Solid Earnings May Not Tell The Whole Story For Astro-century Education&TechnologyLtd (SZSE:300654)
Solid Earnings May Not Tell The Whole Story For Astro-century Education&TechnologyLtd (SZSE:300654)
The market for Astro-century Education&Technology Co.,Ltd's (SZSE:300654) stock was strong after it released a healthy earnings report last week. While the profit numbers were good, our analysis has found some concerning factors that shareholders should be aware of.
天文世紀教育科技有限公司的市場, Ltd（深圳證券交易所代碼：300654）的股票在上週發佈了健康的收益報告後表現強勁。儘管利潤數字不錯，但我們的分析發現了一些股東應該注意的令人擔憂的因素。
A Closer Look At Astro-century Education&TechnologyLtd's Earnings
仔細看看天文世紀教育科技有限公司的收益
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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.
用於衡量公司將其利潤轉換爲自由現金流（FCF）的情況的一個關鍵財務比率是應計比率。爲了獲得應計比率，我們首先從一段時期的利潤中減去FCF，然後將該數字除以該期間的平均運營資產。這個比率告訴我們，一家公司的利潤中有多少沒有自由現金流的支持。
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 having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此，當公司的應計比率爲負時，這實際上被認爲是一件好事，但是如果應計比率爲正，則被認爲是一件壞事。儘管應計比率高於零並不令人擔憂，但我們確實認爲，當公司的應計比率相對較高時，值得注意。那是因爲一些學術研究表明，高應計比率往往會導致利潤下降或利潤增長放緩。
Astro-century Education&TechnologyLtd has an accrual ratio of 0.21 for the year to March 2024. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, which is hardly a good thing. Over the last year it actually had negative free cash flow of CN¥9.1m, in contrast to the aforementioned profit of CN¥41.6m. It's worth noting that Astro-century Education&TechnologyLtd generated positive FCF of CN¥18m a year ago, so at least they've done it in the past.
截至2024年3月的一年中，Astro-Century Education&TechnologyLtd的應計比率爲0.21。因此，我們知道它的自由現金流大大低於其法定利潤，這並不是一件好事。在過去的一年裏，它實際上有 負面的 自由現金流爲910萬元人民幣，而上述利潤爲4160萬元人民幣。值得注意的是，Astro-Century Education&TechnologyLtd在一年前創造了1800萬元人民幣的正FCF，因此至少他們過去曾這樣做過。
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.
這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是，您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。
Our Take On Astro-century Education&TechnologyLtd's Profit Performance
我們對天文世紀教育科技有限公司盈利表現的看法
Astro-century Education&TechnologyLtd'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. Because of this, we think that it may be that Astro-century Education&TechnologyLtd's statutory profits are better than its underlying earnings power. But at least holders can take some solace from the 12% EPS growth in the last year. 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. 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. At Simply Wall St, we found 2 warning signs for Astro-century Education&TechnologyLtd and we think they deserve your attention.
Astro-Century Education&TechnologyLtd在過去十二個月中的應計比率表明現金轉換率不理想，從我們對收益的看法來看，這是負數。因此，我們認爲Astro-Century Education&TechnologyLtd的法定利潤可能好於其基礎盈利能力。但至少持有人可以從去年12％的每股收益增長中得到一些安慰。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。有鑑於此，如果你想對公司進行更多分析，了解所涉及的風險至關重要。在Simply Wall St，我們發現了兩個Astro-Century Education&TechnologyLtd的警告標誌，我們認爲它們值得你關注。
Today we've zoomed in on a single data point to better understand the nature of Astro-century Education&TechnologyLtd's profit. 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.
今天，我們放大了單一數據點，以更好地了解Astro-Century Education&TechnologyLtd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。有些人認爲高股本回報率是優質業務的好兆頭。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.
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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。