Weak Statutory Earnings May Not Tell The Whole Story For Zhejiang Great Shengda PackagingLtd (SHSE:603687)
Weak Statutory Earnings May Not Tell The Whole Story For Zhejiang Great Shengda PackagingLtd (SHSE:603687)
Zhejiang Great Shengda Packaging Co.,Ltd.'s (SHSE:603687) recent weak earnings report didn't cause a big stock movement. However, we believe that investors should be aware of some underlying factors which may be of concern.
浙江大胜达包装有限公司, Ltd. 's（上海证券交易所代码：603687）最近疲软的收益报告并未导致股市大幅波动。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。
To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. In fact, Zhejiang Great Shengda PackagingLtd increased the number of shares on issue by 31% over the last twelve months by issuing new shares. That means its earnings are split among a greater number of shares. Per share metrics like EPS help us understand how much actual shareholders are benefitting from the company's profits, while the net income level gives us a better view of the company's absolute size. Check out Zhejiang Great Shengda PackagingLtd's historical EPS growth by clicking on this link.
要了解公司收益增长的价值，必须考虑削弱股东的利益。实际上，浙江大胜达包装有限公司通过发行新股，在过去十二个月中将已发行股票数量增加了31％。这意味着其收益将分配给更多的股票。每股收益等每股指标可以帮助我们了解实际股东从公司的利润中受益的程度，而净收入水平则使我们能够更好地了解公司的绝对规模。点击此链接，查看浙江大盛达包装有限公司的历史每股收益增长。
How Is Dilution Impacting Zhejiang Great Shengda PackagingLtd's Earnings Per Share (EPS)?
稀释如何影响浙江大盛达包装有限公司的每股收益（EPS）？
Unfortunately, Zhejiang Great Shengda PackagingLtd's profit is down 69% per year over three years. And even focusing only on the last twelve months, we see profit is down 14%. Sadly, earnings per share fell further, down a full 27% in that time. And so, you can see quite clearly that dilution is having a rather significant impact on shareholders.
不幸的是，浙江大胜达包装有限公司的利润在三年内每年下降69％。而且，即使只关注过去的十二个月，我们也看到利润下降了14％。可悲的是，收入 每股 进一步下跌，当时下跌了整整27％。因此，你可以清楚地看到，稀释对股东产生了相当大的影响。
In the long term, if Zhejiang Great Shengda PackagingLtd's earnings per share can increase, then the share price should too. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
从长远来看，如果浙江大胜达包装有限公司的收益 每股 可以上涨，那么股价也应该上涨。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。对于普通散户股东来说，每股收益是检查假设的公司利润 “份额” 的好方法。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Zhejiang Great Shengda PackagingLtd.
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大盛达包装有限公司的资产负债表分析
Our Take On Zhejiang Great Shengda PackagingLtd's Profit Performance
我们对浙江大胜达包装有限公司盈利表现的看法
Zhejiang Great Shengda PackagingLtd issued shares during the year, and that means its EPS performance lags its net income growth. Therefore, it seems possible to us that Zhejiang Great Shengda PackagingLtd's true underlying earnings power is actually less than its statutory profit. Sadly, its EPS was down over the last twelve months. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. For example, we've found that Zhejiang Great Shengda PackagingLtd has 2 warning signs (1 is a bit concerning!) that deserve your attention before going any further with your analysis.
浙江大盛达包装有限公司在年内发行了股票，这意味着其每股收益表现落后于其净收入增长。因此，在我们看来，浙江大盛达包装有限公司的真正基础盈利能力实际上可能低于其法定利润。不幸的是，在过去的十二个月中，其每股收益有所下降。当然，我们只是在分析其收益时才浮出水面；人们还可以考虑利润率、预测增长和投资回报率等因素。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。例如，我们发现浙江大胜达包装有限公司有 2 个警告标志（1 个有点令人担忧！）在进行进一步分析之前，这值得你注意。
Today we've zoomed in on a single data point to better understand the nature of Zhejiang Great Shengda PackagingLtd'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.
今天，我们放大了单个数据点，以更好地了解浙江大盛达包装有限公司利润的性质。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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对这篇文章有反馈吗？对内容感到担忧？直接联系我们。 或者，给编辑团队 (at) simplywallst.com 发送电子邮件。
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。