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)1.230.0-8.210.863.61-4.4473.78-0.098.36105.77-4.094.3512.3916.2320.76167.16-3.645.01
24Q2 (19)1.2310.81-2.380.839.2113.773.85-9.852.36110.28-8.16-11.7210.665.65-1.66173.48-9.6-6.85
24Q1 (18)1.11-5.930.00.76-14.612.781.926.06-0.3120.0816.79-2.8310.09-7.6-19.28191.9113.47-0.69
23Q4 (17)1.18-11.94-3.280.89-1.112.377.2413.443.26102.821.44-2.0110.926.43-8.31169.136.240.78
23Q3 (16)1.346.357.20.9023.291.1268.09-5.63-6.23101.36-18.86-1.1910.26-5.35-14.64159.19-14.52-2.44
23Q2 (15)1.2613.515.880.73-1.35-14.1272.15-12.19-5.58124.921.0816.5210.84-13.28-17.5186.24-3.639.24
23Q1 (14)1.11-9.02-7.50.74-14.94-18.6882.179.858.62123.5817.7723.3512.504.951.3193.2515.1518.2
22Q4 (13)1.22-2.4-3.940.87-2.25-7.4574.803.024.03104.932.298.4111.91-0.922.14167.822.856.87
22Q3 (12)1.255.04-1.570.894.71-4.372.61-4.971.47102.58-4.324.6512.02-8.52-2.28163.17-4.293.74
22Q2 (11)1.19-0.83-12.50.85-6.59-18.2776.411.013.94107.217.0122.0713.146.4821.33170.484.2718.34
22Q1 (10)1.20-5.51-7.690.91-3.19-13.3375.655.228.12100.193.5115.4512.345.8331.42163.504.1210.95
21Q4 (9)1.270.00.00.941.08-13.7671.900.480.5796.79-1.2516.3511.66-5.243.24157.03-0.177.16
21Q3 (8)1.27-6.62-1.550.93-10.58-1.0671.566.711.6998.0211.61.1912.3013.5742.86157.299.18-0.84
21Q2 (7)1.364.6222.521.04-0.9550.7267.06-4.16-18.2887.831.21-33.2810.8315.34-6.96144.06-2.24-28.7
21Q1 (6)1.302.3636.841.05-3.6745.8369.97-2.13-26.5986.784.32-31.639.3915.36-28.16147.360.56-29.55
20Q4 (5)1.27-1.551.61.0915.9613.5471.491.59-1.6183.19-14.12-12.268.14-5.46-23.42146.54-7.62-6.57
20Q3 (4)1.2916.220.00.9436.230.070.37-14.250.096.87-26.410.08.61-26.030.0158.62-21.50.0
20Q2 (3)1.1116.840.00.69-4.170.082.06-13.90.0131.643.710.011.64-10.940.0202.06-3.390.0
20Q1 (2)0.95-24.00.00.72-25.00.095.3131.170.0126.9333.880.013.0722.950.0209.1633.360.0
19Q4 (1)1.250.00.00.960.00.072.660.00.094.810.00.010.630.00.0156.840.00.0
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)4.53-9.43.21-13.0180.5210.24113.6414.8911.530.79182.6313.78
2022 (9)5.00-3.13.69-10.4473.043.2298.9111.6911.4415.67160.517.42
2021 (8)5.1628.044.1217.3870.76-21.7988.56-14.749.89-10.09149.42-18.5
2020 (7)4.03-0.983.516.3690.470.85103.87-6.1111.00-19.83183.34-1.75
2019 (6)4.07-16.63.30-16.2489.7119.87110.6319.4113.72-5.7186.6122.02
2018 (5)4.885.633.94-10.4574.84-5.3692.6511.614.55-16.33152.945.69
2017 (4)4.62-0.224.40-10.7579.080.3683.0212.1617.39-1.64144.717.07
2016 (3)4.636.194.933.7978.80-5.874.02-3.6117.6828.3135.15-7.85
2015 (2)4.36-7.434.751.0683.658.0376.79-1.0713.7838.49146.671.08
2014 (1)4.71-1.264.7010.8577.431.377.62-9.749.95-8.88145.10-4.24

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