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
24Q2 (20)2.0222.429.190.4322.8626.4745.06-18.15-8.45209.81-18.27-22.3248.14-0.52-5.96206.72-21.5-22.9
24Q1 (19)1.65-10.813.770.35-7.8916.6755.0512.1-3.93256.706.95-15.6648.3925.2-26.9263.355.14-10.86
23Q4 (18)1.858.195.110.3811.765.5649.11-7.81-5.16240.01-9.94-4.738.65-2.25-38.41250.47-10.623.98
23Q3 (17)1.71-7.570.00.340.0-12.8253.278.230.19266.51-1.3214.039.54-22.76-43.91280.234.5229.45
23Q2 (16)1.8516.3524.160.3413.33-17.0749.22-14.1-19.22270.08-11.2621.9351.19-22.67-29.29268.11-9.2527.63
23Q1 (15)1.59-9.66-9.660.30-16.67-43.457.3010.6610.55304.3520.8477.4966.205.514.34295.4522.6578.64
22Q4 (14)1.762.92-4.860.36-7.69-29.4151.78-2.615.27251.867.7342.4162.75-10.981.21240.8911.2846.84
22Q3 (13)1.7114.77-9.040.39-4.88-23.5353.17-12.749.63233.795.5432.2970.49-2.625.49216.473.0536.66
22Q2 (12)1.49-15.34-23.20.41-22.64-24.0760.9317.5630.16221.5129.1831.6272.3925.039.53210.0627.0140.97
22Q1 (11)1.76-4.862.920.533.92-5.3651.835.37-2.41171.47-3.045.6457.90-6.610.61165.390.824.76
21Q4 (10)1.85-1.67.560.510.0-15.049.191.42-6.93176.850.0715.9162.00-7.2137.69164.053.572.28
21Q3 (9)1.88-3.099.30.51-5.564.0848.503.61-8.09176.725.01-4.1266.821.132.32158.406.3-15.11
21Q2 (8)1.9413.4542.650.54-3.5735.046.81-11.86-29.87168.293.68-25.9566.0914.8410.39149.01-5.61-36.36
21Q1 (7)1.71-0.5847.410.56-6.6743.5953.110.49-32.04162.316.38-30.0657.5527.8-9.11157.87-1.57-36.06
20Q4 (6)1.720.0-8.510.6022.453.4552.850.158.99152.57-17.23-2.1245.03-10.83-11.11160.39-14.044.35
20Q3 (5)1.7226.4710.260.4922.516.6752.77-20.94-9.7184.32-18.9-14.4650.50-15.65-27.31186.59-20.32-8.74
20Q2 (4)1.3617.240.00.402.560.066.75-14.590.0227.28-2.070.059.87-5.450.0234.16-5.160.0
20Q1 (3)1.16-38.30.00.39-32.760.078.1561.170.0232.0848.880.063.3224.990.0246.9160.630.0
19Q4 (2)1.8820.510.00.5838.10.048.49-17.030.0155.88-27.660.050.66-27.080.0153.71-24.820.0
19Q3 (1)1.560.00.00.420.00.058.440.00.0215.480.00.069.470.00.0204.450.00.0
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)6.69-3.461.43-15.8854.523.49254.9018.7649.34-13.06260.0923.52
2022 (9)6.932.361.70-22.0252.68-2.28214.6328.2856.754.42210.5626.17
2021 (8)6.7723.092.187.9253.91-18.79167.32-7.4954.350.95166.88-13.71
2020 (7)5.50-11.582.02-1.9466.3813.18180.872.1553.8411.56193.403.16
2019 (6)6.22-5.042.060.058.655.18177.07-0.148.26-0.04187.471.48
2018 (5)6.55-3.822.06-7.2155.764.07177.247.9948.28-1.49184.739.5
2017 (4)6.81-7.62.2210.4553.588.13164.13-9.7149.0112.05168.70-10.07
2016 (3)7.372.082.01-7.3749.55-2.02181.797.9743.74-7.37187.609.24
2015 (2)7.22-8.952.17-27.9150.579.93168.3738.747.22-2.03171.7344.08
2014 (1)7.93-4.573.0114.4546.004.74121.39-12.6748.20-22.73119.19-1.12

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