Hangzhou Haoyue Personal Care's (SHSE:605009) Shareholders Have More To Worry About Than Only Soft Earnings
Hangzhou Haoyue Personal Care's (SHSE:605009) Shareholders Have More To Worry About Than Only Soft Earnings
Investors were disappointed by Hangzhou Haoyue Personal Care Co., Ltd's (SHSE:605009 ) latest earnings release. We did some further digging and think they have a few more reasons to be concerned beyond the statutory profit.
投资者对杭州豪悦护理股份有限公司(SHSE:605009)最新的盈利发布感到失望。我们进一步调查发现,他们有几个更值得关注的问题,超出了法定利润。
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Zooming In On Hangzhou Haoyue Personal Care's Earnings
聚焦杭州豪悦护理的盈利
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. The ratio shows us how much a company's profit exceeds its FCF.
用于衡量公司如何将其利润转化为自由现金流(FCF)的一个关键财务比率是预提账户。简单地说,这个比率从净利润中减去FCF,然后将那个数字除以该期间公司的平均营运资产。该比率显示了一个公司的利润超过了其FCF的多少。
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
这意味着负面预提比率是一件好事,因为它表明公司所获得的自由现金流比其利润所示的要多。这并不意味着我们应该担心正面的预提比率,但值得注意的是,如果预提比率很高的话就要考虑这个问题。引用Lewellen和Resutek在2014年的一篇论文:“预提较高的公司未来的盈利能力较低”。
Over the twelve months to June 2024, Hangzhou Haoyue Personal Care recorded an accrual ratio of 0.21. Unfortunately, that means its free cash flow fell significantly short of its reported profits. Indeed, in the last twelve months it reported free cash flow of CN¥77m, which is significantly less than its profit of CN¥432.9m. Hangzhou Haoyue Personal Care shareholders will no doubt be hoping that its free cash flow bounces back next year, since it was down over the last twelve months.
在截至2024年6月的十二个月中,杭州豪悦护理的计提比率为0.21。不幸的是,这意味着其自由现金流远远不及其公布的利润。确实,在过去的十二个月中,其报告的自由现金流为7700万元,远远低于其利润43290万元。杭州豪悦护理的股东们无疑希望其自由现金流在明年反弹,因为在过去的十二个月中它有所下降。
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 Hangzhou Haoyue Personal Care's Profit Performance
关于杭州豪悦护理利润表现的我们看法
Hangzhou Haoyue Personal Care's accrual ratio for the last twelve months signifies cash conversion is less than ideal, which is a negative when it comes to our view of its earnings. Because of this, we think that it may be that Hangzhou Haoyue Personal Care's statutory profits are better than its underlying earnings power. Nonetheless, it's still worth noting that its earnings per share have grown at 6.0% 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. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. For example, Hangzhou Haoyue Personal Care has 2 warning signs (and 1 which can't be ignored) we think you should know about.
杭州豪悦护理过去十二个月的应计比率表明现金转换不太理想,这在我们看来是一个负面因素。因此,我们认为杭州豪悦护理的法定利润可能比其潜在盈利能力更好。尽管如此,值得注意的是,其每股收益在过去三年增长了6.0%。归根结底,要全面了解公司,必须考虑以上因素之外的更多内容。因此,如果您想深入了解这支股票,就必须考虑其面临的任何风险。例如,我们认为杭州豪悦护理存在2个警示信号(还有1个不容忽视的信号)您应该知道。
This note has only looked at a single factor that sheds light on the nature of Hangzhou Haoyue Personal Care'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 with significant insider holdings to be useful.
本文只是关注了揭示杭州豪悦护理利润性质的一个因素。但如果你能集中注意力在细枝末节上,总会有更多发现。例如,许多人认为高净资产收益率是良好业务经济的指标,而其他人则喜欢“追随资金”并寻找内部人正在购买的股票。虽然这可能需要一些研究,但你可能会发现这个免费的高净资产收益率公司集合,或者这个持有大量内部持股的股票清单非常有用。
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