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)1.17-30.775.410.44-25.4237.577.5843.91-5.23207.8734.93-27.3551.3437.7112.24234.1137.16-27.35
24Q3 (19)1.69-1.1734.130.5911.3240.4853.911.39-25.36154.06-9.99-29.5437.2819.79-11.74170.68-11.65-31.35
24Q2 (18)1.7132.5629.550.5339.4717.7853.17-24.7-22.82171.15-28.74-16.0231.12-15.91-31.07193.19-29.44-15.1
24Q1 (17)1.2916.228.40.3818.750.070.61-13.74-7.94240.18-16.050.2537.01-19.09-32.78273.78-15.044.8
23Q4 (16)1.11-11.9-10.480.32-23.81-25.5881.8613.3311.74286.1130.8634.0845.748.29-15.42322.2329.638.56
23Q3 (15)1.26-4.55-14.860.42-6.67-25.072.234.8517.22218.647.2833.7742.24-6.45-7.14248.639.2638.45
23Q2 (14)1.3210.920.00.4518.42-10.068.89-10.18-0.23203.81-14.9312.0145.15-18.0-9.74227.55-12.8913.21
23Q1 (13)1.19-4.03-15.00.38-11.63-28.376.704.718.38239.5812.2839.5755.061.8114.78261.2312.3338.6
22Q4 (12)1.24-16.22-13.890.43-23.21-20.3773.2618.8916.3213.3830.5527.6354.0818.880.93232.5629.531.69
22Q3 (11)1.4812.120.680.5612.0-12.561.62-10.76-0.16163.45-10.1715.8345.49-9.06-16.07179.58-10.6520.83
22Q2 (10)1.32-5.71-14.840.50-5.66-37.569.056.5817.29181.966.0159.6150.024.275.91200.996.6459.96
22Q1 (9)1.40-2.78-12.50.53-1.85-37.6564.792.8613.69171.652.6761.1447.97-10.475.41188.486.7359.73
21Q4 (8)1.44-2.04-2.040.54-15.62-32.562.992.061.45167.1918.4846.2153.58-1.14-5.1176.5918.8247.2
21Q3 (7)1.47-5.16-5.770.64-20.0-39.6261.724.845.96141.1123.7864.3954.2014.7623.35148.6218.2848.4
21Q2 (6)1.55-3.134.030.80-5.88-23.8158.873.3-3.51114.007.0231.4647.233.7847.78125.656.488.53
21Q1 (5)1.608.8466.670.856.2530.7756.99-8.21-39.92106.52-6.85-23.5645.51-19.39-1.49118.00-1.64-37.23
20Q4 (4)1.47-5.770.00.80-24.530.062.096.590.0114.3533.210.056.4628.490.0119.9719.790.0
20Q3 (3)1.564.70.01.060.950.058.25-4.520.085.84-1.010.043.9437.480.0100.15-13.490.0
20Q2 (2)1.4955.210.01.0561.540.061.01-35.680.086.72-37.770.031.96-30.820.0115.77-38.420.0
20Q1 (1)0.960.00.00.650.00.094.850.00.0139.350.00.046.200.00.0187.990.00.0
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)6.2314.521.8919.6258.54-12.74192.95-16.7234.90-23.46216.59-14.45
2023 (9)5.44-9.631.58-19.867.0910.64231.6825.1245.60-4.94253.1727.97
2022 (8)6.02-2.91.97-22.1360.643.08185.1628.3547.97-5.03197.8329.67
2021 (7)6.2016.982.53-17.5958.83-14.59144.2621.3250.512.91152.579.98
2020 (6)5.3017.263.070.068.88-14.65118.910.0149.081.8138.72-8.38
2019 (5)4.52-4.033.07-3.7680.704.12118.904.0248.21-3.66151.406.79
2018 (4)4.710.213.194.5977.51-0.23114.31-4.4350.04-1.94141.78-3.07
2017 (3)4.70-6.563.05-3.1777.697.16119.613.3351.039.37146.273.31
2016 (2)5.03-6.853.15-10.2672.507.34115.7611.3646.660.32141.5913.3
2015 (1)5.40-5.433.51-9.0767.545.63103.959.9146.51-2.92124.9712.98

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