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We Think That There Are Some Issues For Sichuan Zigong Conveying Machine Group (SZSE:001288) Beyond Its Promising Earnings

We Think That There Are Some Issues For Sichuan Zigong Conveying Machine Group (SZSE:001288) Beyond Its Promising Earnings

我们认为,除了可观的收益外,四川自贡输送机械集团(SZSE: 001288)还有一些问题
Simply Wall St ·  2023/11/04 17:00

The recent earnings posted by Sichuan Zigong Conveying Machine Group Co., Ltd. (SZSE:001288) were solid, but the stock didn't move as much as we expected. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.

四川自贡输送机械集团股份有限公司(SZSE:001288)最近公布的收益稳健,但该股的走势没有我们预期的那么大。但是,法定利润数字并不能说明全部情况,我们发现了一些可能引起股东关注的因素。

Check out our latest analysis for Sichuan Zigong Conveying Machine Group

查看我们对四川自贡输送机械集团的最新分析

earnings-and-revenue-history
SZSE:001288 Earnings and Revenue History November 5th 2023
SZSE:001288 收益和收入历史记录 2023 年 11 月 5 日

A Closer Look At Sichuan Zigong Conveying Machine Group's Earnings

仔细看看四川自贡输送机集团的收益

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. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.

正如金融迷已经知道的那样,现金流的应计比率是评估公司自由现金流(FCF)与利润匹配程度的关键指标。简而言之,该比率从净利润中减去FCF,然后将该数字除以该时期公司的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。

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 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.

这意味着负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超出了其利润所暗示的范围。尽管应计比率高于零并不令人担忧,但我们确实认为,当公司的应计比率相对较高时,值得注意。那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放缓。

Sichuan Zigong Conveying Machine Group has an accrual ratio of 0.22 for the year to September 2023. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of CN¥127m, in contrast to the aforementioned profit of CN¥101.1m. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥127m, this year, indicates high risk.

四川自贡输送机械集团截至2023年9月的一年度的应计率为0.22。因此,我们可以推断出其自由现金流远不足以支付其法定利润。在过去的一年里,它实际上有 负面的 自由现金流为1.27亿元人民币,而上述利润为1.011亿元人民币。在去年自由现金流为负的背景下,我们想象一些股东可能会怀疑其今年1.27亿元的现金消耗是否表明存在高风险。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Sichuan Zigong Conveying Machine Group.

注意:我们始终建议投资者检查资产负债表的实力。点击此处查看我们对四川自贡输送机械集团的资产负债表分析。

Our Take On Sichuan Zigong Conveying Machine Group's Profit Performance

我们对四川自贡输送机集团盈利表现的看法

Sichuan Zigong Conveying Machine Group'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. Therefore, it seems possible to us that Sichuan Zigong Conveying Machine Group's true underlying earnings power is actually less than its statutory profit. But at least holders can take some solace from the 12% EPS growth 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. If you want to do dive deeper into Sichuan Zigong Conveying Machine Group, you'd also look into what risks it is currently facing. Our analysis shows 3 warning signs for Sichuan Zigong Conveying Machine Group (2 make us uncomfortable!) and we strongly recommend you look at these before investing.

四川自贡输送机集团过去十二个月的应计比率表明现金转化率不理想,从我们对其收益的看法来看,这是负数。因此,在我们看来,四川自贡输送机械集团的真正潜在盈利能力实际上低于其法定利润。但是,至少持有人可以从去年12%的每股收益增长中得到一些安慰。本文的目标是评估我们在多大程度上可以依靠法定收益来反映公司的潜力,但还有很多需要考虑的地方。如果你想更深入地了解四川自贡输送机械集团,你还需要研究它目前面临的风险。我们的分析显示四川自贡输送机械集团有3个警告信号(2个让我们感到不舒服!)我们强烈建议您在投资之前先看看这些。

This note has only looked at a single factor that sheds light on the nature of Sichuan Zigong Conveying Machine Group's profit. But there are plenty of other ways to inform your opinion of a company. 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.

这份报告只研究了揭示四川自贡输送机械集团利润性质的单一因素。但是,还有很多其他方法可以让你对公司的看法。有些人认为高股本回报率是优质业务的好兆头。因此,你可能希望看到这份免费收藏的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单。

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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的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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