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)32.0271.6956.8871.05-15.1-23.512.84-41.8-36.321.2817.4330.610.46-19.348.393.66-32.1-28.65
24Q3 (19)18.65-6.61-35.6283.69-1.92-14.534.887.0255.411.091.8717.20.57-5.026.675.397.3748.9
24Q2 (18)19.97-5.18-64.785.33-4.16-10.264.565.56183.231.074.911.460.6050.0-11.765.021.62167.02
24Q1 (17)21.063.18-67.4789.03-4.168.64.32-3.14206.381.024.08-8.110.4029.03-25.934.94-3.7149.49
23Q4 (16)20.41-29.55-63.0792.89-5.1429.524.4642.04170.30.985.38-22.830.31-31.11-43.645.1341.71117.37
23Q3 (15)28.97-48.8-28.7397.922.9850.443.1495.0340.180.93-3.12-33.570.45-33.82-26.233.6292.5519.47
23Q2 (14)56.58-12.618.3495.0915.9984.51.6114.18-15.260.96-13.51-45.760.6825.9374.361.88-5.05-42.68
23Q1 (13)64.7417.166.1781.9814.3169.561.41-14.55-5.371.11-12.6-40.960.54-1.8292.861.98-16.1-36.13
22Q4 (12)55.2635.941.1571.7210.1956.491.65-26.34-1.21.27-9.29-36.180.55-9.8444.742.36-22.11-27.83
22Q3 (11)40.65-14.98-18.5765.0926.2973.162.2417.8923.081.40-20.9-42.150.6156.4115.093.03-7.62-18.55
22Q2 (10)47.81-21.6-20.6651.546.627.231.9027.5225.831.77-5.85-21.330.3939.2918.183.285.81-4.37
22Q1 (9)60.9811.62-19.3548.355.5-30.161.49-10.7824.171.88-5.5343.510.28-26.3233.333.10-5.234.2
21Q4 (8)54.639.44-28.5845.8321.92-64.161.67-8.2440.341.99-17.77180.280.38-28.346.153.27-12.199.39
21Q3 (7)49.92-17.1671.6137.59-7.21-79.141.8220.53-41.852.427.56384.00.5360.6196.33.728.4510.71
21Q2 (6)60.26-20.3126.4640.51-41.48-74.91.5125.83-55.852.2571.76301.790.3357.1422.223.4348.48-7.55
21Q1 (5)75.61-1.15-3.7269.23-45.87-45.551.200.843.451.3184.5181.940.21-19.23-32.262.3140.8547.13
20Q4 (4)76.49162.940.0127.89-29.040.01.19-61.980.00.7142.00.00.26-3.70.01.64-51.190.0
20Q3 (3)29.099.320.0180.2411.690.03.13-8.480.00.50-10.710.00.270.00.03.36-9.430.0
20Q2 (2)26.61-66.110.0161.3726.920.03.42194.830.00.56-22.220.00.27-12.90.03.71136.310.0
20Q1 (1)78.530.00.0127.140.00.01.160.00.00.720.00.00.310.00.01.570.00.0
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)146.5415.68302.21-8.232.49-13.541.219.010.4021.213.30-9.84
2023 (9)126.68-44.86329.3146.932.8881.131.11-31.90.336.453.6626.21
2022 (8)229.7417.83224.121.141.59-14.971.63-1.210.316.92.90-10.22
2021 (7)194.98-50.17221.60-49.771.87101.081.6598.80.293.573.23118.24
2020 (6)391.26363.47441.16-51.390.93-78.470.83107.50.28-17.651.48-66.21
2019 (5)84.4291.99907.5304.32-47.950.4000.34-48.484.38-42.75
2018 (4)43.97-7.760.0008.308.360.0000.66-87.557.65224.15
2017 (3)47.67-4.160.0007.664.360.0005.30-66.652.360
2016 (2)49.7487.70.0007.34-46.730.00015.89-21.88-8.550
2015 (1)26.5026.370.00013.78-20.80.00020.3420.71-6.560

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