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Results: CRRC Corporation Limited Beat Earnings Expectations And Analysts Now Have New Forecasts
Results: CRRC Corporation Limited Beat Earnings Expectations And Analysts Now Have New Forecasts
CRRC Corporation Limited (SHSE:601766) last week reported its latest half-year results, which makes it a good time for investors to dive in and see if the business is performing in line with expectations. It looks to have been a decent result overall - while revenue fell marginally short of analyst estimates at CN¥51b, statutory earnings beat expectations by a notable 18%, coming in at CN¥0.10 per share. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. So we collected the latest post-earnings statutory consensus estimates to see what could be in store for next year.
Check out our latest analysis for CRRC
SHSE:601766 Earnings and Revenue Growth August 30th 2022Taking into account the latest results, the current consensus from CRRC's ten analysts is for revenues of CN¥222.6b in 2022, which would reflect a satisfactory 5.2% increase on its sales over the past 12 months. Per-share earnings are expected to accumulate 5.5% to CN¥0.35. In the lead-up to this report, the analysts had been modelling revenues of CN¥227.7b and earnings per share (EPS) of CN¥0.35 in 2022. So it looks like the analysts have become a bit less optimistic after the latest results announcement, with revenues expected to fall even as the company is supposed to maintain EPS.
The average price target was steady at CN¥5.94even though revenue estimates declined; likely suggesting the analysts place a higher value on earnings. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. Currently, the most bullish analyst values CRRC at CN¥7.41 per share, while the most bearish prices it at CN¥4.30. As you can see, analysts are not all in agreement on the stock's future, but the range of estimates is still reasonably narrow, which could suggest that the outcome is not totally unpredictable.
These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the CRRC's past performance and to peers in the same industry. The analysts are definitely expecting CRRC's growth to accelerate, with the forecast 11% annualised growth to the end of 2022 ranking favourably alongside historical growth of 0.8% per annum over the past five years. Compare this with other companies in the same industry, which are forecast to see revenue growth of 20% annually. So it's clear that despite the acceleration in growth, CRRC is expected to grow meaningfully slower than the industry average.
The Bottom Line
The most obvious conclusion is that there's been no major change in the business' prospects in recent times, with the analysts holding their earnings forecasts steady, in line with previous estimates. Unfortunately, they also downgraded their revenue estimates, and our data indicates revenues are expected to perform worse than the wider industry. Even so, earnings per share are more important to the intrinsic value of the business. Even so, long term profitability is more important for the value creation process. The consensus price target held steady at CN¥5.94, with the latest estimates not enough to have an impact on their price targets.
Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. We have estimates - from multiple CRRC analysts - going out to 2024, and you can see them free on our platform here.
However, before you get too enthused, we've discovered 2 warning signs for CRRC that you should be aware of.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
中国中车有限公司(上交所:601766)上周公布了最新的半年业绩,这使得现在是投资者潜入的好时机,看看业务表现是否符合预期。总体上看,这是一个不错的结果--虽然营收略低于分析师预期的人民币510亿元,但法定收益超出预期高出18%,每股收益为人民币0.10元。在业绩公布后,分析师们更新了他们的收益模型,如果他们认为公司的前景发生了巨大变化,还是一切照旧,那将是一件好事。因此,我们收集了最新的盈利后法定共识估计,看看明年可能会发生什么。
查看我们对中国中车的最新分析
上海证交所:601766收益和收入增长2022年8月30日考虑到最新的业绩,中国中车十位分析师目前的共识是2022年的收入为2226亿元人民币,这将反映出其在过去12个月中令人满意的5.2%的销售额增长。每股收益预计将累计5.5%至0.35元人民币。在本报告发布前,分析师们一直在预测2022年的收入为2277亿元人民币,每股收益为0.35元人民币。因此,在最新财报公布后,分析师们似乎变得不那么乐观了,预计收入将下降,尽管该公司本应保持每股收益。
尽管营收预期下降,但平均目标价稳定在5.94加元;这可能表明分析师对收益的估值更高。然而,这并不是我们可以从这些数据中得出的唯一结论,因为一些投资者在评估分析师的价格目标时,也喜欢考虑预期中的价差。目前,最乐观的分析师对中国中车的估值为每股7.41元人民币,而最悲观的分析师估值为4.30元人民币。正如你所看到的,分析师对该股的未来并不完全一致,但估计范围仍然相当窄,这可能表明结果并不是完全不可预测的。
这些估计很有趣,但在看到预测与中国中车过去的表现以及与同行业同行的比较时,勾勒出一些更宽泛的笔触可能是有用的。分析师们肯定预计中国中车的增长将会加快,截至2022年底的11%的年化增长率预测与过去五年0.8%的历史增长率相比是有利的。相比之下,同行业的其他公司预计收入将以每年20%的速度增长。因此,很明显,尽管增长速度加快,但中国中车的增长速度预计将显著低于行业平均水平。
底线
最明显的结论是,近期该公司的业务前景没有发生重大变化,分析师们的收益预测保持不变,与之前的估计一致。不幸的是,他们也下调了收入预期,我们的数据表明,收入预计会比整个行业表现得更差。即便如此,每股收益对企业的内在价值更为重要。即便如此,长期盈利能力对价值创造过程更为重要。共识目标价稳定在5.94加元,最新估计不足以对他们的目标价产生影响。
根据这一思路,我们认为,业务的长期前景比明年的收益更相关。我们有来自多位中国中车分析师的预测,到2024年,你可以在我们的平台上免费看到。
然而,在你太兴奋之前,我们已经发现中国中车的2个警告标志这一点你应该知道。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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