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We Think You Can Look Beyond Tianjin Hi-Tech Development's (SHSE:600082) Lackluster Earnings

We Think You Can Look Beyond Tianjin Hi-Tech Development's (SHSE:600082) Lackluster Earnings

我们认为你可以将目光投向天津高新开发公司(SHSE: 600082)乏善可陈的收益
Simply Wall St ·  2023/11/03 18:01

The market was pleased with the recent earnings report from Tianjin Hi-Tech Development Co., Ltd. (SHSE:600082), despite the profit numbers being soft. However, we think the company is showing some signs that things are more promising than they seem.

尽管利润数字疲软,但市场对天津高新技术开发股份有限公司(SHSE: 600082)最近的收益报告感到满意。但是,我们认为该公司显示出一些迹象,表明情况比看起来更有希望。

Check out our latest analysis for Tianjin Hi-Tech Development

查看我们对天津高新技术开发的最新分析

earnings-and-revenue-history
SHSE:600082 Earnings and Revenue History November 3rd 2023
SHSE: 600082 2023 年 11 月 3 日的收益和收入历史记录

A Closer Look At Tianjin Hi-Tech Development's Earnings

仔细看看天津高科开发的收益

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'.

用于衡量公司将其利润转化为自由现金流(FCF)的效果的一个关键财务比率是应计比率。为了获得应计比率,我们首先从一段时间内的利润中减去FCF,然后将该数字除以该期间的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。

As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.

因此,负应计比率对公司来说是正数,而正应计比率是负数。虽然应计比率高于零并不令人担忧,但我们确实认为,当公司的应计比率相对较高时,值得注意。值得注意的是,有一些学术证据表明,总的来说,高应计率对短期利润来说是个坏兆头。

Tianjin Hi-Tech Development has an accrual ratio of -0.18 for the year to September 2023. That indicates that its free cash flow quite significantly exceeded its statutory profit. To wit, it produced free cash flow of CN¥394m during the period, dwarfing its reported profit of CN¥10.3m. Notably, Tianjin Hi-Tech Development had negative free cash flow last year, so the CN¥394m it produced this year was a welcome improvement.

截至2023年9月的一年中,天津高新开发的应计比率为-0.18。这表明其自由现金流大大超过了其法定利润。换句话说,它在此期间产生的自由现金流为3.94亿元人民币,与其报告的1,030万元利润相形见绌。值得注意的是,天津高新技术开发去年自由现金流为负,因此其今年的3.94亿元人民币是一个可喜的改善。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Tianjin Hi-Tech Development.

注意:我们始终建议投资者检查资产负债表的实力。点击此处查看我们对天津高新技术开发的资产负债表分析。

Our Take On Tianjin Hi-Tech Development's Profit Performance

我们对天津高科发展盈利表现的看法

As we discussed above, Tianjin Hi-Tech Development's accrual ratio indicates strong conversion of profit to free cash flow, which is a positive for the company. Based on this observation, we consider it possible that Tianjin Hi-Tech Development's statutory profit actually understates its earnings potential! On the other hand, its EPS actually shrunk in the last twelve months. 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 if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Case in point: We've spotted 2 warning signs for Tianjin Hi-Tech Development you should be mindful of and 1 of these is concerning.

正如我们上面讨论的那样,天津高新开发的应计比率表明利润向自由现金流的转化率很高,这对公司来说是一个积极的利润。基于这一观察,我们认为天津高新开发的法定利润实际上可能低估了其盈利潜力!另一方面,其每股收益实际上在过去十二个月中萎缩了。当然,我们只是在分析其收益时才浮出水面;人们还可以考虑利润率、预测增长和投资回报率等因素。因此,如果你想更深入地研究这只股票,那么考虑它面临的任何风险至关重要。一个很好的例子:我们发现了天津高新技术开发的两个警告信号,你应该注意其中一个警示信号,其中一个令人担忧。

This note has only looked at a single factor that sheds light on the nature of Tianjin Hi-Tech Development'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. 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.

本报告仅研究了揭示天津高新技术开发利润性质的单一因素。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。虽然可能需要你进行一些研究,但你可能会发现这份免费收集的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单很有用。

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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 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。

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