Shaky Earnings May Not Tell The Whole Story For Ways ElectronLtd (SHSE:605218)
Shaky Earnings May Not Tell The Whole Story For Ways ElectronLtd (SHSE:605218)
Shareholders didn't appear too concerned by Ways Electron Co.,Ltd.'s (SHSE:605218) weak earnings. Our analysis suggests that they may be missing some concerning details underlying the profit numbers.
股東並不太擔心偉時電子股份有限公司(SHSE:605218)的盈利疲軟。我們的分析表明,他們可能忽略了盈利數字背後一些令人擔憂的細節。
Zooming In On Ways ElectronLtd's Earnings
深入分析偉時電子股份有限公司的盈利情況
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
許多投資者沒有聽說過現金流的應計比率,但它實際上是一個有用的衡量公司利潤在一個給定期間內被自由現金流(FCF)支持的度量衡。爲了得到應計比率,我們首先需要在一個期間內將FCF從利潤中減去,然後將該數額除以該期間平均營運資產。您可以認爲現金流應計比率是「非FCF盈利比率」。
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 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,當一家公司的淨應計流量比率爲負數時,實際上它被認爲是一件好事,但是如果它的應計流量比率爲正數,那麼就是一件壞事了。儘管應計流量比率高於零時並不值得擔憂,但當一家公司的應計流量比率相對較高時,我們認爲值得注意。原因是一些學術研究表明高的應計比率往往導致利潤或利潤增長較少。
Ways ElectronLtd has an accrual ratio of 0.31 for the year to September 2024. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, raising questions about how useful that profit figure really is. Over the last year it actually had negative free cash flow of CN¥176m, in contrast to the aforementioned profit of CN¥83.6m. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥176m, this year, indicates high risk. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
偉時電子股份有限公司在截至2024年9月的一年內具有0.31的應計比率。因此,我們知道其自由現金流顯著低於其法定盈利,這引發了對盈利數據真正有效性的質疑。在過去一年中,它實際上有着負自由現金流達17600萬元人民幣,與前述盈利8360萬元人民幣形成對比。考慮到去年負自由現金流的情況,我們可以想象一些股東可能會懷疑今年1.76億元人民幣的現金消耗是否表明高風險。然而,體現在應計比率中的非尋常項目對法定盈利產生影響,至少在一定程度上。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Ways ElectronLtd.
注意:我們始終建議投資者檢查資產負債表的實力。點擊這裏查看我們對偉時電子股份有限公司資產負債表的分析。
The Impact Of Unusual Items On Profit
除了稀釋之外,還應該注意的是,萬集科技在過去12個月中因不尋常項目獲得了價值人民幣3.5萬元的利潤。雖然我們希望看到利潤增加,但當這些不尋常項目對利潤做出重大貢獻時,我們會更加謹慎。我們對全球大部分上市公司的數據進行了分析,發現不尋常項目往往是一次性的。這正如我們所期望的那樣,因爲這些提升被描述爲"不尋常"。相對於其利潤而言,萬集科技在2021年12月前的不尋常項目貢獻大。因此,我們可以推斷出,這些不尋常項目正在使其財務利潤顯著增強。
The fact that the company had unusual items boosting profit by CN¥41m, in the last year, probably goes some way to explain why its accrual ratio was so weak. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And that's as you'd expect, given these boosts are described as 'unusual'. Ways ElectronLtd had a rather significant contribution from unusual items relative to its profit to September 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
公司在去年有一些不尋常的項目推動獲利增加了4100萬元人民幣,這可能在一定程度上解釋了其應計比率如此疲弱。我們不能否認更高的利潤一般會令我們感到樂觀,但如果利潤可以持續下去會更好。當我們分析了成千上萬家上市公司的數據後,發現某一年因不尋常項目而獲得的增長往往在下一年不會重複。這也正是您所期望的,因爲這些增長被描述爲'不尋常'。偉時電子業務在2024年9月相對利潤有相當大的貢獻來自不尋常項目。其他全部相等的情況下,這可能會導致法定利潤對基本盈利能力的指引效果不佳。
Our Take On Ways ElectronLtd's Profit Performance
我們對偉時電子的盈利表現的看法
Summing up, Ways ElectronLtd received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. Considering all this we'd argue Ways ElectronLtd's profits probably give an overly generous impression of its sustainable level of profitability. If you'd like to know more about Ways ElectronLtd 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 Ways ElectronLtd (of which 2 make us uncomfortable!) you should know about.
總的來看,偉時電子從不尋常項目中獲得了盈利的良好增長,但未能用自由現金流來匹配其名義盈利。考慮到這一切,我們認爲偉時電子的利潤可能過分地讓人覺得其可持續盈利水平非常慷慨。如果您想進一步了解偉時電子作爲一家業務的情況,了解其面臨的任何風險是非常重要的。每家公司都有風險,我們已經發現了偉時電子存在3個警示信號(其中有2個讓我們感到不安!)您應該了解。
In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. 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. 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.
在本文中,我們考慮了很多可以削弱盈利數字實用性的因素,並保持謹慎。 但是,如果您能夠集中精力於細節,您還可以發現更多信息。 例如,許多人認爲高回報率是有利的企業經濟的指標,而其他人則喜歡「跟隨資金」並尋找內部人員購買的股票。 雖然這可能需要一些您的研究,但您可能會發現這個免費收藏的公司具有高回報率,或者這個擁有重要內幕持股的股票列表非常有用。
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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。