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)0.77-3.75-6.10.680.013.33117.882.996.05133.81-0.49-12.3970.05-3.63-3.41181.643.06-5.09
24Q3 (19)0.802.56-8.050.686.2525.93114.46-1.799.96134.47-5.48-20.6472.69-7.2711.95176.25-2.31-15.51
24Q2 (18)0.786.85-9.30.6410.3430.61116.55-6.8910.3142.26-9.33-23.4178.39-8.7529.91180.41-8.03-21.92
24Q1 (17)0.73-10.98-3.950.58-3.3328.89125.1812.614.43156.902.72-22.1885.9118.4616.13196.172.5-20.75
23Q4 (16)0.82-5.75-2.380.6011.1120.0111.166.792.75152.74-9.86-15.3972.5211.694.96191.38-8.26-12.86
23Q3 (15)0.871.160.00.5410.220.0104.09-1.5-0.8169.45-8.77-15.8664.937.614.46208.61-9.72-14.56
23Q2 (14)0.8613.16-8.510.498.8911.36105.67-11.858.83185.74-7.88-10.2460.34-18.4412.55231.06-6.65-7.74
23Q1 (13)0.76-9.52-10.590.45-10.07.14119.8710.812.17201.6311.69-6.573.987.0833.47247.5212.7-7.32
22Q4 (12)0.84-3.45-13.40.5011.110.0108.193.1115.53180.52-10.37-1.469.0911.1533.07219.62-10.05-2.31
22Q3 (11)0.87-7.45-12.120.452.27-15.09104.938.0614.59201.40-2.6817.3462.1615.959.44244.16-2.5118.29
22Q2 (10)0.9410.59-14.550.444.76-32.3197.10-9.1317.37206.94-4.0346.9653.61-3.280.94250.44-6.2346.95
22Q1 (9)0.85-12.37-10.530.42-16.0-41.67106.8614.1111.05215.6417.7871.2555.436.76-0.7267.0718.7960.57
21Q4 (8)0.97-2.02-4.90.50-5.66-46.8193.652.275.14183.086.6789.851.92-8.5910.44224.828.9262.31
21Q3 (7)0.99-10.0-2.940.53-18.46-41.1191.5710.693.1171.6421.8968.8756.806.9544.97206.4121.1136.44
21Q2 (6)1.1015.7915.790.65-9.72-20.7382.73-14.03-13.8140.8111.8226.1253.11-4.8542.08170.432.460.11
21Q1 (5)0.95-6.8625.00.72-23.4-2.796.238.04-19.81125.9230.541.8455.8218.748.87166.3320.09-13.54
20Q4 (4)1.020.00.00.944.440.089.070.280.096.46-5.10.047.0119.980.0138.51-8.440.0
20Q3 (3)1.027.370.00.909.760.088.82-7.450.0101.64-8.970.039.184.820.0151.28-11.140.0
20Q2 (2)0.9525.00.00.8210.810.095.97-20.030.0111.65-9.70.037.38-27.090.0170.24-11.50.0
20Q1 (1)0.760.00.00.740.00.0120.000.00.0123.640.00.051.270.00.0192.370.00.0
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)3.209.222.6927.49114.24-8.32135.52-21.6670.45-14.82179.31-16.55
2023 (9)2.93-13.062.117.65124.6114.89172.98-6.9382.7125.7214.88-5.97
2022 (8)3.37-12.011.96-19.34108.4613.77185.8623.5865.8021.11228.5219.39
2021 (7)3.8314.672.43-24.7795.33-12.78150.4032.9654.33-3.96191.4115.4
2020 (6)3.349.153.23-13.64109.30-8.23113.1215.9456.5713.5165.86-0.58
2019 (5)3.06-6.993.74-21.26119.107.3497.5727.0949.841.42166.8320.39
2018 (4)3.292.174.750.0110.96-2.276.77-0.0849.14-12.92138.583.52
2017 (3)3.22-0.924.75-11.87113.461.1476.8313.4556.43-7.2133.8712.41
2016 (2)3.25-18.555.391.13112.1822.5367.72-1.1560.81-25.96119.0952.8
2015 (1)3.99-0.995.339.2291.551.0468.51-8.3682.13-9.6577.944.66

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