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)0.98-2.07.691.143.64159.0992.972.38-7.1579.60-4.2-61.5359.303.91-11.31113.27-3.05-52.85
24Q3 (19)1.003.0926.581.1030.95168.2990.81-3.16-20.9883.09-23.54-62.1657.07-4.16-18.05116.83-18.24-55.89
24Q2 (18)0.97-3.014.120.8433.3386.6793.773.36-12.27108.67-24.19-45.759.551.64-21.25142.89-18.57-38.25
24Q1 (17)1.009.8933.330.6343.1831.2590.72-9.4-25.41143.34-30.73-24.8958.59-12.37-14.85175.47-26.95-27.99
23Q4 (16)0.9115.1935.820.447.32-10.2100.13-12.87-26.22206.94-5.7712.3566.86-3.99-5.3240.21-9.31-3.65
23Q3 (15)0.79-7.06-5.950.41-8.89-42.25114.927.525.49219.609.7272.0169.64-7.9124.87264.8814.4746.48
23Q2 (14)0.8513.33-9.570.45-6.25-48.28106.88-12.1310.15200.144.8790.3675.629.960.93231.39-5.0449.12
23Q1 (13)0.7511.94-21.050.48-2.04-41.46121.63-10.3826.71190.843.671.1768.81-2.5440.86243.66-2.2753.6
22Q4 (12)0.67-20.24-15.190.49-30.99-37.97135.7224.5817.99184.2044.2859.9770.6026.5915.61249.3237.8847.43
22Q3 (11)0.84-10.64-8.70.71-18.39-29.0108.9412.279.71127.6721.4340.1655.7718.68-12.68180.8316.5442.93
22Q2 (10)0.94-1.05-9.620.876.1-29.2797.031.0810.5105.14-5.742.246.99-3.81-8.06155.17-2.1840.23
22Q1 (9)0.9520.2510.470.823.8-11.8395.99-16.55-9.46111.49-3.1813.7348.85-20.01-10.71158.63-6.26.21
21Q4 (8)0.79-14.13-15.960.79-21.0-8.14115.0315.8418.94115.1526.419.4261.07-4.3840.65169.1133.666.67
21Q3 (7)0.92-11.5415.01.00-18.751.5299.3013.09-12.3391.0923.19-34.2963.8724.979.86126.5214.34-34.7
21Q2 (6)1.0420.93-0.951.2332.2625.5187.81-17.181.6973.94-24.57-20.2551.11-6.5823.87110.65-25.91-19.71
21Q1 (5)0.86-8.518.860.938.1425.68106.029.63-7.4498.03-6.85-20.6754.7126.016.65149.35-5.79-21.9
20Q4 (4)0.9417.50.00.8630.30.096.71-14.620.0105.24-24.080.043.42-25.320.0158.53-18.180.0
20Q3 (3)0.80-23.810.00.66-32.650.0113.2731.180.0138.6249.50.058.1440.910.0193.7540.590.0
20Q2 (2)1.0532.910.00.9832.430.086.35-24.610.092.72-24.970.041.26-12.030.0137.81-27.930.0
20Q1 (1)0.790.00.00.740.00.0114.540.00.0123.580.00.046.900.00.0191.230.00.0
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)3.8029.693.1369.1995.98-22.86116.43-41.167.61-0.98144.80-42.95
2023 (9)2.93-22.891.85-41.27124.4329.44197.6870.8368.2858.35253.8350.44
2022 (8)3.80-0.523.15-13.4696.130.65115.7215.3243.12-4.6168.7311.99
2021 (7)3.829.143.644.995.51-8.47100.35-4.6545.20-0.15150.66-8.32
2020 (6)3.508.73.4727.11104.35-7.91105.24-21.2145.277.91164.33-19.81
2019 (5)3.229.522.7327.57113.31-8.69133.57-21.8441.95-10.78204.93-17.36
2018 (4)2.94-12.242.14-18.94124.0913.83170.9023.6447.022.02247.9723.28
2017 (3)3.35-4.012.64-0.38109.014.25138.220.1646.09-9.36201.144.91
2016 (2)3.490.292.657.29104.57-0.32138.00-6.5750.851.13191.72-5.25
2015 (1)3.48-19.822.47-7.84104.9124.69147.718.5150.2824.42202.3412.5

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