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Statutory Profit Doesn't Reflect How Good Suzhou Industrial Park Heshun Electric's (SZSE:300141) Earnings Are

Statutory Profit Doesn't Reflect How Good Suzhou Industrial Park Heshun Electric's (SZSE:300141) Earnings Are

法定利润并不能反映苏州工业园区和顺电气(SZSE: 300141)的收益有多好
Simply Wall St ·  05/04 21:29

The subdued stock price reaction suggests that Suzhou Industrial Park Heshun Electric Co., Ltd.'s (SZSE:300141) strong earnings didn't offer any surprises. Our analysis suggests that investors might be missing some promising details.

疲软的股价反应表明,苏州工业园区和顺电气有限公司。”s(深圳证券交易所股票代码:300141)的强劲收益并不令人意外。我们的分析表明,投资者可能遗漏了一些令人鼓舞的细节。

earnings-and-revenue-history
SZSE:300141 Earnings and Revenue History May 5th 2024
SZSE: 300141 收益和收入历史记录 2024 年 5 月 5 日

Zooming In On Suzhou Industrial Park Heshun Electric's Earnings

放大苏州工业园区和顺电气的收益

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. 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'.

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。为了获得应计比率,我们首先从一段时间内的利润中减去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”。

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 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. 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。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”。

For the year to March 2024, Suzhou Industrial Park Heshun Electric had an accrual ratio of -0.24. That indicates that its free cash flow quite significantly exceeded its statutory profit. Indeed, in the last twelve months it reported free cash flow of CN¥143m, well over the CN¥9.95m it reported in profit. Suzhou Industrial Park Heshun Electric's free cash flow improved over the last year, which is generally good to see. However, we can see that a recent tax benefit, along with unusual items, have impacted its statutory profit, and therefore its accrual ratio.

在截至2024年3月的一年中,苏州工业园区和顺电气的应计率为-0.24。这表明其自由现金流大大超过了其法定利润。事实上,在过去的十二个月中,它报告的自由现金流为1.43亿元人民币,远远超过其公布的995万元人民币的利润。苏州工业园区和顺电气的自由现金流比去年有所改善,总体而言,这是值得期待的。但是,我们可以看到,最近的税收优惠以及不寻常的项目影响了其法定利润,进而影响了应计比率。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Suzhou Industrial Park Heshun Electric.

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苏州工业园区和顺电气的资产负债表分析。

The Impact Of Unusual Items On Profit

不寻常物品对利润的影响

Suzhou Industrial Park Heshun Electric's profit was reduced by unusual items worth CN¥1.4m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. In a scenario where those unusual items included non-cash charges, we'd expect to see a strong accrual ratio, which is exactly what has happened in this case. 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 that's hardly a surprise given these line items are considered unusual. If Suzhou Industrial Park Heshun Electric doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.

在过去的十二个月中,苏州工业园区和顺电气的利润因价值140万元人民币的不寻常项目而减少,这有助于其产生较高的现金转化率,其不寻常的项目就反映了这一点。在这些不寻常的项目包括非现金费用的情况下,我们预计会看到强劲的应计比率,而这正是本案中发生的情况。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。鉴于这些单列项目被认为不寻常,这并不奇怪。如果苏州工业园区和顺电气不看到这些不寻常的支出重演,那么在其他条件相同的情况下,我们预计其利润将在来年增加。

An Unusual Tax Situation

不寻常的税收状况

In addition to the notable accrual ratio, we can see that Suzhou Industrial Park Heshun Electric received a tax benefit of CN¥2.4m. This is meaningful because companies usually pay tax rather than receive tax benefits. Of course, prima facie it's great to receive a tax benefit. And since it previously lost money, it may well simply indicate the realisation of past tax losses. However, our data indicates that tax benefits can temporarily boost statutory profit in the year it is booked, but subsequently profit may fall back. In the likely event the tax benefit is not repeated, we'd expect to see its statutory profit levels drop, at least in the absence of strong growth. While we think it's good that the company has booked a tax benefit, it does mean that there's every chance the statutory profit will come in a lot higher than it would be if the income was adjusted for one-off factors.

除了显著的应计比率外,我们可以看到苏州工业园区和顺电气获得了240万元人民币的税收优惠。这是有意义的,因为公司通常纳税而不是获得税收优惠。当然, 初步证实 能获得税收优惠真是太好了。而且,由于它此前曾亏损,这很可能只是表明过去的税收损失已经实现。但是,我们的数据表明,税收优惠可以暂时增加账面当年的法定利润,但随后利润可能会回落。如果税收优惠可能不重演,我们预计其法定利润水平将下降,至少在没有强劲增长的情况下是如此。尽管我们认为公司获得税收优惠是件好事,但这确实意味着法定利润很有可能远高于根据一次性因素调整收入时的法定利润。

Our Take On Suzhou Industrial Park Heshun Electric's Profit Performance

我们对苏州工业园区和顺电气盈利表现的看法

In conclusion, both Suzhou Industrial Park Heshun Electric's accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative, but the presence of a tax benefits may be inflating the numbers in a way that won't persist. Looking at all these factors, we'd say that Suzhou Industrial Park Heshun Electric's underlying earnings power is at least as good as the statutory numbers would make it seem. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. For example - Suzhou Industrial Park Heshun Electric has 1 warning sign we think you should be aware of.

总之,苏州工业园区和顺电气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,但税收优惠的存在可能会以一种不会持续的方式夸大这一数字。从所有这些因素来看,我们可以说,苏州工业园区和顺电气的潜在盈利能力至少与法定数字所显示的一样好。考虑到这一点,除非我们对风险有透彻的了解,否则我们不会考虑投资股票。例如,苏州工业园区和顺电气有 1 个警告标志,我们认为您应该注意。

After our examination into the nature of Suzhou Industrial Park Heshun Electric's profit, we've come away optimistic for the company. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.

在我们研究了苏州工业园区和顺电气利润的性质之后,我们对该公司持乐观态度。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。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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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。

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