<p><strong>微机械（控股）有限公司</strong>（新加坡交易所代码：5DD）刚刚公布了健康的收益，但股价并没有太大波动。我们的分析表明，投资者可能错过了一些有前景的细节。</p>
<p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/9283815-earnings-and-revenue-history-1-dark-2/1756940553169?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/9283815-earnings-and-revenue-history-1-dark-2/1756940553169"/></p>
<p>新加坡交易所：5DD 收益和收入历史 2025 年 9 月 3 日</p>
<h2>检视微机械（控股）与其收益的现金流</h2>
<p>在高端金融中，用于衡量公司将报告利润转化为自由现金流（FCF）能力的关键比率是 <strong>应计比率</strong>（来自现金流）。应计比率将某一时期的 FCF 从利润中减去，并将结果除以该公司在此期间的平均运营资产。这个比率告诉我们公司利润中有多少并没有得到自由现金流的支持。</p>
<p>因此，当一家公司有负的应计比率时，实际上被视为一件好事，而如果其应计比率为正则被视为坏事。这并不是说我们应该担心正的应计比率，但值得注意的是应计比率相对较高。这是因为一些学术研究表明，高应计比率往往会导致利润下降或利润增长乏力。</p>
<p>截至 2025 年 6 月，微机械（控股）的应计比率为-0.16。这表明其自由现金流显著超过了法定利润。具体来说，在此期间它产生了 1700 万新元的自由现金流，远超其报告的 1240 万新元的利润。微机械（控股）的股东无疑会对过去十二个月自由现金流的改善感到满意。</p>
<p><strong>注意：</strong> 我们始终建议投资者检查资产负债表的强度。点击这里查看微机械（控股）的资产负债表分析。</p>
<h2>我们对微机械（控股）利润表现的看法</h2>
<p>正如我们上面讨论的，微机械（控股）的应计比率表明利润向自由现金流的强转换，这对公司是一个积极信号。因此，我们认为微机械（控股）的潜在收益能力与法定利润所显示的相当，甚至可能更好！此外，其每股收益在过去一年中增长了 54%。本文的目标是评估我们在多大程度上可以依赖法定收益来反映公司的潜力，但还有很多其他因素需要考虑。因此，如果您想更深入地了解这只股票，考虑它面临的任何风险是至关重要的。为此，我们发现了 <strong>2 个警示信号</strong>（其中 1 个有点令人担忧！）您在购买微机械（控股）任何股份之前应该了解。</p>
<p>这篇文章仅关注了一个因素，揭示了微机械（控股）利润的性质。但如果您能够专注于细节，总会有更多的发现。例如，许多人认为高股本回报率是良好商业经济的标志，而其他人则喜欢 “追踪资金”，寻找内部人士正在购买的股票。因此，您可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份内部持股比例高的股票列表。</p>

微机械

<p>微机械（控股）有限公司（SGX:5DD）报告了强劲的收益，自由现金流为 1700 万新元，超过法定利润 1240 万新元，导致负应计比率为-0.16。这表明利润有效转化为现金流，暗示公司的潜在收益能力可能优于报告的结果。尽管现金流表现积极，股价仍保持稳定。此外，过去一年每股收益增长了 54%，尽管在投资之前有两个警示信号需要考虑</p>

<p><strong>Micro-Mechanics (Holdings) Ltd.</strong> (SGX:5DD) just reported healthy earnings but the stock price didn't move much. Our analysis suggests that investors might be missing some promising details.</p>
<div class="lb-trans"><p><strong>微机械（控股）有限公司</strong>（新加坡交易所代码：5DD）刚刚公布了健康的收益，但股价并没有太大波动。我们的分析表明，投资者可能错过了一些有前景的细节。</p>
</div><p>We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.</p>
<div class="lb-trans"><p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/9283815-earnings-and-revenue-history-1-dark-2/1756940553169" alt="" original-src="https://images.simplywall.st/asset/chart/9283815-earnings-and-revenue-history-1-dark-2/1756940553169"/></p>
<p>SGX:5DD Earnings and Revenue History September 3rd 2025</p>
<div class="lb-trans"><p>新加坡交易所：5DD 收益和收入历史 2025 年 9 月 3 日</p>
</div><h2>Examining Cashflow Against Micro-Mechanics (Holdings)'s Earnings</h2>
<div class="lb-trans"><h2>检视微机械（控股）与其收益的现金流</h2>
</div><p>In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the <strong>accrual ratio</strong> (from cashflow). 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. This ratio tells us how much of a company's profit is not backed by free cashflow.</p>
<div class="lb-trans"><p>在高端金融中，用于衡量公司将报告利润转化为自由现金流（FCF）能力的关键比率是 <strong>应计比率</strong>（来自现金流）。应计比率将某一时期的 FCF 从利润中减去，并将结果除以该公司在此期间的平均运营资产。这个比率告诉我们公司利润中有多少并没有得到自由现金流的支持。</p>
</div><p>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. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.</p>
<div class="lb-trans"><p>因此，当一家公司有负的应计比率时，实际上被视为一件好事，而如果其应计比率为正则被视为坏事。这并不是说我们应该担心正的应计比率，但值得注意的是应计比率相对较高。这是因为一些学术研究表明，高应计比率往往会导致利润下降或利润增长乏力。</p>
</div><p>For the year to June 2025, Micro-Mechanics (Holdings) had an accrual ratio of -0.16. That indicates that its free cash flow quite significantly exceeded its statutory profit. To wit, it produced free cash flow of S$17m during the period, dwarfing its reported profit of S$12.4m. Micro-Mechanics (Holdings) shareholders are no doubt pleased that free cash flow improved over the last twelve months.</p>
<div class="lb-trans"><p>截至 2025 年 6 月，微机械（控股）的应计比率为-0.16。这表明其自由现金流显著超过了法定利润。具体来说，在此期间它产生了 1700 万新元的自由现金流，远超其报告的 1240 万新元的利润。微机械（控股）的股东无疑会对过去十二个月自由现金流的改善感到满意。</p>
</div><p><strong>Note:</strong> we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Micro-Mechanics (Holdings).</p>
<div class="lb-trans"><p><strong>注意：</strong> 我们始终建议投资者检查资产负债表的强度。点击这里查看微机械（控股）的资产负债表分析。</p>
</div><h2>Our Take On Micro-Mechanics (Holdings)'s Profit Performance</h2>
<div class="lb-trans"><h2>我们对微机械（控股）利润表现的看法</h2>
</div><p>As we discussed above, Micro-Mechanics (Holdings)'s accrual ratio indicates strong conversion of profit to free cash flow, which is a positive for the company. Because of this, we think Micro-Mechanics (Holdings)'s underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! And on top of that, its earnings per share increased by 54% in the last year. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. To help with this, we've discovered <strong>2 warning signs</strong> (1 is a bit concerning!) that you ought to be aware of before buying any shares in Micro-Mechanics (Holdings).</p>
<div class="lb-trans"><p>正如我们上面讨论的，微机械（控股）的应计比率表明利润向自由现金流的强转换，这对公司是一个积极信号。因此，我们认为微机械（控股）的潜在收益能力与法定利润所显示的相当，甚至可能更好！此外，其每股收益在过去一年中增长了 54%。本文的目标是评估我们在多大程度上可以依赖法定收益来反映公司的潜力，但还有很多其他因素需要考虑。因此，如果您想更深入地了解这只股票，考虑它面临的任何风险是至关重要的。为此，我们发现了 <strong>2 个警示信号</strong>（其中 1 个有点令人担忧！）您在购买微机械（控股）任何股份之前应该了解。</p>
</div><p>This note has only looked at a single factor that sheds light on the nature of Micro-Mechanics (Holdings)'s profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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. So you may wish to see this <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with high insider ownership.</p>
<div class="lb-trans"><p>这篇文章仅关注了一个因素，揭示了微机械（控股）利润的性质。但如果您能够专注于细节，总会有更多的发现。例如，许多人认为高股本回报率是良好商业经济的标志，而其他人则喜欢 “追踪资金”，寻找内部人士正在购买的股票。因此，您可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份内部持股比例高的股票列表。</p>
</div>

微机械（控股）（SGX:5DD）的收益质量将令股东们感到满意