Why Shanghai HYP-ARCH Architectural Design ConsultantLtd's (SZSE:301024) Shaky Earnings Are Just The Beginning Of Its Problems
Why Shanghai HYP-ARCH Architectural Design ConsultantLtd's (SZSE:301024) Shaky Earnings Are Just The Beginning Of Its Problems
A lackluster earnings announcement from Shanghai HYP-ARCH Architectural Design Consultant Co.,Ltd. (SZSE:301024) last week didn't sink the stock price. However, we believe that investors should be aware of some underlying factors which may be of concern.
一份平淡無奇的財報上海海普建築設計諮詢有限公司。(SZSE：301024)上週股價並未下跌。然而，我們認為投資者應該意識到一些可能令人擔憂的潛在因素。
See our latest analysis for Shanghai HYP-ARCH Architectural Design ConsultantLtd
查看我們對上海HYP-ARCH建築設計諮詢有限公司的最新分析
Zooming In On Shanghai HYP-ARCH Architectural Design ConsultantLtd's Earnings
放大上海HYP-ARCH建築設計諮詢有限公司的收益
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. The ratio shows us how much a company's profit exceeds its FCF.
在高端金融領域，衡量一家公司將報告利潤轉換為自由現金流(FCF)的程度的關鍵比率是應計比率(來自現金流)。應計制比率從給定期間的利潤中減去FCF，然後將結果除以該時間段內公司的平均運營資產。這個比率向我們展示了一家公司的利潤超過了它的FCF的多少。
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，因為它表明該公司帶來的自由現金流比其利潤所暗示的要多。雖然應計比率高於零並不令人擔憂，但我們確實認為，當一家公司的應計比率相對較高時，這一點值得注意。引用勒維倫和雷蘇泰克2014年的一篇論文，“應計利潤較高的公司未來的利潤往往較低”。
For the year to December 2021, Shanghai HYP-ARCH Architectural Design ConsultantLtd had an accrual ratio of 0.32. 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¥46.9m, a look at free cash flow indicates it actually burnt through CN¥71m in the last year. We also note that Shanghai HYP-ARCH Architectural Design ConsultantLtd's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥71m.
截至2021年12月，上海HYP-ARCH建築設計諮詢有限公司的應計比率為0.32。不幸的是，這意味着其自由現金流遠遠低於其法定利潤，這讓我們懷疑利潤作為指導的效用。儘管該公司報告利潤為4690萬加元，但看看自由現金流就會發現，該公司去年實際上燒掉了7100萬加元。我們還注意到，上海HYP-ARCH建築設計諮詢有限公司去年的自由現金流實際上也是負的，所以我們可以理解股東是否因其7100萬元的資金外流而感到困擾。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shanghai HYP-ARCH Architectural Design ConsultantLtd.
注：我們總是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HYP-ARCH建築設計諮詢有限公司的資產負債表分析。
Our Take On Shanghai HYP-ARCH Architectural Design ConsultantLtd's Profit Performance
我們對上海HYP-ARCH建築設計諮詢有限公司盈利表現的看法
Shanghai HYP-ARCH Architectural Design ConsultantLtd's accrual ratio for the last twelve months signifies cash conversion is less than ideal, which is a negative when it comes to our view of its earnings. Therefore, it seems possible to us that Shanghai HYP-ARCH Architectural Design ConsultantLtd's true underlying earnings power is actually less than its statutory profit. In further bad news, its earnings per share decreased 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. For example, Shanghai HYP-ARCH Architectural Design ConsultantLtd has 3 warning signs (and 1 which makes us a bit uncomfortable) we think you should know about.
上海HYP-ARCH建築設計諮詢有限公司過去12個月的應計比率表明，現金轉換並不理想，這對我們對其收益的看法是負面的。因此，在我們看來，上海HYP-ARCH建築設計諮詢有限公司的真實潛在盈利能力實際上低於其法定利潤是可能的。更壞的消息是，該公司去年的每股收益有所下降。歸根結底，如果你想正確地瞭解這家公司，除了以上幾個因素之外，考慮其他因素也是至關重要的。請記住，在分析一隻股票時，值得注意其中的風險。例如，上海HYP-ARCH建築設計諮詢有限公司有3個警示標誌(其中1個讓我們有點不舒服)，我們認為你應該知道。
This note has only looked at a single factor that sheds light on the nature of Shanghai HYP-ARCH Architectural Design ConsultantLtd's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.
這份報告只關注了一個因素，它揭示了上海HYP-ARCH建築設計諮詢有限公司的利潤性質。但如果你有能力將注意力集中在細枝末節上，總會有更多的東西需要發現。一些人認為，高股本回報率是高質量企業的良好標誌。雖然這可能需要為您做一些研究，但您可能會發現免費擁有高股本回報率的公司的集合，或者是內部人士購買的有用的股票清單。
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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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這篇由《華爾街日報》撰寫的文章本質上是籠統的。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。簡單地説，華爾街在提到的任何股票中都沒有頭寸。