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China Catalyst Holding's (SHSE:688267) Sluggish Earnings Might Be Just The Beginning Of Its Problems

China Catalyst Holding's (SHSE:688267) Sluggish Earnings Might Be Just The Beginning Of Its Problems

中國催化劑控股公司(上海證券交易所代碼:688267)疲軟的收益可能僅僅是其問題的開始
Simply Wall St ·  05/03 06:33

A lackluster earnings announcement from China Catalyst Holding Co., Ltd. (SHSE:688267) last week didn't sink the stock price. We think that investors are worried about some weaknesses underlying the earnings.

中國催化劑控股有限公司(上海證券交易所代碼:688267)上週公佈的業績乏善可陳,但並未使股價下跌。我們認爲,投資者擔心收益背後的一些弱點。

earnings-and-revenue-history
SHSE:688267 Earnings and Revenue History May 2nd 2024
SHSE: 688267 2024 年 5 月 2 日的收益和收入歷史記錄

Zooming In On China Catalyst Holding's Earnings

放大中國催化劑控股的收益

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'.

在高金融領域,用於衡量公司將申報的利潤轉化爲自由現金流(FCF)的效果的關鍵比率是應計比率(來自現金流)。應計比率從給定時期的利潤中減去FCF,然後將結果除以公司在該時期內的平均運營資產。你可以將現金流的應計比率視爲 “非FCF利潤率”。

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

因此,負的應計比率對公司來說是正數,而正的應計比率是負數。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。

China Catalyst Holding has an accrual ratio of 0.21 for the year to March 2024. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of CN¥251m, in contrast to the aforementioned profit of CN¥109.9m. It's worth noting that China Catalyst Holding generated positive FCF of CN¥3.6m a year ago, so at least they've done it in the past.

截至2024年3月的一年中,中國催化劑控股公司的應計比率爲0.21。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。在過去的一年裏,它實際上有 負面的 自由現金流爲2.51億元人民幣,而上述利潤爲1.099億元人民幣。值得注意的是,中國催化劑控股公司一年前創造了360萬元人民幣的正FCF,因此至少他們過去曾這樣做過。

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。

Our Take On China Catalyst Holding's Profit Performance

我們對中國催化劑控股盈利表現的看法

China Catalyst Holding's accrual ratio for the last twelve months signifies cash conversion is less than ideal, which is a negative when it comes to our view of its earnings. Because of this, we think that it may be that China Catalyst Holding's statutory profits are better than its underlying earnings power. The good news is that its earnings per share increased slightly in the last year. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. So while earnings quality is important, it's equally important to consider the risks facing China Catalyst Holding at this point in time. Be aware that China Catalyst Holding is showing 2 warning signs in our investment analysis and 1 of those shouldn't be ignored...

China Catalyst Holding過去十二個月的應計比率表明現金轉換率不理想,就我們對收益的看法而言,這是負數。因此,我們認爲中國催化劑控股的法定利潤可能好於其基礎盈利能力。好消息是,其每股收益在去年略有增長。當然,我們只是在分析其收益時才浮出水面;人們還可以考慮利潤率、預測增長和投資回報率等因素。因此,儘管收益質量很重要,但考慮中國催化劑控股公司目前面臨的風險同樣重要。請注意,中國催化劑控股在我們的投資分析中顯示了兩個警告信號,其中一個不容忽視...

This note has only looked at a single factor that sheds light on the nature of China Catalyst Holding'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中國催化劑控股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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