We Like Shenzhen LiantronicsLtd's (SZSE:300269) Earnings For More Than Just Statutory Profit
We Like Shenzhen LiantronicsLtd's (SZSE:300269) Earnings For More Than Just Statutory Profit
Shenzhen Liantronics Co.,Ltd (SZSE:300269) just released a solid earnings report, and the stock displayed some strength. Despite this, our analysis suggests that there are some factors weakening the foundations of those good profit numbers.
深圳市聯創電子有限公司, Ltd(深圳證券交易所代碼:300269)剛剛發佈了一份穩健的收益報告,該股表現出一定的走強。儘管如此,我們的分析表明,有一些因素削弱了這些良好利潤數字的基礎。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240502/0-961686adbdd16f7afbec26af4134717d-0-693d78fbbcdf53ddec4fc27f893e4bcd.png/big)
Examining Cashflow Against Shenzhen LiantronicsLtd's Earnings
根據深圳聯創光電的收益檢查現金流
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). 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.
在高級財務中,用於衡量公司將報告的利潤轉換爲自由現金流(FCF)的關鍵比率是應計比率(來自現金流)。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 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,負的應計比率對公司來說是正數,而正的應計比率是負數。儘管應計比率爲正(表明非現金利潤達到一定水平)不是問題,但高應計比率可以說是一件壞事,因爲它表明紙質利潤與現金流不匹配。那是因爲一些學術研究表明,高應計比率往往會導致利潤下降或利潤增長放緩。
Shenzhen LiantronicsLtd has an accrual ratio of -0.27 for the year to March 2024. That indicates that its free cash flow quite significantly exceeded its statutory profit. In fact, it had free cash flow of CN¥62m in the last year, which was a lot more than its statutory profit of CN¥25.5m. Given that Shenzhen LiantronicsLtd had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CN¥62m would seem to be a step in the right direction. 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.
截至2024年3月的一年中,深圳聯創電子有限公司的應計比率爲-0.27。這表明其自由現金流大大超過了其法定利潤。實際上,它去年的自由現金流爲6200萬元人民幣,遠遠超過其2550萬元人民幣的法定利潤。鑑於深圳聯電股份有限公司在前一同期的自由現金流爲負,過去十二個月的6200萬元人民幣的業績似乎是朝着正確方向邁出的一步。話雖如此,故事還有更多。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shenzhen LiantronicsLtd.
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深圳聯創光電股份有限公司的資產負債表分析
How Do Unusual Items Influence Profit?
不尋常的物品如何影響利潤?
While the accrual ratio might bode well, we also note that Shenzhen LiantronicsLtd's profit was boosted by unusual items worth CN¥5.1m in the last twelve months. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. We can see that Shenzhen LiantronicsLtd's positive unusual items were quite significant relative to its profit in the year to March 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
儘管應計比率可能是個好兆頭,但我們還注意到,在過去的十二個月中,價值510萬元人民幣的不尋常項目提振了深圳聯創公司的利潤。雖然我們希望看到利潤增加,但當不尋常的物品做出重大貢獻時,我們往往會更加謹慎一些。我們統計了全球大多數上市公司的數字,不尋常的物品在自然界中很常見。考慮到這個名字,這並不奇怪。我們可以看到,相對於截至2024年3月的一年中,深圳聯創光電有限公司的正面不尋常項目與其利潤相比相當可觀。在其他條件相同的情況下,這可能會使法定利潤成爲衡量潛在盈利能力的不良指導。
Our Take On Shenzhen LiantronicsLtd's Profit Performance
我們對深圳聯創光電有限公司盈利表現的看法
Shenzhen LiantronicsLtd's profits got a boost from unusual items, which indicates they might not be sustained and yet its accrual ratio still indicated solid cash conversion, which is promising. Given the contrasting considerations, we don't have a strong view as to whether Shenzhen LiantronicsLtd'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. Be aware that Shenzhen LiantronicsLtd is showing 2 warning signs in our investment analysis and 1 of those shouldn't be ignored...
深圳聯創光電有限公司的利潤因不尋常的項目而得到提振,這表明利潤可能無法持續下去,但其應計比率仍顯示出穩健的現金轉換,這令人鼓舞。鑑於截然不同的考慮,我們對深圳聯創光電的利潤是否恰當反映了其潛在的盈利潛力沒有強烈的看法。有鑑於此,如果你想對公司進行更多分析,了解所涉及的風險至關重要。請注意,深圳聯創電子有限公司在我們的投資分析中顯示了兩個警告信號,其中一個不容忽視...
Our examination of Shenzhen LiantronicsLtd has focussed on certain factors that can make its earnings look better than they are. 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. 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.
我們對深圳聯創光電有限公司的審查側重於某些可能使其收益看起來好於實際的因素。但是,如果你能夠將注意力集中在細節上,總會有更多的事情需要發現。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。