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)3.6723.5722.331.2031.8718.8124.81-19.13-18.3175.93-24.08-16.0529.29-18.5-11.1371.46-24.58-18.67
24Q3 (19)2.975.321.020.91-2.15-16.5130.68-4.78-1.0100.012.2320.2635.940.7322.6294.750.411.68
24Q2 (18)2.82-2.76-1.40.93-8.82-20.5132.222.551.1697.839.2325.7935.6810.615.2594.376.3619.97
24Q1 (17)2.90-3.3310.691.020.99-13.5631.423.46-9.4889.56-0.9815.8632.26-2.12-4.588.730.9913.42
23Q4 (16)3.002.04-0.991.01-7.34-27.8630.37-2.00.9690.458.7739.0932.9612.4511.8887.863.5633.83
23Q3 (15)2.942.81.731.09-6.84-30.5730.99-2.7-1.5983.166.9343.3129.31-5.33-2.5684.847.8642.76
23Q2 (14)2.869.16-5.611.17-0.85-37.131.85-8.246.1777.770.6159.430.96-8.356.7678.660.5557.95
23Q1 (13)2.62-13.53-8.071.18-15.71-38.2234.7115.398.6777.3018.8762.2633.7814.6612.3478.2319.1658.01
22Q4 (12)3.034.84-2.571.40-10.83-28.5730.08-4.482.7365.0312.0639.8829.46-2.064.865.6510.4737.72
22Q3 (11)2.89-4.62-5.561.57-15.59-19.4931.494.975.8158.0318.9424.1830.083.722.859.4319.3425.83
22Q2 (10)3.036.320.661.86-2.62-6.5330.00-6.07-0.6348.792.416.5329.00-3.56-6.049.800.5910.32
22Q1 (9)2.85-8.36-0.71.91-2.55-1.0431.949.080.8847.642.470.9530.076.97-6.6749.513.866.18
21Q4 (8)3.111.63-1.271.960.51-22.5329.28-1.611.3146.49-0.5129.4328.11-3.93-2.5347.670.9332.49
21Q3 (7)3.061.663.731.95-2.01-51.0129.76-1.42-3.4446.732.03104.2429.26-5.15-3.5347.234.63102.1
21Q2 (6)3.014.8813.161.993.11-68.0130.19-4.64-11.8345.80-2.95212.8430.85-4.25-10.8945.14-3.2216.55
21Q1 (5)2.87-8.89-0.351.93-23.72-77.0831.669.550.3547.1931.38336.9432.2211.722.6146.6329.6325.84
20Q4 (4)3.156.780.02.53-36.430.028.90-6.230.035.9256.990.028.84-4.910.035.9853.960.0
20Q3 (3)2.9510.90.03.98-36.010.030.82-9.990.022.8856.280.030.33-12.390.023.3763.880.0
20Q2 (2)2.66-7.640.06.22-26.130.034.248.530.014.6435.560.034.6210.250.014.2630.230.0
20Q1 (1)2.880.00.08.420.00.031.550.00.010.800.00.031.400.00.010.950.00.0
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)12.575.634.28-1.3829.04-5.3585.291.533.984.5980.35-2.27
2023 (9)11.90-4.034.34-30.5630.684.2184.0343.8932.4915.0582.2237.95
2022 (8)12.40-0.86.25-23.1229.440.7958.4030.0428.240.3259.6029.65
2021 (7)12.5012.018.13-40.4429.21-10.6744.9168.0128.15-12.6645.9768.95
2020 (6)11.16-14.1513.65-69.1932.7016.4126.73224.3932.2314.1327.21236.76
2019 (5)13.0011.5944.31-2.4428.09-10.318.242.4928.24-14.098.0824.5
2018 (4)11.651.7545.429.7631.32-1.738.04-8.8432.87-3.126.49-3.85
2017 (3)11.45-2.6441.3828.6731.872.678.82-22.2933.932.916.75-28.34
2016 (2)11.769.832.169.0531.04-8.9511.35-8.3232.970.159.42-30.48
2015 (1)10.71-1.7429.49-14.9734.091.8212.3817.6832.924.8413.557.45

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