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
24Q2 (20)0.91-7.14-12.50.2938.1-6.4599.527.4613.3316.39-25.847.7642.2891.661.76373.63-24.859.92
24Q1 (19)0.9812.64-6.670.21-25.0-41.6792.61-11.456.93426.6432.4866.7322.0625.13-32.41497.1921.5660.46
23Q4 (18)0.87-11.22-22.320.287.69-31.71104.5913.1229.28322.05-7.0944.9817.63-46.2-24.59409.010.6646.25
23Q3 (17)0.98-5.77-18.330.26-16.1323.8192.465.2621.48346.6418.06-20.8332.77-21.13-37.34406.3219.54-11.99
23Q2 (16)1.04-0.95-14.750.31-13.89-36.7387.841.4217.81293.6114.7557.2941.5527.3107.75339.909.740.9
23Q1 (15)1.05-6.25-17.970.36-12.216.1386.617.0621.75255.8815.19-14.2132.6439.6140.75309.8510.8-10.5
22Q4 (14)1.12-6.67-9.680.4195.2424.2480.906.2910.53222.14-49.27-19.7123.38-55.332.54279.66-39.43-15.82
22Q3 (13)1.20-1.642.560.21-57.14-32.2676.112.08-2.37437.87134.5749.952.30161.5122.08461.6891.3933.23
22Q2 (12)1.22-4.69-3.940.4958.0636.1174.564.814.24186.67-37.41-25.7120.00-13.76-36.37241.23-30.32-17.21
22Q1 (11)1.283.231.590.31-6.0610.7171.14-2.8-1.47298.267.81-9.8223.1931.46-33.91346.204.21-5.89
21Q4 (10)1.245.9813.760.336.4537.573.19-6.12-11.99276.66-5.29-25.617.64-25.1-31.2332.21-4.13-22.62
21Q3 (9)1.17-7.87-3.310.31-13.89-29.5577.968.993.86292.1116.2541.6523.55-25.0753.22346.5318.9330.32
21Q2 (8)1.270.7924.510.3628.572.8671.53-0.93-19.54251.28-24.02-3.1131.43-10.4350.89291.38-20.79-11.01
21Q1 (7)1.2615.66.780.2816.67-37.7872.20-13.18-6.75330.74-11.0564.9335.0936.8678.85367.85-14.3242.38
20Q4 (6)1.09-9.92-12.10.24-45.45-52.9483.1610.7913.65371.8380.31108.0425.6466.8215.44429.3461.4686.91
20Q3 (5)1.2118.6311.010.4425.710.075.06-15.57-9.91206.22-20.49-0.0215.37-26.21-31.48265.91-18.79-0.46
20Q2 (4)1.02-13.560.00.35-22.220.088.9014.810.0259.3529.330.020.836.170.0327.4226.740.0
20Q1 (3)1.18-4.840.00.45-11.760.077.435.820.0200.5312.20.019.62-11.660.0258.3512.470.0
19Q4 (2)1.2413.760.00.5115.910.073.17-12.180.0178.73-13.350.022.21-0.980.0229.70-14.020.0
19Q3 (1)1.090.00.00.440.00.083.320.00.0206.270.00.022.430.00.0267.150.00.0
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)4.32-7.491.18-13.8784.548.12310.0416.2519.61-10.25374.9716.08
2022 (9)4.67-10.191.373.7978.1911.38266.70-3.6221.8526.08323.04-1.99
2021 (8)5.209.241.32-9.5970.20-8.45276.7210.3317.33-16.0329.607.4
2020 (7)4.76-15.61.46-25.1376.6818.57250.8234.2720.6313.1306.8831.57
2019 (6)5.64-17.061.95-19.0964.6720.52186.8023.4618.24103.8233.2418.99
2018 (5)6.807.942.4144.3153.66-7.43151.31-30.978.95-53.79196.01-23.96
2017 (4)6.30-5.691.67-18.5457.976.13219.1823.0219.37-60.77257.7840.56
2016 (3)6.68-44.662.05-28.3254.6280.62178.1639.3849.38-24.24183.4097.44
2015 (2)12.07-52.082.86-22.4930.24108.7127.8229.0565.189.2992.8972.34
2014 (1)25.1903.69014.49099.05059.64053.900

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