State Power Rixin Technology (SZSE:301162) Shareholders Should Be Cautious Despite Solid Earnings
State Power Rixin Technology (SZSE:301162) Shareholders Should Be Cautious Despite Solid Earnings
State Power Rixin Technology Co., Ltd. (SZSE:301162) posted some decent earnings, but shareholders didn't react strongly. Our analysis has found some concerning factors which weaken the profit's foundation.
國家電力日新科技股份有限公司(深圳證券交易所代碼:301162)公佈了一些不錯的收益,但股東們的反應並不強烈。我們的分析發現了一些削弱利潤基礎的相關因素。

A Closer Look At State Power Rixin Technology's Earnings
仔細看看國家電力日新科技的收益
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. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
許多投資者沒有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)對利潤的支持程度的有用指標。應計比率從給定時期的利潤中減去FCF,然後將結果除以公司在該時期內的平均運營資產。你可以將現金流的應計比率視爲 「非FCF利潤率」。
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 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
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比其利潤所暗示的還要多。儘管應計比率高於零並不令人擔憂,但我們確實認爲,當公司的應計比率相對較高時,值得注意。這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減少。
For the year to September 2024, State Power Rixin Technology had an accrual ratio of 0.32. 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. Even though it reported a profit of CN¥85.6m, a look at free cash flow indicates it actually burnt through CN¥75m in the last year. It's worth noting that State Power Rixin Technology generated positive FCF of CN¥11m a year ago, so at least they've done it in the past. 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.
在截至2024年9月的一年中,國家電力日新科技的應計比率爲0.32。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。儘管該公司報告的利潤爲8560萬元人民幣,但看一下自由現金流就會發現,去年它實際上消耗了7500萬加元人民幣。值得注意的是,國家電力日新科技一年前創造了1100萬元人民幣的正FCF,因此至少他們過去曾這樣做過。但是,這還不是要考慮的全部。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。
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.
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,您可以點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。
The Impact Of Unusual Items On Profit
不尋常物品對利潤的影響
Given the accrual ratio, it's not overly surprising that State Power Rixin Technology's profit was boosted by unusual items worth CN¥19m in the last twelve months. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. 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. State Power Rixin Technology had a rather significant contribution from unusual items relative to its profit to September 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
考慮到應計比率,在過去的十二個月中,國家電力日新科技的利潤因價值1900萬元人民幣的不尋常項目而提振也就不足爲奇了。雖然我們希望看到利潤增加,但當不尋常的物品做出重大貢獻時,我們往往會更加謹慎一些。當我們分析全球絕大多數上市公司時,我們發現重大不尋常的事項往往不會重演。考慮到這個名字,這並不奇怪。截至2024年9月,國家電力日新科技從不尋常的項目中爲其利潤做出了相當大的貢獻。在其他條件相同的情況下,這可能會使法定利潤成爲衡量潛在盈利能力的不良指導。
Our Take On State Power Rixin Technology's Profit Performance
我們對國家助力日新科技盈利表現的看法
State Power Rixin Technology had a weak accrual ratio, but its profit did receive a boost from unusual items. For the reasons mentioned above, we think that a perfunctory glance at State Power Rixin Technology's statutory profits might make it look better than it really is on an underlying level. If you want to do dive deeper into State Power Rixin Technology, you'd also look into what risks it is currently facing. Case in point: We've spotted 3 warning signs for State Power Rixin Technology you should be mindful of and 1 of these can't be ignored.
國電日信科技的應計比率較低,但其利潤確實受到不尋常項目的提振。出於上述原因,我們認爲,敷衍地看一眼國電日新科技的法定利潤可能會使其看起來比實際水平要好。如果你想更深入地研究國家電力日新科技,你還需要研究它目前面臨的風險。一個很好的例子:我們已經發現了國家電力日新科技的3個警告信號,你應該注意其中一個不容忽視。
Our examination of State Power Rixin Technology has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. 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.
我們對國家電力日新科技的審查側重於某些可能使其收益看起來好於實際的因素。而且,在此基礎上,我們有些懷疑。但是,還有很多其他方法可以讓你對公司的看法。有些人認爲高股本回報率是優質業務的好兆頭。因此,你可能希望看到這份擁有高股本回報率的公司的免費集合,或者這份內部所有權高的股票清單。
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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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。