Clenergy Technology's (SHSE:603628) Problems Go Beyond Weak Profit
Clenergy Technology's (SHSE:603628) Problems Go Beyond Weak Profit
Investors were disappointed by Clenergy Technology Co., Ltd.'s (SHSE:603628 ) latest earnings release. We did some analysis, and found that there are some reasons to be cautious about the headline numbers.
投资者对Clenergy科技有限公司感到失望。”s (SHSE: 603628) 最新财报发布。我们做了一些分析,发现有一些理由对标题数字持谨慎态度。
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A Closer Look At Clenergy Technology's Earnings
仔细看看Clenergy Technology的收益
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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'.
用于衡量公司将其利润转换为自由现金流(FCF)的情况的一个关键财务比率是应计比率。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”。
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,当公司的应计比率为负时,这实际上被认为是一件好事,但如果其应计比率为正,则是一件坏事。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。引用Lewellen和Resutek在2014年发表的一篇论文,“应计额较高的公司将来的利润往往会降低”。
Over the twelve months to March 2024, Clenergy Technology recorded an accrual ratio of 0.27. 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¥262m despite its profit of CN¥129.4m, mentioned above. It's worth noting that Clenergy Technology generated positive FCF of CN¥100m a year ago, so at least they've done it in the past.
在截至2024年3月的十二个月中,Clenergy Technology的应计比率为0.27。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1.294亿元人民币,但流出2.62亿元人民币,如上所述。值得注意的是,Clenergy Technology一年前创造了1亿元人民币的正FCF,因此至少他们过去曾这样做过。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Clenergy Technology.
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Clenergy Technology的资产负债表分析。
Our Take On Clenergy Technology's Profit Performance
我们对Clenergy Technology的利润表现
Clenergy Technology's accrual ratio for the last twelve months signifies cash conversion is less than ideal, which is a negative when it comes to our view of its earnings. Therefore, it seems possible to us that Clenergy Technology's true underlying earnings power is actually less than its statutory profit. But on the bright side, its earnings per share have grown at an extremely impressive rate over the last three years. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Case in point: We've spotted 2 warning signs for Clenergy Technology you should be mindful of and 1 of them is potentially serious.
Clenergy Technology过去十二个月的应计比率表明现金转换率不理想,就我们对收益的看法而言,这是负数。因此,在我们看来,Clenergy Technology的真正潜在盈利能力实际上可能低于其法定利润。但好的一面是,其每股收益在过去三年中以极其惊人的速度增长。当然,我们只是在分析其收益时才浮出水面;人们还可以考虑利润率、预测增长和投资回报率等因素。请记住,在分析股票时,值得注意所涉及的风险。一个很好的例子:我们发现了两个你应该注意的Clenergy Technology警告信号,其中一个可能很严重。
This note has only looked at a single factor that sheds light on the nature of Clenergy Technology'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.
这份报告只研究了揭示Clenergy Technology利润性质的单一因素。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。
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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.
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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。