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
24Q2 (20)0.7559.57-25.740.2414.29-55.56122.11-37.1636.15382.22-12.56126.25117.63-37.63107.68386.71-12.6791.44
24Q1 (19)0.47-30.88-46.590.21-43.24-44.74194.3345.2787.52437.1175.6781.41188.6136.01229.39442.8281.5454.12
23Q4 (18)0.68-10.53-27.660.37-26.0-17.78133.7711.0938.74248.8336.1821.82138.6761.43189.62243.9212.29-3.51
23Q3 (17)0.76-24.75-21.650.50-7.4131.58120.4234.2628.27182.728.16-23.3985.9051.6647.37217.237.54-20.75
23Q2 (16)1.0114.779.780.5442.1174.1989.69-13.45-9.51168.94-29.89-42.8856.64-1.084.18202.00-29.7-40.67
23Q1 (15)0.88-6.38-8.330.38-15.5611.76103.637.489.51240.9517.96-10.3357.2619.5923.54287.3313.66-9.36
22Q4 (14)0.94-3.0946.870.4518.4236.3696.422.71-32.03204.26-14.36-25.5847.88-17.86-14.01252.80-7.77-29.9
22Q3 (13)0.975.43125.580.3822.58-30.9193.88-5.29-55.62238.52-19.3544.358.297.2139.75274.11-19.5-18.21
22Q2 (12)0.92-4.17-72.370.31-8.82-86.7599.124.74262.81295.7410.06662.0254.3717.3496.82340.497.41497.04
22Q1 (11)0.9650.0-11.110.343.03-46.0394.63-33.2912.09268.72-2.0986.0646.35-16.76-39.44317.00-12.1108.11
21Q4 (10)0.6448.84-65.590.33-40.0-74.02141.86-32.94190.52274.4766.04282.1155.6833.49-0.27360.657.61456.39
21Q3 (9)0.43-87.09-64.750.55-76.5-28.57211.55674.34183.58165.30325.9239.5841.71357.85-49.02335.14487.66201.38
21Q2 (8)3.33208.33170.732.34271.43162.9227.32-67.64-62.9338.81-73.13-62.229.11-88.1-85.2557.03-62.56-50.26
21Q1 (7)1.08-41.94-45.180.63-50.39-37.6284.4272.8983.2144.43101.0761.0576.5337.08142.41152.32134.9946.19
20Q4 (6)1.8652.4611.381.2764.94126.7948.83-34.54-10.3971.83-39.35-55.6855.83-31.764.1864.82-41.71-60.22
20Q3 (5)1.22-0.81-6.870.77-13.4887.874.601.236.98118.4315.29-46.2281.8232.4615.06111.20-3.01-49.18
20Q2 (4)1.23-37.560.00.89-11.880.073.6959.920.0102.7214.540.061.7795.660.0114.6510.040.0
20Q1 (3)1.9717.960.01.0180.360.046.08-15.430.089.68-44.660.031.57-41.090.0104.19-36.060.0
19Q4 (2)1.6727.480.00.5636.590.054.49-21.860.0162.06-26.410.053.59-24.640.0162.96-25.530.0
19Q3 (1)1.310.00.00.410.00.069.730.00.0220.210.00.071.110.00.0218.830.00.0
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
2023 (10)3.09-6.081.596.0118.266.73228.95-5.6486.85104.69260.37-16.28
2022 (9)3.29-49.921.50-66.14110.8099.32242.63194.242.43-7.2311.00236.8
2021 (8)6.5727.334.4322.7155.59-21.4182.47-18.3845.72-26.8892.34-15.47
2020 (7)5.1639.083.6183.2570.73-28.02101.04-45.3462.531.31109.24-50.66
2019 (6)3.71-33.631.97-50.8798.2750.37184.86103.1961.7263.02221.4186.88
2018 (5)5.59-26.354.01-23.1865.3535.9290.9830.1237.86-8.62118.4854.73
2017 (4)7.59-24.935.22-10.3148.0833.1169.9211.4841.43-17.9176.5758.3
2016 (3)10.11-7.675.82-17.0936.128.462.7220.6450.47-10.8648.3768.6
2015 (2)10.9546.987.02-29.8733.32-32.051.9942.6356.62-31.0928.69774.7
2014 (1)7.452.4810.01-52.8349.00-2.3936.45111.9282.168.463.280

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