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)1.358.876.35.8515.166.5667.52-7.77-5.4515.57-13.16-6.0427.971.891.1255.13-13.44-8.6
24Q3 (19)1.241.640.815.087.171.273.21-1.57-0.9517.93-6.52-0.9927.456.310.7763.69-5.98-1.68
24Q2 (18)1.228.93-8.274.741.079.9874.38-8.218.5219.18-1.03-9.0625.82-12.03-6.5867.74-4.679.26
24Q1 (17)1.12-11.817.694.69-14.5725.481.0313.47-7.319.3816.96-20.3129.356.11-10.3371.0617.81-10.06
23Q4 (16)1.273.25-7.35.499.365.1771.41-3.387.5316.57-8.5-4.9327.661.546.9660.32-6.884.04
23Q3 (15)1.23-7.52-7.525.0216.479.6173.917.838.1218.11-14.13-8.9527.24-1.450.4164.784.485.99
23Q2 (14)1.3327.88-5.674.3115.240.4768.54-21.596.1321.09-13.28-0.5727.64-15.558.962.00-21.532.65
23Q1 (13)1.04-24.09-11.863.74-28.35-3.1187.4131.6213.7124.3239.533.2332.7326.577.9879.0136.2712.68
22Q4 (12)1.373.01-0.725.2213.9716.2666.41-2.850.4517.43-12.37-14.0525.86-4.68-1.7957.98-5.14-3.46
22Q3 (11)1.33-5.673.14.586.7623.1268.365.85-3.4119.89-6.22-18.7227.136.9-5.1461.121.19-8.28
22Q2 (10)1.4119.493.684.2911.148.0664.58-15.99-3.6721.21-9.97-7.5425.38-16.27-8.4160.40-13.86-3.0
22Q1 (9)1.18-14.49-1.673.86-14.03-16.8176.8716.281.2523.5616.1720.0830.3115.123.4570.1216.755.87
21Q4 (8)1.386.98-1.434.4920.7-20.1166.11-6.581.5720.28-17.1225.2626.33-7.94-7.8160.06-9.8713.92
21Q3 (7)1.29-5.15-10.423.72-6.3-30.670.775.5611.9824.476.6744.2828.603.219.766.647.0223.2
21Q2 (6)1.3613.333.033.97-14.44-5.767.04-11.7-2.4222.9416.926.0627.71-5.436.4162.27-5.98-3.16
21Q1 (5)1.20-14.298.114.64-17.4410.7475.9216.64-7.3619.6221.19-9.5929.302.59-1.1566.2325.63-10.51
20Q4 (4)1.40-2.780.05.624.850.065.092.990.016.19-4.540.028.569.550.052.72-2.530.0
20Q3 (3)1.449.090.05.3627.320.063.20-8.010.016.96-21.590.026.070.120.054.09-15.880.0
20Q2 (2)1.3218.920.04.210.480.068.70-16.170.021.63-0.320.026.04-12.150.064.30-13.120.0
20Q1 (1)1.110.00.04.190.00.081.950.00.021.700.00.029.640.00.074.010.00.0
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)4.537.0921.0513.7280.54-6.7217.34-12.0732.180.2865.70-11.18
2023 (9)4.23-8.4418.514.7586.349.3319.72-4.532.095.0173.977.11
2022 (8)4.621.5417.67-0.3978.97-1.6620.650.3430.56-6.8369.061.44
2021 (7)4.551.7917.74-12.7880.30-1.5720.5814.7232.804.9968.08-0.29
2020 (6)4.474.4420.340.5981.58-4.3917.94-0.6131.242.1268.28-6.2
2019 (5)4.28-0.720.226.1485.330.8318.05-5.7930.59-13.8672.796.61
2018 (4)4.31-1.619.05-4.4684.631.4719.164.6435.51-15.1568.2814.07
2017 (3)4.38-2.2319.94-12.1283.402.3318.3113.8741.8510.0759.860.5
2016 (2)4.481.8222.690.8481.50-1.8516.08-0.8638.024.4559.56-5.25
2015 (1)4.40-7.5622.50-17.2883.048.2516.2220.8636.401.6862.8615.7

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