share_log

Jiangsu Huachen Transformer (SHSE:603097) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of

Jiangsu Huachen Transformer (SHSE:603097) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of

江苏华晨变压器(SHSE: 603097)公布了可观的收益,但还有其他一些因素需要注意
Simply Wall St ·  05/01 18:28

Unsurprisingly, Jiangsu Huachen Transformer Co., Ltd.'s (SHSE:603097) stock price was strong on the back of its healthy earnings report. However, we think that shareholders may be missing some concerning details in the numbers.

不出所料,江苏华晨变压器有限公司's(上海证券交易所代码:603097)的股价因其健康的收益报告而表现强劲。但是,我们认为股东们可能遗漏了一些与数字相关的细节。

earnings-and-revenue-history
SHSE:603097 Earnings and Revenue History May 1st 2024
SHSE: 603097 2024 年 5 月 1 日的收益和收入历史记录

A Closer Look At Jiangsu Huachen Transformer's Earnings

仔细看看江苏华晨变压器的收益

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). 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.

在高级财务中,用于衡量公司将报告的利润转换为自由现金流(FCF)的关键比率是应计比率(来自现金流)。为了获得应计比率,我们首先从一段时期的利润中减去FCF,然后将该数字除以该期间的平均运营资产。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. 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,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。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,应计比率相当高的地方。引用Lewellen和Resutek在2014年发表的一篇论文,“应计额较高的公司将来的利润往往会降低”。

Jiangsu Huachen Transformer has an accrual ratio of 0.35 for the year to March 2024. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, raising questions about how useful that profit figure really is. Over the last year it actually had negative free cash flow of CN¥202m, in contrast to the aforementioned profit of CN¥132.0m. We also note that Jiangsu Huachen Transformer's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥202m.

截至2024年3月的一年中,江苏华晨变压器的应计比率为0.35。因此,我们知道它的自由现金流大大低于其法定利润,这引发了人们对该利润数字到底有多有用的质疑。在过去的一年里,它实际上有 负面的 自由现金流为2.02亿元人民币,而上述利润为1.320亿元人民币。我们还注意到,去年,江苏华晨变压器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被其2.02亿元人民币的流出所困扰。

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 Jiangsu Huachen Transformer's Profit Performance

我们对江苏华晨变压器盈利表现的看法

As we have made quite clear, we're a bit worried that Jiangsu Huachen Transformer didn't back up the last year's profit with free cashflow. For this reason, we think that Jiangsu Huachen Transformer's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. But at least holders can take some solace from the 21% per annum growth in EPS for the last three. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. To that end, you should learn about the 2 warning signs we've spotted with Jiangsu Huachen Transformer (including 1 which makes us a bit uncomfortable).

正如我们已经明确指出的那样,我们有点担心江苏华晨变压器没有用自由现金流来支持去年的利润。出于这个原因,我们认为江苏华晨变压器的法定利润可能不利于其潜在盈利能力,可能会给投资者留下过于积极的印象。但是,至少持有人可以从过去三年的每股收益每年增长21%中得到一些安慰。本文的目标是评估我们在多大程度上可以依靠法定收益来反映公司的潜力,但还有很多需要考虑的地方。有鉴于此,如果你想对公司进行更多分析,了解所涉及的风险至关重要。为此,你应该了解我们在江苏华晨变压器身上发现的两个警告标志(包括一个让我们有点不舒服的警示标志)。

This note has only looked at a single factor that sheds light on the nature of Jiangsu Huachen Transformer's profit. 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 that insiders are buying.

这份报告只研究了揭示江苏华晨变压器利润性质的单一因素。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。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。因此,你可能希望看到这份免费收藏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。

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.

对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发