We Think Shanghai Belling's (SHSE:600171) Robust Earnings Are Conservative
We Think Shanghai Belling's (SHSE:600171) Robust Earnings Are Conservative
Even though Shanghai Belling Co., Ltd. (SHSE:600171 ) posted strong earnings, investors appeared to be underwhelmed. We have done some analysis and have found some comforting factors beneath the profit numbers.
儘管上海貝嶺股份有限公司(SHSE:600171)發佈了強勁的收益,投資者似乎並不太受鼓舞。我們進行了一些分析,並在利潤數字下找到了一些令人欣慰的因素。
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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。
To properly understand Shanghai Belling's profit results, we need to consider the CN¥92m expense attributed to unusual items. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. In the twelve months to June 2024, Shanghai Belling had a big unusual items expense. All else being equal, this would likely have the effect of making the statutory profit look worse than its underlying earnings power.
爲了正確理解上海貝嶺的盈利結果,我們需要考慮到與非常規項目相關的9200萬元人民幣的費用。雖然由於非常規項目而產生的扣除在第一時間令人失望,但其中也有一線希望。我們查看了成千上萬家上市公司,並發現非常規項目往往是一次性的。鑑於這些項目被視爲非常規,這並不奇怪。在2024年6月的十二個月中,上海貝嶺的非常規項目費用很大。其他條件相等的情況下,這可能會導致法定利潤看起來比其潛在盈利能力更糟糕。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shanghai Belling.
注意:我們始終建議投資者檢查資產負債表的實力。單擊此處,查看我們對上海貝嶺資產負債表的分析。
An Unusual Tax Situation
一種不尋常的稅務情況
Having already discussed the impact of the unusual items, we should also note that Shanghai Belling received a tax benefit of CN¥14m. 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! Of course, prima facie it's great to receive a 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.
在已經討論了非常規項目的影響之後,我們還應該注意到,上海貝嶺獲得了1400萬元人民幣的稅收優惠。這當然有些不同尋常,因爲公司更常見的情況是繳納稅款,而不是獲得稅收優惠!當然,首先獲得稅收優惠是一件好事。但問題的關鍵在於,這種類似的紅利只對當年的業績產生影響,並且往往是一次性的。如果稅收優惠不會再次出現,我們預計其法定利潤水平會下降,至少在沒有強勁增長的情況下是如此。雖然我們認爲公司能夠獲得稅收優惠是件好事,但這意味着法定利潤有很大機會比如果收入經過一次性因素調整後的數值要高得多。
Our Take On Shanghai Belling's Profit Performance
我們對上海貝嶺的利潤表現的看法
In its last report Shanghai Belling received a tax benefit which might make its profit look better than it really is on a underlying level. Having said that, it also had a unusual item reducing its profit. Based on these factors, we think that Shanghai Belling's profits are a reasonably conservative guide to its underlying profitability. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Our analysis shows 3 warning signs for Shanghai Belling (2 can't be ignored!) and we strongly recommend you look at these bad boys before investing.
在上次的報告中,上海貝嶺獲得了稅收優惠,這可能會使其利潤看起來比實際情況更好。 話雖如此,它也有一項不尋常的事項減少了其利潤。 根據這些因素,我們認爲上海貝嶺的利潤相對謹慎地反映了其潛在的盈利能力。 請記住,在分析股票時,值得注意涉及的風險。 我們的分析顯示了上海貝嶺3個警示信號(其中有2個是不可忽視的!),我們強烈建議您在投資之前查看這些隱患。
Our examination of Shanghai Belling has focussed on certain factors that can make its earnings look better than they are. 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 with significant insider holdings to be useful.
我們對上海貝嶺的審查主要關注了一些因素,這些因素可能使其盈利看起來比實際情況更好。 但如果您能把注意力集中在細節上,總是有更多可以發現的。 例如,許多人認爲資本回報率高是良好的商業經濟的指標,而其他人則喜歡「跟着錢走」,尋找內部人員在購買的股票。 雖然這可能需要您進行一些研究,但您可能會發現這個免費的公司收藏,其中有許多公司擁有高資本回報率,或這個內部持股明顯的股票清單對您有所幫助。
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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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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。