COFCO Technology & Industry's (SZSE:301058) Profits Appear To Have Quality Issues
COFCO Technology & Industry's (SZSE:301058) Profits Appear To Have Quality Issues
The recent earnings posted by COFCO Technology & Industry Co., Ltd. (SZSE:301058) were solid, but the stock didn't move as much as we expected. We believe that shareholders have noticed some concerning factors beyond the statutory profit numbers.
中糧科技產業股份有限公司(SZSE:301058)近期公佈的收益穩健,但股價沒有如我們預期的那樣大幅上漲。我們認爲股東已經注意到一些超出法定利潤數字的令人擔憂因素。
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。
Importantly, our data indicates that COFCO Technology & Industry's profit received a boost of CN¥16m 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. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. Which is hardly surprising, given the name. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
重要的是,我們的數據顯示中糧科技產業去年的利潤在飛凡項目中獲得了1600萬人民幣的提振。雖然利潤增加總是令人高興的,但來自飛凡項目的大幅貢獻有時會減弱我們的熱情。當我們分析了成千上萬家上市公司的數據後,我們發現一年中來自飛凡項目的提振通常不會在下一年重複。考慮到其名稱,這並不令人驚訝。假設這些飛凡項目不會再次出現在今年,我們預計明年的利潤將較弱(在沒有業務增長的情況下)。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
這可能會讓您想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看基於其估計的未來盈利能力的互動圖表。
Our Take On COFCO Technology & Industry's Profit Performance
我們對中糧科技產業的利潤表現看法
We'd posit that COFCO Technology & Industry's statutory earnings aren't a clean read on ongoing productivity, due to the large unusual item. Because of this, we think that it may be that COFCO Technology & Industry's statutory profits are better than its underlying earnings power. Nonetheless, it's still worth noting that its earnings per share have grown at 16% over the last three years. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Case in point: We've spotted 2 warning signs for COFCO Technology & Industry you should be aware of.
我們認爲中糧科技與行業的法定收益並不完全反映正在進行的生產力,這主要是因爲存在大額的飛凡項目。因此,我們認爲中糧科技與行業的法定利潤可能優於其基本盈利能力。儘管如此,值得注意的是,其每股收盈增長了16%。當然,在分析其收益時,我們只是觸及了表面;人們還可以考慮邊際利潤、預測增長和投資回報率等因素。因此,如果您想深入了解這支股票,考慮任何風險至關重要。舉個例子:我們注意到中糧科技與行業存在2個警示信號,您應該注意。
This note has only looked at a single factor that sheds light on the nature of COFCO Technology & Industry's profit. 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.
這篇筆記只關注了一個因素,揭示了中糧科技與行業利潤性質的本質。但了解一個公司的觀點還有很多其他方法。有些人認爲良好的股本回報是一個優質企業的良好跡象。雖然這可能需要您進行一些研究,但您可能會發現這些擁有良好股本回報率的公司免費信息,或者這些擁有重要內部股權的公司股票清單非常有用。
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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。