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.
瑞芯微電子有限公司(SHSE: 603893)最近公佈了健康的收益業績,市場對其進行了強勁的股價上漲。深入研究這些數字,除了總體利潤數字外,我們還發現了幾個令人鼓舞的因素。
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Zooming In On Rockchip Electronics' Earnings
放大瑞芯電子的收益
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.
許多投資者尚未聽說過現金流的應計比率,但它實際上是衡量公司在給定時期內自由現金流(FCF)在多大程度上支持利潤的有用指標。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以該時期公司的平均運營資產。這個比率告訴我們,一家公司的利潤中有多少沒有自由現金流的支持。
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,負的應計比率對公司來說是正數,而正的應計比率是負數。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。那是因爲一些學術研究表明,高應計比率往往會導致利潤下降或利潤增長放緩。
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月的十二個月中,瑞芯微電子的應計比率爲-0.24。這意味着它的現金轉化率非常好,而且其去年的收益實際上大大低估了其自由現金流。實際上,它去年的自由現金流爲6.75億元人民幣,遠遠超過其2.209億元人民幣的法定利潤。值得注意的是,瑞芯微電子去年的自由現金流爲負,因此其今年的6.75億元人民幣是一個可喜的改善。但是,正如我們將在下面討論的那樣,我們可以看到該公司的應計比率受其稅收狀況的影響。
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。
An Unusual Tax Situation
不尋常的稅收狀況
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.
從應計比率來看,我們注意到瑞芯電子從一項稅收優惠中獲利,該優惠爲利潤貢獻了3000萬元人民幣。這是有意義的,因爲公司通常納稅而不是獲得稅收優惠。我們確信該公司對其稅收優惠感到滿意。但是,細節上的問題在於,此類福利僅在預訂當年有影響,而且本質上通常是一次性的。如果稅收優惠可能不重演,我們預計其法定利潤水平將下降,至少在沒有強勁增長的情況下是如此。因此,儘管我們認爲獲得稅收優惠是件好事,但這確實意味着法定利潤誇大了企業可持續盈利能力的風險增加。
Our Take On Rockchip Electronics' Profit Performance
我們對瑞芯微電子利潤表現的看法
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.
儘管瑞芯微電子的應計比率證明了其強勁的現金流,並表明了高質量的收益,但它獲得稅收優惠的事實表明,今年的利潤可能不是其可持續利潤運行率的好指導。基於這些因素,我們認爲瑞芯電子的利潤是衡量其潛在盈利能力的相當保守的指南。儘管考慮公司的法定收益如何代表其真正的盈利能力非常重要,但也值得一看分析師對未來的預測。因此,請隨時查看我們代表分析師預測的免費圖表。
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,我們研究了許多可能削弱利潤數字效用的因素,以此作爲業務指南。但是,還有很多其他方法可以告知你對公司的看法。例如,許多人認爲高股本回報率表明商業經濟狀況良好,而另一些人則喜歡 “追隨資金”,尋找內部人士正在購買的股票。因此,你可能希望看到這批擁有高股本回報率的免費公司,或者這份內部人士正在購買的股票清單。
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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。