Solid Earnings May Not Tell The Whole Story For Inner Mongolia OJing Science & Technology (SZSE:001269)
Solid Earnings May Not Tell The Whole Story For Inner Mongolia OJing Science & Technology (SZSE:001269)
Inner Mongolia OJing Science & Technology Co., Ltd.'s (SZSE:001269 ) stock didn't jump after it announced some healthy earnings. Our analysis showed that there are some concerning factors in the earnings that investors may be cautious of.
内蒙古奥晶科技股份有限公司's(SZSE:001269)在公布了一些健康的收益后,该股并未上涨。我们的分析表明,收益中存在一些令人担忧的因素,投资者可能会谨慎行事。
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A Closer Look At Inner Mongolia OJing Science & Technology's Earnings
仔细看看内蒙古奥晶科技的收益
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
许多投资者还没有听说过现金流的应计比率,但它实际上是衡量公司在给定时期内自由现金流(FCF)在多大程度上支持利润的有用指标。为了获得应计比率,我们首先从一段时期的利润中减去FCF,然后将该数字除以该期间的平均运营资产。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。
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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
这意味着负应计比率是一件好事,因为它表明该公司带来的自由现金流超出了其利润所暗示的范围。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。值得注意的是,有一些学术证据表明,总的来说,高应计比率对短期利润来说是个坏兆头。
For the year to March 2024, Inner Mongolia OJing Science & Technology had an accrual ratio of 0.40. Statistically speaking, that's a real negative for future earnings. To wit, the company did not generate one whit of free cashflow in that time. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥75m despite its profit of CN¥503.5m, mentioned above. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥75m, this year, indicates high risk. However, that's not all there is to consider. 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,内蒙古奥晶科技的应计比率为0.40。从统计学上讲,这对未来的收益来说确实是负面的。换句话说,该公司在那段时间内没有产生一点自由现金流。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5.035亿元人民币,但流出量仍为7500万元人民币,如上所述。在去年自由现金流为负的背景下,我们想象一些股东可能会怀疑其今年7500万元人民币的现金消耗是否表明存在高风险。但是,这还不是要考虑的全部。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
Unfortunately (in the short term) Inner Mongolia OJing Science & Technology saw its profit reduced by unusual items worth CN¥103m. In the case where this was a non-cash charge it would have made it easier to have high cash conversion, so it's surprising that the accrual ratio tells a different story. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. If Inner Mongolia OJing Science & Technology doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.
不幸的是(在短期内),内蒙古奥晶科技的利润因价值1.03亿元人民币的不寻常项目而减少。如果这是一笔非现金费用,则可以更轻松地实现高现金转换,因此令人惊讶的是,应计比率讲述了一个不同的故事。看到不寻常的项目使公司利润付出代价从来都不是一件好事,但从好的方面来看,情况可能迟早会好转。我们调查了数千家上市公司,发现不寻常的物品本质上往往是一次性的。而且,毕竟,这正是会计术语的含义。如果内蒙古奥晶科技没有看到这些不寻常的支出重演,那么在其他条件相同的情况下,我们预计其利润将在来年增加。
Our Take On Inner Mongolia OJing Science & Technology's Profit Performance
我们对内蒙古奥晶科技盈利表现的看法
In conclusion, Inner Mongolia OJing Science & Technology's accrual ratio suggests that its statutory earnings are not backed by cash flow, even though unusual items weighed on profit. Having considered these factors, we don't think Inner Mongolia OJing Science & Technology's statutory profits give an overly harsh view of the business. 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. To help with this, we've discovered 2 warning signs (1 is concerning!) that you ought to be aware of before buying any shares in Inner Mongolia OJing Science & Technology.
总之,内蒙古奥晶科技的应计比率表明,尽管不寻常的项目打压了利润,但其法定收益没有现金流支持。考虑到这些因素,我们认为内蒙古奥晶科技的法定利润对该业务的看法并不过于严厉。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。为了帮助解决这个问题,我们发现了 2 个警告信号(1 个令人担忧!)在购买内蒙古奥晶科技的任何股票之前,你应该注意这一点。
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. 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 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,以此作为业务指南。但是,如果你能够将注意力集中在细节上,总会有更多值得发现的地方。例如,许多人认为高股本回报率表明商业经济状况良好,而另一些人则喜欢 “追随资金”,寻找内部人士正在购买的股票。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。
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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。