Chengdu KSW TechnologiesLtd (SHSE:688283) Strong Profits May Be Masking Some Underlying Issues
Chengdu KSW TechnologiesLtd (SHSE:688283) Strong Profits May Be Masking Some Underlying Issues
Following the solid earnings report from Chengdu KSW Technologies Co.,Ltd. (SHSE:688283), the market responded by bidding up the stock price. Despite this, our analysis suggests that there are some factors weakening the foundations of those good profit numbers.
繼成都KSW科技有限公司發佈穩健的收益報告之後, Ltd.（上海證券交易所代碼：688283），市場的回應是提高了股價。儘管如此，我們的分析表明，有一些因素削弱了這些良好利潤數字的基礎。
A Closer Look At Chengdu KSW TechnologiesLtd's Earnings
仔細看看成都KSW TechnologiesLtd的收益
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
正如金融迷已經知道的那樣，現金流的應計比率是評估公司自由現金流（FCF）與利潤匹配程度的關鍵指標。簡而言之，該比率從淨利潤中減去FCF，然後將該數字除以該時期公司的平均運營資產。你可以將現金流的應計比率視爲 “非FCF利潤率”。
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
這意味着負應計比率是一件好事，因爲它表明該公司帶來的自由現金流超出了其利潤所暗示的範圍。儘管應計比率高於零並不令人擔憂，但我們確實認爲，當公司的應計比率相對較高時，值得注意。值得注意的是，有一些學術證據表明，總的來說，高應計比率對短期利潤來說是個壞兆頭。
Chengdu KSW TechnologiesLtd has an accrual ratio of 0.37 for the year to March 2024. As a general rule, that bodes poorly for future profitability. To wit, the company did not generate one whit of free cashflow in that time. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥32m despite its profit of CN¥87.4m, mentioned above. We also note that Chengdu KSW TechnologiesLtd's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥32m.
截至2024年3月的一年中，成都KSW TechnologiesLtd的應計比率爲0.37。通常，這對未來的盈利能力來說是個壞兆頭。換句話說，該公司在那段時間內沒有產生一點自由現金流。在過去的十二個月裏，它實際上有 負面的 自由現金流，儘管利潤爲8,740萬元人民幣，但流出量仍爲3200萬元人民幣，如上所述。我們還注意到，成都KSW TechnologiesLtd去年的自由現金流實際上也是負數，因此我們可以理解股東是否因其3200萬元人民幣的流出而感到困擾。
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 Chengdu KSW TechnologiesLtd's Profit Performance
我們對成都KSW TechnologiesLtd的盈利表現的看法
As we discussed above, we think Chengdu KSW TechnologiesLtd's earnings were not supported by free cash flow, which might concern some investors. For this reason, we think that Chengdu KSW TechnologiesLtd's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. Nonetheless, it's still worth noting that its earnings per share have grown at 68% over the last three years. 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. So while earnings quality is important, it's equally important to consider the risks facing Chengdu KSW TechnologiesLtd at this point in time. For example, we've discovered 1 warning sign that you should run your eye over to get a better picture of Chengdu KSW TechnologiesLtd.
正如我們上面討論的那樣，我們認爲成都KSW TechnologiesLtd的收益沒有得到自由現金流的支持，這可能會讓一些投資者感到擔憂。出於這個原因，我們認爲成都KSW TechnologiesLtd的法定利潤可能不利於其潛在盈利能力，並可能給投資者留下過於積極的印象。儘管如此，仍然值得注意的是，其每股收益在過去三年中增長了68％。歸根結底，如果你想正確地了解公司，必須考慮的不僅僅是上述因素。因此，儘管收益質量很重要，但考慮成都KSW TechnologiesLtd目前面臨的風險同樣重要。例如，我們發現了一個警告標誌，爲了更好地了解成都KSW TechnologiesLtd，你應該把視線移過去。
Today we've zoomed in on a single data point to better understand the nature of Chengdu KSW TechnologiesLtd'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. 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，我們放大了單一數據點，以更好地了解成都KSW TechnologiesLtd利潤的性質。但是，如果你能夠將注意力集中在細節上，總會有更多的事情需要發現。例如，許多人認爲高股本回報率是有利的商業經濟的標誌，而另一些人則喜歡 “關注資金”，尋找內部人士正在買入的股票。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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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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