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We Think You Should Be Aware Of Some Concerning Factors In Jiangsu Liance Electromechanical Technology's (SHSE:688113) Earnings

We Think You Should Be Aware Of Some Concerning Factors In Jiangsu Liance Electromechanical Technology's (SHSE:688113) Earnings

我們認爲您應該了解江蘇聯測機電科技(SHSE: 688113)收益中的一些令人擔憂的因素
Simply Wall St ·  05/06 14:04

Jiangsu Liance Electromechanical Technology Co., Ltd.'s (SHSE:688113) healthy profit numbers didn't contain any surprises for investors. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.

江蘇聯測機電科技有限公司's(上海證券交易所代碼:688113)健康的利潤數字並沒有讓投資者感到意外。但是,法定利潤數字並不能說明全部情況,我們發現了一些可能引起股東關注的因素。

earnings-and-revenue-history
SHSE:688113 Earnings and Revenue History May 6th 2024
SHSE: 688113 收益和收入歷史記錄 2024 年 5 月 6 日

Examining Cashflow Against Jiangsu Liance Electromechanical Technology's Earnings

根據江蘇聯測機電科技的收益研究現金流

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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.

許多投資者尚未聽說過現金流的應計比率,但它實際上是衡量公司在給定時期內自由現金流(FCF)在多大程度上支持利潤的有用指標。爲了獲得應計比率,我們首先從一段時期的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。你可以將現金流的應計比率視爲 “非FCF利潤率”。

As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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.

因此,負應計比率對公司來說是正數,而正應計比率是負數。雖然應計比率高於零並不令人擔憂,但我們確實認爲,當公司的應計比率相對較高時,值得注意。值得注意的是,有一些學術證據表明,總的來說,高應計率對短期利潤來說是個壞兆頭。

For the year to March 2024, Jiangsu Liance Electromechanical Technology had an accrual ratio of 0.29. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, raising questions about how useful that profit figure really is. Even though it reported a profit of CN¥90.4m, a look at free cash flow indicates it actually burnt through CN¥73m in the last year. We also note that Jiangsu Liance Electromechanical Technology's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥73m.

截至2024年3月的一年中,江蘇聯測機電科技的應計比率爲0.29。因此,我們知道它的自由現金流大大低於其法定利潤,這引發了人們對該利潤數字到底有多有用的質疑。儘管該公司公佈了9,040萬元人民幣的利潤,但從自由現金流來看,它實際上在去年消耗了7300萬加元人民幣。我們還注意到,去年,江蘇聯測機電科技的自由現金流實際上也是負的,因此我們可以理解股東是否被其7300萬元人民幣的流出所困擾。

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

注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對江蘇聯測機電科技的資產負債表分析。

Our Take On Jiangsu Liance Electromechanical Technology's Profit Performance

我們對江蘇聯測機電科技盈利表現的看法

Jiangsu Liance Electromechanical Technology 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 Jiangsu Liance Electromechanical Technology's true underlying earnings power is actually less than its statutory profit. The good news is that, its earnings per share increased by 30% in the last year. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. At Simply Wall St, we found 2 warning signs for Jiangsu Liance Electromechanical Technology and we think they deserve your attention.

去年,江蘇聯策機電科技沒有將其大部分利潤轉換爲自由現金流,一些投資者可能認爲這種情況相當不理想。因此,在我們看來,江蘇聯測機電科技的真正基礎盈利能力實際上可能低於其法定利潤。好消息是,其每股收益在去年增長了30%。本文的目標是評估我們在多大程度上可以依靠法定收益來反映公司的潛力,但還有很多需要考慮的地方。考慮到這一點,除非我們對風險有透徹的了解,否則我們不會考慮投資股票。在Simply Wall St,我們發現了兩個江蘇聯測機電科技的警告標誌,我們認爲它們值得你關注。

Today we've zoomed in on a single data point to better understand the nature of Jiangsu Liance Electromechanical Technology'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. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.

今天,我們放大了單個數據點,以更好地了解江蘇聯測機電科技利潤的性質。但是,還有很多其他方法可以讓你對公司的看法。有些人認爲高股本回報率是優質業務的好兆頭。因此,你可能希望看到這份免費收藏的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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