Jiangsu Zeyu Intelligent PowerLtd's (SZSE:301179) Earnings Are Built On Soft Foundations
Jiangsu Zeyu Intelligent PowerLtd's (SZSE:301179) Earnings Are Built On Soft Foundations
The healthy profit announcement from Jiangsu Zeyu Intelligent Power Co.,Ltd. (SZSE:301179 ) didn't seem to impress investors. Our analysis has found some underlying factors which may be cause for concern.
江苏泽宇智能电力有限公司的健康盈利公告, Ltd.(深圳证券交易所代码:301179)似乎没有给投资者留下深刻的印象。我们的分析发现了一些可能令人担忧的潜在因素。
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A Closer Look At Jiangsu Zeyu Intelligent PowerLtd's Earnings
仔细看看江苏泽宇智能电力有限公司的收益
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'.
许多投资者尚未听说过现金流的应计比率,但它实际上是衡量公司在给定时期内自由现金流(FCF)在多大程度上支持利润的有用指标。应计比率从给定时期的利润中减去FCF,然后将结果除以该时间内公司的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。
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 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
这意味着负的应计比率是一件好事,因为它表明该公司带来的自由现金流比其利润所暗示的要多。尽管应计比率为正并不成问题,表示非现金利润达到一定水平,但高应计比率可以说是一件坏事,因为它表明票面利润与现金流不匹配。引用Lewellen和Resutek在2014年发表的一篇论文,“应计收入较高的公司将来的利润往往会降低”。
Over the twelve months to March 2024, Jiangsu Zeyu Intelligent PowerLtd recorded an accrual ratio of 0.72. Ergo, its free cash flow is significantly weaker than its profit. As a general rule, that bodes poorly for future profitability. To wit, it produced free cash flow of CN¥62m during the period, falling well short of its reported profit of CN¥239.5m. At this point we should mention that Jiangsu Zeyu Intelligent PowerLtd did manage to increase its free cash flow in the last twelve months 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3月的十二个月中,江苏泽宇智能电力有限公司的应计比率为0.72。因此,其自由现金流明显低于其利润。通常,这对未来的盈利能力来说是个坏兆头。换句话说,它在此期间产生了6200万元人民币的自由现金流,远低于其报告的2.395亿加元的利润。此时我们应该提到,江苏泽宇智能电力有限公司在过去十二个月中确实设法增加了自由现金流。但是,这还不是要考虑的全部。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。
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.
这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。
How Do Unusual Items Influence Profit?
不寻常的物品如何影响利润?
The fact that the company had unusual items boosting profit by CN¥27m, 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. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And, after all, that's exactly what the accounting terminology implies. If Jiangsu Zeyu Intelligent PowerLtd doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
该公司去年有不寻常的项目将利润提高了2700万元人民币,这一事实可能在某种程度上可以解释其应计比率为何如此疲软。虽然获得更高的利润总是件好事,但来自不寻常物品的巨额捐款有时会抑制我们的热情。我们统计了全球大多数上市公司的数字,不寻常的物品在自然界中很常见。而且,毕竟,这正是会计术语的含义。如果江苏泽宇智能电力有限公司认为这一贡献不会重演,那么在其他条件相同的情况下,我们预计其本年度的利润将下降。
Our Take On Jiangsu Zeyu Intelligent PowerLtd's Profit Performance
我们对江苏泽宇智能电力有限公司盈利表现的看法
Summing up, Jiangsu Zeyu Intelligent PowerLtd received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. For the reasons mentioned above, we think that a perfunctory glance at Jiangsu Zeyu Intelligent PowerLtd's statutory profits might make it look better than it really is on an underlying level. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Every company has risks, and we've spotted 2 warning signs for Jiangsu Zeyu Intelligent PowerLtd (of which 1 is significant!) you should know about.
总而言之,江苏泽宇智能电力有限公司从不寻常的项目中获得了不错的利润提振,但其纸面利润无法与自由现金流相提并论。出于上述原因,我们认为,敷衍地看一眼江苏泽宇智能电力有限公司的法定利润可能会使其看起来比实际水平要好。请记住,在分析股票时,值得注意所涉及的风险。每家公司都有风险,我们已经发现了江苏泽宇智能电力有限公司的两个警告信号(其中一个很重要!)你应该知道。
Our examination of Jiangsu Zeyu Intelligent PowerLtd 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 that insiders are buying.
我们对江苏泽宇智能电力有限公司的审查侧重于某些可能使其收益看起来好于实际的因素。而且,在此基础上,我们有些怀疑。但是,还有很多其他方法可以让你对公司的看法。有些人认为高股本回报率是优质业务的好兆头。因此,你可能希望看到这份免费收藏的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。