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)2.3044.6519.791.4282.0579.7539.57-30.75-16.6964.03-44.98-44.3318.83-55.86-54.984.78-35.21-29.79
24Q3 (19)1.59-14.0524.220.78-4.8885.7157.1415.88-19.6116.385.06-46.4742.66-0.4-38.3130.8611.61-40.34
24Q2 (18)1.8549.1924.160.8278.2690.749.31-33.02-19.4110.78-44.01-47.7442.83-43.31-29.05117.25-40.16-44.9
24Q1 (17)1.24-35.42-12.060.46-41.7727.7873.6254.9914.48197.8772.05-22.6575.5580.9621.21195.9362.25-24.0
23Q4 (16)1.9250.051.180.7988.1146.8847.50-33.16-33.58115.01-47.1-59.9541.75-39.62-48.05120.76-44.95-56.61
23Q3 (15)1.28-14.090.00.42-2.3316.6771.0716.17-0.29217.422.56-13.9469.1414.53-31.07219.353.07-1.91
23Q2 (14)1.495.67-19.460.4319.44-4.4461.18-4.8724.05211.99-17.134.7660.37-3.14-37.5212.81-17.4537.23
23Q1 (13)1.4111.02-51.550.3612.5-38.9864.31-10.07105.86255.82-10.9166.3162.33-22.45-21.73257.81-7.36144.53
22Q4 (12)1.27-0.78-63.290.32-11.11-54.9371.510.32171.9287.1613.66123.4780.37-19.8715.42278.3024.45226.76
22Q3 (11)1.28-30.81-55.090.36-20.0-47.8371.2844.53123.38252.6524.8692.29100.303.8442.92223.6344.21140.18
22Q2 (10)1.85-36.43-28.850.45-23.73-57.9449.3257.8741.16202.3531.55138.3796.5921.346.04155.0747.08188.82
22Q1 (9)2.91-15.9-7.910.59-16.9-58.1631.2418.788.32153.8219.7139.079.6314.3630.46105.4323.79227.93
21Q4 (8)3.4621.418.490.712.9-47.0126.30-17.58-15.46128.50-2.289.4769.63-0.7813.4685.17-8.53126.7
21Q3 (7)2.859.62-11.210.69-35.51-50.031.91-8.6712.6131.3954.7899.6870.186.1164.0193.1173.4281.32
21Q2 (6)2.60-17.7218.181.07-24.1150.734.9421.15-15.3884.8931.9-34.0366.148.369.4953.6967.0-51.0
21Q1 (5)3.168.2242.341.415.2276.2528.84-7.3-29.5464.36-5.1-43.2261.04-0.54-20.932.15-14.43-58.31
20Q4 (4)2.92-9.030.01.34-2.90.031.119.770.067.823.070.061.3743.420.037.57-26.840.0
20Q3 (3)3.2145.910.01.3894.370.028.34-31.360.065.80-48.870.042.79-29.170.051.35-53.130.0
20Q2 (2)2.20-0.90.00.71-11.250.041.290.880.0128.6813.530.060.41-21.720.0109.5742.10.0
20Q1 (1)2.220.00.00.800.00.040.930.00.0113.340.00.077.170.00.077.110.00.0
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)7.129.883.3258.8551.25-9.03109.97-37.1642.28-26.32118.94-31.62
2023 (9)6.48-19.02.0919.4356.3423.5174.99-16.2457.38-22.63173.94-3.58
2022 (8)8.00-38.321.75-46.1545.6262.12208.9386.0174.16-8.27180.39202.62
2021 (7)12.9724.473.25-20.5428.14-19.69112.3225.8180.850.0959.6136.88
2020 (6)10.4233.424.09-7.0535.04-25.0389.287.5180.7830.5643.55-35.87
2019 (5)7.81-20.474.40-21.8546.7425.7883.0428.0161.8738.8267.9118.17
2018 (4)9.82-10.815.6318.2837.1612.0664.87-15.3944.57-9.357.47-5.31
2017 (3)11.0114.094.760.4233.16-12.3276.67-0.4449.14-14.1160.695.33
2016 (2)9.6524.364.74-2.4737.82-19.6377.012.5757.21-19.5957.6213.0
2015 (1)7.767.034.86-9.6747.06-6.5575.0810.6171.15-10.6550.9932.06

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