Additional Considerations Required While Assessing Inspur Software's (SHSE:600756) Strong Earnings
Additional Considerations Required While Assessing Inspur Software's (SHSE:600756) Strong Earnings
Inspur Software Co., Ltd.'s (SHSE:600756) stock was strong after they recently reported robust earnings. However, we think that shareholders may be missing some concerning details in the numbers.
浪潮软件有限公司's(上海证券交易所代码:600756)的股票在最近公布了强劲的收益后表现强劲。但是,我们认为股东们可能遗漏了一些与数字相关的细节。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240426/0-57b04f383b349751cfb2be750d6f92bd-0-25ee999e2fb1675814da1628f6fb9321.png/big)
An Unusual Tax Situation
不寻常的税收状况
Inspur Software reported a tax benefit of CN¥7.2m, which is well worth noting. This is meaningful because companies usually pay tax rather than receive tax benefits. The receipt of a tax benefit is obviously a good thing, on its own. However, our data indicates that tax benefits can temporarily boost statutory profit in the year it is booked, but subsequently profit may fall back. Assuming the tax benefit is not repeated every year, we could see its profitability drop noticeably, all else being equal. So while we think it's great to receive a tax benefit, it does tend to imply an increased risk that the statutory profit overstates the sustainable earnings power of the business.
浪潮软件公布了720万元人民币的税收优惠,值得一提。这是有意义的,因为公司通常纳税而不是获得税收优惠。获得税收优惠本身显然是一件好事。但是,我们的数据表明,税收优惠可以暂时增加账面当年的法定利润,但随后利润可能会回落。假设每年都不重复享受税收优惠,在其他条件相同的情况下,我们可能会看到其盈利能力明显下降。因此,尽管我们认为获得税收优惠是件好事,但这确实意味着法定利润夸大了企业可持续盈利能力的风险增加。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Inspur Software.
注意:我们始终建议投资者检查资产负债表的实力。点击此处查看我们对浪潮软件的资产负债表分析。
Our Take On Inspur Software's Profit Performance
我们对浪潮软件利润表现的看法
As we have already discussed Inspur Software reported that it received a tax benefit, rather than paying tax, in the last year. As a result we don't think its profit result, which includes that tax-boost, is a good guide to its sustainable profit levels. Therefore, it seems possible to us that Inspur Software's true underlying earnings power is actually less than its statutory profit. The good news is that, its earnings per share increased by 42% in the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. In terms of investment risks, we've identified 1 warning sign with Inspur Software, and understanding this should be part of your investment process.
正如我们已经讨论的那样,浪潮软件报告说,它在去年获得了税收优惠,而不是纳税。因此,我们认为其利润结果,包括增税,不能很好地指导其可持续利润水平。因此,在我们看来,浪潮软件的真正潜在盈利能力实际上可能低于其法定利润。好消息是,其每股收益在去年增长了42%。归根结底,如果你想正确地了解公司,必须考虑的不仅仅是上述因素。因此,如果你想更深入地研究这只股票,那么考虑它面临的任何风险至关重要。在投资风险方面,我们已经确定了浪潮软件的一个警告信号,了解这应该是您投资过程的一部分。
This note has only looked at a single factor that sheds light on the nature of Inspur Software's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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. 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.
本报告仅研究了揭示浪潮软件利润性质的单一因素。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。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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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。