Shan Dong Lu Bei ChemicalLtd's (SHSE:600727) Earnings Are Weaker Than They Seem
Shan Dong Lu Bei ChemicalLtd's (SHSE:600727) Earnings Are Weaker Than They Seem
Despite posting some strong earnings, the market for Shan Dong Lu Bei Chemical Co.,Ltd's (SHSE:600727) stock hasn't moved much. We did some digging, and we found some concerning factors in the details.
儘管山東魯北化工股份有限公司(SHSE:600727)發佈了一些強勁的盈利數據,但其股票市場並沒有太多波動。我們進行了一些調查,並在詳細信息中發現了一些令人擔憂的因素。
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Examining Cashflow Against Shan Dong Lu Bei ChemicalLtd's Earnings
對山東魯北化工股份有限公司的現金流量與盈利進行分析
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. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. This ratio tells us how much of a company's profit is not backed by free cashflow.
很多投資者並不了解從現金流量表中計算的預付賬款率,但它實際上是衡量公司利潤由自由現金流(FCF)支撐情況的有用指標。簡單地講,這個比率將自由現金流(FCF)從淨利潤中減去,然後除以該期間公司的平均營運資產。這一比率告訴我們公司多少利潤不由自由現金流支撐。
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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
這意味着負的計提率是件好事,因爲它表明該公司所帶來的自由現金流比其利潤所顯示的要多。雖然高於零的計提率沒有什麼大礙,但我們認爲當公司的計提率相對較高時值得注意。這是因爲一些學術研究表明,高計提率往往導致利潤更少或者更少的利潤增長。
For the year to June 2024, Shan Dong Lu Bei ChemicalLtd had an accrual ratio of 0.22. Unfortunately, that means its free cash flow fell significantly short of its reported profits. Even though it reported a profit of CN¥235.3m, a look at free cash flow indicates it actually burnt through CN¥320m in the last year. It's worth noting that Shan Dong Lu Bei ChemicalLtd generated positive FCF of CN¥269m a year ago, so at least they've done it in the past. The good news for shareholders is that Shan Dong Lu Bei ChemicalLtd's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. As a result, some shareholders may be looking for stronger cash conversion in the current year.
就2024年6月期間而言,山東魯北化工股份有限公司的應計比率爲0.22。不幸的是,這意味着其自由現金流遠低於其報告的利潤。儘管它報告了2,353萬元人民幣的利潤,但查看自由現金流則表明它在過去一年中實際上燒掉了3,200萬元人民幣。值得注意的是,山東魯北化工股份有限公司一年前產生了2,690萬元人民幣的正向自由現金流,所以至少過去他們已經成功過。對於股東來說好消息是,山東魯北化工股份有限公司的應計比率去年要好得多,所以今年的糟糕表現可能只是在利潤和自由現金流之間的短期不匹配。因此,一些股東可能正在尋找當前年度更強的現金轉換能力。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shan Dong Lu Bei ChemicalLtd.
注意:我們始終建議投資者檢查資產負債表的強度。單擊此處以查看我們對山東魯北化工股份有限公司資產負債表的分析。
Our Take On Shan Dong Lu Bei ChemicalLtd's Profit Performance
我們對山東魯北化工股份有限公司的利潤表現的看法
Shan Dong Lu Bei ChemicalLtd didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Therefore, it seems possible to us that Shan Dong Lu Bei ChemicalLtd's true underlying earnings power is actually less than its statutory profit. On the bright side, the company showed enough improvement to book a profit this year, after losing money last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. If you want to do dive deeper into Shan Dong Lu Bei ChemicalLtd, you'd also look into what risks it is currently facing. To help with this, we've discovered 3 warning signs (2 are potentially serious!) that you ought to be aware of before buying any shares in Shan Dong Lu Bei ChemicalLtd.
山東魯北化工股份有限公司在過去一年中將其利潤轉化爲自由現金流的情況不佳,這可能被一些投資者認爲是相當次優。因此,對我們來說,山東魯北化工股份有限公司真正的潛在盈利能力可能低於其法定利潤。好消息是,該公司今年表現出了足夠的改善,在去年虧損之後實現了盈利。歸根結底,要充分了解公司,必須考慮比上述因素更多的因素。如果您想深入研究山東魯北化工股份有限公司,您還應該了解目前面臨的風險。爲此,我們發現了3個警告信號(其中2個可能非常嚴重!)您在購買山東魯北化工股份有限公司股票之前需要知道。
Today we've zoomed in on a single data point to better understand the nature of Shan Dong Lu Bei ChemicalLtd's profit. 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 with significant insider holdings to be useful.
今天,我們仔細研究了一個數據點,以更好地了解山東魯北化工股份有限公司利潤的性質。但是,有許多其他方式可以了解公司的情況。有些人認爲高淨資產收益率是優質企業的良好跡象,雖然這可能需要一些調查,但您可能會發現這個免費的公司收益率集合或者這份具有重要內部控制的股票列表會很有用。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。