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)1.003.0913.641.2710.4367.1190.85-2.96-12.3271.75-9.03-39.8363.92-7.67-4.7598.68-4.43-36.64
24Q3 (19)0.97-9.355.431.1512.7553.3393.629.73-5.7378.87-11.19-34.8769.237.8214.81103.25-6.07-35.51
24Q2 (18)1.0716.39.181.0232.4759.3885.32-13.55-8.3388.81-24.77-37.2564.21-6.970.91109.92-25.58-35.71
24Q1 (17)0.924.551.10.771.3226.2398.69-4.75-1.29118.05-1.01-20.8969.022.85-8.03147.71-5.16-15.18
23Q4 (16)0.88-4.35-7.370.761.334.11103.614.337.76119.25-1.53-3.8767.1111.29-14.31155.74-2.729.77
23Q3 (15)0.92-6.12-8.00.7517.19-11.7699.316.79.32121.10-14.4412.4960.30-5.23-18.5160.10-6.3628.59
23Q2 (14)0.987.69-2.00.644.92-30.4393.07-6.912.44141.54-5.1543.4563.63-15.22-15.58170.97-1.8349.76
23Q1 (13)0.91-4.21-5.210.61-16.44-48.7499.983.985.74149.2220.2995.1175.05-4.186.08174.1522.7473.66
22Q4 (12)0.95-5.01.060.73-14.12-50.096.155.85-0.67124.0515.2398.3578.325.8510.73141.8813.9660.12
22Q3 (11)1.000.05.260.85-7.61-48.1790.84-0.01-4.86107.659.193.5573.99-1.830.31124.509.0660.98
22Q2 (10)1.004.172.040.92-22.69-46.8290.85-3.91-1.6998.6729.0187.9875.376.536.59114.1613.8453.88
22Q1 (9)0.962.13-3.031.19-18.49-28.3194.55-2.322.8276.4822.2939.1670.750.036.3100.2813.1724.8
21Q4 (8)0.94-1.050.01.46-10.98-5.8196.801.380.0462.5412.446.6370.73-4.1111.1988.6114.57-3.47
21Q3 (7)0.95-3.06-13.641.64-5.2-4.0995.483.3215.7955.625.964.5173.764.3139.5177.344.25-6.61
21Q2 (6)0.98-1.012.081.734.2246.6192.410.49-2.9352.49-4.49-31.7970.716.239.7574.19-7.67-31.12
21Q1 (5)0.995.3213.791.667.155.1491.96-4.96-11.6354.96-6.29-35.3966.564.642.5380.35-12.47-35.3
20Q4 (4)0.94-14.550.01.55-9.360.096.7617.340.058.6510.20.063.6120.310.091.8010.860.0
20Q3 (3)1.1014.580.01.7144.920.082.46-13.380.053.22-30.840.052.87-17.940.082.81-23.120.0
20Q2 (2)0.9610.340.01.1810.280.095.20-8.510.076.95-9.530.064.43-0.750.0107.71-13.270.0
20Q1 (1)0.870.00.01.070.00.0104.060.00.085.060.00.064.920.00.0124.190.00.0
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)3.88-1.523.9633.3394.051.6292.10-25.165.79-7.65120.37-16.56
2023 (9)3.94-1.012.97-22.0592.550.86122.9628.4471.245.26144.2620.42
2022 (8)3.98-1.733.81-41.0291.761.8995.7369.4367.6812.89119.8038.32
2021 (7)4.0511.576.4619.1990.06-10.3356.50-16.1259.95-7.2886.61-16.03
2020 (6)3.637.085.4221.52100.43-6.667.36-17.7264.6620.88103.14-24.11
2019 (5)3.39-11.494.46-6.69107.5312.9381.877.3153.4926.19135.915.25
2018 (4)3.831.864.7822.8895.22-1.8276.29-18.6242.39-15.32129.13-8.21
2017 (3)3.76-21.53.89-3.4796.9927.493.753.4250.0623.12140.6811.54
2016 (2)4.7913.244.0322.4976.13-11.890.65-18.1940.66-12.54126.12-16.28
2015 (1)4.23-18.023.29-30.386.3222.04110.8043.4346.4916.99150.6439.16

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