Fujian Star-net Communication's (SZSE:002396) Shareholders Have More To Worry About Than Lackluster Earnings
Fujian Star-net Communication's (SZSE:002396) Shareholders Have More To Worry About Than Lackluster Earnings
Fujian Star-net Communication Co., LTD.'s (SZSE:002396) weak earnings were disregarded by the market. Despite the market responding positively, we think that there are several concerning factors that investors should be aware of.
福建星網通信有限公司's(深圳證券交易所:002396)疲軟的收益被市場所忽視。儘管市場反應積極,但我們認爲投資者應注意一些令人擔憂的因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240405/0-8f284ff0db6351c19dc8c3e53c6ff1a6-0-f83f75fe3bf9151d12839007409a33b1.png/big)
The Impact Of Unusual Items On Profit
不尋常物品對利潤的影響
Importantly, our data indicates that Fujian Star-net Communication's profit received a boost of CN¥97m in unusual items, over the last year. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. We can see that Fujian Star-net Communication's positive unusual items were quite significant relative to its profit in the year to December 2023. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
重要的是,我們的數據表明,與去年相比,福建星網通信的不尋常項目利潤增加了9700萬元人民幣。雖然我們希望看到利潤增加,但當不尋常的物品做出重大貢獻時,我們往往會更加謹慎一些。我們統計了全球大多數上市公司的數字,不尋常的物品在自然界中很常見。考慮到這個名字,這並不奇怪。我們可以看到,福建星網通信的積極不尋常項目相對於其截至2023年12月的一年中的利潤相當可觀。因此,我們可以推測,這些不尋常的物品使其法定利潤明顯高於原來的水平。
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.
這可能會讓你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根據他們的估計描繪未來盈利能力的交互式圖表。
An Unusual Tax Situation
不尋常的稅收狀況
Having already discussed the impact of the unusual items, we should also note that Fujian Star-net Communication received a tax benefit of CN¥256m. 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! The receipt of a tax benefit is obviously a good thing, on its own. 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. 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.
在已經討論了這些不尋常物品的影響之後,我們還應該指出,福建星網通信獲得了2.56億元人民幣的稅收優惠。這當然有點不尋常,因爲公司納稅比獲得稅收優惠更爲普遍!獲得稅收優惠本身顯然是一件好事。但是,細節上的問題在於,此類福利僅在預訂當年有影響,而且本質上通常是一次性的。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 Fujian Star-net Communication's Profit Performance
我們對福建星網通信盈利表現的看法
In the last year Fujian Star-net Communication received a tax benefit, which boosted its profit in a way that might not be much more sustainable than turning prime farmland into gas fields. Furthermore, it also benefitted from a positive unusual item, which boosted the profit result even higher. On reflection, the above-mentioned factors give us the strong impression that Fujian Star-net Communication'sunderlying earnings power is not as good as it might seem, based on the statutory profit numbers. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. You'd be interested to know, that we found 2 warning signs for Fujian Star-net Communication and you'll want to know about these bad boys.
去年,福建星網通信獲得了稅收優惠,這增加了其利潤,其可持續性可能不比將優質農田變成氣田更具可持續性。此外,它還受益於一個積極的不尋常項目,這進一步提高了利潤結果。經過反思,上述因素給我們留下了強烈的印象,即根據法定利潤數字,福建星網通信的潛在盈利能力並不像看上去那麼好。考慮到這一點,除非我們對風險有透徹的了解,否則我們不會考慮投資股票。你可能會有興趣知道,我們發現了福建星網通信的兩個警告標誌,你會想知道這些壞小夥子的情況。
Our examination of Fujian Star-net Communication has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there are plenty of other ways to inform your opinion of a company. 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. 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.
我們對福建星網通信的審查側重於某些可能使其收益好於實際的因素。而且,在此基礎上,我們有些懷疑。但是,還有很多其他方法可以讓你對公司的看法。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。因此,你可能希望看到這份免費收藏的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單。
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?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。