Beyond Lackluster Earnings: Potential Concerns For Zhejiang Huamei Holding's (SZSE:000607) Shareholders
Beyond Lackluster Earnings: Potential Concerns For Zhejiang Huamei Holding's (SZSE:000607) Shareholders
Zhejiang Huamei Holding CO., LTD.'s (SZSE:000607) stock wasn't much affected by its recent lackluster earnings numbers. Our analysis suggests that they may be missing some concerning details underlying the profit numbers.
浙江华美控股有限公司's(深圳证券交易所股票代码:000607)的股票并未受到其最近疲软的收益数字的太大影响。我们的分析表明,他们可能遗漏了一些构成利润数字的相关细节。
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The Impact Of Unusual Items On Profit
不寻常物品对利润的影响
For anyone who wants to understand Zhejiang Huamei Holding's profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit gained from CN¥23m worth of unusual items. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. We can see that Zhejiang Huamei Holding's positive unusual items were quite significant relative to its profit in the year to March 2024. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
对于任何想了解浙江华美控股在法定数字之外的利润的人来说,值得注意的是,在过去的十二个月中,从价值2300万元人民币的不寻常物品中获得了法定利润。虽然我们希望看到利润增加,但当不寻常的物品做出重大贡献时,我们往往会更加谨慎一些。当我们分析全球绝大多数上市公司时,我们发现重大不寻常的事项往往不会重演。而且,毕竟,这正是会计术语的含义。我们可以看到,相对于截至2024年3月的一年中,浙江华美控股的正面不寻常项目与其利润相比相当可观。因此,我们可以推测,这些不寻常的物品使其法定利润明显高于原来的水平。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Zhejiang Huamei Holding.
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浙江华美控股的资产负债表分析。
An Unusual Tax Situation
不寻常的税收状况
Having already discussed the impact of the unusual items, we should also note that Zhejiang Huamei Holding received a tax benefit of CN¥8.8m. This is of course a bit out of the ordinary, given it is more common for companies to be paying tax than receiving tax benefits! We're sure the company was pleased with its tax benefit. However, the devil in the detail is that these kind of benefits only impact in the year they are booked, and are often one-off in nature. In the likely event the tax benefit is not repeated, we'd expect to see its statutory profit levels drop, at least in the absence of strong growth. While we think it's good that the company has booked a tax benefit, it does mean that there's every chance the statutory profit will come in a lot higher than it would be if the income was adjusted for one-off factors.
在已经讨论了这些不寻常项目的影响之后,我们还应该指出,浙江华美控股获得了880万元人民币的税收优惠。这当然有点不寻常,因为公司纳税比获得税收优惠更为普遍!我们确信该公司对其税收优惠感到满意。但是,细节上的问题在于,此类福利仅在预订当年有影响,而且本质上通常是一次性的。如果税收优惠可能不重演,我们预计其法定利润水平将下降,至少在没有强劲增长的情况下是如此。尽管我们认为公司获得税收优惠是件好事,但这确实意味着法定利润很有可能远高于根据一次性因素调整收入时的法定利润。
Our Take On Zhejiang Huamei Holding's Profit Performance
我们对浙江华美控股盈利表现的看法
In its last report Zhejiang Huamei Holding received a tax benefit which might make its profit look better than it really is on a underlying level. Furthermore, it also benefitted from a positive unusual item, which boosted the profit result even higher. Considering all this we'd argue Zhejiang Huamei Holding's profits probably give an overly generous impression of its sustainable level of profitability. If you'd like to know more about Zhejiang Huamei Holding as a business, it's important to be aware of any risks it's facing. Every company has risks, and we've spotted 2 warning signs for Zhejiang Huamei Holding you should know about.
在上一份报告中,浙江华美控股获得了税收优惠,这可能会使其利润看起来比实际水平要好。此外,它还受益于一个积极的不寻常项目,这进一步提高了利润结果。考虑到所有这些,我们认为浙江华美控股的利润可能给人一种对其可持续盈利水平的过于慷慨的印象。如果您想进一步了解浙江华美控股作为一家企业,请务必了解其面临的任何风险。每家公司都有风险,我们发现了两个你应该知道的浙江华美控股的警告信号。
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. 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.
在这篇文章中,我们研究了许多可能损害利润数字效用的因素,我们采取了谨慎的态度。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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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。