share_log

Why Zhengwei Group Holdings' (HKG:2147) Earnings Are Better Than They Seem

Why Zhengwei Group Holdings' (HKG:2147) Earnings Are Better Than They Seem

为什么正威集团控股 (HKG: 2147) 的收益比预期的要好
Simply Wall St ·  2023/10/04 18:02

The market seemed underwhelmed by the solid earnings posted by Zhengwei Group Holdings Company Limited (HKG:2147) recently. Along with the solid headline numbers, we think that investors have some reasons for optimism.

市场似乎对公布的稳健收益感到不知所措 正威集团控股有限公司 (HKG: 2147) 最近。除了稳健的标题数字外,我们认为投资者还有一些理由感到乐观。

Check out our latest analysis for Zhengwei Group Holdings

查看我们对正威集团控股的最新分析

earnings-and-revenue-history
SEHK:2147 Earnings and Revenue History October 4th 2023
香港联交所:2147 收益和收入记录 2023 年 10 月 4 日

Examining Cashflow Against Zhengwei Group Holdings' Earnings

将现金流与正威集团控股的收益进行比较

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

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。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。该比率向我们显示了公司的利润超过其FCF的程度。

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. 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。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。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”。

Zhengwei Group Holdings has an accrual ratio of -0.10 for the year to June 2023. That implies it has good cash conversion, and implies that its free cash flow solidly exceeded its profit last year. In fact, it had free cash flow of CN¥70m in the last year, which was a lot more than its statutory profit of CN¥55.5m. Zhengwei Group Holdings did see its free cash flow drop year on year, which is less than ideal, like a Simpson's episode without Groundskeeper Willie.

截至2023年6月的一年中,正威集团控股的应计比率为-0.10。这意味着它的现金转换良好,也意味着其自由现金流稳步超过了去年的利润。实际上,它去年的自由现金流为7000万元人民币,远远超过其5,550万元人民币的法定利润。正威集团控股的自由现金流确实同比下降,这并不理想,就像辛普森没有场地管理员威利的剧集一样。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Zhengwei Group Holdings.

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正威集团控股的资产负债表分析。

Our Take On Zhengwei Group Holdings' Profit Performance

我们对正威集团控股盈利表现的看法

Zhengwei Group Holdings' accrual ratio is solid, and indicates strong free cash flow, as we discussed, above. Based on this observation, we consider it likely that Zhengwei Group Holdings' statutory profit actually understates its earnings potential! Unfortunately, though, its earnings per share actually fell back over the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. Every company has risks, and we've spotted 1 warning sign for Zhengwei Group Holdings you should know about.

正如我们在上面所讨论的那样,正威集团控股的应计比率稳健,表明自由现金流强劲。基于这一观察,我们认为正威集团控股的法定利润实际上可能低估了其盈利潜力!但不幸的是,其每股收益实际上比去年有所回落。归根结底,如果你想正确地了解公司,那么除了上述因素之外,还必须考虑更多的因素。考虑到这一点,除非我们对风险有透彻的了解,否则我们不会考虑投资股票。每家公司都有风险,我们已经发现 正威集团控股有 1 个警告信号 你应该知道。

Today we've zoomed in on a single data point to better understand the nature of Zhengwei Group Holdings' 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. 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,我们放大了单个数据点,以更好地了解正威集团控股的利润性质。但是,如果你能够将注意力集中在细节上,总会有更多值得探索的地方。例如,许多人认为高股本回报率表明商业经济良好,而另一些人则喜欢 “追随资金”,寻找内部人士正在购买的股票。虽然可能需要代表你做一些研究,但你可能会发现这一点 免费的 一系列拥有高股本回报率的公司,或者这份内部人士为了有用而买入的股票清单。

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?担心内容吗? 取得联系 直接和我们在一起。 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,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。简而言之,华尔街在上述任何股票中都没有头寸。

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