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)1.3725.6921.240.7520.97-23.4766.44-20.29-17.51122.00-16.9131.6546.85-15.37-2.27141.58-19.0113.02
24Q3 (19)1.0925.2928.240.623.33-20.5183.35-20.44-22.02146.83-2.8526.255.36-12.216.36174.82-9.342.13
24Q2 (18)0.874.82-13.00.60-15.49-20.0104.77-3.9114.93151.1318.4424.2263.06-6.7416.0192.8414.1121.7
24Q1 (17)0.83-26.55-2.350.71-27.55-16.47109.0335.371.82127.6037.6918.5967.6241.0519.7169.0034.916.83
23Q4 (16)1.1332.943.670.9825.64-2.080.54-24.64-3.7292.67-20.351.9947.94-7.9-14.12125.27-26.825.54
23Q3 (15)0.85-15.0-6.590.784.0-22.0106.8817.246.66116.35-4.3628.252.05-4.25-22.69171.188.0338.46
23Q2 (14)1.0017.65-9.090.75-11.76-42.7591.16-14.8710.52121.6613.0775.3554.36-3.770.95158.460.1761.68
23Q1 (13)0.85-22.02-6.590.85-15.0-22.73107.0828.017.29107.6018.4229.9456.491.22.39158.1933.2824.13
22Q4 (12)1.0919.78-12.81.000.0-10.7183.65-16.5314.4690.860.1112.1655.82-17.0927.76118.69-4.07.51
22Q3 (11)0.91-17.27-18.751.00-23.6620.48100.2121.522.9790.7630.82-17.5967.3325.0352.78123.6326.14-16.21
22Q2 (10)1.1020.881.851.3119.0943.9682.48-17.35-1.8969.38-16.22-30.4953.85-2.3935.5198.01-23.09-32.0
22Q1 (9)0.91-27.2-9.01.10-1.7922.2299.8036.569.5782.812.22-18.3355.1726.2840.1127.4415.43-16.75
21Q4 (8)1.2511.616.841.1234.9433.3373.08-10.32-5.7981.01-26.44-25.1243.69-0.861.35110.40-25.17-22.61
21Q3 (7)1.123.75.660.83-8.79-33.0681.49-3.07-5.41110.1310.3349.844.0710.91.01147.542.3627.13
21Q2 (6)1.088.077.050.911.11-35.9284.07-7.7-43.7499.82-1.5555.3439.740.91-48.74144.14-5.855.87
21Q1 (5)1.00-14.5353.850.907.14-60.3591.0817.42-34.76101.39-6.29153.4739.38-8.65-26.84153.097.3221.71
20Q4 (4)1.1710.380.00.84-32.260.077.57-9.960.0108.1947.160.043.11-1.190.0142.6522.920.0
20Q3 (3)1.0673.770.01.24-12.680.086.15-42.350.073.5214.410.043.63-43.730.0116.05-14.760.0
20Q2 (2)0.61-6.150.01.42-37.440.0149.437.030.064.2660.650.077.5344.030.0136.158.240.0
20Q1 (1)0.650.00.02.270.00.0139.610.00.040.000.00.053.830.00.0125.780.00.0
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)3.598.132.75-20.75101.73-7.43132.6226.2666.644.71167.7010.85
2023 (9)3.32-6.483.47-16.39109.896.98105.0419.3863.6413.42151.2912.4
2022 (8)3.55-2.474.1510.37102.722.3587.99-9.4856.114.47134.60-6.44
2021 (7)3.6418.953.76-18.44100.36-15.8397.2022.8853.7110.17143.86-3.83
2020 (6)3.06-20.14.61-52.38119.2425.2579.10109.7648.7511.45149.5967.74
2019 (5)3.83-1.039.68-9.1195.200.937.7110.0743.7416.8989.18-2.2
2018 (4)3.87-27.810.65-30.8994.3538.6134.2644.6837.4252.4291.1935.68
2017 (3)5.36-5.815.4126.3168.076.1123.68-20.8324.55-12.5167.211.82
2016 (2)5.69012.20064.15029.91028.06066.010

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