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
24Q3 (20)2.40-10.11-14.890.05-28.57-37.537.9911.5117.81699.1627.1857.7948.708.73-20.721688.4527.461.16
24Q2 (19)2.6727.75-33.080.070.0-36.3634.07-21.8449.361336.035.6161.6544.79-13.151.061325.315.4264.63
24Q1 (18)2.09-5.0-37.980.07-30.00.043.595.4761.321265.1234.26-6.251.5719.4314.71257.1433.68-5.54
23Q4 (17)2.20-21.99-33.530.1025.011.1141.3328.1650.18942.28-12.5-8.1143.18-29.71-29.94940.44-10.24-5.13
23Q3 (16)2.82-29.323.30.08-27.270.032.2541.39-3.271076.8730.29-6.9561.4338.61-23.571047.7030.15-5.64
23Q2 (15)3.9918.4-1.480.1157.14-54.1722.81-15.581.65826.50-38.72117.5344.32-1.42102.1805.00-39.51111.59
23Q1 (14)3.371.81-24.440.07-22.22-85.7127.02-1.8232.391348.7731.54633.2344.96-27.0530.71330.8334.25683.07
22Q4 (13)3.3121.25-11.730.0912.5-85.027.52-17.4613.441025.39-11.4570.7661.63-23.3233.02991.28-10.72657.86
22Q3 (12)2.73-32.59-18.990.08-66.67-86.8933.3448.5723.571157.31204.6671.3380.37266.4858.961110.28191.83777.97
22Q2 (11)4.05-9.19-12.720.24-51.02-67.1222.449.9514.31379.94106.55203.8521.93-36.25-45.02380.45123.86263.13
22Q1 (10)4.4618.93-7.080.49-18.33-30.9920.41-15.877.7183.9520.3342.8434.40-25.75-25.86169.9529.9367.72
21Q4 (9)3.7511.28-33.040.60-1.64-45.9524.26-10.0849.29152.871.8986.3146.33-8.3783.41130.803.4379.08
21Q3 (8)3.37-27.3719.930.61-16.445.1726.9837.44-16.57150.0419.99-4.5450.5626.757.87126.4620.7-11.34
21Q2 (7)4.64-3.3312.90.732.82-24.7419.633.59-11.38125.04-2.933.839.89-14.0328.84104.773.3923.78
21Q1 (6)4.80-14.2950.00.71-36.040.018.9516.62-33.25128.7856.951.0546.4083.69-17.99101.3338.732.1
20Q4 (5)5.6099.2941.061.1191.3815.6316.25-49.75-29.1682.05-47.8-13.3225.26-46.11-50.2273.04-48.799.24
20Q3 (4)2.81-31.630.00.58-40.210.032.3446.00.0157.1768.190.046.8751.390.0142.6468.530.0
20Q2 (3)4.1128.440.00.9736.620.022.15-21.980.093.45-26.670.030.96-45.280.084.64-14.720.0
20Q1 (2)3.20-19.40.00.71-26.040.028.3923.760.0127.4434.630.056.5811.510.099.2548.440.0
19Q4 (1)3.970.00.00.960.00.022.940.00.094.660.00.050.740.00.066.860.00.0
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)10.05-38.120.35-50.036.3361.681041.4198.5336.363.591041.38103.42
2022 (9)16.240.370.70-72.022.47-0.35524.57259.0735.10-33.5511.94341.86
2021 (8)16.18-3.02.50-30.5622.553.06146.0944.152.78-9.0115.8677.51
2020 (7)16.6814.883.6029.9621.88-12.97101.38-22.9458.00-10.865.27-28.81
2019 (6)14.5210.672.7717.8725.14-9.67131.56-15.4265.0211.9391.68-26.83
2018 (5)13.12-9.892.35-5.6227.8311.01155.556.1158.090.35125.2910.12
2017 (4)14.56464.342.492.0525.07-82.31146.60-1.9757.8913.11113.78-52.6
2016 (3)2.58-2.272.44-51.0141.692.5149.54104.0451.18-47.37240.06110.06
2015 (2)2.64-33.54.98-23.27138.2450.4473.2930.2297.2518.95114.2872.08
2014 (1)3.97-46.856.4948.8591.8987.9956.28-32.7981.76130.0566.41-31.59

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