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)0.99-2.94-6.60.79-7.06-19.3992.303.517.86114.757.6323.3934.25-11.95-21.32172.8010.1527.96
24Q3 (19)1.02-8.93-1.920.85-7.61-4.4989.1710.181.47106.627.944.0738.90-7.548.06156.8813.971.65
24Q2 (18)1.1212.03.70.928.2417.9580.93-10.69-3.5398.78-7.69-14.8442.07-12.3227.33137.65-8.01-17.5
24Q1 (17)1.00-5.660.00.85-13.2732.8190.625.9-0.71107.0115.06-24.9347.9810.2219.41149.6410.81-22.72
23Q4 (16)1.061.9220.450.9810.1155.5685.57-2.63-17.0793.00-9.22-35.3743.5320.9236.63135.04-12.5-37.25
23Q3 (15)1.04-3.720.930.8914.130.8887.884.76-17.08102.45-11.68-23.4136.008.9614.58154.33-7.5-25.92
23Q2 (14)1.088.013.680.7821.88-11.3683.89-8.09-12.29116.00-18.6312.0233.04-17.77-3.08166.85-13.831.05
23Q1 (13)1.0013.64-5.660.641.59-39.0591.27-11.546.54142.55-0.9465.1640.1826.1111.89193.64-10.0342.31
22Q4 (12)0.882.33-20.00.63-7.35-42.2103.18-2.6424.22143.907.5871.8631.861.4-1.85215.223.3160.22
22Q3 (11)0.86-9.47-14.00.68-22.73-32.67105.9810.815.96133.7629.1748.2831.42-7.830.06208.3226.1738.7
22Q2 (10)0.95-10.38-7.770.88-16.19-18.5295.6511.658.34103.5519.9722.8134.09-5.07-2.01165.1121.3419.8
22Q1 (9)1.06-3.64-3.641.05-3.67-16.085.673.143.1586.313.0818.5435.9110.6313.78136.071.39.48
21Q4 (8)1.1010.0-7.561.097.92-12.183.06-9.118.583.73-7.1814.0732.463.3822.77134.33-10.578.75
21Q3 (7)1.00-2.91-8.261.01-6.485.2191.393.519.5890.216.99-4.9131.40-9.7413.4150.208.98-0.25
21Q2 (6)1.03-6.3615.731.08-13.620.088.296.31-13.7984.3215.81-17.0534.7910.23-0.71137.8210.89-18.46
21Q1 (5)1.10-7.5615.791.250.8115.7483.058.49-13.6272.81-0.8-13.831.5619.360.29124.290.62-16.67
20Q4 (4)1.199.170.01.2429.170.076.55-8.210.073.40-22.630.026.44-4.510.0123.52-17.970.0
20Q3 (3)1.0922.470.00.966.670.083.40-18.560.094.87-6.670.027.69-20.980.0150.58-10.910.0
20Q2 (2)0.89-6.320.00.90-16.670.0102.416.510.0101.6520.340.035.0411.340.0169.0213.320.0
20Q1 (1)0.950.00.01.080.00.096.150.00.084.470.00.031.470.00.0149.150.00.0
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)4.413.763.6215.6582.75-3.67100.88-13.5639.00-7.58144.63-9.83
2023 (9)4.25-0.473.13-6.8585.900.37116.707.5242.209.24160.403.16
2022 (8)4.27-1.163.36-25.585.581.19108.5434.2238.639.03155.4919.6
2021 (7)4.3211.054.514.1684.57-9.980.87-4.0235.4314.44130.01-11.65
2020 (6)3.89-5.584.33-4.8493.865.8884.265.0430.963.61147.165.89
2019 (5)4.123.524.55-5.888.65-3.2280.226.2429.88-23.54138.988.55
2018 (4)3.98-1.244.83-7.6591.601.1575.518.1539.08-12.53128.0310.66
2017 (3)4.03-1.475.23-7.190.561.4669.827.6544.6819.72115.70-0.93
2016 (2)4.095.685.63-3.2689.26-5.3464.863.4637.3226.77116.79-8.44
2015 (1)3.87-11.245.82-8.294.3012.5262.698.8729.4410.01127.5511.27

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