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
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)0.585.45100.00.15-75.81200.0155.56-5.86-50.67627.04326.41-65.7269.41254.68-55.02713.18143.64-64.17
24Q3 (19)0.55-20.297.840.62287.5463.64165.2425.3-7.95147.05-74.05-81.4419.57-74.99-72.17292.72-52.81-67.53
24Q2 (18)0.69-32.3556.820.16-23.81-48.39131.8847.85-35.95566.7029.1691.6378.2597.1116.34620.3327.0533.28
24Q1 (17)1.02251.7296.150.21320.050.089.20-71.71-49.51438.77-76.01-33.0139.70-74.27-64.59488.27-75.47-32.14
23Q4 (16)0.29-43.14-34.090.05-54.55-73.68315.3675.6753.51829.15130.82277.18154.31119.41111.851990.19120.73222.27
23Q3 (15)0.5115.910.00.11-64.52-69.44179.52-12.811.47792.45167.96216.0470.3394.44161.74901.6493.71124.97
23Q2 (14)0.44-15.38-34.330.31121.4347.62205.8916.5451.66295.73-54.85-30.2236.17-67.74-12.12465.45-35.32-10.22
23Q1 (13)0.5218.18-33.330.14-26.32-51.72176.67-14.050.5655.0135.06110.04112.1153.9199.09719.5716.5292.95
22Q4 (12)0.44-13.7333.330.19-47.22-38.71205.4416.12-24.63484.9693.4165.6572.84171.08-68.36617.5654.0984.27
22Q3 (11)0.51-23.88292.310.3671.43-26.53176.9230.32-74.74250.74-40.8434.1626.87-34.72-96.09400.78-22.69100.68
22Q2 (10)0.67-14.1-34.310.21-27.59-97.75135.7615.6551.91423.8135.94255.741.16-26.9-13.04518.4139.01901.37
22Q1 (9)0.78136.3616.420.29-6.45-96.32117.39-56.93-14.04311.856.522602.3456.31-75.542.14372.9311.28301.09
21Q4 (8)0.33153.85-63.330.31-36.73-95.61272.58-61.08170.23292.7756.652169.53230.23-66.51312.16335.1367.81478.71
21Q3 (7)0.13-87.25-88.60.49-94.76-93.44700.30683.6777.79186.901820.861434.48687.481352.521392.9199.71285.76335.0
21Q2 (6)1.0252.24-29.179.3518.65-16.5289.37-34.5641.39.73-15.6819.8347.33-14.1564.051.77-44.3221.78
21Q1 (5)0.67-25.56-22.997.8811.6117.61136.5635.3831.2311.54-10.54-15.0855.13-1.31-12.392.9860.5669.7
20Q4 (4)0.90-21.050.07.06-5.490.0100.8726.440.012.905.910.055.8621.30.057.9126.140.0
20Q3 (3)1.14-20.830.07.47-33.30.079.7826.130.012.1850.00.046.0559.560.045.918.00.0
20Q2 (2)1.4465.520.011.2067.160.063.25-39.220.08.12-40.250.028.86-54.090.042.51-22.410.0
20Q1 (1)0.870.00.06.700.00.0104.060.00.013.590.00.062.860.00.054.790.00.0
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)3.1789.821.1086.44115.03-47.51332.18-46.7432.29-63.65414.92-44.97
2023 (9)1.67-23.390.59-42.16219.1531.16623.7373.4788.846.47754.0370.13
2022 (8)2.18-29.221.02-94.3167.0840.78359.571663.4683.4439.86443.21458.13
2021 (7)3.08-14.9217.90-52.66118.6817.5620.39111.359.66-3.5179.4162.79
2020 (6)3.62-12.1437.81-10.83100.9514.049.6512.0861.83-23.9348.78207.95
2019 (5)4.12-22.2642.4017.8188.5228.498.61-15.0981.2811.9915.84145.58
2018 (4)5.3025.8935.99958.5368.89-20.5410.14-90.5572.58229.916.45-96.25
2017 (3)4.21-38.273.4089.9486.7061.97107.31-47.5122.0072.14172.01-29.85
2016 (2)6.82120.01.7912.5853.53-54.6204.44-10.9112.78-55.76245.20-23.02
2015 (1)3.108.011.59-67.62117.92-7.34229.48208.8628.89-56.13318.52134.72

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