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)1.536.25-7.831.716.211.1859.37-6.098.1453.37-5.59-0.9133.62-9.89-16.6679.12-4.0215.62
24Q3 (19)1.44-17.71-2.041.61-14.8114.1863.2221.531.9256.5317.14-12.6737.311.91-22.4882.4329.464.83
24Q2 (18)1.7515.13-3.311.8919.6218.1252.02-12.893.2648.26-16.03-14.9836.61-14.1-5.663.67-14.62-6.85
24Q1 (17)1.52-8.430.661.58-6.5135.0459.728.78-0.6257.476.7-25.942.625.651.0774.578.97-21.9
23Q4 (16)1.6612.937.791.6919.8653.6454.90-11.49-7.0653.86-16.79-35.0540.34-16.19-1.6168.43-12.97-32.25
23Q3 (15)1.47-18.788.091.41-11.8818.4962.0323.12-7.6164.7314.04-15.448.1324.116.0478.6315.04-19.98
23Q2 (14)1.8119.8719.081.6036.75-1.2350.38-16.16-15.7156.76-26.821.1638.78-8.042.5968.35-28.41-12.46
23Q1 (13)1.51-1.959.421.176.36-35.060.091.73-9.1777.56-6.4853.1642.172.8511.7195.48-5.4720.8
22Q4 (12)1.5413.24-4.941.10-7.56-42.1159.07-12.025.2682.938.3973.2841.00-9.6712.3101.002.7949.7
22Q3 (11)1.36-10.53-6.211.19-26.54-16.267.1412.337.1576.5136.3619.0145.3920.08-9.9898.2625.8528.39
22Q2 (10)1.5210.144.831.62-10.0-4.1459.77-9.66-4.8956.1110.84.1837.800.13-21.8778.08-1.2114.29
22Q1 (9)1.38-14.81-9.81.80-5.26-0.5566.1617.8911.0850.645.810.9637.753.4-14.9279.0417.1520.97
21Q4 (8)1.6211.72-2.411.9033.87.9556.12-10.442.5647.86-25.56-7.736.51-27.59-3.1867.47-11.84-2.02
21Q3 (7)1.450.0-4.611.42-15.98-14.9762.66-0.294.8264.2919.3717.8150.424.223.2676.5312.0216.79
21Q2 (6)1.45-5.23-39.081.69-6.63-30.7462.845.5164.0753.867.3844.5948.389.0427.9268.324.5681.12
21Q1 (5)1.53-7.8340.371.812.8413.1259.568.85-28.7650.16-3.26-11.7444.3717.66-3.5965.34-5.11-30.8
20Q4 (4)1.669.210.01.765.390.054.72-8.460.051.85-4.980.037.71-22.770.068.865.080.0
20Q3 (3)1.52-36.130.01.67-31.560.059.7856.080.054.5746.50.048.8329.110.065.5373.730.0
20Q2 (2)2.38118.350.02.4452.50.038.30-54.190.037.25-34.450.037.82-17.820.037.72-60.050.0
20Q1 (1)1.090.00.01.600.00.083.600.00.056.830.00.046.020.00.094.420.00.0
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)6.25-2.56.8124.558.402.5153.56-19.738.540.8973.42-14.1
2023 (9)6.4122.335.473.656.97-18.2966.70-3.4338.20-10.2985.47-11.16
2022 (8)5.24-1.695.28-20.8469.721.8769.0726.242.58-5.0896.2122.84
2021 (7)5.33-7.476.67-14.8168.447.9754.7317.4744.8619.6378.328.06
2020 (6)5.768.687.83-29.5963.39-7.8846.5941.9637.5029.472.48-0.22
2019 (5)5.30-3.8111.12-9.5968.813.9632.8210.5828.98-38.4672.6448.91
2018 (4)5.512.4212.30-12.5266.19-2.3929.6814.2947.09-20.4448.7840.98
2017 (3)5.3831.8614.0619.9767.81-24.2725.97-16.6359.19-5.3434.60-40.51
2016 (2)4.08-12.2611.7210.2589.5413.9931.15-9.2662.537.9858.165.8
2015 (1)4.652.210.639.0378.55-2.1534.33-8.3157.91-10.9954.974.39

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