Beyond Lackluster Earnings: Potential Concerns For Zhejiang Huamei Holding's (SZSE:000607) Shareholders
Beyond Lackluster Earnings: Potential Concerns For Zhejiang Huamei Holding's (SZSE:000607) Shareholders
Zhejiang Huamei Holding CO., LTD.'s (SZSE:000607) stock wasn't much affected by its recent lackluster earnings numbers. Our analysis suggests that they may be missing some concerning details underlying the profit numbers.
浙江華美控股有限公司's(深圳證券交易所股票代碼:000607)的股票並未受到其最近疲軟的收益數字的太大影響。我們的分析表明,他們可能遺漏了一些構成利潤數字的相關細節。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240501/0-118b41a26468a8e77e04d1a370dada87-0-5662e979096f6fabf7c62610eea13034.png/big)
The Impact Of Unusual Items On Profit
不尋常物品對利潤的影響
For anyone who wants to understand Zhejiang Huamei Holding's profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit gained from CN¥23m worth of 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. 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. We can see that Zhejiang Huamei Holding's positive unusual items were quite significant relative to its profit in the year 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.
對於任何想了解浙江華美控股在法定數字之外的利潤的人來說,值得注意的是,在過去的十二個月中,從價值2300萬元人民幣的不尋常物品中獲得了法定利潤。雖然我們希望看到利潤增加,但當不尋常的物品做出重大貢獻時,我們往往會更加謹慎一些。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。我們可以看到,相對於截至2024年3月的一年中,浙江華美控股的正面不尋常項目與其利潤相比相當可觀。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 Zhejiang Huamei 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浙江華美控股的資產負債表分析。
An Unusual Tax Situation
不尋常的稅收狀況
Having already discussed the impact of the unusual items, we should also note that Zhejiang Huamei Holding received a tax benefit of CN¥8.8m. 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. However, the devil in the detail is that these kind of benefits only impact in the year they are booked, and are often one-off in nature. 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. While we think it's good that the company has booked a tax benefit, it does mean that there's every chance the statutory profit will come in a lot higher than it would be if the income was adjusted for one-off factors.
在已經討論了這些不尋常項目的影響之後,我們還應該指出,浙江華美控股獲得了880萬元人民幣的稅收優惠。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。但是,細節上的問題在於,此類福利僅在預訂當年有影響,而且本質上通常是一次性的。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。儘管我們認爲公司獲得稅收優惠是件好事,但這確實意味着法定利潤很有可能遠高於根據一次性因素調整收入時的法定利潤。
Our Take On Zhejiang Huamei Holding's Profit Performance
我們對浙江華美控股盈利表現的看法
In its last report Zhejiang Huamei 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 Zhejiang Huamei Holding's profits probably give an overly generous impression of its sustainable level of profitability. If you'd like to know more about Zhejiang Huamei Holding as a business, it's important to be aware of any risks it's facing. Every company has risks, and we've spotted 2 warning signs for Zhejiang Huamei Holding you should know about.
在上一份報告中,浙江華美控股獲得了稅收優惠,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,我們認爲浙江華美控股的利潤可能給人一種對其可持續盈利水平的過於慷慨的印象。如果您想進一步了解浙江華美控股作爲一家企業,請務必了解其面臨的任何風險。每家公司都有風險,我們發現了兩個你應該知道的浙江華美控股的警告信號。
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. 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.
在這篇文章中,我們研究了許多可能損害利潤數字效用的因素,我們採取了謹慎的態度。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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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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。