Guangdong Silver Age Sci & TechLtd's (SZSE:300221) Solid Earnings Have Been Accounted For Conservatively
Guangdong Silver Age Sci & TechLtd's (SZSE:300221) Solid Earnings Have Been Accounted For Conservatively
The stock was sluggish on the back of Guangdong Silver Age Sci & Tech Co.,Ltd.'s (SZSE:300221) recent earnings report. We have done some analysis, and found some encouraging factors that we believe the shareholders should consider.
在广东白银时代科技股份有限公司的支持下,该股表现低迷。, Ltd. 's(深圳证券交易所股票代码:300221)最近的收益报告。我们已经进行了一些分析,发现了一些令人鼓舞的因素,我们认为股东应该考虑这些因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240426/0-e97840004ad7281a490a0febc85570fb-0-f3b5151aa159c1556f6721fe233728d1.png/big)
Examining Cashflow Against Guangdong Silver Age Sci & TechLtd's Earnings
根据广东白银时代科技有限公司的收益研究现金流
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
在高级财务中,用于衡量公司将报告的利润转换为自由现金流(FCF)的关键比率是应计比率(来自现金流)。应计比率从给定时期的利润中减去FCF,然后将结果除以该时间内公司的平均运营资产。这个比率告诉我们,一家公司的利润中有多少没有自由现金流的支持。
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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,负的应计比率对公司来说是正数,而正的应计比率是负数。尽管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。引用Lewellen和Resutek在2014年发表的一篇论文,“应计额较高的公司未来的利润往往会降低”。
Guangdong Silver Age Sci & TechLtd has an accrual ratio of 0.21 for the year to December 2023. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of CN¥222m, in contrast to the aforementioned profit of CN¥27.0m. It's worth noting that Guangdong Silver Age Sci & TechLtd generated positive FCF of CN¥203m a year ago, so at least they've done it in the past. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part. One positive for Guangdong Silver Age Sci & TechLtd 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.
截至2023年12月的一年中,广东银时代科技有限公司的应计比率为0.21。因此,我们可以推断出其自由现金流远不足以支付其法定利润。在过去的一年里,它实际上有 负面的 自由现金流为2.22亿元人民币,而上述利润为2700万元人民币。值得注意的是,广东白银时代科技有限公司一年前创造了2.03亿元人民币的正FCF,因此至少他们过去曾这样做过。话虽如此,故事还有更多。应计比率至少部分反映了不寻常项目对法定利润的影响。对广东白银时代科技有限公司股东来说,一个积极因素是,去年的应计比率明显改善,这使人们有理由相信它将来可能会恢复更强劲的现金转换。因此,一些股东可能希望在本年度实现更强的现金转换。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Guangdong Silver Age Sci & TechLtd.
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广东白银时代科技有限公司的资产负债表分析
The Impact Of Unusual Items On Profit
不寻常物品对利润的影响
Unfortunately (in the short term) Guangdong Silver Age Sci & TechLtd saw its profit reduced by unusual items worth CN¥18m. If this was a non-cash charge, it would have made the accrual ratio better, if cashflow had stayed strong, so it's not great to see in combination with an uninspiring accrual ratio. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect Guangdong Silver Age Sci & TechLtd to produce a higher profit next year, all else being equal.
不幸的是(在短期内),广东白银时代科技有限公司的利润因价值1800万元人民币的不寻常物品而减少。如果这是非现金支出,如果现金流保持强劲,本来可以改善应计比率,因此,再加上平淡无奇的应计比率,就不太好了。尽管由于不寻常项目而产生的扣除首先令人失望,但有一线希望。我们调查了数千家上市公司,发现不寻常的物品本质上往往是一次性的。而且,毕竟,这正是会计术语的含义。假设这些不寻常的支出不会再次出现,因此,我们预计广东白银时代科技有限公司在其他条件相同的情况下,明年将实现更高的利润。
Our Take On Guangdong Silver Age Sci & TechLtd's Profit Performance
我们对广东白银时代科技有限公司盈利表现的看法
In conclusion, Guangdong Silver Age Sci & TechLtd's accrual ratio suggests that its statutory earnings are not backed by cash flow, even though unusual items weighed on profit. Based on these factors, we think that Guangdong Silver Age Sci & TechLtd's profits are a reasonably conservative guide to its underlying profitability. So while earnings quality is important, it's equally important to consider the risks facing Guangdong Silver Age Sci & TechLtd at this point in time. For example, Guangdong Silver Age Sci & TechLtd has 2 warning signs (and 1 which is a bit concerning) we think you should know about.
总之,广东白银时代科技有限公司的应计比率表明,尽管不寻常的项目打压了利润,但其法定收益没有现金流支持。基于这些因素,我们认为广东白银时代科技有限公司的利润是衡量其潜在盈利能力的相当保守的指南。因此,尽管收益质量很重要,但考虑广东白银时代科技有限公司目前面临的风险同样重要。例如,广东白银时代科技有限公司有两个警告标志(还有一个有点令人担忧),我们认为你应该知道。
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. 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.
在本文中,我们研究了许多可能削弱利润数字效用的因素,以此作为业务指南。但是,如果你能够将注意力集中在细节上,总会有更多值得发现的地方。例如,许多人认为高股本回报率表明商业经济状况良好,而另一些人则喜欢 “追随资金”,寻找内部人士正在购买的股票。尽管可能需要代表你进行一些研究,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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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根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。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,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。