We Think Kehua HoldingsLtd's (SHSE:603161) Profit Is Only A Baseline For What They Can Achieve
We Think Kehua HoldingsLtd's (SHSE:603161) Profit Is Only A Baseline For What They Can Achieve
When companies post strong earnings, the stock generally performs well, just like Kehua Holdings Co.,Ltd's (SHSE:603161) stock has recently. We have done some analysis, and we found several positive factors beyond the profit numbers.
当公司公布强劲的收益时，股票通常表现良好，就像科华控股公司一样。，Ltd（上海证券交易所股票代码：603161）的股票最近上涨。我们做了一些分析，除了利润数字外，我们还发现了几个积极因素。
Zooming In On Kehua HoldingsLtd's Earnings
放大科华控股有限公司的收益
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
许多投资者尚未听说过现金流的应计比率，但它实际上是衡量公司在给定时期内自由现金流（FCF）在多大程度上支持利润的有用指标。应计比率从给定时期的利润中减去FCF，然后将结果除以该时间内公司的平均运营资产。这个比率告诉我们，一家公司的利润中有多少没有自由现金流的支持。
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. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
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，但如果其应计比率为正，则是一件坏事。虽然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。引用Lewellen和Resutek在2014年发表的一篇论文，“应计额较高的公司将来的利润往往会降低”。
Kehua HoldingsLtd has an accrual ratio of -0.18 for the year to December 2023. 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¥523m, well over the CN¥123.2m it reported in profit. Kehua HoldingsLtd's free cash flow improved over the last year, which is generally good to see. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
截至2023年12月的一年中，科华控股有限公司的应计比率为-0.18。这表明其自由现金流大大超过了其法定利润。事实上，在过去的十二个月中，它报告的自由现金流为5.23亿元人民币，远远超过其公布的1.232亿加元的利润。科华控股有限公司的自由现金流比去年有所改善，总体而言，这是值得期待的。但是，这还不是要考虑的全部。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 Kehua HoldingsLtd.
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科华控股有限公司的资产负债表分析。
How Do Unusual Items Influence Profit?
不寻常的物品如何影响利润？
Surprisingly, given Kehua HoldingsLtd's accrual ratio implied strong cash conversion, its paper profit was actually boosted by CN¥24m in unusual items. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
令人惊讶的是，鉴于科华控股有限公司的应计比率意味着强劲的现金转换，其票面利润实际上是由2400万元人民币的不寻常项目提振的。虽然我们希望看到利润增加，但当不寻常的物品做出重大贡献时，我们往往会更加谨慎一些。我们统计了全球大多数上市公司的数字，不寻常的物品在自然界中很常见。考虑到这个名字，这并不奇怪。假设这些不寻常的项目在本年度不会再次出现，因此我们预计明年的利润将疲软（也就是说，在业务没有增长的情况下）。
Our Take On Kehua HoldingsLtd's Profit Performance
我们对科华控股有限公司利润表现的看法
In conclusion, Kehua HoldingsLtd's accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Based on these factors, we think that Kehua HoldingsLtd's profits are a reasonably conservative guide to its underlying profitability. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. When we did our research, we found 4 warning signs for Kehua HoldingsLtd (2 are concerning!) that we believe deserve your full attention.
总之，科华控股有限公司的应计比率表明其法定收益质量良好，但另一方面，利润是由不寻常的项目提振的。基于这些因素，我们认为科华控股有限公司的利润是衡量其潜在盈利能力的相当保守的指南。考虑到这一点，除非我们对风险有透彻的了解，否则我们不会考虑投资股票。当我们进行研究时，我们发现了科华控股有限公司的4个警告信号（2个令人担忧！）我们认为值得你全神贯注。
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 are plenty of other ways to inform your opinion of a company. 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.
在本文中，我们研究了许多可能削弱利润数字效用的因素，以此作为业务指南。但是，还有很多其他方法可以告知你对公司的看法。例如，许多人认为高股本回报率表明商业经济状况良好，而另一些人则喜欢 “追随资金”，寻找内部人士正在购买的股票。因此，你可能希望看到这批拥有高股本回报率的免费公司，或者这份内部人士正在购买的股票清单。
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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。