We Like Shanghai Huili Building Materials' (SHSE:900939) Earnings For More Than Just Statutory Profit
We Like Shanghai Huili Building Materials' (SHSE:900939) Earnings For More Than Just Statutory Profit
Shanghai Huili Building Materials Co., Ltd.'s (SHSE:900939) solid earnings announcement recently didn't do much to the stock price. We did some digging, and we think that investors are missing some encouraging factors in the underlying numbers.
上海惠立建材有限公司s(上海证券交易所代码:900939)最近公布的稳健收益对股价没有多大影响。我们进行了一些挖掘,我们认为投资者在基础数据中遗漏了一些令人鼓舞的因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240406/0-748c868ae95e5f43b678d854e619c75f-0-4d1f34d2e7dc7c961c2c2c709a09fac0.png/big)
Examining Cashflow Against Shanghai Huili Building Materials' Earnings
根据上海惠立建材的收益研究现金流
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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
在高金融领域,用于衡量公司将申报的利润转化为自由现金流(FCF)的效果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”。
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。
Shanghai Huili Building Materials has an accrual ratio of -0.43 for the year to December 2023. That indicates that its free cash flow quite significantly exceeded its statutory profit. To wit, it produced free cash flow of CN¥13m during the period, dwarfing its reported profit of CN¥7.82m. Shanghai Huili Building Materials' free cash flow improved over the last year, which is generally good to see. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
截至2023年12月的一年中,上海惠立建材的应计比率为-0.43。这表明其自由现金流大大超过了其法定利润。换句话说,它在此期间产生了1300万元人民币的自由现金流,使其报告的782万元利润相形见绌。上海惠立建材的自由现金流与去年相比有所改善,总体而言,这是值得期待的。话虽如此,故事还有更多。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shanghai Huili Building Materials.
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惠立建材的资产负债表分析。
How Do Unusual Items Influence Profit?
不寻常的物品如何影响利润?
Shanghai Huili Building Materials' profit was reduced by unusual items worth CN¥2.0m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect Shanghai Huili Building Materials to produce a higher profit next year, all else being equal.
在过去的十二个月中,上海惠立建材的利润因价值200万元人民币的不寻常物品而减少,这帮助其产生了较高的现金转化率,其不寻常的项目就反映了这一点。这就是你所期望看到的公司的非现金费用会减少纸面利润的情况。看到不寻常的项目使公司利润付出代价从来都不是一件好事,但从好的方面来看,情况可能迟早会好转。我们调查了数千家上市公司,发现不寻常的物品本质上往往是一次性的。而且,毕竟,这正是会计术语的含义。假设这些不寻常的支出不会再次出现,因此,在其他条件相同的情况下,我们预计上海惠立建材明年将实现更高的利润。
Our Take On Shanghai Huili Building Materials' Profit Performance
我们对上海惠立建材盈利表现的看法
In conclusion, both Shanghai Huili Building Materials' accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. After considering all this, we reckon Shanghai Huili Building Materials' statutory profit probably understates its earnings potential! In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Every company has risks, and we've spotted 2 warning signs for Shanghai Huili Building Materials you should know about.
总之,上海惠立建材的应计比率及其不寻常的项目都表明其法定收益可能相当保守。在考虑了所有这些之后,我们认为上海惠立建材的法定利润可能低估了其盈利潜力!有鉴于此,如果你想对公司进行更多分析,了解所涉及的风险至关重要。每家公司都有风险,我们发现了两个你应该知道的上海惠立建材的警告标志。
Our examination of Shanghai Huili Building Materials has focussed on certain factors that can make its earnings look better than they are. And it has passed with flying colours. 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. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying to be useful.
我们对上海惠立建材的审查侧重于某些可能使其收益看起来好于实际的因素。而且它已经以优异的成绩过去了。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。虽然可能需要你进行一些研究,但你可能会发现这份免费收集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很有用。
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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。