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)1.0814.8920.00.6328.5728.5784.19-13.44-17.07145.34-21.4-22.0295.34-6.12-11.97134.19-25.7-25.28
24Q1 (19)0.9414.6314.630.4919.5125.6497.26-12.65-12.41184.91-15.95-20.15101.56-8.45-23.55180.61-18.06-13.91
23Q4 (18)0.82-5.755.130.41-8.892.5111.356.21-4.45219.997.69-2.43110.93-4.49-18.53220.4214.227.08
23Q3 (17)0.87-3.3311.540.45-8.16-4.26104.843.27-9.97204.299.616.27116.157.24-12.66192.987.469.83
23Q2 (16)0.909.767.140.4925.64-14.04101.52-8.57-6.69186.38-19.5216.02108.31-18.47-11.9179.59-14.3922.58
23Q1 (15)0.825.13-6.820.39-2.5-39.06111.04-4.717.83231.582.7162.9132.84-2.4424.44209.781.9151.59
22Q4 (14)0.780.0-25.710.40-14.89-39.39116.530.0735.09225.4717.2963.27136.162.3944.39205.8417.1558.25
22Q3 (13)0.78-7.14-13.330.47-17.54-18.97116.457.0314.56192.2319.6623.22132.988.1720.25175.7019.9219.48
22Q2 (12)0.84-4.55-25.660.57-10.94-22.97108.805.6535.54160.6513.0129.93122.9415.1724.6146.515.8739.22
22Q1 (11)0.88-16.19-2.220.64-3.03-8.57102.9819.381.4142.162.9410.09106.7513.2-5.14138.396.417.12
21Q4 (10)1.0516.672.940.6613.79-41.5986.26-15.14-3.57138.10-11.4770.7994.30-14.73-2.97130.07-11.5577.89
21Q3 (9)0.90-20.35-39.60.58-21.62-67.23101.6526.6466.45156.0026.17204.27110.5912.0857.16147.0539.73250.37
21Q2 (8)1.1325.56-34.30.745.71-56.4780.27-20.96-23.96123.64-4.2515.298.67-12.323.89105.24-10.93-10.75
21Q1 (7)0.90-11.7642.860.70-38.0548.94101.5613.54-29.51129.1359.7-33.47112.5315.78-21.78118.1661.6-39.19
20Q4 (6)1.02-31.547.371.13-36.1618.9589.4546.47-6.4480.8657.71-15.5197.1938.111.0773.1274.22-23.16
20Q3 (5)1.49-13.3717.321.774.1226.4361.07-42.15-15.0351.27-52.23-21.1870.37-25.91-8.1941.97-64.41-30.37
20Q2 (4)1.72173.020.01.70261.70.0105.56-26.740.0107.33-44.70.094.98-33.980.0117.91-39.320.0
20Q1 (3)0.63-33.680.00.47-50.530.0144.0850.70.0194.08102.80.0143.8749.620.0194.30104.180.0
19Q4 (2)0.95-25.20.00.95-32.140.095.6133.030.095.7047.120.096.1625.450.095.1657.860.0
19Q3 (1)1.270.00.01.400.00.071.870.00.065.050.00.076.650.00.060.280.00.0
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)3.731.911.70-22.0297.91-1.94215.3328.81115.494.01197.7526.78
2022 (9)3.660.552.18-28.0599.85-0.3167.1738.96111.0414.02155.9826.76
2021 (8)3.64-31.583.03-33.26100.1545.93120.3049.797.3930.62123.0565.32
2020 (7)5.3229.134.5416.7168.63-22.6180.36-14.3774.56-20.4974.43-16.14
2019 (6)4.12-33.123.89-43.3888.6849.5793.8576.7193.7882.5288.7545.44
2018 (5)6.1631.066.8721.3859.29-23.6353.11-17.5851.38-17.7361.02-23.38
2017 (4)4.7005.66077.64064.44062.45079.640

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