J.S. Corrugating Machinery's (SZSE:000821) Soft Earnings Are Actually Better Than They Appear
J.S. Corrugating Machinery's (SZSE:000821) Soft Earnings Are Actually Better Than They Appear
J.S. Corrugating Machinery Co., Ltd.'s (SZSE:000821) earnings announcement last week didn't impress shareholders. However, our analysis suggests that the soft headline numbers are getting counterbalanced by some positive underlying factors.
上周京山轻机有限公司(深圳证券交易所:000821)的盈利公告并没有给股东留下深刻的印象。然而,我们的分析表明,这些头条数字的不足正在被一些积极的潜在因素所抵消。
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A Closer Look At J.S. Corrugating Machinery's Earnings
进一步了解京山轻机的盈利情况
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. The ratio shows us how much a company's profit exceeds its FCF.
许多投资者并不了解从现金流量中计算的应计比率,但实际上它是一个衡量公司利润由自由现金流(FCF)在一定期间内支持的程度的有用指标。简单来说,这个比率将FCF从净利润中减去,然后将该数字除以公司在该期间内的平均经营资产。这个比率告诉我们公司的利润超过其FCF的多少。
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. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,当一家公司的应计项目比率为负时,实际上是一件好事,但如果其应计项目比率为正,则是一件坏事。这并不意味着我们应该担心应计项目比率为正,但值得注意的是,当应计项目比率相当高时,可能会导致利润或利润增长降低。
Over the twelve months to June 2024, J.S. Corrugating Machinery recorded an accrual ratio of -0.19. 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¥900m, well over the CN¥362.4m it reported in profit. Notably, J.S. Corrugating Machinery had negative free cash flow last year, so the CN¥900m it produced this year was a welcome improvement.
在截至2024年6月的十二个月内,京山轻机的应计比率为-0.19。因此,其法定盈利远远小于其自由现金流。事实上,在过去的十二个月里,其报告的自由现金流为9亿元人民币,远超过它报告的3.624亿元人民币的利润。值得注意的是,京山轻机去年曾出现负的自由现金流,所以今年产生的9亿元人民币是一个令人欢迎的改善。
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.
这可能会让您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基于其估计的未来盈利能力的互动图表。
Our Take On J.S. Corrugating Machinery's Profit Performance
对于股东来说,京山轻机的自由现金流充足,可以支持其法定利润的数字。由于这一点,我们认为京山轻机的潜在盈利能力和法定利润一样好,甚至可能更好!更好的是,它的每股收益正在大幅增长,这是个好消息。当然,在分析其收益时,我们还仅仅触及了一部分表面,还可以考虑利润率、预测增长、投资回报等其他因素。如果您想了解更多关于京山轻机作为一家业务的信息,了解其面临的任何风险非常重要。例如,我们发现了2个警示信号,您可以审查一下以更好地了解京山轻机的情况。
Happily for shareholders, J.S. Corrugating Machinery produced plenty of free cash flow to back up its statutory profit numbers. Because of this, we think J.S. Corrugating Machinery'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. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. If you'd like to know more about J.S. Corrugating Machinery as a business, it's important to be aware of any risks it's facing. For example, we've discovered 2 warning signs that you should run your eye over to get a better picture of J.S. Corrugating Machinery.
今日之幸,京山轻机的自由现金流充分支撑其法定利润数字。因此,我们认为京山轻机的潜在盈利能力与法定利润看起来一样好,甚至可能更好!更好的是,其每股收益正在强劲增长,这是令人欣喜的。当然,在分析其盈利方面,我们只是触及了表面,还可以考虑利润率、预测增长和投资回报等因素。如果您想了解京山轻机作为一家业务的更多信息,就有必要了解其面临的任何风险。例如,我们发现了2个警示信号,您应该审视一下了解京山轻机更全面的情况。
Today we've zoomed in on a single data point to better understand the nature of J.S. Corrugating Machinery's profit. 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. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
今天,我们深入研究了京山轻机利润的一个数据点,以更好地了解其性质。但是,有很多其他方法可以提供对公司看法的信息。例如,许多人认为良好的业务经济学表现为较高的股本回报率,而其他人则喜欢“追踪资金”并寻找内部人员购买的股票。因此,您可能希望查看这个免费的企业收益高的收藏,或者这个拥有高内部持股的股票清单。
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