We Think That There Are Issues Underlying BlueSword Intelligent TechnologyLtd's (SHSE:688557) Earnings
We Think That There Are Issues Underlying BlueSword Intelligent TechnologyLtd's (SHSE:688557) Earnings
Despite announcing strong earnings, BlueSword Intelligent Technology Co.,Ltd.'s (SHSE:688557) stock was sluggish. We think that the market might be paying attention to some underlying factors that they find to be concerning.
儘管公佈了強勁的收益,但BlueSword智能科技股份有限公司, Ltd. 's (SHSE: 688557) 股價低迷。我們認爲,市場可能會關注一些他們認爲令人擔憂的潛在因素。
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Zooming In On BlueSword Intelligent TechnologyLtd's Earnings
放大BlueSword智能科技有限公司的收益
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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
正如財務愛好者已經知道的那樣,現金流的應計比率是評估公司自由現金流(FCF)與其利潤相匹配程度的關鍵指標。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。你可以將現金流的應計比率視爲 “非FCF利潤率”。
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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
因此,負應計比率對公司來說是正數,而正應計比率是負數。雖然正應計比率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,因爲它表明紙面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,高應計率對短期利潤來說是個壞兆頭。
BlueSword Intelligent TechnologyLtd has an accrual ratio of 0.26 for the year to December 2023. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of CN¥87m, in contrast to the aforementioned profit of CN¥110.4m. We also note that BlueSword Intelligent TechnologyLtd's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥87m. 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2023年12月的一年中,BlueSword Intelligent TechnologyLtd的應計比率爲0.26。因此,我們可以推斷出其自由現金流遠不足以支付其法定利潤。在過去的一年裏,它實際上有 負面的 自由現金流爲8700萬元人民幣,而上述利潤爲1.104億元人民幣。我們還注意到,BlueSword Intelligent TechnologyLtd去年的自由現金流實際上也是負數,因此我們可以理解股東是否被其8700萬元人民幣的流出所困擾。但是,這還不是要考慮的全部。應計比率至少部分反映了不尋常項目對法定利潤的影響。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of BlueSword Intelligent TechnologyLtd.
注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對BlueSword Intelligent TechnologyLtd的資產負債表分析
The Impact Of Unusual Items On Profit
不尋常物品對利潤的影響
The fact that the company had unusual items boosting profit by CN¥15m, in the last year, probably goes some way to explain why its accrual ratio was so weak. 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. If BlueSword Intelligent TechnologyLtd doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
該公司去年有不尋常的項目將利潤提高了1500萬元人民幣,這一事實可能在某種程度上可以解釋其應計比率爲何如此疲軟。雖然獲得更高的利潤總是件好事,但來自不尋常物品的巨額捐款有時會抑制我們的熱情。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。如果BlueSword Intelligent TechnologyLtd認爲這一捐款不會重演,那麼在其他條件相同的情況下,我們預計其本年度的利潤將下降。
Our Take On BlueSword Intelligent TechnologyLtd's Profit Performance
我們對藍劍智能科技有限公司盈利表現的看法
BlueSword Intelligent TechnologyLtd 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 BlueSword Intelligent TechnologyLtd's statutory profits might make it look better than it really is on an underlying level. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Every company has risks, and we've spotted 2 warning signs for BlueSword Intelligent TechnologyLtd (of which 1 can't be ignored!) you should know about.
BlueSword Intelligent TechnologyLtd的應計比率較低,但其利潤確實得到了不尋常項目的提振。出於上述原因,我們認爲,敷衍地看一眼BlueSword Intelligent TechnologyLtd的法定利潤可能會使其看起來比實際水平要好。有鑑於此,如果你想對公司進行更多分析,了解所涉及的風險至關重要。每家公司都有風險,我們發現了 BlueSword Intelligent TechnologyLtd 的 2 個警告信號(其中 1 個不容忽視!)你應該知道。
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 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. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying to be useful.
在這篇文章中,我們研究了許多可能損害利潤數字效用的因素,我們採取了謹慎的態度。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。雖然可能需要你進行一些研究,但你可能會發現這份免費收集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很有用。
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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。