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
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
24Q3 (20)2.41-6.23-7.660.30-3.23-21.0537.766.738.1301.543.7626.1375.500.1581.01263.795.2713.55
24Q2 (19)2.57-3.02-3.020.310.0-3.1335.382.912.97290.61-0.171.9875.39-6.3444.93250.592.28-6.25
24Q1 (18)2.657.2915.220.31-20.51-3.1334.38-6.53-13.2291.1125.93.0680.4925.1472.99245.0020.28-11.09
23Q4 (17)2.47-5.3618.750.392.63-2.536.785.3-15.89231.23-3.280.464.3254.21351.05203.69-12.32-21.59
23Q3 (16)2.61-1.5133.160.3818.7511.7634.931.66-24.82239.08-16.1-11.4441.71-19.827.22232.31-13.09-16.29
23Q2 (15)2.6515.2214.220.320.0-21.9534.36-13.25-12.48284.970.8827.5952.0211.819.86267.31-2.9921.94
23Q1 (14)2.3010.580.440.32-20.0-15.7939.61-9.42-0.43282.4822.6619.2946.53226.3-14.7275.556.0724.1
22Q4 (13)2.086.12-35.40.4017.65-25.9343.73-5.8854.58230.30-14.6935.4514.26-63.34-74.18259.77-6.481.52
22Q3 (12)1.96-15.52-15.150.34-17.07-22.7346.4618.3417.8269.9620.8729.1538.90-10.37-43.6277.5226.654.62
22Q2 (11)2.321.31-20.550.417.89-34.9239.26-1.3125.91223.35-5.6854.143.40-20.44-8.71219.21-1.2770.49
22Q1 (10)2.29-28.88-8.030.38-29.63-17.3939.7840.628.81236.8139.2820.254.55-1.21-12.03222.0355.1529.41
21Q4 (9)3.2239.393.870.5422.73-6.928.29-28.27-3.71170.03-18.668.0755.22-19.9459.04143.11-20.27-5.85
21Q3 (8)2.31-20.89-17.20.44-30.1610.039.4426.4921.02209.0344.22-8.6668.9745.0888.65179.4939.59-20.18
21Q2 (7)2.9217.2741.750.6336.96125.031.18-14.72-29.38144.94-26.43-54.8647.54-23.3311.86128.58-25.06-60.16
21Q1 (6)2.49-19.6813.180.46-20.6939.3936.5624.44-11.73197.0125.21-28.7862.0178.614.41171.5712.87-34.98
20Q4 (5)3.1011.1121.570.5845.041.4629.38-9.85-17.66157.34-31.24-28.9334.72-5.03-17.47152.00-32.4-29.31
20Q3 (4)2.7935.440.00.4042.860.032.59-26.180.0228.84-28.720.036.56-13.980.0224.86-30.320.0
20Q2 (3)2.06-6.360.00.28-15.150.044.156.590.0321.0616.060.042.50-21.590.0322.7122.30.0
20Q1 (2)2.20-13.730.00.33-19.510.041.4216.090.0276.6324.950.054.2028.830.0263.8622.710.0
19Q4 (1)2.550.00.00.410.00.035.680.00.0221.400.00.042.070.00.0215.020.00.0
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
2023 (10)9.992.991.42-16.4736.54-2.84257.5619.6845.9113.72248.2016.83
2022 (9)9.70-9.091.70-14.1437.619.94215.2116.5940.37-24.68212.4528.6
2021 (8)10.6715.481.9821.4734.21-13.41184.59-17.6353.60-11.02165.20-18.77
2020 (7)9.2423.861.63-3.5539.51-19.24224.103.7560.2416.14203.37-4.54
2019 (6)7.46-7.671.69-30.4548.928.28215.9943.851.8731.15213.0436.71
2018 (5)8.08-4.62.43-9.3345.184.9150.2010.4839.55-11.92155.8316.19
2017 (4)8.47-4.622.6811.6743.074.77135.95-10.7644.906.93134.12-11.45
2016 (3)8.88-6.532.4011.1141.116.97152.34-9.9141.99-6.77151.46-6.79
2015 (2)9.502.592.16-10.3738.43-2.56169.0911.5845.04-24.61162.4923.81
2014 (1)9.269.852.41-10.0739.44-8.89151.5411.1559.74-12.66131.2417.99

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