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)0.78-2.54.01.400.0-1.41116.802.16-4.3864.900.171.4969.232.494.81112.460.8-6.32
24Q2 (19)0.8011.110.01.404.486.87114.33-8.980.6864.79-4.26-6.7567.557.74.08111.57-14.55-5.55
24Q1 (18)0.7222.031.411.349.847.2125.61-19.02-1.4767.67-9.59-6.8962.72-14.626.02130.56-16.58-7.4
23Q4 (17)0.59-21.33-3.281.22-14.084.27155.1226.994.2374.8517.04-4.1673.4611.2221.8156.5030.36-6.08
23Q3 (16)0.75-6.2522.951.428.433.96122.157.56-17.6363.95-7.96-25.4666.051.77-5.98120.051.63-26.72
23Q2 (15)0.8012.6819.41.314.825.96113.56-10.92-16.369.48-4.4-20.9364.909.7-17.44118.13-16.21-18.49
23Q1 (14)0.7116.39-2.741.256.843.31127.48-14.352.2672.68-6.94-3.1659.16-1.91-14.21140.99-15.397.83
22Q4 (13)0.610.0-7.581.1710.387.34148.830.367.9278.10-8.96-6.4660.31-14.15-16.87166.631.7211.94
22Q3 (12)0.61-8.96-11.591.061.92-5.36148.299.311.6985.79-2.375.970.25-10.63-6.84163.8213.0318.39
22Q2 (11)0.67-8.22-10.671.04-14.05-12.61135.678.8311.6387.8717.0814.8878.6113.990.82144.9310.8520.71
22Q1 (10)0.7310.615.81.2111.01-6.92124.66-9.61-5.4575.05-10.117.0568.96-4.95-10.41130.75-12.164.61
21Q4 (9)0.66-4.35-5.711.09-2.68-23.78137.913.875.9983.493.0631.0372.55-3.79-11.6148.857.5733.2
21Q3 (8)0.69-8.0-16.871.12-5.88-36.0132.779.2420.7381.015.9155.4375.41-3.2821.51138.3715.2538.31
21Q2 (7)0.758.7-14.771.19-8.46-29.17121.54-7.8216.8776.499.141.1877.971.376.12120.06-3.945.4
21Q1 (6)0.69-1.436.151.30-9.090.78131.851.34-6.4370.1110.03-0.5776.97-6.2164.19124.9911.85-24.04
20Q4 (5)0.70-15.664.481.43-18.2911.72130.1118.31-4.5463.7222.26-10.0582.0732.2467.87111.7511.71-29.38
20Q3 (4)0.83-5.680.01.754.170.0109.975.740.052.12-3.80.062.0640.190.0100.04-12.180.0
20Q2 (3)0.8835.380.01.6830.230.0104.00-26.190.054.18-23.160.044.27-5.570.0113.91-30.770.0
20Q1 (2)0.65-2.990.01.290.780.0140.913.380.070.51-0.470.046.88-4.110.0164.543.970.0
19Q4 (1)0.670.00.01.280.00.0136.300.00.070.840.00.048.890.00.0158.250.00.0
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)3.050.665.114.07119.72-0.5471.39-3.9258.65-5.02132.47-0.34
2022 (9)3.034.844.912.51120.37-4.7174.30-2.5661.75-19.95132.925.97
2021 (8)2.89-5.864.79-12.75126.326.3976.2514.7877.1424.3125.431.89
2020 (7)3.0718.085.4914.85118.73-15.5866.43-13.0462.0612.24123.10-23.9
2019 (6)2.60-6.474.78-9.64140.657.2676.3910.7455.290.93161.7611.31
2018 (5)2.788.595.29-1.31131.13-7.9168.981.3754.78-7.95145.33-3.71
2017 (4)2.561.195.36-16.12142.39-1.3868.0519.1159.512.89150.935.05
2016 (3)2.53-5.66.39-12.82144.386.0857.1314.7957.8445.55143.67-1.68
2015 (2)2.68-9.157.33-11.15136.1010.1149.7712.4539.7421.68146.138.08
2014 (1)2.952.438.25-15.82123.60-2.444.2618.8232.66-11.92135.206.61

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