GrandiT's (SHSE:688549) Shareholders Should Assess Earnings With Caution
GrandiT's (SHSE:688549) Shareholders Should Assess Earnings With Caution
GrandiT Co., Ltd.'s (SHSE:688549) stock rose after it released a robust earnings report. Despite the strong profit numbers, we believe that there are some deeper issues which investors should look into.
GrandIT 有限公司 's(上海證券交易所代碼:688549)在發佈強勁的收益報告後,股價上漲。儘管利潤數據強勁,但我們認爲投資者應該研究一些更深層次的問題。
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A Closer Look At GrandiT's Earnings
仔細看看GrandIT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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
在高金融領域,用於衡量公司將申報的利潤轉化爲自由現金流(FCF)的效果的關鍵比率是應計比率(來自現金流)。應計比率從給定時期的利潤中減去FCF,然後將結果除以公司在該時期內的平均運營資產。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 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. 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。儘管應計比率爲正(表明非現金利潤達到一定水平)不是問題,但高應計比率可以說是一件壞事,因爲它表明紙質利潤與現金流不匹配。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。
Over the twelve months to March 2024, GrandiT recorded an accrual ratio of 0.21. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥277m despite its profit of CN¥22.5m, mentioned above. We also note that GrandiT's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥277m. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
在截至2024年3月的十二個月中,GrandIT記錄的應計比率爲0.21。因此,我們可以推斷出其自由現金流遠不足以支付其法定利潤。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2,250萬元人民幣,但流出2.77億元人民幣,如上所述。我們還注意到,去年,GrandIT的自由現金流實際上也是負的,因此我們可以理解股東是否被其2.77億元的流出所困擾。話雖如此,故事還有更多。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of GrandiT.
注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對GrandIT的資產負債表分析。
How Do Unusual Items Influence Profit?
不尋常的物品如何影響利潤?
Given the accrual ratio, it's not overly surprising that GrandiT's profit was boosted by unusual items worth CN¥34m in the last twelve months. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. Which is hardly surprising, given the name. We can see that GrandiT's positive unusual items were quite significant relative to its profit in the year to March 2024. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
考慮到應計比率,在過去十二個月中,價值3400萬元人民幣的不尋常項目提振了GrandIT的利潤也就不足爲奇了。我們不能否認更高的利潤通常會讓我們感到樂觀,但如果利潤是可持續的,我們更願意這樣做。當我們計算數千家上市公司的數字時,我們發現,特定年份中不尋常的項目所帶來的提振通常不會在第二年重演。考慮到這個名字,這並不奇怪。我們可以看到,相對於截至2024年3月的一年中,GrandIT的正面不尋常項目與其利潤相比相當可觀。因此,我們可以推測,這些不尋常的物品使其法定利潤明顯高於原來的水平。
Our Take On GrandiT's Profit Performance
我們對GrandIT盈利表現的看法
GrandiT had a weak accrual ratio, but its profit did receive a boost from unusual items. Considering all this we'd argue GrandiT's profits probably give an overly generous impression of its sustainable level of profitability. If you want to do dive deeper into GrandiT, you'd also look into what risks it is currently facing. For example, we've discovered 1 warning sign that you should run your eye over to get a better picture of GrandiT.
GrandIT的應計比率較低,但其利潤確實得到了不尋常項目的提振。考慮到所有這些,我們認爲GrandIT的利潤可能給人一種對其可持續盈利水平的過於慷慨的印象。如果你想更深入地研究GrandIT,你還需要研究它目前面臨的風險。例如,我們發現了 1 個警告信號,爲了更好地了解 GrandIT,你應該仔細觀察一下。
Our examination of GrandiT has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there are plenty of other ways to inform your opinion of a company. 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.
我們對GrandIT的審查側重於某些可能使其收益看起來好於實際的因素。而且,在此基礎上,我們有些懷疑。但是,還有很多其他方法可以讓你對公司的看法。有些人認爲高股本回報率是優質業務的好兆頭。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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