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)0.9626.3221.524.5755.9745.0895.12-20.43-17.4819.90-35.99-31.0729.24-42.9-58.885.77-13.7317.22
24Q3 (19)0.76-8.43-31.532.938.92-0.34119.559.6845.631.09-8.130.5851.21-13.35-14.3699.4218.7286.84
24Q2 (18)0.8315.28-2.352.6917.4743.85109.00-14.341.8833.84-15.0-30.4359.10-11.09-11.1583.74-16.74-6.02
24Q1 (17)0.72-8.867.462.29-27.316.24127.2410.38-6.4339.8137.89-14.0466.47-6.34-19.81100.5837.461.18
23Q4 (16)0.79-28.836.763.157.1430.71115.2740.38-5.8628.87-6.6-23.6270.9718.68-20.5773.1737.513.22
23Q3 (15)1.1130.59-2.632.9457.22-2.3382.11-23.252.5130.91-36.452.1559.80-10.111.7153.21-40.28-6.37
23Q2 (14)0.8526.877.591.87-5.087.47106.99-21.33-6.8848.645.03-7.0566.52-19.7516.6889.10-10.37-19.16
23Q1 (13)0.67-9.461.521.97-18.26-7.94135.9911.07-1.0246.3122.519.0282.89-7.23-2.7999.4140.235.07
22Q4 (12)0.74-35.09-45.592.41-19.93-17.47122.4452.8683.3837.8024.9221.2389.3566.9267.270.8924.7459.27
22Q3 (11)1.1444.354.053.0172.99110.4980.10-30.29-34.4630.26-42.17-52.5953.53-6.1-35.3556.83-48.44-44.95
22Q2 (10)0.7919.76.761.74-18.69-1.14114.90-16.37-6.1352.3323.191.2257.01-33.14-13.42110.2216.51.83
22Q1 (9)0.66-51.47-13.162.14-26.7113.83137.39105.7714.6542.4836.24-12.4385.2759.5615.9794.61112.56-0.21
21Q4 (8)1.3683.7830.772.92104.2-17.2866.77-45.36-23.5431.18-51.1421.0953.44-35.46-14.9544.51-56.88-11.42
21Q3 (7)0.740.0-40.81.43-18.75-59.83122.21-0.1668.4763.8223.44149.5982.8025.7432.86103.23-4.63188.35
21Q2 (6)0.74-2.63-46.381.76-6.38-45.34122.402.1485.3751.706.5883.1465.85-10.4414.46108.2414.17194.69
21Q1 (5)0.76-26.920.01.88-46.74-14.16119.8337.22-0.5648.5188.3916.7873.5317.03-15.3194.8188.6826.04
20Q4 (4)1.04-16.80.03.53-0.840.087.3320.390.025.750.70.062.830.820.050.2540.360.0
20Q3 (3)1.25-9.420.03.5610.560.072.549.860.025.57-9.420.062.328.330.035.80-2.530.0
20Q2 (2)1.3881.580.03.2247.030.066.03-45.20.028.23-32.040.057.53-33.740.036.73-51.170.0
20Q1 (1)0.760.00.02.190.00.0120.500.00.041.540.00.086.820.00.075.220.00.0
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)3.04-3.4913.9126.8119.943.5226.25-21.1244.90-33.81101.2824.59
2023 (9)3.151.2910.97-3.94115.86-1.1933.284.0767.84-16.6981.2919.9
2022 (8)3.11-7.4411.42-4.27117.267.8131.984.5181.438.7867.805.1
2021 (7)3.36-22.0411.93-15.21108.7728.5430.6017.9274.8634.8164.5117.21
2020 (6)4.3110.2314.0737.9484.62-9.3725.95-27.4755.53-13.0655.04-15.67
2019 (5)3.917.1210.2018.8893.37-6.735.78-15.9163.8715.1665.27-25.11
2018 (4)3.65-17.058.58-5.61100.0720.5542.555.9855.4640.0287.164.32
2017 (3)4.4024.659.0917.2983.01-19.6340.15-14.7439.61-18.6583.55-17.83
2016 (2)3.532.627.75-36.68103.28-2.5847.0957.9748.698.56101.6811.76
2015 (1)3.441.7812.24-22.04106.02-1.7929.8128.2244.85-8.3490.9810.59

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