Rumere's (SZSE:301088) Problems Go Beyond Weak Profit
Rumere's (SZSE:301088) Problems Go Beyond Weak Profit
The subdued market reaction suggests that Rumere Co., Ltd.'s (SZSE:301088) recent earnings didn't contain any surprises. We think that investors are worried about some weaknesses underlying the earnings.
低迷的市场反应表明鲁梅尔股份有限公司的(SZSE：301088)近期财报并不包含任何意外。我们认为，投资者担心的是盈利背后的一些弱点。
See our latest analysis for Rumere
查看我们对Rumere的最新分析
A Closer Look At Rumere's Earnings
仔细看看鲁梅尔的收入
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF.
在高端金融领域，衡量一家公司将报告利润转换为自由现金流(FCF)的程度的关键比率是应计比率(来自现金流)。为了得到应计比率，我们首先从一个时期的利润中减去FCF，然后用这个数字除以该时期的平均运营资产。这个比率向我们展示了一家公司的利润超过了它的FCF的多少。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此，负的应计比率对公司是积极的，而正的应计比率是负的。虽然应计比率高于零并不令人担忧，但我们确实认为，当一家公司的应计比率相对较高时，这一点值得注意。这是因为一些学术研究表明，高应计制比率往往会导致较低的利润或较低的利润增长。
Rumere has an accrual ratio of 0.35 for the year to March 2022. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, raising questions about how useful that profit figure really is. Over the last year it actually had negative free cash flow of CN¥61m, in contrast to the aforementioned profit of CN¥157.7m. We saw that FCF was CN¥97m a year ago though, so Rumere has at least been able to generate positive FCF in the past. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
Rumere在截至2022年3月的一年中的应计比率为0.35。因此，我们知道它的自由现金流明显低于其法定利润，这引发了人们对这个利润数字到底有多大用处的疑问。在过去的一年里，它实际上负面自由现金流为人民币6100万元，而前述利润为人民币1.577亿元。我们看到一年前的FCF是9700万加元，所以Rumere至少在过去能够产生正的FCF。然而，这并不是需要考虑的全部问题。应计比率反映了不寻常项目对法定利润的影响，至少在一定程度上是这样。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
这可能会让你想知道，分析师对未来盈利能力的预测是什么。幸运的是，您可以单击此处查看基于他们估计的未来盈利能力的互动图表。
The Impact Of Unusual Items On Profit
异常项目对利润的影响
Given the accrual ratio, it's not overly surprising that Rumere's profit was boosted by unusual items worth CN¥14m in the last twelve months. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. Which is hardly surprising, given the name. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
考虑到应计比率，鲁梅尔的利润在过去12个月里被价值1400万元人民币的不寻常项目提振也就不足为奇了。虽然我们喜欢看到利润增加，但当不寻常的项目做出了很大贡献时，我们往往会更加谨慎。当我们分析了数千家上市公司的数据时，我们发现，在给定的一年中，不寻常的项目往往会带来提振不第二年又重复了一遍。考虑到这个名字，这并不令人惊讶。假设这些不同寻常的项目在本年度不会再次出现，我们因此预计明年的利润会更弱(也就是说，在没有业务增长的情况下)。
Our Take On Rumere's Profit Performance
我们对Rumere的利润表现的看法
Rumere had a weak accrual ratio, but its profit did receive a boost from unusual items. Considering all this we'd argue Rumere's profits probably give an overly generous impression of its sustainable level of profitability. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Be aware that Rumere is showing 3 warning signs in our investment analysis and 1 of those shouldn't be ignored...
Rumere的应计比率较低，但其利润确实得到了不寻常项目的提振。考虑到这一切，我们认为Rumere的利润可能给人一种过于慷慨的印象，表明其可持续的盈利水平。有鉴于此，如果你想对公司做更多的分析，了解其中的风险是至关重要的。请注意，Rumere在我们的投资分析中显示了3个警告信号，其中1个不应被忽视…
Our examination of Rumere has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
我们对Rumere的调查集中在某些因素上，这些因素可以让Rumere的收益看起来比实际情况更好。在此基础上，我们对此持怀疑态度。但如果你有能力将注意力集中在细枝末节上，总会有更多的东西需要发现。例如，许多人认为高股本回报率是有利的商业经济指标，而另一些人则喜欢“跟着钱走”，寻找内部人士正在买入的股票。所以你可能想看看这个免费拥有高股本回报率的公司的集合，或内部人士正在购买的这份股票清单。
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这篇由《华尔街日报》撰写的文章本质上是笼统的。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。简单地说，华尔街在提到的任何股票中都没有头寸。