Power HF (SHSE:605100) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
Power HF (SHSE:605100) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
Last week's profit announcement from Power HF Co., Ltd. (SHSE:605100) was underwhelming for investors, despite headline numbers being robust. We did some digging and found some worrying underlying problems.
儘管總體數據強勁,但上週Power HF有限公司(上海證券交易所股票代碼:605100)的盈利公告令投資者望而卻步。我們進行了一些挖掘,發現了一些令人擔憂的潛在問題。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240506/0-a7715ad63ba3f542c3cc6ccf46c9deee-0-fccc31ae9ee47de0074b50ccc9f537fe.png/big)
A Closer Look At Power HF's Earnings
仔細研究Power HF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'.
在高金融領域,用於衡量公司將申報的利潤轉化爲自由現金流(FCF)的效果的關鍵比率是應計比率(來自現金流)。應計比率從給定時期的利潤中減去FCF,然後將結果除以公司在該時期內的平均運營資產。你可以將現金流的應計比率視爲 “非FCF利潤率”。
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. 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,當公司的應計比率爲負時,這實際上被認爲是一件好事,但是如果應計比率爲正,則被認爲是一件壞事。這並不意味着我們應該擔心應計比率爲正,但值得注意的是,應計比率相當高的地方。值得注意的是,有一些學術證據表明,總的來說,高應計比率對短期利潤來說是個壞兆頭。
Power HF has an accrual ratio of 0.26 for the year to March 2024. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥215m despite its profit of CN¥102.9m, mentioned above. We also note that Power HF's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥215m. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
截至2024年3月的一年中,Power HF的應計比率爲0.26。因此,我們可以推斷出其自由現金流遠不足以支付其法定利潤。在過去的十二個月裏,它實際上有 負面的 自由現金流,儘管利潤爲1.029億元人民幣,但流出量仍爲2.15億元人民幣,如上所述。我們還注意到,Power HF去年的自由現金流實際上也是負的,因此我們可以理解股東是否被其2.15億元人民幣的流出所困擾。話雖如此,故事還有更多。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Power HF.
注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對Power HF的資產負債表分析。
The Impact Of Unusual Items On Profit
不尋常物品對利潤的影響
Power HF's profit suffered from unusual items, which reduced profit by CN¥16m in the last twelve months. 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. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. If Power HF doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.
Power HF的利潤來自不尋常的項目,在過去的十二個月中,利潤減少了1600萬元人民幣。如果這是非現金支出,如果現金流保持強勁,本來可以改善應計比率,因此,再加上平淡無奇的應計比率,就不太好了。看到不尋常的項目使公司利潤付出代價從來都不是一件好事,但從好的方面來看,情況可能遲早會好轉。我們調查了數千家上市公司,發現不尋常的物品本質上往往是一次性的。鑑於這些單列項目被認爲不尋常,這並不奇怪。如果Power HF不認爲這些異常支出重演,那麼在其他條件相同的情況下,我們預計其利潤將在來年增加。
Our Take On Power HF's Profit Performance
我們的 Take On Power HF 的利潤表現
Power HF saw unusual items weigh on its profit, which should have made it easier to show high cash conversion, which it did not do, according to its accrual ratio. Based on these factors, we think it's very unlikely that Power HF's statutory profits make it seem much weaker than it is. 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 4 warning signs for Power HF you should be mindful of and 2 of them make us uncomfortable.
Power HF看到不尋常的項目壓制了其利潤,這本來可以更容易地顯示出較高的現金轉化率,但根據其應計比率,Power HF卻沒有這樣做。基於這些因素,我們認爲Power HF的法定利潤不太可能使其看起來比現在疲軟得多。因此,如果你想更深入地研究這隻股票,那麼考慮它面臨的任何風險至關重要。一個很好的例子:我們發現了你應該注意的 Power HF 的 4 個警告信號,其中 2 個讓我們感到不舒服。
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. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
在這篇文章中,我們研究了許多可能損害利潤數字效用的因素,以此作爲企業的指南。但是,如果你能夠將注意力集中在細節上,總會有更多的事情需要發現。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。因此,你可能希望看到這份免費收藏的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單。
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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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。