Zhejiang Biyi Electric Appliance's (SHSE:603215) Problems Go Beyond Poor Profit
Zhejiang Biyi Electric Appliance's (SHSE:603215) Problems Go Beyond Poor Profit
Zhejiang Biyi Electric Appliance Co., Ltd. (SHSE:603215) recently posted soft earnings but shareholders didn't react strongly. Our analysis suggests that they may be missing some concerning details underlying the profit numbers.
浙江必义电器股份有限公司(SHSE:603215)最近出现了营收走软,但股东们并没有太大的反应。我们的分析表明,他们可能错过了一些有关利润数字下面令人关注的细节。
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A Closer Look At Zhejiang Biyi Electric Appliance's Earnings
浙江必义电器收益的近距离观察
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. 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.
许多投资者没有听说过现金流量的计提比率,但它实际上是衡量一个公司在给定期间的自由现金流(FCF)支持其利润能力的有用指标。计提比率从该期间的利润中减去FCF,并将结果除以公司在该时间内的平均营运资产。该比率告诉我们一个公司的利润超过了其自由现金流的多少。
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 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
因此,当一家公司的应计比率变为负数时,这实际上是一件好事,但如果应计比率是正数,则是一件坏事。虽然应计比率为正数并不是问题,这表明一定程度的非现金利润,但高应计比率被认为是一件坏事,因为它表明纸面利润无法与现金流相匹配。值得注意的是,一些学术证据表明,高应计比率通常是近期利润的一个不好的迹象。
Zhejiang Biyi Electric Appliance has an accrual ratio of 0.48 for the year to June 2024. As a general rule, that bodes poorly for future profitability. To wit, the company did not generate one whit of free cashflow in that time. Even though it reported a profit of CN¥142.7m, a look at free cash flow indicates it actually burnt through CN¥181m in the last year. It's worth noting that Zhejiang Biyi Electric Appliance generated positive FCF of CN¥255m a year ago, so at least they've done it in the past. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part. The good news for shareholders is that Zhejiang Biyi Electric Appliance'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. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
浙江必义电器2024年6月累计准备率为0.48。一般来说,这对未来的盈利能力不利。事实上,在那段时间里,该公司并没有产生任何自由现金流。虽然它报告了人民币1.427亿元的利润,但自由现金流的情况表明,它在过去一年中实际上烧掉了1.81亿元。值得注意的是,一年前,浙江必义电器创造了25500万元人民币的正自由现金流,因此至少他们过去做到了这一点。但是,这并不是所有需要考虑的因素。准备率反映了非经常性项目对法定利润的影响,至少部分如此。股东的好消息是,浙江必义电器的准备率去年要好得多,因此今年的糟糕表现可能只是利润和自由现金流之间短期不匹配的情况。如果确实是这样,股东们应该寻求在当前年度内产生改善的现金流与利润的关系。
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.
这可能会让您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基于其估计的未来盈利能力的互动图表。
The Impact Of Unusual Items On Profit
除了稀释之外,还应该注意的是,万集科技在过去12个月中因不寻常项目获得了价值人民币3.5万元的利润。虽然我们希望看到利润增加,但当这些不寻常项目对利润做出重大贡献时,我们会更加谨慎。我们对全球大部分上市公司的数据进行了分析,发现不寻常项目往往是一次性的。这正如我们所期望的那样,因为这些提升被描述为"不寻常"。相对于其利润而言,万集科技在2021年12月前的不寻常项目贡献大。因此,我们可以推断出,这些不寻常项目正在使其财务利润显著增强。
Given the accrual ratio, it's not overly surprising that Zhejiang Biyi Electric Appliance's profit was boosted by unusual items worth CN¥11m in the last twelve months. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And, after all, that's exactly what the accounting terminology implies. If Zhejiang Biyi Electric Appliance doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
考虑到准备率,浙江必义电器过去十二个月的利润增加了价值1100万元的非常规项目。虽然有更高的利润总是很好的,但是非常规项目的大规模贡献有时会抑制我们的热情。当我们处理了成千上万家上市公司的数据后,我们发现,非常规项目的增加在某一年是经常不会重复的。而且,毕竟,这正是会计术语所暗示的。如果浙江必义电器看不到这种贡献的重复,那么其他条件都不变,我们预计其利润在当前年度内会降低。
Our Take On Zhejiang Biyi Electric Appliance's Profit Performance
我们对浙江必义电器的利润表现的看法
Zhejiang Biyi Electric Appliance had a weak accrual ratio, but its profit did receive a boost from unusual items. Considering all this we'd argue Zhejiang Biyi Electric Appliance's profits probably give an overly generous impression of its sustainable level of profitability. 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. Every company has risks, and we've spotted 3 warning signs for Zhejiang Biyi Electric Appliance (of which 1 makes us a bit uncomfortable!) you should know about.
尽管浙江必义电器的准备率较低,但其利润确实受到了非常规项目的提振。考虑到这一切,我们认为浙江必义电器的利润很可能给出了对其可持续盈利能力过度慷慨的印象。因此,如果您想对该公司进行更多分析,了解涉及的风险非常重要。每个公司都有风险,我们已经发现了浙江必义电器的3个警告信号(其中1个让我们有点不舒服!)您应该知道。
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 with significant insider holdings to be useful.
在本文中,我们展示了影响利润数字的各种因素,并谨慎对待。但是,还有很多其他方法可以了解公司的情况。有些人认为高回报股本回报率是一家优质企业的好迹象。虽然可能需要您自己进行一些研究,但您可能会发现此免费收藏的公司以高股本回报率为荣,或此持有重要内部股份的股票清单可能会有所帮助。
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