<p><strong>大氣化學有限公司</strong>（TSE:1979）最近的疲軟財報並未引起股價大幅波動。我們的分析表明，除了利潤數字疲軟外，投資者還應關注一些其他潛在的弱點。</p>
<p>我們發現了關於大氣化學的 <strong>2 個警示信號</strong>。免費查看。</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 財報和收入歷史 2025 年 5 月 23 日</p>
<h2>深入分析大氣化學的盈利情況</h2>
<p>一個用於衡量公司將利潤轉化為自由現金流（FCF）能力的關鍵財務比率是 <strong>應計比率</strong>。要計算應計比率，我們首先從某一期間的利潤中減去 FCF，然後將該數字除以該期間的平均運營資產。該比率顯示了公司利潤超過其 FCF 的程度。</p>
<p>因此，負的應計比率對公司來説是積極的，而正的應計比率則是消極的。這並不意味着我們應該擔心正的應計比率，但值得注意的是應計比率相對較高。值得注意的是，有一些學術證據表明，高應計比率通常是短期利潤的壞兆頭。</p>
<p>大氣化學在截至 2025 年 3 月的年度應計比率為 0.34。因此，我們可以推斷其自由現金流遠未覆蓋法定利潤，這表明我們在重視後者時可能需要三思而後行。儘管報告了 110 億日元的利潤，但自由現金流顯示其在過去一年實際上消耗了 250 億日元。值得注意的是，大氣化學在一年前產生了 170 億日元的正自由現金流，因此至少他們在過去做到了這一點。對大氣化學的股東來説，一個積極的因素是其去年的應計比率顯著更好，這為未來可能恢復更強的現金轉化提供了理由。因此，一些股東可能在尋求當前年度更強的現金轉化。</p>
<p>這可能讓你想知道分析師對未來盈利能力的預測。幸運的是，你可以點擊這裏查看基於他們估計的未來盈利能力的互動圖表。</p>
<h2>我們對大氣化學盈利表現的看法</h2>
<p>正如我們上面討論的，我們認為大氣化學的盈利並未得到自由現金流的支持，這可能讓一些投資者感到擔憂。因此，我們認為大氣化學的法定利潤可能是其潛在盈利能力的糟糕指引，並可能給投資者帶來過於樂觀的公司印象。但好消息是，其過去三年的每股收益增長非常令人印象深刻。當然，我們在分析其盈利時僅僅觸及了表面；還可以考慮利潤率、預測增長和投資回報等其他因素。因此，雖然盈利質量很重要，但同樣重要的是考慮大氣化學目前面臨的風險。當我們進行研究時，我們發現了 <strong>2 個大氣化學的警示信號</strong>（其中 1 個可能是嚴重的！），我們認為值得你充分關注。</p>
<p>這篇文章僅關注了一個因素，揭示了大氣化學利潤的性質。但還有許多其他方式可以幫助你形成對公司的看法。例如，許多人認為高股本回報率是良好商業經濟的標誌，而其他人則喜歡 “追蹤資金”，尋找內部人士正在購買的股票。因此，你可能希望查看這份 <strong>免費</strong> 的高股本回報率公司集合，或這份內部持股比例高的股票列表。</p>
<p>如果你打算交易大氣化學，請在專業人士信任的最低成本平台上開設賬户，Interactive Brokers。</p>
<p>IBKR 在 200 多個國家和地區擁有客户，並可訪問 160 個市場，讓你可以通過一個集成賬户交易股票、期權、期貨、外匯、債券和基金。</p>
<p>享受無隱藏費用、無賬户最低限額，以及低至 0.03% 的外匯轉換率，遠優於大多數經紀商提供的服務。</p>
<p>贊助內容</p>

1979

<p>太奇株式會社（TSE:1979）報告了疲弱的收益，引發了對其財務健康狀況的擔憂。儘管報告的利潤為 110 億日元，但公司經歷了 250 億日元的負自由現金流，表明利潤可持續性可能存在問題。應計比率為 0.34，暗示利潤可能無法反映真實的盈利能力。儘管過去三年的每股收益增長強勁，但投資者應考慮兩個警示信號。分析師的預測和其他財務指標對於評估未來的盈利能力至關重要</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>大氣化學有限公司</strong>（TSE:1979）最近的疲軟財報並未引起股價大幅波動。我們的分析表明，除了利潤數字疲軟外，投資者還應關注一些其他潛在的弱點。</p>
</div><p>We've discovered <strong>2 warning signs</strong> about Taikisha. View them for free.</p>
<div class="lb-trans"><p>我們發現了關於大氣化學的 <strong>2 個警示信號</strong>。免費查看。</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 財報和收入歷史 2025 年 5 月 23 日</p>
</div><h2>A Closer Look At Taikisha's Earnings</h2>
<div class="lb-trans"><h2>深入分析大氣化學的盈利情況</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>一個用於衡量公司將利潤轉化為自由現金流（FCF）能力的關鍵財務比率是 <strong>應計比率</strong>。要計算應計比率，我們首先從某一期間的利潤中減去 FCF，然後將該數字除以該期間的平均運營資產。該比率顯示了公司利潤超過其 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，負的應計比率對公司來説是積極的，而正的應計比率則是消極的。這並不意味着我們應該擔心正的應計比率，但值得注意的是應計比率相對較高。值得注意的是，有一些學術證據表明，高應計比率通常是短期利潤的壞兆頭。</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>大氣化學在截至 2025 年 3 月的年度應計比率為 0.34。因此，我們可以推斷其自由現金流遠未覆蓋法定利潤，這表明我們在重視後者時可能需要三思而後行。儘管報告了 110 億日元的利潤，但自由現金流顯示其在過去一年實際上消耗了 250 億日元。值得注意的是，大氣化學在一年前產生了 170 億日元的正自由現金流，因此至少他們在過去做到了這一點。對大氣化學的股東來説，一個積極的因素是其去年的應計比率顯著更好，這為未來可能恢復更強的現金轉化提供了理由。因此，一些股東可能在尋求當前年度更強的現金轉化。</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>這可能讓你想知道分析師對未來盈利能力的預測。幸運的是，你可以點擊這裏查看基於他們估計的未來盈利能力的互動圖表。</p>
</div><h2>Our Take On Taikisha's Profit Performance</h2>
<div class="lb-trans"><h2>我們對大氣化學盈利表現的看法</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>正如我們上面討論的，我們認為大氣化學的盈利並未得到自由現金流的支持，這可能讓一些投資者感到擔憂。因此，我們認為大氣化學的法定利潤可能是其潛在盈利能力的糟糕指引，並可能給投資者帶來過於樂觀的公司印象。但好消息是，其過去三年的每股收益增長非常令人印象深刻。當然，我們在分析其盈利時僅僅觸及了表面；還可以考慮利潤率、預測增長和投資回報等其他因素。因此，雖然盈利質量很重要，但同樣重要的是考慮大氣化學目前面臨的風險。當我們進行研究時，我們發現了 <strong>2 個大氣化學的警示信號</strong>（其中 1 個可能是嚴重的！），我們認為值得你充分關注。</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>這篇文章僅關注了一個因素，揭示了大氣化學利潤的性質。但還有許多其他方式可以幫助你形成對公司的看法。例如，許多人認為高股本回報率是良好商業經濟的標誌，而其他人則喜歡 “追蹤資金”，尋找內部人士正在購買的股票。因此，你可能希望查看這份 <strong>免費</strong> 的高股本回報率公司集合，或這份內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>如果你打算交易大氣化學，請在專業人士信任的最低成本平台上開設賬户，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 多個國家和地區擁有客户，並可訪問 160 個市場，讓你可以通過一個集成賬户交易股票、期權、期貨、外匯、債券和基金。</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>享受無隱藏費用、無賬户最低限額，以及低至 0.03% 的外匯轉換率，遠優於大多數經紀商提供的服務。</p>
</div><p>Sponsored Content</p>
<div class="lb-trans"><p>贊助內容</p>
</div>

大氣社（TSE:1979）的疲軟收益可能比你想象的還要糟糕