Weak Statutory Earnings May Not Tell The Whole Story For Zhejiang Weixing Industrial Development (SZSE:002003)
Weak Statutory Earnings May Not Tell The Whole Story For Zhejiang Weixing Industrial Development (SZSE:002003)
A lackluster earnings announcement from Zhejiang Weixing Industrial Development Co., Ltd. (SZSE:002003) last week didn't sink the stock price. However, we believe that investors should be aware of some underlying factors which may be of concern.
浙江伟星工业发展股份有限公司（SZSE: 002003）上周发布的乏善可陈的财报并没有使股价下跌。但是，我们认为，投资者应注意一些可能令人担忧的潜在因素。
View our latest analysis for Zhejiang Weixing Industrial Development
查看我们对浙江伟星实业发展的最新分析
In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. In fact, Zhejiang Weixing Industrial Development increased the number of shares on issue by 13% over the last twelve months by issuing new shares. Therefore, each share now receives a smaller portion of profit. To celebrate net income while ignoring dilution is like rejoicing because you have a single slice of a larger pizza, but ignoring the fact that the pizza is now cut into many more slices. Check out Zhejiang Weixing Industrial Development's historical EPS growth by clicking on this link.
为了了解每股回报的潜力，必须考虑一家公司在多大程度上稀释了股东。实际上，在过去的十二个月中，浙江伟星实业发展通过发行新股将已发行的股票数量增加了13％。因此，每股现在获得的利润比例较小。在忽视稀释的情况下庆祝净收入就像欢欣鼓舞，因为你有一片更大的披萨，但却忽略了披萨现在被切成更多片的事实。点击此链接，查看浙江伟星实业发展的历史每股收益增长。
How Is Dilution Impacting Zhejiang Weixing Industrial Development's Earnings Per Share (EPS)?
稀释如何影响浙江伟星实业发展的每股收益（EPS）？
Zhejiang Weixing Industrial Development has improved its profit over the last three years, with an annualized gain of 24% in that time. Net profit actually dropped by 15% in the last year. But the EPS result was even worse, with the company recording a decline of 13%. And so, you can see quite clearly that dilution is influencing shareholder earnings.
浙江伟星实业发展在过去三年中提高了利润，同期年化增长率为24％。去年，净利润实际上下降了15％。但是每股收益的业绩甚至更糟，该公司的跌幅为13％。因此，你可以很清楚地看到，稀释正在影响股东的收益。
If Zhejiang Weixing Industrial Development's EPS can grow over time then that drastically improves the chances of the share price moving in the same direction. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.
如果浙江伟星实业发展的每股收益能够随着时间的推移而增长，那将大大提高股价朝同一个方向变动的机会。但是，如果其利润增加而每股收益持平（甚至下降），那么股东可能看不到太多好处。出于这个原因，假设目标是评估公司的股价是否可能上涨，你可以说从长远来看，每股收益比净收入更为重要。
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。
The Impact Of Unusual Items On Profit
不寻常物品对利润的影响
Alongside that dilution, it's also important to note that Zhejiang Weixing Industrial Development's profit was boosted by unusual items worth CN¥59m in the last twelve months. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's as you'd expect, given these boosts are described as 'unusual'. If Zhejiang Weixing Industrial Development doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
除了摊薄外，还值得注意的是，在过去的十二个月中，价值5900万元人民币的不寻常项目提振了浙江伟星实业发展的利润。我们不能否认，更高的利润通常使我们感到乐观，但如果利润是可持续的，我们更愿意这样做。当我们分析全球绝大多数上市公司时，我们发现重要的不寻常项目通常不会重演。这是你所期望的，因为这些提升被描述为 “不寻常”。如果浙江伟星实业发展看不到这种贡献重演，那么在其他条件相同的情况下，我们预计其利润将在本年度下降。
Our Take On Zhejiang Weixing Industrial Development's Profit Performance
我们对浙江伟星实业发展的利润表现的看法
In its last report Zhejiang Weixing Industrial Development benefitted from unusual items which boosted its profit, which could make the profit seem better than it really is on a sustainable basis. On top of that, the dilution means that its earnings per share performance is worse than its profit performance. Considering all this we'd argue Zhejiang Weixing Industrial Development'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. At Simply Wall St, we found 2 warning signs for Zhejiang Weixing Industrial Development and we think they deserve your attention.
在上一份报告中，浙江伟星工业发展受益于不寻常的项目，这些项目提高了其利润，在可持续的基础上，这可能会使利润看起来好于实际水平。最重要的是，稀释意味着其每股收益表现比其利润表现差。考虑到所有这些，我们认为浙江伟星实业发展的利润可能给人一种过于慷慨的印象，即其可持续的盈利水平。请记住，在分析股票时，值得注意所涉及的风险。在Simply Wall St，我们发现了两个浙江伟星工业发展的警告标志，我们认为它们值得你注意。
Our examination of Zhejiang Weixing Industrial Development 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 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. 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.
我们对浙江伟星实业发展的研究侧重于某些可能使其收益看起来比现在更好的因素。而且，在此基础上，我们有些怀疑。但是，如果你能够将注意力集中在细节上，总会有更多值得发现的地方。有些人认为高股本回报率是高质量业务的好兆头。尽管可能需要代表你进行一些研究，但你可能会发现这份免费收集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。