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
24Q3 (20)1.81-19.9126.570.15-25.0-28.5750.3124.9-21.09588.9230.7634.073.88-32.76-92.75635.3631.0341.35
24Q2 (19)2.2624.8666.180.2025.0-23.0840.28-19.76-39.86450.39-23.0230.915.77-35.39-81.96484.90-22.5827.93
24Q1 (18)1.81-10.424.830.1614.29-36.050.2011.46-19.99585.05-9.2258.938.93-83.57-73.74626.33-1.3857.83
23Q4 (17)2.0241.264.120.14-33.33-66.6745.04-29.36-3.82644.4446.71195.7254.361.61294.48635.1241.29153.06
23Q3 (16)1.435.15-25.130.21-19.23-40.063.76-4.8133.5439.2527.6766.5853.5067.24223.46449.5018.5952.41
23Q2 (15)1.36-6.21-47.690.264.0-18.7566.986.7691.26344.05-6.5420.8231.99-5.91-4.54379.03-4.4932.39
23Q1 (14)1.45-25.2621.850.25-40.48-16.6762.7433.97-18.18368.1168.9222.5134.00146.73-12.28396.8558.1217.27
22Q4 (13)1.941.57-4.90.4220.027.2746.83-1.954.98217.92-17.36-22.013.78-16.69-61.7250.98-14.9-12.85
22Q3 (12)1.91-26.5475.230.359.3720.6947.7636.38-43.04263.69-7.4-16.8116.54-50.64-66.25294.923.01-16.17
22Q2 (11)2.60118.49130.090.326.67-3.0335.02-54.33-56.33284.77-5.232.0833.51-13.54-36.95286.29-15.4-6.45
22Q1 (10)1.19-41.67-28.740.30-9.0925.076.6871.8941.03300.487.55-20.4538.767.73-57.72338.4017.5-0.59
21Q4 (9)2.0487.16-14.290.3313.79-10.8144.61-46.816.6279.38-11.8613.4935.98-26.59-52.89288.00-18.1438.42
21Q3 (8)1.09-3.54-55.870.29-12.12-9.3883.854.56127.54316.9613.629.949.01-7.79-30.52351.8014.9638.11
21Q2 (7)1.13-32.34145.650.3337.5200.080.1947.49-59.41278.97-26.14-66.4253.15-42.02-15.73306.02-10.11-68.3
21Q1 (6)1.67-29.832.450.24-35.14-22.5854.3742.11-2.39377.7253.4429.7291.6720.03290.58340.4263.625.26
20Q4 (5)2.38-3.64122.430.3715.62117.6538.263.83-55.05246.17-14.64-52.976.378.2633.07208.06-18.32-62.2
20Q3 (4)2.47436.960.00.32190.910.036.85-81.350.0288.40-65.290.070.5411.840.0254.72-73.610.0
20Q2 (3)0.46-71.780.00.11-64.520.0197.57254.70.0830.80185.310.063.07168.730.0965.30198.470.0
20Q1 (2)1.6352.340.00.3182.350.055.70-34.560.0291.19-44.280.023.47-59.10.0323.42-41.240.0
19Q4 (1)1.070.00.00.170.00.085.120.00.0522.640.00.057.390.00.0550.380.00.0
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)6.4915.280.90-40.056.28-13.16406.5667.1816.33-23.04446.5155.7
2022 (9)5.633.111.5019.0564.81-3.11243.19-16.2621.22-59.0286.78-6.14
2021 (8)5.46-32.841.2612.566.8948.98290.40-11.1851.75-19.56305.54-0.65
2020 (7)8.1315.651.1255.5644.90-13.5326.97-35.264.33-15.18307.55-36.02
2019 (6)7.0313.570.7238.4651.91-11.93504.62-28.7175.84-32.84480.69-26.49
2018 (5)6.19-7.890.52-52.2958.948.47707.85112.14112.93132.37653.8792.64
2017 (4)6.7285.121.0965.1554.34-45.92333.67-39.7148.60-69.79339.42-31.17
2016 (3)3.63-44.920.66-74.22100.4881.47553.48287.97160.86490.31493.10188.73
2015 (2)6.59-20.982.5639.1355.3726.5142.66-27.9827.25165.08170.78-26.25
2014 (1)8.34-7.641.84-31.8543.778.29198.0846.7310.28907.84231.5732.78

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