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)12.52-19.6929.881.00-13.04-4.767.2724.49-22.9991.3415.725.5832.3812.24-3.6666.2318.466.24
24Q3 (19)15.5925.9321.321.1521.05-7.265.84-20.54-17.5178.93-17.717.3728.85-16.47-3.6755.91-18.6510.41
24Q2 (18)12.388.6-31.180.95-12.04-15.937.35-7.8945.2695.9213.9318.7634.5415.1712.7768.7310.5324.51
24Q1 (17)11.4018.26-50.931.082.86-5.267.98-15.47103.5784.19-2.685.8529.99-10.770.9462.18-0.2615.68
23Q4 (16)9.64-24.98-50.11.05-15.32-4.559.4433.33100.4286.5117.684.9533.6112.228.4262.3423.111.06
23Q3 (15)12.85-28.57-43.321.249.73-0.87.0839.9276.5673.51-8.990.6229.95-2.220.450.64-8.267.2
23Q2 (14)17.99-22.56-30.511.13-0.88-15.045.0629.0844.1680.771.5518.430.633.17.8955.202.727.34
23Q1 (13)23.2320.2413.981.143.64-5.793.92-16.77-12.1179.54-3.516.1129.71-4.163.3453.75-4.246.06
22Q4 (12)19.32-14.784.041.10-12.0-12.74.7117.46-3.8882.4312.8313.9631.003.92-6.5756.1318.8227.42
22Q3 (11)22.67-12.4416.561.25-6.02-20.384.0114.25-14.3273.067.0926.0529.835.07-15.4247.248.9772.6
22Q2 (10)25.8927.043.931.339.92-23.123.51-21.3-3.8468.22-8.9929.628.39-1.25-5.3443.35-14.4664.83
22Q1 (9)20.389.75-18.871.21-3.97-6.924.46-8.9823.274.963.647.0128.75-13.35-4.3950.6815.0516.21
21Q4 (8)18.57-4.52-11.991.26-19.754.134.904.713.6972.3324.79-3.8833.18-5.9313.7544.0560.94-12.6
21Q3 (7)19.45-21.92-17.481.57-9.2515.444.6828.2221.2457.9610.11-13.4435.2717.6134.2127.374.07-38.55
21Q2 (6)24.91-0.8434.211.7333.0847.863.650.83-25.5152.64-24.85-32.0329.99-0.27-3.8826.30-39.69-48.58
21Q1 (5)25.1219.0535.21.307.44-1.523.62-16.01-26.1270.05-6.911.5830.073.0918.1543.61-13.47-9.92
20Q4 (4)21.10-10.480.01.21-11.030.04.3111.660.075.2512.380.029.1711.00.050.4013.160.0
20Q3 (3)23.5726.990.01.3616.240.03.86-21.220.066.96-13.540.026.28-15.770.044.54-12.920.0
20Q2 (2)18.56-0.110.01.17-11.360.04.900.00.077.4512.310.031.2022.590.051.155.660.0
20Q1 (1)18.580.00.01.320.00.04.900.00.068.960.00.025.450.00.048.410.00.0
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)45.91-16.364.44-3.697.9519.5582.183.7230.80-1.9759.348.98
2023 (9)54.89-29.374.61-6.496.6541.4979.237.031.425.4754.4511.21
2022 (8)77.72-15.664.93-17.834.7018.6974.0521.6329.7919.6448.9622.58
2021 (7)92.1518.616.0013.213.96-15.7460.88-11.5924.90-8.2239.94-13.98
2020 (6)77.6915.855.3013.254.70-13.668.86-11.6327.13-8.3446.43-13.63
2019 (5)67.06-28.034.68-6.775.4438.7877.927.1929.60-4.3653.7617.74
2018 (4)93.18-29.645.02-3.833.9242.0372.694.0530.95-14.8145.6625.82
2017 (3)132.43-25.885.22-3.332.7635.2969.863.2836.334.2836.294.16
2016 (2)178.68-39.915.40-4.262.0465.8567.644.5834.848.8434.842.8
2015 (1)297.37-6.725.64-4.081.237.8964.684.1932.01-6.133.8916.3

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