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)1.03-10.43-18.250.58-14.71-18.3188.6712.022.47155.6315.8821.725.07-7.93-6.8219.2317.7126.45
24Q3 (19)1.150.0-8.00.681.49-1.4579.170.418.39134.30-1.142.5227.23-13.9419.27186.241.732.77
24Q2 (18)1.15-9.45-1.710.67-9.461.5278.859.911.17135.8510.37-1.6931.6414.3549.39183.079.52-6.09
24Q1 (17)1.270.7910.430.744.2317.4671.74-0.91-9.16123.09-3.75-14.3327.672.869.02167.16-3.58-15.26
23Q4 (16)1.260.85.880.712.922.4172.40-0.88-4.99127.88-2.38-18.5126.9017.83-3.48173.37-4.33-15.54
23Q3 (15)1.256.846.840.694.5516.9573.04-6.29-5.92131.00-5.2-15.6522.837.79-7.12181.22-7.04-13.03
23Q2 (14)1.171.74-2.50.664.761.5477.94-1.32.73138.18-3.83-1.021.18-16.55-7.91194.94-1.181.3
23Q1 (13)1.15-3.36-10.850.638.62-5.9778.973.6411.93143.68-8.445.5925.38-8.93-2.12197.27-3.899.18
22Q4 (12)1.191.712.590.58-1.691.7576.20-1.85-3.1156.931.04-1.4127.8713.38-15.75205.26-1.490.25
22Q3 (11)1.17-2.5-12.030.59-9.23-25.3277.642.3313.76155.3111.2834.124.586.87-0.81208.378.2830.81
22Q2 (10)1.20-6.98-10.450.65-2.99-26.1475.877.5411.9139.572.5735.0223.00-11.3-0.9192.446.530.06
22Q1 (9)1.2911.211.570.6717.54-21.1870.55-10.29-1.25136.07-14.5227.0425.93-21.612.77180.69-11.7517.84
21Q4 (8)1.16-12.78-11.450.57-27.85-27.8578.6415.2213.05159.1837.4438.833.0833.4950.64204.7428.5326.16
21Q3 (7)1.33-0.75-15.820.79-10.2314.4968.250.6618.3115.8212.04-11.8524.786.7644.83159.297.66-7.37
21Q2 (6)1.345.5157.650.883.53114.6367.80-5.1-36.58103.37-3.49-53.2223.21-8.01-32.67147.96-3.5-49.57
21Q1 (5)1.27-3.050.790.857.598.9771.442.7-1.04107.11-6.6-8.4725.2314.898.38153.33-5.52-7.59
20Q4 (4)1.31-17.090.00.7914.490.069.5620.580.0114.68-12.720.021.9628.350.0162.28-5.630.0
20Q3 (3)1.5885.880.00.6968.290.057.69-46.040.0131.39-40.540.017.11-50.360.0171.96-41.390.0
20Q2 (2)0.85-32.540.00.41-47.440.0106.9148.10.0220.9788.830.034.4748.070.0293.4276.830.0
20Q1 (1)1.260.00.00.780.00.072.190.00.0117.020.00.023.280.00.0165.930.00.0
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)4.900.622.682.2974.43-0.76136.07-2.2325.30-12.58185.21-0.02
2023 (9)4.87-9.312.626.575.0010.39139.18-6.0528.94-2.06185.24-0.7
2022 (8)5.37-5.462.46-17.1767.945.78148.1520.4229.5511.76186.5516.0
2021 (7)5.6833.962.977.6164.23-25.36123.03-6.8626.44-4.79160.82-15.52
2020 (6)4.24-15.542.76-1.0886.0518.41132.091.0327.77-9.19190.3710.15
2019 (5)5.02-9.552.79-16.7272.6710.51130.7420.0430.58-5.0172.8321.3
2018 (4)5.551.833.35-5.6365.76-1.81108.916.0732.19-0.74142.483.83
2017 (3)5.45-2.153.554.7266.972.17102.68-4.6432.4313.0137.22-5.05
2016 (2)5.576.13.39-3.1465.55-5.81107.683.2128.707.13144.52-1.77
2015 (1)5.25-5.233.50-4.6369.595.63104.334.9726.795.81147.135.12

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