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
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
24Q3 (20)2.0613.8143.060.5450.074.1944.21-12.16-29.89169.57-33.41-42.6237.01-17.61-61.94176.77-32.03-32.36
24Q2 (19)1.81-13.8112.420.3620.0-30.7750.3316.32-11.0254.65-16.6446.9144.92-46.68-38.47260.06-1.6865.77
24Q1 (18)2.104.48-4.980.30-6.25-53.1243.27-4.464.9305.478.96113.2484.24-6.6975.03264.5012.3893.97
23Q4 (17)2.0139.58-22.690.323.23-38.4645.29-28.1829.51280.36-5.1360.4690.28-7.17371.44235.37-9.9323.53
23Q3 (16)1.44-10.56-50.680.31-40.38-11.4363.0611.51102.05295.5270.4914.6997.2533.22368.22261.3366.58-2.53
23Q2 (15)1.61-27.15-11.050.52-18.75108.056.5537.0912.38173.3421.01-51.5973.0051.67138.41156.8815.05-58.47
23Q1 (14)2.21-15.049.320.6423.08137.0441.2517.96-32.75143.25-18.01-57.5848.13151.33-21.73136.36-28.43-59.6
22Q4 (13)2.60-10.9630.00.5248.5792.5934.9712.05-23.23174.72-32.19-47.4519.15-7.8-81.62190.54-28.93-30.43
22Q3 (12)2.9261.3341.750.3540.0-7.8931.21-37.98-29.5257.67-28.037.0720.77-32.17-78.31268.11-29.0241.73
22Q2 (11)1.8122.311.730.25-7.41-39.0250.32-17.97-10.48358.046.0359.5230.62-50.2-72.3377.7411.91122.07
22Q1 (10)1.48-26.0-15.430.270.0-59.0961.3434.6717.94337.691.56143.2461.49-40.98-19.92337.5423.25195.98
21Q4 (9)2.00-2.911.520.27-28.95-62.545.552.89-1.28332.5138.17161.92104.198.8338.38273.8744.77180.03
21Q3 (8)2.0627.1610.750.38-7.32-54.7644.27-21.24-9.65240.657.22121.3795.74-13.444.47189.1711.21106.88
21Q2 (7)1.62-7.43-28.630.41-37.88-56.3856.218.0840.21224.4561.67130.92110.5643.98202.08170.1049.1668.93
21Q1 (6)1.75-11.17-1.130.66-8.338.252.0112.720.97138.839.36-7.4176.791.99188.79114.0416.61-34.78
20Q4 (5)1.975.912.60.72-14.2933.3346.14-5.84-2.45126.9516.78-24.4375.2913.61108.6297.806.96-45.43
20Q3 (4)1.86-18.060.00.84-10.640.049.0022.220.0108.7111.840.066.2781.070.091.44-9.190.0
20Q2 (3)2.2728.250.00.9454.10.040.09-22.170.097.20-35.170.036.6037.650.0100.69-42.420.0
20Q1 (2)1.77-7.810.00.6112.960.051.518.90.0149.94-10.740.026.59-26.320.0174.86-2.430.0
19Q4 (1)1.920.00.00.540.00.047.300.00.0167.990.00.036.090.00.0179.210.00.0
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)7.7827.541.6228.5746.90-21.57225.59-21.9860.69-10.99211.81-24.56
2022 (9)6.10-3.171.26-31.1559.803.25289.1445.0168.18-13.87280.7657.59
2021 (8)6.30-8.961.83-27.6757.929.82199.4038.3579.1637.5178.1627.89
2020 (7)6.9213.632.5327.1452.74-12.03144.13-21.4357.5749.69139.31-32.02
2019 (6)6.094.821.9916.3759.95-4.51183.44-14.2338.46-55.6204.927.84
2018 (5)5.813.21.71-10.062.78-3.18213.8711.5486.62-23.37190.0332.37
2017 (4)5.6311.711.90-30.1564.84-10.52191.7542.78113.0324.9143.5623.49
2016 (3)5.0457.992.7212.472.46-36.74134.30-11.0290.50-12.55116.25-28.24
2015 (2)3.19-10.392.42-17.97114.5411.82150.9322.18103.499.73161.9923.06
2014 (1)3.56-11.02.95-6.94102.4312.39123.537.1694.3123.17131.641.39

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