$Adient (ADNT.US)$It is an American company that was listed ...
$Adient(ADNT.US$It is an American company that was listed at 46 US dollars in 2016. Currently, the price is 32.8, and the return rate is still negative. The gross margin has declined from 8.7% to 6% over the past 5 years, and the return on net assets has fluctuated greatly in 3 years, 21% in 2017 and 62% in 2021.
The overall decline in revenue over the past 5 years has been severe. Operating profit declined rapidly for 3 consecutive years from 2018, and only rebounded to 290 million in 2021. Net profit lost for 3 consecutive years in 2018, and reversed losses to 1.19 billion yuan in 2021.
The income statement shows that the burden of interest expenses is extremely heavy and often exceeds operating profit. Net profit in 2021 was mainly due to equity income of 1,484 billion yuan to reverse losses.
In the first two quarters of 2022, revenue contracted 4%, operating profit fell sharply by 76%, and net profit returned to the loss range.
Currently, the apparent listing profit ratio of 2.84 and the price-earnings ratio of TTM 3.97 are all due to equity earnings of 1,264 billion yuan in 2021. If this portion of earnings is not taken into account, both will be in loss, which is unattractive when viewed collectively.
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