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.
深圳市联创电子有限公司, Ltd(深圳证券交易所代码:300269)刚刚发布了一份稳健的收益报告,该股表现出一定的走强。尽管如此,我们的分析表明,有一些因素削弱了这些良好利润数字的基础。
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Examining Cashflow Against Shenzhen LiantronicsLtd's Earnings
根据深圳联创光电的收益检查现金流
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.
在高级财务中,用于衡量公司将报告的利润转换为自由现金流(FCF)的关键比率是应计比率(来自现金流)。应计比率从给定时期的利润中减去FCF,然后将结果除以该时间内公司的平均运营资产。这个比率告诉我们,一家公司的利润中有多少没有自由现金流的支持。
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,负的应计比率对公司来说是正数,而正的应计比率是负数。尽管应计比率为正(表明非现金利润达到一定水平)不是问题,但高应计比率可以说是一件坏事,因为它表明纸质利润与现金流不匹配。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。
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,深圳联创电子有限公司的应计比率为-0.27。这表明其自由现金流大大超过了其法定利润。实际上,它去年的自由现金流为6200万元人民币,远远超过其2550万元人民币的法定利润。鉴于深圳联电股份有限公司在前一同期的自由现金流为负,过去十二个月的6200万元人民币的业绩似乎是朝着正确方向迈出的一步。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。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shenzhen LiantronicsLtd.
注意:我们始终建议投资者检查资产负债表的实力。点击此处查看我们对深圳联创光电股份有限公司的资产负债表分析
How Do Unusual Items Influence Profit?
不寻常的物品如何影响利润?
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.
尽管应计比率可能是个好兆头,但我们还注意到,在过去的十二个月中,价值510万元人民币的不寻常项目提振了深圳联创公司的利润。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。考虑到这个名字,这并不奇怪。我们可以看到,相对于截至2024年3月的一年中,深圳联创光电有限公司的正面不寻常项目与其利润相比相当可观。在其他条件相同的情况下,这可能会使法定利润成为衡量潜在盈利能力的不良指导。
Our Take On Shenzhen LiantronicsLtd's Profit Performance
我们对深圳联创光电有限公司盈利表现的看法
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...
深圳联创光电有限公司的利润因不寻常的项目而得到提振,这表明利润可能无法持续下去,但其应计比率仍显示出稳健的现金转换,这令人鼓舞。鉴于截然不同的考虑,我们对深圳联创光电的利润是否恰当反映了其潜在的盈利潜力没有强烈的看法。有鉴于此,如果你想对公司进行更多分析,了解所涉及的风险至关重要。请注意,深圳联创电子有限公司在我们的投资分析中显示了两个警告信号,其中一个不容忽视...
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.
我们对深圳联创光电有限公司的审查侧重于某些可能使其收益看起来好于实际的因素。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。因此,你可能希望看到这份免费收藏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。
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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。