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Shanghai QiFan Cable's (SHSE:605222) Profits Appear To Have Quality Issues
Shanghai QiFan Cable's (SHSE:605222) Profits Appear To Have Quality Issues
Shanghai QiFan Cable Co., Ltd's (SHSE:605222) healthy profit numbers didn't contain any surprises for investors. We believe that shareholders have noticed some concerning factors beyond the statutory profit numbers.
See our latest analysis for Shanghai QiFan Cable
SHSE:605222 Earnings and Revenue History April 21st 2022A Closer Look At Shanghai QiFan Cable's Earnings
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
Over the twelve months to December 2021, Shanghai QiFan Cable recorded an accrual ratio of 0.23. Unfortunately, that means its free cash flow fell significantly short of its reported profits. Even though it reported a profit of CN¥683.9m, a look at free cash flow indicates it actually burnt through CN¥167m in the last year. We also note that Shanghai QiFan Cable's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥167m.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shanghai QiFan Cable.
Our Take On Shanghai QiFan Cable's Profit Performance
Shanghai QiFan Cable didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Therefore, it seems possible to us that Shanghai QiFan Cable's true underlying earnings power is actually less than its statutory profit. But the good news is that its EPS growth over the last three years has been very impressive. 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. If you want to do dive deeper into Shanghai QiFan Cable, you'd also look into what risks it is currently facing. When we did our research, we found 4 warning signs for Shanghai QiFan Cable (1 is a bit concerning!) that we believe deserve your full attention.
This note has only looked at a single factor that sheds light on the nature of Shanghai QiFan Cable's profit. But there are plenty of other ways to inform your opinion of a company. 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 that insiders are buying to be useful.
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.
Shanghai QiFan Cable Co., Ltd's (SHSE:605222) healthy profit numbers didn't contain any surprises for investors. We believe that shareholders have noticed some concerning factors beyond the statutory profit numbers.
上海奇帆电缆有限公司(上交所:605222)健康的利润数据不会给投资者带来任何意外。我们相信,股东已经注意到了法定利润数字以外的一些令人担忧的因素。
See our latest analysis for Shanghai QiFan Cable
请看我们对上海奇帆有线的最新分析
A Closer Look At Shanghai QiFan Cable's Earnings
细看上海奇帆有线的盈利情况
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
衡量一家公司将利润转换为自由现金流(FCF)的程度的一个关键财务比率是应计比率。应计制比率从给定期间的利润中减去FCF,然后将结果除以该时间段内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不是由自由现金流支持的。
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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,负的应计比率对公司是积极的,而正的应计比率是负的。这并不意味着我们应该担心应计比率为正,但值得注意的是,在应计比率相当高的地方。引用勒维伦和雷苏泰克2014年的一篇论文,“应计利润较高的公司未来的利润往往较低”。
Over the twelve months to December 2021, Shanghai QiFan Cable recorded an accrual ratio of 0.23. Unfortunately, that means its free cash flow fell significantly short of its reported profits. Even though it reported a profit of CN¥683.9m, a look at free cash flow indicates it actually burnt through CN¥167m in the last year. We also note that Shanghai QiFan Cable's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥167m.
截至2021年12月的12个月内,上海奇帆电缆的应计比率为0.23。不幸的是,这意味着其自由现金流远远低于其公布的利润。尽管该公司报告利润为6.839亿加元,但看看自由现金流就会发现,该公司去年实际上烧掉了1.67亿加元。我们还注意到,上海奇帆有线去年的自由现金流实际上也是负的,因此我们可以理解股东是否因其流出1.67亿元人民币而感到困扰。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shanghai QiFan Cable.
注:我们总是建议投资者检查资产负债表的实力。点击此处查看我们对上海奇帆有线的资产负债表分析。
Our Take On Shanghai QiFan Cable's Profit Performance
我们对上海奇帆有线盈利表现的看法
Shanghai QiFan Cable didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Therefore, it seems possible to us that Shanghai QiFan Cable's true underlying earnings power is actually less than its statutory profit. But the good news is that its EPS growth over the last three years has been very impressive. 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. If you want to do dive deeper into Shanghai QiFan Cable, you'd also look into what risks it is currently facing. When we did our research, we found 4 warning signs for Shanghai QiFan Cable (1 is a bit concerning!) that we believe deserve your full attention.
上海奇帆有线去年没有将大部分利润转化为自由现金流,一些投资者可能认为这相当不理想。因此,在我们看来,上海奇帆有线的真实潜在盈利能力实际上低于其法定利润是可能的。但好消息是,该公司过去三年的每股收益增长令人印象深刻。当然,当谈到分析其收益时,我们只是触及了皮毛;人们还可以考虑利润率、预测增长和投资回报等因素。如果你真的想更深入地研究上海奇帆有线,你还应该调查它目前面临的风险。当我们做调查时,我们发现了上海奇帆有线的4个警示标志(1个有点令人担忧!)我们认为这值得你的全力关注。
This note has only looked at a single factor that sheds light on the nature of Shanghai QiFan Cable's profit. But there are plenty of other ways to inform your opinion of a company. 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 that insiders are buying to be useful.
这份报告只关注了一个因素,它揭示了上海奇帆有线的利润性质。但还有很多其他方式可以让你了解一家公司的看法。例如,许多人认为高股本回报率是有利的商业经济指标,而另一些人则喜欢“跟着钱走”,寻找内部人士正在买入的股票。虽然这可能需要为您做一些研究,但您可能会发现免费拥有高股本回报率的公司的集合,或者是内部人士购买的有用的股票清单。
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.
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。
这篇由《华尔街日报》撰写的文章本质上是笼统的。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。简单地说,华尔街在提到的任何股票中都没有头寸。
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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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