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There May Be Underlying Issues With The Quality Of Hainan Jinpan Smart Technology's (SHSE:688676) Earnings

There May Be Underlying Issues With The Quality Of Hainan Jinpan Smart Technology's (SHSE:688676) Earnings

海南金盤智能科技(SHSE: 688676)的收益質量可能存在潛在問題
Simply Wall St ·  03/27 18:45

Despite posting some strong earnings, the market for Hainan Jinpan Smart Technology Co., Ltd.'s (SHSE:688676) stock hasn't moved much. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.

儘管公佈了一些強勁的收益,但海南金盤智能科技有限公司的市場依然如此。s(上海證券交易所代碼:688676)的股票漲幅不大。我們的分析表明,這可能是因爲股東已經注意到了一些相關的潛在因素。

earnings-and-revenue-history
SHSE:688676 Earnings and Revenue History March 27th 2024
SHSE: 688676 2024 年 3 月 27 日的收益和收入歷史記錄

Zooming In On Hainan Jinpan Smart Technology's Earnings

放大海南金盤智能科技的收益

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.

用於衡量公司將其利潤轉換爲自由現金流(FCF)的情況的一個關鍵財務比率是應計比率。應計比率從給定時期的利潤中減去FCF,然後將結果除以該時間內公司的平均運營資產。這個比率告訴我們,一家公司的利潤中有多少沒有自由現金流的支持。

As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. 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,負應計比率對公司來說是正數,而正應計比率是負數。雖然正應計比率表明非現金利潤達到一定水平不是問題,但高應計比率可以說是一件壞事,因爲它表明紙面利潤與現金流不匹配。值得注意的是,有一些學術證據表明,總的來說,高應計率對短期利潤來說是個壞兆頭。

Hainan Jinpan Smart Technology has an accrual ratio of 0.34 for the year to December 2023. 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¥714m, in contrast to the aforementioned profit of CN¥504.7m. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥714m, this year, indicates high risk.

截至2023年12月的一年中,海南金盤智能科技的應計比率爲0.34。因此,我們知道它的自由現金流大大低於其法定利潤,這引發了人們對該利潤數字到底有多有用的質疑。在過去的一年裏,它實際上有 負面的 自由現金流爲7.14億元人民幣,而上述利潤爲5.047億元人民幣。在去年自由現金流爲負的背景下,我們想象一些股東可能會懷疑其今年7.14億元的現金消耗是否表明存在高風險。

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.

這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。

Our Take On Hainan Jinpan Smart Technology's Profit Performance

我們對海南金盤智能科技盈利表現的看法

As we have made quite clear, we're a bit worried that Hainan Jinpan Smart Technology didn't back up the last year's profit with free cashflow. As a result, we think it may well be the case that Hainan Jinpan Smart Technology's underlying earnings power is lower than its statutory profit. But on the bright side, its earnings per share have grown at an extremely impressive rate over the last three years. 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. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. When we did our research, we found 2 warning signs for Hainan Jinpan Smart Technology (1 can't be ignored!) that we believe deserve your full attention.

正如我們已經明確表示的那樣,我們有點擔心海南金盤智能科技沒有用自由現金流來支持去年的利潤。因此,我們認爲海南金盤智能科技的潛在盈利能力很可能低於其法定利潤。但好的一面是,其每股收益在過去三年中以極其驚人的速度增長。當然,我們只是在分析其收益時才浮出水面;人們還可以考慮利潤率、預測增長和投資回報率等因素。考慮到這一點,除非我們對風險有透徹的了解,否則我們不會考慮投資股票。當我們進行研究時,我們發現了海南金盤智能科技的2個警告標誌(1個不容忽視!)我們認爲值得你全神貫注。

This note has only looked at a single factor that sheds light on the nature of Hainan Jinpan Smart Technology's profit. But there are plenty of other ways to inform your opinion of a company. 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.

這份報告只研究了揭示海南金盤智能科技利潤性質的單一因素。但是,還有很多其他方法可以讓你對公司的看法。有些人認爲高股本回報率是優質業務的好兆頭。雖然可能需要你進行一些研究,但你可能會發現這份免費收集的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單很有用。

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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的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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