Jiangsu Yueda Investment's (SHSE:600805) Solid Profits Have Weak Fundamentals
Jiangsu Yueda Investment's (SHSE:600805) Solid Profits Have Weak Fundamentals
Jiangsu Yueda Investment Co., Ltd. (SHSE:600805) just reported some strong earnings, and the market reacted accordingly with a healthy uplift in the share price. However, our analysis suggests that shareholders may be missing some factors that indicate the earnings result was not as good as it looked.
江蘇悅達投資有限公司(SHSE: 600805)剛剛公佈了一些強勁的收益,市場做出了相應的反應,股價出現了健康的上漲。但是,我們的分析表明,股東可能遺漏了一些表明盈利業績不如預期的因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240504/0-88246384694bc46d967cd1508fe9af22-0-30e069d643a6fc8ecb5bbd8460e56c60.png/big)
The Impact Of Unusual Items On Profit
不尋常物品對利潤的影響
Importantly, our data indicates that Jiangsu Yueda Investment's profit received a boost of CN¥161m 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. 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 that's as you'd expect, given these boosts are described as 'unusual'. Jiangsu Yueda Investment had a rather significant contribution from unusual items relative to its profit to March 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
重要的是,我們的數據表明,與去年相比,江蘇悅達投資的不尋常項目利潤增加了1.61億元人民幣。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。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。這正如你所預料的那樣,因爲這些增強被描述爲 “不尋常”。截至2024年3月,江蘇悅達投資從不尋常的項目中獲得了相當大的利潤。在其他條件相同的情況下,這可能會使法定利潤成爲衡量潛在盈利能力的不良指導。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Jiangsu Yueda Investment.
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江蘇悅達投資的資產負債表分析。
Our Take On Jiangsu Yueda Investment's Profit Performance
我們對江蘇悅達投資盈利表現的看法
As we discussed above, we think the significant positive unusual item makes Jiangsu Yueda Investment's earnings a poor guide to its underlying profitability. As a result, we think it may well be the case that Jiangsu Yueda Investment's underlying earnings power is lower than its statutory profit. But the happy news is that, while acknowledging we have to look beyond the statutory numbers, those numbers are still improving, with EPS growing at a very high rate over the last year. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. In terms of investment risks, we've identified 1 warning sign with Jiangsu Yueda Investment, and understanding it should be part of your investment process.
正如我們上面討論的那樣,我們認爲這一重大利好不尋常的項目使江蘇悅達投資的收益無法衡量其潛在盈利能力。因此,我們認爲江蘇悅達投資的潛在盈利能力很可能低於其法定利潤。但令人高興的消息是,儘管承認我們必須將目光投向法定數字之外,但這些數字仍在改善,去年每股收益以非常高的速度增長。本文的目標是評估我們在多大程度上可以依靠法定收益來反映公司的潛力,但還有很多需要考慮的地方。有鑑於此,如果你想對公司進行更多分析,了解所涉及的風險至關重要。在投資風險方面,我們已經向江蘇悅達投資確定了一個警告信號,我們知道這應該是您投資過程的一部分。
This note has only looked at a single factor that sheds light on the nature of Jiangsu Yueda Investment's profit. 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. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying to be useful.
這份報告只研究了揭示江蘇悅達投資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。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。雖然可能需要你進行一些研究,但你可能會發現這份免費收集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很有用。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。