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)9.272.32-18.970.2712.517.399.82-2.1923.37332.53-12.46-17.0452.92-15.5834.69289.43-11.55-21.67
24Q2 (19)9.06-23.87-40.780.24-11.114.3510.0431.2468.74379.8710.9-5.6362.6939.4487.25327.227.21-12.74
24Q1 (18)11.9011.84-13.770.2712.512.57.65-10.5316.08342.52-8.4-8.5344.9610.4117.14305.21-10.69-10.93
23Q4 (17)10.64-6.99-10.660.244.35-11.118.557.4111.91373.92-6.7211.7440.723.64-17.08341.76-7.5116.58
23Q3 (16)11.44-25.2318.80.230.0-11.547.9633.78-15.77400.85-0.4115.1939.2917.35-22.21369.52-1.4620.39
23Q2 (15)15.3010.87123.360.23-4.17-28.125.95-9.71-55.2402.527.4941.1533.48-12.773.56374.999.4340.9
23Q1 (14)13.8015.8789.820.24-11.11-25.06.59-13.74-47.32374.4711.9130.9638.38-21.859.1342.6816.8930.16
22Q4 (13)11.9123.6831.170.273.85-12.97.64-19.15-23.83334.63-3.8414.1149.11-2.7724.36293.16-4.4911.13
22Q3 (12)9.6340.5810.820.26-18.7518.189.45-28.84-9.74347.9922.02-17.2750.5156.2324.01306.9315.33-21.37
22Q2 (11)6.85-5.7812.660.320.052.3813.286.16-11.23285.18-0.27-32.7532.33-8.1-0.58266.131.09-34.53
22Q1 (10)7.27-19.9322.80.323.2323.0812.5124.73-18.61285.94-2.49-18.9435.18-10.9119.25263.27-0.2-22.25
21Q4 (9)9.084.4914.940.3140.91-16.2210.03-4.2-12.93293.25-30.2820.1939.49-3.0456.64263.79-32.4314.55
21Q3 (8)8.6942.93-12.930.224.76-18.5210.47-30.0114.8420.63-0.8122.4940.7325.2523.42390.37-3.9722.18
21Q2 (7)6.082.7-48.260.21-19.23-8.714.96-2.6793.03424.0820.236.4732.5210.2449.04406.5120.065.8
21Q1 (6)5.92-25.06-17.430.26-29.7336.8415.3733.4221.12352.7344.57-25.0929.5017.024.06338.6047.03-25.62
20Q4 (5)7.90-20.844.220.3737.0454.1711.5226.32-4.0243.98-28.95-35.0225.21-23.61-29.32230.29-27.92-34.54
20Q3 (4)9.98-15.060.00.2717.390.09.1217.680.0343.39-13.790.033.0051.240.0319.51-16.850.0
20Q2 (3)11.7563.880.00.2321.050.07.75-38.930.0398.31-15.410.021.82-23.030.0384.24-15.590.0
20Q1 (2)7.17-5.410.00.19-20.830.012.695.750.0470.8525.410.028.35-20.520.0455.2029.40.0
19Q4 (1)7.580.00.00.240.00.012.000.00.0375.450.00.035.670.00.0351.780.00.0
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)46.2737.950.95-18.87.89-27.48384.2623.0546.8910.43345.2623.0
2022 (9)33.5467.71.1714.7110.88-40.38312.27-12.6642.466.95280.70-16.48
2021 (8)20.00-8.881.02-3.7718.259.74357.543.3939.7044.1336.100.36
2020 (7)21.95-23.121.0630.8616.6330.13345.82-23.7127.55-12.15334.90-22.96
2019 (6)28.55-21.180.8112.512.7826.79453.30-11.1131.36-0.13434.72-11.03
2018 (5)36.22-9.740.72-5.2610.0810.89509.965.631.4021.47488.644.82
2017 (4)40.13-7.830.76-20.839.098.47482.9327.2625.8518.09466.1827.38
2016 (3)43.54-12.90.96-17.958.3814.79379.4821.7521.8936.13365.9720.81
2015 (2)49.992.861.17-11.367.30-2.8311.7012.8216.08-5.69302.9213.57
2014 (1)48.6014.791.32-14.847.51-12.88276.2717.6317.05-23.54266.7320.59

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