There May Be Reason For Hope In Shanghai Bloom Technology's (SHSE:603325) Disappointing Earnings
There May Be Reason For Hope In Shanghai Bloom Technology's (SHSE:603325) Disappointing Earnings
Shanghai Bloom Technology Inc's (SHSE:603325) recent soft profit numbers didn't appear to worry shareholders, as the stock price showed strength. However, we think the company is showing some signs that things are more promising than they seem.
由於股價表現強勁,上海布魯姆科技公司(SHSE: 603325)最近的疲軟利潤數字似乎並沒有讓股東感到擔憂。但是,我們認爲該公司顯示出一些跡象,表明情況比看起來更有希望。
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A Closer Look At Shanghai Bloom Technology's Earnings
仔細看看上海布魯姆科技的收益
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. This ratio tells us how much of a company's profit is not backed by free cashflow.
許多投資者尚未聽說過現金流的應計比率,但它實際上是衡量公司在給定時期內自由現金流(FCF)在多大程度上支持利潤的有用指標。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以該時期公司的平均運營資產。這個比率告訴我們,一家公司的利潤中有多少沒有自由現金流的支持。
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. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
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,但如果其應計比率爲正,則是一件壞事。雖然正應計比率表明非現金利潤達到一定水平不是問題,但高應計比率可以說是一件壞事,因爲它表明紙面利潤與現金流不匹配。引用Lewellen和Resutek在2014年發表的一篇論文,「應計額較高的公司將來的利潤往往會降低」。
For the year to June 2024, Shanghai Bloom Technology had an accrual ratio of -0.96. Therefore, its statutory earnings were very significantly less than its free cashflow. In fact, it had free cash flow of CN¥671m in the last year, which was a lot more than its statutory profit of CN¥253.0m. Shanghai Bloom Technology shareholders are no doubt pleased that free cash flow improved over the last twelve months.
截至2024年6月的一年中,上海布魯姆科技的應計比率爲-0.96。因此,其法定收入大大低於其自由現金流。實際上,它去年的自由現金流爲67100萬元人民幣,遠遠超過其25300萬元人民幣的法定利潤。毫無疑問,上海Bloom Technology的股東對過去十二個月自由現金流的改善感到高興。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。
Our Take On Shanghai Bloom Technology's Profit Performance
我們對上海布魯姆科技盈利表現的看法
Happily for shareholders, Shanghai Bloom Technology produced plenty of free cash flow to back up its statutory profit numbers. Because of this, we think Shanghai Bloom Technology's underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! And the EPS is up 24% annually, over the last three years. 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. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Case in point: We've spotted 1 warning sign for Shanghai Bloom Technology you should be aware of.
令股東高興的是,上海布魯姆科技產生了充足的自由現金流來支持其法定利潤數字。因此,我們認爲上海Bloom Technology的潛在盈利潛力與法定利潤看上去一樣好,甚至可能更好!在過去三年中,每股收益每年增長24%。歸根結底,如果你想正確地了解公司,必須考慮的不僅僅是上述因素。有鑑於此,如果你想對公司進行更多分析,了解所涉及的風險至關重要。一個很好的例子:我們發現了你應該注意的上海布魯姆科技的1個警告信號。
This note has only looked at a single factor that sheds light on the nature of Shanghai Bloom Technology's profit. But there are plenty of other ways to inform your opinion of a company. 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 with significant insider holdings to be useful.
這份報告只研究了揭示上海布魯姆科技利潤性質的單一因素。但是,還有很多其他方法可以讓你對公司的看法。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。雖然可能需要你進行一些研究,但你可能會發現這份免費收集的擁有高股本回報率的公司,或者這份擁有大量內幕持股的股票清單很有用。
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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。