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We Think That There Are Some Issues For Chongqing Sulian PlasticLtd (SZSE:301397) Beyond Its Promising Earnings

We Think That There Are Some Issues For Chongqing Sulian PlasticLtd (SZSE:301397) Beyond Its Promising Earnings

我們認爲,除了可觀的盈利外,重慶蘇聯塑膠有限公司(深交所代碼:301397)還有一些問題
Simply Wall St ·  2023/11/01 18:06

Chongqing Sulian Plastic Co.,Ltd.'s (SZSE:301397) robust recent earnings didn't do much to move the stock. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.

重慶蘇聯塑膠有限公司,Ltd. 's(深圳證券交易所代碼:301397)近期強勁的收益並沒有對該股產生多大影響。但是,法定利潤數字並不能說明全部情況,我們發現了一些可能引起股東關注的因素。

Check out our latest analysis for Chongqing Sulian PlasticLtd

查看我們對重慶蘇聯塑料有限公司的最新分析

earnings-and-revenue-history
SZSE:301397 Earnings and Revenue History November 1st 2023
深交所:301397 收益和收入記錄 2023 年 11 月 1 日

Zooming In On Chongqing Sulian PlasticLtd's Earnings

放大重慶蘇聯塑膠有限公司的收益

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. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. The ratio shows us how much a company's profit exceeds its FCF.

許多投資者尚未聽說過現金流的應計比率,但它實際上是衡量公司在給定時期內自由現金流(FCF)在多大程度上支持利潤的有用指標。應計比率從給定時期的利潤中減去FCF,然後將結果除以該時間內公司的平均運營資產。該比率向我們顯示了公司的利潤超過其FCF的程度。

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,負應計比率對公司來說是正數,而正應計比率是負數。雖然應計比率高於零並不令人擔憂,但我們確實認爲,當公司的應計比率相對較高時,值得注意。這是因爲一些學術研究表明,高應計率往往會導致利潤下降或利潤增長減弱。

For the year to September 2023, Chongqing Sulian PlasticLtd had an accrual ratio of 0.34. Unfortunately, that means its free cash flow was a lot less than its statutory profit, which makes us doubt the utility of profit as a guide. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥100m despite its profit of CN¥163.8m, mentioned above. It's worth noting that Chongqing Sulian PlasticLtd generated positive FCF of CN¥44m a year ago, so at least they've done it in the past.

在截至2023年9月的一年中,重慶蘇聯塑料有限公司的應計比率爲0.34。不幸的是,這意味着其自由現金流遠低於其法定利潤,這使我們懷疑利潤作爲指導的效用。在過去的十二個月裏,它實際上有 負面的 自由現金流,如上所述,儘管其利潤爲1.638億元人民幣,但仍流出1億元人民幣。值得注意的是,重慶蘇聯塑料有限公司一年前創造了4400萬元人民幣的正FCF,因此至少他們過去也這樣做過。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Chongqing Sulian PlasticLtd.

注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對重慶蘇聯塑料有限公司的資產負債表分析。

Our Take On Chongqing Sulian PlasticLtd's Profit Performance

我們對重慶蘇聯塑膠有限公司盈利表現的看法

As we have made quite clear, we're a bit worried that Chongqing Sulian PlasticLtd didn't back up the last year's profit with free cashflow. For this reason, we think that Chongqing Sulian PlasticLtd's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. But on the bright side, its earnings per share have grown at an extremely impressive rate over the last three years. 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. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. When we did our research, we found 2 warning signs for Chongqing Sulian PlasticLtd (1 doesn't sit too well with us!) that we believe deserve your full attention.

正如我們已經明確指出的那樣,我們有點擔心重慶蘇聯塑料有限公司沒有用自由現金流來支持去年的利潤。出於這個原因,我們認爲重慶蘇聯塑料有限公司的法定利潤可能無法很好地指導其潛在的盈利能力,並可能給投資者留下過於積極的印象。但好的一面是,在過去三年中,其每股收益以極其可觀的速度增長。當然,在分析其收益時,我們才剛剛浮出水面;人們還可以考慮利潤率、預測增長和投資回報率等因素。考慮到這一點,除非我們對風險有透徹的了解,否則我們不會考慮投資股票。當我們進行研究時,我們發現了重慶蘇聯塑料有限公司的兩個警告信號(其中一個對我們來說不太合適!)我們認爲值得你充分關注。

This note has only looked at a single factor that sheds light on the nature of Chongqing Sulian PlasticLtd's profit. 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.

本說明僅研究了揭示重慶蘇聯塑料有限公司利潤性質的單一因素。但是,如果你能夠將注意力集中在細節上,總會有更多值得發現的地方。有些人認爲高股本回報率是高質量業務的好兆頭。因此,你可能希望看到這批擁有高股本回報率的免費公司,或者這份內部人士正在購買的股票清單。

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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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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