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We Think That There Are Issues Underlying Chengdu Yunda Technology's (SZSE:300440) Earnings

We Think That There Are Issues Underlying Chengdu Yunda Technology's (SZSE:300440) Earnings

我们认为运达科技(SZSE:300440)的盈利存在一些潜在问题。
Simply Wall St ·  2024/09/03 06:34

Unsurprisingly, Chengdu Yunda Technology Co., Ltd.'s (SZSE:300440) stock price was strong on the back of its healthy earnings report. However, we think that shareholders may be missing some concerning details in the numbers.

毫不奇怪,运达科技股票(SZSE:300440)的股价在健康的收益报告支撑下表现强劲。然而,我们认为股东可能忽视了其中一些令人担忧的细节。

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SZSE:300440 Earnings and Revenue History September 2nd 2024
SZSE:300440历史盈利和营业收入数据 2024年9月2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 Chengdu Yunda Technology's profit received a boost of CN¥38m in unusual items, over the last year. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. Which is hardly surprising, given the name. Chengdu Yunda Technology had a rather significant contribution from unusual items relative to its profit to June 2024. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.

重要的是,我们的数据显示,运达科技的利润在过去一年中因飞凡项目增加了3800万人民币。虽然高利润总是令人愉快的,但飞凡项目的大幅贡献有时会降低我们的热情。当我们对成千上万家上市公司的数据进行分析时,我们发现在某一年中由于飞凡项目的增长往往不会在下一年中重复出现,这并不令人意外,因为这正是其名称的由来。与2024年6月相比,运达科技对飞凡项目的贡献相当显著。因此,我们可以推断出飞凡项目使其法定利润显著增强,而不是其他情况。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Chengdu Yunda Technology.

注:我们始终建议投资者检查资产负债表强度。单击此处查看我们对运达科技的资产负债表分析。

Our Take On Chengdu Yunda Technology's Profit Performance

我们对运达科技的盈利表现的看法

As we discussed above, we think the significant positive unusual item makes Chengdu Yunda Technology's earnings a poor guide to its underlying profitability. For this reason, we think that Chengdu Yunda Technology's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. 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. 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. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. For instance, we've identified 3 warning signs for Chengdu Yunda Technology (1 is potentially serious) you should be familiar with.

如上所述,我们认为重大的正常外部项目使得运达科技的收益成为了其潜在盈利能力的一个差劲指示。因此,我们认为运达科技的法定利润可能对其潜在盈利能力构成误导,可能给投资者一个过于正面的印象。但好消息是,尽管我们承认必须超越法定数字,这些数字仍在改善,EPS在过去一年增长速率非常高。当然,我们只是刚刚开始分析其收益,还可以考虑利润率、预测增长和投资回报率等因素。考虑到这一点,除非我们充分了解风险,否则我们不会考虑投资股票。例如,我们已经确定了3个对运达科技的警告信号(其中1个可能是严重的),您应该了解。

Today we've zoomed in on a single data point to better understand the nature of Chengdu Yunda Technology'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 with significant insider holdings to be useful.

今天,我们通过一个单一的数据点来更好地了解运达科技的利润性质。但有很多其他方法来了解一家公司。有些人认为高股本回报率是一个高质量企业的良好迹象。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高股本回报率公司收藏合集,或者这个拥有重要内部持股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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