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)3.030.66-9.82181.64-12.5440.4630.02-0.610.940.5013.64-28.5728.5815.249.591.94-66.7815.48
24Q3 (19)3.011.01-11.47207.699.953.530.20-1.1512.810.44-8.33-34.3324.805.85-3.165.84-23.16219.13
24Q2 (18)2.98-12.61-12.09188.9827.0542.3730.5514.3313.70.48-21.31-30.4323.43-8.05-8.447.60310.81287.76
24Q1 (17)3.411.490.0148.7515.0225.0126.72-1.260.150.61-12.86-19.7425.48-2.36.881.8510.12-48.61
23Q4 (16)3.36-1.18-1.18129.32-4.4222.2727.061.081.080.704.48-18.626.081.84-5.611.68-8.216900.0
23Q3 (15)3.400.297.26135.301.939.0426.77-0.37-6.720.67-2.9-8.2225.610.08-9.121.83-6.6346.4
23Q2 (14)3.39-0.593.35132.7411.56-15.9126.870.71-3.030.69-9.2118.9725.597.34-2.741.96-45.56-1.51
23Q1 (13)3.410.29-0.29118.9912.5-25.5526.68-0.340.410.76-11.6333.3323.84-13.72-10.713.6036100.0718.18
22Q4 (12)3.407.264.62105.77-14.76-35.126.77-6.72-4.260.8617.8153.5727.63-1.95-0.75-0.01-100.8-101.47
22Q3 (11)3.17-3.3512.41124.08-21.39-8.7728.703.57-10.920.7325.868.9628.187.11-1.881.25-37.19-70.02
22Q2 (10)3.28-4.0926.15157.85-1.2411.4827.714.29-20.810.581.75-9.3826.31-1.46-10.811.99352.27-67.59
22Q1 (9)3.425.2314.38159.83-1.93-17.826.57-4.97-12.830.571.7921.2826.70-4.09-5.450.44-35.29-83.76
21Q4 (8)3.2515.2510.92162.9819.83-12.927.96-13.22-9.920.56-16.4214.2927.84-3.06-2.280.68-83.69-77.7
21Q3 (7)2.828.46-2.76136.01-3.95-16.732.22-7.922.640.674.6919.6428.72-2.641.844.17-32.0811.2
21Q2 (6)2.60-13.04-4.41141.60-27.1813.9334.9914.84.70.6436.17-12.3329.504.46-2.516.14126.5757.84
21Q1 (5)2.992.058.33194.453.9267.3630.48-1.8-7.50.47-4.08-39.7428.24-0.88-6.272.71-11.15-24.72
20Q4 (4)2.931.030.0187.1114.590.031.04-1.120.00.49-12.50.028.491.030.03.05-18.670.0
20Q3 (3)2.906.620.0163.2831.370.031.39-6.070.00.56-23.290.028.20-6.810.03.75-3.60.0
20Q2 (2)2.72-1.450.0124.296.970.033.421.430.00.73-6.410.030.260.430.03.898.060.0
20Q1 (1)2.760.00.0116.190.00.032.950.00.00.780.00.030.130.00.03.600.00.0
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)13.05-7.12694.9038.2627.967.580.53-27.425.67-0.52.82209.89
2023 (9)14.051.3502.59-8.1225.99-1.220.738.9625.801.610.91-42.77
2022 (8)13.879.13546.98-24.0926.31-8.390.6731.3725.39-7.671.59-8.09
2021 (7)12.717.99720.5718.1428.72-7.380.51-15.027.50-3.851.73-42.52
2020 (6)11.772.71609.9316.0431.01-2.670.60-13.0428.60-6.113.0143.33
2019 (5)11.461.78525.6228.0231.86-1.70.69-22.4730.46-10.992.100
2018 (4)11.265.63410.5815.6132.41-5.320.89-13.5934.223.13-0.920
2017 (3)10.66-2.02355.1485.7534.232.061.03-46.0733.18-2.182.0835.95
2016 (2)10.886.67191.1922.3833.54-6.291.91-18.3833.92-18.011.530
2015 (1)10.207.82156.23-38.6535.79-7.282.3463.6441.370.93-3.250

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