Earnings Troubles May Signal Larger Issues for Shanghai Pioneer Holding (HKG:1345) Shareholders
Earnings Troubles May Signal Larger Issues for Shanghai Pioneer Holding (HKG:1345) Shareholders
The market rallied behind Shanghai Pioneer Holding Ltd's (HKG:1345) stock, leading do a rise in the share price after its recent weak earnings report. We think that shareholders might be missing some concerning factors that our analysis found.
市场上涨落后于上海先锋控股有限公司(HKG: 1345)的股票,导致股价在最近公布疲软的财报后上涨。我们认为,股东可能遗漏了我们的分析发现的一些相关因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240404/0-66c0b76ffe2598e2a64a78c9dfd33966-0-0ecfdc5e802d9b69f7a24262cdc926f4.png/big)
Examining Cashflow Against Shanghai Pioneer Holding's Earnings
根据上海先锋控股的收益研究现金流
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. This ratio tells us how much of a company's profit is not backed by free cashflow.
在高级财务中,用于衡量公司将报告的利润转化为自由现金流(FCF)的关键比率是应计比率(来自现金流)。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。这个比率告诉我们,一家公司的利润中有多少没有自由现金流的支持。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
因此,负应计比率对公司来说是正数,而正应计比率是负数。虽然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。值得注意的是,有一些学术证据表明,总的来说,高应计率对短期利润来说是个坏兆头。
For the year to December 2023, Shanghai Pioneer Holding had an accrual ratio of 0.36. As a general rule, that bodes poorly for future profitability. And indeed, during the period the company didn't produce any free cash flow whatsoever. Over the last year it actually had negative free cash flow of CN¥163m, in contrast to the aforementioned profit of CN¥145.7m. It's worth noting that Shanghai Pioneer Holding generated positive FCF of CN¥19m a year ago, so at least they've done it in the past.
在截至2023年12月的一年中,上海先锋控股的应计比率为0.36。通常,这对未来的盈利能力来说是个坏兆头。事实上,在此期间,该公司没有产生任何自由现金流。在过去的一年里,它实际上有 负面的 自由现金流为1.63亿元人民币,而上述利润为1.457亿元人民币。值得注意的是,上海先锋控股一年前创造了1900万元人民币的正FCF,因此至少他们过去曾这样做过。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shanghai Pioneer Holding.
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上海先锋控股的资产负债表分析。
Our Take On Shanghai Pioneer Holding's Profit Performance
我们对上海先锋控股盈利表现的看法
As we have made quite clear, we're a bit worried that Shanghai Pioneer Holding didn't back up the last year's profit with free cashflow. For this reason, we think that Shanghai Pioneer Holding's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. But on the bright side, its earnings per share have grown at an extremely impressive rate over the last three years. 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. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. To help with this, we've discovered 2 warning signs (1 is potentially serious!) that you ought to be aware of before buying any shares in Shanghai Pioneer Holding.
正如我们已经明确指出的那样,我们有点担心上海先锋控股没有用自由现金流来支持去年的利润。出于这个原因,我们认为上海先锋控股的法定利润可能不利于其潜在盈利能力,并可能给投资者留下过于积极的印象。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。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。请记住,在分析股票时,值得注意所涉及的风险。为了帮助解决这个问题,我们发现了 2 个警告信号(1 个可能很严重!)在购买上海先锋控股的任何股票之前,你应该注意这一点。
Today we've zoomed in on a single data point to better understand the nature of Shanghai Pioneer Holding'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.
今天,我们放大了单一数据点,以更好地了解上海先锋控股利润的性质。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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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。