We Think That There Are Issues Underlying Shanghai Highly (Group)'s (SHSE:600619) Earnings
We Think That There Are Issues Underlying Shanghai Highly (Group)'s (SHSE:600619) Earnings
Despite posting some strong earnings, the market for Shanghai Highly (Group) Co., Ltd.'s (SHSE:600619) stock hasn't moved much. Our analysis suggests that shareholders have noticed something concerning in the numbers.
儘管公佈了一些強勁的收益,但上海海立(集團)有限公司的市場依然如此。”s(上海證券交易所代碼:600619)的股票漲幅不大。我們的分析表明,股東們注意到了一些令人擔憂的數字。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240907/0-f31ed13e85a485bc7bb8593611642c4f-0-77ca6a32ea55aa4ed9eb1804463e8881.png/big)
How Do Unusual Items Influence Profit?
不尋常的物品如何影響利潤?
For anyone who wants to understand Shanghai Highly (Group)'s profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit gained from CN¥27m worth of unusual items. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's as you'd expect, given these boosts are described as 'unusual'. If Shanghai Highly (Group) doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
對於任何想了解上海海立(集團)在法定數字之外的利潤的人來說,值得注意的是,在過去的十二個月中,從價值2700萬元人民幣的不尋常物品中獲得了法定利潤。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。當我們分析全球絕大多數上市公司時,我們發現重大不尋常的事項往往不會重演。這正如你所預料的那樣,因爲這些增強被描述爲 「不尋常」。如果上海海立(集團)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。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shanghai Highly (Group).
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上海海立(集團)的資產負債表分析。
An Unusual Tax Situation
不尋常的稅收狀況
Just as we noted the unusual items, we must inform you that Shanghai Highly (Group) received a tax benefit which contributed CN¥29m to the bottom line. It's always a bit noteworthy when a company is paid by the tax man, rather than paying the tax man. Of course, prima facie it's great to receive a tax benefit. And given that it lost money last year, it seems possible that the benefit is evidence that it now expects to find value in its past tax losses. However, our data indicates that tax benefits can temporarily boost statutory profit in the year it is booked, but subsequently profit may fall back. Assuming the tax benefit is not repeated every year, we could see its profitability drop noticeably, all else being equal. So while we think it's great to receive a tax benefit, it does tend to imply an increased risk that the statutory profit overstates the sustainable earnings power of the business.
正如我們注意到這些不尋常的項目一樣,我們必須通知您,上海海立(集團)獲得了稅收優惠,爲利潤貢獻了2900萬元人民幣。當公司由納稅人支付工資而不是向納稅人付款時,總是有點值得注意的。當然,初步看來,獲得稅收優惠是件好事。而且,鑑於它去年虧損,這種好處似乎有可能證明它現在有望從過去的稅收損失中找到價值。但是,我們的數據表明,稅收優惠可以暫時增加賬面當年的法定利潤,但隨後利潤可能會回落。假設每年都不重複享受稅收優惠,在其他條件相同的情況下,我們可能會看到其盈利能力明顯下降。因此,儘管我們認爲獲得稅收優惠是件好事,但這確實意味着法定利潤誇大了企業可持續盈利能力的風險增加。
Our Take On Shanghai Highly (Group)'s Profit Performance
我們對上海海立(集團)盈利表現的看法
In its last report Shanghai Highly (Group) received a tax benefit which might make its profit look better than it really is on a underlying level. And on top of that, it also saw an unusual item boost its profit, suggesting that next year might see a lower profit number, if these events are not repeated. For the reasons mentioned above, we think that a perfunctory glance at Shanghai Highly (Group)'s statutory profits might make it look better than it really is on an underlying level. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Our analysis shows 2 warning signs for Shanghai Highly (Group) (1 is potentially serious!) and we strongly recommend you look at these before investing.
在上一份報告中,上海海立(集團)獲得了稅收優惠,這可能會使其利潤看起來好於基礎水平的實際利潤。最重要的是,它還看到一個不尋常的項目提高了利潤,這表明如果這些事件不重演,明年的利潤數字可能會降低。出於上述原因,我們認爲,敷衍地看一眼上海海立(集團)的法定利潤可能會使其看起來比基礎層面的實際情況要好。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。我們的分析顯示,上海海立(集團)有2個警告信號(1個可能很嚴重!)我們強烈建議您在投資之前先看看這些。
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. Some people consider a high return on equity to be a good sign of a quality business. 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.
在這篇文章中,我們研究了許多可能損害利潤數字效用的因素,我們採取了謹慎的態度。但是,還有很多其他方法可以讓你對公司的看法。有些人認爲高股本回報率是優質業務的好兆頭。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,或者這份擁有大量內幕持股的股票清單很有用。
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?對內容感到擔憂嗎?請直接聯繫我們。或者,也可以發送電子郵件至編輯團隊 (at) simplywallst.com。
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。