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.
继成都KSW科技有限公司发布稳健的收益报告之后, Ltd.（上海证券交易所代码：688283），市场的回应是提高了股价。尽管如此，我们的分析表明，有一些因素削弱了这些良好利润数字的基础。
A Closer Look At Chengdu KSW TechnologiesLtd's Earnings
仔细看看成都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。简而言之，该比率从净利润中减去FCF，然后将该数字除以该时期公司的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。
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.
这意味着负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超出了其利润所暗示的范围。尽管应计比率高于零并不令人担忧，但我们确实认为，当公司的应计比率相对较高时，值得注意。值得注意的是，有一些学术证据表明，总的来说，高应计比率对短期利润来说是个坏兆头。
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的应计比率为0.37。通常，这对未来的盈利能力来说是个坏兆头。换句话说，该公司在那段时间内没有产生一点自由现金流。在过去的十二个月里，它实际上有 负面的 自由现金流，尽管利润为8,740万元人民币，但流出量仍为3200万元人民币，如上所述。我们还注意到，成都KSW TechnologiesLtd去年的自由现金流实际上也是负数，因此我们可以理解股东是否因其3200万元人民币的流出而感到困扰。
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.
这可能会让你想知道分析师对未来盈利能力的预测。幸运的是，您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。
Our Take On Chengdu KSW TechnologiesLtd's Profit Performance
我们对成都KSW TechnologiesLtd的盈利表现的看法
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.
正如我们上面讨论的那样，我们认为成都KSW TechnologiesLtd的收益没有得到自由现金流的支持，这可能会让一些投资者感到担忧。出于这个原因，我们认为成都KSW TechnologiesLtd的法定利润可能不利于其潜在盈利能力，并可能给投资者留下过于积极的印象。尽管如此，仍然值得注意的是，其每股收益在过去三年中增长了68％。归根结底，如果你想正确地了解公司，必须考虑的不仅仅是上述因素。因此，尽管收益质量很重要，但考虑成都KSW TechnologiesLtd目前面临的风险同样重要。例如，我们发现了一个警告标志，为了更好地了解成都KSW TechnologiesLtd，你应该把视线移过去。
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，我们放大了单一数据点，以更好地了解成都KSW TechnologiesLtd利润的性质。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。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。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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