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Additional Considerations Required While Assessing SUPCON Technology's (SHSE:688777) Strong Earnings

Additional Considerations Required While Assessing SUPCON Technology's (SHSE:688777) Strong Earnings

在評估SUPCON Technology(SHSE: 688777)的強勁收益時需要考慮其他因素
Simply Wall St ·  04/24 06:22

SUPCON Technology Co., Ltd. (SHSE:688777) just reported some strong earnings, and the market reacted accordingly with a healthy uplift in the share price. However, we think that shareholders may be missing some concerning details in the numbers.

中控科技股份有限公司(SHSE: 688777)剛剛公佈了一些強勁的收益,市場做出了相應的反應,股價出現了健康的上漲。但是,我們認爲股東們可能遺漏了一些與數字相關的細節。

earnings-and-revenue-history
SHSE:688777 Earnings and Revenue History April 23rd 2024
SHSE: 688777 2024 年 4 月 23 日的收益和收入歷史記錄

A Closer Look At SUPCON Technology's Earnings

仔細研究SUPCON科技的收益

As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.

正如金融迷已經知道的那樣,現金流的應計比率是評估公司自由現金流(FCF)與利潤匹配程度的關鍵指標。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。你可以將現金流的應計比率視爲 “非FCF利潤率”。

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. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.

因此,當公司的應計比率爲負時,這實際上被認爲是一件好事,但是如果應計比率爲正,則被認爲是一件壞事。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。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放緩。

For the year to March 2024, SUPCON Technology 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. Indeed, in the last twelve months it reported free cash flow of CN¥122m, which is significantly less than its profit of CN¥1.15b. Given that SUPCON Technology had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CN¥122m would seem to be a step in the right direction. 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月的一年中,中控科技的應計比率爲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。事實上,在過去的十二個月中,它報告的自由現金流爲1.22億元人民幣,大大低於其11.5億加元的利潤。鑑於SUPCON Technology在前一同期的自由現金流爲負,過去十二個月的1.22億元人民幣的業績似乎是朝着正確方向邁出的一步。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。

That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.

這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。

How Do Unusual Items Influence Profit?

不尋常的物品如何影響利潤?

The fact that the company had unusual items boosting profit by CN¥58m, in the last year, probably goes some way to explain why its accrual ratio was so weak. 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 analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. Which is hardly surprising, given the name. If SUPCON Technology doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.

該公司去年有不尋常的項目將利潤提高了5800萬元人民幣,這一事實可能在某種程度上可以解釋其應計比率爲何如此疲軟。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。當我們分析全球絕大多數上市公司時,我們發現重大不尋常的事項往往不會重演。考慮到這個名字,這並不奇怪。如果SUPCON Technology認爲這種貢獻不會重演,那麼在其他條件相同的情況下,我們預計其本年度的利潤將下降。

Our Take On SUPCON Technology's Profit Performance

我們對SUPCON科技盈利表現的看法

SUPCON Technology had a weak accrual ratio, but its profit did receive a boost from unusual items. Considering all this we'd argue SUPCON Technology's profits probably give an overly generous impression of its sustainable level of profitability. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Case in point: We've spotted 2 warning signs for SUPCON Technology you should be mindful of and 1 of them is a bit unpleasant.

SUPCON Technology的應計比率較低,但其利潤確實受到不尋常項目的提振。考慮到所有這些,我們認爲SUPCON Technology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。有鑑於此,如果你想對公司進行更多分析,了解所涉及的風險至關重要。一個很好的例子:我們發現了你應該注意的 SUPCON Technology 的 2 個警告信號,其中 1 個有點不愉快。

In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. 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.

在這篇文章中,我們研究了許多可能損害利潤數字效用的因素,我們採取了謹慎的態度。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。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。


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