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)1.3417.5417.540.5911.3220.4167.82-15.07-14.71153.99-10.72-17.3448.27-12.06-19.31173.54-12.11-15.76
24Q3 (19)1.14-14.29-13.640.536.0-10.1779.8516.2815.79172.48-4.712.254.89-10.2521.55197.454.7511.23
24Q2 (18)1.33-8.28-19.390.50-1.96-13.7968.679.1724.31180.990.4714.8661.167.8158.4188.501.188.2
24Q1 (17)1.4527.19-11.590.514.0813.3362.90-20.913.25180.14-3.31-11.1956.73-5.179.9186.31-9.56-9.89
23Q4 (16)1.14-13.64-1.720.49-16.9536.1179.5215.311.4186.3021.19-25.3959.8232.46-24.93206.0016.04-17.08
23Q3 (15)1.32-20.010.920.591.7220.4168.9624.84-10.01153.72-2.45-17.3145.1616.96-36.26177.521.9-7.39
23Q2 (14)1.650.6129.920.5828.895.4555.24-0.54-23.17157.58-22.31-5.2438.61-25.2-41.08174.21-15.740.89
23Q1 (13)1.6441.3834.430.4525.0-15.0955.54-29.18-25.42202.84-18.7618.6351.62-35.22-32.04206.76-16.7721.98
22Q4 (12)1.16-2.520.00.36-26.53-37.9378.422.34-0.17249.6934.3159.9779.6912.487.21248.4229.5954.95
22Q3 (11)1.19-6.3-9.160.49-10.91-30.076.636.589.97185.9111.842.9970.858.1222.62191.6911.0235.07
22Q2 (10)1.274.1-1.550.553.77-20.2971.90-3.451.57166.29-2.7425.7865.53-13.7314.2172.671.8718.58
22Q1 (9)1.225.1717.310.53-8.62-13.1174.47-5.19-14.8170.989.5414.4675.962.1915.79169.505.73-0.99
21Q4 (8)1.16-11.45-2.520.58-17.14-21.6278.5512.732.64156.0920.0526.7574.3328.6445.26160.3212.977.96
21Q3 (7)1.311.556.50.701.450.069.68-1.57-5.95130.02-1.660.5957.780.74.65141.92-2.54-4.2
21Q2 (6)1.2924.04-2.270.6913.11-9.2170.79-19.012.88132.21-11.4910.7957.38-12.5313.47145.62-14.945.84
21Q1 (5)1.04-12.61-27.780.61-17.57-6.1587.4114.2238.26149.3821.36.1265.6028.217.73171.1915.2815.45
20Q4 (4)1.19-3.250.00.745.710.076.533.290.0123.15-4.730.051.17-7.320.0148.500.240.0
20Q3 (3)1.23-6.820.00.70-7.890.074.097.670.0129.268.320.055.219.180.0148.147.680.0
20Q2 (2)1.32-8.330.00.7616.920.068.818.840.0119.33-15.230.050.57-9.240.0137.58-7.220.0
20Q1 (1)1.440.00.00.650.00.063.220.00.0140.770.00.055.720.00.0148.280.00.0
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)5.79-10.372.165.8863.0911.7169.31-5.253.477.41178.93-3.43
2023 (9)6.4621.892.044.0856.48-18.06178.59-3.9249.78-25.7185.29-1.34
2022 (8)5.3014.721.96-23.4468.93-12.76185.8730.1267.00-1.12187.8121.88
2021 (7)4.62-15.072.56-9.8679.0117.73142.8511.3467.7624.1154.109.45
2020 (6)5.44-10.232.8429.6867.1111.46128.30-22.8854.60-14.22140.80-13.58
2019 (5)6.0619.762.1922.3560.21-16.51166.36-18.3763.65-26.29162.92-14.06
2018 (4)5.06-0.591.79-18.6472.120.56203.8022.9986.35-2.54189.5727.38
2017 (3)5.09-3.62.20-10.5771.723.7165.7011.6788.6025.69148.821.2
2016 (2)5.2802.46069.160148.38070.490147.050

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