Investors Shouldn't Be Too Comfortable With Dongfeng Electronic TechnologyLtd's (SHSE:600081) Earnings
Investors Shouldn't Be Too Comfortable With Dongfeng Electronic TechnologyLtd's (SHSE:600081) Earnings
Dongfeng Electronic Technology Co.,Ltd.'s (SHSE:600081) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that shareholders have noticed something concerning in the numbers.
東風電子科技股份有限公司, Ltd. 's(上海證券交易所代碼:600081)強勁的收益報告未能推動其股票的市場走勢。我們的分析表明,股東們注意到了一些令人擔憂的數字。
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In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. Dongfeng Electronic TechnologyLtd expanded the number of shares on issue by 23% over the last year. That means its earnings are split among a greater number of shares. 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. Check out Dongfeng Electronic TechnologyLtd's historical EPS growth by clicking on this link.
爲了了解每股回報的可能性,必須考慮公司在多大程度上稀釋了股東。東風電子科技有限公司將已發行股票數量比去年增加了23%。這意味着其收益將分配給更多的股票。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。點擊此鏈接,查看東風電子科技有限公司的歷史每股收益增長。
A Look At The Impact Of Dongfeng Electronic TechnologyLtd's Dilution On Its Earnings Per Share (EPS)
看看東風電子科技有限公司的稀釋對其每股收益(EPS)的影響
Unfortunately, Dongfeng Electronic TechnologyLtd's profit is down 41% per year over three years. The good news is that profit was up 93% in the last twelve months. On the other hand, earnings per share are only up 71% over the same period. Therefore, the dilution is having a noteworthy influence on shareholder returns.
不幸的是,東風電子科技有限公司的利潤在三年內每年下降41%。好消息是,在過去的十二個月中,利潤增長了93%。另一方面,收入 每股 同期僅上漲了71%。因此,稀釋對股東回報產生了顯著影響。
Changes in the share price do tend to reflect changes in earnings per share, in the long run. So Dongfeng Electronic 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 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,股價的變化往往會反映每股收益的變化。因此,東風電子科技有限公司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。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Dongfeng Electronic TechnologyLtd.
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東風電子科技有限公司的資產負債表分析
How Do Unusual Items Influence Profit?
不尋常的物品如何影響利潤?
Alongside that dilution, it's also important to note that Dongfeng Electronic TechnologyLtd's profit was boosted by unusual items worth CN¥22m in the last twelve months. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. 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. If Dongfeng Electronic TechnologyLtd doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
除了這種稀釋外,還需要注意的是,在過去的十二個月中,價值2200萬元人民幣的不尋常物品提振了東風電子科技有限公司的利潤。我們不能否認更高的利潤通常會讓我們感到樂觀,但如果利潤是可持續的,我們更願意這樣做。我們統計了全球大多數上市公司的數字,不尋常的物品在自然界中很常見。而且,畢竟,這正是會計術語的含義。如果東風電子科技有限公司認爲這一貢獻不會重演,那麼在其他條件相同的情況下,我們預計其本年度的利潤將下降。
Our Take On Dongfeng Electronic TechnologyLtd's Profit Performance
我們對東風電子科技有限公司利潤表現的看法
To sum it all up, Dongfeng Electronic TechnologyLtd got a nice boost to profit from unusual items; without that, its statutory results would have looked worse. And furthermore, it went and issued plenty of new shares, ensuring that each shareholder (who did not tip more money in) now owns a smaller proportion of the company. Considering all this we'd argue Dongfeng Electronic TechnologyLtd's profits probably give an overly generous impression of its sustainable level of profitability. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. While conducting our analysis, we found that Dongfeng Electronic TechnologyLtd has 2 warning signs and it would be unwise to ignore these bad boys.
綜上所述,東風電子科技有限公司從不尋常的項目中獲得了不錯的利潤提振;如果沒有這些,其法定結果就會變得更糟。此外,它還發行了大量新股,確保每位股東(沒有投入更多資金)現在擁有公司較小比例的股份。考慮到所有這些,我們認爲東風電子科技有限公司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。因此,如果你想更深入地研究這隻股票,那麼考慮它面臨的任何風險至關重要。在進行分析時,我們發現東風電子科技有限公司有兩個警告信號,忽視這些壞孩子是不明智的。
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. 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,還有很多其他方法可以告知你對公司的看法。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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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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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。