Net cash flow margin is the cash left over from the car business, after investment, expressed as a share of revenue. Margin on paper can be flattered by accounting; cash is harder to dress up, so investors watch it closely.
净现金流利润率 —— 汽车业务扣掉投资支出之
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| 9% | The key elements of Porsche's turnaround plan 净现金流利润率 —— 汽车业务扣掉投资支出之 · 第 2 张术语卡 | Porsche targets 9% to 12% here, with a long-term strategic target of 12% — the same order of ambition as its margin target. 为什么一家公司要同时报「利润率」和「现金流利润率」？因为两者会背离：把车压给经销商能立刻确认收入，却未必马上收到现金；大额研发投入与新建工厂会吃掉现金，但不直接体现在当期利润表上。看车企的常见动作就是对照这两个数 —— 利润在涨、现金流在掉，通常意味着渠道压货或补贴在撑数字。 |