Zhongshen Jianye Holding's (HKG:2503) Anemic Earnings Might Be Worse Than You Think
Zhongshen Jianye Holding's (HKG:2503) Anemic Earnings Might Be Worse Than You Think
Last week's earnings announcement from Zhongshen Jianye Holding Limited (HKG:2503) was disappointing to investors, with a sluggish profit figure. Our analysis has found some reasons to be concerned, beyond the weak headline numbers.
中深建業(臨時代碼) (HKG:2503)上週的盈利公告讓投資者感到失望,利潤數字疲軟。我們的分析發現一些令人擔憂的原因,不僅僅是弱勢的主要數字。
A Closer Look At Zhongshen Jianye Holding's Earnings
深入了解中深建業的盈利情況
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). 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
在高端金融領域,用於衡量公司將實際利潤轉化爲自由現金流(FCF)的關鍵比率是應記比率(來自現金流)。要獲取應計比率,我們首先要從某一期間的利潤中減去FCF,然後將該數字除以該期間的平均營運資產。這個比率告訴我們公司實際利潤有多少不是由自由現金流支持的。
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,因爲它表明公司帶來的自由現金流比利潤預示的要多。儘管應計比率高於零並不令人擔憂,但我們認爲值得注意的是,當公司應計比率相對較高時。引用Lewellen和Resutek 2014年的一篇論文:「應計較高的公司未來可能不那麼有盈利能力」。
Over the twelve months to June 2024, Zhongshen Jianye Holding recorded an accrual ratio of 0.63. As a general rule, that bodes poorly for future profitability. And indeed, during the period the company didn't produce any free cash flow whatsoever. Even though it reported a profit of CN¥21.4m, a look at free cash flow indicates it actually burnt through CN¥125m in the last year. We saw that FCF was CN¥39m a year ago though, so Zhongshen Jianye Holding has at least been able to generate positive FCF in the past.
在過去的12個月裏(截至2024年6月),中深建業的應計比率爲0.63。一般來說,這對未來的盈利能力造成了不利影響。事實上,在這段時間內,該公司沒有產生任何自由現金流。儘管它報告了2140萬人民幣的利潤,但從自由現金流的角度來看,它實際上在過去一年裏虧損了1.25億人民幣。然而,一年前我們看到自由現金流爲3900萬人民幣,所以中深建業至少在過去能夠產生正面的自由現金流。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Zhongshen Jianye Holding.
注意:我們始終建議投資者查看資產負債表實力。點擊這裏查看我們對中深建業資產負債表的分析。
Our Take On Zhongshen Jianye Holding's Profit Performance
我們對中深建業(臨時代碼)的盈利表現持有看法
As we discussed above, we think Zhongshen Jianye Holding's earnings were not supported by free cash flow, which might concern some investors. As a result, we think it may well be the case that Zhongshen Jianye Holding's underlying earnings power is lower than its statutory profit. In further bad news, its earnings per share decreased in the last year. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. If you'd like to know more about Zhongshen Jianye Holding as a business, it's important to be aware of any risks it's facing. Case in point: We've spotted 4 warning signs for Zhongshen Jianye Holding you should be mindful of and 1 of them doesn't sit too well with us.
如上所述,我們認爲中深建業(臨時代碼)的營業收入不支持自由現金流,這可能會引起一些投資者的擔憂。因此,我們認爲中深建業(臨時代碼)的基礎盈利能力很可能低於其法定利潤。另一個壞消息是,其每股收益在過去一年有所下降。本文的目標是評估我們能否依賴法定收益來反映公司的潛力,但還有很多要考慮的內容。如果您想了解更多關於中深建業(臨時代碼)作爲一個業務的信息,重要的是要意識到它所面臨的任何風險。舉個例子:我們發現了4個有關中深建業(臨時代碼)需要注意的警示信號,其中有1個讓我們感到不太舒心。
This note has only looked at a single factor that sheds light on the nature of Zhongshen Jianye Holding'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 with significant insider holdings to be useful.
本備註僅關注揭示中深建業(臨時代碼)盈利性質的一個因素。但如果您能集中精力關注細枝末節,就會發現更多。例如,許多人認爲股權回報率高是有利的商業經濟指標,而其他人喜歡「跟隨資金」並尋找內部人士在購買的股票。雖然這可能需要您做一些研究,但您可能會發現擁有高股權回報率的公司的自由集合,或者持有重要內部股份的股票清單對您有所幫助。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。