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Shareholders Can Be Confident That Harson Trading (China)Ltd's (SHSE:603958) Earnings Are High Quality

Shareholders Can Be Confident That Harson Trading (China)Ltd's (SHSE:603958) Earnings Are High Quality

股东们可以确信哈森贸易(中国)有限公司(上海证券交易所代码:603958)的收益是高质量的
Simply Wall St ·  05/04 07:19

Harson Trading (China) Co.,Ltd.'s (SHSE:603958) strong earnings report was rewarded with a positive stock price move. We did some digging and found some further encouraging factors that investors will like.

哈森贸易(中国)有限公司, Ltd. 's(上海证券交易所代码:603958)强劲的收益报告获得了股价的积极走势的回报。我们进行了一些挖掘,发现了一些投资者会喜欢的进一步令人鼓舞的因素。

earnings-and-revenue-history
SHSE:603958 Earnings and Revenue History May 3rd 2024
SHSE: 603958 收益和收入历史记录 2024 年 5 月 3 日

Zooming In On Harson Trading (China)Ltd's Earnings

放大哈森贸易(中国)有限公司的收益

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. 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.

正如金融迷已经知道的那样,现金流的应计比率是评估公司自由现金流(FCF)与利润匹配程度的关键指标。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。

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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".

因此,负应计比率对公司来说是正数,而正应计比率是负数。虽然正应计比率表明非现金利润达到一定水平不是问题,但高应计比率可以说是一件坏事,因为它表明纸面利润与现金流不匹配。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”。

Over the twelve months to March 2024, Harson Trading (China)Ltd recorded an accrual ratio of -0.15. Therefore, its statutory earnings were very significantly less than its free cashflow. Indeed, in the last twelve months it reported free cash flow of CN¥85m, well over the CN¥11.8m it reported in profit. Notably, Harson Trading (China)Ltd had negative free cash flow last year, so the CN¥85m it produced this year was a welcome improvement. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.

在截至2024年3月的十二个月中,哈森贸易(中国)有限公司的应计比率为-0.15。因此,其法定收入大大低于其自由现金流。事实上,在过去的十二个月中,它报告的自由现金流为8500万元人民币,远远超过其公布的利润1180万元人民币。值得注意的是,哈森贸易(中国)有限公司去年的自由现金流为负,因此其今年的8500万元人民币是一个可喜的改善。话虽如此,故事还有更多。应计比率至少部分反映了不寻常项目对法定利润的影响。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Harson Trading (China)Ltd.

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哈森贸易(中国)有限公司的资产负债表分析

How Do Unusual Items Influence Profit?

不寻常的物品如何影响利润?

Harson Trading (China)Ltd's profit was reduced by unusual items worth CN¥18m 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. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. In the twelve months to March 2024, Harson Trading (China)Ltd had a big unusual items expense. As a result, we can surmise that the unusual items made its statutory profit significantly weaker than it would otherwise be.

在过去的十二个月中,哈森贸易(中国)有限公司的利润因价值1800万元人民币的不寻常物品而减少,这有助于其实现高现金转化率,其不寻常的项目就反映了这一点。这就是你所期望看到的公司的非现金费用会减少纸面利润的情况。尽管由于不寻常项目而产生的扣除首先令人失望,但有一线希望。当我们分析全球绝大多数上市公司时,我们发现重大不寻常的事项往往不会重演。而且,毕竟,这正是会计术语的含义。在截至2024年3月的十二个月中,哈森贸易(中国)有限公司有一笔巨额的不寻常物品支出。因此,我们可以推测,这些不寻常的物品使其法定利润明显低于原来的水平。

Our Take On Harson Trading (China)Ltd's Profit Performance

我们对哈森贸易(中国)有限公司盈利表现的看法

Considering both Harson Trading (China)Ltd's accrual ratio and its unusual items, we think its statutory earnings are unlikely to exaggerate the company's underlying earnings power. Based on these factors, we think Harson Trading (China)Ltd's underlying earnings potential is as good as, or probably even better, than the statutory profit makes it seem! So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. While conducting our analysis, we found that Harson Trading (China)Ltd has 2 warning signs and it would be unwise to ignore these.

考虑到哈森贸易(中国)有限公司的应计比率及其不寻常的项目,我们认为其法定收益不太可能夸大该公司的基础盈利能力。基于这些因素,我们认为哈森贸易(中国)有限公司的潜在盈利潜力与法定利润看上去一样好,甚至可能更好!因此,如果你想更深入地研究这只股票,那么考虑它面临的任何风险至关重要。在进行分析时,我们发现哈森贸易(中国)有限公司有两个警告信号,忽视这些信号是不明智的。

Our examination of Harson Trading (China)Ltd has focussed on certain factors that can make its earnings look better than they are. And it has passed with flying colours. But there are plenty of other ways to inform your opinion of a company. 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.

我们对哈森贸易(中国)有限公司的审查侧重于某些可能使其收益看起来好于实际的因素。而且它已经以优异的成绩过去了。但是,还有很多其他方法可以让你对公司的看法。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。

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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。

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