Why Jinling Pharmaceutical's (SZSE:000919) Shaky Earnings Are Just The Beginning Of Its Problems
Why Jinling Pharmaceutical's (SZSE:000919) Shaky Earnings Are Just The Beginning Of Its Problems
A lackluster earnings announcement from Jinling Pharmaceutical Company Limited (SZSE:000919) last week didn't sink the stock price. Our analysis suggests that along with soft profit numbers, investors should be aware of some other underlying weaknesses in the numbers.
上周金陵药业有限公司（SZSE: 000919）发布的收益报告平平，但股价并未下跌。 我们的分析表明，除了利润较低的数字之外，投资者还应该注意一些其他隐含的弱点。
In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. Jinling Pharmaceutical expanded the number of shares on issue by 23% over the last year. As a result, its net income is now split between a greater number of shares. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. Check out Jinling Pharmaceutical's historical EPS growth by clicking on this link.
为了了解每股回报的潜力，需要考虑公司稀释股东的程度。金陵药业去年扩大了流通股份23%，因此，其净利润现在分摊在更多的股份上。如果不注意每股收益，仅谈论净利润，就是被大数字所迷惑，忽略了表达价值的小数字。请点击此链接查看金陵药业的历史EPS增长情况。每股收益金陵药业的净利润在过去三年中年均下降22%。即使在过去一年中，利润仍下降9.1%。令人遗憾的是，利润在那段时间中进一步下降了整整9.8%。因此，很明显，稀释股票对股东产生了相当大的影响。
A Look At The Impact Of Jinling Pharmaceutical's Dilution On Its Earnings Per Share (EPS)
金陵药业的稀释对其每股收益（EPS）的影响
Jinling Pharmaceutical's net profit dropped by 22% per year over the last three years. Even looking at the last year, profit was still down 9.1%. Sadly, earnings per share fell further, down a full 9.8% in that time. And so, you can see quite clearly that dilution is having a rather significant impact on shareholders.
金陵药业的净利润在过去三年中年均下降22%。即使在过去一年中，利润仍下降9.1%。令人遗憾的是，利润在那段时间中进一步下降了整整9.8%。因此，很明显，稀释股票对股东产生了相当大的影响。每股收益金陵药业的净利润在过去三年中年均下降22%。即使在过去一年中，利润仍下降9.1%。令人遗憾的是，利润在那段时间中进一步下降了整整9.8%。因此，很明显，稀释股票对股东产生了相当大的影响。
In the long term, if Jinling Pharmaceutical's earnings per share can increase, then the share price should too. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. 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.
在长期来看，如果金陵药业的每股收益在审慎考虑公司面临的风险之前，我们还应该考虑到不寻常的因素在过去一年中推动了Star Bulk Carriers的净利润增长了2300万美元。虽然我们喜欢看到利润增长，但当不寻常的因素对利润产生重大贡献时，我们往往会更加谨慎。我们对全球范围内大多数上市公司进行了数字排名，发现不寻常的因素往往具有一次性的特征，正如会计术语所暗示的那样。如果Star Bulk Carriers没有看到这一贡献的重复，其他情况相同，我们预计其利润在当前年度将会下降。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Jinling Pharmaceutical.
注意：我们始终建议投资者检查资产负债表的强度。单击此处，转到我们对金陵药业资产负债表的分析。
Our Take On Jinling Pharmaceutical's Profit Performance
我们对金陵药业的利润表现的看法
Over the last year Jinling Pharmaceutical issued new shares and so, there's a noteworthy divergence between EPS and net income growth. Because of this, we think that it may be that Jinling Pharmaceutical's statutory profits are better than its underlying earnings power. In further bad news, its earnings per share decreased in the last year. 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. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Be aware that Jinling Pharmaceutical is showing 3 warning signs in our investment analysis and 1 of those is a bit concerning...
在过去的一年中，金陵药业发行了新股份，因此EPS和净利润增长之间存在显着差异。因此，我们认为金陵药业的法定利润可能比其基本盈利能力更好。更糟糕的是，它的每股收益在过去一年中有所下降。最重要的是，如果您想正确了解公司，就必须考虑更多因素。因此，如果您想深入了解该股票，关注其面临的任何风险至关重要。请注意，我们的投资分析中，金陵药业显示出3个警告信号，其中1个有点令人担忧......
This note has only looked at a single factor that sheds light on the nature of Jinling Pharmaceutical's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.
本笔记仅涉及揭示金陵药业利润性质的单一因素。但是，如果您能集中精力关注细节，就会发现更多内容。例如，许多人认为高股本回报率是有利的商业经济指标，而其他人则喜欢“跟随资金”并寻找内部人士所购买的股票。因此，您可能希望查看这些高股本回报率公司的免费收藏，或者这些内部人士正在购买的股票列表。
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