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Billion Industrial Holdings' (HKG:2299) Solid Earnings Are Supported By Other Strong Factors

Billion Industrial Holdings' (HKG:2299) Solid Earnings Are Supported By Other Strong Factors

億萬實業控股(HKG:2299)的穩健收益受到其他強力因素的支持
Simply Wall St ·  09/23 14:59

The subdued stock price reaction suggests that Billion Industrial Holdings Limited's (HKG:2299) strong earnings didn't offer any surprises. Investors are probably missing some underlying factors which are encouraging for the future of the company.

股價反應平淡表明億萬工業控股有限公司(HKG:2299)強勁的收益並沒有帶來任何驚喜。投資者可能忽略了一些對公司未來有利的潛在因素。

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SEHK:2299 Earnings and Revenue History September 23rd 2024
SEHK:2299營收和歷史數據於2024年9月23日

A Closer Look At Billion Industrial Holdings' Earnings

深入了解億萬工業控股的盈利情況

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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.

用於衡量公司將其利潤轉化爲自由現金流(FCF)的一項關鍵財務比率是應計比率。要獲得應計比率,我們首先將某一時期的FCF從利潤中減去,然後將該數字除以該時期平均經營資產。您可以將來自現金流的應計比率視爲「非FCF獲利比例」。

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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".

這意味着負的應計比率是一件好事,因爲它表明公司帶來的自由現金流比利潤預示的要多。儘管應計比率高於零並不令人擔憂,但我們認爲值得注意的是,當公司應計比率相對較高時。引用Lewellen和Resutek 2014年的一篇論文:「應計較高的公司未來可能不那麼有盈利能力」。

Billion Industrial Holdings has an accrual ratio of -0.20 for the year to June 2024. That indicates that its free cash flow quite significantly exceeded its statutory profit. To wit, it produced free cash flow of CN¥2.2b during the period, dwarfing its reported profit of CN¥479.2m. Notably, Billion Industrial Holdings had negative free cash flow last year, so the CN¥2.2b it produced this year was a welcome improvement.

億萬工業控股對2024年6月的年度準備金比率爲-0.20。 這表明其自由現金流明顯超過了法定利潤。 也就是說,它在該期間產生了22億人民幣的自由現金流,遠遠超過其報告的47920萬人民幣利潤。 值得注意的是億工業控股去年的自由現金流爲負數,所以今年產生的22億人民幣是一個令人欣喜的改善。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Billion Industrial Holdings.

注:我們始終建議投資者查看資產負債表強度。 點擊這裏查看我們對億萬工業控股資產負債表分析。

Our Take On Billion Industrial Holdings' Profit Performance

我們對億工業控股的盈利表現持看好態度

As we discussed above, Billion Industrial Holdings' accrual ratio indicates strong conversion of profit to free cash flow, which is a positive for the company. Because of this, we think Billion Industrial Holdings' underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! And on top of that, its earnings per share have grown at an extremely impressive rate over 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. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. In terms of investment risks, we've identified 1 warning sign with Billion Industrial Holdings, and understanding this should be part of your investment process.

正如我們上文討論的,億工業控股的計入現金流利潤比率表現良好,對公司是一個積極的因素。由於此,我們認爲億工業控股的基本盈利潛力與其法定利潤一樣出色甚至可能更好!而且,其每股收益在過去一年增長速度非常誇張。歸根結底,了解公司真正情況時必須考慮的因素不僅限於以上內容。因此,如果您希望深入了解這支股票,重要的是要考慮其所面臨的任何風險。就投資風險而言,我們已經識別出億工業控股存在一條警示,了解這一點應該是您投資過程的一部分。

Today we've zoomed in on a single data point to better understand the nature of Billion Industrial Holdings' profit. 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. 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 with significant insider holdings to be useful.

今天,我們關注了一個單一數據點,以更好地了解億工業控股的盈利性質。但是,有許多其他方法可以幫助您了解一家公司。例如,許多人認爲高淨資產回報是有利的商業經濟指標,而其他人則喜歡「跟隨資金」並搜索內部人員在購買的股票。雖然這可能需要您進行一些研究,但您可能會發現這個免費的擁有高淨資產回報公司的系列或這個具有重要內部人員持股的股票清單很有用。

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.

對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

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