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Weifu High-Technology Group's (SZSE:200581) Sluggish Earnings Might Be Just The Beginning Of Its Problems
Weifu High-Technology Group's (SZSE:200581) Sluggish Earnings Might Be Just The Beginning Of Its Problems
A lackluster earnings announcement from Weifu High-Technology Group Co., Ltd. (SZSE:200581) last week didn't sink the stock price. We think that investors are worried about some weaknesses underlying the earnings.
See our latest analysis for Weifu High-Technology Group
SZSE:200581 Earnings and Revenue History August 29th 2022A Closer Look At Weifu High-Technology Group's Earnings
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. 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'.
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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
Weifu High-Technology Group has an accrual ratio of 0.34 for the year to June 2022. 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. Over the last year it actually had negative free cash flow of CN¥3.0b, in contrast to the aforementioned profit of CN¥2.16b. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥3.0b, this year, indicates high risk. 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.
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
How Do Unusual Items Influence Profit?
Given the accrual ratio, it's not overly surprising that Weifu High-Technology Group's profit was boosted by unusual items worth CN¥42m in the last twelve months. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. 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'. If Weifu High-Technology Group doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
Our Take On Weifu High-Technology Group's Profit Performance
Summing up, Weifu High-Technology Group received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. Considering all this we'd argue Weifu High-Technology Group's profits probably give an overly generous impression of its sustainable level of profitability. So while earnings quality is important, it's equally important to consider the risks facing Weifu High-Technology Group at this point in time. Every company has risks, and we've spotted 2 warning signs for Weifu High-Technology Group (of which 1 is concerning!) you should know about.
Our examination of Weifu High-Technology Group has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. 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 that insiders are buying.
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.
一份平淡无奇的财报潍坊高新集团有限公司。(SZSE:200581)上周股价并未下跌。我们认为,投资者担心的是盈利背后的一些弱点。
请看我们对伟富高科技集团的最新分析
SZSE:200581收益和收益历史2022年8月29日细看威富高科技集团的盈利情况
正如金融书呆子们已经知道的那样,现金流应计比率是评估一家公司的自由现金流(FCF)与利润匹配程度的关键指标。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’。
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。引用勒维伦和雷苏泰克2014年的一篇论文,“应计利润较高的公司未来的利润往往较低”。
威富高科技集团截至2022年6月的年度应计比率为0.34。因此,我们知道它的自由现金流明显低于其法定利润,这引发了人们对这个利润数字到底有多大用处的疑问。在过去的一年里,它实际上负面自由现金流为3.0亿元,而前述利润为21.6亿元。在去年自由现金流为负的情况下,我们可以想象,一些股东可能会怀疑,该公司今年30亿元的现金消耗是否意味着高风险。话虽如此,故事中还有更多的东西。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。
这可能会让你想知道,分析师对未来盈利能力的预测是什么。幸运的是,您可以单击此处查看基于他们估计的未来盈利能力的互动图表。
不寻常的项目如何影响利润?
考虑到应计比率,威富高科技集团的利润在过去12个月里被价值4200万元人民币的不寻常项目提振也就不足为奇了。虽然有更高的利润总是好事,但不寻常的东西带来的巨大贡献有时会挫伤我们的热情。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。如果伟富高科技集团没有看到这种贡献再次出现,那么在其他条件相同的情况下,我们预计该集团今年的利润将会下降。
我们对潍坊高科技集团盈利业绩的看法
综上所述,威富高科技集团从异常项目中获得了不错的利润提振,但账面利润与自由现金流无法匹配。考虑到这一切,我们认为威富高科技集团的利润可能给人一种过于慷慨的印象,表明其可持续的盈利水平。因此,在盈利质量很重要的同时,考虑威富高科技集团目前面临的风险也同样重要。每家公司都有风险,我们已经发现威富高科技集团的2个警示标志(其中1个是有关的!)你应该知道。
我们对威富高科技集团的审查集中在某些因素上,这些因素可能会让它的收益看起来比实际情况更好。在此基础上,我们对此持怀疑态度。但如果你有能力将注意力集中在细枝末节上,总会有更多的东西需要发现。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。
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。
本文由Simply Wall St.撰写,具有概括性。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。Simply Wall St.对上述任何一只股票都没有持仓。
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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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