<p><strong>大气化学有限公司</strong>（TSE:1979）最近的疲软财报并未引起股价大幅波动。我们的分析表明，除了利润数字疲软外，投资者还应关注一些其他潜在的弱点。</p>
<p>我们发现了关于大气化学的 <strong>2 个警示信号</strong>。免费查看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/880167-earnings-and-revenue-history-1-dark/1748044345446?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/880167-earnings-and-revenue-history-1-dark/1748044345446"/></p>
<p>TSE:1979 财报和收入历史 2025 年 5 月 23 日</p>
<h2>深入分析大气化学的盈利情况</h2>
<p>一个用于衡量公司将利润转化为自由现金流（FCF）能力的关键财务比率是 <strong>应计比率</strong>。要计算应计比率，我们首先从某一期间的利润中减去 FCF，然后将该数字除以该期间的平均运营资产。该比率显示了公司利润超过其 FCF 的程度。</p>
<p>因此，负的应计比率对公司来说是积极的，而正的应计比率则是消极的。这并不意味着我们应该担心正的应计比率，但值得注意的是应计比率相对较高。值得注意的是，有一些学术证据表明，高应计比率通常是短期利润的坏兆头。</p>
<p>大气化学在截至 2025 年 3 月的年度应计比率为 0.34。因此，我们可以推断其自由现金流远未覆盖法定利润，这表明我们在重视后者时可能需要三思而后行。尽管报告了 110 亿日元的利润，但自由现金流显示其在过去一年实际上消耗了 250 亿日元。值得注意的是，大气化学在一年前产生了 170 亿日元的正自由现金流，因此至少他们在过去做到了这一点。对大气化学的股东来说，一个积极的因素是其去年的应计比率显著更好，这为未来可能恢复更强的现金转化提供了理由。因此，一些股东可能在寻求当前年度更强的现金转化。</p>
<p>这可能让你想知道分析师对未来盈利能力的预测。幸运的是，你可以点击这里查看基于他们估计的未来盈利能力的互动图表。</p>
<h2>我们对大气化学盈利表现的看法</h2>
<p>正如我们上面讨论的，我们认为大气化学的盈利并未得到自由现金流的支持，这可能让一些投资者感到担忧。因此，我们认为大气化学的法定利润可能是其潜在盈利能力的糟糕指引，并可能给投资者带来过于乐观的公司印象。但好消息是，其过去三年的每股收益增长非常令人印象深刻。当然，我们在分析其盈利时仅仅触及了表面；还可以考虑利润率、预测增长和投资回报等其他因素。因此，虽然盈利质量很重要，但同样重要的是考虑大气化学目前面临的风险。当我们进行研究时，我们发现了 <strong>2 个大气化学的警示信号</strong>（其中 1 个可能是严重的！），我们认为值得你充分关注。</p>
<p>这篇文章仅关注了一个因素，揭示了大气化学利润的性质。但还有许多其他方式可以帮助你形成对公司的看法。例如，许多人认为高股本回报率是良好商业经济的标志，而其他人则喜欢 “追踪资金”，寻找内部人士正在购买的股票。因此，你可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份内部持股比例高的股票列表。</p>
<p>如果你打算交易大气化学，请在专业人士信任的最低成本平台上开设账户，Interactive Brokers。</p>
<p>IBKR 在 200 多个国家和地区拥有客户，并可访问 160 个市场，让你可以通过一个集成账户交易股票、期权、期货、外汇、债券和基金。</p>
<p>享受无隐藏费用、无账户最低限额，以及低至 0.03% 的外汇转换率，远优于大多数经纪商提供的服务。</p>
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1979

<p>太奇株式会社（TSE:1979）报告了疲弱的收益，引发了对其财务健康状况的担忧。尽管报告的利润为 110 亿日元，但公司经历了 250 亿日元的负自由现金流，表明利润可持续性可能存在问题。应计比率为 0.34，暗示利润可能无法反映真实的盈利能力。尽管过去三年的每股收益增长强劲，但投资者应考虑两个警示信号。分析师的预测和其他财务指标对于评估未来的盈利能力至关重要</p>

<p><strong>Taikisha Ltd.'s</strong> (TSE:1979) recent weak earnings report didn't cause a big stock movement. Our analysis suggests that along with soft profit numbers, investors should be aware of some other underlying weaknesses in the numbers.</p>
<div class="lb-trans"><p><strong>大气化学有限公司</strong>（TSE:1979）最近的疲软财报并未引起股价大幅波动。我们的分析表明，除了利润数字疲软外，投资者还应关注一些其他潜在的弱点。</p>
</div><p>We've discovered <strong>2 warning signs</strong> about Taikisha. View them for free.</p>
<div class="lb-trans"><p>我们发现了关于大气化学的 <strong>2 个警示信号</strong>。免费查看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/880167-earnings-and-revenue-history-1-dark/1748044345446" alt="" original-src="https://images.simplywall.st/asset/chart/880167-earnings-and-revenue-history-1-dark/1748044345446"/></p>
<p>TSE:1979 Earnings and Revenue History May 23rd 2025</p>
<div class="lb-trans"><p>TSE:1979 财报和收入历史 2025 年 5 月 23 日</p>
</div><h2>A Closer Look At Taikisha's Earnings</h2>
<div class="lb-trans"><h2>深入分析大气化学的盈利情况</h2>
</div><p>One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the <strong>accrual ratio</strong>. 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.</p>
<div class="lb-trans"><p>一个用于衡量公司将利润转化为自由现金流（FCF）能力的关键财务比率是 <strong>应计比率</strong>。要计算应计比率，我们首先从某一期间的利润中减去 FCF，然后将该数字除以该期间的平均运营资产。该比率显示了公司利润超过其 FCF 的程度。</p>
</div><p>As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.</p>
<div class="lb-trans"><p>因此，负的应计比率对公司来说是积极的，而正的应计比率则是消极的。这并不意味着我们应该担心正的应计比率，但值得注意的是应计比率相对较高。值得注意的是，有一些学术证据表明，高应计比率通常是短期利润的坏兆头。</p>
</div><p>Taikisha has an accrual ratio of 0.34 for the year to March 2025. 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. Even though it reported a profit of JP¥11.0b, a look at free cash flow indicates it actually burnt through JP¥25b in the last year. It's worth noting that Taikisha generated positive FCF of JP¥17b a year ago, so at least they've done it in the past. One positive for Taikisha shareholders is that it's accrual ratio was significantly better last year, providing reason to believe that it may return to stronger cash conversion in the future. As a result, some shareholders may be looking for stronger cash conversion in the current year.</p>
<div class="lb-trans"><p>大气化学在截至 2025 年 3 月的年度应计比率为 0.34。因此，我们可以推断其自由现金流远未覆盖法定利润，这表明我们在重视后者时可能需要三思而后行。尽管报告了 110 亿日元的利润，但自由现金流显示其在过去一年实际上消耗了 250 亿日元。值得注意的是，大气化学在一年前产生了 170 亿日元的正自由现金流，因此至少他们在过去做到了这一点。对大气化学的股东来说，一个积极的因素是其去年的应计比率显著更好，这为未来可能恢复更强的现金转化提供了理由。因此，一些股东可能在寻求当前年度更强的现金转化。</p>
</div><p>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.</p>
<div class="lb-trans"><p>这可能让你想知道分析师对未来盈利能力的预测。幸运的是，你可以点击这里查看基于他们估计的未来盈利能力的互动图表。</p>
</div><h2>Our Take On Taikisha's Profit Performance</h2>
<div class="lb-trans"><h2>我们对大气化学盈利表现的看法</h2>
</div><p>As we discussed above, we think Taikisha's earnings were not supported by free cash flow, which might concern some investors. For this reason, we think that Taikisha's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. But the good news is that its EPS growth over the last three years has been very impressive. 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 Taikisha at this point in time. When we did our research, we found <strong>2 warning signs for Taikisha</strong> (1 is potentially serious!) that we believe deserve your full attention.</p>
<div class="lb-trans"><p>正如我们上面讨论的，我们认为大气化学的盈利并未得到自由现金流的支持，这可能让一些投资者感到担忧。因此，我们认为大气化学的法定利润可能是其潜在盈利能力的糟糕指引，并可能给投资者带来过于乐观的公司印象。但好消息是，其过去三年的每股收益增长非常令人印象深刻。当然，我们在分析其盈利时仅仅触及了表面；还可以考虑利润率、预测增长和投资回报等其他因素。因此，虽然盈利质量很重要，但同样重要的是考虑大气化学目前面临的风险。当我们进行研究时，我们发现了 <strong>2 个大气化学的警示信号</strong>（其中 1 个可能是严重的！），我们认为值得你充分关注。</p>
</div><p>This note has only looked at a single factor that sheds light on the nature of Taikisha'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 <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with high insider ownership.</p>
<div class="lb-trans"><p>这篇文章仅关注了一个因素，揭示了大气化学利润的性质。但还有许多其他方式可以帮助你形成对公司的看法。例如，许多人认为高股本回报率是良好商业经济的标志，而其他人则喜欢 “追踪资金”，寻找内部人士正在购买的股票。因此，你可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份内部持股比例高的股票列表。</p>
</div><p>If you're looking to trade Taikisha, open an account with the lowest-cost platform trusted by professionals, Interactive Brokers.</p>
<div class="lb-trans"><p>如果你打算交易大气化学，请在专业人士信任的最低成本平台上开设账户，Interactive Brokers。</p>
</div><p>With clients in over 200 countries and territories, and access to 160 markets, IBKR lets you trade stocks, options, futures, forex, bonds and funds from a single integrated account.</p>
<div class="lb-trans"><p>IBKR 在 200 多个国家和地区拥有客户，并可访问 160 个市场，让你可以通过一个集成账户交易股票、期权、期货、外汇、债券和基金。</p>
</div><p>Enjoy no hidden fees, no account minimums, and FX conversion rates as low as 0.03%, far better than what most brokers offer.</p>
<div class="lb-trans"><p>享受无隐藏费用、无账户最低限额，以及低至 0.03% 的外汇转换率，远优于大多数经纪商提供的服务。</p>
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大气社（TSE:1979）的疲软收益可能比你想象的还要糟糕