Why Jinko Solar's (SHSE:688223) Shaky Earnings Are Just The Beginning Of Its Problems
Why Jinko Solar's (SHSE:688223) Shaky Earnings Are Just The Beginning Of Its Problems
Jinko Solar Co., Ltd.'s (SHSE:688223) recent weak earnings report didn't cause a big stock movement. Our analysis suggests that along with soft profit numbers, investors should be aware of some other underlying weaknesses in the numbers.
近期,晶科能源股份有限公司(SHSE:688223)的业绩不佳并没有引起股票大幅波动。我们的分析表明,除了软性利润数据外,投资者还应该注意到一些其他基本面的弱点。
How Do Unusual Items Influence Profit?
非常规项目如何影响利润?
To properly understand Jinko Solar's profit results, we need to consider the CN¥1.3b gain attributed to 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. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And, after all, that's exactly what the accounting terminology implies. We can see that Jinko Solar's positive unusual items were quite significant relative to its profit in the year 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.
要正确理解晶科能源的利润结果,我们需要考虑13亿人民币的非凡项目收益。尽管我们喜欢看到利润增长,但当非凡项目对利润贡献较大时,我们往往会更加谨慎。我们对全球大多数上市公司进行了数据分析,发现非凡项目往往只是一次性项目。而且,这正是会计术语所意味的。我们可以看到,与2024年6月相比,晶科能源的非凡项目收益相对较大。其他条件不变的情况下,这很可能使得公告利润成为衡量潜在盈利能力的不准确指标。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
这可能会让您想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看基于其估计的未来盈利能力的互动图表。
Our Take On Jinko Solar's Profit Performance
我们对晶科能源的利润表现的看法
As previously mentioned, Jinko Solar's large boost from unusual items won't be there indefinitely, so its statutory earnings are probably a poor guide to its underlying profitability. For this reason, we think that Jinko Solar's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. But on the bright side, its earnings per share have grown at an extremely impressive rate over the last three years. 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. If you'd like to know more about Jinko Solar as a business, it's important to be aware of any risks it's facing. At Simply Wall St, we found 2 warning signs for Jinko Solar and we think they deserve your attention.
如前所述,飞凡太阳能的非常规项目的巨大增长不会持续下去,因此其法定收益可能不是衡量其潜在盈利能力的好指标。因此,我们认为飞凡太阳能的法定利润可能不是衡量其潜在盈利能力的好参考,可能给投资者留下过于积极的印象。但好的一面是,飞凡太阳能的每股收益在过去三年里增长得非常惊人。最重要的是,在透彻理解公司时,必须考虑更多因素,而不仅仅是上述因素。如果您想了解更多关于飞凡太阳能业务的信息,了解其面临的任何风险非常重要。在Simply Wall St,我们发现飞凡太阳能存在两个警示信号,我们认为它们值得您的注意。
This note has only looked at a single factor that sheds light on the nature of Jinko Solar's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.
这份报告只考虑了揭示飞凡太阳能利润性质的一个因素。但如果您能专注于细节,就可以发现更多。有些人认为资本回报率高是优质企业的一个很好的迹象。虽然这可能需要您做一些研究,但您可能会发现这个高资本回报率公司的免费收藏或这份持有大量内幕持股的股票清单对您有用。
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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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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。