We Think Shanghai Cooltech Power's (SZSE:300153) Healthy Earnings Might Be Conservative
We Think Shanghai Cooltech Power's (SZSE:300153) Healthy Earnings Might Be Conservative
The market seemed underwhelmed by last week's earnings announcement from Shanghai Cooltech Power Co., Ltd. (SZSE:300153) despite the healthy numbers. We did some analysis to find out why and believe that investors might be missing some encouraging factors contained in the earnings.
儘管數字良好,但上海酷泰動力有限公司(深交所股票代碼:300153)上週公佈的業績似乎令市場不知所措。我們進行了一些分析以找出原因,並認爲投資者可能遺漏了收益中包含的一些令人鼓舞的因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240426/0-b381039e41e7dd577f2a37475394d869-0-cdf9577054c2cd7b6d363cce76de9823.png/big)
Examining Cashflow Against Shanghai Cooltech Power's Earnings
根據上海酷泰電力的收益研究現金流
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
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。這個比率告訴我們,一家公司的利潤中有多少沒有自由現金流的支持。
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. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
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。這並不意味着我們應該擔心應計比率爲正,但值得注意的是,應計比率相當高的地方。引用Lewellen和Resutek在2014年發表的一篇論文,“應計額較高的公司未來的利潤往往會降低”。
Over the twelve months to December 2023, Shanghai Cooltech Power recorded an accrual ratio of -0.15. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. In fact, it had free cash flow of CN¥120m in the last year, which was a lot more than its statutory profit of CN¥32.3m. Shanghai Cooltech Power shareholders are no doubt pleased that free cash flow improved over the last twelve months. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
在截至2023年12月的十二個月中,上海酷泰電力的應計比率爲-0.15。這意味着它的現金轉化率非常好,而且其去年的收益實際上大大低估了其自由現金流。實際上,它去年的自由現金流爲1.2億元人民幣,遠遠超過其3,230萬元人民幣的法定利潤。毫無疑問,上海酷泰電力股東對過去十二個月自由現金流的改善感到高興。話雖如此,故事還有更多。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shanghai Cooltech Power.
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上海酷泰電力的資產負債表分析。
The Impact Of Unusual Items On Profit
不尋常物品對利潤的影響
Shanghai Cooltech Power's profit was reduced by unusual items worth CN¥3.2m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. If Shanghai Cooltech Power doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.
在過去的十二個月中,上海Cooltech Power的利潤因價值320萬元人民幣的不尋常物品而減少,這幫助其產生了很高的現金轉化率,其不尋常的項目就反映了這一點。這就是你所期望看到的公司的非現金費用會減少紙面利潤的情況。看到不尋常的項目使公司利潤損失從來都不是一件好事,但從好的方面來看,情況可能遲早會好轉。我們調查了數千家上市公司,發現不尋常的物品本質上往往是一次性的。鑑於這些單列項目被認爲不尋常,這並不奇怪。如果上海酷泰電力沒有看到這些不尋常的支出重演,那麼在其他條件相同的情況下,我們預計其利潤將在來年增加。
Our Take On Shanghai Cooltech Power's Profit Performance
我們對上海酷泰電力盈利表現的看法
In conclusion, both Shanghai Cooltech Power's accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. Based on these factors, we think Shanghai Cooltech Power's earnings potential is at least as good as it seems, and maybe even better! In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. You'd be interested to know, that we found 1 warning sign for Shanghai Cooltech Power and you'll want to know about this.
總之,上海冷科電力的應計比率及其不尋常的項目都表明其法定收益可能相當保守。基於這些因素,我們認爲上海酷泰電力的盈利潛力至少和看起來一樣好,甚至可能更好!有鑑於此,如果你想對公司進行更多分析,了解所涉及的風險至關重要。你可能會有興趣知道,我們發現了上海酷泰電力公司的1個警告標誌,你會想知道的。
Our examination of Shanghai Cooltech Power has focussed on certain factors that can make its earnings look better than they are. And it has passed with flying colours. 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. 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.
我們對上海Cooltech Power的審查側重於某些可能使其收益看起來好於實際的因素。而且它已經以優異的成績過去了。但是,還有很多其他方法可以讓你對公司的看法。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.
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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。