There May Be Underlying Issues With The Quality Of China Quanjude(Group)Ltd's (SZSE:002186) Earnings
There May Be Underlying Issues With The Quality Of China Quanjude(Group)Ltd's (SZSE:002186) Earnings
China Quanjude(Group) Co.,Ltd. (SZSE:002186) announced strong profits, but the stock was stagnant. We did some digging, and we found some concerning factors in the details.
全聚德集团股份有限公司(SZSE:002186)宣布盈利强劲,但股票走势停滞。我们进行了一些调查,发现了一些令人担忧的细节因素。
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 China Quanjude(Group)Ltd's profit received a boost of CN¥5.7m 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. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. If China Quanjude(Group)Ltd doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
重要的是,我们的数据显示,全聚德集团有限公司的利润在过去一年中在飞凡项目上获得了570万元的提升。虽然盈利增加总是令人高兴的,但来自飞凡项目的大额贡献有时会减弱我们的热情。我们对全球大多数上市公司进行了数据分析,很常见飞凡项目是一次性的。这并不奇怪,考虑到名称。如果全聚德集团有限公司不再看到这种贡献的重复,那么其他条件保持不变,我们预计其利润会在今年下降。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of China Quanjude(Group)Ltd.
注意:我们始终建议投资者检查资产负债表的实力。点击这里查看我们对全聚德集团有限公司资产负债表分析。
Our Take On China Quanjude(Group)Ltd's Profit Performance
我们对全聚德集团有限公司的盈利表现看法
Arguably, China Quanjude(Group)Ltd's statutory earnings have been distorted by unusual items boosting profit. Because of this, we think that it may be that China Quanjude(Group)Ltd's statutory profits are better than its underlying earnings power. The good news is that it earned a profit in the last twelve months, despite its previous loss. 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. While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. We've done some analysis and you can see our take on China Quanjude(Group)Ltd's balance sheet by clicking here.
可以说,全聚德(集团)有限公司的法定收益因飞凡的异常项目而被放大,从而提高了利润。因此,我们认为全聚德(集团)有限公司的法定利润可能优于其潜在盈利能力。好消息是,尽管之前亏损,但在过去的十二个月里,它赚取了利润。当然,在分析其收益方面,我们只是皮毛;人们还可以考虑毛利率、预测增长率、投资回报率等其他因素。虽然考虑利润和损失表非常重要,但您也可以通过查看资产负债表来了解公司的很多情况。我们已经做了一些分析,您可以通过点击这里查看我们对全聚德(集团)有限公司财务状况的看法。
This note has only looked at a single factor that sheds light on the nature of China Quanjude(Group)Ltd's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
这份备忘录仅着眼于揭示全聚德(集团)有限公司利润性质的一个因素。但如果您能集中精力关注细枝末节,总会有更多发现。有些人认为股东权益较高是一个优质企业的良好迹象。因此,您可能希望查看这个免费的高股东权益企业收藏系列,或者这份拥有高内部持股的股票清单。
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