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)1.963.71.551.80-9.09-2.746.33-3.68-1.9550.599.912.7860.999.4612.5735.93-6.48-15.06
24Q3 (19)1.89-9.57-6.441.982.5922.2248.1010.656.6846.03-2.29-17.8655.720.87-8.5238.428.72-4.5
24Q2 (18)2.0910.58-6.281.936.0410.2943.47-9.746.4447.11-5.86-9.4755.24-2.2-12.8835.34-15.2919.88
24Q1 (17)1.89-2.07-17.111.82-1.62-6.6748.161.9320.4650.041.677.2256.484.25-13.5741.72-1.3795.87
23Q4 (16)1.93-4.46-13.061.8514.2-10.6347.254.7915.0249.22-12.1711.8154.18-11.05-16.0842.305.15106.04
23Q3 (15)2.02-9.421.01.62-7.43-19.045.0910.41-0.9956.047.6923.1660.91-3.94-11.5840.2336.4781.63
23Q2 (14)2.23-2.1935.151.75-10.26-6.4240.842.15-26.1652.0411.517.1463.41-2.97-19.3829.4838.416.85
23Q1 (13)2.282.740.741.95-5.8-2.539.98-2.68-28.9546.676.022.7565.351.22-25.3221.303.7550.11
22Q4 (12)2.2211.0-8.262.073.5-27.1141.08-9.799.1744.02-3.2537.4864.56-6.293.2520.53-7.31188.34
22Q3 (11)2.0021.219.892.006.95-2.9145.54-17.66-8.7445.50-6.322.868.89-12.41-8.7422.15-12.2118.58
22Q2 (10)1.651.85-4.071.87-6.5-13.8255.31-1.714.5448.576.9415.8178.65-10.129.3725.2377.89.98
22Q1 (9)1.62-33.065.192.00-29.582.5656.2749.53-5.0145.4241.85-2.8487.5139.957.1814.1999.3-41.72
21Q4 (8)2.4232.9744.912.8437.8629.6837.63-24.59-30.9432.02-27.65-22.8162.53-17.17-12.637.12-61.88-70.81
21Q3 (7)1.825.8125.522.06-5.0715.0849.90-5.69-20.5444.265.53-13.0675.494.98-0.5318.68-18.57-50.61
21Q2 (6)1.7211.6924.642.1711.2848.6352.91-10.69-19.7141.94-10.29-32.5171.91-11.93-16.6422.94-5.79-45.09
21Q1 (5)1.54-7.7828.331.95-10.9632.6559.248.72-21.7646.7512.7-24.3881.6514.08-13.2624.35-0.16-43.91
20Q4 (4)1.6715.170.02.1922.350.054.49-13.230.041.48-18.520.071.57-5.690.024.39-35.510.0
20Q3 (3)1.455.070.01.7922.60.062.80-4.70.050.91-18.070.075.89-12.020.037.82-9.480.0
20Q2 (2)1.3815.00.01.46-0.680.065.90-12.970.062.140.520.086.26-8.360.041.78-3.750.0
20Q1 (1)1.200.00.01.470.00.075.720.00.061.820.00.094.130.00.043.410.00.0
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)7.794.567.32-2.5346.84-4.4149.842.5959.30-6.1637.398.72
2023 (9)7.45-16.27.51-17.9249.0019.3448.5821.8263.19-10.3834.39229.41
2022 (8)8.8914.279.15-4.7941.06-12.5139.885.0670.51-10.910.4481.25
2021 (7)7.7840.439.6130.2246.93-28.8137.96-23.2479.14-8.625.76-79.97
2020 (6)5.549.497.3818.0865.92-8.5349.45-15.386.61-2.8228.76-30.41
2019 (5)5.06-12.766.25-0.9572.0714.4758.380.8589.123.3341.3319.45
2018 (4)5.8019.16.31-0.1662.96-15.9757.890.1986.25-7.6134.60-12.09
2017 (3)4.87-2.996.32-6.2374.933.057.786.6493.356.3739.360.51
2016 (2)5.02-11.786.74-13.772.7513.3554.1815.9487.76-0.7439.1673.97
2015 (1)5.6912.237.819.8564.18-10.7746.73-8.9888.41-11.2322.51-4.9

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