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CRCC High-Tech Equipment's (HKG:1786) Profits May Not Reveal Underlying Issues

CRCC High-Tech Equipment's (HKG:1786) Profits May Not Reveal Underlying Issues

中国中铁高新科技装备(HKG:1786)的利润可能不会揭示潜在问题
Simply Wall St ·  08/30 18:59

CRCC High-Tech Equipment Corporation Limited's (HKG:1786) healthy profit numbers didn't contain any surprises for investors. We believe that shareholders have noticed some concerning factors beyond the statutory profit numbers.

中国中铁高科装备股份有限公司(HKG:1786)的健康利润数据对投资者来说并没有什么意外。我们认为股东们也注意到了一些除了法定利润外的令人担忧的因素。

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SEHK:1786 Earnings and Revenue History August 30th 2024
SEHK:1786盈利和营业收入历史资料 2024年8月30日

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。

Importantly, our data indicates that CRCC High-Tech Equipment's profit received a boost of CN¥429m 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. And, after all, that's exactly what the accounting terminology implies. We can see that CRCC High-Tech Equipment's positive unusual items were quite significant relative to its profit in the year to June 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.

重要的是,我们的数据显示CRCC High-Tech Equipment的利润在过去一年中因异常项目而获得了42900万人民币的提振。虽然我们喜欢看到利润增长,但当异常项目对利润做出重大贡献时,我们往往会更加谨慎。我们对全球大多数上市公司的数据进行了分析,发现异常项目往往是一次性的。而且,毕竟这正是会计术语所暗示的。我们可以看到CRCC High-Tech Equipment的正面异常项目相对于其2024年6月的利润来说相当显着。其他因素相等的情况下,这可能导致法定利润对潜在盈利能力的预测不准确。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of CRCC High-Tech Equipment.

注意:我们始终建议投资者查看资产负债表情况。

Our Take On CRCC High-Tech Equipment's Profit Performance

我们对CRCC High-Tech Equipment的利润表现的看法

As we discussed above, we think the significant positive unusual item makes CRCC High-Tech Equipment's earnings a poor guide to its underlying profitability. As a result, we think it may well be the case that CRCC High-Tech Equipment's underlying earnings power is lower than its statutory profit. But the good news is that its EPS growth over the last three years has been very impressive. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. So while earnings quality is important, it's equally important to consider the risks facing CRCC High-Tech Equipment at this point in time. At Simply Wall St, we found 2 warning signs for CRCC High-Tech Equipment and we think they deserve your attention.

正如我们上面所讨论的,我们认为显著的正面异常项目使得中国中铁高新装备的收益并不是衡量其基本盈利能力的好指标。因此,我们认为中国中铁高新装备的基本盈利能力可能低于其法定利润。但好消息是,过去三年内其每股收益增长非常可观。当然,我们在分析其盈利方面只是触及到了表面;我们还可以考虑利润率、预测增长以及投资回报等因素。因此,虽然盈利质量很重要,但同样重要的是要考虑到当前时点中国中铁高新装备面临的风险。在Simply Wall St上,我们发现了中国中铁高新装备的2个警示信号,我们认为它们值得您的关注。

Today we've zoomed in on a single data point to better understand the nature of CRCC High-Tech Equipment'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. 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.

今天,我们将重点放在一个数据点上,以更好地了解中国中铁高新装备的利润性质。但是,还有很多其他方法可以了解一家公司。例如,很多人认为高净资产回报率是良好商业经济状况的指标,而其他人喜欢“追随资金”,寻找内部人员正在购买的股票。虽然这可能需要您进行一些研究工作,但您可能会发现这个免费的公司集合中拥有高净资产回报率的公司,或者这个持有大量内部股份的股票列表对您有用。

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.

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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。

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