-85.962400.00.1042.8625.0357.71600.71-97.85901.44-34.95-20.80.00001259.15-12.36-92.92
22Q3 (11)1.7864.8100.0775.0133.3351.05-39.23-99.791385.66-35.47-57.830.00001436.71-35.61-94.79
22Q2 (10)1.081442.86-57.480.04300.033.3384.00-93.63134.72147.28-65.29-22.920.00002231.28-70.27-20.92
22Q1 (9)0.07600.0-99.30.01-87.5-98.311318.71-92.0814359.546187.13443.573903.060.00007505.84-57.784485.68
21Q4 (8)0.010-99.250.08166.67166.6716640.90-31.524343.161138.25-65.36-66.530.000017779.10-35.53412.56
21Q3 (7)0.00-100.0-100.00.030.050.024291.6067772.5925524.053286.0017.95-16.270.000027577.60877.34586.12
21Q2 (6)2.54-74.5536.560.03-94.92-81.2535.79292.43-27.032785.911702.48401.780.00002821.691623.91366.97
21Q1 (5)9.98644.78650.380.591866.6709.12-86.6-86.69154.56-95.4500.0000163.68-95.280
20Q4 (4)1.3439.580.00.0350.00.068.08-28.190.03400.61-13.350.00.0000.03468.69-13.70.0
20Q3 (3)0.96-48.390.00.02-87.50.094.8093.270.03924.55606.860.00.0000.04019.36565.170.0
20Q2 (2)1.8639.850.00.1600.049.05-28.390.0555.2100.00.0000.0604.2600.0
20Q1 (1)1.330.00.00.000.00.068.500.00.00.000.00.00.000.00.00.000.00.0
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)18.47105.450.42-8.719.77-51.32869.5710.190.000889.337.17
2023 (9)8.993645.830.46109.0940.61-97.28789.19-51.380.000829.80-73.38
2022 (8)0.24-97.350.22-71.791494.523612.171623.11247.790.0003117.62514.96
2021 (7)9.0775.780.78116.6740.26-43.06466.69-53.460.000506.96-52.77
2020 (6)5.16-50.00.36-82.1870.7199.921002.76455.30.0001073.47397.09
2019 (5)10.32-51.732.02035.37107.21180.5800.000215.951165.08
2018 (4)21.38-94.480.00017.071715.960.0000.00017.071715.96
2017 (3)387.13740.130.0000.94-88.130.0000.0000.94-88.13
2016 (2)46.08149.890.0007.92-60.00.0000.0007.92-60.0
2015 (1)18.44-40.360.00019.8067.80.0000.00019.8067.8

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