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)0.53-8.62-28.380.88-3.3-27.27171.949.1338.99103.323.4937.139.58-5.47.79235.679.3345.16
24Q3 (19)0.5828.89-9.380.911.110.0157.56-21.5111.2999.84-1.26-0.341.84-12.38.9215.56-15.186.04
24Q2 (18)0.45-16.67-33.820.90-10.89-15.09200.7418.4750.62101.1111.6717.7247.71-1.6790.23254.1320.1730.93
24Q1 (17)0.54-27.03-18.181.01-16.5324.69169.4536.9723.0990.5420.14-19.0248.5232.1479.84211.4830.26-4.95
23Q4 (16)0.7415.621.371.2132.9761.33123.71-12.62-0.8375.36-24.75-37.936.72-4.4224.05162.35-20.14-25.01
23Q3 (15)0.64-5.88-5.880.91-14.1531.88141.576.225.85100.1416.59-24.4238.4253.194.09203.294.74-11.36
23Q2 (14)0.683.03-12.821.0630.8634.18133.28-3.1814.0785.89-23.18-25.8825.08-7.04-17.53194.09-12.76-4.06
23Q1 (13)0.66-9.5910.00.818.024.62137.6610.36-9.85111.81-7.86-20.0326.98-8.85-16.91222.492.77-14.44
22Q4 (12)0.737.3528.070.758.729.31124.74-6.74-22.37121.35-8.42-22.0529.60-19.8-24.49216.49-5.6-21.89
22Q3 (11)0.68-12.8211.480.69-12.6613.11133.7514.47-10.45132.5014.34-11.1236.9121.37-14.14229.3413.36-10.22
22Q2 (10)0.7830.065.960.7921.5427.42116.84-23.48-39.24115.88-17.12-21.6830.41-6.34-38.38202.31-22.2-30.46
22Q1 (9)0.605.2630.430.6512.07-21.69152.70-4.97-22.38139.81-10.1926.8932.47-17.17-20.92260.05-6.17-2.18
21Q4 (8)0.57-6.5614.00.58-4.92-32.56160.697.59-11.64155.674.4247.2339.20-8.82-7.31277.168.512.99
21Q3 (7)0.6129.795.170.61-1.61-43.52149.36-22.33-4.62149.080.7676.5342.99-12.8921.47255.45-12.224.22
21Q2 (6)0.472.17-28.790.62-25.3-39.81192.31-2.2440.16147.9634.2966.7749.3520.1940.48290.939.4452.48
21Q1 (5)0.46-8.0-25.810.83-3.49-2.35196.728.1834.47110.184.212.441.06-2.91-8.41265.848.3827.16
20Q4 (4)0.50-13.790.00.86-20.370.0181.8516.130.0105.7325.20.042.2919.50.0245.2919.280.0
20Q3 (3)0.58-12.120.01.084.850.0156.5914.120.084.45-4.810.035.390.740.0205.657.780.0
20Q2 (2)0.666.450.01.0321.180.0137.21-6.210.088.72-17.550.035.13-21.640.0190.80-8.730.0
20Q1 (1)0.620.00.00.850.00.0146.290.00.0107.600.00.044.830.00.0209.060.00.0
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)2.21-7.533.743.6165.338.2697.62-3.3543.3123.11219.650.51
2023 (9)2.39-19.533.6121.14152.7224.39101.00-17.6735.1824.8218.540.58
2022 (8)2.9744.882.989.16122.78-31.07122.68-8.1828.19-28.18217.27-20.26
2021 (7)2.05-14.942.73-19.71178.1317.62133.6124.5339.25-12.35272.4927.36
2020 (6)2.41-10.413.4012.96151.4411.51107.29-11.5444.78-16.11213.965.02
2019 (5)2.69-14.063.01-8.79135.8116.42121.299.5953.3816.86203.7312.15
2018 (4)3.13-21.163.3017.86116.6626.78110.68-15.0745.68-27.93181.6614.28
2017 (3)3.97-8.742.8013.3692.029.63130.32-11.7463.38-39.82158.9625.88
2016 (2)4.35-8.422.47-55.8983.949.13147.65126.67105.3115.59126.28147.8
2015 (1)4.75-35.025.60-79.3576.9254.0265.14383.9591.11323.9650.9621.59

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