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Shenzhen Pacific Union Precision Manufacturing's (SHSE:688210) Shareholders Have More To Worry About Than Only Soft Earnings

Shenzhen Pacific Union Precision Manufacturing's (SHSE:688210) Shareholders Have More To Worry About Than Only Soft Earnings

深圳太平洋联合精密制造(SHSE: 688210)的股东需要担心的不仅仅是软收益
Simply Wall St ·  05/04 07:16

Following the release of a lackluster earnings report from Shenzhen Pacific Union Precision Manufacturing Co., Ltd. (SHSE:688210) the stock price made a strong positive move. Our analysis suggests that there are some positive factors lying below the troubling profit numbers which investors are finding comfort in.

在深圳太平洋联合精密制造有限公司(SHSE: 688210)发布乏善可陈的财报后,股价出现了强劲的积极走势。我们的分析表明,在令人不安的利润数字之下还有一些积极因素,投资者对此感到安慰。

earnings-and-revenue-history
SHSE:688210 Earnings and Revenue History May 3rd 2024
SHSE: 688210 收益和收入历史记录 2024 年 5 月 3 日

Zooming In On Shenzhen Pacific Union Precision Manufacturing's Earnings

放大深圳太平洋联合精密制造的收益

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). 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. The ratio shows us how much a company's profit exceeds its FCF.

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)。应计比率从给定时期的利润中减去FCF,然后将结果除以该时间内公司的平均运营资产。该比率向我们显示了公司的利润超过其FCF的程度。

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 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".

这意味着负的应计比率是一件好事,因为它表明该公司带来的自由现金流比其利润所暗示的要多。尽管应计比率为正并不成问题,表示非现金利润达到一定水平,但高应计比率可以说是一件坏事,因为它表明票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,“应计收入较高的公司将来的利润往往会降低”。

Over the twelve months to March 2024, Shenzhen Pacific Union Precision Manufacturing recorded an accrual ratio of 0.25. Unfortunately, that means its free cash flow fell significantly short of its reported profits. Even though it reported a profit of CN¥76.4m, a look at free cash flow indicates it actually burnt through CN¥134m in the last year. We also note that Shenzhen Pacific Union Precision Manufacturing's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥134m. However, that's not all there is to consider. 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,深圳太平洋联合精密制造的应计比率为0.25。不幸的是,这意味着其自由现金流远低于其报告的利润。尽管该公司公布了7,640万加元的利润,但从自由现金流来看,它实际上在去年消耗了1.34亿元人民币。我们还注意到,去年深圳太平洋联合精密制造的自由现金流实际上也为负数,因此我们可以理解股东是否被其1.34亿元的流出所困扰。但是,这还不是要考虑的全部。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 Shenzhen Pacific Union Precision Manufacturing.

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深圳太平洋联合精密制造的资产负债表分析。

The Impact Of Unusual Items On Profit

不寻常物品对利润的影响

Shenzhen Pacific Union Precision Manufacturing's profit suffered from unusual items, which reduced profit by CN¥21m in the last twelve months. If this was a non-cash charge, it would have made the accrual ratio better, if cashflow had stayed strong, so it's not great to see in combination with an uninspiring accrual ratio. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect Shenzhen Pacific Union Precision Manufacturing to produce a higher profit next year, all else being equal.

深圳太平洋联合精密制造的利润因不寻常的项目而受到影响,在过去的十二个月中,利润减少了2100万元人民币。如果这是非现金支出,如果现金流保持强劲,本来可以改善应计比率,因此,再加上平淡无奇的应计比率,就不太好了。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。我们调查了数千家上市公司,发现不寻常的物品本质上往往是一次性的。而且,毕竟,这正是会计术语的含义。假设这些不寻常的支出不会再次出现,因此,在其他条件相同的情况下,我们预计深圳太平洋联合精密制造明年将实现更高的利润。

Our Take On Shenzhen Pacific Union Precision Manufacturing's Profit Performance

我们对深圳太平洋联合精密制造的利润表现的看法

In conclusion, Shenzhen Pacific Union Precision Manufacturing's accrual ratio suggests that its statutory earnings are not backed by cash flow, even though unusual items weighed on profit. Based on these factors, it's hard to tell if Shenzhen Pacific Union Precision Manufacturing's profits are a reasonable reflection of its underlying profitability. 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. For example, we've discovered 2 warning signs that you should run your eye over to get a better picture of Shenzhen Pacific Union Precision Manufacturing.

总之,深圳太平洋联合精密制造的应计比率表明,尽管不寻常的项目打压了利润,但其法定收益没有现金流支持。基于这些因素,很难判断深圳太平洋联合精密制造的利润是否合理地反映了其潜在的盈利能力。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。例如,我们发现了两个警告信号,为了更好地了解深圳太平洋联合精密制造,你应该仔细检查一下。

In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.

在这篇文章中,我们研究了许多可能损害利润数字效用的因素,以此作为企业的指南。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。有些人认为高股本回报率是优质业务的好兆头。虽然可能需要你进行一些研究,但你可能会发现这份免费收集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。

译文内容由第三方软件翻译。


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