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Guangzhou Lingnan Group Holdings' (SZSE:000524) Performance Is Even Better Than Its Earnings Suggest

Guangzhou Lingnan Group Holdings' (SZSE:000524) Performance Is Even Better Than Its Earnings Suggest

广州岭南集团控股(SZSE: 000524)的表现甚至好于其盈利预期
Simply Wall St ·  03/23 21:29

Investors were underwhelmed by the solid earnings posted by Guangzhou Lingnan Group Holdings Company Limited (SZSE:000524) recently. Our analysis says that investors should be optimistic, as the strong profit is built on solid foundations.

投资者对广州岭南集团控股有限公司(深交所股票代码:000524)最近公布的稳健收益感到不知所措。我们的分析表明,投资者应该保持乐观,因为强劲的利润建立在坚实的基础上。

earnings-and-revenue-history
SZSE:000524 Earnings and Revenue History March 24th 2024
SZSE: 000524 2024 年 3 月 24 日的收益和收入历史记录

A Closer Look At Guangzhou Lingnan Group Holdings' Earnings

仔细研究广州岭南集团控股的收益

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). 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.

在高级财务中,用于衡量公司将报告的利润转化为自由现金流(FCF)的关键比率是应计比率(来自现金流)。简而言之,该比率从净利润中减去FCF,然后将该数字除以该时期公司的平均运营资产。这个比率告诉我们,一家公司的利润中有多少没有自由现金流的支持。

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 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. 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,当公司的应计比率为负时,这实际上被认为是一件好事,但如果其应计比率为正,则是一件坏事。虽然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。值得注意的是,有一些学术证据表明,总的来说,高应计率对短期利润来说是个坏兆头。

For the year to December 2023, Guangzhou Lingnan Group Holdings had an accrual ratio of -0.25. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. In fact, it had free cash flow of CN¥291m in the last year, which was a lot more than its statutory profit of CN¥68.8m. Notably, Guangzhou Lingnan Group Holdings had negative free cash flow last year, so the CN¥291m it produced this year was a welcome improvement.

截至2023年12月的一年中,广州岭南集团控股的应计比率为-0.25。这意味着它的现金转化率非常好,而且其去年的收益实际上大大低估了其自由现金流。实际上,它去年的自由现金流为2.91亿元人民币,远远超过其6,880万元人民币的法定利润。值得注意的是,广州岭南集团控股公司去年的自由现金流为负,因此其今年的2.91亿元人民币是一个可喜的改善。

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.

这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。

Our Take On Guangzhou Lingnan Group Holdings' Profit Performance

我们对广州岭南集团控股盈利表现的看法

As we discussed above, Guangzhou Lingnan Group Holdings' accrual ratio indicates strong conversion of profit to free cash flow, which is a positive for the company. Because of this, we think Guangzhou Lingnan Group Holdings' underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! And one can definitely find a positive in the fact that it made a profit this year, despite losing money last year. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. While it's really important to consider how well a company's statutory earnings represent its true earnings power, it's also worth taking a look at what analysts are forecasting for the future. Luckily, you can check out what analysts are forecasting by clicking here.

正如我们上面所讨论的,广州岭南集团控股的应计比率表明利润向自由现金流的转化率很高,这对公司来说是一个积极的利好。因此,我们认为广州岭南集团控股的潜在盈利潜力与法定利润看上去一样好,甚至可能更好!尽管去年亏损,但它今年还是实现了盈利,这一事实肯定可以找到积极的一面。当然,我们只是在分析其收益时才浮出水面;人们还可以考虑利润率、预测增长和投资回报率等因素。尽管考虑公司的法定收益如何代表其真正的盈利能力非常重要,但也值得一看分析师对未来的预测。幸运的是,您可以点击此处查看分析师的预测。

Today we've zoomed in on a single data point to better understand the nature of Guangzhou Lingnan Group Holdings' profit. 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. 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 that insiders are buying to be useful.

今天,我们放大了单一数据点,以更好地了解广州岭南集团控股盈利的性质。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。有些人认为高股本回报率是优质业务的好兆头。虽然可能需要你进行一些研究,但你可能会发现这份免费收集的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单很有用。

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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的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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