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Kehua HoldingsLtd's (SHSE:603161) Solid Profits Have Weak Fundamentals

Kehua HoldingsLtd's (SHSE:603161) Solid Profits Have Weak Fundamentals

科華控股有限公司(SHSE: 603161)穩健的利潤基本面疲軟
Simply Wall St ·  2023/05/04 13:59

Kehua Holdings Co.,Ltd (SHSE:603161) announced strong profits, but the stock was stagnant. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.

科華控股有限公司(上交所:603161)宣佈強勁盈利,但股價停滯不前。我們的分析表明,這可能是因為股東注意到了一些潛在的因素。

View our latest analysis for Kehua HoldingsLtd

查看我們對科華控股有限公司的最新分析

earnings-and-revenue-history
SHSE:603161 Earnings and Revenue History May 4th 2023
上海證交所:603161收益和收入歷史2023年5月4日

An Unusual Tax Situation

不同尋常的稅務情況

We can see that Kehua HoldingsLtd received a tax benefit of CN¥11m. It's always a bit noteworthy when a company is paid by the tax man, rather than paying the tax man. We're sure the company was pleased with its 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. 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.

我們可以看到,科華控股有限公司獲得了1100萬元的稅收優惠。當一家公司是由稅務人員支付的,而不是由稅務人員支付的,這總是有一點值得注意的。我們確信該公司對其稅收優惠感到滿意。考慮到該公司去年虧損,這一收益似乎可能證明,該公司現在希望從過去的稅收損失中找到價值。然而,我們的數據表明,稅收優惠可以暫時提高登記當年的法定利潤,但隨後利潤可能會回落。如果稅收優惠不再重複,我們預計其法定利潤水準將下降,至少在沒有強勁增長的情況下是這樣。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Kehua HoldingsLtd.

注:我們總是建議投資者檢查資產負債表的實力。單擊此處查看我們對科華控股有限公司的資產負債表分析。

Our Take On Kehua HoldingsLtd's Profit Performance

我們對科華控股有限公司利潤表現的看法

Kehua HoldingsLtd reported that it received a tax benefit, rather than paid tax, in its last report. As a result we don't think its profit result, which includes that tax-boost, is a good guide to its sustainable profit levels. Because of this, we think that it may be that Kehua HoldingsLtd's statutory profits are better than its underlying earnings power. The good news is that it earned a profit in the last twelve months, despite its previous loss. 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. If you'd like to know more about Kehua HoldingsLtd as a business, it's important to be aware of any risks it's facing. You'd be interested to know, that we found 2 warning signs for Kehua HoldingsLtd and you'll want to know about these.

科華控股有限公司報告稱,該公司在上一份報告中獲得了稅收優惠,而不是繳納了稅款。因此,我們不認為該公司的利潤結果(包括增稅)是衡量其可持續利潤水準的良好指南。正因為如此,我們認為科華控股有限公司的法定利潤可能好於其潛在的盈利能力。好消息是,儘管之前出現了虧損,但該公司在過去12個月裡實現了盈利。歸根結底,如果你想正確地瞭解這家公司,除了以上幾個因素之外,考慮其他因素也是至關重要的。如果你想更多地瞭解科華控股有限公司作為一個企業,意識到它面臨的任何風險是很重要的。你會有興趣知道的,我們發現科華控股有限公司的2個警告標誌你會想知道這些的。

This note has only looked at a single factor that sheds light on the nature of Kehua HoldingsLtd's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. 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.

這份報告只關注了一個因素,它揭示了科華控股有限公司的利潤性質。但如果你有能力將注意力集中在細枝末節上,總會有更多的東西需要發現。一些人認為,高股本回報率是高質量企業的良好標誌。所以你可能想看看這個免費擁有高股本回報率的公司的集合,或內部人士正在購買的這份股票清單。

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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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本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。

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