Some May Be Optimistic About R&G PharmaStudies' (SZSE:301333) Earnings
Some May Be Optimistic About R&G PharmaStudies' (SZSE:301333) Earnings
R&G PharmaStudies Co., Ltd.'s (SZSE:301333) earnings announcement last week didn't impress shareholders. Despite the soft profit numbers, our analysis has optimistic about the overall quality of the income statement.
R&G PharmaStudies有限公司(SZSE:301333)上周的收益公告并没有打动股东。尽管利润数字较为疲软,我们的分析对财务报表的总体质量持乐观态度。
Zooming In On R&G PharmaStudies' Earnings
深入了解R&G PharmaStudies的盈利能力
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). 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'.
在高端金融领域,用来衡量公司将报告利润转为自由现金流(FCF)的关键比率是来自现金流的应计比率。为了得到应计比率,我们首先计算某一时期的FCF和利润之差,然后将该数字除以该期间的平均经营资产。可以将来自现金流的应计比率视为“非FCF获利比率”。
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 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.
这意味着负的计提率是件好事,因为它表明该公司所带来的自由现金流比其利润所显示的要多。虽然高于零的计提率没有什么大碍,但我们认为当公司的计提率相对较高时值得注意。这是因为一些学术研究表明,高计提率往往导致利润更少或者更少的利润增长。
Over the twelve months to September 2024, R&G PharmaStudies recorded an accrual ratio of -0.30. That indicates that its free cash flow quite significantly exceeded its statutory profit. To wit, it produced free cash flow of CN¥152m during the period, dwarfing its reported profit of CN¥121.1m. R&G PharmaStudies' free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons. 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.
截至2024年9月的十二个月期间,R&G PharmaStudies的权责准则比率为-0.30。这表明其自由现金流明显超过了法定利润。换言之,在这段时间内,它产生了15200万人民币的自由现金流,远远超过其1611万元的报告利润。R&G PharmaStudies的自由现金流实际上在过去一年有所下降,这令人失望,就像不可降解的气球一样。然而,这并非需要考虑的全部。我们可以看到飞凡项目对其法定利润以及权责准则产生了影响。
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。
How Do Unusual Items Influence Profit?
非常规项目如何影响利润?
While the accrual ratio might bode well, we also note that R&G PharmaStudies' profit was boosted by unusual items worth CN¥13m in the last twelve months. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. Which is hardly surprising, given the name. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
尽管计提比例可能预示着好运,但我们也注意到R&G PharmaStudies的利润在过去十二个月中受飞凡价值1300万人民币的不寻常项目提振。虽然利润增加总是令人高兴的,但不寻常项目的巨大贡献有时会减弱我们的热情。当我们分析全球绝大多数上市公司时,发现重要的不寻常项目往往不会重复出现。鉴于名称,这一点并不令人惊讶。假设这些不寻常项目在当前年度不再出现,那么我们预计明年利润将较弱(在缺乏业务增长的情况下)。
Our Take On R&G PharmaStudies' Profit Performance
我们对R&G PharmaStudies的利润表现的看法
R&G PharmaStudies' profits got a boost from unusual items, which indicates they might not be sustained and yet its accrual ratio still indicated solid cash conversion, which is promising. Based on these factors, we think that R&G PharmaStudies' profits are a reasonably conservative guide to its underlying profitability. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For example - R&G PharmaStudies has 1 warning sign we think you should be aware of.
R&G PharmaStudies的利润受到不寻常项目的提振,这表明这些利润可能无法持续,尽管其计提比率仍表明现金转换稳健,这是令人鼓舞的。基于这些因素,我们认为R&G PharmaStudies的利润是对其基本盈利能力相当保守的指引。请记住,在分析股票时,值得注意涉及的风险。例如 - 我们认为R&G PharmaStudies有1个警示信号,您应该注意。
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. 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 with significant insider holdings to be useful.
在这篇文章中,我们已经讨论了许多会影响企业利润数的因素,作为衡量企业指导方针的指导。但是,还有很多其他方法可以了解公司的情况。例如,许多人认为高股本回报率是良好的商业经济的指标,而其他人则喜欢“跟随资金”,寻找内部人员正在购买的股票。虽然这可能需要您进行一些研究,但您可能会发现这个免费的高股本回报率收藏夹或这个具有重要内部股权的股票列表很有用。
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