Swancor Advanced Materials' (SHSE:688585) Soft Earnings Are Actually Better Than They Appear
Swancor Advanced Materials' (SHSE:688585) Soft Earnings Are Actually Better Than They Appear
Swancor Advanced Materials Co., Ltd.'s (SHSE:688585) recent soft profit numbers didn't appear to worry shareholders, as the stock price showed strength. Our analysis suggests that investors may have noticed some promising signs beyond the statutory profit figures.
Swancor 先進材料有限公司's(SHSE: 688585)最近的軟利潤數字似乎並沒有讓股東感到擔憂,因爲股價表現出強勁。我們的分析表明,除了法定利潤數字外,投資者可能已經注意到一些令人鼓舞的跡象。
![earnings-and-revenue-history](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240504/0-e733405f10adcfcf50fc87b95f1385a0-0-38a6c222744904cfd0fe6928276ce6b5.png/big)
Examining Cashflow Against Swancor Advanced Materials' Earnings
根據Swancor Advanced Materials的收益研究現金流
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. The ratio shows us how much a company's profit exceeds its FCF.
用於衡量公司將其利潤轉換爲自由現金流(FCF)的情況的一個關鍵財務比率是應計比率。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以該時期公司的平均運營資產。該比率向我們顯示了公司的利潤超過其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. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. 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過了其利潤所暗示的水平。這並不意味着我們應該擔心應計比率爲正,但值得注意的是,應計比率相當高的地方。那是因爲一些學術研究表明,高應計比率往往會導致利潤下降或利潤增長減少。
For the year to March 2024, Swancor Advanced Materials had an accrual ratio of -0.26. That indicates that its free cash flow quite significantly exceeded its statutory profit. Indeed, in the last twelve months it reported free cash flow of CN¥342m, well over the CN¥71.7m it reported in profit. Given that Swancor Advanced Materials had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CN¥342m would seem to be a step in the right direction.
在截至2024年3月的一年中,Swancor Advanced Materials的應計比率爲-0.26。這表明其自由現金流大大超過了其法定利潤。事實上,在過去的十二個月中,它報告的自由現金流爲3.42億元人民幣,遠遠超過其公佈的7170萬加元的利潤。鑑於Swancor Advanced Materials在前一同期的自由現金流爲負,過去十二個月的3.42億元人民幣的業績似乎是朝着正確方向邁出的一步。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Swancor Advanced Materials.
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Swancor Advanced Materials的資產負債表分析。
Our Take On Swancor Advanced Materials' Profit Performance
我們對Swancor先進材料盈利表現的看法
Happily for shareholders, Swancor Advanced Materials produced plenty of free cash flow to back up its statutory profit numbers. Because of this, we think Swancor Advanced Materials' underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! Unfortunately, though, its earnings per share actually fell back over the last year. 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 while earnings quality is important, it's equally important to consider the risks facing Swancor Advanced Materials at this point in time. To that end, you should learn about the 2 warning signs we've spotted with Swancor Advanced Materials (including 1 which is potentially serious).
令股東高興的是,Swancor Advanced Materials創造了充足的自由現金流來支持其法定利潤數字。正因爲如此,我們認爲Swancor Advanced Materials的潛在盈利潛力與法定利潤看上去一樣好,甚至可能更好!但不幸的是,其每股收益實際上在去年有所回落。當然,我們只是在分析其收益時才浮出水面;人們還可以考慮利潤率、預測增長和投資回報率等因素。因此,儘管收益質量很重要,但考慮Swancor Advanced Materials目前面臨的風險同樣重要。爲此,你應該了解我們在Swancor Advanced Materials中發現的兩個警告信號(包括一個可能嚴重的警告信號)。
Today we've zoomed in on a single data point to better understand the nature of Swancor Advanced Materials' 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. 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,我們放大了單個數據點,以更好地了解Swancor Advanced Materials利潤的性質。但是,如果你能夠將注意力集中在細節上,總會有更多的事情需要發現。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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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。
譯文內容由第三人軟體翻譯。