We Think CBAK Energy Technology's (NASDAQ:CBAT) Robust Earnings Are Conservative
We Think CBAK Energy Technology's (NASDAQ:CBAT) Robust Earnings Are Conservative
CBAK Energy Technology, Inc.'s (NASDAQ:CBAT) earnings announcement last week was disappointing for investors, despite the decent profit numbers. We did some digging and actually think they are being unnecessarily pessimistic.
cBak 能源科技有限公司's(纳斯达克股票代码:CBAT)上周公布的财报令投资者失望,尽管利润数字不错。我们进行了一些挖掘,实际上认为他们过于悲观。
A Closer Look At CBAK Energy Technology's Earnings
仔细看看 cBak 能源科技的收益
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
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。为了获得应计比率,我们首先从一段时期的利润中减去FCF,然后将该数字除以该期间的平均运营资产。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 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,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,“应计额较高的公司未来的利润往往会降低”。
CBAK Energy Technology has an accrual ratio of -0.19 for the year to September 2024. Therefore, its statutory earnings were very significantly less than its free cashflow. Indeed, in the last twelve months it reported free cash flow of US$38m, well over the US$11.5m it reported in profit. Given that CBAK Energy Technology had negative free cash flow in the prior corresponding period, the trailing twelve month resul of US$38m would seem to be a step in the right direction. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
截至2024年9月的一年中,cBak能源科技的应计比率为-0.19。因此,其法定收入大大低于其自由现金流。事实上,在过去的十二个月中,它报告的自由现金流为3,800万美元,远远超过其报告的利润1150万美元。鉴于CBak Energy Technology在前一同期的自由现金流为负,过去十二个月的3800万美元业绩似乎是朝着正确方向迈出的一步。但是,这还不是要考虑的全部。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。
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,您可以点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。
How Do Unusual Items Influence Profit?
不寻常的物品如何影响利润?
CBAK Energy Technology's profit was reduced by unusual items worth US$9.4m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. CBAK Energy Technology took a rather significant hit from unusual items in the year to September 2024. All else being equal, this would likely have the effect of making the statutory profit look worse than its underlying earnings power.
在过去的十二个月中,CBak Energy Technology的利润因价值940万美元的不寻常项目而减少,这有助于其实现高现金转化率,其不寻常的项目就反映了这一点。这就是你所期望看到的公司的非现金费用会减少纸面利润的情况。看到不寻常的项目使公司利润付出代价从来都不是一件好事,但从好的方面来看,情况可能迟早会好转。我们调查了数千家上市公司,发现不寻常的物品本质上往往是一次性的。鉴于这些单列项目被认为不寻常,这并不奇怪。在截至2024年9月的一年中,CBak能源科技因不寻常的项目而遭受了相当大的打击。在其他条件相同的情况下,这可能会使法定利润看起来比其基本盈利能力差。
Our Take On CBAK Energy Technology's Profit Performance
我们对cBak能源科技盈利表现的看法
Considering both CBAK Energy Technology's accrual ratio and its unusual items, we think its statutory earnings are unlikely to exaggerate the company's underlying earnings power. Based on these factors, we think CBAK Energy Technology's underlying earnings potential is as good as, or probably even better, than the statutory profit makes it seem! So while earnings quality is important, it's equally important to consider the risks facing CBAK Energy Technology at this point in time. Case in point: We've spotted 2 warning signs for CBAK Energy Technology you should be aware of.
考虑到cBak Energy Technology的应计比率及其不寻常的项目,我们认为其法定收益不太可能夸大公司的基础盈利能力。基于这些因素,我们认为CBak Energy Technology的潜在盈利潜力与法定利润看上去一样好,甚至可能更好!因此,尽管收益质量很重要,但考虑CBak Energy Technology目前面临的风险同样重要。一个很好的例子:我们已经发现了两个你应该注意的CBak能源科技警告信号。
After our examination into the nature of CBAK Energy Technology's profit, we've come away optimistic for the company. But there are plenty of other ways to inform your opinion of a company. 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.
在我们研究了CBak Energy Technology的利润性质之后,我们对该公司持乐观态度。但是,还有很多其他方法可以让你对公司的看法。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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