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)1.37-6.16-16.971.52-12.6410.9566.266.6120.0859.7213.88-10.4124.61-0.164.32101.3712.713.17
24Q3 (19)1.46-16.0912.311.749.4338.162.1518.65-11.4752.44-8.11-27.1424.65-2.3811.1989.946.82-25.05
24Q2 (18)1.7414.4791.211.5934.7541.9652.38-12.58-47.3557.07-26.24-29.6325.25-14.263.2384.20-21.91-46.07
24Q1 (17)1.52-7.8849.021.18-13.87-9.2359.928.59-32.7977.3716.0710.5829.4524.849.44107.839.74-18.44
23Q4 (16)1.6526.92-8.331.378.73-10.4655.18-21.49.0166.66-7.3812.0723.596.41-6.598.26-18.1215.78
23Q3 (15)1.3042.864.01.2612.5-5.2670.20-29.44-3.4171.97-11.265.3722.17-9.36-18.01120.00-23.145.32
23Q2 (14)0.91-10.78-45.831.12-13.85-24.8399.4911.683.1681.1015.9132.9324.46-9.15.57156.1318.0969.43
23Q1 (13)1.02-43.33-15.01.30-15.0323.8189.1576.1217.8869.9717.64-19.4926.916.66-27.66132.2155.785.49
22Q4 (12)1.8044.032.351.5315.04-1.9250.62-30.35-24.5659.48-12.911.9425.23-6.69-22.9684.87-25.51-8.45
22Q3 (11)1.25-25.6-14.381.33-10.74-24.4372.6833.816.5968.3011.9531.7827.0416.7-18.99113.9423.6541.01
22Q2 (10)1.6840.00.01.4941.9-17.6854.32-28.180.4861.01-29.821.223.17-37.72-23.3392.15-26.4724.24
22Q1 (9)1.20-11.76-28.141.05-32.69-28.5775.6312.7138.5486.9148.9540.7737.2013.5913.21125.3335.250.17
21Q4 (8)1.36-6.85-17.071.56-11.36-12.8567.107.6421.158.3512.5814.7932.75-1.8927.2392.7014.7315.16
21Q3 (7)1.46-13.1-17.051.76-2.761.7362.3415.3220.6351.832.96-1.4333.3810.4639.7880.808.940.54
21Q2 (6)1.680.618.311.8123.1333.0954.06-0.97-15.750.34-18.46-24.9830.22-8.038.5974.17-11.13-28.27
21Q1 (5)1.671.8342.741.47-17.8810.5354.59-1.48-30.0461.7421.46-9.6332.8627.6624.983.463.68-30.47
20Q4 (4)1.64-6.820.01.793.470.055.417.220.050.83-3.330.025.747.790.080.500.160.0
20Q3 (3)1.7623.940.01.7327.210.051.68-19.410.052.58-21.640.023.88-14.190.080.37-22.270.0
20Q2 (2)1.4221.370.01.362.260.064.13-17.810.067.10-1.790.027.835.780.0103.40-13.850.0
20Q1 (1)1.170.00.01.330.00.078.030.00.068.320.00.026.310.00.0120.030.00.0
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)6.8162.536.4736.553.60-38.556.41-26.7121.83-31.1688.18-33.41
2023 (9)4.19-20.494.74-18.8487.1625.7776.9723.0731.719.31132.4228.78
2022 (8)5.27-23.845.84-15.2469.3031.3762.5418.0229.0110.51102.8329.38
2021 (7)6.9224.246.8925.9652.75-19.5652.99-20.5726.25-10.5379.48-22.8
2020 (6)5.57-21.885.47-11.9265.5828.1466.7113.5129.3436.15102.9516.46
2019 (5)7.13-6.86.2114.7951.187.2358.77-12.9121.55-20.9888.400.53
2018 (4)7.6520.475.4110.1847.73-16.9967.48-9.2427.27-19.1887.93-10.38
2017 (3)6.3518.254.91-13.457.50-15.4474.3515.4533.7413.698.11-4.47
2016 (2)5.37-15.35.67-1.5668.0018.0864.401.5829.701.57102.7011.93
2015 (1)6.343.265.761.5957.59-3.1863.40-1.4629.24-1.8891.75-2.41

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