Changchun Engley Automobile IndustryLtd's (SHSE:601279) Solid Profits Have Weak Fundamentals
Changchun Engley Automobile IndustryLtd's (SHSE:601279) Solid Profits Have Weak Fundamentals
Despite posting some strong earnings, the market for Changchun Engley Automobile Industry Co.,Ltd.'s (SHSE:601279) stock hasn't moved much. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
尽管公布了一些强劲的收益，但长春英利汽车工业有限公司的市场依然表现良好, Ltd. 's（上海证券交易所代码：601279）的股票涨幅不大。我们的分析表明，这可能是因为股东已经注意到了一些相关的潜在因素。
One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. As it happens, Changchun Engley Automobile IndustryLtd issued 6.1% more new shares over the last year. Therefore, each share now receives a smaller portion of profit. To celebrate net income while ignoring dilution is like rejoicing because you have a single slice of a larger pizza, but ignoring the fact that the pizza is now cut into many more slices. You can see a chart of Changchun Engley Automobile IndustryLtd's EPS by clicking here.
评估收益质量的一个重要方面是研究一家公司在多大程度上稀释了股东。碰巧的是，长春英利汽车工业有限公司发行的新股比去年增加了6.1％。因此，每股现在获得的利润比例较小。在庆祝净收入的同时忽略稀释就像欢欣鼓舞，因为你只有一片更大的披萨，但却忽略了披萨现在被切成更多片的事实。您可以点击此处查看长春英利汽车工业有限公司的每股收益图表。
A Look At The Impact Of Changchun Engley Automobile IndustryLtd's Dilution On Its Earnings Per Share (EPS)
看看长春英利汽车工业有限公司的稀释对其每股收益（EPS）的影响
Unfortunately, Changchun Engley Automobile IndustryLtd's profit is down 45% per year over three years. On the bright side, in the last twelve months it grew profit by 93%. On the other hand, earnings per share are only up 95% over the same period. Therefore, the dilution is having a noteworthy influence on shareholder returns.
不幸的是，长春英利汽车工业有限公司的利润在三年内每年下降45％。好的一面是，在过去的十二个月中，它的利润增长了93％。另一方面，收入 每股 同期仅上涨了95％。因此，稀释对股东回报产生了显著影响。
Changes in the share price do tend to reflect changes in earnings per share, in the long run. So it will certainly be a positive for shareholders if Changchun Engley Automobile IndustryLtd can grow EPS persistently. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.
从长远来看，股价的变化往往会反映每股收益的变化。因此，如果长春英利汽车工业有限公司能够持续增长每股收益，对股东来说肯定是利好的。但是，如果其利润增加而每股收益保持不变（甚至下降），那么股东可能看不到太多好处。出于这个原因，你可以说从长远来看，每股收益比净收入更重要，前提是目标是评估公司的股价是否可能上涨。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Changchun Engley Automobile IndustryLtd.
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长春英利汽车工业有限公司的资产负债表分析
Our Take On Changchun Engley Automobile IndustryLtd's Profit Performance
我们对长春英利汽车工业有限公司盈利表现的看法
Each Changchun Engley Automobile IndustryLtd share now gets a meaningfully smaller slice of its overall profit, due to dilution of existing shareholders. Because of this, we think that it may be that Changchun Engley Automobile IndustryLtd's statutory profits are better than its underlying earnings power. But the happy news is that, while acknowledging we have to look beyond the statutory numbers, those numbers are still improving, with EPS growing at a very high rate over the last year. 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. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. When we did our research, we found 2 warning signs for Changchun Engley Automobile IndustryLtd (1 makes us a bit uncomfortable!) that we believe deserve your full attention.
由于现有股东的稀释，长春英利汽车工业有限公司的每股股票现在在总利润中所占的份额都要小得多。因此，我们认为可能是长春英利汽车工业有限公司的法定利润好于其基础盈利能力。但令人高兴的消息是，尽管承认我们必须将目光投向法定数字之外，但这些数字仍在改善，去年每股收益以非常高的速度增长。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。请记住，在分析股票时，值得注意所涉及的风险。当我们进行研究时，我们发现长春英利汽车工业有限公司有 2 个警告标志（1 个让我们有点不舒服！）我们认为值得你全神贯注。
This note has only looked at a single factor that sheds light on the nature of Changchun Engley Automobile IndustryLtd'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 that insiders are buying to be useful.
这份报告只考虑了揭示长春英利汽车工业有限公司利润性质的单一因素。但是，还有很多其他方法可以让你对公司的看法。有些人认为高股本回报率是优质业务的好兆头。虽然可能需要你进行一些研究，但你可能会发现这份免费收集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.
对这篇文章有反馈吗？对内容感到担忧？直接联系我们。 或者，给编辑团队 (at) simplywallst.com 发送电子邮件。
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。