We Think That There Are Issues Underlying Maxvision Technology's (SZSE:002990) Earnings
We Think That There Are Issues Underlying Maxvision Technology's (SZSE:002990) Earnings
Despite announcing strong earnings, Maxvision Technology Corp.'s (SZSE:002990) stock was sluggish. Our analysis uncovered some concerning factors that we believe the market might be paying attention to.
儘管宣佈了強勁的收益,但盛視科技公司's (SZSE: 002990) 股價低迷。我們的分析發現了一些我們認爲市場可能會關注的令人擔憂的因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240421/0-3f8b027517fb664f146f8b10d96e2540-0-67ac7e989431663f18ee4818c389b192.png/big)
A Closer Look At Maxvision Technology's Earnings
仔細看看盛視科技的收益
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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. The ratio shows us how much a company's profit exceeds its FCF.
用於衡量公司將其利潤轉化爲自由現金流(FCF)的效果的一個關鍵財務比率是應計比率。爲了獲得應計比率,我們首先從一段時間內的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。該比率向我們顯示了公司的利潤超過其FCF的程度。
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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
這意味着負應計比率是一件好事,因爲它表明該公司帶來的自由現金流超出了其利潤所暗示的範圍。儘管應計比率爲正(表明非現金利潤達到一定水平)不是問題,但高應計比率可以說是一件壞事,因爲它表明紙質利潤與現金流不匹配。值得注意的是,有一些學術證據表明,總的來說,高應計比率對短期利潤來說是個壞兆頭。
Over the twelve months to December 2023, Maxvision Technology recorded an accrual ratio of 0.35. Unfortunately, that means its free cash flow was a lot less than its statutory profit, which makes us doubt the utility of profit as a guide. Over the last year it actually had negative free cash flow of CN¥110m, in contrast to the aforementioned profit of CN¥198.2m. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥110m, this year, indicates high risk.
在截至2023年12月的十二個月中,盛視科技的應計比率爲0.35。不幸的是,這意味着其自由現金流遠少於其法定利潤,這使我們懷疑利潤作爲指導的效用。在過去的一年裏,它實際上有 負面的 自由現金流爲1.1億元人民幣,而上述利潤爲1.982億元人民幣。在去年自由現金流爲負的背景下,我們想象一些股東可能會懷疑其今年1.1億元人民幣的現金消耗是否表明存在高風險。
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.
這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。
Our Take On Maxvision Technology's Profit Performance
我們對盛視科技盈利表現的看法
As we have made quite clear, we're a bit worried that Maxvision Technology didn't back up the last year's profit with free cashflow. For this reason, we think that Maxvision Technology's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. The silver lining is that its EPS growth over the last year has been really wonderful, even if it's not a perfect measure. 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. So while earnings quality is important, it's equally important to consider the risks facing Maxvision Technology at this point in time. Case in point: We've spotted 2 warning signs for Maxvision Technology you should be mindful of and 1 of them is significant.
正如我們已經明確指出的那樣,我們有點擔心盛視科技沒有用自由現金流來支持去年的利潤。出於這個原因,我們認爲盛視科技的法定利潤可能不利於其潛在盈利能力,並可能給投資者留下過於積極的公司印象。一線希望是,儘管這不是一個完美的衡量標準,但其去年的每股收益增長確實非常出色。當然,我們只是在分析其收益時才浮出水面;人們還可以考慮利潤率、預測增長和投資回報率等因素。因此,儘管收益質量很重要,但考慮盛視科技目前面臨的風險同樣重要。一個很好的例子:我們發現了兩個你應該注意的盛視科技警告信號,其中一個信號很重要。
Today we've zoomed in on a single data point to better understand the nature of Maxvision 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. 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.
今天,我們放大了單個數據點,以更好地了解盛視科技利潤的性質。但是,還有很多其他方法可以讓你對公司的看法。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。因此,你可能希望看到這份免費收藏的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單。
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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的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。