Why Ningbo United GroupLtd's (SHSE:600051) Shaky Earnings Are Just The Beginning Of Its Problems
Why Ningbo United GroupLtd's (SHSE:600051) Shaky Earnings Are Just The Beginning Of Its Problems
A lackluster earnings announcement from Ningbo United Group Co.,Ltd. (SHSE:600051) last week didn't sink the stock price. However, we believe that investors should be aware of some underlying factors which may be of concern.
宁波联合集团股份有限公司发布的财报乏善可陈, Ltd.(上海证券交易所股票代码:600051)上周没有使股价下跌。但是,我们认为,投资者应注意一些可能令人担忧的潜在因素。
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The Power Of Non-Operating Revenue
非营业收入的力量
Most companies divide classify their revenue as either 'operating revenue', which comes from normal operations, and other revenue, which could include government grants, for example. Where possible, we prefer rely on operating revenue to get a better understanding of how the business is functioning. Importantly, the non-operating revenue often comes without associated ongoing costs, so it can boost profit by letting it fall straight to the bottom line, making the operating business seem better than it really is. It's worth noting that Ningbo United GroupLtd saw a big increase in non-operating revenue over the last year. In fact, our data indicates that non-operating revenue increased from CN¥63.1m to CN¥82.9m. If that non-operating revenue fails to manifest in the current year, then there's a real risk the bottom line profit result will be impacted negatively. Sometimes, you can get a better idea of the underlying earnings potential of a company by excluding unusual boosts to non-operating revenue.
例如,大多数公司将其收入归类为 “营业收入”(来自正常运营)和其他收入(可能包括政府补助金)。在可能的情况下,我们更愿意依靠营业收入来更好地了解业务的运作方式。重要的是,非营业收入通常没有相关的持续成本,因此它可以通过让利润直接降至利润来提高利润,从而使 经营业务 看起来比实际情况要好。值得注意的是,宁波联合集团有限公司的非营业收入比去年大幅增长。实际上,我们的数据表明,营业外收入从6,310万元人民币增加到8,290万元人民币。如果非营业收入未能在本年度显现,那么利润业绩确实有可能受到负面影响。有时,通过排除非营业收入的不寻常增长,你可以更好地了解公司的潜在收益潜力。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Ningbo United GroupLtd.
注意:我们始终建议投资者检查资产负债表的实力。点击此处查看我们对宁波联合集团有限公司的资产负债表分析。
Our Take On Ningbo United GroupLtd's Profit Performance
我们对宁波联合集团有限公司盈利表现的看法
As discussed above, Ningbo United GroupLtd's sharp increase in non-operating revenue boosted its profit over the last year, and if that non-operating revenue is not repeated, then the trailing twelve months profit probably isn't as good as it seems. Because of this, we think that it may be that Ningbo United GroupLtd's statutory profits are better than its underlying earnings power. But at least holders can take some solace from the 8.6% per annum growth in EPS for the last three. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. For example, Ningbo United GroupLtd has 2 warning signs (and 1 which can't be ignored) we think you should know about.
如上所述,宁波联合集团有限公司非营业收入的急剧增长提高了其去年的利润,如果非营业收入不重复,那么过去十二个月的利润可能并不像看起来那样好。因此,我们认为可能是宁波联合集团有限公司的法定利润要好于其基础盈利能力。但是,至少持有人可以从过去三年的每股收益每年增长8.6%中得到一些安慰。本文的目标是评估我们在多大程度上可以依靠法定收益来反映公司的潜力,但还有很多需要考虑的地方。考虑到这一点,除非我们对风险有透彻的了解,否则我们不会考虑投资股票。例如,宁波联合集团有限公司有 2 个警告标志(以及 1 个不可忽视的)我们认为你应该知道。
Today we've zoomed in on a single data point to better understand the nature of Ningbo United GroupLtd's profit. 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.
今天,我们放大了单一数据点,以更好地了解宁波联合集团有限公司利润的性质。但是,还有很多其他方法可以让你对公司的看法。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。因此,你可能希望看到这份免费收藏的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单。
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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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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。