Power HF (SHSE:605100) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
Power HF (SHSE:605100) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
Last week's profit announcement from Power HF Co., Ltd. (SHSE:605100) was underwhelming for investors, despite headline numbers being robust. We did some digging and found some worrying underlying problems.
尽管总体数据强劲，但上周Power HF有限公司（上海证券交易所股票代码：605100）的盈利公告令投资者望而却步。我们进行了一些挖掘，发现了一些令人担忧的潜在问题。
A Closer Look At Power HF's Earnings
仔细研究Power HF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'.
在高金融领域，用于衡量公司将申报的利润转化为自由现金流（FCF）的效果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，然后将结果除以公司在该时期内的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
因此，当公司的应计比率为负时，这实际上被认为是一件好事，但是如果应计比率为正，则被认为是一件坏事。这并不意味着我们应该担心应计比率为正，但值得注意的是，应计比率相当高的地方。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。
Power HF has an accrual ratio of 0.26 for the year to March 2024. 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¥215m despite its profit of CN¥102.9m, mentioned above. We also note that Power HF's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥215m. 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.
截至2024年3月的一年中，Power HF的应计比率为0.26。因此，我们可以推断出其自由现金流远不足以支付其法定利润。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1.029亿元人民币，但流出量仍为2.15亿元人民币，如上所述。我们还注意到，Power HF去年的自由现金流实际上也是负的，因此我们可以理解股东是否被其2.15亿元人民币的流出所困扰。话虽如此，故事还有更多。我们可以看到，不寻常的项目影响了其法定利润，从而影响了应计比率。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Power HF.
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Power HF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
Power HF's profit suffered from unusual items, which reduced profit by CN¥16m 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. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. If Power HF doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.
Power HF的利润来自不寻常的项目，在过去的十二个月中，利润减少了1600万元人民币。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。看到不寻常的项目使公司利润付出代价从来都不是一件好事，但从好的方面来看，情况可能迟早会好转。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。鉴于这些单列项目被认为不寻常，这并不奇怪。如果Power HF不认为这些异常支出重演，那么在其他条件相同的情况下，我们预计其利润将在来年增加。
Our Take On Power HF's Profit Performance
我们的 Take On Power HF 的利润表现
Power HF saw unusual items weigh on its profit, which should have made it easier to show high cash conversion, which it did not do, according to its accrual ratio. Based on these factors, we think it's very unlikely that Power HF's statutory profits make it seem much weaker than it is. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Case in point: We've spotted 4 warning signs for Power HF you should be mindful of and 2 of them make us uncomfortable.
Power HF看到不寻常的项目压制了其利润，这本来可以更容易地显示出较高的现金转化率，但根据其应计比率，Power HF却没有这样做。基于这些因素，我们认为Power HF的法定利润不太可能使其看起来比现在疲软得多。因此，如果你想更深入地研究这只股票，那么考虑它面临的任何风险至关重要。一个很好的例子：我们发现了你应该注意的 Power HF 的 4 个警告信号，其中 2 个让我们感到不舒服。
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. 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. 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.
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。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。因此，你可能希望看到这份免费收藏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。
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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。