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
23Q3 (20)1.1818.047.51.089.0986.2177.37-14.84-32.1684.47-8.03-46.3469.37-1.57-23.9492.47-17.6-48.71
23Q2 (19)1.007.530.00.9928.5715.1290.85-7.31-0.1391.85-22.76-13.5970.48-9.33-3.41112.22-19.38-9.7
23Q1 (18)0.939.41-5.10.7716.674.0598.01-8.345.15118.91-14.35-3.7877.73-0.36-7.7139.19-17.044.99
22Q4 (17)0.856.25-7.610.6613.798.2106.93-6.247.9138.84-11.81-7.5178.01-14.46-13.66167.77-6.945.6
22Q3 (16)0.80-20.0-5.880.58-32.56-1.69114.0525.377.15157.4348.112.3791.2024.9811.45180.2845.061.06
22Q2 (15)1.002.04-13.040.8616.222.3890.97-2.415.31106.29-13.99-1.3572.97-13.3560.16124.28-6.26-11.91
22Q1 (14)0.986.52-10.910.7421.3115.6293.21-5.9412.9123.58-17.68-13.4584.21-6.864.96132.58-16.55-23.93
21Q4 (13)0.928.2412.20.613.3912.9699.10-6.9-11.19150.12-2.38-10.8490.3510.4133.26158.88-10.94-25.11
21Q3 (12)0.85-26.09-27.970.59-29.76-3.28106.4434.9237.98153.7842.723.5681.8379.6130.36178.3926.459.54
21Q2 (11)1.154.5543.750.8431.2582.6178.89-4.45-30.87107.75-24.53-45.345.56-10.75-34.33141.08-19.05-41.64
21Q1 (10)1.1034.15-6.780.6418.52-8.5782.56-26.017.01142.78-15.210.4851.05-24.7151.98174.29-17.850.86
20Q4 (9)0.82-30.51-17.170.54-11.48-16.92111.5944.6620.87168.3713.3919.7967.808.01114.83212.1630.275.39
20Q3 (8)1.1847.535.630.6132.6117.3177.14-32.4-26.07148.49-24.62-15.8662.77-9.5325.46162.86-32.63-29.44
20Q2 (7)0.80-32.2-36.00.46-34.29-51.58114.1247.9256.91197.0052.43105.8569.38106.55138.09241.7439.973.56
20Q1 (6)1.1819.1922.920.707.69-18.677.15-16.43-18.85129.24-8.0522.7233.596.43-32.47172.80-14.1614.71
19Q4 (5)0.9913.795.320.6525.0-21.6992.32-11.52-4.41140.55-20.3628.1931.56-36.92-51.63201.31-12.7842.8
19Q3 (4)0.87-30.40.00.52-45.260.0104.3443.460.0176.4984.420.050.0371.690.0230.8065.710.0
19Q2 (3)1.2530.210.00.9510.470.072.73-23.50.095.70-9.130.029.14-41.420.0139.28-7.540.0
19Q1 (2)0.962.130.00.863.610.095.07-1.560.0105.31-3.950.049.74-23.770.0150.646.860.0
18Q4 (1)0.940.00.00.830.00.096.580.00.0109.640.00.065.250.00.0140.970.00.0
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
2022 (10)4.03-1.712.9513.4690.581.75123.71-11.8475.9514.33138.34-15.08
2021 (9)4.1013.572.6012.5589.02-11.94140.32-11.3266.4348.71162.90-24.11
2020 (8)3.61-13.222.31-25.72101.0915.16158.2334.9344.67-9.26214.6537.76
2019 (7)4.16-0.483.11-25.0687.780.53117.2733.4449.2318.54155.8216.57
2018 (6)4.1822.944.154.5387.32-18.787.88-4.3741.53106.72133.67-25.41
2017 (5)3.40-11.233.97-13.7107.4012.5991.9015.7620.09-17.73179.2119.19
2016 (4)3.8317.484.6023.9995.39-14.8879.39-19.3424.42-47.15150.36-8.46
2015 (3)3.26-20.683.7127.93112.0626.3198.42-21.9146.2125.98164.26-7.76
2014 (2)4.11-0.482.9031.2288.720.49126.03-23.5936.68-15.79178.07-15.07
2013 (1)4.130.242.21-23.5388.29-0.43164.9330.6543.56-17.48209.6629.32

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