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Lecron Industrial Development Group's (SZSE:300343) Earnings Are Of Questionable Quality
Lecron Industrial Development Group's (SZSE:300343) Earnings Are Of Questionable Quality
Lecron Industrial Development Group Co., Ltd. (SZSE:300343) announced strong profits, but the stock was stagnant. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
Check out our latest analysis for Lecron Industrial Development Group
SZSE:300343 Earnings and Revenue History April 27th 2022Examining Cashflow Against Lecron Industrial Development Group's Earnings
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
For the year to March 2022, Lecron Industrial Development Group had an accrual ratio of 0.22. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. In fact, it had free cash flow of CN¥342m in the last year, which was a lot less than its statutory profit of CN¥582.2m. At this point we should mention that Lecron Industrial Development Group did manage to increase its free cash flow in the last twelve months The good news for shareholders is that Lecron Industrial Development Group's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. As a result, some shareholders may be looking for stronger cash conversion in the current year.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Lecron Industrial Development Group.
Our Take On Lecron Industrial Development Group's Profit Performance
Lecron Industrial Development Group'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. Therefore, it seems possible to us that Lecron Industrial Development Group's true underlying earnings power is actually less than its statutory profit. On the bright side, the company showed enough improvement to book a profit this year, after losing money last year. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. If you'd like to know more about Lecron Industrial Development Group as a business, it's important to be aware of any risks it's facing. Be aware that Lecron Industrial Development Group is showing 2 warning signs in our investment analysis and 1 of those doesn't sit too well with us...
Today we've zoomed in on a single data point to better understand the nature of Lecron Industrial Development Group's profit. But there are plenty of other ways to inform your opinion of a company. 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 that insiders are buying to be useful.
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.
Lecron Industrial Development Group Co., Ltd. (SZSE:300343) announced strong profits, but the stock was stagnant. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
乐克龙实业发展集团有限公司。深交所(SZSE:300343)宣布盈利强劲,但股价停滞不前。我们的分析表明,这可能是因为股东注意到了一些潜在的因素。
Check out our latest analysis for Lecron Industrial Development Group
查看我们对LeCron工业发展集团的最新分析
Examining Cashflow Against Lecron Industrial Development Group's Earnings
检查现金流与LeCron工业发展集团的收益
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
许多投资者都没有听说过现金流应计比率但它实际上是衡量一家公司在给定时期内自由现金流(FCF)支持公司利润的程度的有用指标。为了得到应计比率,我们首先从一个时期的利润中减去FCF,然后用这个数字除以该时期的平均运营资产。这个比率告诉我们,一家公司的利润中有多少不是由自由现金流支持的。
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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
这意味着负的应计比率是一件好事,因为它表明该公司带来的自由现金流比其利润所暗示的要多。这并不意味着我们应该担心应计比率为正,但值得注意的是,在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,一般来说,高应计比率对短期利润来说不是一个好兆头。
For the year to March 2022, Lecron Industrial Development Group had an accrual ratio of 0.22. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. In fact, it had free cash flow of CN¥342m in the last year, which was a lot less than its statutory profit of CN¥582.2m. At this point we should mention that Lecron Industrial Development Group did manage to increase its free cash flow in the last twelve months The good news for shareholders is that Lecron Industrial Development Group's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. As a result, some shareholders may be looking for stronger cash conversion in the current year.
在截至2022年3月的一年中,LeCron工业发展集团的应计比率为0.22。因此,我们可以推断,它的自由现金流远远不足以覆盖其法定利润。事实上,该公司去年的自由现金流为3.42亿加元,远低于其5.822亿加元的法定利润。在这一点上,我们应该提到,LeCron Industrial Development Group在过去12个月中确实设法增加了自由现金流。对股东来说,好消息是LeCron Industrial Development Group去年的应计比率要好得多,因此今年的糟糕读数可能只是利润和FCF之间短期错配的情况。因此,一些股东可能希望在本年度实现更强劲的现金转换。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Lecron Industrial Development Group.
注:我们总是建议投资者检查资产负债表的实力。单击此处查看我们对LeCron工业发展集团的资产负债表分析。
Our Take On Lecron Industrial Development Group's Profit Performance
我们对乐创实业发展集团利润表现的看法
Lecron Industrial Development Group'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. Therefore, it seems possible to us that Lecron Industrial Development Group's true underlying earnings power is actually less than its statutory profit. On the bright side, the company showed enough improvement to book a profit this year, after losing money last year. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. If you'd like to know more about Lecron Industrial Development Group as a business, it's important to be aware of any risks it's facing. Be aware that Lecron Industrial Development Group is showing 2 warning signs in our investment analysis and 1 of those doesn't sit too well with us...
LeCron工业发展集团过去12个月的应计比率意味着现金转换不太理想,这对我们对其收益的看法是负面的。因此,在我们看来,乐创实业发展集团的真实潜在盈利能力实际上低于其法定利润。好的一面是,该公司在去年亏损后,表现出了足够的改善,今年实现了盈利。当然,当谈到分析其收益时,我们只是触及了皮毛;人们还可以考虑利润率、预测增长和投资回报等因素。如果您想更多地了解LeCron工业发展集团作为一个企业的情况,了解它面临的任何风险是很重要的。请注意,LeCron工业发展集团在我们的投资分析中显示了两个警告信号,其中一个不太受我们欢迎。
Today we've zoomed in on a single data point to better understand the nature of Lecron Industrial Development Group's profit. But there are plenty of other ways to inform your opinion of a company. 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 that insiders are buying to be useful.
今天,我们放大了一个数据点,以更好地了解LeCron工业发展集团的利润性质。但还有很多其他方式可以让你了解一家公司的看法。例如,许多人认为高股本回报率是有利的商业经济指标,而另一些人则喜欢“跟着钱走”,寻找内部人士正在买入的股票。虽然这可能需要为您做一些研究,但您可能会发现免费拥有高股本回报率的公司的集合,或者是内部人士购买的有用的股票清单。
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.
对这篇文章有什么反馈吗?担心内容吗?保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
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。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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