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)1.47-6.9613.082.0221.691.061.817.44-11.6144.98-17.99-1.1662.80-12.49-4.6243.998.27-11.31
24Q2 (19)1.5838.626.41.66-0.6-10.7557.53-27.8-20.9454.850.3712.471.76-15.779.2940.63-17.32-27.34
24Q1 (18)1.14-14.290.01.67-20.85-7.7379.6816.20.0154.6526.978.9185.2022.9111.4349.1416.17-7.96
23Q4 (17)1.332.3130.392.115.513.4468.57-1.94-23.543.04-5.43-11.9869.325.29-19.7342.30-14.72-18.9
23Q3 (16)1.304.016.072.007.5320.4869.93-3.9-13.7245.51-6.74-17.1865.840.27-16.7349.60-11.3-12.88
23Q2 (15)1.259.65-16.671.862.7616.2572.77-8.6620.3248.80-2.75-14.0865.66-14.134.6455.924.742.53
23Q1 (14)1.1411.7656.161.81-2.6957.3979.67-11.11-36.3750.182.62-36.4176.46-11.46-22.6953.392.36-49.25
22Q4 (13)1.02-8.9345.711.8612.0535.7789.6310.59-30.6948.90-11.01-26.2886.369.22-15.7452.16-8.38-44.0
22Q3 (12)1.12-25.33-9.681.663.7515.2881.0534.0110.3654.95-3.26-12.9379.0726.01-19.5256.934.3848.64
22Q2 (11)1.50105.48-18.031.6039.135.2660.48-51.6921.7156.80-28.02-5.162.75-36.55-38.5854.54-48.16638.02
22Q1 (10)0.734.29-67.411.15-16.06-31.55125.20-3.18207.6978.9118.9745.5198.90-3.5-4.63105.2112.951299.66
21Q4 (9)0.70-43.55-78.121.37-4.86-26.74129.3176.08355.3266.335.136.57102.494.3222.0793.15143.211432.62
21Q3 (8)1.24-32.24-27.911.44-5.26-15.2973.4447.838.4663.115.4518.0598.25-3.838.038.30418.27146.78
21Q2 (7)1.83-18.3110.341.52-9.528.5749.6922.12-52.6359.8510.36-7.94102.16-1.49-18.417.39184.26-83.46
21Q1 (6)2.24-30.046.411.68-10.160.040.6943.27-31.5854.2311.650.07103.7023.51-1.61-8.77-25.46-206.05
20Q4 (5)3.2086.05119.181.8710.02.7528.40-46.46-54.4848.57-9.15-2.7683.96-7.71-21.74-6.99-145.04-238.42
20Q3 (4)1.7297.70.01.7021.430.053.04-49.430.053.46-17.770.090.97-27.350.015.52-65.270.0
20Q2 (3)0.87-43.140.01.40-16.670.0104.8976.370.065.0119.970.0125.2118.80.044.69440.390.0
20Q1 (2)1.534.790.01.68-7.690.059.47-4.680.054.198.490.0105.40-1.750.08.2763.760.0
19Q4 (1)1.460.00.01.820.00.062.390.00.049.950.00.0107.280.00.05.050.00.0
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)4.3724.158.486.9483.55-19.5243.04-6.4879.113.447.48-35.24
2022 (9)3.52-31.917.932.85103.8147.1446.02-2.8376.51-7.4373.32107.94
2021 (8)5.17-19.977.7134.5570.5524.8247.36-25.6382.65-34.8235.260
2020 (7)6.4659.515.73-25.5856.52-37.3263.6834.26126.8117.78-6.610
2019 (6)4.052.537.70-4.5890.17-2.5147.434.89107.6711.2929.92-26.97
2018 (5)3.952.868.072.1592.49-2.7445.22-2.196.75-11.5140.9728.19
2017 (4)3.84-5.657.90-15.3395.106.1546.1918.13109.3316.7731.96-8.84
2016 (3)4.0724.469.3343.189.59-19.6139.10-30.293.636.7335.06-56.03
2015 (2)3.27-3.826.5212.8111.453.756.02-11.2887.734.9579.74-8.37
2014 (1)3.404.945.7810.1107.47-4.6263.14-9.2283.59-18.7287.029.62

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