We Think That There Are Some Issues For Nanjing Hanrui CobaltLtd (SZSE:300618) Beyond Its Promising Earnings
We Think That There Are Some Issues For Nanjing Hanrui CobaltLtd (SZSE:300618) Beyond Its Promising Earnings
Nanjing Hanrui Cobalt Co.,Ltd.'s (SZSE:300618) healthy profit numbers didn't contain any surprises for investors. We believe that shareholders have noticed some concerning factors beyond the statutory profit numbers.
南京翰瑞鈷業有限公司(SZSE:300618)健康的利潤數據不會給投資者帶來任何意外。我們相信,股東已經注意到了法定利潤數字以外的一些令人擔憂的因素。
See our latest analysis for Nanjing Hanrui CobaltLtd
查看我們對南京漢瑞科博特有限公司的最新分析
A Closer Look At Nanjing Hanrui CobaltLtd's Earnings
細看南京漢瑞科博特有限公司的收益
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.
衡量一家公司將利潤轉換為自由現金流(FCF)的程度的一個關鍵財務比率是應計比率。應計制比率從給定期間的利潤中減去FCF,然後將結果除以該時間段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不是由自由現金流支持的。
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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
這意味着負的應計比率是一件好事,因為它表明該公司帶來的自由現金流比其利潤所暗示的要多。雖然應計比率高於零並不令人擔憂,但我們確實認為,當一家公司的應計比率相對較高時,這一點值得注意。這是因為一些學術研究表明,高應計制比率往往會導致較低的利潤或較低的利潤增長。
Over the twelve months to December 2021, Nanjing Hanrui CobaltLtd recorded an accrual ratio of 0.48. Statistically speaking, that's a real negative for future earnings. 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¥1.2b despite its profit of CN¥663.2m, mentioned above. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥1.2b, this year, indicates high risk.
在截至2021年12月的12個月內,南京漢瑞科博特有限公司的應計比率為0.48。從統計上講,這對未來的收益是一個真正的負面影響。換句話説,該公司在那段時間沒有產生一分錢的自由現金流。在過去的12個月裏,它實際上有負面自由現金流,儘管其利潤為6.632億元,但仍流出12億元。在去年自由現金流為負的情況下,我們可以想象,一些股東可能會懷疑,該公司今年12億元的現金消耗是否意味着高風險。
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是什麼。幸運的是,您可以單擊此處查看基於他們估計的未來盈利能力的互動圖表。
Our Take On Nanjing Hanrui CobaltLtd's Profit Performance
我們對南京漢瑞科博爾特有限公司利潤表現的看法
As we have made quite clear, we're a bit worried that Nanjing Hanrui CobaltLtd didn't back up the last year's profit with free cashflow. For this reason, we think that Nanjing Hanrui CobaltLtd's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. The silver lining is that its EPS growth over the last year has been really wonderful, even if it's not a perfect measure. 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. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. To help with this, we've discovered 3 warning signs (1 makes us a bit uncomfortable!) that you ought to be aware of before buying any shares in Nanjing Hanrui CobaltLtd.
正如我們已經説得很清楚的那樣,我們有點擔心南京漢瑞股份有限公司沒有用自由現金流來支持去年的利潤。出於這個原因,我們認為南京漢瑞股份有限公司的法定利潤可能是對其潛在盈利能力的不良指引,可能會給投資者帶來對該公司過於積極的印象。一線希望是,該公司去年的每股收益增長真的很不錯,儘管這並不是一個完美的衡量標準。當然,當談到分析其收益時,我們只是觸及了皮毛;人們還可以考慮利潤率、預測增長和投資回報等因素。因此,如果你想更深入地研究這隻股票,考慮它面臨的任何風險是至關重要的。為了幫助解決這個問題,我們發現了3個警告信號(1個讓我們有點不舒服!)在購買南京漢瑞股份有限公司的任何股票之前,你應該知道這一點。
Today we've zoomed in on a single data point to better understand the nature of Nanjing Hanrui CobaltLtd's profit. 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. 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.
今天,我們放大了一個數據點,以更好地瞭解南京漢瑞科技有限公司的利潤性質。但如果你有能力將注意力集中在細枝末節上,總會有更多的東西需要發現。一些人認為,高股本回報率是高質量企業的良好標誌。所以你可能想看看這個免費擁有高股本回報率的公司的集合,或內部人士正在購買的這份股票清單。
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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.
對這篇文章有什麼反饋嗎?擔心內容嗎?保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
這篇由《華爾街日報》撰寫的文章本質上是籠統的。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。簡單地説,華爾街在提到的任何股票中都沒有頭寸。
譯文內容由第三人軟體翻譯。