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Investors Can Find Comfort In Qilian International Holding Group's (NASDAQ:QLI) Earnings Quality

Investors Can Find Comfort In Qilian International Holding Group's (NASDAQ:QLI) Earnings Quality

投资者可以从齐联国际控股集团(纳斯达克股票代码:QLI)的收益质量中找到安慰
Simply Wall St ·  2023/05/01 06:37

The market for Qilian International Holding Group Limited's (NASDAQ:QLI) shares didn't move much after it posted weak earnings recently. We did some digging, and we believe the earnings are stronger than they seem.

的市场 启联国际控股集团有限公司的 纳斯达克股票代码:QLI)在最近公布疲软的收益后,股价没有太大变动。我们进行了一些挖掘,我们认为收入比看起来要强劲。

See our latest analysis for Qilian International Holding Group

查看我们对启联国际控股集团的最新分析

earnings-and-revenue-history
NasdaqGM:QLI Earnings and Revenue History May 1st 2023
NasdaqGM: QLI 收益和收入历史 2023 年 5 月 1 日

Zooming In On Qilian International Holding Group's Earnings

聚焦启联国际控股集团的收益

One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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'.

用于衡量公司将其利润转换为自由现金流(FCF)效果的一个关键财务比率是 应计比率。应计比率从给定时期的利润中减去FCF,然后将结果除以该时间内公司的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。

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. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.

因此,当公司的应计比率为负时,这实际上被认为是一件好事,但是如果应计比率为正,则被认为是一件坏事。尽管应计比率高于零并不令人担忧,但我们确实认为,当公司的应计比率相对较高时,值得注意。那是因为一些学术研究表明,高应计比率往往会导致利润下降或利润增长放缓。

For the year to September 2022, Qilian International Holding Group had an accrual ratio of -0.17. That indicates that its free cash flow quite significantly exceeded its statutory profit. To wit, it produced free cash flow of US$9.4m during the period, dwarfing its reported profit of US$1.08m. Given that Qilian International Holding Group had negative free cash flow in the prior corresponding period, the trailing twelve month resul of US$9.4m would seem to be a step in the right direction. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.

在截至2022年9月的一年中,齐联国际控股集团的应计比率为-0.17。这表明其自由现金流大大超过了法定利润。也就是说,在此期间,它产生了940万美元的自由现金流,与其报告的108万美元利润相形见绌。鉴于齐联国际控股集团在前一个同期的自由现金流为负,过去十二个月的940万美元业绩似乎是朝着正确方向迈出的一步。但是,这还不是要考虑的全部。我们可以看到,不寻常的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 Qilian International Holding Group.

注意: 我们始终建议投资者检查资产负债表的实力。点击此处查看我们对齐联国际控股集团的资产负债表分析。

How Do Unusual Items Influence Profit?

不寻常的物品如何影响利润?

Qilian International Holding Group's profit was reduced by unusual items worth US$813k in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. In a scenario where those unusual items included non-cash charges, we'd expect to see a strong accrual ratio, which is exactly what has happened in this case. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. If Qilian International Holding Group doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.

在过去的十二个月中,启联国际控股集团的利润因价值81.3万美元的不寻常项目而减少,这帮助其实现了很高的现金转换率,其不寻常的项目就反映了这一点。在这些不寻常的项目包括非现金费用的情况下,我们预计会出现强劲的应计比率,而这正是本案所发生的情况。尽管由于不寻常物品而产生的扣除额一开始令人失望,但有一线希望。当我们分析全球绝大多数上市公司时,我们发现重要的不寻常项目通常不会重复。鉴于这些单列项目被认为不寻常,这并不奇怪。如果启联国际控股集团不认为这些不寻常的支出重演,那么在其他条件相同的情况下,我们预计其利润将在来年增加。

Our Take On Qilian International Holding Group's Profit Performance

我们对启联国际控股集团利润表现的看法

Considering both Qilian International Holding Group's accrual ratio and its unusual items, we think its statutory earnings are unlikely to exaggerate the company's underlying earnings power. Based on these factors, we think Qilian International Holding Group's underlying earnings potential is as good as, or probably even better, than the statutory profit makes it seem! If you'd like to know more about Qilian International Holding Group as a business, it's important to be aware of any risks it's facing. Case in point: We've spotted 5 warning signs for Qilian International Holding Group you should be mindful of and 2 of them don't sit too well with us.

考虑到齐联国际控股集团的应计比率及其不寻常的项目,我们认为其法定收益不太可能夸大公司的潜在盈利能力。基于这些因素,我们认为启联国际控股集团的基础盈利潜力与法定利润看起来一样好,甚至可能更好!如果您想进一步了解启联国际控股集团作为一家企业,请务必了解其面临的任何风险。一个很好的例子:我们发现了 启联国际控股集团的5个警告信号 你应该注意其中有两个人对我们来说不太合适。

After our examination into the nature of Qilian International Holding Group's profit, we've come away optimistic for the company. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. 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.

在我们对齐联国际控股集团利润的性质进行研究之后,我们对该公司持乐观态度。但是,如果你有能力将注意力集中在细节上,总会有更多值得探索的地方。有些人认为高股本回报率是业务质量的好兆头。所以你可能希望看到这个 免费的 一系列拥有高股本回报率的公司,或者这份内部人士正在买入的股票清单。

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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 的这篇文章本质上是一般性的。 我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章无意提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。

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