Weak Statutory Earnings May Not Tell The Whole Story For Sino-High (China) (SZSE:301076)
Weak Statutory Earnings May Not Tell The Whole Story For Sino-High (China) (SZSE:301076)
Last week's earnings announcement from Sino-High (China) Co., Ltd. (SZSE:301076) was disappointing to investors, with a sluggish profit figure. Our analysis has found some reasons to be concerned, beyond the weak headline numbers.
上周中华(中国)有限公司(深圳证券交易所股票代码:301076)的财报令投资者失望,盈利数字低迷。我们的分析发现,除了疲软的标题数字外,还有一些令人担忧的理由。
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Zooming In On Sino-High (China)'s Earnings
放大Sino-High(中国)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. 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'.
用于衡量公司将其利润转化为自由现金流(FCF)的效果的一个关键财务比率是应计比率。简而言之,该比率从净利润中减去FCF,然后将该数字除以公司在此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. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. 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。虽然正应计比率表明非现金利润达到一定水平不是问题,但高应计比率可以说是一件坏事,因为它表明纸面利润与现金流不匹配。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”。
Sino-High (China) has an accrual ratio of 0.31 for the year to December 2023. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, raising questions about how useful that profit figure really is. Even though it reported a profit of CN¥93.3m, a look at free cash flow indicates it actually burnt through CN¥48m in the last year. It's worth noting that Sino-High (China) generated positive FCF of CN¥39m a year ago, so at least they've done it in the past.
中高(中国)截至2023年12月的一年度的应计比率为0.31。因此,我们知道它的自由现金流大大低于其法定利润,这引发了人们对该利润数字到底有多有用的质疑。尽管该公司报告的利润为9,330万元人民币,但从自由现金流来看,它实际上在去年消耗了4,800万元人民币。值得注意的是,Sino-High(中国)一年前创造了3900万元人民币的正FCF,因此至少他们过去曾这样做过。
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 Sino-High (China)'s Profit Performance
我们对Sino-High(中国)盈利表现的看法
Sino-High (China)'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 Sino-High (China)'s true underlying earnings power is actually less than its statutory profit. In further bad news, its earnings per share decreased 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. If you'd like to know more about Sino-High (China) as a business, it's important to be aware of any risks it's facing. For example, we've discovered 2 warning signs that you should run your eye over to get a better picture of Sino-High (China).
Sino-High(中国)过去十二个月的应计比率表明现金转换不理想,从我们对收益的看法来看,这是负数。因此,在我们看来,Sino-High(中国)的真正潜在盈利能力实际上可能低于其法定利润。另一个坏消息是,其每股收益在去年有所下降。归根结底,如果你想正确地了解公司,必须考虑的不仅仅是上述因素。如果您想进一步了解Sino-High(中国)作为一家企业,请务必了解其面临的任何风险。例如,我们发现了两个警告信号,为了更好地了解Sino-High(中国),你应该仔细检查一下。
This note has only looked at a single factor that sheds light on the nature of Sino-High (China)'s profit. But there are plenty of other ways to inform your opinion of a company. 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 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中高(中国)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。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。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。