Xiamen King Long Motor Group's (SHSE:600686) Earnings May Just Be The Starting Point
Xiamen King Long Motor Group's (SHSE:600686) Earnings May Just Be The Starting Point
Even though Xiamen King Long Motor Group Co., Ltd.'s (SHSE:600686) recent earnings release was robust, the market didn't seem to notice. Our analysis suggests that investors might be missing some promising details.
儘管金龍汽車有限公司(SHSE:600686)最近發佈的業績表現強勁,但市場似乎並沒有注意到。我們的分析表明,投資者可能錯過了一些有前景的細節。
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我們發現了21只美國股票,預計明年的股息收益率超過6%。查看完整名單,免費。

A Closer Look At Xiamen King Long Motor Group's Earnings
更深入地了解金龍汽車的盈利情況
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). To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. This ratio tells us how much of a company's profit is not backed by free cashflow.
在高財務領域,用來衡量一家企業將報告的利潤轉化爲自由現金流(FCF)表現的關鍵比率是應計比率(來源於現金流)。爲了計算應計比率,我們首先從期間的利潤中減去FCF,然後將這個數字除以期間的平均運營資產。這個比率告訴我們企業的多少利潤沒有被自由現金流所支持。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,負的應計比率對公司來說是積極的,而正的應計比率則是消極的。雖然應計比率高於零不值得太過關注,但我們認爲當公司的應計比率相對較高時,值得注意。引用Lewellen和Resutek在2014年所寫的一篇論文,"應計越高的公司未來的盈利能力往往較低"。
Xiamen King Long Motor Group has an accrual ratio of -0.61 for the year to December 2024. That indicates that its free cash flow quite significantly exceeded its statutory profit. In fact, it had free cash flow of CN¥964m in the last year, which was a lot more than its statutory profit of CN¥157.7m. Xiamen King Long Motor Group did see its free cash flow drop year on year, which is less than ideal, like a Simpson's episode without Groundskeeper Willie. 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.
金龍汽車的應計比率爲-0.61,截止到2024年12月。這表明其自由現金流顯著超過了法定利潤。實際上,它在去年有自由現金流96400萬人民幣,遠高於其法定利潤15770萬人民幣。金龍汽車的自由現金流同比下降,這並不理想,就像沒有威利看守的辛普森一家情節一樣。然而,事情並非如此簡單。我們可以看到,異常項目影響了其法定利潤,因此也影響了應計比率。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Xiamen King Long Motor Group.
注意:我們總是建議投資者檢查資產負債表的強度。點擊這裏查看我們對金龍汽車資產負債表的分析。
How Do Unusual Items Influence Profit?
不尋常事項如何影響利潤?
Xiamen King Long Motor Group's profit was reduced by unusual items worth CN¥62m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. If Xiamen King Long Motor Group doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.
金龍汽車的利潤在過去十二個月因異常項目減少了6200萬人民幣,這幫助其實現了高現金轉換,從其異常項目中得以體現。這是當一家公司的非現金費用降低了賬面利潤時你所期望看到的。儘管由於異常項目導致的扣減一開始可能令人失望,但也有好的一面。我們查看了成千上萬的上市公司,發現異常項目經常是一次性的。這並不奇怪,因爲這些項目被視爲異常。如果金龍汽車不再出現這些異常費用,那麼在其他條件相同的情況下,我們預計其利潤將在未來一年內增長。
Our Take On Xiamen King Long Motor Group's Profit Performance
我們對金龍汽車利潤表現的看法
In conclusion, both Xiamen King Long Motor Group's accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. Based on these factors, we think Xiamen King Long Motor Group's underlying earnings potential is as good as, or probably even better, than the statutory profit makes it seem! Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. We've done some analysis and you can see our take on Xiamen King Long Motor Group's balance sheet by clicking here.
總之,金龍汽車的應計比率和其異常項目表明其法定收益可能相對保守。基於這些因素,我們認爲金龍汽車的潛在收益能力與法定利潤所顯示的相當,甚至可能更好!正如投資者必須考慮收益,了解公司資產負債表的強度也同樣重要。我們進行了分析,您可以點擊這裏查看我們對金龍汽車資產負債表的看法。
Our examination of Xiamen King Long Motor Group has focussed on certain factors that can make its earnings look better than they are. And it has passed with flying colours. But there is always more to discover if you are capable of focussing your mind on minutiae. 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. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
我們對金龍汽車的審查集中在某些因素上,這些因素可能使其收益看起來比實際更好。該公司表現出色。但如果你能專注於細節,總會有更多的發現。例如,許多人認爲高股本回報率是有利業務經濟的跡象,而其他人則喜歡"追隨資金",尋找內部人正在購買的股票。因此,您可能希望查看這份高股本回報率公司的免費彙總,或這份內部人持股比例高的股票列表。
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本文由Simply Wall ST撰寫,屬於一般性質。我們提供基於歷史數據和分析師預測的評論,僅使用無偏見的方法,我們的文章並不意圖提供財務建議。它不構成對買入或賣出任何股票的推薦,也未考慮您的目標或財務狀況。我們旨在提供基於基本數據的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall ST在提到的任何股票中沒有持倉。