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)12.45-23.3822.36.97-16.43-9.137.3130.54-18.2313.0519.629.9440.7827.68-4.09-20.43-32.495.94
24Q3 (19)16.2556.25-2.118.3421.4-0.125.60-36.02.1910.91-17.660.0931.94-9.422.87-15.42-16.29-5.18
24Q2 (18)10.4022.21-27.126.875.214.418.75-18.1537.1513.25-4.88-4.2635.26-21.98.69-13.2635.41-8.42
24Q1 (17)8.51-16.4-31.376.53-14.861.2410.6919.5745.6413.9317.35-1.2845.156.1918.6-20.535.48-23.53
23Q4 (16)10.18-38.6776.127.67-8.140.268.9463.14-43.1711.878.9-0.2542.5236.9411.66-21.72-48.16-107.85
23Q3 (15)16.6016.3369.228.3526.9-2.685.48-14.11-40.9510.90-21.242.7331.05-4.2840.69-14.66-19.87-572.48
23Q2 (14)14.2715.0860.526.582.0231.086.38-13.08-37.713.84-1.91-23.6232.44-14.798.71-12.2326.41-726.35
23Q1 (13)12.40114.533.946.45-15.695.747.34-53.34-3.814.1118.57-5.3738.07-0.032.59-16.62-59.04-14.07
22Q4 (12)5.78-41.08-64.57.65-10.8413.515.7369.5181.411.9012.16-11.8538.0872.5446.18-10.45-379.36-49.93
22Q3 (11)9.8110.35-31.648.5870.9271.69.28-9.3846.3710.61-41.45-41.6722.07-26.0413.88-2.18-47.3-142.33
22Q2 (10)8.89-25.48-44.235.02-17.73.9310.2434.2179.3318.1221.53-3.8729.84-19.5913.55-1.4889.8413.95
22Q1 (9)11.93-26.72-14.546.10-9.57.217.6336.4917.0214.9110.44-6.8137.1142.4614.4-14.57-109.04-46.88
21Q4 (8)16.2813.4587.996.7434.85.315.59-11.83-46.8113.50-25.78-5.0626.0534.42-27.86-6.97-235.3438.75
21Q3 (7)14.35-9.9710.475.003.52-28.886.3411.03-9.5618.19-3.540.4619.38-26.26-35.465.15399.42151.09
21Q2 (6)15.9414.18203.044.83-15.111.055.71-12.42-67.0118.8517.81-1.126.28-18.99-15.28-1.7282.66-132.15
21Q1 (5)13.9661.2194.515.69-11.0919.046.52-37.96-66.0216.0012.52-15.9732.44-10.16-5.15-9.9212.83-346.15
20Q4 (4)8.66-33.330.06.40-8.960.010.5149.930.014.229.810.036.1120.250.0-11.38-12.90.0
20Q3 (3)12.99146.960.07.0347.070.07.01-59.50.012.95-32.060.030.03-3.190.0-10.08-288.410.0
20Q2 (2)5.2610.970.04.780.00.017.31-9.80.019.060.110.031.02-9.30.05.3532.750.0
20Q1 (1)4.740.00.04.780.00.019.190.00.019.040.00.034.200.00.04.030.00.0
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)37.10-8.7626.74-8.999.849.5813.659.944.168.66-20.670
2023 (9)40.66-0.3229.3813.748.980.3412.42-12.140.645.53-19.240
2022 (8)40.7939.1225.8321.048.95-28.1114.13-17.3738.51-3.19-15.420
2021 (7)29.32-14.4221.34-2.5612.4516.917.102.5839.7816.08-10.220
2020 (6)34.262.8821.9037.1310.65-2.8316.67-27.0534.2715.7-6.940
2019 (5)33.30-13.4215.9741.9610.9615.4922.85-29.5629.62-7.184.19-58.18
2018 (4)38.4629.811.2548.229.49-22.9732.44-32.5431.91-76.4710.020
2017 (3)29.6324.867.5936.0212.32-19.948.09-26.5135.59-37.46-75.170
2016 (2)23.73-63.035.58-42.5315.38170.365.4374.02216.81106.96-135.990
2015 (1)64.18-31.59.710.625.6945.937.60-0.56104.760.3-61.470

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