China Merchants Shekou Industrial Zone Holdings' (SZSE:001979) Solid Earnings May Rest On Weak Foundations
China Merchants Shekou Industrial Zone Holdings' (SZSE:001979) Solid Earnings May Rest On Weak Foundations
The recent earnings posted by China Merchants Shekou Industrial Zone Holdings Co., Ltd. (SZSE:001979) were solid, but the stock didn't move as much as we expected. We believe that shareholders have noticed some concerning factors beyond the statutory profit numbers.
招商局蛇口工業區控股有限公司(SZSE:001979)最近公佈的收益穩健,但該股的波動幅度沒有我們預期的那麼大。我們認爲,股東們已經注意到法定利潤數字之外的一些令人擔憂的因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240331/0-b8c1a32384deeb8f615c4a8e494aa560-0-336ca9dc0271a6ed738d88415e9adede.png/big)
One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. As it happens, China Merchants Shekou Industrial Zone Holdings issued 17% more new shares over the last year. Therefore, each share now receives a smaller portion of profit. 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. You can see a chart of China Merchants Shekou Industrial Zone Holdings' EPS by clicking here.
評估收益質量的一個重要方面是研究一家公司在多大程度上稀釋了股東。碰巧的是,招商局蛇口工業區控股公司發行的新股比去年增加了17%。因此,每股現在獲得的利潤比例較小。每股收益等每股指標可以幫助我們了解實際股東從公司的利潤中受益的程度,而淨收入水平則使我們能夠更好地了解公司的絕對規模。您可以點擊此處查看招商局蛇口工業區控股的每股收益圖表。
A Look At The Impact Of China Merchants Shekou Industrial Zone Holdings' Dilution On Its Earnings Per Share (EPS)
看看招商局蛇口工業區控股公司的稀釋對其每股收益(EPS)的影響
Unfortunately, China Merchants Shekou Industrial Zone Holdings' profit is down 48% per year over three years. The good news is that profit was up 48% in the last twelve months. On the other hand, earnings per share are only up 59% over the same period. Therefore, the dilution is having a noteworthy influence on shareholder returns.
不幸的是,招商局蛇口工業區控股公司的利潤在三年內每年下降48%。好消息是,在過去的十二個月中,利潤增長了48%。另一方面,收入 每股 同期僅上漲了59%。因此,稀釋對股東回報產生了顯著影響。
In the long term, earnings per share growth should beget share price growth. So China Merchants Shekou Industrial Zone Holdings 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 that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.
從長遠來看,收益 每股 增長應該帶來股價的增長。因此,招商局蛇口工業區控股的股東將希望看到每股收益繼續增加。但是,如果其利潤增加而每股收益保持不變(甚至下降),那麼股東可能看不到太多好處。出於這個原因,你可以說從長遠來看,每股收益比淨收入更重要,前提是目標是評估公司的股價是否可能上漲。
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.
這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。
Our Take On China Merchants Shekou Industrial Zone Holdings' Profit Performance
我們對招商局蛇口工業區控股盈利表現的看法
China Merchants Shekou Industrial Zone Holdings shareholders should keep in mind how many new shares it is issuing, because, dilution clearly has the power to severely impact shareholder returns. Therefore, it seems possible to us that China Merchants Shekou Industrial Zone Holdings' true underlying earnings power is actually less than its statutory profit. But at least holders can take some solace from the 59% EPS growth in the last year. 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. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For example, we've found that China Merchants Shekou Industrial Zone Holdings has 3 warning signs (1 is a bit concerning!) that deserve your attention before going any further with your analysis.
招商局蛇口工業區控股的股東應該記住它正在發行多少新股,因爲,稀釋顯然會嚴重影響股東的回報。因此,在我們看來,招商蛇口工業區控股的真正潛在盈利能力實際上可能低於其法定利潤。但是,至少持有人可以從去年59%的每股收益增長中得到一些安慰。當然,我們只是在分析其收益時才浮出水面;人們還可以考慮利潤率、預測增長和投資回報率等因素。請記住,在分析股票時,值得注意所涉及的風險。例如,我們發現招商局蛇口工業區控股公司有 3 個警告標誌(1 個有點令人擔憂!)在進行進一步分析之前,這值得你注意。
This note has only looked at a single factor that sheds light on the nature of China Merchants Shekou Industrial Zone Holdings' profit. 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 that insiders are buying.
本報告僅研究了揭示招商局蛇口工業區控股利潤性質的單一因素。但是,還有很多其他方法可以讓你對公司的看法。有些人認爲高股本回報率是優質業務的好兆頭。因此,你可能希望看到這份免費收藏的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。