Beijing Foyou PharmaLTD's (SHSE:601089) Earnings Are Weaker Than They Seem
Beijing Foyou PharmaLTD's (SHSE:601089) Earnings Are Weaker Than They Seem
Beijing Foyou Pharma CO.,LTD (SHSE:601089) announced strong profits, but the stock was stagnant. Our analysis suggests that shareholders have noticed something concerning in the numbers.
北京復友製藥有限公司, LTD（上海證券交易所股票代碼：601089）宣佈了豐厚的利潤，但該股停滯不前。我們的分析表明，股東們注意到了一些令人擔憂的數字。
Examining Cashflow Against Beijing Foyou PharmaLTD's Earnings
根據北京復友製藥有限公司的收益檢查現金流
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
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。這個比率告訴我們，一家公司的利潤中有多少沒有自由現金流的支持。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此，負應計比率對公司來說是正數，而正應計比率是負數。雖然正應計比率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，因爲它表明紙面利潤與現金流不匹配。引用Lewellen和Resutek在2014年發表的一篇論文，“應計額較高的公司將來的利潤往往會降低”。
For the year to December 2023, Beijing Foyou PharmaLTD had an accrual ratio of 0.35. We can therefore deduce that its free cash flow fell well short of covering its statutory profit, suggesting we might want to think twice before putting a lot of weight on the latter. To wit, it produced free cash flow of CN¥190m during the period, falling well short of its reported profit of CN¥488.8m. Beijing Foyou PharmaLTD shareholders will no doubt be hoping that its free cash flow bounces back next year, since it was down over the last twelve months. The good news for shareholders is that Beijing Foyou PharmaLTD's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. As a result, some shareholders may be looking for stronger cash conversion in the current year.
截至2023年12月的一年中，北京復友製藥有限公司的應計比率爲0.35。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，這表明在對後者進行大量考慮之前，我們可能需要三思而後行。換句話說，它在此期間產生的自由現金流爲1.9億元人民幣，遠低於其報告的4.888億元人民幣的利潤。毫無疑問，北京復友製藥有限公司的股東們將希望其自由現金流能夠在明年反彈，因爲在過去的十二個月中一直處於下降狀態。對股東來說，好消息是，北京復友製藥有限公司去年的應計比率要好得多，因此今年的糟糕數據可能只是利潤與FCF之間短期不匹配的情況。因此，一些股東可能希望在本年度實現更強的現金轉換。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Beijing Foyou PharmaLTD.
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北京復友製藥有限公司的資產負債表分析。
Our Take On Beijing Foyou PharmaLTD's Profit Performance
我們對北京復友製藥有限公司盈利表現的看法
As we discussed above, we think Beijing Foyou PharmaLTD's earnings were not supported by free cash flow, which might concern some investors. For this reason, we think that Beijing Foyou PharmaLTD'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 40% over the last three years. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. If you want to do dive deeper into Beijing Foyou PharmaLTD, you'd also look into what risks it is currently facing. For example, Beijing Foyou PharmaLTD has 2 warning signs (and 1 which shouldn't be ignored) we think you should know about.
正如我們上面討論的那樣，我們認爲北京復友製藥有限公司的收益沒有得到自由現金流的支持，這可能會讓一些投資者感到擔憂。出於這個原因，我們認爲北京復友製藥有限公司的法定利潤可能不利於其潛在盈利能力，並可能給投資者留下過於積極的印象。儘管如此，仍然值得注意的是，其每股收益在過去三年中增長了40％。本文的目標是評估我們在多大程度上可以依靠法定收益來反映公司的潛力，但還有很多需要考慮的地方。如果你想更深入地了解北京復友製藥，你還需要研究它目前面臨的風險。例如，北京復友製藥有限公司有兩個警告標誌（還有一個不容忽視），我們認爲你應該知道。
This note has only looked at a single factor that sheds light on the nature of Beijing Foyou PharmaLTD'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.
這份報告只考慮了揭示北京復友製藥有限公司利潤性質的單一因素。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。因此，你可能希望看到這份免費收藏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。
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