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We Think You Should Be Aware Of Some Concerning Factors In Shanghai Trendzone Holdings GroupLtd's (SHSE:603030) Earnings

We Think You Should Be Aware Of Some Concerning Factors In Shanghai Trendzone Holdings GroupLtd's (SHSE:603030) Earnings

我們認爲您應該知道上海天驕控股集團有限公司(SHSE:603030)的盈利中一些令人擔憂的因素
Simply Wall St ·  11/07 08:50

Shanghai Trendzone Holdings Group Co.,Ltd (SHSE:603030) just released a solid earnings report, and the stock displayed some strength. However, we think that shareholders should be cautious as we found some worrying factors underlying the profit.

上海全築控股集團(SHSE:603030)剛剛發佈了一份 solikd 的收益報告,股票表現出一些實力。然而,我們認爲股東們應該保持謹慎,因爲我們發現了一些令人擔憂的利潤潛在因素。

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SHSE:603030 Earnings and Revenue History November 7th 2024
SHSE:603030 收益和營業收入歷史數據 2024年11月7日

Examining Cashflow Against Shanghai Trendzone Holdings GroupLtd's Earnings

審查現金流與上海全築控股集團Ltd的收益

In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.

在高級財務中,用來衡量公司將報告的利潤轉換爲自由現金流(FCF)的主要比率是應計比率(來自現金流量表)。該應計比率從給定期間的FCF中減去利潤,並將結果除以該時間段內公司的平均營運資產。你可以將應計比率從現金流量表視爲「非自由現金流利潤比率」。

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 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.

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其利潤所顯示的更多。雖然擁有正的應計比率並不是問題,表明一定程度的非現金利潤,但高應計比率可能是一件壞事,因爲這表明紙面利潤不能得到現金流支持。這是因爲一些學術研究表明,高應計比率往往導致較低的利潤或利潤增長率。

Over the twelve months to September 2024, Shanghai Trendzone Holdings GroupLtd recorded an accrual ratio of 0.39. As a general rule, that bodes poorly for future profitability. And indeed, during the period the company didn't produce any free cash flow whatsoever. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥267m despite its profit of CN¥52.8m, mentioned above. We saw that FCF was CN¥91m a year ago though, so Shanghai Trendzone Holdings GroupLtd has at least been able to generate positive FCF in the past. However, that's not the end of the story. We must also consider the impact of unusual items on statutory profit (and thus the accrual ratio), as well as note the ramifications of the company issuing new shares. One positive for Shanghai Trendzone Holdings GroupLtd shareholders is that it's accrual ratio was significantly better last year, providing reason to believe that it may return to stronger cash conversion in the future. As a result, some shareholders may be looking for stronger cash conversion in the current year.

在截至2024年9月的十二個月內,上海全築控股集團Ltd記錄了0.39的應計比率。一般來說,這對未來的盈利前景不利。事實上,在此期間,該公司根本沒有產生任何自由現金流。在過去的十二個月中,儘管利潤爲5280萬人民幣,該公司實際上出現了負的自由現金流,流出了26700萬人民幣。然而,我們看到一年前自由現金流爲9100萬人民幣,所以上海全築控股集團Ltd至少過去能夠產生正的自由現金流。 然而,這並非故事的結局。我們還必須考慮飛凡項目對法定利潤(以及因此的應計比率)的影響,以及公司發行新股的後果。對上海全築控股集團Ltd股東的一個積極因素是,它的應計比率去年顯着提高,這表明它可能會在未來恢復更強的現金轉換。因此,一些股東可能正在尋求在當前年度有更強的現金轉換。

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

注意:我們始終建議投資者檢查資產負債表的強度。點擊這裏查看上海全築控股集團有限公司的資產負債表分析。

In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. Shanghai Trendzone Holdings GroupLtd expanded the number of shares on issue by 122% over the last year. Therefore, each share now receives a smaller portion of profit. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. You can see a chart of Shanghai Trendzone Holdings GroupLtd's EPS by clicking here.

爲了了解每股股票回報的潛力,必須考慮公司向股東稀釋多少。上海全築控股集團有限公司過去一年發行的股份數量增加了122%。因此,每股股票現在獲得的利潤份額較小。談論淨利潤,而沒有注意每股收益,這是被大數量吸引,忽略談論每股價值的細小數量。您可以點擊此處查看上海全築控股集團有限公司每股收益的圖表。

A Look At The Impact Of Shanghai Trendzone Holdings GroupLtd's Dilution On Its Earnings Per Share (EPS)

分析上海全築控股集團有限公司稀釋對其每股收益(EPS)的影響

Shanghai Trendzone Holdings GroupLtd was losing money three years ago. Zooming in to the last year, we still can't talk about growth rates coherently, since it made a loss last year. What we do know is that while it's great to see a profit over the last twelve months, that profit would have been better, on a per share basis, if the company hadn't needed to issue shares. And so, you can see quite clearly that dilution is having a rather significant impact on shareholders.

三年前,上海全築控股集團有限公司虧損。回顧去年,我們仍然無法明確談論增長率,因爲去年虧損。我們知道的是,儘管過去十二個月盈利是好事,但如果公司不需要發行股票,每股盈利則會更好。因此,您可以非常清楚地看到,稀釋對股東有相當顯著的影響。

In the long term, if Shanghai Trendzone Holdings GroupLtd's earnings per share can increase, then the share price should too. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.

從長期來看,如果上海全築控股集團有限公司的每股收益能夠增加,股價也應該上漲。但另一方面,如果了解盈利(但不是EPS)在提高,我們會感到遠不如此興奮。因此,可以說EPS比淨利潤在長期內更重要,前提是目標是評估公司股價是否可能增長。

How Do Unusual Items Influence Profit?

非常規項目如何影響利潤?

Unfortunately (in the short term) Shanghai Trendzone Holdings GroupLtd saw its profit reduced by unusual items worth CN¥113m. In the case where this was a non-cash charge it would have made it easier to have high cash conversion, so it's surprising that the accrual ratio tells a different story. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. If Shanghai Trendzone Holdings GroupLtd doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.

不幸的是(在短期內),上海全築控股集團有限公司的利潤減少了11300萬人民幣的非常規項目。如果這是一項非現金收費,將使高現金轉換更容易,因此令人驚訝的是應計比率講述了不同的故事。看到非常規項目損害公司利潤是不好的,但好消息是,情況可能很快會有所改善。當我們分析全球上市公司的絕大多數時,我們發現重大的非常規項目通常不會重複。考慮到這些項目被視爲非正常,這並不令人驚訝。如果上海全築控股集團有限公司不再出現這些不尋常的費用,那麼其他一切相等的話,我們預計其盈利在未來一年將增加。

Our Take On Shanghai Trendzone Holdings GroupLtd's Profit Performance

我們對上海全築控股集團有限公司的盈利表現所持的觀點

In conclusion, Shanghai Trendzone Holdings GroupLtd's accrual ratio suggests that its statutory earnings are not backed by cash flow; but the fact unusual items actually weighed on profit may create upside if those unusual items to not recur. And the dilution means that per-share results are weaker than the bottom line might imply. For the reasons mentioned above, we think that a perfunctory glance at Shanghai Trendzone Holdings GroupLtd's statutory profits might make it look better than it really is on an underlying level. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. In terms of investment risks, we've identified 2 warning signs with Shanghai Trendzone Holdings GroupLtd, and understanding these should be part of your investment process.

總的來說,上海全築控股集團有限公司的應計比率表明其法定收益並不得到現金流支撐;不過,事實上,飛凡項目實際上對利潤產生了影響,如果這些飛凡項目不再發生,可能會帶來潛在收益增長。此外,攤薄意味着每股結果較底線實際表明的要弱。根據上述原因,我們認爲隨便看一眼上海全築控股集團有限公司的法定利潤,可能會使其在潛在水平上看起來比實際情況更好。請記住,在分析股票時,值得注意涉及的風險。在投資風險方面,我們已經確定了上海全築控股集團有限公司存在2個警示信號,了解這些應該成爲您投資過程的一部分。

Our examination of Shanghai Trendzone Holdings GroupLtd has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. 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 with high insider ownership.

我們對上海全築控股集團有限公司的審查集中在一些因素上,這些因素可能會使其盈利看起來比實際情況更好。基於此,我們持有一定的懷疑態度。但如果您能集中注意力於細微之處,總會有更多發現。例如,許多人認爲高淨資產回報率是有利的商業經濟指標,而其他人喜歡「跟着錢走」,尋找內部人員正在買入的股票。因此,您可能希望查看這個免費的公司收集,其中包含具有高淨資產回報率的公司,或者這份具有高內部所有權的股票清單。

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.

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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

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