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
24Q2 (20)0.702.94-9.091.18-9.232.61130.72-1.669.9276.829.35-3.0299.520.91-11.02108.023.3225.18
24Q1 (19)0.68-24.44-8.111.30-22.6223.81132.9330.938.5570.2529.71-19.1398.6217.25-22.97104.5546.0628.6
23Q4 (18)0.90-3.2347.541.6813.514.35101.534.04-32.0254.16-12.08-4.0284.11-9.91-3.3271.588.73-39.74
23Q3 (17)0.9320.7850.01.4828.79.6397.59-17.94-33.0661.60-22.23-8.6993.36-16.52-4.2665.83-23.71-43.13
23Q2 (16)0.774.0567.391.159.522.68118.92-2.89-39.4579.21-8.82-2.49111.84-12.648.6286.296.14-50.6
23Q1 (15)0.7421.3121.311.05-34.78-18.6122.46-18.01-18.1486.8753.9423.61128.0247.1541.5481.30-31.55-37.18
22Q4 (14)0.61-1.61-32.971.6119.261.9149.362.4549.7256.43-16.35-2.0387.00-10.7840.78118.782.6224.3
22Q3 (13)0.6234.7829.171.3520.5421.62145.79-25.77-22.6367.46-16.95-18.0797.51-5.2952.77115.75-33.74-44.07
22Q2 (12)0.46-24.59155.561.12-13.1841.77196.4131.3-60.3681.2315.58-29.38102.9613.8325.96174.6834.98-66.97
22Q1 (11)0.61-32.97238.891.29-18.3541.76149.5949.95-69.9370.2822.01-29.4990.4546.3612.91129.4135.42-74.97
21Q4 (10)0.9189.58225.01.5842.3416.1899.76-47.06-68.8957.60-30.05-13.7761.80-3.185.5395.56-53.82-70.95
21Q3 (9)0.48166.6745.451.1140.51-26.97188.44-61.97-32.282.34-28.4237.8163.83-21.9129.63206.95-60.86-28.26
21Q2 (8)0.180.0-28.00.79-13.19-34.17495.49-0.433.63115.0315.451.3881.742.0317.93528.782.2740.08
21Q1 (7)0.18-35.71-21.740.91-33.09-32.09497.4755.1224.899.6849.2247.2880.1136.8-14.58517.0557.1938.8
20Q4 (6)0.28-15.15-33.331.36-10.53-22.29320.7115.3849.6266.8011.828.7358.5618.93-12.24328.9414.0364.88
20Q3 (5)0.3332.0-13.161.5226.6713.43277.95-25.0415.3759.75-21.37-12.2549.24-28.96-27.05288.47-23.5819.44
20Q2 (4)0.258.70.01.20-10.450.0370.80-6.980.075.9912.280.069.31-26.090.0377.481.330.0
20Q1 (3)0.23-45.240.01.34-23.430.0398.6185.960.067.6830.430.093.7840.540.0372.5186.720.0
19Q4 (2)0.4210.530.01.7530.60.0214.35-11.030.051.89-23.790.066.73-1.140.0199.50-17.390.0
19Q3 (1)0.380.00.01.340.00.0240.920.00.068.090.00.067.500.00.0241.510.00.0
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)3.0136.825.262.14121.23-26.8669.37-2.1108.004.0382.61-37.78
2022 (9)2.2066.675.15-4.81165.74-40.2270.865.1103.8237.86132.78-50.71
2021 (8)1.3224.535.412.66277.27-19.5667.42-2.6475.31-14.59269.37-17.31
2020 (7)1.06-14.525.27-25.46344.6917.3369.2534.1388.1711.4325.7722.35
2019 (6)1.24-23.937.07-8.66293.7931.4251.639.4879.1516.09266.2731.47
2018 (5)1.63-35.327.74-5.15223.5554.347.165.3968.18-15.2202.5485.43
2017 (4)2.520.08.168.8144.88-0.1244.75-8.0780.40-24.24109.2324.68
2016 (3)2.52-7.697.50-14.09145.068.548.6816.4106.13-6.6387.6141.63
2015 (2)2.731.118.7315.94133.70-1.0141.82-13.74113.66-5.3461.86-2.55
2014 (1)2.70-10.897.5316.38135.0712.0848.48-14.04120.0716.2863.48-13.81

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