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Shanghai Information2 Software's (SHSE:688435) Shareholders Have More To Worry About Than Lackluster Earnings

Shanghai Information2 Software's (SHSE:688435) Shareholders Have More To Worry About Than Lackluster Earnings

上海信息软件(SHSE:688435)的股东们担心的不仅仅是平平无奇的收益
Simply Wall St ·  2024/11/05 07:41

Shanghai Information2 Software Inc.'s (SHSE:688435) lackluster earnings announcement last week disappointed investors. We looked deeper and believe that there is even more to be worried about, beyond the soft profit numbers.

上海资讯2软件股份有限公司(SHSE:688435)上周发布的业绩令投资者失望。我们深入研究后发现,除了低迷的利润数字外,还有更多令人担忧的事情。

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SHSE:688435 Earnings and Revenue History November 4th 2024
SHSE:688435 盈利和营业收入历史数据 2024年11月4日

Examining Cashflow Against Shanghai Information2 Software's Earnings

审查上海资讯2软件的现金流与盈利能力

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. The ratio shows us how much a company's profit exceeds its FCF.

许多投资者并不了解从现金流量中计算的应计比率,但实际上它是一个衡量公司利润由自由现金流(FCF)在一定期间内支持的程度的有用指标。简单来说,这个比率将FCF从净利润中减去,然后将该数字除以公司在该期间内的平均经营资产。这个比率告诉我们公司的利润超过其FCF的多少。

As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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,负应计比率对公司是有益的,而正应计比率则是不利的。这并不是说我们应该担心正应计比率,但值得注意的是应计比率相当高的地方。值得注意的是,有一些学术证据表明,高应计比率通常是短期利润的不良迹象。

Shanghai Information2 Software has an accrual ratio of 0.20 for the year to September 2024. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, which is hardly a good thing. Even though it reported a profit of CN¥8.46m, a look at free cash flow indicates it actually burnt through CN¥39m in the last year. We also note that Shanghai Information2 Software's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥39m. 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9月,上海资讯2软件的应计比率为0.20。因此,我们知道其自由现金流远低于其法定利润,这几乎不是好事。尽管其报告的利润为846万元人民币,但通过自由现金流数据可以看出,它在过去一年中实际亏损了3900万元人民币。我们还注意到,上海资讯2软件去年的自由现金流实际上也是负值,因此我们可以理解股东们对其3900万元人民币的流出感到困扰。话虽如此,事情还没完。我们可以看到,异常项目影响了其法定利润,因此也影响了应计比率。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shanghai Information2 Software.

注意:我们始终建议投资者检查资产负债表的强度。单击此处查看我们对上海资讯2软件资产负债表的分析。

The Impact Of Unusual Items On Profit

除了稀释之外,还应该注意的是,万集科技在过去12个月中因不寻常项目获得了价值人民币3.5万元的利润。虽然我们希望看到利润增加,但当这些不寻常项目对利润做出重大贡献时,我们会更加谨慎。我们对全球大部分上市公司的数据进行了分析,发现不寻常项目往往是一次性的。这正如我们所期望的那样,因为这些提升被描述为"不寻常"。相对于其利润而言,万集科技在2021年12月前的不寻常项目贡献大。因此,我们可以推断出,这些不寻常项目正在使其财务利润显著增强。

Given the accrual ratio, it's not overly surprising that Shanghai Information2 Software's profit was boosted by unusual items worth CN¥12m in the last twelve months. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. Which is hardly surprising, given the name. We can see that Shanghai Information2 Software's positive unusual items were quite significant relative to its profit in the year to September 2024. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.

考虑到应计比率,上海信息2软件过去十二个月的利润因价值1200万元人民币的飞凡项目而得到提升,并不是特别令人惊讶。尽管我们喜欢看到利润增长,但当飞凡项目做出巨大贡献时,我们往往会更加谨慎。当我们分析全球大多数上市公司时,我们发现重要的非常项目往往不会重复出现。鉴于这个名字,这并不奇怪。我们可以看到,相对于2024年9月那一年的利润,上海信息2软件的积极非常项目相当显著。因此,我们可以推断,非常项目正在使其法定利润比其本来强大得多的盈利更加强大。

Our Take On Shanghai Information2 Software's Profit Performance

对于上海信息2软件的盈利表现,我们的看法

Summing up, Shanghai Information2 Software received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. For the reasons mentioned above, we think that a perfunctory glance at Shanghai Information2 Software's statutory profits might make it look better than it really is on an underlying level. If you'd like to know more about Shanghai Information2 Software as a business, it's important to be aware of any risks it's facing. Be aware that Shanghai Information2 Software is showing 3 warning signs in our investment analysis and 2 of those are significant...

总结一下,上海信息2软件从非常项目中获得了利润的良好提升,但未能将其账面利润与自由现金流相匹配。基于以上提到的原因,我们认为仓促地浏览上海信息2软件的法定利润可能使其看起来比实际情况更好。如果您想更多了解上海信息2软件作为一家企业的情况,了解它所面临的任何风险是很重要的。请注意,我们的投资分析显示上海信息2软件存在3个警示信号,其中2个是重要的。

Our examination of Shanghai Information2 Software has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. 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.

我们对上海信息2软件的审查主要关注了一些因素,这些因素可能使其盈利看起来比实际情况更好。基于此,我们对此持有一定怀疑态度。但有很多其他方法可以帮助您对公司做出判断。有些人认为高股权回报率是一家优质企业的良好迹象。尽管这可能需要您做一些研究,您可能会发现这份牛股名单或具有重要内部持股的股票名单对您有所帮助。

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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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