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)0.68-2.867.941.2724.5136.56133.562.68-7.0671.45-20.21-27.261.32-5.55-4.53143.70-7.12-19.09
24Q3 (19)0.7012.91.451.0218.627.5130.08-10.69-1.2589.55-15.12-21.064.92-15.1812.22154.71-11.4-17.37
24Q2 (18)0.623.333.330.86-2.2721.13145.65-3.52-4.59105.501.91-17.8776.54-0.9211.57174.61-1.48-17.83
24Q1 (17)0.60-4.765.260.88-5.3841.94150.975.05-5.86103.525.48-29.3277.2520.27-25.31177.24-0.21-12.86
23Q4 (16)0.63-8.7-1.560.9316.2525.68143.719.091.1398.14-13.42-20.7364.2311.03-39.37177.61-5.1411.03
23Q3 (15)0.6915.00.00.8012.68-10.11131.73-13.70.3113.35-11.7611.057.85-15.67-36.21187.23-11.931.15
23Q2 (14)0.605.26-26.830.7114.52-19.32152.65-4.8137.14128.46-12.2923.7168.60-33.67-16.42212.514.4859.7
23Q1 (13)0.57-10.94-17.390.62-16.22-15.07160.3712.8621.94146.4618.316.86103.43-2.3614.95203.4027.1621.89
22Q4 (12)0.64-7.25-5.880.74-16.854.23142.108.26.5123.8021.23-3.67105.9316.819.37159.9612.05-7.65
22Q3 (11)0.69-15.85-15.850.891.1418.67131.3317.9917.93102.12-1.66-15.790.6910.4910.56142.767.28-5.12
22Q2 (10)0.8218.8454.720.8820.5569.23111.31-15.37-35.13103.84-17.15-40.2482.08-8.78-43.33133.07-20.26-33.63
22Q1 (9)0.691.4725.450.732.82-2.67131.52-1.43-19.8125.33-2.483.6489.981.4-32.75166.87-3.6610.42
21Q4 (8)0.68-17.07-9.330.71-5.33-44.53133.4319.8210.01128.526.0980.9988.748.189.27173.2115.1155.9
21Q3 (7)0.8254.7257.690.7544.23-26.47111.36-35.1-36.51121.14-30.2836.3482.03-43.36-20.74150.47-24.96-6.39
21Q2 (6)0.53-3.64-35.370.52-30.67-69.05171.594.6355.27173.7643.69220.12144.838.24107.49200.5132.68111.09
21Q1 (5)0.55-26.6712.240.75-41.41-30.56163.9935.2-10.85120.9370.343.11133.8064.7622.85151.1236.02-5.27
20Q4 (4)0.7544.230.01.2825.490.0121.29-30.850.071.01-20.080.081.21-21.540.0111.10-30.880.0
20Q3 (3)0.52-36.590.01.02-39.290.0175.3958.710.088.8563.690.0103.5048.280.0160.7469.220.0
20Q2 (2)0.8267.350.01.6855.560.0110.51-39.920.054.28-35.760.069.80-35.910.094.99-40.460.0
20Q1 (1)0.490.00.01.080.00.0183.940.00.084.500.00.0108.910.00.0159.530.00.0
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)2.6217.494.4257.3139.54-14.6282.60-36.3568.96-31.12153.18-20.68
2023 (9)2.23-24.412.81-10.79163.4432.19129.7811.94100.1114.74193.1126.77
2022 (8)2.9519.433.15-4.55123.64-16.34115.944.8487.25-13.84152.33-3.05
2021 (7)2.47-5.363.30-27.79147.795.72110.5938.45101.261.44157.1231.1
2020 (6)2.61-11.534.57-3.79139.7912.8879.883.8699.8229.79119.85-3.22
2019 (5)2.95-16.194.7511.5123.8419.5876.91-10.2776.912.96123.848.1
2018 (4)3.5211.044.2633.12103.56-9.9585.71-24.8274.70-28.24114.56-8.29
2017 (3)3.17-17.453.202.89115.0020.85114.01-2.88104.091.16124.9113.92
2016 (2)3.84-1.793.110.6595.161.84117.39-0.63102.907.34109.65-5.24
2015 (1)3.9103.09093.440118.13095.860115.710

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