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)11.0530.9232.9712.75-6.3247.918.23-23.73-24.847.146.89-32.3210.4834.53-15.694.89-49.48-46.09
24Q3 (19)8.4437.68-12.8113.61-2.7211.6510.79-27.2914.796.682.61-10.467.79-16.42-19.619.68-19.4734.82
24Q2 (18)6.13-1.45-21.5113.9945.2811.314.841.527.496.51-31.11-10.089.32-23.73-16.1112.021.3554.5
24Q1 (17)6.22-25.15-24.059.6311.726.5314.6233.5231.599.45-10.43-6.0612.22-1.69-19.0211.8630.7695.07
23Q4 (16)8.31-14.15-22.198.62-29.293.1110.9516.4928.5210.5541.42-3.0312.4328.28-15.739.0726.3294.64
23Q3 (15)9.6823.9412.4312.19-3.0213.299.40-19.24-11.077.463.04-11.729.69-12.780.837.18-7.71-23.7
23Q2 (14)7.81-4.6485.0712.5739.0516.8211.644.77-46.067.24-28.03-14.3211.11-26.3820.767.7827.96-62.65
23Q1 (13)8.19-23.3119.049.048.137.2411.1130.4-15.9610.06-7.54-6.8515.092.314.656.0830.47-36.6
22Q4 (12)10.6824.0434.518.36-22.329.818.52-19.39-25.6510.8828.76-22.9514.7553.491.724.66-50.48-57.94
22Q3 (11)8.61104.03119.0810.760.088.1110.57-51.02-54.348.450.0-46.899.614.463.569.41-54.82-68.39
22Q2 (10)4.22-38.6632.710.7627.6458.721.5863.24-24.78.45-21.76-37.039.20-36.2-51.1420.83117.21-10.37
22Q1 (9)6.88-13.3533.858.4330.93.3113.2215.36-25.3110.80-23.51-3.2314.42-0.55-27.619.59-13.457.39
21Q4 (8)7.94102.0445.426.4412.59-14.1311.46-50.5-31.2514.12-11.2516.3114.5056.25-52.6311.08-62.78715.56
21Q3 (7)3.9323.58-24.715.72-15.63-38.3623.15-19.2332.6615.9118.5562.359.28-50.72-73.5229.7728.1481.67
21Q2 (6)3.18-38.13-18.466.78-16.91-27.1828.6661.9222.8513.4220.2537.3618.83-5.47-54.3623.24160.25384.8
21Q1 (5)5.14-5.8621.238.168.80.017.706.18-17.611.16-8.070.019.92-34.92-43.928.93596.11409.0
20Q4 (4)5.464.60.07.50-19.180.016.67-4.470.012.1423.880.030.61-12.670.0-1.8076.920.0
20Q3 (3)5.2233.850.09.28-0.320.017.45-25.20.09.800.310.035.05-15.050.0-7.804.410.0
20Q2 (2)3.90-8.020.09.3114.090.023.338.610.09.77-12.460.041.2616.160.0-8.16-182.350.0
20Q1 (1)4.240.00.08.160.00.021.480.00.011.160.00.035.520.00.0-2.890.00.0
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)22.49-12.2232.6230.0116.2313.9711.19-23.0914.69-17.4312.7315.73
2023 (9)25.6213.3625.0910.7214.24-11.8314.55-9.6817.79-18.0911.004.46
2022 (8)22.6032.7822.662.7216.15-24.6716.11-2.6621.72-4.1910.53-31.27
2021 (7)17.0225.9822.06-10.3621.44-20.6516.5511.622.67-5.2715.32-14.51
2020 (6)13.51-46.8124.61-59.0627.0288.0314.83144.3223.9393.1417.92122.33
2019 (5)25.4019.2560.11-22.2214.37-16.166.0728.612.398.218.06-22.65
2018 (4)21.30-3.7977.28-5.4717.144.04.725.8311.45-5.9910.4218.81
2017 (3)22.14-17.381.75-2.9216.4820.914.463.012.18-22.768.77298.64
2016 (2)26.77-12.684.21-7.8413.6314.354.338.5215.77-32.812.200
2015 (1)30.637.4791.37-8.8311.92-6.953.999.6223.473.26-7.560

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