Jiangsu Smartwin Electronics TechnologyLtd's (SZSE:301106) Profits Appear To Have Quality Issues
Jiangsu Smartwin Electronics TechnologyLtd's (SZSE:301106) Profits Appear To Have Quality Issues
Jiangsu Smartwin Electronics Technology Co.,Ltd.'s (SZSE:301106) healthy profit numbers didn't contain any surprises for investors. We think this is due to investors looking beyond the statutory profits and being concerned with what they see.
江蘇智創電子科技股份有限公司, Ltd. 's(深圳證券交易所代碼:301106)健康的利潤數字並沒有讓投資者感到意外。我們認爲這是由於投資者將目光投向了法定利潤之外並關注他們所看到的情況。
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A Closer Look At Jiangsu Smartwin Electronics TechnologyLtd's Earnings
仔細看看江蘇思創電子科技有限公司的收益
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.
用於衡量公司將其利潤轉換爲自由現金流(FCF)的情況的一個關鍵財務比率是應計比率。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以該時期公司的平均運營資產。該比率向我們顯示了公司的利潤超過其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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
這意味着負應計比率是一件好事,因爲它表明該公司帶來的自由現金流超出了其利潤所暗示的範圍。儘管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。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。
Jiangsu Smartwin Electronics TechnologyLtd has an accrual ratio of 0.22 for the year to March 2024. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, which is hardly a good thing. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥35m despite its profit of CN¥80.9m, mentioned above. We saw that FCF was CN¥7.8m a year ago though, so Jiangsu Smartwin Electronics TechnologyLtd has at least been able to generate positive FCF in the past.
截至2024年3月的一年中,江蘇思創電子科技有限公司的應計比率爲0.22。因此,我們知道它的自由現金流大大低於其法定利潤,這並不是一件好事。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8,090萬元人民幣,但流出量仍爲3500萬元人民幣,如上所述。但是,我們看到一年前的FCF爲780萬元人民幣,因此江蘇智創電子科技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 Jiangsu Smartwin Electronics TechnologyLtd.
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江蘇智創電子科技有限公司的資產負債表分析
Our Take On Jiangsu Smartwin Electronics TechnologyLtd's Profit Performance
我們對江蘇智創電子科技有限公司盈利表現的看法
Jiangsu Smartwin Electronics TechnologyLtd'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. Therefore, it seems possible to us that Jiangsu Smartwin Electronics TechnologyLtd's true underlying earnings power is actually less than its statutory profit. Sadly, its EPS was down over the last twelve months. 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. If you'd like to know more about Jiangsu Smartwin Electronics TechnologyLtd as a business, it's important to be aware of any risks it's facing. Every company has risks, and we've spotted 3 warning signs for Jiangsu Smartwin Electronics TechnologyLtd (of which 1 doesn't sit too well with us!) you should know about.
江蘇智創電子科技有限公司過去十二個月的應計比率表明現金轉換率不理想,從我們對收益的看法來看,這是負數。因此,在我們看來,江蘇思創電子科技有限公司的真正基礎盈利能力實際上可能低於其法定利潤。不幸的是,在過去的十二個月中,其每股收益有所下降。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。如果您想進一步了解江蘇智創電子科技有限公司的業務,請務必了解其面臨的任何風險。每家公司都有風險,我們已經發現了江蘇智創電子科技有限公司的3個警告信號(其中1個對我們來說不太合適!)你應該知道。
Today we've zoomed in on a single data point to better understand the nature of Jiangsu Smartwin Electronics TechnologyLtd'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. 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 that insiders are buying to be useful.
今天,我們放大了單個數據點,以更好地了解江蘇思騰電子科技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。雖然可能需要你進行一些研究,但你可能會發現這份免費收集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很有用。
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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。