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We Think That There Are Some Issues For Sichuan Zigong Conveying Machine Group (SZSE:001288) Beyond Its Promising Earnings

We Think That There Are Some Issues For Sichuan Zigong Conveying Machine Group (SZSE:001288) Beyond Its Promising Earnings

我們認爲,除了可觀的收益外,四川自貢輸送機械集團(SZSE: 001288)還有一些問題
Simply Wall St ·  2023/11/04 20:00

The recent earnings posted by Sichuan Zigong Conveying Machine Group Co., Ltd. (SZSE:001288) were solid, but the stock didn't move as much as we expected. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.

四川自貢輸送機械集團股份有限公司(SZSE:001288)最近公佈的收益穩健,但該股的走勢沒有我們預期的那麼大。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 Sichuan Zigong Conveying Machine Group

查看我們對四川自貢輸送機械集團的最新分析

earnings-and-revenue-history
SZSE:001288 Earnings and Revenue History November 5th 2023
SZSE:001288 收益和收入歷史記錄 2023 年 11 月 5 日

A Closer Look At Sichuan Zigong Conveying Machine Group's Earnings

仔細看看四川自貢輸送機集團的收益

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. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.

正如金融迷已經知道的那樣,現金流的應計比率是評估公司自由現金流(FCF)與利潤匹配程度的關鍵指標。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以該時期公司的平均運營資產。你可以將現金流的應計比率視爲 “非FCF利潤率”。

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.

這意味着負應計比率是一件好事,因爲它表明該公司帶來的自由現金流超出了其利潤所暗示的範圍。儘管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。那是因爲一些學術研究表明,高應計比率往往會導致利潤下降或利潤增長放緩。

Sichuan Zigong Conveying Machine Group has an accrual ratio of 0.22 for the year to September 2023. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of CN¥127m, in contrast to the aforementioned profit of CN¥101.1m. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥127m, this year, indicates high risk.

四川自貢輸送機械集團截至2023年9月的一年度的應計率爲0.22。因此,我們可以推斷出其自由現金流遠不足以支付其法定利潤。在過去的一年裏,它實際上有 負面的 自由現金流爲1.27億元人民幣,而上述利潤爲1.011億元人民幣。在去年自由現金流爲負的背景下,我們想象一些股東可能會懷疑其今年1.27億元的現金消耗是否表明存在高風險。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Sichuan Zigong Conveying Machine Group.

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四川自貢輸送機械集團的資產負債表分析。

Our Take On Sichuan Zigong Conveying Machine Group's Profit Performance

我們對四川自貢輸送機集團盈利表現的看法

Sichuan Zigong Conveying Machine Group's accrual ratio for the last twelve months signifies cash conversion is less than ideal, which is a negative when it comes to our view of its earnings. Therefore, it seems possible to us that Sichuan Zigong Conveying Machine Group's true underlying earnings power is actually less than its statutory profit. But at least holders can take some solace from the 12% EPS growth in the last year. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. If you want to do dive deeper into Sichuan Zigong Conveying Machine Group, you'd also look into what risks it is currently facing. Our analysis shows 3 warning signs for Sichuan Zigong Conveying Machine Group (2 make us uncomfortable!) and we strongly recommend you look at these before investing.

四川自貢輸送機集團過去十二個月的應計比率表明現金轉化率不理想,從我們對其收益的看法來看,這是負數。因此,在我們看來,四川自貢輸送機械集團的真正潛在盈利能力實際上低於其法定利潤。但是,至少持有人可以從去年12%的每股收益增長中得到一些安慰。本文的目標是評估我們在多大程度上可以依靠法定收益來反映公司的潛力,但還有很多需要考慮的地方。如果你想更深入地了解四川自貢輸送機械集團,你還需要研究它目前面臨的風險。我們的分析顯示四川自貢輸送機械集團有3個警告信號(2個讓我們感到不舒服!)我們強烈建議您在投資之前先看看這些。

This note has only looked at a single factor that sheds light on the nature of Sichuan Zigong Conveying Machine Group's profit. But there are plenty of other ways to inform your opinion of a company. 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.

這份報告只研究了揭示四川自貢輸送機械集團利潤性質的單一因素。但是,還有很多其他方法可以讓你對公司的看法。有些人認爲高股本回報率是優質業務的好兆頭。因此,你可能希望看到這份免費收藏的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。

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