China South Publishing & Media Group's (SHSE:601098) Solid Earnings Are Supported By Other Strong Factors
China South Publishing & Media Group's (SHSE:601098) Solid Earnings Are Supported By Other Strong Factors
Even though China South Publishing & Media Group Co., Ltd's (SHSE:601098) recent earnings release was robust, the market didn't seem to notice. We think that investors have missed some encouraging factors underlying the profit figures.
儘管中南出版傳媒集團股份有限公司(SHSE: 601098)最近發佈的業績表現強勁,但市場似乎沒有注意到。我們認爲,投資者錯過了利潤數據背後的一些令人鼓舞的因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240508/0-f193c6bf5a55f26cdcf8d06e0988dc50-0-86cae60ab5acb6db0d8b27ce4fa99120.png/big)
Examining Cashflow Against China South Publishing & Media Group's Earnings
根據中南出版傳媒集團的收益研究現金流
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF.
用於衡量公司將其利潤轉化爲自由現金流(FCF)的效果的一個關鍵財務比率是應計比率。爲了獲得應計比率,我們首先從一段時間內的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。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 it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,負的應計比率對公司來說是正數,而正的應計比率是負數。儘管應計比率爲正(表明非現金利潤達到一定水平)不是問題,但高應計比率可以說是一件壞事,因爲它表明紙質利潤與現金流不匹配。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。
China South Publishing & Media Group has an accrual ratio of -0.21 for the year to March 2024. That indicates that its free cash flow quite significantly exceeded its statutory profit. In fact, it had free cash flow of CN¥2.8b in the last year, which was a lot more than its statutory profit of CN¥1.80b. China South Publishing & Media Group shareholders are no doubt pleased that free cash flow improved over the last twelve months.
截至2024年3月的一年中,中南出版傳媒集團的應計比率爲-0.21。這表明其自由現金流大大超過了其法定利潤。實際上,它去年的自由現金流爲28億元人民幣,遠遠超過其18.0億元人民幣的法定利潤。毫無疑問,中南出版傳媒集團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 South Publishing & Media Group's Profit Performance
我們對中南出版傳媒集團盈利表現的看法
Happily for shareholders, China South Publishing & Media Group produced plenty of free cash flow to back up its statutory profit numbers. Based on this observation, we consider it possible that China South Publishing & Media Group's statutory profit actually understates its earnings potential! And on top of that, its earnings per share have grown at 18% per year 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. So while earnings quality is important, it's equally important to consider the risks facing China South Publishing & Media Group at this point in time. You'd be interested to know, that we found 1 warning sign for China South Publishing & Media Group and you'll want to know about this.
令股東高興的是,中南出版傳媒集團產生了充足的自由現金流來支持其法定利潤數字。基於這一觀察,我們認爲中南出版傳媒集團的法定利潤實際上可能低估了其盈利潛力!最重要的是,在過去三年中,其每股收益以每年18%的速度增長。當然,我們只是在分析其收益時才浮出水面;人們還可以考慮利潤率、預測增長和投資回報率等因素。因此,儘管收益質量很重要,但考慮中南出版傳媒集團目前面臨的風險同樣重要。你可能會有興趣知道,我們發現了中南出版傳媒集團的1個警告標誌,你會想知道的。
Today we've zoomed in on a single data point to better understand the nature of China South Publishing & Media Group'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.
今天,我們放大了單一數據點,以更好地了解中南出版傳媒集團利潤的性質。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。
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。