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)1.81-18.1-4.746.56-28.851.3950.2422.064.7313.8740.53-1.4238.9926.76-2.725.1223.9314.34
24Q3 (19)2.2118.18-3.499.2216.2742.9541.16-15.53.379.87-13.95-30.030.76-21.331.2520.27-3.84-13.89
24Q2 (18)1.87-6.5-3.617.93-3.6569.4448.716.963.9311.473.8-40.9739.104.245.2221.0810.42-27.66
24Q1 (17)2.005.260.58.2327.278.9145.54-5.07-0.3511.05-21.46-44.1437.51-6.39-3.5219.09-13.11-28.21
23Q4 (16)1.90-17.03-4.526.470.3154.0547.9720.474.7814.07-0.21-35.1340.0731.96.0921.97-6.67-26.03
23Q3 (15)2.2918.048.536.4537.8231.939.82-15.04-7.5914.10-27.43-24.2730.38-18.25-3.2523.54-19.22-22.34
23Q2 (14)1.94-2.5112.144.681.742.6346.872.56-10.8619.43-1.77-2.7537.16-4.4210.9929.149.59-25.42
23Q1 (13)1.990.08.154.609.52-6.6945.70-0.17-7.8119.78-8.817.2738.882.9421.0526.59-10.47-25.91
22Q4 (12)1.99-5.6913.714.20-14.11-3.045.786.24-12.0321.6916.493.1437.7720.29-2.3329.70-2.01-13.66
22Q3 (11)2.1121.9729.454.897.242.343.09-18.05-23.018.62-6.81-2.1531.40-6.21-8.4330.31-22.42-25.53
22Q2 (10)1.73-5.9817.694.56-7.512.0152.586.07-15.2519.988.35-1.8733.484.2316.2939.078.86-27.12
22Q1 (9)1.845.148.244.9313.86-8.0249.57-4.75-7.3118.44-12.328.632.12-16.9430.8435.894.33-21.84
21Q4 (8)1.757.36-12.064.33-9.41-34.3952.04-7.0113.9721.0310.5152.3938.6712.7758.2234.40-15.48-1.77
21Q3 (7)1.6310.88-18.914.786.94-13.5655.96-9.823.519.03-6.5315.6134.2919.132.9140.70-24.0813.15
21Q2 (6)1.47-13.53-7.554.47-16.611.7562.0416.018.2720.3619.91-10.5128.7917.27-9.1253.6116.7510.83
21Q1 (5)1.70-14.5716.445.36-18.7942.1853.4817.13-14.4916.9823.04-29.6624.550.45-29.7645.9231.13-11.21
20Q4 (4)1.99-1.00.06.6019.350.045.660.770.013.80-16.160.024.44-5.270.035.02-2.640.0
20Q3 (3)2.0126.420.05.5338.250.045.31-20.920.016.46-27.650.025.80-18.560.035.97-25.640.0
20Q2 (2)1.598.90.04.006.10.057.30-8.380.022.75-5.760.031.68-9.360.048.37-6.480.0
20Q1 (1)1.460.00.03.770.00.062.540.00.024.140.00.034.950.00.051.720.00.0
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)7.93-1.2527.8225.3246.031.2513.12-20.1937.51-3.4521.64-6.16
2023 (9)8.03-7.5922.208.2945.468.2116.44-7.6438.8514.123.06-10.48
2022 (8)8.6927.6120.50-2.4342.01-21.5917.802.4234.051.6425.76-31.23
2021 (7)6.818.7921.017.0853.58-8.0317.38-6.5633.502.7937.46-15.4
2020 (6)6.26-10.1919.626.058.2611.2518.60-5.6332.5919.0344.28-0.94
2019 (5)6.97-0.5718.510.652.370.6519.71-0.6627.38-2.1844.701.85
2018 (4)7.0141.3318.4076.5852.03-29.2319.84-43.3827.99-44.3443.89-24.68
2017 (3)4.96-15.6510.420.7773.5218.3535.04-0.7650.2912.7358.2710.32
2016 (2)5.8833.6410.3436.7762.12-25.1735.31-26.8844.61-31.3652.82-20.34
2015 (1)4.402.567.56-19.7583.01-2.3548.2924.6864.99-3.2966.3117.28

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