We Think Shanghai Belling's (SHSE:600171) Robust Earnings Are Conservative
We Think Shanghai Belling's (SHSE:600171) Robust Earnings Are Conservative
Even though Shanghai Belling Co., Ltd. (SHSE:600171 ) posted strong earnings, investors appeared to be underwhelmed. We have done some analysis and have found some comforting factors beneath the profit numbers.
尽管上海贝岭股份有限公司(SHSE:600171)发布了强劲的收益,投资者似乎并不太受鼓舞。我们进行了一些分析,并在利润数字下找到了一些令人欣慰的因素。
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The Impact Of Unusual Items On Profit
除了稀释之外,还应该注意的是,万集科技在过去12个月中因不寻常项目获得了价值人民币3.5万元的利润。虽然我们希望看到利润增加,但当这些不寻常项目对利润做出重大贡献时,我们会更加谨慎。我们对全球大部分上市公司的数据进行了分析,发现不寻常项目往往是一次性的。这正如我们所期望的那样,因为这些提升被描述为"不寻常"。相对于其利润而言,万集科技在2021年12月前的不寻常项目贡献大。因此,我们可以推断出,这些不寻常项目正在使其财务利润显著增强。
To properly understand Shanghai Belling's profit results, we need to consider the CN¥92m expense attributed to unusual items. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. In the twelve months to June 2024, Shanghai Belling had a big unusual items expense. All else being equal, this would likely have the effect of making the statutory profit look worse than its underlying earnings power.
为了正确理解上海贝岭的盈利结果,我们需要考虑到与非常规项目相关的9200万元人民币的费用。虽然由于非常规项目而产生的扣除在第一时间令人失望,但其中也有一线希望。我们查看了成千上万家上市公司,并发现非常规项目往往是一次性的。鉴于这些项目被视为非常规,这并不奇怪。在2024年6月的十二个月中,上海贝岭的非常规项目费用很大。其他条件相等的情况下,这可能会导致法定利润看起来比其潜在盈利能力更糟糕。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shanghai Belling.
注意:我们始终建议投资者检查资产负债表的实力。单击此处,查看我们对上海贝岭资产负债表的分析。
An Unusual Tax Situation
一种不寻常的税务情况
Having already discussed the impact of the unusual items, we should also note that Shanghai Belling received a tax benefit of CN¥14m. 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! Of course, prima facie it's great to receive a tax benefit. 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. 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. While we think it's good that the company has booked a tax benefit, it does mean that there's every chance the statutory profit will come in a lot higher than it would be if the income was adjusted for one-off factors.
在已经讨论了非常规项目的影响之后,我们还应该注意到,上海贝岭获得了1400万元人民币的税收优惠。这当然有些不同寻常,因为公司更常见的情况是缴纳税款,而不是获得税收优惠!当然,首先获得税收优惠是一件好事。但问题的关键在于,这种类似的红利只对当年的业绩产生影响,并且往往是一次性的。如果税收优惠不会再次出现,我们预计其法定利润水平会下降,至少在没有强劲增长的情况下是如此。虽然我们认为公司能够获得税收优惠是件好事,但这意味着法定利润有很大机会比如果收入经过一次性因素调整后的数值要高得多。
Our Take On Shanghai Belling's Profit Performance
我们对上海贝岭的利润表现的看法
In its last report Shanghai Belling received a tax benefit which might make its profit look better than it really is on a underlying level. Having said that, it also had a unusual item reducing its profit. Based on these factors, we think that Shanghai Belling's profits are a reasonably conservative guide to its underlying profitability. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Our analysis shows 3 warning signs for Shanghai Belling (2 can't be ignored!) and we strongly recommend you look at these bad boys before investing.
在上次的报告中,上海贝岭获得了税收优惠,这可能会使其利润看起来比实际情况更好。 话虽如此,它也有一项不寻常的事项减少了其利润。 根据这些因素,我们认为上海贝岭的利润相对谨慎地反映了其潜在的盈利能力。 请记住,在分析股票时,值得注意涉及的风险。 我们的分析显示了上海贝岭3个警示信号(其中有2个是不可忽视的!),我们强烈建议您在投资之前查看这些隐患。
Our examination of Shanghai Belling has focussed on certain factors that can make its earnings look better than they are. 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. 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 with significant insider holdings to be useful.
我们对上海贝岭的审查主要关注了一些因素,这些因素可能使其盈利看起来比实际情况更好。 但如果您能把注意力集中在细节上,总是有更多可以发现的。 例如,许多人认为资本回报率高是良好的商业经济的指标,而其他人则喜欢“跟着钱走”,寻找内部人员在购买的股票。 虽然这可能需要您进行一些研究,但您可能会发现这个免费的公司收藏,其中有许多公司拥有高资本回报率,或这个内部持股明显的股票清单对您有所帮助。
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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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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。