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)1.71-1.728.922.87-0.3511.2453.181.47-8.2831.760.57-10.0520.1710.58-2.6564.77-1.49-10.76
24Q2 (19)1.74-8.42-6.452.8810.772.8652.419.537.1831.58-9.9-2.818.2410.41-2.2565.75-0.954.81
24Q1 (18)1.9014.4615.852.609.710.6447.85-12.67-14.0235.05-8.63-9.3616.52-9.63-26.3266.38-11.34-7.68
23Q4 (17)1.665.73-8.292.37-8.14-5.254.79-5.59.1438.368.645.318.28-11.78-28.1274.873.1622.32
23Q3 (16)1.57-15.59-13.262.58-7.8610.7357.9818.5715.3635.318.68-9.620.7211.04-18.7172.5815.713.71
23Q2 (15)1.8613.41-2.622.8019.1534.6248.90-12.132.5232.49-15.98-25.8918.66-16.77-22.9962.73-12.75-6.8
23Q1 (14)1.64-9.39-14.142.35-6.015.255.6510.8616.6738.676.15-13.4922.42-11.84-11.4571.9017.467.19
22Q4 (13)1.810.0-12.142.507.323.1550.20-0.1213.6336.43-6.73-18.7925.43-0.245.1361.21-4.1-5.61
22Q3 (12)1.81-5.2431.162.3312.0254.350.265.37-23.7439.06-10.9-35.325.495.2-15.3463.83-5.17-33.63
22Q2 (11)1.910.01.062.081.96-0.4847.700.0-1.1843.84-1.920.6724.23-4.3-4.2767.310.341.2
22Q1 (10)1.91-7.283.242.040.49-9.3347.707.97-3.1944.70-0.3610.7525.324.679.7567.083.440.78
21Q4 (9)2.0649.2817.052.0334.445.1844.18-32.97-14.644.86-25.69-5.0424.19-19.661.9464.85-32.57-13.81
21Q3 (8)1.38-26.98-33.011.51-27.75-17.0365.9136.5449.2960.3738.6221.0530.1118.9639.7996.1844.6132.7
21Q2 (7)1.892.168.622.09-7.1157.1448.27-2.03-7.6243.557.9-36.325.319.71-0.266.51-0.08-30.18
21Q1 (6)1.855.110.542.2516.5851.0149.27-4.76-0.4840.36-14.56-34.0823.07-2.78-13.7966.56-11.54-20.74
20Q4 (5)1.76-14.56-10.661.936.043.7651.7317.1712.0947.24-5.27-3.6323.7310.17-3.4675.243.816.59
20Q3 (4)2.0618.390.01.8236.840.044.15-15.50.049.87-27.060.021.54-15.060.072.48-23.910.0
20Q2 (3)1.74-5.430.01.33-10.740.052.255.530.068.3711.660.025.36-5.230.095.2613.430.0
20Q1 (2)1.84-6.60.01.49-19.890.049.517.280.061.2324.910.026.768.870.083.9818.970.0
19Q4 (1)1.970.00.01.860.00.046.150.00.049.020.00.024.580.00.070.590.00.0
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)7.69-1.9110.3711.5147.441.8535.20-10.3418.39-25.0364.244.78
2022 (9)7.8425.849.3029.3546.58-20.539.26-22.6324.53-14.4461.31-23.98
2021 (8)6.23-5.897.196.8458.596.2850.74-6.428.671.1680.65-0.43
2020 (7)6.62-15.676.73-0.7455.1318.5154.210.6328.347.9681.009.25
2019 (6)7.857.686.782.8846.52-7.0353.87-2.7426.251.6774.14-6.87
2018 (5)7.29-1.096.59-5.3250.041.0755.395.6125.823.2879.613.46
2017 (4)7.3726.26.967.5749.51-20.7852.45-6.9925.004.7876.95-19.03
2016 (3)5.84-10.156.47-12.9262.5011.3356.3914.7523.8621.9295.0310.87
2015 (2)6.502.047.43-10.856.14-2.0849.1412.1719.57-23.3285.7113.34
2014 (1)6.373.248.3312.5757.33-3.0143.81-11.1425.52-18.9675.62-1.7

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