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)1.218.041.680.30-11.76-21.0575.42-6.81-1.67303.9512.0726.2227.076.3724.29352.307.8419.13
24Q3 (19)1.12-4.27-0.880.34-12.82-2.8680.934.130.57271.2117.665.3925.458.531.48326.7014.724.47
24Q2 (18)1.17-5.65-13.970.390.00.077.726.2615.76230.51-2.34-0.0123.4511.4525.47284.78-1.162.08
24Q1 (17)1.244.2-6.060.392.638.3373.14-4.646.0236.04-1.98-5.5221.04-3.4-10.54288.13-2.57-2.43
23Q4 (16)1.195.31-4.030.388.572.776.70-4.684.35240.81-6.42-1.2421.78-13.16-12.78295.73-5.441.15
23Q3 (15)1.13-16.91-3.420.35-10.26-7.8980.4719.853.46257.3411.636.4825.0834.1933.26312.7312.14.01
23Q2 (14)1.363.0312.40.398.338.3367.14-2.7-10.36230.53-7.73-8.2518.69-20.541.14278.97-5.53-9.33
23Q1 (13)1.326.4512.820.36-2.79.0969.00-6.12-10.91249.832.46-8.2423.52-5.81-10.26295.311.01-8.72
22Q4 (12)1.245.982.480.37-2.635.7173.50-5.5-2.51243.840.89-6.9224.9732.68-4.44292.36-2.76-6.06
22Q3 (11)1.17-3.31-7.870.385.568.5777.783.858.39241.69-3.8-6.318.821.84-8.28300.66-2.28-2.76
22Q2 (10)1.213.42-0.820.369.0924.1474.90-3.290.5251.25-7.72-18.8818.48-29.49-6.38307.67-4.9-15.6
22Q1 (9)1.17-3.311.740.33-5.7110.077.452.73-2.28272.273.93-10.1826.210.3156.48323.513.95-11.52
21Q4 (8)1.21-4.7215.240.350.016.6775.395.06-13.29261.971.56-12.6826.1327.3444.84311.230.66-15.64
21Q3 (7)1.274.110.430.3520.690.071.76-3.72-9.54257.95-16.72-1.2120.523.9532.39309.18-15.18-4.85
21Q2 (6)1.226.096.090.29-3.33-14.7174.53-5.97-5.72309.732.1817.1219.7417.85-2.28364.52-0.3112.75
21Q1 (5)1.159.52-6.50.300.0-26.8379.26-8.847.09303.121.0436.4916.75-7.15-16.54365.64-0.8932.47
20Q4 (4)1.05-8.70.00.30-14.290.086.959.610.0300.0114.90.018.0416.390.0368.9213.530.0
20Q3 (3)1.150.00.00.352.940.079.330.350.0261.11-1.260.015.50-23.270.0324.940.510.0
20Q2 (2)1.15-6.50.00.34-17.070.079.056.810.0264.4519.080.020.200.650.0323.3017.130.0
20Q1 (1)1.230.00.00.410.00.074.010.00.0222.080.00.020.070.00.0276.010.00.0
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)5.08-3.791.29-15.6971.803.91283.2518.5823.553.24331.5016.25
2023 (9)5.28-1.491.536.9969.101.5238.87-6.4622.81-22.31285.17-3.04
2022 (8)5.368.51.4310.068.08-7.81255.38-8.7229.3618.87294.11-10.58
2021 (7)4.948.11.30-7.873.85-7.63279.778.3224.7031.73328.922.96
2020 (6)4.57-14.261.41-24.1979.9516.75258.2731.3318.75-0.64319.4729.72
2019 (5)5.335.961.860.5468.48-5.69196.66-0.1618.87-13.04246.27-0.65
2018 (4)5.0310.551.85-1.672.61-9.45196.971.6821.70-10.14247.88-0.75
2017 (3)4.553.171.88-6.4780.19-3.19193.726.4624.1530.61249.761.4
2016 (2)4.41-9.072.01-12.2382.8310.06181.9714.3818.4929.94246.3111.9
2015 (1)4.85-3.582.29-8.7675.263.65159.099.5214.23-25.65220.1210.76

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