We Think That There Are Some Issues For China Television Media (SHSE:600088) Beyond Its Promising Earnings
We Think That There Are Some Issues For China Television Media (SHSE:600088) Beyond Its Promising Earnings
The stock price didn't jump after China Television Media, Ltd. (SHSE:600088) posted decent earnings last week. We think that investors might be worried about some concerning underlying factors.
上周中国电视传媒股份有限公司(SHSE: 600088)公布了不错的收益后,股价没有上涨。我们认为,投资者可能会担心一些相关的潜在因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240427/0-10fdf458cd0b0dc0fa277f12b2c378da-0-4898373e722dc5cb6f1566bf5d425fbb.png/big)
Examining Cashflow Against China Television Media's Earnings
根据中国电视媒体的收益研究现金流
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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'.
用于衡量公司将其利润转换为自由现金流(FCF)的情况的一个关键财务比率是应计比率。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”。
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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
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。这是因为一些学术研究表明,高应计率往往会导致利润下降或利润增长减弱。
For the year to December 2023, China Television Media had an accrual ratio of 0.41. That means it didn't generate anywhere near enough free cash flow to match its profit. As a general rule, that bodes poorly for future profitability. Indeed, in the last twelve months it reported free cash flow of CN¥7.3m, which is significantly less than its profit of CN¥237.3m. Given that China Television Media had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CN¥7.3m would seem to be a step in the right direction.
截至2023年12月的一年中,中国电视传媒的应计比率为0.41。这意味着它产生的自由现金流不足以与其利润相提并论。通常,这对未来的盈利能力来说是个坏兆头。事实上,在过去的十二个月中,该公司报告的自由现金流为730万元人民币,大大低于其2.373亿加元的利润。鉴于中国电视传媒在前一同期的自由现金流为负,过去十二个月的730万元人民币的业绩似乎是朝着正确方向迈出的一步。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of China Television Media.
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中国电视媒体的资产负债表分析。
Our Take On China Television Media's Profit Performance
我们对中国电视媒体盈利表现的看法
As we have made quite clear, we're a bit worried that China Television Media didn't back up the last year's profit with free cashflow. As a result, we think it may well be the case that China Television Media's underlying earnings power is lower than its statutory profit. On the bright side, the company showed enough improvement to book a profit this year, after losing money last year. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. If you want to do dive deeper into China Television Media, you'd also look into what risks it is currently facing. You'd be interested to know, that we found 2 warning signs for China Television Media and you'll want to know about them.
正如我们已经明确指出的那样,我们有点担心中国电视媒体没有用自由现金流来支持去年的利润。因此,我们认为中国电视传媒的潜在盈利能力很可能低于其法定利润。好的一面是,该公司在去年亏损之后,表现出了足够的改善,今年实现了盈利。本文的目标是评估我们在多大程度上可以依靠法定收益来反映公司的潜力,但还有很多需要考虑的地方。如果你想更深入地研究中国电视传媒,你还需要研究它目前面临的风险。你可能会有兴趣知道,我们发现了中国电视媒体的两个警告标志,你会想知道的。
This note has only looked at a single factor that sheds light on the nature of China Television Media'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.
这份报告只研究了揭示中国电视媒体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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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。