玩股撇步(動畫小學堂)  

  • 應收帳款周轉率和存貨周轉率如果一路下滑, 如果是因為賣不出去, 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
  • 當淨營業週期(日)接近於0, 代表公司好像在做無本生意
應收帳款周轉率和存貨周轉率-近20季
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
23Q4 (20)7.16-49.950.422.4587.0272.5412.7099.37-33.5437.19-46.64-42.0139.22-18.02-24.5210.67-62.22-65.9
23Q3 (19)14.29-11.08237.031.3131.013.916.3712.54-70.2969.70-23.46-11.7447.84-26.42-13.1328.24-10.91-37.72
23Q2 (18)16.0777.37234.791.007.5358.735.66-43.63-70.1691.06-6.56-37.2665.02-12.87-32.6431.70-3.56-53.09
23Q1 (17)9.0690.34260.960.93-34.5186.010.04-47.46-72.2597.4551.96-46.4774.6243.61-56.8432.875.05-27.49
22Q4 (16)4.7612.2690.41.4223.48-36.8919.11-10.87-47.4464.13-18.7958.751.96-5.6517.0531.29-30.99-3.37
22Q3 (15)4.24-11.67101.91.1582.543.621.4413.02-50.4678.97-45.59-3.9455.07-42.94-11.9445.34-32.9-27.99
22Q2 (14)4.8091.2477.120.6326.0-24.118.97-47.57-43.58145.13-20.2831.6896.52-44.1856.2367.5749.06-17.64
22Q1 (13)2.510.4234.670.50-77.78-3.8536.18-0.5-70.3182.04350.484.54172.90289.558.1945.3339.99-75.71
21Q4 (12)2.5019.05133.642.25102.7141.9436.36-15.99-57.3140.41-50.85-58.8944.39-29.02-38.9932.38-48.57-70.76
21Q3 (11)2.10-22.516.061.1133.7320.6543.2828.73-5.9582.21-25.41-16.9962.541.2314.6962.96-23.26-30.45
21Q2 (10)2.71261.3378.290.8359.6229.6933.62-72.4-43.9110.21-36.71-22.1461.78-43.48-17.8982.04-56.05-35.01
21Q1 (9)0.75-29.91-47.180.52-44.09-24.64121.8143.089.79174.1477.1531.09109.3050.2247.36186.6568.5851.93
20Q4 (8)1.07-45.96-69.520.931.092.285.1885.09228.1298.30-0.75-1.6172.7633.4343.48110.7222.347.31
20Q3 (7)1.9830.26-28.260.9243.7531.4346.02-23.2139.5499.04-30.03-24.2854.53-27.53-15.3190.53-28.29-8.91
20Q2 (6)1.527.04-53.230.64-7.25-15.7959.93-6.62113.88141.546.5518.5575.241.4473.01126.242.7621.48
20Q1 (5)1.42-59.5482.050.69-24.1856.8264.18147.23-45.24132.8432.96-36.3574.1746.269.61122.8563.45-52.43
19Q4 (4)3.5127.170.00.9130.00.025.96-21.290.099.91-23.610.050.71-21.250.075.16-24.370.0
19Q3 (3)2.76-15.080.00.70-7.890.032.9817.70.0130.799.550.064.3948.060.099.38-4.370.0
19Q2 (2)3.25316.670.00.7672.730.028.02-76.090.0119.39-42.80.043.49-35.730.0103.92-59.760.0
19Q1 (1)0.780.00.00.440.00.0117.200.00.0208.710.00.067.670.00.0258.230.00.0
應收帳款周轉率和存貨周轉率-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)27.7362.937.0733.1513.16-38.6551.60-24.958.23-17.426.53-66.77
2022 (9)17.02159.065.31-2.5721.45-61.3968.712.6470.51-5.2819.65-59.11
2021 (8)6.578.65.4565.1555.55-7.8666.94-39.4974.441.3148.06-50.68
2020 (7)6.0510.03.3027.9160.29-9.09110.63-21.6973.4820.3897.44-33.52
2019 (6)5.50-31.682.58-15.9666.3246.3141.2818.9861.04-23.33146.5773.56
2018 (5)8.05-24.983.07-12.7845.3333.32118.7414.5779.61-20.0184.45121.48
2017 (4)10.7350.073.52-3.334.00-33.37103.643.2999.527.2538.13-34.91
2016 (3)7.1511.023.64-16.1351.03-10.0100.3419.1892.79-1.1358.5824.53
2015 (2)6.44-3.884.349.0556.704.1184.19-8.2693.85-14.4247.0428.63
2014 (1)6.70-13.883.9815.754.4616.0591.77-13.41109.6617.6736.57-38.75

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