We Like The Quality Of LinhaiLtd's (SHSE:600099) Earnings
We Like The Quality Of LinhaiLtd's (SHSE:600099) Earnings
The market seemed underwhelmed by last week's earnings announcement from Linhai Co.,Ltd. (SHSE:600099) despite the healthy numbers. Our analysis suggests that shareholders might be missing some positive underlying factors in the earnings report.
林海股份上周公布的财报似乎令市场不知所措。,Ltd.(上海证券交易所股票代码:600099),尽管数字良好。我们的分析表明,股东在收益报告中可能遗漏了一些积极的潜在因素。
Examining Cashflow Against LinhaiLtd's Earnings
根据LinhailTD的收益检查现金流
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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
在高级财务中,用于衡量公司将报告的利润转化为自由现金流(FCF)的关键比率是应计比率(来自现金流)。为了获得应计比率,我们首先从一段时期的利润中减去FCF,然后将该数字除以该期间的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,负应计比率对公司来说是正数,而正应计比率是负数。虽然正应计比率表明非现金利润达到一定水平不是问题,但高应计比率可以说是一件坏事,因为它表明纸面利润与现金流不匹配。引用Lewellen和Resutek在2014年发表的一篇论文,“应计额较高的公司将来的利润往往会降低”。
Over the twelve months to December 2023, LinhaiLtd recorded an accrual ratio of -0.37. That indicates that its free cash flow quite significantly exceeded its statutory profit. In fact, it had free cash flow of CN¥126m in the last year, which was a lot more than its statutory profit of CN¥13.3m. LinhaiLtd shareholders are no doubt pleased that free cash flow improved over the last twelve months.
在截至2023年12月的十二个月中,LinhailTD的应计比率为-0.37。这表明其自由现金流大大超过了其法定利润。实际上,它去年的自由现金流为1.26亿元人民币,远远超过其1330万元的法定利润。毫无疑问,LinhailTD股东对过去十二个月自由现金流的改善感到高兴。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of LinhaiLtd.
注意:我们始终建议投资者检查资产负债表的实力。点击此处查看我们对LinhailTD的资产负债表分析。
Our Take On LinhaiLtd's Profit Performance
我们对LinhailTD利润表现的看法
As we discussed above, LinhaiLtd's accrual ratio indicates strong conversion of profit to free cash flow, which is a positive for the company. Because of this, we think LinhaiLtd's underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! And on top of that, its earnings per share have grown at an extremely impressive rate over the last three years. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. If you're interested we have a graphic representation of LinhaiLtd's balance sheet.
正如我们上面讨论的那样,LinhailTD的应计比率表明利润向自由现金流的强劲转换,这对公司来说是一个积极的利润。因此,我们认为LinhailTD的潜在盈利潜力与法定利润看上去一样好,甚至可能更好!最重要的是,在过去三年中,其每股收益以极其惊人的速度增长。本文的目标是评估我们在多大程度上可以依靠法定收益来反映公司的潜力,但还有很多需要考虑的地方。正如投资者必须考虑收益一样,考虑公司资产负债表的实力也很重要。如果你感兴趣,我们有LinhailTD资产负债表的图形表示。
Today we've zoomed in on a single data point to better understand the nature of LinhaiLtd's profit. 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. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying to be useful.
今天,我们放大了单个数据点,以更好地了解LinhailTD利润的性质。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。虽然可能需要你进行一些研究,但你可能会发现这份免费收集的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单很有用。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。