VT Industrial TechnologyLtd's (SZSE:300707) Earnings Are Weaker Than They Seem
VT Industrial TechnologyLtd's (SZSE:300707) Earnings Are Weaker Than They Seem
In the long term, earnings Investors were disappointed with VT Industrial Technology Co.,Ltd's (SZSE:300707) earnings, despite the strong profit numbers. We did some digging and found some worrying underlying problems.
投资者对威唐工业股份有限公司（SZSE:300707）的收益感到失望，尽管利润数字很强。我们进行了一些调查，发现了一些令人担忧的潜在问题。
One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. In fact, VT Industrial TechnologyLtd increased the number of shares on issue by 11% over the last twelve months by issuing new shares. Therefore, each share now receives a smaller portion of profit. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. Check out VT Industrial TechnologyLtd's historical EPS growth by clicking on this link.
评估收益质量的一个关键方面是看公司向股东稀释了多少股。实际上，威唐工业有限公司通过发行新股，在过去十二个月里增加发行股份数量达11%。因此，现在每股收益所占比例更小了。谈论净利润，却没有注意每股收益，就是被这些大数字所分心，而忽视了那些涉及每股价值的小数字。点击此链接查看威唐工业有限公司的历史每股收益增长。
How Is Dilution Impacting VT Industrial TechnologyLtd's Earnings Per Share (EPS)?
稀释如何影响威唐工业有限公司的每股收益（EPS）？
VT Industrial TechnologyLtd has improved its profit over the last three years, with an annualized gain of 65% in that time. In comparison, earnings per share only gained 36% over the same period. And at a glance the 39% gain in profit over the last year impresses. On the other hand, earnings per share are only up 14% in that time. So you can see that the dilution has had a bit of an impact on shareholders.
在过去三年中，威唐工业有限公司提高了利润，这段时间的年化增长率为65%。相比之下，同期每股收益仅增长了36%。一目了然，过去一年中利润增长39%令人印象深刻。另一方面，相同时间内每股收益仅增长了14%。因此，你可以看到稀释对股东产生了一定影响。
In the long term, earnings per share growth should beget share price growth. So VT Industrial TechnologyLtd shareholders will want to see that EPS figure continue to increase. 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.
从长期来看，每股收益增长应带来股价增长。因此，威唐工业有限公司的股东希望看到EPS数字继续增长。然而，如果其利润增加而每股收益保持不变（甚至下降），那么股东可能不会获得太多好处。对于普通的零售股东来说，EPS是一个很好的衡量标准，可以确定你在公司利润中的假想"份额"。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of VT Industrial TechnologyLtd.
注意：我们始终建议投资者检查资产负债表强度。点击此处查看我们对威唐工业有限公司的资产负债表分析。
How Do Unusual Items Influence Profit?
非常规项目如何影响利润？
On top of the dilution, we should also consider the CN¥7.4m impact of unusual items in the last year, which had the effect of suppressing profit. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect VT Industrial TechnologyLtd to produce a higher profit next year, all else being equal.
除了股权稀释外，我们还应考虑去年飞凡事项对740万元人民币的影响，这导致了利润下降。虽然由于飞凡事项而产生的扣除额在第一时间令人失望，但也有一线希望。我们研究了成千上万家上市公司，发现飞凡事项往往是一次性的。毕竟，这正是会计术语隐含的意思。假设这些飞凡支出不再出现，我们因此预计威唐工业将在下一年产生更高的利润，其他条件保持不变。
Our Take On VT Industrial TechnologyLtd's Profit Performance
我们对威唐工业的盈利表现给出评价
VT Industrial TechnologyLtd suffered from unusual items which depressed its profit in its last report; if that is not repeated then profit should be higher, all else being equal. But unfortunately the dilution means that shareholders now own a smaller proportion of the company (assuming they maintained the same number of shares). That will weigh on earnings per share, even if it is not reflected in net income. Given the contrasting considerations, we don't have a strong view as to whether VT Industrial TechnologyLtd's profits are an apt reflection of its underlying potential for profit. If you want to do dive deeper into VT Industrial TechnologyLtd, you'd also look into what risks it is currently facing. Every company has risks, and we've spotted 1 warning sign for VT Industrial TechnologyLtd you should know about.
威唐工业在上一份报告中受到了压抑利润的飞凡事项的影响；如果不再重复，利润应该更高，其他条件不变。但不幸的是，股权稀释意味着股东现在持有公司的比例较小（假设他们保持相同数量的股份）。这将对每股收益产生影响，即使这种影响在净收入中没有体现。考虑到相互矛盾的因素，我们并没有强烈的看法，认为威唐工业的利润是否恰当反映了其盈利潜力。如果您想更深入地了解威唐工业，还应该研究当前面临的风险。每家公司都有风险，我们已发现威唐工业存在1个警示信号，您应该知道。
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. 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 with high insider ownership.
在本文中，我们已经审视了很多可能影响财务数据作为企业指标的因素。但是还有很多其他方法可以了解公司的信誉。有些人认为，高净资产收益率是高质量企业的良好标志。因此，您可能希望查看这个免费列表，其中包括许多净资产收益率高的公司，或这个拥有高内部持股的股票清单。
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