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
24Q3 (20)2.09-4.13-10.685.35-2.55-29.1443.524.1911.7617.022.6541.1347.4512.8412.9513.09-19.6945.77
24Q2 (19)2.18-4.8-8.45.49-0.9-2.6641.775.169.4316.580.912.6642.057.086.8616.30-3.388.88
24Q1 (18)2.29-4.58-2.555.54-17.5612.8339.724.912.5316.4321.25-11.3839.272.211.016.8729.87-8.37
23Q4 (17)2.402.56-1.236.72-10.991.9737.86-2.771.2613.5512.35-1.8838.42-8.55-3.5212.9944.6514.15
23Q3 (16)2.34-1.680.07.5533.875.0138.942.020.1812.06-25.33-4.6642.016.76-7.368.98-40.0145.54
23Q2 (15)2.381.280.05.6414.87-9.6238.17-1.47-0.1616.15-12.8910.6939.351.21-11.9314.97-18.6983.91
23Q1 (14)2.35-3.29-7.114.91-25.49-9.5838.743.617.718.5434.2510.6238.88-2.36-4.1718.4161.7851.52
22Q4 (13)2.433.85-2.026.59-8.34-0.337.39-3.811.7113.819.170.2939.82-12.196.0211.3884.44-12.33
22Q3 (12)2.34-1.686.857.1915.223.0138.871.67-6.4112.65-13.3-2.9245.351.52.836.17-24.2-41.07
22Q2 (11)2.38-5.93-3.256.2414.921.7938.236.283.1814.59-12.95-1.7544.6810.1314.158.14-33.0-36.26
22Q1 (10)2.532.02-4.175.43-17.854.2235.97-2.154.2616.7621.71-4.0140.578.0111.3312.15-6.39-21.71
21Q4 (9)2.4813.24-15.936.61-5.35.7636.76-11.4919.2313.775.68-5.3637.56-14.8317.8212.9823.97-3.85
21Q3 (8)2.19-10.98-12.056.9813.875.641.5312.0913.7813.03-12.26-5.3744.1012.6711.5310.47-18.01-2.33
21Q2 (7)2.46-6.82-1.66.1317.66-11.5437.057.391.8414.85-14.9513.1939.147.41-6.1412.77-17.7263.51
21Q1 (6)2.64-10.514.355.21-16.640.034.5011.9-3.9517.4620.00.036.4414.3-3.8315.5214.960.19
20Q4 (5)2.9518.4714.796.25-5.4538.8930.83-15.53-12.8614.555.66-28.0131.88-19.37-22.8313.5025.93-5.46
20Q3 (4)2.49-0.40.06.61-4.620.036.500.330.013.774.950.039.54-5.180.010.7237.260.0
20Q2 (3)2.50-1.190.06.9333.010.036.381.280.013.12-24.860.041.7010.060.07.81-49.580.0
20Q1 (2)2.53-1.560.05.2115.780.035.921.530.017.46-13.610.037.89-8.280.015.498.470.0
19Q4 (1)2.570.00.04.500.00.035.380.00.020.210.00.041.310.00.014.280.00.0
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
2023 (10)8.69-7.4521.131.7341.987.9517.27-1.7639.840.419.4215.66
2022 (9)9.39-6.3820.777.3438.896.9317.58-6.7939.68-1.016.7910.83
2021 (8)10.031.4219.359.9436.37-1.4118.86-9.0240.082.8515.15-18.77
2020 (7)9.89-5.5417.603.7136.895.8520.73-3.5838.9728.1518.65-28.13
2019 (6)10.47-2.8816.9723.5134.852.8921.50-19.0830.41-11.3225.95-0.76
2018 (5)10.78-7.8613.74-11.3533.878.5226.5712.8234.29-1.1526.1530.29
2017 (4)11.70-8.2415.50-3.5531.219.0523.553.734.6923.0120.07-13.27
2016 (3)12.75-4.7816.070.528.624.9922.71-0.5328.20-6.8423.1416.75
2015 (2)13.394.6115.99-2.2627.26-4.3822.832.3330.27-9.9919.8215.3
2014 (1)12.803.7316.36-3.4828.51-3.6222.313.5733.63-16.2417.1956.7

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