Hangzhou Haoyue Personal Care's (SHSE:605009) Shareholders Have More To Worry About Than Only Soft Earnings
Hangzhou Haoyue Personal Care's (SHSE:605009) Shareholders Have More To Worry About Than Only Soft Earnings
Investors were disappointed by Hangzhou Haoyue Personal Care Co., Ltd's (SHSE:605009 ) latest earnings release. We did some further digging and think they have a few more reasons to be concerned beyond the statutory profit.
投資者對杭州豪悅護理股份有限公司(SHSE:605009)最新的盈利發佈感到失望。我們進一步調查發現,他們有幾個更值得關注的問題,超出了法定利潤。
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Zooming In On Hangzhou Haoyue Personal Care's Earnings
聚焦杭州豪悅護理的盈利
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. The ratio shows us how much a company's profit exceeds its FCF.
用於衡量公司如何將其利潤轉化爲自由現金流(FCF)的一個關鍵財務比率是預提帳戶。簡單地說,這個比率從淨利潤中減去FCF,然後將那個數字除以該期間公司的平均營運資產。該比率顯示了一個公司的利潤超過了其FCF的多少。
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. 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".
這意味着負面預提比率是一件好事,因爲它表明公司所獲得的自由現金流比其利潤所示的要多。這並不意味着我們應該擔心正面的預提比率,但值得注意的是,如果預提比率很高的話就要考慮這個問題。引用Lewellen和Resutek在2014年的一篇論文:「預提較高的公司未來的盈利能力較低」。
Over the twelve months to June 2024, Hangzhou Haoyue Personal Care recorded an accrual ratio of 0.21. Unfortunately, that means its free cash flow fell significantly short of its reported profits. Indeed, in the last twelve months it reported free cash flow of CN¥77m, which is significantly less than its profit of CN¥432.9m. Hangzhou Haoyue Personal Care shareholders will no doubt be hoping that its free cash flow bounces back next year, since it was down over the last twelve months.
在截至2024年6月的十二個月中,杭州豪悅護理的計提比率爲0.21。不幸的是,這意味着其自由現金流遠遠不及其公佈的利潤。確實,在過去的十二個月中,其報告的自由現金流爲7700萬元,遠遠低於其利潤43290萬元。杭州豪悅護理的股東們無疑希望其自由現金流在明年反彈,因爲在過去的十二個月中它有所下降。
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.
這可能會讓您想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看基於其估計的未來盈利能力的互動圖表。
Our Take On Hangzhou Haoyue Personal Care's Profit Performance
關於杭州豪悅護理利潤表現的我們看法
Hangzhou Haoyue Personal Care's accrual ratio for the last twelve months signifies cash conversion is less than ideal, which is a negative when it comes to our view of its earnings. Because of this, we think that it may be that Hangzhou Haoyue Personal Care's statutory profits are better than its underlying earnings power. Nonetheless, it's still worth noting that its earnings per share have grown at 6.0% over the last three years. 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. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. For example, Hangzhou Haoyue Personal Care has 2 warning signs (and 1 which can't be ignored) we think you should know about.
杭州豪悅護理過去十二個月的應計比率表明現金轉換不太理想,這在我們看來是一個負面因素。因此,我們認爲杭州豪悅護理的法定利潤可能比其潛在盈利能力更好。儘管如此,值得注意的是,其每股收益在過去三年增長了6.0%。歸根結底,要全面了解公司,必須考慮以上因素之外的更多內容。因此,如果您想深入了解這支股票,就必須考慮其面臨的任何風險。例如,我們認爲杭州豪悅護理存在2個警示信號(還有1個不容忽視的信號)您應該知道。
This note has only looked at a single factor that sheds light on the nature of Hangzhou Haoyue Personal Care's profit. 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 with significant insider holdings to be useful.
本文只是關注了揭示杭州豪悅護理利潤性質的一個因素。但如果你能集中注意力在細枝末節上,總會有更多發現。例如,許多人認爲高淨資產收益率是良好業務經濟的指標,而其他人則喜歡「追隨資金」並尋找內部人正在購買的股票。雖然這可能需要一些研究,但你可能會發現這個免費的高淨資產收益率公司集合,或者這個持有大量內部持股的股票清單非常有用。
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