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)1.543.3621.261.19-2.46-2.4659.07-3.35-17.6376.673.122.5115.976.68104.48119.77-0.61-13.64
24Q2 (19)1.494.93-0.671.220.83-10.2961.12-4.680.7674.35-1.1811.2914.9763.4365.41120.50-7.451.76
24Q1 (18)1.4217.3612.71.21-4.72-11.6864.12-14.45-10.8875.245.1413.459.1628.833.39130.20-6.60.62
23Q4 (17)1.21-4.72-12.321.274.1-22.5674.954.5214.0871.56-4.3228.917.11-8.9668.09139.400.5119.17
23Q3 (16)1.27-15.330.791.22-10.29-12.2371.7118.22-1.0474.7911.9414.297.81-13.7141.05138.6917.122.99
23Q2 (15)1.5019.0519.051.36-0.73-12.2660.66-15.69-16.0966.810.7413.849.052.14202.68118.42-8.49-7.48
23Q1 (14)1.26-8.718.871.37-16.46-0.7271.959.51-16.366.3219.470.798.86109.46283.55129.4010.62-13.42
22Q4 (13)1.389.5216.951.6417.99-0.6165.70-9.33-14.6255.51-15.170.694.2330.56114.72116.98-13.13-10.09
22Q3 (12)1.260.0-4.551.39-10.32-16.7772.460.244.8365.4411.519.853.248.3623.19134.665.211.21
22Q2 (11)1.2618.877.691.5512.324.7372.29-15.9-7.1858.69-10.81-4.832.9929.44-50.98128.00-14.35-4.08
22Q1 (10)1.06-10.17-7.831.38-16.36-23.7685.9611.718.2965.8019.3531.022.3117.26-69.61149.4514.8622.5
21Q4 (9)1.18-10.610.851.65-1.2-22.1776.9511.33-1.3355.130.9728.511.97-25.1-70.86130.117.4514.0
21Q3 (8)1.3212.8223.361.6712.84-21.9669.12-11.25-19.0854.60-11.4628.142.63-56.89-58.25121.09-9.26-0.53
21Q2 (7)1.171.7427.171.48-18.23-25.6377.88-1.89-21.461.6722.834.746.10-19.74-1.13133.459.39-3.79
21Q1 (6)1.15-1.719.521.81-14.62-23.3179.381.78-8.8250.2217.0630.247.6012.4348.15122.006.91.25
20Q4 (5)1.179.35-4.882.12-0.93-28.8677.99-8.75.6142.900.6840.436.767.35.96114.13-6.2516.44
20Q3 (4)1.0716.30.02.147.540.085.42-13.80.042.61-6.90.06.302.110.0121.74-12.230.0
20Q2 (3)0.92-12.380.01.99-15.680.099.0913.820.045.7718.70.06.1720.270.0138.7015.110.0
20Q1 (2)1.05-14.630.02.36-20.810.087.0617.890.038.5626.220.05.13-19.590.0120.4922.920.0
19Q4 (1)1.230.00.02.980.00.073.850.00.030.550.00.06.380.00.098.020.00.0
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)4.8218.725.43-6.3875.78-15.7367.226.787.3672.77135.63-8.73
2022 (9)4.06-9.585.80-24.2889.9210.7162.9532.144.2611.23148.6118.86
2021 (8)4.4914.257.66-17.181.22-12.5847.6420.583.83-30.24125.03-1.5
2020 (7)3.93-9.249.24-15.3892.9110.1939.5118.265.4953.35126.9311.2
2019 (6)4.332.1210.92100.7484.32-2.1433.41-50.223.58-45.51114.15-22.19
2018 (5)4.24-35.565.4437.7286.1655.3367.11-27.296.572.34146.703.78
2017 (4)6.58-1.23.9516.8655.471.2292.30-14.626.42-5.87141.35-9.44
2016 (3)6.66-9.883.38-19.3354.8010.89108.1124.086.82-36.2156.0924.01
2015 (2)7.399.814.19-11.2349.42-8.8787.1312.7910.69-28.49125.878.02
2014 (1)6.7324.174.72-20.6754.23-19.4877.2526.014.95-15.68116.535.04

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