Sanhe Tongfei Refrigeration's (SZSE:300990) Solid Earnings May Rest On Weak Foundations
Sanhe Tongfei Refrigeration's (SZSE:300990) Solid Earnings May Rest On Weak Foundations
Sanhe Tongfei Refrigeration Co., Ltd.'s (SZSE:300990 ) stock didn't jump after it announced some healthy earnings. We think that investors might be worried about some concerning underlying factors.
三河同飛製冷有限公司's(深圳證券交易所股票代碼:300990)在公佈了一些可觀的收益後,該股並未上漲。我們認爲,投資者可能會擔心一些相關的潛在因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240423/0-d876dc6de98ab250f817aa4915213fb8-0-a93d86f622cdc41bf608baaf960c3b9e.png/big)
A Closer Look At Sanhe Tongfei Refrigeration's Earnings
仔細看看三河同飛製冷的收益
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
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。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以公司在此期間的平均運營資產。這個比率告訴我們公司有多少利潤沒有自由現金流支持。
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。
For the year to March 2024, Sanhe Tongfei Refrigeration had an accrual ratio of 0.30. 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. Even though it reported a profit of CN¥159.2m, a look at free cash flow indicates it actually burnt through CN¥228m in the last year. We also note that Sanhe Tongfei Refrigeration's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥228m.
在截至2024年3月的一年中,三河同飛製冷的應計比率爲0.30。不幸的是,這意味着其自由現金流遠少於其法定利潤,這使我們懷疑利潤作爲指導的效用。儘管該公司報告的利潤爲1.592億元人民幣,但從自由現金流來看,它實際上在去年消耗了2.28億元人民幣。我們還注意到,去年,三河同飛製冷的自由現金流實際上也是負的,因此我們可以理解股東是否被其2.28億元人民幣的流出所困擾。
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 Sanhe Tongfei Refrigeration's Profit Performance
我們對三河同飛製冷盈利表現的看法
Sanhe Tongfei Refrigeration didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Because of this, we think that it may be that Sanhe Tongfei Refrigeration's statutory profits are better than its underlying earnings power. The good news is that, its earnings per share increased by 16% in the last year. 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. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Every company has risks, and we've spotted 4 warning signs for Sanhe Tongfei Refrigeration (of which 2 can't be ignored!) you should know about.
去年,三和同飛製冷沒有將其大部分利潤轉化爲自由現金流,一些投資者可能認爲這種情況相當不理想。正因爲如此,我們認爲可能是三和同飛製冷的法定利潤要好於其基礎盈利能力。好消息是,其每股收益在去年增長了16%。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。請記住,在分析股票時,值得注意所涉及的風險。每家公司都有風險,我們已經發現了三河同飛製冷的4個警告信號(其中2個不容忽視!)你應該知道。
Today we've zoomed in on a single data point to better understand the nature of Sanhe Tongfei Refrigeration'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. 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 that insiders are buying to be useful.
今天,我們放大了單一數據點,以更好地了解三河同飛製冷利潤的性質。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。雖然可能需要你進行一些研究,但你可能會發現這份免費收集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很有用。
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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.
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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。