share_log

Earnings Troubles May Signal Larger Issues for Xinxiang Richful Lube AdditiveLtd (SZSE:300910) Shareholders

Earnings Troubles May Signal Larger Issues for Xinxiang Richful Lube AdditiveLtd (SZSE:300910) Shareholders

收益问题可能预示着新乡市瑞富润滑油添加剂有限公司(SZSE:300910)股东面临更大问题
Simply Wall St ·  2024/10/30 07:21

A lackluster earnings announcement from Xinxiang Richful Lube Additive Co.,Ltd. (SZSE:300910) last week didn't sink the stock price. Our analysis suggests that along with soft profit numbers, investors should be aware of some other underlying weaknesses in the numbers.

瑞丰新材有限公司(深交所代码:300910)上周发布的业绩公告表现平平,并没有导致股价下跌。我们的分析表明,除了盈利数字疲软外,投资者还应该关注数字中存在的一些其他潜在弱点。

big
SZSE:300910 Earnings and Revenue History October 29th 2024
深交所:300910 盈利和营业收入历史 2024年10月29日

A Closer Look At Xinxiang Richful Lube AdditiveLtd's Earnings

深入了解瑞丰新材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. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.

正如金融迷已知,从现金流量的计提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。简而言之,这个比率会从净利润中减去FCF,然后将该数字除以该期间公司的平均经营资产。您可以将现金流计提比率视为“非FCF利润比率”。

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 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,当一个公司有一个负的应计比率时,实际上是一件好事,但如果它的应计比率是正的,那就是一件坏事。虽然有一个正的应计比率并不是一个问题,表明了一定程度的非现金利润,但高的应计比率则是一个坏事,因为它表明纸上的利润不与现金流匹配。引用Lewellen和Resutek在2014年发表的论文,“应计比率更高的公司未来的盈利能力往往更低。”

Over the twelve months to September 2024, Xinxiang Richful Lube AdditiveLtd recorded an accrual ratio of 0.35. 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. Over the last year it actually had negative free cash flow of CN¥2.7m, in contrast to the aforementioned profit of CN¥655.7m. We saw that FCF was CN¥304m a year ago though, so Xinxiang Richful Lube AdditiveLtd has at least been able to generate positive FCF in the past.

截至2024年9月的十二个月中,瑞丰新材有限公司的应计比率为0.35。不幸的是,这意味着其自由现金流远低于法定利润,这使我们对利润作为指南的实用性产生怀疑。去年,该公司实际上有负的自由现金流为CN¥270万,而上述利润为CN¥65570万。然而,我们看到一年前的自由现金流为CN¥30400万,因此瑞丰新材有限公司至少在过去能够产生正的自由现金流。

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 Xinxiang Richful Lube AdditiveLtd's Profit Performance

我们对瑞丰新材的盈利表现的看法

As we discussed above, we think Xinxiang Richful Lube AdditiveLtd's earnings were not supported by free cash flow, which might concern some investors. For this reason, we think that Xinxiang Richful Lube AdditiveLtd's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. But the good news is that its EPS growth over the last three years has been very impressive. 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. If you want to do dive deeper into Xinxiang Richful Lube AdditiveLtd, you'd also look into what risks it is currently facing. Case in point: We've spotted 2 warning signs for Xinxiang Richful Lube AdditiveLtd you should be mindful of and 1 of them is significant.

正如我们上面提到的,我们认为瑞丰新材的收益并没有得到自由现金流的支持,这可能会让一些投资者感到担忧。因此,我们认为瑞丰新材的法律利润可能是其潜在盈利能力的糟糕指标,可能会给投资者对公司的过于正面的印象。但好消息是,其每股收益在过去三年中的增长非常令人印象深刻。本文的目标是评估我们在多大程度上可以依赖法律收益来反映公司的潜力,但还有很多其他因素需要考虑。如果你想更深入了解瑞丰新材,你还应该关注它目前面临的风险。举个例子:我们发现瑞丰新材有两个需要注意的警告信号,其中一个特别重要。

This note has only looked at a single factor that sheds light on the nature of Xinxiang Richful Lube AdditiveLtd's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.

这篇文章只关注了一个因素,揭示了瑞丰新材盈利性质的相关信息。但如果你能够专注于细节,总会有更多要发现的。一些人认为高股本回报率是优质业务的良好标志。虽然这可能需要你进行一些研究,但你可能会发现这份高股本回报率公司的免费收集,或者这份有显著内部持股的股票名单会对你有帮助。

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?对内容感到担忧吗?请直接与我们联系。或者,发送电子邮件至editorial-team @ simplywallst.com。
Simply Wall St的这篇文章是一般性质的。我们仅基于历史数据和分析师预测提供评论,使用公正的方法,我们的文章并非意在提供财务建议。这并不构成买入或卖出任何股票的建议,并且不考虑您的目标或财务状况。我们旨在为您带来基于基础数据驱动的长期聚焦分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St对提及的任何股票都没有持仓。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发