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
24Q3 (20)1.23-14.58-14.580.39-30.36-37.173.9517.1816.94235.6845.8659.4455.1041.0318.44254.5437.1354.71
24Q2 (19)1.44-21.74-11.110.567.69-11.1163.1127.4912.48161.58-7.2212.1539.07-20.331.67185.626.3114.76
24Q1 (18)1.8420.2654.620.5218.1818.1849.50-16.83-35.5174.15-15.06-16.4949.04-28.65-13.03174.60-10.83-23.72
23Q4 (17)1.536.25-11.560.44-29.03-26.6759.52-5.8812.9205.0238.734.6768.7347.7488.3195.8119.0116.24
23Q3 (16)1.44-11.1121.010.62-1.5944.1963.2412.71-17.54147.822.6-29.6346.5221.05-30.76164.531.72-25.06
23Q2 (15)1.6236.1310.20.6343.1816.6756.11-26.89-9.31144.07-30.91-15.1238.43-31.85-50.67161.75-29.335.22
23Q1 (14)1.19-31.21-27.440.44-26.67-26.6776.7545.5838.34208.5336.9737.0756.3954.49-22.68228.8935.8769.94
22Q4 (13)1.7345.386.130.6039.5317.6552.72-31.26-5.37152.24-27.52-15.136.50-45.68-61.56168.46-23.2720.28
22Q3 (12)1.19-19.05-30.410.43-20.37-25.8676.6923.9543.72210.0523.7534.1867.19-13.75-26.12219.5442.8284.56
22Q2 (11)1.47-10.37-6.370.54-10.0-22.8661.8711.526.62169.7411.5830.477.906.8128.74153.7214.1320.39
22Q1 (10)1.640.6124.240.6017.65-15.4955.48-0.41-19.24152.13-15.1618.8572.93-23.227.01134.69-3.83-3.3
21Q4 (9)1.63-4.68-1.810.51-12.07-36.2555.714.41.57179.3114.5558.3994.964.4164.72140.0617.7526.84
21Q3 (8)1.718.92-11.860.58-17.14-22.6753.36-8.0513.87156.5420.2629.390.9550.3168.49118.95-6.844.39
21Q2 (7)1.5718.9418.050.70-1.4122.8158.03-15.53-14.94130.171.7-18.760.515.38-19.22127.68-8.33-16.78
21Q1 (6)1.32-20.4823.360.71-11.251.4368.7025.25-18.84128.0013.06-1.8757.42-0.4-31.46139.2826.146.07
20Q4 (5)1.66-14.4311.410.806.67-18.3754.8517.05-10.3113.21-6.4921.4857.656.8-12.27110.42-3.124.57
20Q3 (4)1.9445.860.00.7531.580.046.86-31.310.0121.07-24.390.053.98-27.940.0113.95-25.730.0
20Q2 (3)1.3324.30.00.57-18.570.068.22-19.410.0160.1222.750.074.91-10.590.0153.4316.850.0
20Q1 (2)1.07-28.190.00.70-28.570.084.6538.430.0130.4439.970.083.7827.50.0131.3148.140.0
19Q4 (1)1.490.00.00.980.00.061.150.00.093.190.00.065.710.00.088.640.00.0
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)6.42-5.172.06-18.956.865.51177.0023.0453.40-1.78180.4725.88
2022 (9)6.7758.182.5428.2853.89-36.87143.85-22.0254.37-37.05143.37-21.85
2021 (8)4.28-2.731.98-36.9485.372.82184.4758.8886.3724.72183.4641.24
2020 (7)4.40-1.123.14-3.9883.031.15116.113.8969.25-27.52129.8932.14
2019 (6)4.45-15.083.27-22.1482.0917.91111.7628.795.542.6198.3055.17
2018 (5)5.24-16.834.20-15.8369.6220.1886.8418.8393.1126.8763.359.96
2017 (4)6.30-4.554.993.9657.934.8373.08-3.8973.39-9.9157.6115.57
2016 (3)6.6014.384.8033.755.26-12.6576.04-25.281.46-24.8949.85-11.71
2015 (2)5.77-16.013.59-8.1863.2619.04101.668.98108.4617.856.463.88
2014 (1)6.873.623.9112.6853.14-3.493.28-11.2292.07-7.4954.35-10.25

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