We Think That There Are Issues Underlying Deluxe Family's (SHSE:600503) Earnings
We Think That There Are Issues Underlying Deluxe Family's (SHSE:600503) Earnings
Deluxe Family Co., Ltd.'s (SHSE:600503) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that shareholders have noticed something concerning in the numbers.
豪華家庭有限公司's(上海證券交易所代碼:600503)強勁的收益報告未能推動其股票的市場走勢。我們的分析表明,股東們注意到了一些令人擔憂的數字。
![earnings-and-revenue-history](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240506/0-ebcba9ef7f4e9784ebd3135ae5dffb60-0-89e91a9d4007e6082e87b3bb1b0c3bd8.png/big)
Zooming In On Deluxe Family's Earnings
放大豪華家庭的收入
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
在高金融領域,用於衡量公司將申報的利潤轉化爲自由現金流(FCF)的效果的關鍵比率是應計比率(來自現金流)。應計比率從給定時期的利潤中減去FCF,然後將結果除以公司在該時期內的平均運營資產。你可以將現金流的應計比率視爲 “非FCF利潤率”。
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 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
這意味着負應計比率是一件好事,因爲它表明該公司帶來的自由現金流比其利潤所暗示的要多。雖然正應計比率表明非現金利潤達到一定水平不是問題,但高應計比率可以說是一件壞事,因爲它表明紙面利潤與現金流不匹配。這是因爲一些學術研究表明,高應計率往往會導致利潤下降或利潤增長減弱。
For the year to March 2024, Deluxe Family had an accrual ratio of 0.21. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of CN¥539m, in contrast to the aforementioned profit of CN¥85.2m. We also note that Deluxe Family's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥539m.
在截至2024年3月的一年中,豪華家庭的應計比率爲0.21。因此,我們可以推斷出其自由現金流遠不足以支付其法定利潤。在過去的一年裏,它實際上有 負面的 自由現金流爲5.39億元人民幣,而上述利潤爲8.52億元人民幣。我們還注意到,去年,Deluxe Family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5.39億元的流出所困擾。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Deluxe Family.
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豪華家庭的資產負債表分析。
Our Take On Deluxe Family's Profit Performance
我們對豪華家族利潤表現的看法
Deluxe Family 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 Deluxe Family's true underlying earnings power is actually less than its statutory profit. The good news is that it earned a profit in the last twelve months, despite its previous loss. 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. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. In terms of investment risks, we've identified 1 warning sign with Deluxe Family, and understanding it should be part of your investment process.
去年,Deluxe Family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,Deluxe Family的真正潛在盈利能力實際上可能低於其法定利潤。好消息是,儘管之前出現虧損,但它在過去十二個月中還是實現了盈利。歸根結底,如果你想正確地了解公司,必須考慮的不僅僅是上述因素。請記住,在分析股票時,值得注意所涉及的風險。在投資風險方面,我們已經向Deluxe Family確定了1個警告信號,我們知道這應該是您投資過程的一部分。
Today we've zoomed in on a single data point to better understand the nature of Deluxe Family'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. 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,我們放大了單一數據點,以更好地了解豪華家庭利潤的性質。但是,如果你能夠將注意力集中在細節上,總會有更多的事情需要發現。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。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。
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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.
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。