Guangzhou Risong Intelligent Technology Holding's (SHSE:688090) Earnings Are Built On Soft Foundations
Guangzhou Risong Intelligent Technology Holding's (SHSE:688090) Earnings Are Built On Soft Foundations
Guangzhou Risong Intelligent Technology Holding Co., Ltd.'s (SHSE:688090) solid earnings report last week was underwhelming to investors. We think that they may be worried about something else, so we did some analysis and found that investors have noticed some soft numbers underlying the profit.
廣州瑞松智能科技控股有限公司's(上海證券交易所代碼:688090)上週穩健的收益報告令投資者難以置信。我們認爲他們可能會擔心其他問題,因此我們進行了一些分析,發現投資者已經注意到利潤背後的一些疲軟數字。
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The Impact Of Unusual Items On Profit
不尋常物品對利潤的影響
Importantly, our data indicates that Guangzhou Risong Intelligent Technology Holding's profit received a boost of CN¥35m in unusual items, over the last year. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Guangzhou Risong Intelligent Technology Holding had a rather significant contribution from unusual items relative to its profit to March 2024. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
重要的是,我們的數據表明,去年廣州瑞松智能科技控股的不尋常項目利潤增加了3500萬元人民幣。雖然獲得更高的利潤總是件好事,但來自不尋常物品的巨額捐款有時會抑制我們的熱情。當我們分析全球絕大多數上市公司時,我們發現重大不尋常的事項往往不會重演。而且,畢竟,這正是會計術語的含義。截至2024年3月,廣州瑞松智能科技控股因不尋常的項目對其利潤做出了相當大的貢獻。因此,我們可以推測,這些不尋常的物品使其法定利潤明顯高於原來的水平。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Guangzhou Risong Intelligent Technology Holding.
注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對廣州瑞松智能科技控股的資產負債表分析。
An Unusual Tax Situation
不尋常的稅收狀況
Just as we noted the unusual items, we must inform you that Guangzhou Risong Intelligent Technology Holding received a tax benefit which contributed CN¥937k 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. 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. 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.
正如我們注意到這些不尋常的項目一樣,我們必須通知您,廣州瑞松智能科技控股公司獲得了稅收優惠,爲利潤貢獻了937萬元人民幣。這當然有點不尋常,因爲公司納稅比獲得稅收優惠更爲普遍!我們確信該公司對其稅收優惠感到滿意。而且,鑑於它去年虧損,這種好處似乎有可能證明它現在有望從過去的稅收損失中找到價值。但是,我們的數據表明,稅收優惠可以暫時增加賬面當年的法定利潤,但隨後利潤可能會回落。如果稅收優惠可能不重演,我們預計其法定利潤水平將下降,至少在沒有強勁增長的情況下是如此。
Our Take On Guangzhou Risong Intelligent Technology Holding's Profit Performance
我們對廣州瑞松智能科技控股盈利表現的看法
In its last report Guangzhou Risong Intelligent Technology Holding received a tax benefit which might make its profit look better than it really is on a underlying level. Furthermore, it also benefitted from a positive unusual item, which boosted the profit result even higher. Considering all this we'd argue Guangzhou Risong Intelligent Technology Holding'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 Guangzhou Risong Intelligent Technology Holding at this point in time. For instance, we've identified 4 warning signs for Guangzhou Risong Intelligent Technology Holding (1 is potentially serious) you should be familiar with.
在上一份報告中,廣州瑞松智能科技控股公司獲得了稅收優惠,這可能會使其利潤看起來比實際水平要好。此外,它還受益於一個積極的不尋常項目,這進一步提高了利潤結果。考慮到所有這些,我們認爲廣州瑞松智能科技控股的利潤可能給人一種對其可持續盈利水平的過於寬鬆的印象。因此,儘管收益質量很重要,但考慮廣州日松智能科技控股公司目前面臨的風險同樣重要。例如,我們已經確定了你應該熟悉的廣州日松智能科技控股的4個警告標誌(其中一個可能很嚴重)。
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 that insiders are buying.
在本文中,我們研究了許多可能削弱利潤數字效用的因素,我們對此持謹慎態度。但是,如果你能夠將注意力集中在細節上,總會有更多值得發現的地方。例如,許多人認爲高股本回報率表明商業經濟狀況良好,而另一些人則喜歡 “追隨資金”,尋找內部人士正在購買的股票。因此,你可能希望看到這批擁有高股本回報率的免費公司,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。