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)1.569.86188.890.000058.40-8.68-65.310.000017.15-0.4667.1541.25-11.71-73.91
24Q3 (19)1.4256.04129.030.000063.95-35.99-56.330.000017.23-21.8258.9546.72-39.99-65.55
24Q2 (18)0.9175.062.50.000099.90-42.53-38.240.000022.0450.6596.7977.86-51.09-48.29
24Q1 (17)0.52-3.730.00.0000173.823.26-24.390.000014.6342.5933.0159.190.7-27.28
23Q4 (16)0.54-12.935.00.0000168.3414.95-26.020.000010.26-5.3514.38158.0916.59-27.68
23Q3 (15)0.6210.71138.460.0000146.45-9.46-57.490.000010.84-3.2119.65135.60-9.94-59.58
23Q2 (14)0.5640.075.00.0000161.76-29.64-42.640.000011.201.82-7.05150.57-31.22-44.22
23Q1 (13)0.400.033.330.0000229.901.03-24.940.000011.0022.633.68218.900.14-25.97
22Q4 (12)0.4053.85-6.980.0000227.56-33.957.10.00008.97-0.99-12.14218.59-34.848.07
22Q3 (11)0.26-18.75-29.730.0000344.5422.1840.470.00009.06-24.81-21.76335.4924.2843.56
22Q2 (10)0.326.67-37.250.0000281.99-7.9357.460.000012.0513.5720.98269.94-8.7159.61
22Q1 (9)0.30-30.23-21.050.0000306.2944.1628.640.000010.613.9215.2295.6846.1929.18
21Q4 (8)0.4316.22-43.420.0000212.47-13.3776.780.000010.21-11.8344.62202.26-13.4578.8
21Q3 (7)0.37-27.45-57.470.000-100.0245.2736.95133.430.000-100.011.5816.2741.74233.7038.18140.56
21Q2 (6)0.5134.2170.00.000-100.0179.09-24.78-40.210.000-100.09.968.14-19.02169.13-26.11-41.62
21Q1 (5)0.38-50.0111.110.000-100.0238.1098.1-53.30.000-100.09.2130.45-32.33228.89102.34-54.35
20Q4 (4)0.76-12.640.00.00-100.00.0120.1914.390.00.00-100.00.07.06-13.590.0113.1216.440.0
20Q3 (3)0.87190.00.0360.42865.50.0105.07-64.920.00.25-89.750.08.17-33.580.097.15-66.460.0
20Q2 (2)0.3066.670.037.33111.380.0299.55-41.250.02.44-52.620.012.30-9.630.0289.69-42.230.0
20Q1 (1)0.180.00.017.660.00.0509.890.00.05.150.00.013.610.00.0501.430.00.0
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)3.3853.640.000108.03-34.90.00017.2656.290.76-41.4
2023 (9)2.2052.780.000165.94-34.750.00011.0515.22154.88-36.71
2022 (8)1.44-14.290.000254.3217.160.0009.592.46244.7317.82
2021 (7)1.68-11.580.000217.0712.860.0009.363.65207.7112.23
2020 (6)1.90-4.52205.66330.52192.334.811.77-76.839.0355.69185.08-0.15
2019 (5)1.99-54.5747.77-14.74183.51120.017.6417.365.8075.23185.36113.99
2018 (4)4.38-74.2256.034.1883.41288.136.51-4.123.31-39.2786.62279.41
2017 (3)16.99-83.3253.781.7421.49500.286.79-1.745.45-51.9822.830
2016 (2)101.88-80.9852.86-25.543.58426.476.9134.4411.35-29.81-0.860
2015 (1)535.76-3.3670.9958.50.683.035.14-36.9316.17-23.47-10.340

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