Stanley Agriculture GroupLtd (SZSE:002588) Is Posting Healthy Earnings, But It Is Not All Good News
Stanley Agriculture GroupLtd (SZSE:002588) Is Posting Healthy Earnings, But It Is Not All Good News
Investors were disappointed with Stanley Agriculture Group Co.,Ltd.'s (SZSE:002588) recent earnings release. Our analysis found several concerning factors in the earnings report beyond the strong statutory profit number.
投资者对斯坦利农业集团公司感到失望。, Ltd. 's (SZSE: 002588) 近期财报发布。我们的分析发现,除了强劲的法定利润数字外,收益报告中还有一些令人担忧的因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240428/0-46b71feba0e10620b3eefff40de11520-0-e9353a9baaf200792360ecaa93c6488d.png/big)
Zooming In On Stanley Agriculture GroupLtd's Earnings
放大斯坦利农业集团有限公司的收益
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). 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.
在高级财务中,用于衡量公司将报告的利润转化为自由现金流(FCF)的关键比率是应计比率(来自现金流)。简而言之,该比率从净利润中减去FCF,然后将该数字除以该时期公司的平均运营资产。该比率向我们显示了公司的利润超过其FCF的程度。
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,当公司的应计比率为负时,这实际上被认为是一件好事,但是如果应计比率为正,则被认为是一件坏事。尽管应计比率高于零并不令人担忧,但我们确实认为,当公司的应计比率相对较高时,值得注意。那是因为一些学术研究表明,高应计比率往往会导致利润下降或利润增长放缓。
For the year to March 2024, Stanley Agriculture GroupLtd had an accrual ratio of 0.43. 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¥862m despite its profit of CN¥724.9m, mentioned above. It's worth noting that Stanley Agriculture GroupLtd generated positive FCF of CN¥185m a year ago, so at least they've done it in the past. 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.
在截至2024年3月的一年中,斯坦利农业集团有限公司的应计比率为0.43。通常,这对未来的盈利能力来说是个坏兆头。事实上,在此期间,该公司没有产生任何自由现金流。在过去的十二个月里,它实际上有 负面的 自由现金流,尽管利润为7.249亿元人民币,但流出量仍为8.62亿元人民币,如上所述。值得注意的是,斯坦利农业集团有限公司一年前创造了1.85亿元人民币的正FCF,因此至少他们过去曾这样做过。话虽如此,故事还有更多。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。
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.
这可能会让你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根据他们的估计描绘未来盈利能力的交互式图表。
The Impact Of Unusual Items On Profit
不寻常物品对利润的影响
The fact that the company had unusual items boosting profit by CN¥104m, in the last year, probably goes some way to explain why its accrual ratio was so weak. 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. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
该公司去年有不寻常的项目将利润提高了1.04亿元人民币,这一事实可能在某种程度上可以解释其应计比率为何如此疲软。虽然我们希望看到利润增加,但当不寻常的物品做出重大贡献时,我们往往会更加谨慎一些。我们统计了全球大多数上市公司的数字,不寻常的物品在自然界中很常见。而且,毕竟,这正是会计术语的含义。假设这些不寻常的项目在本年度不会再次出现,因此我们预计明年的利润将疲软(也就是说,在业务没有增长的情况下)。
Our Take On Stanley Agriculture GroupLtd's Profit Performance
我们对斯坦利农业集团有限公司盈利表现的看法
Stanley Agriculture GroupLtd had a weak accrual ratio, but its profit did receive a boost from unusual items. For the reasons mentioned above, we think that a perfunctory glance at Stanley Agriculture GroupLtd's statutory profits might make it look better than it really is on an underlying level. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. Case in point: We've spotted 2 warning signs for Stanley Agriculture GroupLtd you should be mindful of and 1 of these can't be ignored.
斯坦利农业集团有限公司的应计比率较低,但其利润确实受到不寻常项目的提振。出于上述原因,我们认为,敷衍地看一眼斯坦利农业集团有限公司的法定利润可能会使其看起来比实际水平要好。考虑到这一点,除非我们对风险有透彻的了解,否则我们不会考虑投资股票。一个很好的例子:我们发现了斯坦利农业集团有限公司的两个警告信号,你应该注意其中一个不容忽视。
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 are plenty of other ways to inform your opinion of a company. 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 that insiders are buying to be useful.
在本文中,我们研究了许多可能削弱利润数字效用的因素,我们对此持谨慎态度。但是,还有很多其他方法可以告知你对公司的看法。有些人认为高股本回报率是高质量业务的好兆头。尽管可能需要代表你进行一些研究,但你可能会发现这份免费收集的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单很有用。
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?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。