We Think That There Are More Issues For Jiangxi Hungpai New Material (SHSE:605366) Than Just Sluggish Earnings
We Think That There Are More Issues For Jiangxi Hungpai New Material (SHSE:605366) Than Just Sluggish Earnings
Shareholders didn't appear too concerned by Jiangxi Hungpai New Material Co., Ltd.'s (SHSE:605366) weak earnings. We did some digging, and we believe that investors are missing some worrying factors underlying the profit figures.
股东们似乎对江西宏派新材料有限公司并不太担心。”s(上海证券交易所代码:605366)收益疲软。我们进行了一些挖掘,我们认为投资者遗漏了构成利润数据的一些令人担忧的因素。
The Impact Of Unusual Items On Profit
不寻常物品对利润的影响
For anyone who wants to understand Jiangxi Hungpai New Material's profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit gained from CN¥15m worth of unusual items. 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. Which is hardly surprising, given the name. Jiangxi Hungpai New Material had a rather significant contribution from unusual items relative to its profit to June 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
对于任何想了解江西宏派新材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1500万元人民币的不寻常物品中获得了法定利润。我们不能否认更高的利润通常会让我们感到乐观,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,我们发现重大不寻常的事项往往不会重演。考虑到这个名字,这并不奇怪。相对于其截至2024年6月的利润,江西宏派新材的不寻常项目做出了相当大的贡献。在其他条件相同的情况下,这可能会使法定利润成为衡量潜在盈利能力的不良指导。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Jiangxi Hungpai New Material.
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江西宏派新材的资产负债表分析。
An Unusual Tax Situation
不寻常的税收状况
Just as we noted the unusual items, we must inform you that Jiangxi Hungpai New Material received a tax benefit which contributed CN¥12m to the bottom line. 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.
正如我们注意到这些不寻常的项目一样,我们必须通知您,江西宏派新材获得了税收优惠,为利润贡献了1200万元人民币。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 Jiangxi Hungpai New Material's Profit Performance
我们对江西宏派新材盈利表现的看法
In the last year Jiangxi Hungpai New Material received a tax benefit, which boosted its profit in a way that might not be much more sustainable than turning prime farmland into gas fields. Furthermore, it also benefitted from a positive unusual item, which boosted the profit result even higher. Considering all this we'd argue Jiangxi Hungpai New Material's profits probably give an overly generous impression of its sustainable level of profitability. So while earnings quality is important, it's equally important to consider the risks facing Jiangxi Hungpai New Material at this point in time. For example, we've found that Jiangxi Hungpai New Material has 4 warning signs (1 makes us a bit uncomfortable!) that deserve your attention before going any further with your analysis.
去年,江西宏派新材获得了税收优惠,这增加了利润,这种方式可能不会比将优质农田变成气田更具可持续性。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,我们认为江西宏派新材的利润可能给人一种对其可持续盈利水平的过于宽松的印象。因此,尽管盈利质量很重要,但考虑江西宏派新材目前面临的风险同样重要。例如,我们发现江西宏派新材有 4 个警告标志(1 个让我们有点不舒服!)在进行进一步分析之前,这值得你注意。
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 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 with high insider ownership.
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,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拥有高股本回报率的公司的免费集合,或者这份内部所有权高的股票清单。
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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。