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Robust Earnings May Not Tell The Whole Story For Haier Smart Home (SHSE:600690)
Robust Earnings May Not Tell The Whole Story For Haier Smart Home (SHSE:600690)
Haier Smart Home Co., Ltd. (SHSE:600690) announced strong profits, but the stock was stagnant. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
View our latest analysis for Haier Smart Home
SHSE:600690 Earnings and Revenue History September 5th 2022Examining Cashflow Against Haier Smart Home'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. 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. 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.
Over the twelve months to June 2022, Haier Smart Home recorded an accrual ratio of 0.21. Unfortunately, that means its free cash flow fell significantly short of its reported profits. Indeed, in the last twelve months it reported free cash flow of CN¥2.4b, which is significantly less than its profit of CN¥14.2b. We note, however, that Haier Smart Home grew its free cash flow over the last year. However, that's not all there is to consider. 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.
The Impact Of Unusual Items On Profit
Given the accrual ratio, it's not overly surprising that Haier Smart Home's profit was boosted by unusual items worth CN¥1.1b in the last twelve months. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. If Haier Smart Home 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 Haier Smart Home's Profit Performance
Haier Smart Home had a weak accrual ratio, but its profit did receive a boost from unusual items. For the reasons mentioned above, we think that a perfunctory glance at Haier Smart Home's statutory profits might make it look better than it really is on an underlying level. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Our analysis shows 2 warning signs for Haier Smart Home (1 can't be ignored!) and we strongly recommend you look at them before investing.
Our examination of Haier Smart Home 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.
海尔智家股份有限公司。(上交所:600690)宣布强劲盈利,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。
查看我们对海尔智家的最新分析
上海证券交易所:600690收益和收入历史2022年9月5日对照海尔智家的收入考察现金流
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。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。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。这是因为一些学术研究表明,高应计制比率往往会导致较低的利润或较低的利润增长。
截至2022年6月的12个月内,海尔智家的权责发生制比率为0.21。不幸的是,这意味着其自由现金流远远低于其公布的利润。事实上,在过去12个月中,该公司报告的自由现金流为24亿加元,明显低于其142亿加元的利润。然而,我们注意到,海尔智家去年的自由现金流有所增长。然而,这并不是需要考虑的全部问题。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。
异常项目对利润的影响
考虑到应计比率,海尔智家的利润在过去12个月里被价值11亿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。当我们分析全球绝大多数上市公司时,我们发现重大的不寻常项目往往不会重复。毕竟,这正是会计术语所暗示的。如果海尔智家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,我们预计该公司今年的利润将会下降。
我们对海尔智家盈利表现的看法
海尔智家的应计比率较低,但它的利润确实得到了非常项目的提振。基于上述原因,我们认为,敷衍地看一眼海尔智家的法定利润,可能会让它在根本层面上看起来比实际情况更好。有鉴于此,如果你想对公司做更多的分析,了解其中的风险是至关重要的。我们的分析显示海尔智家的2个警示标志(1不容忽视!)我们强烈建议你在投资之前先看看它们。
我们对海尔智家的调查集中在某些因素上,这些因素可能会让公司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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