We Think That There Are Issues Underlying Shanghai Highly (Group)'s (SHSE:600619) Earnings
We Think That There Are Issues Underlying Shanghai Highly (Group)'s (SHSE:600619) Earnings
Despite posting some strong earnings, the market for Shanghai Highly (Group) Co., Ltd.'s (SHSE:600619) stock hasn't moved much. Our analysis suggests that shareholders have noticed something concerning in the numbers.
尽管公布了一些强劲的收益,但上海海立(集团)有限公司的市场依然如此。”s(上海证券交易所代码:600619)的股票涨幅不大。我们的分析表明,股东们注意到了一些令人担忧的数字。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240907/0-f31ed13e85a485bc7bb8593611642c4f-0-77ca6a32ea55aa4ed9eb1804463e8881.png/big)
How Do Unusual Items Influence Profit?
不寻常的物品如何影响利润?
For anyone who wants to understand Shanghai Highly (Group)'s profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit gained from CN¥27m 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. And that's as you'd expect, given these boosts are described as 'unusual'. If Shanghai Highly (Group) doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
对于任何想了解上海海立(集团)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2700万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。这正如你所预料的那样,因为这些增强被描述为 “不寻常”。如果上海海立(集团)认为这一贡献不会重演,那么在其他条件相同的情况下,我们预计其本年度的利润将下降。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shanghai Highly (Group).
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上海海立(集团)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 Shanghai Highly (Group) received a tax benefit which contributed CN¥29m to the bottom line. It's always a bit noteworthy when a company is paid by the tax man, rather than paying the tax man. Of course, prima facie it's great to receive a tax benefit. And given that it lost money last year, it seems possible that the benefit is evidence that it now expects to find value in its past tax losses. 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.
正如我们注意到这些不寻常的项目一样,我们必须通知您,上海海立(集团)获得了税收优惠,为利润贡献了2900万元人民币。当公司由纳税人支付工资而不是向纳税人付款时,总是有点值得注意的。当然,初步看来,获得税收优惠是件好事。而且,鉴于它去年亏损,这种好处似乎有可能证明它现在有望从过去的税收损失中找到价值。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。
Our Take On Shanghai Highly (Group)'s Profit Performance
我们对上海海立(集团)盈利表现的看法
In its last report Shanghai Highly (Group) received a tax benefit which might make its profit look better than it really is on a underlying level. And on top of that, it also saw an unusual item boost its profit, suggesting that next year might see a lower profit number, if these events are not repeated. For the reasons mentioned above, we think that a perfunctory glance at Shanghai Highly (Group)'s statutory profits might make it look better than it really is on an underlying level. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Our analysis shows 2 warning signs for Shanghai Highly (Group) (1 is potentially serious!) and we strongly recommend you look at these before investing.
在上一份报告中,上海海立(集团)获得了税收优惠,这可能会使其利润看起来好于基础水平的实际利润。最重要的是,它还看到一个不寻常的项目提高了利润,这表明如果这些事件不重演,明年的利润数字可能会降低。出于上述原因,我们认为,敷衍地看一眼上海海立(集团)的法定利润可能会使其看起来比基础层面的实际情况要好。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。我们的分析显示,上海海立(集团)有2个警告信号(1个可能很严重!)我们强烈建议您在投资之前先看看这些。
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. 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 with significant insider holdings to be useful.
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。虽然可能需要你进行一些研究,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,或者这份拥有大量内幕持股的股票清单很有用。
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?对内容感到担忧吗?请直接联系我们。或者,也可以发送电子邮件至编辑团队 (at) simplywallst.com。
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。