Sunshine Global CircuitsLtd's (SZSE:300739) Problems Go Beyond Poor Profit
Sunshine Global CircuitsLtd's (SZSE:300739) Problems Go Beyond Poor Profit
Sunshine Global Circuits Co.,Ltd. (SZSE:300739) recently posted soft earnings but shareholders didn't react strongly. We did some analysis and found some concerning details beneath the statutory profit number.
阳光环球电路有限公司。(SZSE：300739)最近公布了疲软的收益，但股东反应并不强烈。我们做了一些分析，发现了法定利润数字下的一些相关细节。
See our latest analysis for Sunshine Global CircuitsLtd
查看我们对阳光全球电路有限公司的最新分析
A Closer Look At Sunshine Global CircuitsLtd's Earnings
仔细看看阳光全球电路有限公司的收益
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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'.
衡量一家公司将利润转换为自由现金流(FCF)的程度的一个关键财务比率是应计比率。应计制比率从给定期间的利润中减去FCF，然后将结果除以该时间段内公司的平均运营资产。你可以把来自现金流的应计比率看作是‘非FCF利润率’。
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为负时，它实际上被认为是一件好事，但如果它的应计比率为正，那就是一件坏事。虽然应计比率为正并不是问题，这表明非现金利润达到了一定的水平，但高的应计比率可以说是一件坏事，因为它表明账面利润与现金流不匹配。值得注意的是，有一些学术证据表明，一般来说，高应计比率对短期利润来说不是一个好兆头。
Over the twelve months to December 2021, Sunshine Global CircuitsLtd recorded an accrual ratio of 0.43. 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. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥348m despite its profit of CN¥109.6m, mentioned above. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥348m, this year, indicates high risk. Having said that, there is more to consider. We must also consider the impact of unusual items on statutory profit (and thus the accrual ratio), as well as note the ramifications of the company issuing new shares.
在截至2021年12月的12个月中，阳光全球电路有限公司的应计比率为0.43。一般来说，这对未来的盈利能力来说是个不好的预兆。换句话说，该公司在那段时间没有产生一分钱的自由现金流。在过去的12个月里，它实际上有负面自由现金流，尽管其利润为1.096亿加元，但仍流出3.48亿加元。在去年自由现金流为负的背景下，我们可以想象，一些股东可能会怀疑，该公司今年3.48亿加元的现金消耗是否意味着高风险。话虽如此，还有更多需要考虑的问题。我们还必须考虑不寻常项目对法定利润(从而对应计比率)的影响，以及公司发行新股的影响。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Sunshine Global CircuitsLtd.
注：我们总是建议投资者检查资产负债表的实力。点击此处查看我们对阳光全球电路有限公司的资产负债表分析。
To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. Sunshine Global CircuitsLtd expanded the number of shares on issue by 5.5% over the last year. Therefore, each share now receives a smaller portion of profit. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. Check out Sunshine Global CircuitsLtd's historical EPS growth by clicking on this link.
要了解一家公司盈利增长的价值，必须考虑对股东利益的任何稀释。阳光全球电路有限公司去年将发行的股票数量增加了5.5%。因此，每股现在获得的利润份额较小。谈论净利润，而不注意每股收益，就是被大数字分散注意力，而忽略了与之交谈的较小数字每股价值。点击此链接，查看阳光全球电路有限公司每股收益的历史增长。
A Look At The Impact Of Sunshine Global CircuitsLtd's Dilution on Its Earnings Per Share (EPS).
看看阳光全球电路有限公司的稀释对其每股收益(EPS)的影响。
Unfortunately, Sunshine Global CircuitsLtd's profit is down 9.7% per year over three years. Even looking at the last year, profit was still down 18%. Like a sack of potatoes thrown from a delivery truck, EPS fell harder, down 21% in the same period. Therefore, the dilution is having a noteworthy influence on shareholder returns.
不幸的是，阳光全球电路有限公司的利润在过去三年里每年下降9.7%。即使是去年，利润仍下降了18%。就像从送货卡车上扔下来的一袋土豆一样，每股收益的跌幅更大，在同一时期下降了21%。因此，稀释对股东回报的影响是值得注意的。
In the long term, if Sunshine Global CircuitsLtd's earnings per share can increase, then the share price should too. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
从长远来看，如果阳光全球电路有限公司的收益每股可以增加，那么股价也应该是。然而，如果其利润增加，而每股收益持平(甚至下降)，那么股东可能看不到太多好处。对于普通散户股东来说，EPS是检查你假设的公司利润份额的一个很好的措施。
How Do Unusual Items Influence Profit?
不寻常的项目如何影响利润？
The fact that the company had unusual items boosting profit by CN¥16m, in the last year, probably goes some way to explain why its accrual ratio was so weak. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And that's as you'd expect, given these boosts are described as 'unusual'. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
该公司去年有一些不寻常的项目使利润增加了1600万加元，这一事实可能在某种程度上解释了为什么它的应计比率如此之低。我们不能否认，更高的利润通常会让我们保持乐观，但如果利润是可持续的，我们更愿意这样做。我们对全球大多数上市公司进行了统计，不寻常的项目在性质上是一次性的，这是非常常见的。考虑到这些提振被描述为“不寻常的”，这正如你所预期的那样。假设这些不同寻常的项目在本年度不会再次出现，我们因此预计明年的利润会更弱(也就是说，在没有业务增长的情况下)。
Our Take On Sunshine Global CircuitsLtd's Profit Performance
我们对阳光全球电路有限公司盈利表现的看法
Sunshine Global CircuitsLtd didn't back up its earnings with free cashflow, but this isn't too surprising given profits were inflated by unusual items. The dilution means the results are weaker when viewed from a per-share perspective. For all the reasons mentioned above, we think that, at a glance, Sunshine Global CircuitsLtd's statutory profits could be considered to be low quality, because they are likely to give investors an overly positive impression of the company. If you'd like to know more about Sunshine Global CircuitsLtd as a business, it's important to be aware of any risks it's facing. When we did our research, we found 6 warning signs for Sunshine Global CircuitsLtd (2 don't sit too well with us!) that we believe deserve your full attention.
阳光环球电路有限公司没有用自由现金流来支撑其收益，但考虑到利润被不寻常的项目夸大，这并不令人太惊讶。稀释意味着，从每股角度来看，业绩会更弱。基于上述原因，我们认为，乍一看，阳光环球电路有限公司的法定利润可以被认为是低质量的，因为它们可能会给投资者带来对该公司过于积极的印象。如果你想更多地了解阳光全球电路有限公司作为一个企业，重要的是意识到它所面临的任何风险。当我们做研究时，我们发现了阳光全球电路有限公司的6个警告标志(2个不太适合我们！)我们认为这值得你的全力关注。
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. 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.
在这篇文章中，我们研究了一些可能削弱利润数字效用的因素，我们对此持谨慎态度。但还有很多其他方式可以让你了解一家公司的看法。一些人认为，高股本回报率是高质量企业的良好标志。所以你可能想看看这个免费拥有高股本回报率的公司的集合，或内部人士正在购买的这份股票清单。
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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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这篇由《华尔街日报》撰写的文章本质上是笼统的。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。简单地说，华尔街在提到的任何股票中都没有头寸。