<p><strong>微機械（控股）有限公司</strong>（新加坡交易所代碼：5DD）剛剛公佈了健康的收益，但股價並沒有太大波動。我們的分析表明，投資者可能錯過了一些有前景的細節。</p>
<p>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整列表，免費獲取。</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 收益和收入歷史 2025 年 9 月 3 日</p>
<h2>檢視微機械（控股）與其收益的現金流</h2>
<p>在高端金融中，用於衡量公司將報告利潤轉化為自由現金流（FCF）能力的關鍵比率是 <strong>應計比率</strong>（來自現金流）。應計比率將某一時期的 FCF 從利潤中減去，並將結果除以該公司在此期間的平均運營資產。這個比率告訴我們公司利潤中有多少並沒有得到自由現金流的支持。</p>
<p>因此，當一家公司有負的應計比率時，實際上被視為一件好事，而如果其應計比率為正則被視為壞事。這並不是説我們應該擔心正的應計比率，但值得注意的是應計比率相對較高。這是因為一些學術研究表明，高應計比率往往會導致利潤下降或利潤增長乏力。</p>
<p>截至 2025 年 6 月，微機械（控股）的應計比率為-0.16。這表明其自由現金流顯著超過了法定利潤。具體來説，在此期間它產生了 1700 萬新元的自由現金流，遠超其報告的 1240 萬新元的利潤。微機械（控股）的股東無疑會對過去十二個月自由現金流的改善感到滿意。</p>
<p><strong>注意：</strong> 我們始終建議投資者檢查資產負債表的強度。點擊這裏查看微機械（控股）的資產負債表分析。</p>
<h2>我們對微機械（控股）利潤表現的看法</h2>
<p>正如我們上面討論的，微機械（控股）的應計比率表明利潤向自由現金流的強轉換，這對公司是一個積極信號。因此，我們認為微機械（控股）的潛在收益能力與法定利潤所顯示的相當，甚至可能更好！此外，其每股收益在過去一年中增長了 54%。本文的目標是評估我們在多大程度上可以依賴法定收益來反映公司的潛力，但還有很多其他因素需要考慮。因此，如果您想更深入地瞭解這隻股票，考慮它面臨的任何風險是至關重要的。為此，我們發現了 <strong>2 個警示信號</strong>（其中 1 個有點令人擔憂！）您在購買微機械（控股）任何股份之前應該瞭解。</p>
<p>這篇文章僅關注了一個因素，揭示了微機械（控股）利潤的性質。但如果您能夠專注於細節，總會有更多的發現。例如，許多人認為高股本回報率是良好商業經濟的標誌，而其他人則喜歡 “追蹤資金”，尋找內部人士正在購買的股票。因此，您可能希望查看這份 <strong>免費</strong> 的高股本回報率公司集合，或這份內部持股比例高的股票列表。</p>

微機械

<p>微機械（控股）有限公司（SGX:5DD）報告了強勁的收益，自由現金流為 1700 萬新元，超過法定利潤 1240 萬新元，導致負應計比率為-0.16。這表明利潤有效轉化為現金流，暗示公司的潛在收益能力可能優於報告的結果。儘管現金流表現積極，股價仍保持穩定。此外，過去一年每股收益增長了 54%，儘管在投資之前有兩個警示信號需要考慮</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>微機械（控股）有限公司</strong>（新加坡交易所代碼：5DD）剛剛公佈了健康的收益，但股價並沒有太大波動。我們的分析表明，投資者可能錯過了一些有前景的細節。</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>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整列表，免費獲取。</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 收益和收入歷史 2025 年 9 月 3 日</p>
</div><h2>Examining Cashflow Against Micro-Mechanics (Holdings)'s Earnings</h2>
<div class="lb-trans"><h2>檢視微機械（控股）與其收益的現金流</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，用於衡量公司將報告利潤轉化為自由現金流（FCF）能力的關鍵比率是 <strong>應計比率</strong>（來自現金流）。應計比率將某一時期的 FCF 從利潤中減去，並將結果除以該公司在此期間的平均運營資產。這個比率告訴我們公司利潤中有多少並沒有得到自由現金流的支持。</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，當一家公司有負的應計比率時，實際上被視為一件好事，而如果其應計比率為正則被視為壞事。這並不是説我們應該擔心正的應計比率，但值得注意的是應計比率相對較高。這是因為一些學術研究表明，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，微機械（控股）的應計比率為-0.16。這表明其自由現金流顯著超過了法定利潤。具體來説，在此期間它產生了 1700 萬新元的自由現金流，遠超其報告的 1240 萬新元的利潤。微機械（控股）的股東無疑會對過去十二個月自由現金流的改善感到滿意。</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> 我們始終建議投資者檢查資產負債表的強度。點擊這裏查看微機械（控股）的資產負債表分析。</p>
</div><h2>Our Take On Micro-Mechanics (Holdings)'s Profit Performance</h2>
<div class="lb-trans"><h2>我們對微機械（控股）利潤表現的看法</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>正如我們上面討論的，微機械（控股）的應計比率表明利潤向自由現金流的強轉換，這對公司是一個積極信號。因此，我們認為微機械（控股）的潛在收益能力與法定利潤所顯示的相當，甚至可能更好！此外，其每股收益在過去一年中增長了 54%。本文的目標是評估我們在多大程度上可以依賴法定收益來反映公司的潛力，但還有很多其他因素需要考慮。因此，如果您想更深入地瞭解這隻股票，考慮它面臨的任何風險是至關重要的。為此，我們發現了 <strong>2 個警示信號</strong>（其中 1 個有點令人擔憂！）您在購買微機械（控股）任何股份之前應該瞭解。</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>這篇文章僅關注了一個因素，揭示了微機械（控股）利潤的性質。但如果您能夠專注於細節，總會有更多的發現。例如，許多人認為高股本回報率是良好商業經濟的標誌，而其他人則喜歡 “追蹤資金”，尋找內部人士正在購買的股票。因此，您可能希望查看這份 <strong>免費</strong> 的高股本回報率公司集合，或這份內部持股比例高的股票列表。</p>
</div>

微機械（控股）（SGX:5DD）的收益質量將令股東們感到滿意