Songcheng Performance DevelopmentLtd's (SZSE:300144) Conservative Accounting Might Explain Soft Earnings
Songcheng Performance DevelopmentLtd's (SZSE:300144) Conservative Accounting Might Explain Soft Earnings
Shareholders appeared unconcerned with Songcheng Performance Development Co.,Ltd's (SZSE:300144) lackluster earnings report last week. We think that the softer headline numbers might be getting counterbalanced by some positive underlying factors.
上周,宋城演艺(SZSE:300144)的业绩报告不尽人意,股东们似乎并不担心。我们认为,柔和的主要数据可能被一些积极的基本因素所抵消。
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Examining Cashflow Against Songcheng Performance DevelopmentLtd's Earnings
通过对宋城演艺的现金流量进行检查来看其盈利情况
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. 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'.
许多投资者没有听说过现金流的应计比率,但它实际上是一个有用的衡量公司利润在一个给定期间内被自由现金流(FCF)支持的度量衡。为了得到应计比率,我们首先需要在一个期间内将FCF从利润中减去,然后将该数额除以该期间平均营运资产。您可以认为现金流应计比率是“非FCF盈利比率”。
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
这意味着负的应计比率是一件好事,因为它表明公司带来的自由现金流比其利润所显示的更多。虽然拥有正的应计比率并不是问题,表明一定程度的非现金利润,但高应计比率可能是一件坏事,因为这表明纸面利润不能得到现金流支持。这是因为一些学术研究表明,高应计比率往往导致较低的利润或利润增长率。
Songcheng Performance DevelopmentLtd has an accrual ratio of -0.20 for the year to June 2024. That indicates that its free cash flow quite significantly exceeded its statutory profit. In fact, it had free cash flow of CN¥1.1b in the last year, which was a lot more than its statutory profit of CN¥137.6m. Songcheng Performance DevelopmentLtd's free cash flow improved over the last year, which is generally good to see. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
2024年6月份,宋城演艺的准备比率为-0.20。这意味着其自由现金流相当大地超过了其法定利润。事实上,去年它的自由现金流为11亿元,远远超过法定利润的13760万元。宋城演艺去年的自由现金流有所改善,这通常是好事情。然而,还有其他因素需要考虑。我们可以看到,非常规项目对其法定利润和准备比率产生了影响。
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。
The Impact Of Unusual Items On Profit
除了稀释之外,还应该注意的是,万集科技在过去12个月中因不寻常项目获得了价值人民币3.5万元的利润。虽然我们希望看到利润增加,但当这些不寻常项目对利润做出重大贡献时,我们会更加谨慎。我们对全球大部分上市公司的数据进行了分析,发现不寻常项目往往是一次性的。这正如我们所期望的那样,因为这些提升被描述为"不寻常"。相对于其利润而言,万集科技在2021年12月前的不寻常项目贡献大。因此,我们可以推断出,这些不寻常项目正在使其财务利润显著增强。
Songcheng Performance DevelopmentLtd's profit was reduced by unusual items worth CN¥967m 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. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. In the twelve months to June 2024, Songcheng Performance DevelopmentLtd had a big unusual items expense. All else being equal, this would likely have the effect of making the statutory profit look worse than its underlying earnings power.
宋城演艺获利被上年96700万人民币的飞凡条目减少,这有助于产生高现金转换率,正如其飞凡条目所反映的那样。这是您所希望看到的情况,即公司因有降低纸面利润的非现金费用而产生了现金转换。虽然由于飞凡事项而产生的扣除额起初令人失望,但其中也有一线希望。当我们分析全球大多数上市公司时,发现重大飞凡事项往往不会重复出现。考虑到这些项目被认为是非同寻常的,这一点并不令人惊讶。2024年6月的十二个月内,宋城演艺遭遇了大笔飞凡事项费用。其他一切条件不变的情况下,这可能会使法定利润看起来比其潜在盈利能力更糟糕。
Our Take On Songcheng Performance DevelopmentLtd's Profit Performance
我们对宋城演艺的盈利表现的看法
In conclusion, both Songcheng Performance DevelopmentLtd's accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. After considering all this, we reckon Songcheng Performance DevelopmentLtd's statutory profit probably understates its earnings potential! If you'd like to know more about Songcheng Performance DevelopmentLtd as a business, it's important to be aware of any risks it's facing. For example, we've discovered 3 warning signs that you should run your eye over to get a better picture of Songcheng Performance DevelopmentLtd.
总的来说,宋城演艺的应计比例和飞凡事项都表明其法定盈利可能相当保守。在考虑完所有这些因素之后,我们认为宋城演艺的法定利润可能低估了其盈利潜力!如果您想了解更多关于宋城演艺作为一家企业的信息,了解其面临的风险是很重要的。例如,我们发现了3个警示信号,您应该仔细审视,以更全面地了解宋城演艺。
After our examination into the nature of Songcheng Performance DevelopmentLtd'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. 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 with significant insider holdings to be useful.
在我们对宋城演艺的盈利性质进行调查之后,我们对该公司感到乐观。但如果您能将注意力集中在细节上,总是有更多发现的。例如,许多人认为高净资产回报率是良好业务经济的指标,而其他人喜欢‘跟随金钱’,寻找内部人员正在购买的股票。虽然这可能需要您做一些研究,但您可能会发现这些拥有高净资产回报率公司的免费收藏,或者拥有内部人员持股的重要股票的清单非常有用。
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