Additional Considerations Required While Assessing Changchun Yidong ClutchLTD's (SHSE:600148) Strong Earnings
Additional Considerations Required While Assessing Changchun Yidong ClutchLTD's (SHSE:600148) Strong Earnings
Changchun Yidong Clutch CO.,LTD (SHSE:600148) announced strong profits, but the stock was stagnant. We did some digging, and we found some concerning factors in the details.
長春一東離合器有限公司, LTD(上海證券交易所股票代碼:600148)宣佈了豐厚的利潤,但該股停滯不前。我們進行了一些挖掘,在細節中發現了一些相關的因素。
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How Do Unusual Items Influence Profit?
不尋常的物品如何影響利潤?
To properly understand Changchun Yidong ClutchLTD's profit results, we need to consider the CN¥2.1m gain attributed to unusual items. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
爲了正確理解長春一東離合器有限公司的盈利業績,我們需要考慮歸因於不尋常項目的210萬元人民幣的收益。我們不能否認更高的利潤通常會讓我們感到樂觀,但如果利潤是可持續的,我們更願意這樣做。當我們分析全球絕大多數上市公司時,我們發現重大不尋常的事項往往不會重演。而且,畢竟,這正是會計術語的含義。假設這些不尋常的項目在本年度不會再次出現,因此我們預計明年的利潤將疲軟(也就是說,在業務沒有增長的情況下)。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Changchun Yidong ClutchLTD.
注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對長春一東離合器有限公司的資產負債表分析。
An Unusual Tax Situation
不尋常的稅收狀況
Having already discussed the impact of the unusual items, we should also note that Changchun Yidong ClutchLTD received a tax benefit of CN¥4.8m. This is meaningful because companies usually pay tax rather than receive tax benefits. The receipt of a tax benefit is obviously a good thing, on its own. And given that it lost money last year, it seems possible that the benefit is evidence that it now expects to find value in its past tax losses. However, our data indicates that tax benefits can temporarily boost statutory profit in the year it is booked, but subsequently profit may fall back. 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.
在已經討論了這些不尋常物品的影響之後,我們還應該指出,長春一東離合器有限公司獲得了480萬元人民幣的稅收優惠。這是有意義的,因爲公司通常納稅而不是獲得稅收優惠。獲得稅收優惠本身顯然是一件好事。而且,鑑於它去年虧損,這種好處似乎有可能證明它現在有望從過去的稅收損失中找到價值。但是,我們的數據表明,稅收優惠可以暫時增加賬面當年的法定利潤,但隨後利潤可能會回落。如果稅收優惠可能不重演,我們預計其法定利潤水平將下降,至少在沒有強勁增長的情況下是如此。儘管我們認爲公司獲得稅收優惠是件好事,但這確實意味着法定利潤很有可能遠高於根據一次性因素調整收入時的法定利潤。
Our Take On Changchun Yidong ClutchLTD's Profit Performance
我們對長春一東離合器有限公司盈利表現的看法
In the last year Changchun Yidong ClutchLTD received a tax benefit, which boosted its profit in a way that might not be much more sustainable than turning prime farmland into gas fields. And on top of that, it also saw an unusual item boost its profit, suggesting that next year might see a lower profit number, if these events are not repeated. For the reasons mentioned above, we think that a perfunctory glance at Changchun Yidong ClutchLTD's statutory profits might make it look better than it really is on an underlying level. So while earnings quality is important, it's equally important to consider the risks facing Changchun Yidong ClutchLTD at this point in time. You'd be interested to know, that we found 1 warning sign for Changchun Yidong ClutchLTD and you'll want to know about this.
去年,長春一東離合器有限公司獲得了一項稅收優惠,這增加了其利潤,其可持續性可能不比將優質農田變成氣田更具可持續性。最重要的是,它還看到一個不尋常的項目提高了利潤,這表明如果這些事件不重演,明年的利潤數字可能會降低。出於上述原因,我們認爲,敷衍地看一眼長春一東離合器有限公司的法定利潤可能會使其看起來比實際水平要好。因此,儘管盈利質量很重要,但考慮長春一東離合器有限公司目前面臨的風險同樣重要。你可能會有興趣知道,我們找到了長春一東離合器有限公司的1個警告標誌,你會想知道的。
Our examination of Changchun Yidong ClutchLTD has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. 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.
我們對長春一東離合器有限公司的審查側重於某些可能使其盈利看起來好於實際的因素。而且,在此基礎上,我們有些懷疑。但是,如果你能夠將注意力集中在細節上,總會有更多的事情需要發現。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 「關注資金」,尋找內部人士正在買入的股票。雖然可能需要你進行一些研究,但你可能會發現這份免費收集的擁有高股本回報率的公司,或者這份擁有大量內幕持股的股票清單很有用。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。