Why Jinling Pharmaceutical's (SZSE:000919) Shaky Earnings Are Just The Beginning Of Its Problems
Why Jinling Pharmaceutical's (SZSE:000919) Shaky Earnings Are Just The Beginning Of Its Problems
A lackluster earnings announcement from Jinling Pharmaceutical Company Limited (SZSE:000919) last week didn't sink the stock price. Our analysis suggests that along with soft profit numbers, investors should be aware of some other underlying weaknesses in the numbers.
金陵藥業公司（SZSE:000919）上週發佈了一份乏善可陳的業績，但股價並未下跌。我們的分析表明，除了利潤數字較低之外，投資者還應該注意一些其他潛在的弱點。
In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. Jinling Pharmaceutical expanded the number of shares on issue by 23% over the last year. As a result, its net income is now split between a greater number of shares. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. Check out Jinling Pharmaceutical's historical EPS growth by clicking on this link.
爲了了解每股回報的潛力，需要考慮公司稀釋股東的程度。金陵藥業去年擴大了流通股份23%，因此，其淨利潤現在分攤在更多的股份上。如果不注意每股收益，僅談論淨利潤，就是被大數字所迷惑，忽略了表達價值的小數字。請點擊此鏈接查看金陵藥業的歷史EPS增長情況。每股收益金陵藥業的淨利潤在過去三年中年均下降22%。即使在過去一年中，利潤仍下降9.1%。令人遺憾的是，利潤在那段時間中進一步下降了整整9.8%。因此，很明顯，稀釋股票對股東產生了相當大的影響。
A Look At The Impact Of Jinling Pharmaceutical's Dilution On Its Earnings Per Share (EPS)
金陵藥業的稀釋對其每股收益（EPS）的影響
Jinling Pharmaceutical's net profit dropped by 22% per year over the last three years. Even looking at the last year, profit was still down 9.1%. Sadly, earnings per share fell further, down a full 9.8% in that time. And so, you can see quite clearly that dilution is having a rather significant impact on shareholders.
金陵藥業的淨利潤在過去三年中年均下降22%。即使在過去一年中，利潤仍下降9.1%。令人遺憾的是，利潤在那段時間中進一步下降了整整9.8%。因此，很明顯，稀釋股票對股東產生了相當大的影響。每股收益金陵藥業的淨利潤在過去三年中年均下降22%。即使在過去一年中，利潤仍下降9.1%。令人遺憾的是，利潤在那段時間中進一步下降了整整9.8%。因此，很明顯，稀釋股票對股東產生了相當大的影響。
In the long term, if Jinling Pharmaceutical's earnings per share can increase, then the share price should too. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. 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.
在長期來看，如果金陵藥業的每股收益在審慎考慮公司面臨的風險之前，我們還應該考慮到不尋常的因素在過去一年中推動了Star Bulk Carriers的淨利潤增長了2300萬美元。雖然我們喜歡看到利潤增長，但當不尋常的因素對利潤產生重大貢獻時，我們往往會更加謹慎。我們對全球範圍內大多數上市公司進行了數字排名，發現不尋常的因素往往具有一次性的特徵，正如會計術語所暗示的那樣。如果Star Bulk Carriers沒有看到這一貢獻的重複，其他情況相同，我們預計其利潤在當前年度將會下降。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Jinling Pharmaceutical.
注意：我們始終建議投資者檢查資產負債表的強度。單擊此處，轉到我們對金陵藥業資產負債表的分析。
Our Take On Jinling Pharmaceutical's Profit Performance
我們對金陵藥業的利潤表現的看法
Over the last year Jinling Pharmaceutical issued new shares and so, there's a noteworthy divergence between EPS and net income growth. Because of this, we think that it may be that Jinling Pharmaceutical's statutory profits are better than its underlying earnings power. In further bad news, its earnings per share decreased in the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Be aware that Jinling Pharmaceutical is showing 3 warning signs in our investment analysis and 1 of those is a bit concerning...
過去一年，金陵藥業發行了新股份，因此，每股利潤增長與淨利潤增長存在明顯分歧。因此，我們認爲金陵藥業的法定利潤可能優於其潛在盈利能力。更糟糕的是，其每股收益在過去一年中下降了。最重要的是，如果您想正確了解此公司，需要考慮不僅僅是上述因素。因此，如果您想深入了解此股票，了解其所面臨的任何風險至關重要。請注意，根據我們的投資分析，金陵藥業出現了3個預警信號，其中1個比較令人擔憂......
This note has only looked at a single factor that sheds light on the nature of Jinling Pharmaceutical's profit. 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.
本筆記僅涉及揭示金陵藥業利潤性質的單一因素。但是，如果您能集中精力關注細節，就會發現更多內容。例如，許多人認爲高股本回報率是有利的商業經濟指標，而其他人則喜歡“跟隨資金”並尋找內部人士所購買的股票。因此，您可能希望查看這些高股本回報率公司的免費收藏，或者這些內部人士正在購買的股票列表。
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