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
24Q4 (20)5.1316.5910.320.7643.4-16.4817.74-14.22-9.4120.08-30.2320.5617.74-21.36-3.18-479.9219.037.5
24Q3 (19)4.40-13.7312.530.53-22.06-20.920.6815.92-11.17172.1228.0826.91785.525.979.24-592.72-0.63-5.8
24Q2 (18)5.10-5.569.910.68-25.27-20.017.845.94-9.07134.3834.1824.82741.269.123.88-589.03-4.73-25.04
24Q1 (17)5.4016.1317.140.910.0-4.2116.84-13.99-14.73100.150.54.02679.446.4941.37-562.45-8.41-54.28
23Q4 (16)4.6518.9321.410.9135.8224.6619.58-15.89-17.5699.65-26.52-19.59638.05-11.2711.44-518.817.39-22.12
23Q3 (15)3.91-15.73-2.250.67-21.18-5.6323.2818.652.37135.6225.975.37719.1120.18-2.78-560.21-18.924.76
23Q2 (14)4.640.650.00.85-10.536.2519.62-0.66-0.05107.6611.82-5.04598.3624.5-10.33-471.08-29.2211.83
23Q1 (13)4.6120.37-31.30.9530.14-4.0419.75-16.8445.5496.28-22.314.26480.60-16.06-23.38-364.5714.1930.07
22Q4 (12)3.83-4.25-50.960.732.82-37.0723.754.44103.69123.93-3.7158.44572.53-22.595.44-424.8427.776.24
22Q3 (11)4.00-13.79-41.610.71-11.25-29.022.7415.8471.11128.7113.5241.33739.6410.8462.4-588.20-10.09-67.54
22Q2 (10)4.64-30.85-40.590.80-19.19-26.6119.6344.6668.5113.3822.7736.05667.326.3957.53-534.31-2.49-62.59
22Q1 (9)6.71-14.08-14.30.99-14.66-33.1113.5716.3816.7892.3518.0650.36627.2415.5162.44-521.31-15.05-66.5
21Q4 (8)7.8114.01-5.91.1616.0-26.1111.66-12.266.3978.22-14.1135.03543.0119.2352.68-453.13-29.07-58.02
21Q3 (7)6.85-12.2923.871.00-8.26-24.2413.2914.08-19.2191.079.2832.58455.437.5117.63-351.07-6.83-16.23
21Q2 (6)7.81-0.2629.31.09-26.35-12.811.650.26-22.6483.3435.6914.43423.629.713.28-328.62-4.96-1.97
21Q1 (5)7.83-5.6619.911.48-5.7349.4911.626.02-16.6461.426.02-33.24386.138.57-44.91-313.09-9.1847.37
20Q4 (4)8.3050.090.01.5718.940.010.96-33.370.057.93-15.660.0355.65-8.140.0-286.765.060.0
20Q3 (3)5.53-8.440.01.325.60.016.459.230.068.69-5.680.0387.18-5.60.0-302.056.270.0
20Q2 (2)6.04-7.50.01.2526.260.015.068.030.072.83-20.840.0410.15-41.480.0-322.2645.830.0
20Q1 (1)6.530.00.00.990.00.013.940.00.092.000.00.0700.880.00.0-594.930.00.0
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
2024 (10)18.176.072.98-11.8320.09-5.73122.4413.41873.9737.94-731.440
2023 (9)17.13-8.443.380.621.319.23107.96-0.71633.57-11.32-504.300
2022 (8)18.71-29.713.36-35.7619.5142.3108.7355.93714.4530.15-586.210
2021 (7)26.62-4.865.230.3813.715.0669.73-0.47548.96-11.54-465.520
2020 (6)27.981.865.21-18.2113.05-1.8170.0622.23620.58-10.82-537.480
2019 (5)27.4735.526.374.9413.29-26.1757.32-4.7695.86-29.58-625.250
2018 (4)20.27-1.76.07-3.0418.001.6960.153.24988.11-14.92-909.960
2017 (3)20.62-32.796.2615.0717.7048.7458.26-13.11161.34-14.12-1085.380
2016 (2)30.68-45.555.445.4311.9083.6467.04-5.231352.32-11.52-1273.380
2015 (1)56.35-12.55.16-3.916.4814.2970.744.111528.33-8.95-1451.100

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