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Shareholders Can Be Confident That Shandong Huifa FoodstuffLtd's (SHSE:603536) Earnings Are High Quality

Shareholders Can Be Confident That Shandong Huifa FoodstuffLtd's (SHSE:603536) Earnings Are High Quality

股東們可以確信山東匯發食品有限公司(SHSE: 603536)的收益是高質量的
Simply Wall St ·  05/03 06:50

The subdued stock price reaction suggests that Shandong Huifa Foodstuff Co.,Ltd.'s (SHSE:603536) strong earnings didn't offer any surprises. Our analysis suggests that investors might be missing some promising details.

疲軟的股價反應表明,山東匯發食品有限公司, Ltd. 's(上海證券交易所代碼:603536)的強勁收益並不令人意外。我們的分析表明,投資者可能遺漏了一些令人鼓舞的細節。

earnings-and-revenue-history
SHSE:603536 Earnings and Revenue History May 2nd 2024
SHSE: 603536 收益和收入歷史記錄 2024 年 5 月 2 日

Examining Cashflow Against Shandong Huifa FoodstuffLtd's Earnings

根據山東匯發食品有限公司的收益檢查現金流

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. The ratio shows us how much a company's profit exceeds its FCF.

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。該比率向我們顯示了公司的利潤超過其FCF的程度。

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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".

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,但如果其應計比率爲正,則是一件壞事。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”。

Shandong Huifa FoodstuffLtd has an accrual ratio of -0.16 for the year to March 2024. That indicates that its free cash flow quite significantly exceeded its statutory profit. To wit, it produced free cash flow of CN¥147m during the period, dwarfing its reported profit of CN¥20.0m. Notably, Shandong Huifa FoodstuffLtd had negative free cash flow last year, so the CN¥147m it produced this year was a welcome improvement. 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.

截至2024年3月的一年中,山東匯發食品有限公司的應計比率爲-0.16。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1.47億元人民幣的自由現金流,使其報告的2,000萬元利潤相形見絀。值得注意的是,山東匯發食品有限公司去年的自由現金流爲負,因此其今年的1.47億元人民幣是一個可喜的改善。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。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shandong Huifa FoodstuffLtd.

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山東匯發食品有限公司的資產負債表分析

How Do Unusual Items Influence Profit?

不尋常的物品如何影響利潤?

While the accrual ratio might bode well, we also note that Shandong Huifa FoodstuffLtd's profit was boosted by unusual items worth CN¥9.6m in the last twelve months. 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).

儘管應計比率可能是個好兆頭,但我們還注意到,在過去的十二個月中,價值960萬元人民幣的不尋常物品提振了山東匯發食品有限公司的利潤。雖然我們希望看到利潤增加,但當不尋常的物品做出重大貢獻時,我們往往會更加謹慎一些。我們統計了全球大多數上市公司的數字,不尋常的物品在自然界中很常見。考慮到這個名字,這並不奇怪。假設這些不尋常的項目在本年度不會再次出現,因此我們預計明年的利潤將疲軟(也就是說,在業務沒有增長的情況下)。

Our Take On Shandong Huifa FoodstuffLtd's Profit Performance

我們對山東匯發食品有限公司盈利表現的看法

In conclusion, Shandong Huifa FoodstuffLtd's accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Considering the aforementioned, we think that Shandong Huifa FoodstuffLtd's profits are probably a reasonable reflection of its underlying profitability; although we'd be confident in that conclusion if we saw a cleaner set of results. If you want to do dive deeper into Shandong Huifa FoodstuffLtd, you'd also look into what risks it is currently facing. For example, Shandong Huifa FoodstuffLtd has 2 warning signs (and 1 which is concerning) we think you should know about.

總之,山東匯發食品有限公司的應計比率表明其法定收益質量良好,但另一方面,利潤是由不尋常的項目提振的。考慮到上述情況,我們認爲山東匯發食品有限公司的利潤可能合理地反映了其潛在的盈利能力;儘管如果我們看到更清晰的業績,我們會對這一結論充滿信心。如果你想更深入地了解山東匯發食品有限公司,你還需要研究它目前面臨的風險。例如,山東匯發食品有限公司有兩個警告標誌(其中一個令人擔憂),我們認爲你應該知道。

Our examination of Shandong Huifa FoodstuffLtd has focussed on certain factors that can make its earnings look better than they are. 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. 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.

我們對山東匯發食品有限公司的審查側重於某些可能使其收益看起來好於實際的因素。但是,還有很多其他方法可以讓你對公司的看法。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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