Concerns Surrounding Wuxi Holyview MicroelectronicsLtd's (SHSE:603375) Performance
Concerns Surrounding Wuxi Holyview MicroelectronicsLtd's (SHSE:603375) Performance
The recent earnings posted by Wuxi Holyview Microelectronics Co.,Ltd. (SHSE:603375) were solid, but the stock didn't move as much as we expected. We believe that shareholders have noticed some concerning factors beyond the statutory profit numbers.
無錫豪威微電子有限公司最近公佈的業績, Ltd.(上海證券交易所股票代碼:603375)表現穩定,但該股的波動幅度沒有我們預期的那麼大。我們認爲,股東們已經注意到法定利潤數字之外的一些令人擔憂的因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240426/0-11e8cccd8e78edeef26388acc63e604c-0-9bf2ea5e6dde39fde462726e7e53c16d.png/big)
A Closer Look At Wuxi Holyview MicroelectronicsLtd's Earnings
仔細看看無錫Holyview微電子有限公司的收益
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
正如金融迷已經知道的那樣,現金流的應計比率是評估公司自由現金流(FCF)與利潤匹配程度的關鍵指標。應計比率從給定時期的利潤中減去FCF,然後將結果除以該時間內公司的平均運營資產。這個比率告訴我們,一家公司的利潤中有多少沒有自由現金流的支持。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,負應計比率對公司來說是正數,而正應計比率是負數。雖然應計比率高於零並不令人擔憂,但我們確實認爲,當公司的應計比率相對較高時,值得注意。這是因爲一些學術研究表明,高應計率往往會導致利潤下降或利潤增長減弱。
For the year to December 2023, Wuxi Holyview MicroelectronicsLtd had an accrual ratio of 0.60. As a general rule, that bodes poorly for future profitability. And indeed, during the period the company didn't produce any free cash flow whatsoever. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥103m despite its profit of CN¥194.8m, mentioned above. We saw that FCF was CN¥28m a year ago though, so Wuxi Holyview MicroelectronicsLtd has at least been able to generate positive FCF in the past.
在截至2023年12月的一年中,無錫豪威微電子有限公司的應計比率爲0.60。通常,這對未來的盈利能力來說是個壞兆頭。事實上,在此期間,該公司沒有產生任何自由現金流。在過去的十二個月裏,它實際上有 負面的 自由現金流,儘管利潤爲1.948億元人民幣,但流出量仍爲1.03億元人民幣,如上所述。但是,我們看到一年前的FCF爲2800萬元人民幣,因此無錫Holyview微電子有限公司過去至少能夠產生正的FCF。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Wuxi Holyview MicroelectronicsLtd.
注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對無錫Holyview微電子有限公司的資產負債表分析。
Our Take On Wuxi Holyview MicroelectronicsLtd's Profit Performance
我們對無錫豪威微電子有限公司盈利表現的看法
As we discussed above, we think Wuxi Holyview MicroelectronicsLtd's earnings were not supported by free cash flow, which might concern some investors. As a result, we think it may well be the case that Wuxi Holyview MicroelectronicsLtd's underlying earnings power is lower than its statutory profit. But on the bright side, its earnings per share have grown at an extremely impressive rate over the last three years. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. So while earnings quality is important, it's equally important to consider the risks facing Wuxi Holyview MicroelectronicsLtd at this point in time. Be aware that Wuxi Holyview MicroelectronicsLtd is showing 3 warning signs in our investment analysis and 1 of those makes us a bit uncomfortable...
正如我們上面討論的那樣,我們認爲無錫Holyview微電子有限公司的收益沒有得到自由現金流的支持,這可能會讓一些投資者感到擔憂。因此,我們認爲無錫Holyview微電子有限公司的基礎盈利能力很可能低於其法定利潤。但好的一面是,其每股收益在過去三年中以極其驚人的速度增長。當然,我們只是在分析其收益時才浮出水面;人們還可以考慮利潤率、預測增長和投資回報率等因素。因此,儘管收益質量很重要,但考慮無錫Holyview微電子有限公司目前面臨的風險同樣重要。請注意,無錫Holyview微電子有限公司在我們的投資分析中顯示了3個警告信號,其中一個讓我們有點不舒服...
Today we've zoomed in on a single data point to better understand the nature of Wuxi Holyview MicroelectronicsLtd's profit. 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.
今天,我們放大了單一數據點,以更好地了解無錫Holyview微電子有限公司利潤的性質。但是,還有很多其他方法可以讓你對公司的看法。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。因此,你可能希望看到這份免費收藏的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單。
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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.
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。