China Southern Power Grid TechnologyLtd (SHSE:688248) Is Posting Promising Earnings But The Good News Doesn't Stop There
China Southern Power Grid TechnologyLtd (SHSE:688248) Is Posting Promising Earnings But The Good News Doesn't Stop There
China Southern Power Grid Technology Co.,Ltd's (SHSE:688248) solid earnings announcement recently didn't do much to the stock price. Our analysis suggests that shareholders might be missing some positive underlying factors in the earnings report.
中国南方电网技术有限公司,Ltd(上海证券交易所股票代码:688248)最近公布的稳健收益对股价没有多大影响。我们的分析表明,股东在收益报告中可能遗漏了一些积极的潜在因素。
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Zooming In On China Southern Power Grid TechnologyLtd's Earnings
放大中国南方电网科技有限公司的收益
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. 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. The ratio shows us how much a company's profit exceeds its FCF.
正如财务爱好者已经知道的那样,现金流的应计比率是评估公司自由现金流(FCF)与其利润相匹配程度的关键指标。应计比率从给定时期的利润中减去FCF,然后将结果除以公司在该时期内的平均运营资产。该比率向我们显示了公司的利润超过其FCF的程度。
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。
Over the twelve months to December 2023, China Southern Power Grid TechnologyLtd recorded an accrual ratio of -0.46. Therefore, its statutory earnings were very significantly less than its free cashflow. Indeed, in the last twelve months it reported free cash flow of CN¥398m, well over the CN¥281.3m it reported in profit. China Southern Power Grid TechnologyLtd shareholders are no doubt pleased that free cash flow improved over the last twelve months.
在截至2023年12月的十二个月中,中国南方电网科技有限公司的应计比率为-0.46。因此,其法定收入大大低于其自由现金流。事实上,在过去的十二个月中,该公司公布的自由现金流为3.98亿元人民币,远远超过其公布的2.813亿加元的利润。毫无疑问,中国南方电网科技有限公司的股东对过去十二个月自由现金流的改善感到高兴。
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 China Southern Power Grid TechnologyLtd's Profit Performance
我们对中国南方电网科技有限公司盈利表现的看法
Happily for shareholders, China Southern Power Grid TechnologyLtd produced plenty of free cash flow to back up its statutory profit numbers. Because of this, we think China Southern Power Grid TechnologyLtd's underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! Better yet, its EPS are growing strongly, which is nice to see. 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. So while earnings quality is important, it's equally important to consider the risks facing China Southern Power Grid TechnologyLtd at this point in time. At Simply Wall St, we found 1 warning sign for China Southern Power Grid TechnologyLtd and we think they deserve your attention.
令股东高兴的是,中国南方电网科技有限公司产生了充足的自由现金流来支持其法定利润数字。因此,我们认为中国南方电网科技有限公司的潜在盈利潜力与法定利润看上去一样好,甚至可能更好!更好的是,其每股收益强劲增长,这很高兴看到。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。因此,尽管收益质量很重要,但考虑中国南方电网科技有限公司目前面临的风险同样重要。在Simply Wall St,我们发现了中国南方电网科技有限公司的1个警告标志,我们认为它们值得你关注。
This note has only looked at a single factor that sheds light on the nature of China Southern Power Grid TechnologyLtd'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 free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
本报告仅研究了揭示中国南方电网科技有限公司利润性质的单一因素。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。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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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。