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)0.901.1212.53.18-2.1514.39100.90-1.63-11.4828.622.21-12.5667.75-8.94-25.2961.779.9910.21
24Q3 (19)0.899.889.883.256.5623.11102.57-8.72-8.5228.00-6.23-18.7274.40-12.85-10.0856.16-1.23-12.03
24Q2 (18)0.8112.5-3.573.0510.9122.49112.37-11.623.5729.86-9.76-18.3785.37-8.389.0756.86-15.2-14.89
24Q1 (17)0.72-10.0-4.02.75-1.086.59127.1411.545.3733.091.1-6.2393.182.763.5867.0519.631.61
23Q4 (16)0.80-1.231.272.785.3-2.46113.991.67-1.4832.73-4.992.6390.689.613.5656.05-12.2-17.24
23Q3 (15)0.81-3.57-10.992.646.026.02112.123.3411.5234.45-5.82-5.6782.745.713.5463.84-4.4511.73
23Q2 (14)0.8412.0-6.672.49-3.49-3.49108.50-10.087.5536.583.663.8978.27-12.997.6266.811.245.43
23Q1 (13)0.75-5.06-14.772.58-9.476.17120.664.2917.2935.2910.66-5.7289.9612.6617.7365.99-2.573.29
22Q4 (12)0.79-13.19-18.562.8514.4610.47115.7015.0823.731.89-12.68-9.4379.85-0.0811.4467.7318.5318.64
22Q3 (11)0.911.113.412.49-3.4911.16100.54-0.34-2.8436.523.72-10.2779.919.872.3257.14-9.83-13.52
22Q2 (10)0.902.27-1.12.586.1717.81100.88-1.930.7435.21-5.93-15.1872.73-4.82-12.8463.37-0.818.86
22Q1 (9)0.88-9.282.332.43-5.8111.98102.879.99-2.6337.436.31-10.8876.416.64-13.9863.8911.918.62
21Q4 (8)0.9710.23-8.492.5815.181.5793.53-9.629.0535.21-13.49-1.5471.65-8.26-8.4857.09-13.5932.0
21Q3 (7)0.88-3.3-24.142.242.28-14.18103.483.3432.4540.70-1.9516.5978.10-6.45.5366.0713.569.28
21Q2 (6)0.915.81-9.92.190.92-6.01100.14-5.2211.2941.51-1.176.4483.44-6.07-1.4558.21-1.0431.37
21Q1 (5)0.86-18.87-8.512.17-14.57-17.8105.6523.189.2242.0017.4521.9288.8313.467.8358.8236.020.53
20Q4 (4)1.06-8.620.02.54-2.680.085.779.780.035.762.430.078.295.780.043.2510.810.0
20Q3 (3)1.1614.850.02.6112.020.078.13-13.170.034.91-10.490.074.01-12.590.039.03-11.920.0
20Q2 (2)1.017.450.02.33-11.740.089.98-6.980.039.0013.210.084.672.780.044.31-9.20.0
20Q1 (1)0.940.00.02.640.00.096.730.00.034.450.00.082.380.00.048.800.00.0
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)3.2911.5312.2710.94110.91-10.329.75-9.8577.18-19.163.483.66
2023 (9)2.95-16.911.06-1.25123.6420.3933.001.2395.4013.461.2419.68
2022 (8)3.55-0.8411.2015.58102.700.7632.60-13.584.130.8851.17-8.97
2021 (7)3.58-15.969.69-4.72101.9318.8437.694.9983.400.0456.2146.76
2020 (6)4.2627.1610.1712.7585.77-21.3735.90-11.3183.37-6.4538.30-36.62
2019 (5)3.353.49.02-21.36109.08-3.1440.4827.2289.1215.0460.43-9.77
2018 (4)3.24-1.2211.47-18.71112.621.3131.8222.9577.47-6.166.9722.81
2017 (3)3.28-5.7514.117.22111.166.0425.88-6.7182.50-12.4354.5342.15
2016 (2)3.480.2913.16-1.2104.83-0.2727.741.294.21-7.1538.3623.54
2015 (1)3.473.8913.3221.31105.11-3.727.41-17.54101.46-2.8531.05-18.16

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