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)1.5623.819.091.4521.8513.2858.26-19.03-8.6862.66-18.1-11.8339.86-16.472.8981.06-19.54-15.68
24Q3 (19)1.267.69-1.561.19-13.7727.9671.95-7.11.2576.5115.96-22.1147.7211.6316.45100.740.06-21.49
24Q2 (18)1.17-7.8714.711.38-2.1326.6177.457.7-13.2665.982.44-21.1242.758.0932.19100.684.04-28.39
24Q1 (17)1.27-11.1916.511.4110.1616.5371.9112.71-13.9964.41-9.37-14.3939.552.096.096.770.67-20.38
23Q4 (16)1.4311.726.721.2837.6313.2763.80-10.22-5.971.07-27.65-11.6838.74-5.47-10.2896.13-25.09-8.52
23Q3 (15)1.2825.490.00.93-14.68-16.9671.06-20.42-0.2898.2317.4321.4440.9826.72-7.56128.32-8.7319.01
23Q2 (14)1.02-6.42-23.881.09-9.92-20.4489.296.7931.6683.6511.1825.932.34-13.32-15.47140.6015.6846.46
23Q1 (13)1.09-18.66-8.41.217.08-2.4283.6123.329.3575.24-6.52.637.31-13.59-17.69121.5415.6616.35
22Q4 (12)1.344.69-4.961.130.89-15.0467.80-4.865.0280.47-0.5217.2743.18-2.594.7105.08-2.5414.28
22Q3 (11)1.28-4.4810.341.12-18.25-2.6171.265.07-8.9180.8921.752.4244.3315.87-6.95107.8212.31-1.6
22Q2 (10)1.3412.6115.521.3710.48-6.867.82-11.3-13.5866.44-9.47.5438.26-15.6-12.3596.00-8.1-0.63
22Q1 (9)1.19-15.65.311.24-6.77-14.4876.4618.43-5.2773.336.8616.9945.339.92-7.88104.4613.6110.93
21Q4 (8)1.4121.554.441.3315.65-16.8864.56-17.47-4.1968.62-13.1220.8141.24-13.43-9.1691.95-16.0816.73
21Q3 (7)1.160.0-11.451.15-21.77-24.3478.23-0.3212.6778.9827.8431.6647.649.1420.15109.5713.4122.06
21Q2 (6)1.162.6514.851.471.3832.4378.48-2.76-13.2661.78-1.44-24.7243.65-11.3-7.9396.612.59-22.8
21Q1 (5)1.13-16.3-0.881.45-9.3815.0880.7119.780.7662.6810.35-12.9949.218.397.8794.1719.55-11.59
20Q4 (4)1.353.050.01.605.260.067.38-2.950.056.80-5.320.045.4014.50.078.77-12.250.0
20Q3 (3)1.3129.70.01.5236.940.069.43-23.260.059.99-26.90.039.65-16.370.089.77-28.260.0
20Q2 (2)1.01-11.40.01.11-11.90.090.4812.960.082.0713.920.047.413.920.0125.1417.480.0
20Q1 (1)1.140.00.01.260.00.080.100.00.072.040.00.045.620.00.0106.520.00.0
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)4.3422.954.6827.8784.04-18.6678.00-21.7749.80-11.44112.23-23.54
2023 (9)3.53-24.253.66-21.96103.3231.9599.7027.9856.2321.6146.7833.47
2022 (8)4.660.654.69-7.1378.30-0.6677.907.7346.24-12.47109.9711.87
2021 (7)4.6311.35.055.6578.82-10.2772.31-5.2852.83-8.4998.30-7.66
2020 (6)4.16-4.374.78-2.8587.844.7776.342.9857.736.22106.452.73
2019 (5)4.35-1.364.92-7.6983.841.2274.138.2354.35-0.69103.627.28
2018 (4)4.41-0.685.33-13.8982.830.7868.4916.0754.734.3796.598.82
2017 (3)4.449.096.19-1.7582.19-8.3659.011.8652.44-3.6988.76-4.72
2016 (2)4.07-9.156.30-1.5689.6910.0157.931.6354.458.8893.165.25
2015 (1)4.48-5.296.4013.8881.535.6157.00-12.1750.01-15.6488.516.86

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