Rockchip Electronics (SHSE:603893) Is Posting Promising Earnings But The Good News Doesn't Stop There
Rockchip Electronics (SHSE:603893) Is Posting Promising Earnings But The Good News Doesn't Stop There
Rockchip Electronics Co., Ltd. (SHSE:603893) announced a healthy earnings result recently, and the market rewarded it with a strong uplift in the stock price. Looking deeper at the numbers, we found several encouraging factors beyond the headline profit numbers.
瑞芯微电子有限公司(SHSE: 603893)最近公布了健康的收益业绩,市场对其进行了强劲的股价上涨。深入研究这些数字,除了总体利润数字外,我们还发现了几个令人鼓舞的因素。
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Zooming In On Rockchip Electronics' Earnings
放大瑞芯电子的收益
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. This ratio tells us how much of a company's profit is not backed by free cashflow.
许多投资者尚未听说过现金流的应计比率,但它实际上是衡量公司在给定时期内自由现金流(FCF)在多大程度上支持利润的有用指标。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。这个比率告诉我们,一家公司的利润中有多少没有自由现金流的支持。
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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,负的应计比率对公司来说是正数,而正的应计比率是负数。尽管应计比率为正(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,因为它表明纸质利润与现金流不匹配。那是因为一些学术研究表明,高应计比率往往会导致利润下降或利润增长放缓。
Over the twelve months to March 2024, Rockchip Electronics recorded an accrual ratio of -0.24. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. In fact, it had free cash flow of CN¥675m in the last year, which was a lot more than its statutory profit of CN¥220.9m. Notably, Rockchip Electronics had negative free cash flow last year, so the CN¥675m it produced this year was a welcome improvement. However, as we will discuss below, we can see that the company's accrual ratio has been impacted by its tax situation.
在截至2024年3月的十二个月中,瑞芯微电子的应计比率为-0.24。这意味着它的现金转化率非常好,而且其去年的收益实际上大大低估了其自由现金流。实际上,它去年的自由现金流为6.75亿元人民币,远远超过其2.209亿元人民币的法定利润。值得注意的是,瑞芯微电子去年的自由现金流为负,因此其今年的6.75亿元人民币是一个可喜的改善。但是,正如我们将在下面讨论的那样,我们可以看到该公司的应计比率受其税收状况的影响。
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.
这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。
An Unusual Tax Situation
不寻常的税收状况
Moving on from the accrual ratio, we note that Rockchip Electronics profited from a tax benefit which contributed CN¥30m to profit. This is meaningful because companies usually pay tax rather than receive tax benefits. We're sure the company was pleased with its tax benefit. However, the devil in the detail is that these kind of benefits only impact in the year they are booked, and are often one-off in nature. In the likely event the tax benefit is not repeated, we'd expect to see its statutory profit levels drop, at least in the absence of strong growth. So while we think it's great to receive a tax benefit, it does tend to imply an increased risk that the statutory profit overstates the sustainable earnings power of the business.
从应计比率来看,我们注意到瑞芯电子从一项税收优惠中获利,该优惠为利润贡献了3000万元人民币。这是有意义的,因为公司通常纳税而不是获得税收优惠。我们确信该公司对其税收优惠感到满意。但是,细节上的问题在于,此类福利仅在预订当年有影响,而且本质上通常是一次性的。如果税收优惠可能不重演,我们预计其法定利润水平将下降,至少在没有强劲增长的情况下是如此。因此,尽管我们认为获得税收优惠是件好事,但这确实意味着法定利润夸大了企业可持续盈利能力的风险增加。
Our Take On Rockchip Electronics' Profit Performance
我们对瑞芯微电子利润表现的看法
While Rockchip Electronics' accrual ratio stands testament to its strong cashflow, and indicates good quality earnings, the fact that it received a tax benefit suggests that this year's profit may not be a great guide to its sustainable profit run-rate. Based on these factors, we think that Rockchip Electronics' profits are a reasonably conservative guide to its underlying profitability. While it's really important to consider how well a company's statutory earnings represent its true earnings power, it's also worth taking a look at what analysts are forecasting for the future. So feel free to check out our free graph representing analyst forecasts.
尽管瑞芯微电子的应计比率证明了其强劲的现金流,并表明了高质量的收益,但它获得税收优惠的事实表明,今年的利润可能不是其可持续利润运行率的好指导。基于这些因素,我们认为瑞芯电子的利润是衡量其潜在盈利能力的相当保守的指南。尽管考虑公司的法定收益如何代表其真正的盈利能力非常重要,但也值得一看分析师对未来的预测。因此,请随时查看我们代表分析师预测的免费图表。
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 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 free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
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,还有很多其他方法可以告知你对公司的看法。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。因此,你可能希望看到这批拥有高股本回报率的免费公司,或者这份内部人士正在购买的股票清单。
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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。