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Investors Shouldn't Be Too Comfortable With Jiangsu Rijiu Optoelectronics' (SZSE:003015) Earnings

Investors Shouldn't Be Too Comfortable With Jiangsu Rijiu Optoelectronics' (SZSE:003015) Earnings

投资者不应对江苏日久光电(SZSE:003015)的盈利过于舒适
Simply Wall St ·  10/24 18:35

Jiangsu Rijiu Optoelectronics Jointstock Co., Ltd (SZSE:003015) just reported some strong earnings, and the market reacted accordingly with a healthy uplift in the share price. However, our analysis suggests that shareholders may be missing some factors that indicate the earnings result was not as good as it looked.

江苏日久光电股份有限公司(SZSE:003015)刚刚发布了一些强劲的收益,市场做出了相应的反应,股价有健康的上涨。然而,我们的分析表明,股东可能忽略了一些因素,表明收益结果并不像看起来那么好。

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SZSE:003015 Earnings and Revenue History October 24th 2024
SZSE:003015收益和营业收入历史数据2024年10月24日

Zooming In On Jiangsu Rijiu Optoelectronics' Earnings

关注江苏日久光电的收益能力

As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. 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. The ratio shows us how much a company's profit exceeds its FCF.

正如财务迷们已经知道的那样,现金流的应计比率是评估公司自由现金流(FCF)与利润匹配程度的重要指标。为了获得应计比率,我们首先减去一段时间的FCF和利润,然后将该数字除以该期间的平均营运资产。该比率显示了公司的利润超过其FCF的多少。

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. 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,负应计比率对公司是有益的,而正应计比率则是不利的。这并不是说我们应该担心正应计比率,但值得注意的是应计比率相当高的地方。值得注意的是,有一些学术证据表明,高应计比率通常是短期利润的不良迹象。

Over the twelve months to September 2024, Jiangsu Rijiu Optoelectronics recorded an accrual ratio of -0.11. Therefore, its statutory earnings were quite a lot less than its free cashflow. In fact, it had free cash flow of CN¥142m in the last year, which was a lot more than its statutory profit of CN¥36.1m. Jiangsu Rijiu Optoelectronics shareholders are no doubt pleased that free cash flow improved over the last twelve months. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.

在截至2024年9月的十二个月里,江苏日久光电的权责发生额率为-0.11。因此,其法定收益远远低于其自由现金流。事实上,在过去一年中,它的自由现金流为人民币14200万,远远超过法定利润3610万。江苏日久光电的股东无疑对过去十二个月的自由现金流改善感到高兴。话虽如此,故事并不简单。我们可以看到,非常规项目影响了其法定利润,因此也影响了权责发生率。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Jiangsu Rijiu Optoelectronics.

注意:我们始终建议投资者检查资产负债表的实力。单击此处查看我们对江苏日久光电资产负债表的分析。

How Do Unusual Items Influence Profit?

非常规项目如何影响利润?

While the accrual ratio might bode well, we also note that Jiangsu Rijiu Optoelectronics' profit was boosted by unusual items worth CN¥8.7m in the last twelve months. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Jiangsu Rijiu Optoelectronics had a rather significant contribution from unusual items relative to its profit to September 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.

虽然应计比率可能会有好的迹象,但我们也注意到,江苏日久光电的利润在过去十二个月中受到价值870万人民币的飞凡项目的提振。虽然我们喜欢看到利润增加,但当飞凡项目做出巨大贡献时,我们往往会更加谨慎。当我们分析全球绝大多数上市公司时,我们发现显著的飞凡项目往往不会重复出现。而且归根结底,这恰恰是会计术语所暗示的。 与2024年9月相比,江苏日久光电的利润中不寻常项目的贡献相对较大。其他条件相同的情况下,这可能会导致法定利润成为底层盈利能力的不良指引。

Our Take On Jiangsu Rijiu Optoelectronics' Profit Performance

我们对江苏日久光电的盈利表现的看法

In conclusion, Jiangsu Rijiu Optoelectronics' accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Having considered these factors, we don't think Jiangsu Rijiu Optoelectronics' statutory profits give an overly harsh view of the business. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Every company has risks, and we've spotted 4 warning signs for Jiangsu Rijiu Optoelectronics (of which 2 don't sit too well with us!) you should know about.

总的来说,江苏日久光电的应计比率表明其法定收益质量良好,但另一方面,利润受到飞凡项目的提升。考虑到这些因素,我们认为江苏日久光电的法定利润并没有对业务给予过于严厉的评价。请记住,当进行股票分析时,值得注意其中涉及的风险。每家公司都存在风险,我们已发现江苏日久光电存在4个警示信号(其中有2个令我们感到不太舒服!)您应了解。

Our examination of Jiangsu Rijiu Optoelectronics has focussed on certain factors that can make its earnings look better than they are. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.

我们对江苏日久光电的审查侧重于某些因素,这些因素可能使其盈利看起来比实际更好。但如果您能将注意力集中在细微之处,总会有更多发现。 一些人认为高净资产收益率是品质企业的良好迹象。 因此,您可能希望查看这个拥有高净资产收益率的公司免费收藏,或这个拥有高内部持股比例的股票清单。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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