NCS Testing Technology's (SZSE:300797) Shareholders May Want To Dig Deeper Than Statutory Profit
NCS Testing Technology's (SZSE:300797) Shareholders May Want To Dig Deeper Than Statutory Profit
NCS Testing Technology Co., Ltd.'s (SZSE:300797) healthy profit numbers didn't contain any surprises for investors. We think this is due to investors looking beyond the statutory profits and being concerned with what they see.
NCS 测试技术有限公司's(深圳证券交易所代码:300797)健康的利润数字并没有让投资者感到意外。我们认为这是由于投资者将目光投向了法定利润之外并关注他们所看到的情况。
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Zooming In On NCS Testing Technology's Earnings
放大 NCS 测试技术的收益
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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.
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。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。
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 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. 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。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”。
For the year to June 2024, NCS Testing Technology had an accrual ratio of 0.21. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Even though it reported a profit of CN¥130.8m, a look at free cash flow indicates it actually burnt through CN¥54m in the last year. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥54m, this year, indicates high risk. 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.
在截至2024年6月的一年中,NCS测试技术的应计比率为0.21。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。尽管该公司报告的利润为13080万元人民币,但看一下自由现金流就会发现,去年它实际上消耗了5400万加元人民币。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5400万元人民币的现金消耗是否表明存在高风险。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 NCS Testing 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NCS测试技术的资产负债表分析。
The Impact Of Unusual Items On Profit
不寻常物品对利润的影响
Given the accrual ratio, it's not overly surprising that NCS Testing Technology's profit was boosted by unusual items worth CN¥25m in the last twelve months. 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. NCS Testing Technology had a rather significant contribution from unusual items relative to its profit to June 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
考虑到应计比率,在过去十二个月中,价值2500万元人民币的不寻常物品提振了NCS测试技术的利润也就不足为奇了。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。相对于其截至2024年6月的利润,NCS测试技术公司的不寻常项目做出了相当大的贡献。在其他条件相同的情况下,这可能会使法定利润成为衡量潜在盈利能力的不良指导。
Our Take On NCS Testing Technology's Profit Performance
我们对NCS测试技术的利润表现的看法
Summing up, NCS Testing Technology received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. Considering all this we'd argue NCS Testing Technology's profits probably give an overly generous impression of its sustainable level of profitability. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Our analysis shows 2 warning signs for NCS Testing Technology (1 doesn't sit too well with us!) and we strongly recommend you look at these bad boys before investing.
总而言之,NCS Testing Technology从不寻常的项目中获得了不错的利润提振,但其纸面利润无法与自由现金流相提并论。考虑到所有这些,我们认为NCS Testing Technology的利润可能给人一种对其可持续盈利水平的过于慷慨的印象。请记住,在分析股票时,值得注意所涉及的风险。我们的分析显示 NCS 测试技术有 2 个警告信号(1 个对我们来说不太合适!)我们强烈建议你在投资之前先看看这些坏孩子。
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 is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
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,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。有些人认为高股本回报率是优质业务的好兆头。因此,你可能希望看到这份拥有高股本回报率的公司的免费集合,或者这份内部所有权高的股票清单。
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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。