We Think That There Are Issues Underlying BlueSword Intelligent TechnologyLtd's (SHSE:688557) Earnings
We Think That There Are Issues Underlying BlueSword Intelligent TechnologyLtd's (SHSE:688557) Earnings
Despite announcing strong earnings, BlueSword Intelligent Technology Co.,Ltd.'s (SHSE:688557) stock was sluggish. We think that the market might be paying attention to some underlying factors that they find to be concerning.
尽管公布了强劲的收益,但BlueSword智能科技股份有限公司, Ltd. 's (SHSE: 688557) 股价低迷。我们认为,市场可能会关注一些他们认为令人担忧的潜在因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240410/0-5dc8c99fae5a715233b5564792538412-0-ba8748c5d7861ea8c9a42588562d21ca.png/big)
Zooming In On BlueSword Intelligent TechnologyLtd's Earnings
放大BlueSword智能科技有限公司的收益
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. 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
正如财务爱好者已经知道的那样,现金流的应计比率是评估公司自由现金流(FCF)与其利润相匹配程度的关键指标。为了获得应计比率,我们首先从一段时间内的利润中减去FCF,然后将该数字除以该期间的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
因此,负应计比率对公司来说是正数,而正应计比率是负数。虽然正应计比率表明非现金利润达到一定水平不是问题,但高应计比率可以说是一件坏事,因为它表明纸面利润与现金流不匹配。值得注意的是,有一些学术证据表明,总的来说,高应计率对短期利润来说是个坏兆头。
BlueSword Intelligent TechnologyLtd has an accrual ratio of 0.26 for the year to December 2023. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of CN¥87m, in contrast to the aforementioned profit of CN¥110.4m. We also note that BlueSword Intelligent TechnologyLtd's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥87m. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
截至2023年12月的一年中,BlueSword Intelligent TechnologyLtd的应计比率为0.26。因此,我们可以推断出其自由现金流远不足以支付其法定利润。在过去的一年里,它实际上有 负面的 自由现金流为8700万元人民币,而上述利润为1.104亿元人民币。我们还注意到,BlueSword Intelligent TechnologyLtd去年的自由现金流实际上也是负数,因此我们可以理解股东是否被其8700万元人民币的流出所困扰。但是,这还不是要考虑的全部。应计比率至少部分反映了不寻常项目对法定利润的影响。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of BlueSword Intelligent 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BlueSword Intelligent TechnologyLtd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
The fact that the company had unusual items boosting profit by CN¥15m, in the last year, probably goes some way to explain why its accrual ratio was so weak. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. Which is hardly surprising, given the name. If BlueSword Intelligent TechnologyLtd doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
该公司去年有不寻常的项目将利润提高了1500万元人民币,这一事实可能在某种程度上可以解释其应计比率为何如此疲软。虽然获得更高的利润总是件好事,但来自不寻常物品的巨额捐款有时会抑制我们的热情。当我们分析全球绝大多数上市公司时,我们发现重大不寻常的事项往往不会重演。考虑到这个名字,这并不奇怪。如果BlueSword Intelligent TechnologyLtd认为这一捐款不会重演,那么在其他条件相同的情况下,我们预计其本年度的利润将下降。
Our Take On BlueSword Intelligent TechnologyLtd's Profit Performance
我们对蓝剑智能科技有限公司盈利表现的看法
BlueSword Intelligent TechnologyLtd had a weak accrual ratio, but its profit did receive a boost from unusual items. For the reasons mentioned above, we think that a perfunctory glance at BlueSword Intelligent TechnologyLtd's statutory profits might make it look better than it really is on an underlying level. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Every company has risks, and we've spotted 2 warning signs for BlueSword Intelligent TechnologyLtd (of which 1 can't be ignored!) you should know about.
BlueSword Intelligent TechnologyLtd的应计比率较低,但其利润确实得到了不寻常项目的提振。出于上述原因,我们认为,敷衍地看一眼BlueSword Intelligent TechnologyLtd的法定利润可能会使其看起来比实际水平要好。有鉴于此,如果你想对公司进行更多分析,了解所涉及的风险至关重要。每家公司都有风险,我们发现了 BlueSword Intelligent TechnologyLtd 的 2 个警告信号(其中 1 个不容忽视!)你应该知道。
In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. 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. 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.
在这篇文章中,我们研究了许多可能损害利润数字效用的因素,我们采取了谨慎的态度。但是,还有很多其他方法可以让你对公司的看法。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。虽然可能需要你进行一些研究,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。
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.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。