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)5.9719.88-3.860.5317.78-13.1115.23-16.594.03170.49-15.9313.6624.04-16.24-4.64161.69-15.9415.97
24Q3 (19)4.98-3.49-22.910.45-4.26-10.018.263.6329.69202.793.7310.7828.701.667.21192.354.0312.9
24Q2 (18)5.16-13.13-25.00.47-14.550.017.6214.9433.28195.5017.831.5628.230.3922.53184.9020.751.22
24Q1 (17)5.94-4.35-1.490.55-9.8425.015.334.711.59165.9110.61-20.5628.1211.5427.76153.129.83-24.18
23Q4 (16)6.21-3.87-6.330.6122.027.0814.643.986.63150.00-18.06-20.8625.21-5.8320.45139.42-18.17-23.53
23Q3 (15)6.46-6.11.570.506.3821.9514.086.51-1.61183.06-4.9-16.9826.7716.1910.57170.37-6.73-19.1
23Q2 (14)6.8814.115.050.476.82-4.0813.22-12.39-13.14192.49-7.843.223.044.682.22182.67-9.541.93
23Q1 (13)6.03-9.0514.420.44-8.33-20.015.099.91-12.62208.8610.1926.2822.015.16-22.93201.9410.7631.04
22Q4 (12)6.634.251.380.4817.07-25.013.73-4.05-1.36189.54-14.0434.3320.93-13.55-13.33182.33-13.4239.32
22Q3 (11)6.366.35-1.850.41-16.33-8.8914.31-5.981.92220.5018.218.4724.217.41-11.77210.6017.5110.91
22Q2 (10)5.9813.470.340.49-10.912.0815.22-11.87-0.33186.5312.78-0.8122.54-21.08-12.36179.2216.290.91
22Q1 (9)5.27-19.42-25.670.55-14.06-14.0617.2724.0734.61165.4017.2216.4128.5618.2644.17154.1117.7614.06
21Q4 (8)6.540.93-25.850.6442.22-4.4813.92-0.8535.01141.10-30.593.7324.15-11.9925.91130.87-31.082.93
21Q3 (7)6.488.72-31.210.45-6.25-19.6414.04-8.0645.34203.288.0925.0827.446.6954.94189.886.9122.92
21Q2 (6)5.96-15.94-29.880.48-25.029.7315.2719.0242.58188.0632.35-23.2725.7229.8313.01177.6131.46-23.79
21Q1 (5)7.09-19.61-21.570.64-4.4856.112.8324.4427.53142.094.46-35.2619.813.28-7.13135.116.26-35.11
20Q4 (4)8.82-6.370.00.6719.640.010.316.730.0136.02-16.310.019.188.30.0127.15-17.690.0
20Q3 (3)9.4210.820.00.5651.350.09.66-9.80.0162.52-33.690.017.71-22.190.0154.47-33.720.0
20Q2 (2)8.50-5.970.00.37-9.760.010.716.460.0245.0911.670.022.766.70.0233.0411.930.0
20Q1 (1)9.040.00.00.410.00.010.060.00.0219.470.00.021.330.00.0208.200.00.0
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)20.29-0.641.992.5817.990.62183.06-2.5229.858.78171.21-3.94
2023 (9)20.426.131.941.0417.88-5.75187.80-1.4227.44-9.38178.24-0.53
2022 (8)19.24-7.281.92-11.5218.977.85190.5013.0630.28-3.23179.1915.76
2021 (7)20.75-21.872.1711.8617.5928.02168.49-10.3831.2938.08154.79-13.57
2020 (6)26.569.931.9422.0113.74-9.07188.01-18.1822.66-4.39179.10-19.03
2019 (5)24.1621.91.591.9215.11-17.93229.78-1.7923.70-16.49221.19-1.25
2018 (4)19.82-2.411.56-10.8618.412.39233.9612.1728.38-22.59223.9917.96
2017 (3)20.31-18.661.7510.7617.9822.98208.58-9.636.66-15.9189.89-5.88
2016 (2)24.97-33.661.5811.2714.6250.72230.72-10.543.59-3.48201.75-9.26
2015 (1)37.64-11.521.42-8.399.7013.05257.809.5345.16-8.69222.3314.31

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