Zhejiang Juli Culture DevelopmentLtd's (SZSE:002247) Solid Earnings Are Supported By Other Strong Factors
Zhejiang Juli Culture DevelopmentLtd's (SZSE:002247) Solid Earnings Are Supported By Other Strong Factors
Investors were disappointed with Zhejiang Juli Culture Development Co.,Ltd.'s (SZSE:002247) earnings, despite the strong profit numbers. We did some digging and found some worrying underlying problems.
尽管业绩强劲,投资者对浙江聚力文化发展股份有限公司(SZSE:002247)的盈利感到失望。我们进行了一些调查,并发现了一些令人担忧的潜在问题。
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Examining Cashflow Against Zhejiang Juli Culture DevelopmentLtd's Earnings
检查现金流与浙江聚力文化发展股份有限公司的盈利情况
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. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. The ratio shows us how much a company's profit exceeds its FCF.
正如金融迷们已经知道的那样,从现金流量计算的应计比率是评估公司自由现金流(FCF)与其利润相匹配程度的重要指标。应计比率将给定期间的FCF从利润中减去,并将结果除以公司在该期间的平均经营资产。该比率显示公司利润超过其FCF的程度。
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. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
这意味着负的应计比率是一件好事,因为它表明公司带来的自由现金流比利润预示的要多。尽管应计比率高于零并不令人担忧,但我们认为值得注意的是,当公司应计比率相对较高时。引用Lewellen和Resutek 2014年的一篇论文:“应计较高的公司未来可能不那么有盈利能力”。
Over the twelve months to June 2024, Zhejiang Juli Culture DevelopmentLtd recorded an accrual ratio of 0.95. That means it didn't generate anywhere near enough free cash flow to match its profit. Statistically speaking, that's a real negative for future earnings. In fact, it had free cash flow of CN¥66m in the last year, which was a lot less than its statutory profit of CN¥239.6m. Zhejiang Juli Culture DevelopmentLtd shareholders will no doubt be hoping that its free cash flow bounces back next year, since it was down over the last twelve months. 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. One positive for Zhejiang Juli Culture DevelopmentLtd shareholders is that it's accrual ratio was significantly better last year, providing reason to believe that it may return to stronger cash conversion in the future. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
在2023年6月的十二个月内,浙江聚力文化发展股份有限公司的应计比率为0.95。这意味着它没有产生足够的自由现金流来匹配其利润。从统计上讲,对未来盈利来说这是一个真正的负面因素。事实上,它在过去一年的自由现金流仅有6600万人民币,这远远低于其法定利润23960万人民币。浙江聚力文化发展股份有限公司的股东们无疑希望其来年的自由现金流能够反弹,因为过去十二个月它的自由现金流下降了。话虽如此,故事还有更多。我们可以看到异常项目对其法定利润以及应计比率产生了影响。对于浙江聚力文化发展股份有限公司的股东来说,一个积极因素是它的应计比率在去年显著改善,这使人们有理由相信它未来可能恢复更强的现金转化能力。如果情况确实如此,股东们应该寻找相对于利润改善的现金流量。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Zhejiang Juli Culture DevelopmentLtd.
注意:我们始终建议投资者检查资产负债表的实力。点击这里查看我们对浙江聚力文化发展有限公司资产负债表分析。
The Impact Of Unusual Items On Profit
除了稀释之外,还应该注意的是,万集科技在过去12个月中因不寻常项目获得了价值人民币3.5万元的利润。虽然我们希望看到利润增加,但当这些不寻常项目对利润做出重大贡献时,我们会更加谨慎。我们对全球大部分上市公司的数据进行了分析,发现不寻常项目往往是一次性的。这正如我们所期望的那样,因为这些提升被描述为"不寻常"。相对于其利润而言,万集科技在2021年12月前的不寻常项目贡献大。因此,我们可以推断出,这些不寻常项目正在使其财务利润显著增强。
Zhejiang Juli Culture DevelopmentLtd's profit suffered from unusual items, which reduced profit by CN¥413m in the last twelve months. In the case where this was a non-cash charge it would have made it easier to have high cash conversion, so it's surprising that the accrual ratio tells a different story. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. In the twelve months to June 2024, Zhejiang Juli Culture DevelopmentLtd had a big unusual items expense. As a result, we can surmise that the unusual items made its statutory profit significantly weaker than it would otherwise be.
浙江聚力文化发展有限公司的利润受到飞凡因素的影响,在过去12个月内减少了人民币4.13亿的利润。在这种情况下,如果这是一项非现金费用,将使高现金转换更容易,所以令人惊讶的是应计比率讲述了一个不同的故事。尽管由于飞凡因素产生的扣除在第一时间令人失望,但其中也有一线希望。当我们分析全球大多数上市公司时,我们发现重大的飞凡因素通常不会重复出现。毕竟,这正是会计术语所暗示的。在2024年6月的12个月内,浙江聚力文化发展有限公司产生了大笔的飞凡因素开支。因此,我们可以推断,飞凡因素使其法定利润明显较弱。
Our Take On Zhejiang Juli Culture DevelopmentLtd's Profit Performance
我们对浙江聚力文化发展有限公司的利润表现的看法
In conclusion, Zhejiang Juli Culture DevelopmentLtd's accrual ratio suggests that its statutory earnings are not backed by cash flow, even though unusual items weighed on profit. Given the contrasting considerations, we don't have a strong view as to whether Zhejiang Juli Culture DevelopmentLtd's profits are an apt reflection of its underlying potential for profit. 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. You'd be interested to know, that we found 1 warning sign for Zhejiang Juli Culture DevelopmentLtd and you'll want to know about this.
总之,浙江聚力文化发展有限公司的应计比率表明其法定收益不由现金流支持,尽管飞凡因素对利润产生了影响。考虑到对比的因素,我们对于浙江聚力文化发展有限公司的利润是否恰当反映了其潜在盈利能力并没有强烈看法。鉴于这一情况,如果您想对该公司进行更多的分析,了解相关风险是非常重要的。您可能想知道,我们发现了浙江聚力文化发展有限公司1个风险警示符号,您会希望了解这个。
Our examination of Zhejiang Juli Culture DevelopmentLtd has focussed on certain factors that can make its earnings look better than they are. 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. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
我们对浙江聚力文化发展有限公司的研究已经集中在可以使其盈利看起来比实际更好的某些因素上。但还有许多其他方法可以影响您对公司的看法。一些人认为高股本回报率是优质企业的一个良好迹象。因此,您可能希望查看这些高股本回报率的公司集合,或者这些持有高内部所有权股票的股票清单。
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