北交所投研工具书之四：现金流研究视角下北交所选股框架

Group 1 - The report emphasizes the importance of a cash flow-based selection framework for identifying quality companies on the Beijing Stock Exchange, focusing on operating, investing, and financing cash flows to assess financial health and growth potential [3][6][20] - A total of 64 companies were identified through the operating cash flow perspective, with 14 from the machinery equipment sector and 6 from the basic chemical sector, highlighting the significance of cash conversion ability [14][15][17] - The top two companies based on cash yield ratio were Knight Dairy and Wangcheng Technology, with five-year median ratios of 277.14% and 210.20% respectively, indicating strong cash generation capabilities [15][16] Group 2 - The investment cash flow perspective revealed 25 quality companies, with 10 from the machinery equipment sector, indicating a strong capital efficiency among these firms [23][24][26] - Guangzi International had the highest five-year average of operating cash flow to investment cash flow ratio at 17.05, showcasing its ability to cover investment needs through operational cash generation [24][25] - The financing cash flow perspective identified 71 companies with a median cash flow interest coverage ratio greater than 3, with the machinery equipment sector contributing 12 companies, indicating robust debt servicing capabilities [31][34][35]