Fujian Yongan Forestry(Group)Ltd's (SZSE:000663) Soft Earnings Don't Show The Whole Picture
Fujian Yongan Forestry(Group)Ltd's (SZSE:000663) Soft Earnings Don't Show The Whole Picture
Soft earnings didn't appear to concern Fujian Yongan Forestry(Group)Joint-Stock Co.,Ltd.'s (SZSE:000663) shareholders over the last week. We think that the softer headline numbers might be getting counterbalanced by some positive underlying factors.
软收益似乎与福建永安林业(集团)股份有限公司无关。, Ltd. 's(深圳证券交易所股票代码:000663)上周的股东。我们认为,较疲软的标题数字可能会被一些积极的潜在因素所抵消。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240507/0-92efc3131a90dc9ffe02846d37e335fe-0-39cedf9136ee2749b1cc43d0e47f2d51.png/big)
A Closer Look At Fujian Yongan Forestry(Group)Ltd's Earnings
仔细看看福建永安林业(集团)有限公司的收益
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
用于衡量公司将其利润转换为自由现金流(FCF)的情况的一个关键财务比率是应计比率。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。这个比率告诉我们,一家公司的利润中有多少没有自由现金流的支持。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
因此,负应计比率对公司来说是正数,而正应计比率是负数。这并不意味着我们应该担心应计比率为正,但值得注意的是,应计比率相当高的地方。值得注意的是,有一些学术证据表明,总的来说,高应计率对短期利润来说是个坏兆头。
For the year to March 2024, Fujian Yongan Forestry(Group)Ltd had an accrual ratio of 0.29. Unfortunately, that means its free cash flow was a lot less than its statutory profit, which makes us doubt the utility of profit as a guide. Even though it reported a profit of CN¥126.9m, a look at free cash flow indicates it actually burnt through CN¥143m in the last year. It's worth noting that Fujian Yongan Forestry(Group)Ltd generated positive FCF of CN¥400m a year ago, so at least they've done it in the past. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio. The good news for shareholders is that Fujian Yongan Forestry(Group)Ltd's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
截至2024年3月的一年中,福建永安林业(集团)有限公司的应计比率为0.29。不幸的是,这意味着其自由现金流远少于其法定利润,这使我们怀疑利润作为指导的效用。尽管该公司公布了1.269亿加元的利润,但从自由现金流来看,它实际上在去年消耗了1.43亿元人民币。值得注意的是,福建永安林业(集团)有限公司一年前创造了4亿元人民币的正FCF,因此至少他们过去曾这样做过。话虽如此,故事还有更多。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。对股东来说,好消息是,福建永安林业(集团)有限公司去年的应计比率要好得多,因此今年的糟糕数据可能只是利润与FCF之间短期不匹配的情况。如果确实如此,股东应寻求在本年度的现金流相对于利润的改善。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Fujian Yongan Forestry(Group)Ltd.
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福建永安林业(集团)有限公司的资产负债表分析
The Impact Of Unusual Items On Profit
不寻常物品对利润的影响
Fujian Yongan Forestry(Group)Ltd's profit suffered from unusual items, which reduced profit by CN¥66m in the last twelve months. If this was a non-cash charge, it would have made the accrual ratio better, if cashflow had stayed strong, so it's not great to see in combination with an uninspiring accrual ratio. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. If Fujian Yongan Forestry(Group)Ltd doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.
福建永安林业(集团)有限公司的利润受到不寻常项目的影响,在过去的十二个月中,利润减少了6600万元人民币。如果这是非现金支出,如果现金流保持强劲,本来可以改善应计比率,因此,再加上平淡无奇的应计比率,就不太好了。看到不寻常的项目使公司利润损失从来都不是一件好事,但从好的方面来看,情况可能迟早会好转。当我们分析全球绝大多数上市公司时,我们发现重大不寻常的事项往往不会重演。鉴于这些单列项目被认为不寻常,这并不奇怪。如果福建永安林业(集团)有限公司不看到这些不寻常的支出重演,那么在其他条件相同的情况下,我们预计其利润将在来年增加。
Our Take On Fujian Yongan Forestry(Group)Ltd's Profit Performance
我们对福建永安林业(集团)有限公司盈利表现的看法
Fujian Yongan Forestry(Group)Ltd saw unusual items weigh on its profit, which should have made it easier to show high cash conversion, which it did not do, according to its accrual ratio. Based on these factors, it's hard to tell if Fujian Yongan Forestry(Group)Ltd's profits are a reasonable reflection of its underlying profitability. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. To help with this, we've discovered 2 warning signs (1 can't be ignored!) that you ought to be aware of before buying any shares in Fujian Yongan Forestry(Group)Ltd.
福建永安林业(集团)有限公司看到不寻常的项目压制了其利润,这本来可以更容易地显示出高现金转化率,但根据其应计比率,福建永安林业(集团)有限公司却没有这样做。基于这些因素,很难判断福建永安林业(集团)有限公司的利润是否合理地反映了其潜在的盈利能力。考虑到这一点,除非我们对风险有透彻的了解,否则我们不会考虑投资股票。为了帮助解决这个问题,我们发现了 2 个警告信号(1 个不容忽视!)在购买福建永安林业(集团)有限公司的任何股份之前,你应该注意这一点
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there are plenty of other ways to inform your opinion of a company. 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.
在本文中,我们研究了许多可能削弱利润数字效用的因素,以此作为业务指南。但是,还有很多其他方法可以告知你对公司的看法。例如,许多人认为高股本回报率表明商业经济状况良好,而另一些人则喜欢 “追随资金”,寻找内部人士正在购买的股票。因此,你可能希望看到这批拥有高股本回报率的免费公司,或者这份内部人士正在购买的股票清单。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。