Jianmin Pharmaceutical GroupLtd's (SHSE:600976) Solid Profits Have Weak Fundamentals
Jianmin Pharmaceutical GroupLtd's (SHSE:600976) Solid Profits Have Weak Fundamentals
Investors were disappointed with Jianmin Pharmaceutical Group Co.,Ltd.'s (SHSE:600976) earnings, despite the strong profit numbers. We think that the market might be paying attention to some underlying factors that they find to be concerning.
投资者对健民药业集团股份有限公司感到失望。, Ltd. 's(上海证券交易所代码:600976)的收益,尽管利润数字强劲。我们认为,市场可能会关注一些他们认为令人担忧的潜在因素。
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Zooming In On Jianmin Pharmaceutical GroupLtd's Earnings
放大健民药业集团有限公司的收益
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. 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
许多投资者尚未听说过现金流的应计比率,但它实际上是衡量公司在给定时期内自由现金流(FCF)在多大程度上支持利润的有用指标。为了获得应计比率,我们首先从一段时期的利润中减去FCF,然后将该数字除以该期间的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。
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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,当公司的应计比率为负时,这实际上被认为是一件好事,但如果其应计比率为正,则是一件坏事。这并不意味着我们应该担心应计比率为正,但值得注意的是,应计比率相当高的地方。引用Lewellen和Resutek在2014年发表的一篇论文,“应计额较高的公司将来的利润往往会降低”。
Over the twelve months to December 2023, Jianmin Pharmaceutical GroupLtd recorded an accrual ratio of 0.27. 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¥204m, which is significantly less than its profit of CN¥521.5m. We note, however, that Jianmin Pharmaceutical GroupLtd grew its free cash flow over the last year.
在截至2023年12月的十二个月中,健民药业集团有限公司的应计比率为0.27。不幸的是,这意味着其自由现金流远低于其报告的利润。事实上,在过去的十二个月中,它报告的自由现金流为2.04亿元人民币,大大低于其5.215亿加元的利润。但是,我们注意到,健民药业集团有限公司的自由现金流在过去一年中有所增长。
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.
这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。
Our Take On Jianmin Pharmaceutical GroupLtd's Profit Performance
我们对健民药业集团有限公司盈利表现的看法
Jianmin Pharmaceutical GroupLtd'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 Jianmin Pharmaceutical GroupLtd's true underlying earnings power is actually less than its statutory profit. But on the bright side, its earnings per share have grown at an extremely impressive rate over the last three years. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. So while earnings quality is important, it's equally important to consider the risks facing Jianmin Pharmaceutical GroupLtd at this point in time. For instance, we've identified 2 warning signs for Jianmin Pharmaceutical GroupLtd (1 is a bit concerning) you should be familiar with.
健民制药集团有限公司过去十二个月的应计比率表明现金转换率不理想,从我们对收益的看法来看,这是负数。因此,在我们看来,健民药业集团有限公司的真正基础盈利能力实际上可能低于其法定利润。但好的一面是,其每股收益在过去三年中以极其惊人的速度增长。当然,我们只是在分析其收益时才浮出水面;人们还可以考虑利润率、预测增长和投资回报率等因素。因此,尽管收益质量很重要,但考虑健民制药集团有限公司目前面临的风险同样重要。例如,我们已经确定了健民制药集团有限公司的两个警告信号(其中一个有点令人担忧),你应该熟悉。
Today we've zoomed in on a single data point to better understand the nature of Jianmin Pharmaceutical GroupLtd'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,我们放大了单一数据点,以更好地了解健民制药集团有限公司利润的性质。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。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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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。