We Think You Can Look Beyond Great Microwave Technology's (SHSE:688270) Lackluster Earnings
We Think You Can Look Beyond Great Microwave Technology's (SHSE:688270) Lackluster Earnings
Great Microwave Technology Co., Ltd.'s (SHSE:688270) recent soft profit numbers didn't appear to worry shareholders, as the stock price showed strength. Our analysis suggests that investors may have noticed some promising signs beyond the statutory profit figures.
格瑞特微波科技有限公司's(SHSE: 688270)最近的疲软利润数字似乎并没有让股东感到担忧,因为股价表现出强劲的势头。我们的分析表明,除了法定利润数字外,投资者可能已经注意到一些令人鼓舞的迹象。
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Examining Cashflow Against Great Microwave Technology's Earnings
将现金流与Great Microwate技术的收益对比
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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. The ratio shows us how much a company's profit exceeds its FCF.
用于衡量公司将其利润转换为自由现金流(FCF)的情况的一个关键财务比率是应计比率。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。该比率向我们显示了公司的利润超过其FCF的程度。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,负应计比率对公司来说是正数,正应计比率是负数。这并不意味着我们应该担心应计比率为正,但值得注意的是,应计比率相当高的地方。引用Lewellen和Resutek在2014年发表的一篇论文,“应计额较高的公司未来的利润往往较低”。
Great Microwave Technology has an accrual ratio of 0.23 for the year to March 2024. Unfortunately, that means its free cash flow fell significantly short of its reported profits. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥66m despite its profit of CN¥59.6m, mentioned above. We also note that Great Microwave Technology's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥66m. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
截至2024年3月的一年中,伟大微波科技的应计比率为0.23。不幸的是,这意味着其自由现金流远低于其报告的利润。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5,960万元人民币,但流出量仍为6600万元人民币,如上所述。我们还注意到,Great Microwave Technology去年的自由现金流实际上也是负的,因此我们可以理解股东是否被其6600万元人民币的流出所困扰。话虽如此,故事还有更多。应计比率至少部分反映了不寻常项目对法定利润的影响。
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。
How Do Unusual Items Influence Profit?
不寻常的物品如何影响利润?
Unfortunately (in the short term) Great Microwave Technology saw its profit reduced by unusual items worth CN¥8.6m. If this was a non-cash charge, it would have made the accrual ratio better, if cashflow had stayed strong, so it's not great to see in combination with an uninspiring accrual ratio. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. Assuming those unusual expenses don't come up again, we'd therefore expect Great Microwave Technology to produce a higher profit next year, all else being equal.
不幸的是(在短期内),Great Microwave Technology的利润因价值860万元人民币的不寻常物品而减少。如果这是非现金支出,如果现金流保持强劲,本来可以改善应计比率,因此,再加上平淡无奇的应计比率,就不太好了。尽管由于不寻常项目而产生的扣除首先令人失望,但有一线希望。当我们分析全球绝大多数上市公司时,我们发现重大不寻常的事项往往不会重演。鉴于这些单列项目被认为不寻常,这并不奇怪。假设这些不寻常的支出不会再次出现,因此,在其他条件相同的情况下,我们预计Great Microwave Technology明年将产生更高的利润。
Our Take On Great Microwave Technology's Profit Performance
我们对伟大微波技术盈利表现的看法
Great Microwave Technology saw unusual items weigh on its profit, which should have made it easier to show high cash conversion, which it did not do, according to its accrual ratio. Given the contrasting considerations, we don't have a strong view as to whether Great Microwave Technology's profits are an apt reflection of its underlying potential for profit. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. For example, Great Microwave Technology has 2 warning signs (and 1 which can't be ignored) we think you should know about.
Great Microwave Technology发现了不寻常的项目压制了其利润,这本来可以更容易地显示出高现金转化率,但根据其应计比率,它没有这样做。鉴于截然不同的考虑,我们对Great Microwave Technology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。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。例如,Great Microwave Technology 有 2 个警告标志(以及 1 个不容忽视的)我们认为你应该知道的。
Our examination of Great Microwave Technology has focussed on certain factors that can make its earnings look better than they are. 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.
我们对Great Microwave Technology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,还有很多其他方法可以让你对公司的看法。有些人认为高股本回报率是优质业务的好兆头。虽然可能需要你进行一些研究,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。
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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。