Concerns Surrounding Nanjing CIGU TechnologyLTD's (SHSE:688448) Performance
Concerns Surrounding Nanjing CIGU TechnologyLTD's (SHSE:688448) Performance
Following the solid earnings report from Nanjing CIGU Technology Corp.,LTD. (SHSE:688448), the market responded by bidding up the stock price. However, we think that shareholders should be cautious as we found some worrying factors underlying the profit.
继南京磁谷科技股份有限公司发布稳健的收益报告之后(上海证券交易所股票代码:688448),市场的回应是提高了股价。但是,我们认为股东应谨慎行事,因为我们发现了利润背后的一些令人担忧的因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240429/0-d9def4ab3909089d50dda4b8e728915d-0-f886f9cc612cbb6f186c2b7100437d24.png/big)
Zooming In On Nanjing CIGU TechnologyLTD's Earnings
放大南京磁谷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. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
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。应计比率从给定时期的利润中减去FCF,然后将结果除以该时间内公司的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
这意味着负应计比率是一件好事,因为它表明该公司带来的自由现金流比其利润所暗示的要多。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。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 March 2024, Nanjing CIGU TechnologyLTD had an accrual ratio of 0.22. Unfortunately, that means its free cash flow fell significantly short of its reported profits. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥46m despite its profit of CN¥50.0m, mentioned above. We also note that Nanjing CIGU 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¥46m.
在截至2024年3月的一年中,南京磁谷科技有限公司的应计比率为0.22。不幸的是,这意味着其自由现金流远低于其报告的利润。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5000万元人民币,但流出量为4600万元人民币,如上所述。我们还注意到,南京磁谷科技有限公司去年的自由现金流实际上也为负数,因此我们可以理解股东是否被其4600万元人民币的流出所困扰。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Nanjing CIGU 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南京磁谷科技有限公司的资产负债表分析。
Our Take On Nanjing CIGU TechnologyLTD's Profit Performance
我们对南京磁谷科技有限公司盈利表现的看法
Nanjing CIGU TechnologyLTD didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Therefore, it seems possible to us that Nanjing CIGU TechnologyLTD's true underlying earnings power is actually less than its statutory profit. Sadly, its EPS was down over the last twelve months. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Every company has risks, and we've spotted 2 warning signs for Nanjing CIGU TechnologyLTD (of which 1 can't be ignored!) you should know about.
去年,南京磁谷科技有限公司没有将其大部分利润转化为自由现金流,一些投资者可能认为这种情况相当不理想。因此,在我们看来,南京磁谷科技有限公司的真正基础盈利能力实际上可能低于其法定利润。不幸的是,在过去的十二个月中,其每股收益有所下降。归根结底,如果你想正确地了解公司,必须考虑的不仅仅是上述因素。请记住,在分析股票时,值得注意所涉及的风险。每家公司都有风险,我们已经发现了南京磁谷科技有限公司的两个警告信号(其中一个不容忽视!)你应该知道。
Today we've zoomed in on a single data point to better understand the nature of Nanjing CIGU TechnologyLTD'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. 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.
今天,我们放大了单个数据点,以更好地了解南京磁谷科技有限公司利润的性质。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。