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Earnings Troubles May Signal Larger Issues for Shenyang Fortune Precision Equipment (SHSE:688409) Shareholders

Earnings Troubles May Signal Larger Issues for Shenyang Fortune Precision Equipment (SHSE:688409) Shareholders

收益問題可能預示着瀋陽富強精密裝備(SHSE: 688409)股東將面臨更大的問題
Simply Wall St ·  05/06 14:50

A lackluster earnings announcement from Shenyang Fortune Precision Equipment Co., Ltd. (SHSE:688409) last week didn't sink the stock price. We think that investors are worried about some weaknesses underlying the earnings.

瀋陽福瑞智精密裝備股份有限公司(SHSE:688409)上週發佈了無聊的收益公告,但股票價格並未下跌。我們認爲投資者擔心一些收益背後的弱點。

earnings-and-revenue-history
SHSE:688409 Earnings and Revenue History May 6th 2024
SHSE:688409的盈利和營收歷史2024年5月6日

A Closer Look At Shenyang Fortune Precision Equipment's Earnings

深圳福瑞智精密裝備盈利情況的近距離觀察

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. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF.

很多投資者沒有聽說過現金流量的應計比率,但它實際上是一個衡量公司利潤在一個給定期間內由自由現金流(FCF)支持的有用指標。爲了獲得應計比率,首先我們需要從一個期間的利潤中減去FCF,然後將該數字除以該期間的平均營運資產。該比率顯示公司利潤超過FCF的多少。

That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".

這意味着負面預提比率是一件好事,因爲它表明公司所獲得的自由現金流比其利潤所示的要多。這並不意味着我們應該擔心正面的預提比率,但值得注意的是,如果預提比率很高的話就要考慮這個問題。引用Lewellen和Resutek在2014年的一篇論文:“預提較高的公司未來的盈利能力較低”。

For the year to March 2024, Shenyang Fortune Precision Equipment had an accrual ratio of 0.54. Statistically speaking, that's a real negative for future earnings. And indeed, during the period the company didn't produce any free cash flow whatsoever. Even though it reported a profit of CN¥189.7m, a look at free cash flow indicates it actually burnt through CN¥1.7b in the last year. We also note that Shenyang Fortune Precision Equipment's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥1.7b.

截至2024年3月,瀋陽福瑞智精密裝備的應計比率爲0.54。從統計學角度來看,這對未來的盈利前景是一個真正的負面影響。而實際上,在這個時期內,該公司根本沒有生產任何自由現金流。儘管它報告了1.897億元的利潤,但查看自由現金流顯示它在過去一年中實際上燒掉了17億元人民幣。我們還注意到,瀋陽福瑞智精密裝備去年的自由現金流實際上也是負數,因此如果股東對其17億元的流出感到煩惱,我們可以理解。

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.

這可能會讓您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基於其估計的未來盈利能力的互動圖表。

Our Take On Shenyang Fortune Precision Equipment's Profit Performance

我們對瀋陽福瑞智精密裝備的利潤表現的看法

As we have made quite clear, we're a bit worried that Shenyang Fortune Precision Equipment didn't back up the last year's profit with free cashflow. As a result, we think it may well be the case that Shenyang Fortune Precision Equipment's underlying earnings power is lower than its statutory profit. But at least holders can take some solace from the 32% per annum growth in EPS for the last three. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. For example, we've found that Shenyang Fortune Precision Equipment has 3 warning signs (1 is concerning!) that deserve your attention before going any further with your analysis.

正如我們已經清楚地表明的那樣,我們有點擔心瀋陽福瑞智精密裝備沒有用自由現金流來支持去年的利潤。因此,我們認爲瀋陽福瑞智精密裝備的潛在盈利能力可能低於其法定利潤。但至少持有者可以從過去三年每股收益增長32%中得到一些慰藉。歸根結底,如果您想正確了解公司,必須考慮超出以上因素的更多因素。因此,如果您想深入了解這支股票,就必須考慮它面臨的任何風險。例如,我們發現瀋陽福瑞智精密裝備有3個警告信號(1個令人擔憂!)值得在分析之前引起您的注意。

Today we've zoomed in on a single data point to better understand the nature of Shenyang Fortune Precision Equipment's profit. 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.

今天,我們聚焦於一個數據點,以更好地了解瀋陽福瑞智精密裝備的盈利性質。但是還有很多其他方法可以了解公司。例如,許多人認爲高ROE是公司良好商業經濟形勢的標誌,而其他人則喜歡“跟隨資金”並尋找內部人員正在購買的股票。因此,您可能希望查看此免費的高ROE公司收集或內部人員正在購買的股票清單合集。

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.

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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

譯文內容由第三人軟體翻譯。


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