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Investors Shouldn't Be Too Comfortable With Mubang High-TechLtd's (SHSE:603398) Earnings

Investors Shouldn't Be Too Comfortable With Mubang High-TechLtd's (SHSE:603398) Earnings

投資者不應該對Mubang High-TechLTD(上海證券交易所代碼:603398)的收益過於滿意
Simply Wall St ·  05/08 18:15

Mubang High-Tech Co.,Ltd. (SHSE:603398) announced strong profits, but the stock was stagnant. Our analysis suggests that shareholders have noticed something concerning in the numbers.

沐邦高科公佈了強勁的利潤,但股票萎靡不振。我們的分析表明,股東在數字中注意到了一些令人擔憂的事情。

earnings-and-revenue-history
SHSE:603398 Earnings and Revenue History May 8th 2024
SHSE:603398收益和營業收入歷史記錄2024年5月8日

In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. As it happens, Mubang High-TechLtd issued 27% more new shares over the last year. As a result, its net income is now split between 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 Mubang High-TechLtd's historical EPS growth by clicking on this link.

爲了了解每股回報的潛力,必須考慮公司向股東稀釋了多少股份。事實上,沐邦高科有限公司在過去一年中發行了27%的新股份。因此,其淨利潤現在分配給更多的股份。每股指標如每股收益(EPS)有助於我們了解實際股東從公司的利潤中受益了多少,而淨收入水平可以更好地看到公司的絕對規模。單擊此鏈接,查看沐邦高科的歷史EPS增長。

A Look At The Impact Of Mubang High-TechLtd's Dilution On Its Earnings Per Share (EPS)

了解沐邦高科有限公司稀釋對其每股收益(EPS)的影響

Unfortunately, we don't have any visibility into its profits three years back, because we lack the data. Zooming in to the last year, we still can't talk about growth rates coherently, since it made a loss last year. But mathematics aside, it is always good to see when a formerly unprofitable business come good (though we accept profit would have been higher if dilution had not been required). So you can see that the dilution has had a fairly significant impact on shareholders.

不幸的是,我們沒有利潤三年前的數據,因爲我們缺乏數據來源。回到過去的一年,我們仍無法一致地談論增長率,因爲它在去年虧損了。但是數學以外,看到一家以前不盈利的企業表現良好總是好的(雖然我們接受利潤如果不需要執行稀釋,會更高)。因此,您可以看到稀釋對股東產生了相當大的影響。

In the long term, if Mubang High-TechLtd's earnings per share can increase, then the share price should too. 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,如果沐邦高科的營業收入每股收益博創科技的風險

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Mubang High-TechLtd.

注意:我們始終建議投資者檢查資產負債表的強度。單擊此處進入我們對沐邦高科有限公司資產負債表分析的頁面。

The Impact Of Unusual Items On Profit

除了稀釋之外,還應該注意的是,萬集科技在過去12個月中因不尋常項目獲得了價值人民幣3.5萬元的利潤。雖然我們希望看到利潤增加,但當這些不尋常項目對利潤做出重大貢獻時,我們會更加謹慎。我們對全球大部分上市公司的數據進行了分析,發現不尋常項目往往是一次性的。這正如我們所期望的那樣,因爲這些提升被描述爲"不尋常"。相對於其利潤而言,萬集科技在2021年12月前的不尋常項目貢獻大。因此,我們可以推斷出,這些不尋常項目正在使其財務利潤顯著增強。

Alongside that dilution, it's also important to note that Mubang High-TechLtd's profit suffered from unusual items, which reduced profit by CN¥16m in the last twelve months. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. If Mubang High-TechLtd doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.

除了稀釋外,還有要注意的是,沐邦高科有限公司的利潤受到了飛凡項目的影響,在過去十二個月中因此損失了1600萬元人民幣。看到飛凡項目導致公司利潤減少並不是好事,但好的一面是,事情可能不久就會有所改善。當我們分析全球絕大多數上市公司時,我們發現重大的非常規項目通常不會重複出現。鑑於這些項目被認爲是非常規的,這並不奇怪。如果沐邦高科有限公司不再看到這些異常開支重複,那麼所有其他條件不變,我們預計其利潤在未來一年內會增加。

Our Take On Mubang High-TechLtd's Profit Performance

我們對沐邦高科有限公司的利潤表現的看法

To sum it all up, Mubang High-TechLtd took a hit from unusual items which pushed its profit down; without that, it would have made more money. But on the other hand, the company issued more shares, so without buying more shares each shareholder will end up with a smaller part of the profit. Having considered these factors, we don't think Mubang High-TechLtd's statutory profits give an overly harsh view of the business. 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. For example, we've found that Mubang High-TechLtd has 4 warning signs (1 shouldn't be ignored!) that deserve your attention before going any further with your analysis.

總的來說,沐邦高科有限公司在非常規項目的影響下遭受了利潤下降的打擊。如果沒有那些非常規項目,它會賺更多的錢。但另一方面,公司發行了更多的股份,因此除非購買更多的股份,每個股東最終都將擁有較小的利潤份額。考慮到這些因素,我們認爲沐邦高科有限公司的法定利潤沒有過於嚴厲地評估企業。鑑於此,如果您希望對該公司進行更多分析,了解涉及的風險是至關重要的。例如,我們發現沐邦高科有限公司有4個警告標誌(其中1個不應被忽略!)需要您在繼續分析之前注意。

In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. 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. 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.

在本文中,我們已經研究了許多影響利潤數據作爲企業指南的因素。但是,如果您能夠將注意力集中在細節上,總是有更多可以發現的。例如,許多人認爲高回報權益率是良好商業經濟的指標,而其他人則喜歡“關注資金”,尋找內部人員正在購買的股票。儘管您可能需要一些研究,但您可能會發現此處列出的公司免費集合具有高回報權益率,或者此處列出的內部人員正在購買的股票清單非常有用。

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.

對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

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