China Southern Power Grid TechnologyLtd (SHSE:688248) Is Posting Promising Earnings But The Good News Doesn't Stop There
China Southern Power Grid TechnologyLtd (SHSE:688248) Is Posting Promising Earnings But The Good News Doesn't Stop There
China Southern Power Grid Technology Co.,Ltd's (SHSE:688248) solid earnings announcement recently didn't do much to the stock price. Our analysis suggests that shareholders might be missing some positive underlying factors in the earnings report.
中國南方電網技術有限公司,Ltd(上海證券交易所股票代碼:688248)最近公佈的穩健收益對股價沒有多大影響。我們的分析表明,股東在收益報告中可能遺漏了一些積極的潛在因素。
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Zooming In On China Southern Power Grid TechnologyLtd's Earnings
放大中國南方電網科技有限公司的收益
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. 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.
正如財務愛好者已經知道的那樣,現金流的應計比率是評估公司自由現金流(FCF)與其利潤相匹配程度的關鍵指標。應計比率從給定時期的利潤中減去FCF,然後將結果除以公司在該時期內的平均運營資產。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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
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。值得注意的是,有一些學術證據表明,總的來說,高應計率對短期利潤來說是個壞兆頭。
Over the twelve months to December 2023, China Southern Power Grid TechnologyLtd recorded an accrual ratio of -0.46. 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¥398m, well over the CN¥281.3m it reported in profit. China Southern Power Grid TechnologyLtd shareholders are no doubt pleased that free cash flow improved over the last twelve months.
在截至2023年12月的十二個月中,中國南方電網科技有限公司的應計比率爲-0.46。因此,其法定收入大大低於其自由現金流。事實上,在過去的十二個月中,該公司公佈的自由現金流爲3.98億元人民幣,遠遠超過其公佈的2.813億加元的利潤。毫無疑問,中國南方電網科技有限公司的股東對過去十二個月自由現金流的改善感到高興。
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.
這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。
Our Take On China Southern Power Grid TechnologyLtd's Profit Performance
我們對中國南方電網科技有限公司盈利表現的看法
Happily for shareholders, China Southern Power Grid TechnologyLtd produced plenty of free cash flow to back up its statutory profit numbers. Because of this, we think China Southern Power Grid TechnologyLtd'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. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. So while earnings quality is important, it's equally important to consider the risks facing China Southern Power Grid TechnologyLtd at this point in time. At Simply Wall St, we found 1 warning sign for China Southern Power Grid TechnologyLtd and we think they deserve your attention.
令股東高興的是,中國南方電網科技有限公司產生了充足的自由現金流來支持其法定利潤數字。因此,我們認爲中國南方電網科技有限公司的潛在盈利潛力與法定利潤看上去一樣好,甚至可能更好!更好的是,其每股收益強勁增長,這很高興看到。歸根結底,如果你想正確地了解公司,必須考慮的不僅僅是上述因素。因此,儘管收益質量很重要,但考慮中國南方電網科技有限公司目前面臨的風險同樣重要。在Simply Wall St,我們發現了中國南方電網科技有限公司的1個警告標誌,我們認爲它們值得你關注。
This note has only looked at a single factor that sheds light on the nature of China Southern Power Grid TechnologyLtd's profit. 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. 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.
本報告僅研究了揭示中國南方電網科技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,總會有更多的事情需要發現。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。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。
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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。