There May Be Underlying Issues With The Quality Of MayAir Technology (China)'s (SHSE:688376) Earnings
There May Be Underlying Issues With The Quality Of MayAir Technology (China)'s (SHSE:688376) Earnings
MayAir Technology (China) Co., Ltd. (SHSE:688376) announced strong profits, but the stock was stagnant. Our analysis suggests that shareholders have noticed something concerning in the numbers.
若尔科技(中国)有限公司(SHSE:688376)宣布盈利强劲,但股票价格停滞不前。我们的分析表明股东们在数字中注意到了一些令人担忧的事情。
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Zooming In On MayAir Technology (China)'s Earnings
聚焦于若尔科技(中国)的盈利能力
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. 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'.
作为财务迷已经了解的,现金流的应计比率是评估公司自由现金流(FCF)与利润匹配情况的关键指标。为了得到应计比率,我们首先要从一个时期的利润中减去FCF,然后将这个数字除以该时期的平均营运资产。你可以将现金流的应计比率视为“非FCF的获利比例”。
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. 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. 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,当一个公司的应计项目比率为负时,实际上是一件好事,但如果它的应计项目比率为正,则是一件坏事。虽然应计项目比率超过零不太值得关注,但我们认为当一个公司的应计项目比率相对较高时值得注意。需要注意的是,一些学术证据表明,高应计项目比率通常是短期利润的一个不好的迹象。
MayAir Technology (China) has an accrual ratio of 0.46 for the year to June 2024. As a general rule, that bodes poorly for future profitability. To wit, the company did not generate one whit of free cashflow in that time. Over the last year it actually had negative free cash flow of CN¥365m, in contrast to the aforementioned profit of CN¥189.1m. We also note that MayAir Technology (China)'s free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥365m.
若尔科技(中国)截至2024年6月的年度应计比例为0.46。一般来说,这对未来的盈利前景不利。事实上,该公司在此期间没有产生任何自由现金流。在过去一年中,与前述盈利相比,它实际上有着负自由现金流36500万人民币的情况。我们还注意到,若尔科技(中国)去年的自由现金流也是负数,因此我们可以理解股东们对其36500万人民币的流出感到不安。
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.
这可能会让您想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看基于其估计的未来盈利能力的互动图表。
Our Take On MayAir Technology (China)'s Profit Performance
我们对MayAir Technology(中国)的利润表现有所看法
As we have made quite clear, we're a bit worried that MayAir Technology (China) didn't back up the last year's profit with free cashflow. As a result, we think it may well be the case that MayAir Technology (China)'s underlying earnings power is lower than its statutory profit. Nonetheless, it's still worth noting that its earnings per share have grown at 49% over the last three years. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Every company has risks, and we've spotted 2 warning signs for MayAir Technology (China) (of which 1 doesn't sit too well with us!) you should know about.
正如我们已经明确表示的那样,我们有点担心MayAir Technology(中国)没有用自由现金流支撑去年的利润。因此,我们认为MayAir Technology(中国)的基本盈利能力可能低于其法定利润。尽管如此,值得注意的是,其每股收益在过去三年增长了49%。最终,在适当了解该公司时,重要的是考虑不仅仅是上述因素。请记住,在分析股票时,值得注意所涉及的风险。每家公司都有风险,我们已经发现MayAir Technology(中国)有2个警示信号(其中有1个让我们感到不太满意!)您应该知道。
Today we've zoomed in on a single data point to better understand the nature of MayAir Technology (China)'s profit. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. 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 with significant insider holdings to be useful.
今天,我们聚焦于一个单一数据点,以更好地了解MayAir Technology(中国)利润的本质。但还有很多其他方法可以了解一个公司。有些人认为股东权益回报率较高是优质业务的良好迹象。虽然这可能需要您进行一些调查研究,但您可能会发现这个拥有高股东权益回报率的公司的免费收藏,或者拥有重大内部持股的股票清单对您有所帮助。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。