Camelot Electronics TechnologyLtd's (SZSE:301282) Soft Earnings Don't Show The Whole Picture
Camelot Electronics TechnologyLtd's (SZSE:301282) Soft Earnings Don't Show The Whole Picture
The market was pleased with the recent earnings report from Camelot Electronics Technology Co.,Ltd. (SZSE:301282), despite the profit numbers being soft. However, we think the company is showing some signs that things are more promising than they seem.
市场对卡米洛特电子科技公司最近的收益报告感到满意。,有限公司(深圳证券交易所代码:301282),尽管利润数字疲软。但是,我们认为该公司显示出一些迹象,表明情况比看起来更有希望。
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Examining Cashflow Against Camelot Electronics TechnologyLtd's Earnings
根据卡米洛特电子科技有限公司的收益研究现金流
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.
正如金融迷已经知道的那样,现金流的应计比率是评估公司自由现金流(FCF)与利润匹配程度的关键指标。简而言之,该比率从净利润中减去FCF,然后将该数字除以该时期公司的平均运营资产。该比率向我们显示了公司的利润超过其FCF的程度。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,负应计比率对公司来说是正数,而正应计比率是负数。虽然应计比率高于零并不令人担忧,但我们确实认为,当公司的应计比率相对较高时,值得注意。这是因为一些学术研究表明,高应计率往往会导致利润下降或利润增长减弱。
For the year to December 2023, Camelot Electronics TechnologyLtd had an accrual ratio of 0.20. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, which is hardly a good thing. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥190m despite its profit of CN¥42.4m, mentioned above. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥190m, this year, indicates high risk. 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.
在截至2023年12月的一年中,卡米洛特电子科技有限公司的应计比率为0.20。因此,我们知道它的自由现金流大大低于其法定利润,这并不是一件好事。在过去的十二个月里,它实际上有 负面的 自由现金流,尽管利润为4240万元人民币,但流出量仍为1.9亿元人民币,如上所述。在去年自由现金流为负的背景下,我们想象一些股东可能会怀疑其今年1.9亿元人民币的现金消耗是否表明存在高风险。话虽如此,故事还有更多。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Camelot Electronics TechnologyLtd.
注意:我们始终建议投资者检查资产负债表的实力。点击此处查看我们对卡米洛特电子科技有限公司的资产负债表分析
The Impact Of Unusual Items On Profit
不寻常物品对利润的影响
Camelot Electronics TechnologyLtd's profit suffered from unusual items, which reduced profit by CN¥18m in the last twelve months. If this was a non-cash charge, it would have made the accrual ratio better, if cashflow had stayed strong, so it's not great to see in combination with an uninspiring accrual ratio. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect Camelot Electronics TechnologyLtd to produce a higher profit next year, all else being equal.
卡米洛特电子科技有限公司的利润来自不寻常的项目,在过去的十二个月中,利润减少了1800万元人民币。如果这是非现金支出,如果现金流保持强劲,本来可以改善应计比率,因此,再加上平淡无奇的应计比率,就不太好了。看到不寻常的项目使公司利润付出代价从来都不是一件好事,但从好的方面来看,情况可能迟早会好转。我们调查了数千家上市公司,发现不寻常的物品本质上往往是一次性的。而且,毕竟,这正是会计术语的含义。假设这些不寻常的支出不会再次出现,因此,我们预计卡米洛特电子科技有限公司在其他条件相同的情况下,明年将实现更高的利润。
Our Take On Camelot Electronics TechnologyLtd's Profit Performance
我们对卡米洛特电子科技有限公司利润表现的看法
In conclusion, Camelot Electronics TechnologyLtd's accrual ratio suggests that its statutory earnings are not backed by cash flow, even though unusual items weighed on profit. Considering all the aforementioned, we'd venture that Camelot Electronics TechnologyLtd's profit result is a pretty good guide to its true profitability, albeit a bit on the conservative side. If you want to do dive deeper into Camelot Electronics TechnologyLtd, you'd also look into what risks it is currently facing. For example, Camelot Electronics TechnologyLtd has 4 warning signs (and 2 which make us uncomfortable) we think you should know about.
总之,卡米洛特电子科技有限公司的应计比率表明,尽管不寻常的项目打压了利润,但其法定收益没有现金流支持。考虑到上述所有因素,我们认为卡米洛特电子科技有限公司的盈利业绩可以很好地指导其真正的盈利能力,尽管有点保守。如果你想更深入地了解卡米洛特电子科技有限公司,你还需要研究它目前面临的风险。例如,Camelot Electronics TechnologyLtd有4个警告标志(其中2个让我们感到不舒服),我们认为你应该知道。
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.
在本文中,我们研究了许多可能削弱利润数字效用的因素,以此作为业务指南。但是,如果你能够将注意力集中在细节上,总会有更多值得发现的地方。例如,许多人认为高股本回报率表明商业经济状况良好,而另一些人则喜欢 “追随资金”,寻找内部人士正在购买的股票。尽管可能需要代表你进行一些研究,但你可能会发现这份免费收集的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单很有用。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。