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
24Q1 (20)1.876.251.630.781.39.8648.61-5.72-1.54117.16-1.28-8.9551.95-1.55-3.24113.83-3.1-8.46
23Q4 (19)1.76-3.3-4.860.77-4.942.6751.563.314.95118.685.71-1.7652.778.63.57117.473.42-1.27
23Q3 (18)1.82-5.710.30.818.08.049.915.85-9.47112.27-7.92-7.7548.59-5.83-14.02113.59-3.3-5.59
23Q2 (17)1.934.8914.880.755.63-15.7347.15-4.5-12.75121.92-5.2519.8851.60-3.893.66117.47-5.5310.86
23Q1 (16)1.84-0.545.750.71-5.33-25.2649.370.49-5.58128.676.5134.1753.695.3811.76124.354.5124.18
22Q4 (15)1.8512.1214.910.750.0-16.6749.13-10.88-13.15120.81-0.7319.0450.95-9.84-5.05118.98-1.1113.97
22Q3 (14)1.65-1.790.00.75-15.73-22.6855.132.02-0.22121.7019.6729.1256.5113.52-2.01120.3113.5431.01
22Q2 (13)1.68-3.457.010.89-6.32-14.4254.043.35-6.63101.706.0516.649.783.62-21.01105.965.8129.09
22Q1 (12)1.748.078.750.955.56-14.4152.29-7.57-8.3495.90-5.5117.0248.04-10.47-24.91100.14-4.0833.48
21Q4 (11)1.61-2.422.550.90-7.22-20.3556.572.39-2.36101.497.6826.1253.66-6.95-20.05104.4013.6946.44
21Q3 (10)1.655.1-5.170.97-6.73-21.1455.25-4.545.3694.258.0627.2157.67-8.499.7891.8311.8824.11
21Q2 (9)1.57-1.888.281.04-6.3118.1857.881.45-7.6187.226.43-15.3763.02-1.50.982.089.41-20.5
21Q1 (8)1.601.91-3.611.11-1.7718.0957.05-1.544.2281.951.84-15.563.98-4.68-1.6875.025.23-13.42
20Q4 (7)1.57-9.77-4.851.13-8.1316.4957.9410.494.8380.478.61-14.5867.1227.776.8471.29-3.65-17.73
20Q3 (6)1.7420.06.11.2339.7729.4752.44-16.3-5.5574.09-28.11-22.6452.53-15.9-12.4473.99-28.34-18.96
20Q2 (5)1.45-12.65-9.380.88-6.38-1.1262.6514.4510.32103.066.270.9462.46-4.010.21103.2519.166.93
20Q1 (4)1.660.610.00.94-3.090.054.74-0.960.096.982.950.065.073.580.086.650.00.0
19Q4 (3)1.650.610.00.972.110.055.27-0.450.094.20-1.640.062.824.720.086.65-5.090.0
19Q3 (2)1.642.50.00.956.740.055.52-2.240.095.77-6.20.059.99-3.750.091.30-5.450.0
19Q2 (1)1.600.00.00.890.00.056.790.00.0102.100.00.062.330.00.096.560.00.0
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)7.805.123.00-10.7146.81-4.8121.5511.8751.462.51116.898.61
2022 (9)7.4211.923.36-11.8149.17-10.73108.6513.550.20-19.2107.6221.34
2021 (8)6.634.573.811.3355.08-4.3395.73-1.3962.13-14.4788.698.15
2020 (7)6.34-8.653.76-2.0857.579.3997.082.0672.6414.8382.01-2.94
2019 (6)6.949.983.84-5.4252.63-8.9895.125.9463.26-1.6284.491.42
2018 (5)6.314.994.06-1.6957.82-4.7689.791.5764.30-4.783.312.05
2017 (4)6.012.914.139.5560.71-2.8388.40-8.5767.470.9381.64-11.57
2016 (3)5.846.763.7710.2362.48-6.3896.69-9.3966.85-1.6392.32-12.49
2015 (2)5.47-2.323.42-4.266.742.31106.714.2767.960.68105.505.42
2014 (1)5.60-4.923.572.5965.235.26102.34-2.4267.502.16100.08-0.69

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