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)0.97-9.35-1.023.077.3415.8593.589.890.4829.68-6.58-13.4440.992.42-14.2882.276.973.37
24Q3 (19)1.07-13.011.92.8618.673.6285.1615.46-1.7231.77-15.93-3.6440.02-6.89-4.5176.9112.16-1.04
24Q2 (18)1.2326.87.892.4114.220.8473.76-21.16-7.3837.79-12.44-0.5542.98-16.8310.7268.57-19.37-13.02
24Q1 (17)0.97-1.0210.232.11-20.381.4493.560.46-9.1443.1625.87-1.5551.688.07-10.3985.046.85-4.6
23Q4 (16)0.98-6.672.082.65-3.992.7193.137.48-1.5534.294.0-2.9247.8214.1-20.4379.592.4113.99
23Q3 (15)1.05-7.89-5.412.7615.489.0986.658.85.2232.97-13.24-8.1941.917.96-33.8277.72-1.4141.49
23Q2 (14)1.1429.5525.272.3914.94.8279.64-22.66-20.7138.00-13.32-4.8138.82-32.69-50.7478.83-11.5728.05
23Q1 (13)0.88-8.33-3.32.08-19.38-21.21102.978.852.743.8424.1227.2257.67-4.04-26.8289.1427.6759.43
22Q4 (12)0.96-13.51-5.882.581.98-13.1394.6014.885.5735.32-1.6415.1260.10-5.1-14.4669.8227.1139.56
22Q3 (11)1.1121.98-4.312.5310.96-1.5682.35-18.015.2935.91-10.051.4463.33-19.64-5.3154.93-10.7717.55
22Q2 (10)0.910.0-16.512.28-13.647.04100.440.1819.8139.9215.84-6.4478.810.0-2.8461.5610.1135.59
22Q1 (9)0.91-10.78-2.152.64-11.11-2.58100.2611.881.9734.4612.322.6278.8112.17-7.1655.9111.7518.96
21Q4 (8)1.02-12.07-7.272.9715.56-15.1489.6114.588.7930.68-13.3318.1470.265.057.6550.037.0616.16
21Q3 (7)1.166.423.572.5720.66-17.178.21-6.7-3.4235.40-17.0420.4566.88-17.5413.4146.732.93-9.09
21Q2 (6)1.0917.211.222.13-21.4-6.5883.83-14.74-9.7842.6727.076.8181.11-4.453.2945.40-3.4-16.45
21Q1 (5)0.93-15.4510.712.71-22.57-9.9798.3219.36-9.0133.5829.311.2384.8930.068.0947.009.12-21.27
20Q4 (4)1.10-1.790.03.5012.90.082.371.720.025.97-11.640.065.2710.680.043.07-16.210.0
20Q3 (3)1.1214.290.03.1035.960.080.98-12.850.029.39-26.430.058.97-24.910.051.40-5.410.0
20Q2 (2)0.9816.670.02.28-24.250.092.92-14.00.039.9532.330.078.53-0.010.054.34-8.980.0
20Q1 (1)0.840.00.03.010.00.0108.050.00.030.190.00.078.540.00.059.700.00.0
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)3.808.8810.178.3196.03-8.2535.90-7.6950.54-14.7481.39-3.43
2023 (9)3.493.569.39-7.12104.66-3.4238.897.7359.28-18.3184.2817.23
2022 (8)3.37-1.7510.11-9.25108.371.7736.1010.272.57-13.3371.8929.51
2021 (7)3.4317.8711.14-4.7106.49-15.0732.764.9783.73-8.1555.51-15.17
2020 (6)2.91-3.9611.69-12.43125.394.231.2114.1691.164.8465.447.76
2019 (5)3.03-5.3113.356.29120.345.4627.34-5.9586.95-4.6960.7316.92
2018 (4)3.20-6.9812.561.29114.117.5129.07-1.2291.235.9851.944.95
2017 (3)3.441.1812.402.9106.14-1.2429.43-2.8486.0810.1349.49-16.98
2016 (2)3.40-3.6812.056.17107.474.0330.29-5.7978.168.1459.61-5.64
2015 (1)3.53-3.0211.35-0.61103.313.1732.150.6372.286.9163.17-2.05

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