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)1.066.00.951.579.0318.0585.99-5.41-0.3558.13-7.98-14.8842.61-7.216.69101.51-6.15-11.45
24Q3 (19)1.002.04-7.411.44-4.022.0390.91-2.317.9863.174.14-18.2945.921.9834.7108.16-0.49-15.11
24Q2 (18)0.98-9.2615.291.500.042.8693.0610.37-13.5360.66-0.16-30.2445.032.976.61108.697.24-28.65
24Q1 (17)1.082.865.881.5012.7820.084.32-2.28-5.9260.76-11.03-16.7243.739.495.86101.35-11.59-16.43
23Q4 (16)1.05-2.789.381.3312.7114.6686.292.49-9.2168.29-11.67-12.7339.9417.16-6.9114.63-10.03-12.09
23Q3 (15)1.0827.0611.341.1812.381.7284.19-21.77-10.1177.31-11.09-1.7234.09-19.29-31.09127.41-16.363.71
23Q2 (14)0.85-16.67-27.971.05-16.0-21.05107.6220.0739.5586.9519.1727.5342.242.25-11.26152.3425.6155.91
23Q1 (13)1.026.25-18.41.257.76-7.4189.63-5.6922.7172.96-6.768.6441.31-3.71-6.35121.28-6.9926.22
22Q4 (12)0.96-1.03-10.281.160.0-4.1395.041.4711.9378.25-0.524.4242.90-13.28-13.37130.406.1518.19
22Q3 (11)0.97-17.8-7.621.16-12.78-7.9493.6621.458.1478.6615.378.8949.473.93-5.93122.8525.7315.61
22Q2 (10)1.18-5.62.611.33-1.48-8.977.125.59-2.2168.181.529.5347.607.91-0.8797.711.694.96
22Q1 (9)1.2516.82-3.11.3511.57-7.5373.04-13.983.967.16-10.388.1144.11-10.924.0896.09-12.916.72
21Q4 (8)1.071.9-1.831.21-3.9714.1584.91-1.961.8274.943.74-12.6949.52-5.8411.86110.333.83-11.69
21Q3 (7)1.05-8.7-0.941.26-13.720.086.619.831.2472.2416.05-17.0452.599.5225.57106.2614.15-18.73
21Q2 (6)1.15-10.8525.01.460.033.9478.8612.18-20.5862.250.21-25.5148.0213.31-5.3293.093.39-29.56
21Q1 (5)1.2918.3511.211.4637.745.870.30-15.7-10.3562.12-27.62-6.1142.38-4.274.5190.04-27.93-13.44
20Q4 (4)1.092.830.01.060.950.083.39-2.520.085.83-1.440.044.275.710.0124.94-4.440.0
20Q3 (3)1.0615.220.01.05-3.670.085.55-13.840.087.084.20.041.88-17.430.0130.75-1.060.0
20Q2 (2)0.92-20.690.01.09-21.010.099.2926.610.083.5726.310.050.7225.080.0132.1527.040.0
20Q1 (1)1.160.00.01.380.00.078.420.00.066.160.00.040.550.00.0104.020.00.0
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)4.5222.166.3028.8380.70-18.357.95-22.2941.03-9.5797.62-23.72
2023 (9)3.70-21.114.89-8.0898.7827.0274.578.5945.3712.08127.9820.78
2022 (8)4.69-7.865.32-2.2177.778.5668.672.2840.481.1105.967.31
2021 (7)5.0914.95.4415.7471.64-12.9667.14-13.4840.04-6.3698.74-15.71
2020 (6)4.43-9.594.70-20.4782.3110.3977.6025.7142.7616.01117.1517.81
2019 (5)4.907.695.91-5.2974.56-7.1561.735.5436.86-6.0799.44-0.11
2018 (4)4.553.646.2411.2380.30-3.458.49-10.0639.24-13.0199.55-3.4
2017 (3)4.39-9.865.61-0.8883.1310.8365.030.945.118.36103.055.34
2016 (2)4.87-9.815.66-3.975.0111.0364.453.9541.6318.1797.833.71
2015 (1)5.40-3.915.89-11.1667.564.0262.0012.635.23-2.0694.3312.26

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