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
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)5.3350.1466.040.040.0-33.3317.09-33.32-39.72102.01-15.1345.2632.41-64.47-31.422086.69-13.4646.11
24Q3 (19)3.5527.2411.640.04-50.0-33.3325.63-21.4-10.422476.77125.7958.3591.2246.5496.432411.18125.9255.93
24Q2 (18)2.796.9-10.580.0833.3333.3332.61-6.6211.751096.92-23.19-25.8862.25-7.1991.61067.28-23.55-27.72
24Q1 (17)2.61-18.69-41.220.060.0100.034.9223.2270.511428.13-1.31-46.1267.0741.92110.851395.99-2.25-47.11
23Q4 (16)3.210.94-39.320.060.0200.028.34-0.9464.861447.08-7.48-70.347.261.7711.991428.15-7.64-70.53
23Q3 (15)3.181.92-39.770.060.0100.028.61-1.9565.951564.125.69-52.6346.4442.949.321546.284.72-52.81
23Q2 (14)3.12-29.73-24.090.06100.0200.029.1842.4831.741479.91-44.17-71.9932.492.14-46.341476.61-44.06-71.85
23Q1 (13)4.44-16.07-74.350.0350.050.020.4819.14289.352650.81-45.59-46.2531.81-24.62-41.712639.47-45.54-45.94
22Q4 (12)5.290.19-43.720.02-33.330.017.19-0.2977.584871.7347.543.4142.20-0.66-20.334846.7247.913.83
22Q3 (11)5.2828.47-50.930.0350.00.017.24-22.17104.023302.04-37.511.9142.48-29.84-5.353276.81-37.5212.45
22Q2 (10)4.11-76.269.020.020.00.022.15321.1-8.365283.097.12-5.6860.5510.96-58.25244.697.42-4.3
22Q1 (9)17.3184.15536.40.020.00.05.26-45.66-84.284931.854.6833.1954.573.02-51.134882.554.634.7
21Q4 (8)9.40-12.64215.440.02-33.33-66.679.6814.56-68.294711.2959.68204.3652.9718.03-12.024668.0160.19207.46
21Q3 (7)10.76185.41663.120.0350.0-25.08.45-65.04-86.92950.50-47.3215.1844.88-69.02-65.22914.07-46.8316.69
21Q2 (6)3.7738.6669.390.020.0-60.024.17-27.74-86.965600.9851.26182.35144.8529.722.435480.2951.19170.29
21Q1 (5)2.72-8.7229.520.02-66.67-33.3333.459.56-22.863702.86139.2116.79111.6685.45-58.393624.66138.7423.06
20Q4 (4)2.98111.350.00.0650.00.030.53-52.660.01547.93-39.570.060.21-53.310.01518.25-39.20.0
20Q3 (3)1.41187.760.00.04-20.00.064.49-65.20.02561.7229.140.0128.96-8.810.02497.2523.160.0
20Q2 (2)0.49-76.670.00.0566.670.0185.33327.420.01983.68-37.430.0141.42-47.30.02027.59-31.160.0
20Q1 (1)2.100.00.00.030.00.043.360.00.03170.530.00.0268.350.00.02945.540.00.0
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)16.6213.60.234.5521.96-11.981593.80-4.8632.241.131583.51-5.08
2023 (9)14.63-67.10.22175.024.95203.91675.16-63.5831.88-27.331668.22-63.45
2022 (8)44.47302.810.08-11.118.21-75.164599.8715.0743.87-49.284564.2015.73
2021 (7)11.0495.740.09-47.0633.05-48.933997.3986.2786.49-26.983943.9488.5
2020 (6)5.64-60.060.17-84.9664.72150.372146.04567.26118.45215.112092.31575.2
2019 (5)14.1247.081.133.6725.85-32.03321.62-3.5937.592.7309.88-7.51
2018 (4)9.609.221.09105.6638.03-8.38333.61-51.7936.60-16.04335.04-51.44
2017 (3)8.79-48.480.53-11.6741.5193.97692.0613.8543.59-33.12689.9922.32
2016 (2)17.06-26.340.60-59.7321.4035.79607.87148.1465.1822.93564.08171.58
2015 (1)23.16-0.561.4923.1415.760.51244.97-18.6453.02-54.43207.703.64

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