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We Like The Quality Of Chengdu Gas Group's (SHSE:603053) Earnings

We Like The Quality Of Chengdu Gas Group's (SHSE:603053) Earnings

我們喜歡成都燃氣集團(SHSE: 603053)收益的質量
Simply Wall St ·  04/29 08:48

The market seemed underwhelmed by last week's earnings announcement from Chengdu Gas Group Corporation Ltd. (SHSE:603053) despite the healthy numbers. We did some digging, and we think that investors are missing some encouraging factors in the underlying numbers.

儘管數字良好,但成都燃氣集團股份有限公司(SHSE: 603053)上週公佈的業績似乎令市場不知所措。我們進行了一些挖掘,我們認爲投資者在基礎數據中遺漏了一些令人鼓舞的因素。

earnings-and-revenue-history
SHSE:603053 Earnings and Revenue History April 29th 2024
SHSE: 603053 2024 年 4 月 29 日的收益和收入歷史記錄

Examining Cashflow Against Chengdu Gas Group's Earnings

根據成都燃氣集團的收益研究現金流

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). 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.

在高級財務中,用於衡量公司將報告的利潤轉化爲自由現金流(FCF)的關鍵比率是應計比率(來自現金流)。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 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. 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,負應計比率對公司來說是正數,而正應計比率是負數。雖然應計比率高於零並不令人擔憂,但我們確實認爲,當公司的應計比率相對較高時,值得注意。值得注意的是,有一些學術證據表明,總的來說,高應計率對短期利潤來說是個壞兆頭。

For the year to December 2023, Chengdu Gas Group had an accrual ratio of -0.26. That indicates that its free cash flow quite significantly exceeded its statutory profit. To wit, it produced free cash flow of CN¥1.1b during the period, dwarfing its reported profit of CN¥526.1m. Chengdu Gas Group's free cash flow improved over the last year, which is generally good to see.

截至2023年12月的一年中,成都燃氣集團的應計比率爲-0.26。這表明其自由現金流大大超過了其法定利潤。換句話說,它在此期間產生了11億元人民幣的自由現金流,使其報告的5.261億元利潤相形見絀。成都燃氣集團的自由現金流比去年有所改善,總體而言,這是值得期待的。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Chengdu Gas Group.

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成都燃氣集團的資產負債表分析。

Our Take On Chengdu Gas Group's Profit Performance

我們對成都燃氣集團盈利表現的看法

As we discussed above, Chengdu Gas Group's accrual ratio indicates strong conversion of profit to free cash flow, which is a positive for the company. Because of this, we think Chengdu Gas Group's underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! And on top of that, its earnings per share have grown at 26% per year 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. So while earnings quality is important, it's equally important to consider the risks facing Chengdu Gas Group at this point in time. In terms of investment risks, we've identified 1 warning sign with Chengdu Gas Group, and understanding this should be part of your investment process.

正如我們上面討論的那樣,成都燃氣集團的應計比率表明利潤向自由現金流的強勁轉換,這對公司來說是一個積極的利潤。正因爲如此,我們認爲成都燃氣集團的潛在盈利潛力與法定利潤看上去一樣好,甚至可能更好!最重要的是,在過去三年中,其每股收益以每年26%的速度增長。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。因此,儘管收益質量很重要,但考慮成都燃氣集團目前面臨的風險同樣重要。在投資風險方面,我們已經向成都燃氣集團確定了一個警告信號,了解這應該是您投資過程的一部分。

This note has only looked at a single factor that sheds light on the nature of Chengdu Gas Group's profit. 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. 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.

本報告僅研究了揭示成都燃氣集團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。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。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。

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。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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