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
24Q3 (20)2.68-11.553.880.63-4.555.033.9112.73-3.86145.485.46-3.6457.1910.2637.15122.205.19-15.47
24Q2 (19)3.038.2111.40.6611.8632.030.08-7.59-10.1137.95-10.47-23.8651.875.09-8.7116.17-15.38-26.39
24Q1 (18)2.8011.118.950.59-4.8425.5332.55-9.98-8.15154.094.64-21.1649.3624.43-26.61137.28-4.49-16.1
23Q4 (17)2.52-2.331.20.623.3324.036.162.52-1.23147.26-2.46-18.7639.67-4.87-41.61143.74-0.57-4.13
23Q3 (16)2.58-5.150.390.6020.013.2135.275.41-0.4150.98-16.67-12.0841.70-26.6-39.05144.56-8.44.2
23Q2 (15)2.725.844.620.506.386.3833.46-5.59-4.37181.18-7.3-6.8356.81-15.54-31.95157.82-3.558.12
23Q1 (14)2.573.21-8.870.47-6.0-2.0835.44-3.29.82195.447.822.0667.26-1.0-29.24163.639.1327.12
22Q4 (13)2.49-3.11-14.430.50-5.66-13.7936.613.3917.23181.275.5615.4467.94-0.7-23.71149.948.0851.15
22Q3 (12)2.57-1.15-13.470.5312.77-23.1935.411.215.64171.73-11.6929.4968.42-18.04-10.06138.73-4.9659.13
22Q2 (11)2.60-7.8-12.750.47-2.08-33.834.998.4314.5194.461.5552.1483.48-12.1728.61145.9713.456.15
22Q1 (10)2.82-3.09-1.740.48-17.24-25.032.273.331.8191.5021.9635.1995.056.7358.65128.7229.7613.47
21Q4 (9)2.91-2.02-4.90.58-15.94-4.9231.231.994.97157.0218.44.6989.0617.0839.7599.2013.79-14.48
21Q3 (8)2.97-0.34-8.330.69-2.827.8130.620.28.93132.623.76-6.0476.0717.1919.3887.18-6.74-17.4
21Q2 (7)2.983.83-7.170.7110.944.4130.56-3.67.68127.82-9.76-4.8364.918.3543.6493.48-17.6-20.44
21Q1 (6)2.87-6.219.130.644.9239.1331.706.55-8.38141.65-5.55-28.6759.91-5.9923.65113.44-2.2-38.59
20Q4 (5)3.06-5.56-4.380.61-4.6927.0829.755.834.5149.986.26-20.1363.730.0226.52115.999.9-30.08
20Q3 (4)3.240.930.00.64-5.880.028.11-0.950.0141.145.090.063.7241.00.0105.54-10.180.0
20Q2 (3)3.2122.050.00.6847.830.028.38-17.980.0134.31-32.360.045.19-6.730.0117.50-36.40.0
20Q1 (2)2.63-17.810.00.46-4.170.034.6021.530.0198.585.750.048.45-3.810.0184.7411.360.0
19Q4 (1)3.200.00.00.480.00.028.470.00.0187.790.00.050.370.00.0165.890.00.0
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)10.30-2.652.328.4135.442.75157.65-7.5552.05-30.14141.048.06
2022 (9)10.58-16.432.14-12.6534.4919.67170.5314.3774.513.63130.5223.09
2021 (8)12.66-1.632.456.0628.821.59149.11-5.571.9043.66106.04-22.09
2020 (7)12.872.472.317.9428.37-2.37157.79-7.4950.05-23.38136.101.33
2019 (6)12.56-2.862.14-14.429.062.9170.5616.9765.32-9.11134.3131.46
2018 (5)12.93-11.442.50-26.0428.2413.01145.8135.0371.8737.55102.1726.57
2017 (4)14.605.493.38-2.8724.99-5.23107.982.8652.25-6.7880.727.2
2016 (3)13.845.253.481.1626.37-5.01104.98-1.1456.05-10.9975.306.1
2015 (2)13.153.873.44-8.9927.76-3.71106.199.9662.971.0170.9712.56
2014 (1)12.66-8.193.780.5328.838.8796.57-0.6462.34-4.9363.058.54

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