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
25Q1 (20)1.1816.8325.531.4444.054.8477.23-14.14-20.3263.15-30.94-35.7361.22-32.75-22.379.15-12.41-32.0
24Q4 (19)1.01-18.55-11.41.00-23.66-9.9189.9522.7812.7591.4432.111.291.0431.4344.9990.3623.43-8.92
24Q3 (18)1.244.25.981.3111.9735.0573.26-3.87-5.7469.22-10.68-25.969.277.251.8573.21-17.86-29.01
24Q2 (17)1.1926.617.821.1725.8127.1776.21-21.37-15.5877.50-21.12-21.5164.59-18.02-20.3589.13-23.42-17.41
24Q1 (16)0.94-17.549.30.93-16.2217.7296.9221.48-8.0398.2519.48-14.8278.7925.48-22.88116.3917.32-1.84
23Q4 (15)1.14-2.5620.01.1114.4323.3379.782.65-16.6282.23-11.98-18.2462.79-7.68-31.3599.21-3.79-5.32
23Q3 (14)1.1715.8420.620.975.43-12.6177.72-13.9-17.2693.42-5.3914.0768.01-16.13-15.89103.12-4.458.59
23Q2 (13)1.0117.44-28.870.9216.46-47.7390.27-14.3441.2798.74-14.490.8881.09-20.6226.33107.92-8.98109.8
23Q1 (12)0.86-9.47-9.470.79-12.22-56.59105.3810.149.6115.3514.7130.88102.1611.69-10.29118.5713.15268.0
22Q4 (11)0.95-2.06-36.240.90-18.92-78.095.681.8657.01100.5722.8351.891.4713.1215.54104.7910.352500.25
22Q3 (10)0.97-31.69-45.511.11-36.93-66.9693.9347.083.4281.9058.32202.180.8625.97-1.3994.9684.62687.47
22Q2 (9)1.4249.47-20.671.76-3.3-39.9363.90-33.5426.0451.733.5466.664.19-43.63-25.0351.4459.651429.2
22Q1 (8)0.95-36.24-45.41.82-55.5-46.1596.1557.7883.3549.96124.4485.79113.8843.8410.4832.22699.5235.66
21Q4 (7)1.49-16.29-3.874.0921.73-12.4260.9419.04.0322.26-17.8914.3379.17-3.45-27.554.03209.81112.91
21Q3 (6)1.78-0.565.333.3614.68-35.8851.211.01-5.1527.11-12.6956.1682.00-4.23-20.13-3.675.1788.28
21Q2 (5)1.792.875.922.93-13.31-39.2150.70-3.32-5.931.0515.4764.2985.62-16.94-11.15-3.8783.7183.59
21Q1 (4)1.7412.260.03.38-27.620.052.44-10.480.026.8938.110.0103.08-5.660.0-23.7523.930.0
20Q4 (3)1.55-8.280.04.67-10.880.058.588.50.019.4712.150.0109.276.430.0-31.220.320.0
20Q3 (2)1.690.00.05.248.710.053.990.20.017.36-8.150.0102.676.550.0-31.32-32.820.0
20Q2 (1)1.690.00.04.820.00.053.880.00.018.900.00.096.360.00.0-23.580.00.0
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)3.63-3.463.78-3.82100.423.496.493.9189.386.74107.531.2
2023 (9)3.76-14.353.93-28.9397.1216.7292.8640.6883.74-4.13106.2571.76
2022 (8)4.39-25.725.53-68.683.2134.6266.01218.5887.35-1.8461.860
2021 (7)5.91-1.8317.6110.261.811.9820.72-9.2888.99-21.2-6.460
2020 (6)6.0235.8915.9812.4660.61-26.4622.84-11.06112.9310.2-29.480
2019 (5)4.43-31.114.21-18.8582.4245.2125.6823.22102.4812.85.620
2018 (4)6.43-14.1517.51-8.1356.7616.4320.848.8390.85-20.9-13.250
2017 (3)7.49-3.7319.06-8.9348.753.8819.159.81114.8615.1-46.950
2016 (2)7.7815.2620.9333.6546.93-13.1717.44-25.1899.79-11.52-35.410
2015 (1)6.7595.0915.6620.4654.05-48.8223.31-16.99112.78-32.85-35.420

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