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)1.6215.7133.880.62-21.5240.9156.03-13.56-25.35147.8328.19-28.6315.7717.9570.86188.0912.78-31.09
24Q2 (19)1.4012.933.330.7921.54125.7164.82-11.64-24.93115.32-17.68-55.1713.37-19.41-33.58166.77-15.28-48.44
24Q1 (18)1.240.81-3.130.6520.3796.9773.36-0.913.27140.08-16.65-49.7516.5932.72-55.82196.85-14.26-36.95
23Q4 (17)1.231.6589.230.5422.73-5.2674.03-1.37-47.33168.06-18.864.7812.5035.43-49.72229.59-15.88-16.84
23Q3 (16)1.2115.24116.070.4425.7151.7275.06-13.07-54.19207.12-19.47-33.419.23-54.15-80.48272.94-15.61-36.17
23Q2 (15)1.05-17.978.250.356.06-46.1586.3521.55-7.56257.21-7.7283.9620.13-46.3913.86323.433.5950.05
23Q1 (14)1.2896.9231.960.33-42.11-29.7971.04-49.46-24.63278.7473.7843.0237.5551.0564.84312.2313.0917.22
22Q4 (13)0.6516.07-43.480.5796.5521.28140.55-14.2277.08160.40-48.43-17.7924.86-47.439.47276.09-35.439.66
22Q3 (12)0.56-42.27-41.050.29-55.38-23.68163.8475.470.67311.04122.4629.8347.29167.4852.65427.5898.3740.38
22Q2 (11)0.970.01.040.6538.330.093.41-0.89-1.39139.82-28.26-22.5117.68-22.39-46.15215.55-19.08-11.05
22Q1 (10)0.97-15.6532.880.470.0-17.5494.2518.75-24.12194.89-0.1122.6622.780.31-29.82266.365.796.28
21Q4 (9)1.1521.0543.750.4723.68-48.3579.37-17.32-29.89195.11-18.5694.4322.71-26.6931.8251.78-17.3428.24
21Q3 (8)0.95-1.04-3.060.38-24.0-55.8196.001.343.13239.5732.78126.2930.98-5.64120.34304.5925.6964.72
21Q2 (7)0.9631.51-11.930.50-12.28-29.5894.73-23.7313.68180.4313.5639.9732.831.1497.53242.33-3.3123.87
21Q1 (6)0.73-8.752.820.57-37.3616.33124.219.72-2.86158.8958.34-14.9832.4688.3959.67250.6327.66-14.88
20Q4 (5)0.80-18.37-33.880.915.8133.82113.2121.6149.99100.35-5.21-25.1217.2322.5533.98196.336.18-0.16
20Q3 (4)0.98-10.090.00.8621.130.093.0911.710.0105.87-17.870.014.06-15.40.0184.91-5.480.0
20Q2 (3)1.0953.520.00.7144.90.083.33-34.830.0128.91-31.020.016.62-18.250.0195.63-33.560.0
20Q1 (2)0.71-41.320.00.49-27.940.0127.8769.410.0186.8939.450.020.3358.090.0294.4449.740.0
19Q4 (1)1.210.00.00.680.00.075.480.00.0134.020.00.012.860.00.0196.640.00.0
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)5.9031.991.84-2.6561.87-24.16198.412.9228.01-3.05232.27-5.37
2022 (9)4.4747.041.89-6.4481.58-32.01192.786.5728.89-1.5245.46-9.61
2021 (8)3.04-22.052.02-32.44119.9828.28180.8948.2729.3382.74271.5536.13
2020 (7)3.90-14.12.9945.1593.5316.23122.00-31.2816.0541.04199.48-19.11
2019 (6)4.5449.342.0668.8580.47-32.99177.53-40.8911.38-46.95246.62-38.19
2018 (5)3.04-31.841.22-28.65120.0946.72300.3441.0921.45-20.88398.9949.09
2017 (4)4.46-0.891.711.1881.851.01212.87-1.6427.11-11.69267.610.32
2016 (3)4.50-6.641.6911.9281.036.96216.42-10.6530.7010.67266.76-8.09
2015 (2)4.8212.881.51-5.0375.76-11.38242.215.8127.7424.34290.24-0.64
2014 (1)4.27-8.761.5932.585.499.69228.92-24.5622.31-33.34292.10-16.04

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