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.
鋼研納克技術有限公司(SZSE:300797)健康的盈利數字對投資者沒有任何意外。 我們認爲這是因爲投資者超越了法定利潤,更關注他們所看到的。
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Zooming In On NCS Testing Technology's Earnings
聚焦鋼研納克技術的盈利能力
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.
用於衡量公司如何將其利潤轉換爲自由現金流的一個關鍵財務比率是應計比率。 簡單來說,這個比率從淨利潤中減去自由現金流,並將該數字除以該期間內公司的平均營運資產。 該比率告訴我們,公司利潤中有多少不是由自由現金流支持的。
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,當公司的應計比率爲負時,實際上是一件好事,但如果其應計比率爲正,則是一件壞事。雖然應計比率爲零以上的事情無關緊要,但我們認爲當公司的應計比率相對較高時,值得注意。引用Lewellen和Resutek在2014年發表的一篇論文:「應計越高的公司未來利潤率越低」。
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.
截至2024年6月,鋼研納克技術的計提比率爲0.21。 因此我們可以推斷,其自由現金流遠遠不足以覆蓋其法定利潤。 儘管它報告了13080萬人民幣的利潤,但從自由現金流的角度來看,它實際上在過去一年中虧損了5400萬人民幣。 考慮到去年負面的自由現金流,我們想象一些股東可能會懷疑,今年的5400萬人民幣現金消耗是否表明了高風險。 然而,考慮的問題不僅僅是這樣。 計提比率反映了一些異常項目對法定利潤的影響,至少在一定程度上。
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:我們始終建議投資者檢查資產負債表的強度。 點擊這裏查看我們對鋼研納克技術資產負債表分析。
The Impact Of Unusual Items On Profit
除了稀釋之外,還應該注意的是,萬集科技在過去12個月中因不尋常項目獲得了價值人民幣3.5萬元的利潤。雖然我們希望看到利潤增加,但當這些不尋常項目對利潤做出重大貢獻時,我們會更加謹慎。我們對全球大部分上市公司的數據進行了分析,發現不尋常項目往往是一次性的。這正如我們所期望的那樣,因爲這些提升被描述爲"不尋常"。相對於其利潤而言,萬集科技在2021年12月前的不尋常項目貢獻大。因此,我們可以推斷出,這些不尋常項目正在使其財務利潤顯著增強。
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.
考慮到應付賬款比率,鋼研納克最近十二個月利潤因價值2.5億元人民幣的飛凡項目而獲得了提升並不令人過分驚訝。儘管盈利增加總是件好事,但飛凡項目的大幅貢獻有時會減弱我們的熱情。當我們分析了全球大多數上市公司時,發現重要的飛凡項目通常不會重複出現。考慮到名稱,這並不奇怪。相對於2024年6月的利潤,鋼研納克的飛凡項目貢獻相當顯著。其他條件相等的情況下,這可能會使法定利潤對潛在盈利能力的指引效果不佳。
Our Take On NCS Testing Technology's Profit Performance
我們對鋼研納克的盈利表現的看法
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.
總結一下,鋼研納克從飛凡項目中獲得了不錯的利潤提升,但無法將紙面利潤與自由現金流相匹配。考慮到所有這些,我們認爲鋼研納克的盈利可能過分慷慨地展示了其可持續盈利能力的水平。請記住,在分析股票時,值得注意其中涉及的風險。我們的分析顯示鋼研納克存在2個警示信號(其中1個對我們來說並不太好!),我們強烈建議您在投資之前查看這些負面因素。
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.
在本文中,我們已經看到了可以損害利潤數字實用性的許多因素,而且我們已經變得謹慎。但是,如果您能夠將注意力集中在細節上,則總有更多發現。有些人認爲高淨資產回報率是高質量企業的一個好標誌。因此,您可能希望查看這個高淨資產回報率的免費公司收集,或這個高內部所有權的股票清單。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。