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)1.72-10.42-7.533.83-34.861.0652.7911.447.9823.7453.26-1.2141.0325.714.1635.5017.51-4.0
24Q2 (19)1.929.09-23.515.8821.9979.2747.37-8.4830.4215.49-18.0-44.2632.64-7.38-1.1230.21-14.71-2.83
24Q1 (18)1.7623.08-21.784.8219.646.0651.76-18.7128.1218.89-16.38-31.4835.24-17.78-3.2435.42-18.3912.27
23Q4 (17)1.43-23.12-27.044.036.330.563.6730.2336.8122.59-5.99-0.5342.8619.259.743.4017.3643.76
23Q3 (16)1.86-25.9-20.173.7915.559.8648.8934.6125.3324.03-13.53-8.8435.948.886.9336.9818.9416.4
23Q2 (15)2.5111.5610.093.28-0.616.8436.32-10.1-8.9527.790.8-6.2133.01-9.36-0.6931.09-1.46-14.31
23Q1 (14)2.2514.8-1.753.30-17.71-12.740.40-13.191.7427.5721.414.5936.42-6.7821.1631.554.5-6.41
22Q4 (13)1.96-15.8813.954.0116.2366.3946.5419.3-12.1222.71-13.85-39.9239.0716.259.530.19-4.97-45.18
22Q3 (12)2.332.19-0.433.4512.3857.5339.01-2.210.2626.36-11.04-36.4833.611.11-10.2331.77-12.43-26.06
22Q2 (11)2.28-0.44-3.83.07-18.7846.8939.890.453.6929.6323.15-31.9333.2410.58-27.1936.287.62-0.19
22Q1 (10)2.2933.148.023.7856.857.3939.71-25.02-7.6924.06-36.35-7.0330.06-15.75-26.933.71-38.7921.35
21Q4 (9)1.72-26.5-21.822.4110.05-37.7352.9636.1128.2337.80-8.9260.6535.68-4.7-17.255.0728.16153.31
21Q3 (8)2.34-1.279.352.194.78-30.4838.911.14-8.6841.50-4.6643.7537.44-17.98-8.4842.9718.2140.61
21Q2 (7)2.3711.7920.922.09-40.63-20.5338.47-10.58-17.2943.5368.225.6645.6511.02-8.336.3530.8515.84
21Q1 (6)2.12-3.641.923.52-9.04-0.5643.024.16-1.4425.889.990.7841.12-4.57-17.8627.7827.7844.09
20Q4 (5)2.202.8-3.513.8722.86-29.3841.30-3.073.2823.53-18.541.7543.095.3336.121.74-28.86-12.8
20Q3 (4)2.149.180.03.1519.770.042.61-8.390.028.87-16.660.040.91-17.820.030.56-2.610.0
20Q2 (3)1.96-5.770.02.63-25.710.046.516.550.034.6434.890.049.78-0.560.031.3862.760.0
20Q1 (2)2.08-8.770.03.54-35.40.043.659.150.025.6854.70.050.0658.120.019.28-22.660.0
19Q4 (1)2.280.00.05.480.00.039.990.00.016.600.00.031.660.00.024.930.00.0
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)7.68-3.7617.9224.747.543.9820.37-19.8334.953.6532.96-11.9
2022 (9)7.980.014.370.2145.72-0.0925.41-0.233.72-9.9837.4110.84
2021 (8)7.98-5.2314.34-19.345.765.5825.4623.9537.46-19.7933.7596.45
2020 (7)8.42-13.6417.77-6.5743.3415.8220.547.0346.7043.5617.18-28.62
2019 (6)9.7511.6819.0237.1337.42-10.4619.19-27.0632.531.9724.07-33.51
2018 (5)8.73-5.4213.873.5141.795.7226.31-3.3831.903.436.200.81
2017 (4)9.23-14.1413.4028.9739.5316.427.23-22.4930.853.835.91-8.79
2016 (3)10.75-17.0510.3919.4333.9620.6435.13-16.2829.726.6439.37-6.79
2015 (2)12.96-8.358.70-9.3828.159.0241.9610.3627.873.842.2414.19
2014 (1)14.1419.439.608.625.82-16.2838.02-7.926.85-6.3836.99-14.85

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