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)1.2729.590.790.4433.334.7671.82-22.68-0.69206.53-24.87-4.3427.72-24.865.2250.63-24.26-4.3
24Q3 (19)0.98-14.04-16.240.33-17.5-13.1692.8916.3219.84274.9020.3514.3136.8920.6330.54330.9019.1614.21
24Q2 (18)1.14-3.39-9.520.4011.1114.2979.863.4310.29228.42-9.58-11.7230.58-9.59.84277.70-6.2-8.44
24Q1 (17)1.18-6.350.00.36-14.2912.577.216.76-0.25252.6317.01-10.0833.7928.2412.71296.0613.05-9.84
23Q4 (16)1.267.693.280.4210.537.6972.32-6.7-3.04215.90-10.22-6.7526.35-6.762.29261.88-9.61-6.59
23Q3 (15)1.17-7.14-1.680.388.57-2.5677.517.041.17240.48-7.063.3528.261.5119.54289.73-4.481.42
23Q2 (14)1.266.7817.760.359.372.9472.41-6.45-14.91258.74-7.91-4.2727.84-7.1411.05303.31-7.63-8.18
23Q1 (13)1.18-3.2810.280.32-17.95-11.1177.403.77-8.74280.9621.3510.4329.9816.3811.04328.3717.125.17
22Q4 (12)1.222.52-2.40.390.00.074.59-2.642.73231.53-0.5-1.7725.768.9719.26280.36-1.86-2.21
22Q3 (11)1.1911.2115.530.3914.7130.076.61-9.98-13.41232.69-13.91-23.8123.64-5.720.49285.66-13.52-23.67
22Q2 (10)1.070.0-9.320.34-5.56-8.1185.100.3410.29270.296.238.7325.07-7.1536.55330.325.797.46
22Q1 (9)1.07-14.47.00.36-7.692.8684.8116.8-6.4254.437.95-2.9327.0025.0-5.96312.248.91-3.63
21Q4 (8)1.2521.3610.620.3930.00.072.61-17.93-9.94235.69-22.830.9621.6010.09-25.52286.70-23.390.56
21Q3 (7)1.03-12.71-3.740.30-18.92-26.8388.4714.664.11305.4022.8636.1619.626.86-11.22374.2421.7530.32
21Q2 (6)1.1818.019.190.375.71-7.577.16-14.84-16.26248.58-5.168.0618.36-36.05-47.0307.38-5.136.9
21Q1 (5)1.00-11.523.460.35-10.26-5.4190.6112.39-18.93262.1012.276.6728.71-1.0-45.24324.0013.656.22
20Q4 (4)1.135.610.00.39-4.880.080.62-5.130.0233.464.090.029.0031.220.0285.09-0.720.0
20Q3 (3)1.078.080.00.412.50.084.98-7.770.0224.29-2.50.022.10-36.20.0287.17-0.130.0
20Q2 (2)0.9922.220.00.408.110.092.14-17.560.0230.03-6.380.034.64-33.930.0287.54-5.730.0
20Q1 (1)0.810.00.00.370.00.0111.770.00.0245.700.00.052.430.00.0305.030.00.0
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)4.39-10.771.626.5883.1712.12225.14-6.0228.72-1.81279.59-1.73
2023 (9)4.923.581.523.474.18-3.51239.56-3.7929.25-2.76284.50-3.82
2022 (8)4.7515.851.474.2676.88-13.65249.00-4.1530.08-13.19295.80-5.84
2021 (7)4.109.041.41-10.7689.03-8.33259.7812.3834.65-15.03314.169.28
2020 (6)3.7617.871.583.9597.12-15.02231.16-3.4340.78-13.22287.49-6.25
2019 (5)3.190.01.52-5.59114.29-0.01239.375.5946.9916.17306.672.04
2018 (4)3.197.051.61-3.01114.30-6.59226.703.2140.45-5.58300.550.46
2017 (3)2.98-16.991.66-12.17122.3620.21219.6513.742.8419.63299.1815.44
2016 (2)3.5910.121.899.25101.79-9.04193.18-8.4335.8111.7259.17-10.88
2015 (1)3.26-4.41.73-21.72111.914.65210.9727.832.063.79290.8220.61

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