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)0.5918.09.262.1022.8125.0154.48-14.84-8.5343.32-18.6-20.25101.41-9.83-11.0796.39-21.08-11.71
24Q2 (19)0.5028.216.381.7123.0216.33181.40-22.77-7.053.22-18.52-14.3112.47-18.3-17.39122.14-24.850.93
24Q1 (18)0.39-26.42-11.361.39-20.11-4.14234.8736.4513.3865.3224.613.88137.6722.9-6.02162.5344.4531.55
23Q4 (17)0.53-1.85-3.641.743.570.0172.131.923.8452.42-3.50.15112.02-1.76-10.71112.523.0621.46
23Q3 (16)0.5414.89-11.481.6814.29-8.7168.89-13.4113.4654.32-12.539.56114.03-16.242.47109.18-9.7825.28
23Q2 (15)0.476.82-6.01.471.38-2.0195.05-5.847.6762.10-1.242.22136.14-7.074.77121.01-2.068.08
23Q1 (14)0.44-20.0-26.671.45-16.67-26.02207.1524.9736.9862.8820.1435.4146.4916.7647.2123.5533.3725.88
22Q4 (13)0.55-9.84-16.671.74-5.43-6.45165.7611.3619.9452.345.577.25125.4612.7426.692.646.35.39
22Q3 (12)0.6122.03.391.8422.6728.67148.85-17.83-3.0749.58-18.39-22.2111.28-14.36-2.9387.15-22.16-15.11
22Q2 (11)0.50-16.67-5.661.50-23.4726.05181.1519.785.3660.7530.81-20.39129.9430.57-6.27111.9614.072.14
22Q1 (10)0.60-9.09-1.641.965.3815.29151.239.430.7446.44-4.84-13.2899.520.42-4.4798.1511.66-1.36
21Q4 (9)0.6611.86-5.711.8630.076.9138.20-10.015.8548.80-23.43-6.7599.10-13.564.8187.90-14.38-0.49
21Q3 (8)0.5911.3215.691.4320.170.7153.57-10.68-14.6163.73-16.49-0.28114.64-17.31-1.71102.66-6.34-19.24
21Q2 (7)0.53-13.11-7.021.19-30.0-19.05171.9314.538.276.3142.523.64138.6333.0730.16109.6110.16-3.94
21Q1 (6)0.61-12.8638.641.70-2.336.0150.1214.98-27.253.552.33-26.22104.1810.19-17.3999.5012.65-34.83
20Q4 (5)0.7037.257.691.7422.54-1.69130.56-27.41-6.4452.33-18.121.9594.55-18.941.3488.33-30.51-9.48
20Q3 (4)0.51-10.530.01.42-3.40.0179.8513.180.063.913.550.0116.649.510.0127.1211.40.0
20Q2 (3)0.5729.550.01.4717.60.0158.90-22.940.061.72-14.960.0106.51-15.540.0114.11-25.260.0
20Q1 (2)0.44-32.310.01.25-29.380.0206.2047.770.072.5841.40.0126.1135.170.0152.6756.460.0
19Q4 (1)0.650.00.01.770.00.0139.540.00.051.330.00.093.300.00.097.580.00.0
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)1.91-19.756.92-16.73191.1624.752.7620.18123.6421.66120.2825.86
2022 (9)2.382.598.3117.37153.30-2.4143.90-14.86101.63-1.8195.57-9.11
2021 (8)2.3219.597.0828.49157.09-16.4251.56-22.21103.50-18.83105.15-17.02
2020 (7)1.94-16.025.51-35.48187.9518.966.2855.11127.5140.01126.7215.46
2019 (6)2.31-11.498.54-5.01158.0813.1342.735.391.0717.33109.756.88
2018 (5)2.611.958.9923.32139.73-2.1840.58-18.9277.62-20.33102.697.57
2017 (4)2.56-25.587.29-26.06142.8434.6850.0535.297.4336.1995.4633.44
2016 (3)3.448.189.8624.65106.06-7.7137.02-19.7771.5411.9771.54-26.38
2015 (2)3.18-15.877.91-10.72114.9219.0346.1411.9663.898.8897.1722.88
2014 (1)3.782.728.869.1196.55-2.5841.21-8.2858.68-5.1179.08-3.8

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