Weak Statutory Earnings May Not Tell The Whole Story For Hubei Kailong Chemical Group (SZSE:002783)
Weak Statutory Earnings May Not Tell The Whole Story For Hubei Kailong Chemical Group (SZSE:002783)
If Hubei Kailong Chemical Group's EPS can grow over time then that drastically improves the chances of the share price moving in the same direction. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit. The subdued market reaction suggests that Hubei Kailong Chemical Group Co., Ltd.'s (SZSE:002783) recent earnings didn't contain any surprises. Our analysis suggests that along with soft profit numbers, investors should be aware of some other underlying weaknesses in the numbers.
市场反应平淡，这表明凯龙股份（SZSE:002783）最近的收益没有出现任何意外。我们的分析表明，除了软弱的利润数字外，投资者还应该注意一些其他数字中潜在的弱点。
In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. In fact, Hubei Kailong Chemical Group increased the number of shares on issue by 28% over the last twelve months by issuing new shares. Therefore, each share now receives a smaller portion of profit. Per share metrics like EPS help us understand how much actual shareholders are benefitting from the company's profits, while the net income level gives us a better view of the company's absolute size. You can see a chart of Hubei Kailong Chemical Group's EPS by clicking here.
为了了解每股收益的潜在回报，审慎考虑公司对股东的摊薄程度至关重要。事实上，凯龙股份在过去十二个月内通过发行新股使在外股份数量增加了28%。因此，每股现在分到的利润更少。每股指标如每股收益（EPS）帮助我们了解实际股东从公司利润中获益的程度，而净利润水平则更好地展现了公司的绝对规模。您可以点击这里查看凯龙股份的EPS图表。
A Look At The Impact Of Hubei Kailong Chemical Group's Dilution On Its Earnings Per Share (EPS)
看看凯龙股份的股东摊薄对每股收益（EPS）的影响
Unfortunately, we don't have any visibility into its profits three years back, because we lack the data. And even focusing only on the last twelve months, we see profit is down 19%. Sadly, earnings per share fell further, down a full 28% in that time. So you can see that the dilution has had a fairly significant impact on shareholders.
不幸的是，我们无法看到三年前的利润，因为我们缺乏数据。而且即使只关注过去的十二个月，我们看到利润下降了19%。遗憾的是，每股收益在此期间进一步下降，下降了整整28%。因此，您可以看到这种摊薄对股东产生了相当大的影响。
If Hubei Kailong Chemical Group's EPS can grow over time then that drastically improves the chances of the share price moving in the same direction. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
如果凯龙股份的每股收益能够随着时间的推移增长，那么这将极大地提高股价朝着同一方向移动的可能性。但另一方面，我们将不太兴奋地发现利润（但不是EPS）正在改善。对于普通零售股东来说，EPS是一个很好的指标，可用来检查您在公司利润中的假设“股东”份额。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Hubei Kailong Chemical Group.
注意：我们始终建议投资者检查资产负债表的强度。点击这里查看我们对凯龙股份资产负债表的分析。
Our Take On Hubei Kailong Chemical Group's Profit Performance
我们对凯龙股份的利润表现发表看法
Over the last year Hubei Kailong Chemical Group issued new shares and so, there's a noteworthy divergence between EPS and net income growth. Therefore, it seems possible to us that Hubei Kailong Chemical Group's true underlying earnings power is actually less than its statutory profit. In further bad news, its earnings per share decreased in 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. If you want to do dive deeper into Hubei Kailong Chemical Group, you'd also look into what risks it is currently facing. Every company has risks, and we've spotted 2 warning signs for Hubei Kailong Chemical Group you should know about.
在过去的一年里，凯龙股份发行了新股，因此，每股收益和净利润增长之间存在显着差异。因此，我们认为凯龙股份的真实基本盈利能力实际上低于其法定利润。更令人担忧的是，其每股收益在过去一年中有所下降。当然，在分析其盈利能力时，我们只是刚刚触及表面；人们还可以考虑边际、预测增长和投资回报率等因素。如果您想更深入地了解凯龙股份，您还应该了解它目前面临的风险。每家公司都存在风险，我们已经发现凯龙股份有两个警示迹象，您应该知道。
Today we've zoomed in on a single data point to better understand the nature of Hubei Kailong Chemical Group'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. 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，我们聚焦于一个单一的数据点，以更好地了解凯龙股份利润的本质。但如果您能够集中精力来关注细枝末节，总会有更多发现。一些人认为高股本回报率是一家优质企业的良好迹象。虽然这需要您进行一些调查研究，您可能会发现，这个收集了股本回报率高的公司或者持有大量内部股份的股票清单对您有所帮助。
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.
对这篇文章有反馈吗？对内容感到担忧吗？请直接与我们联系。或者，发送电子邮件至editorial-team @ simplywallst.com。
Simply Wall St的这篇文章是一般性质的。我们仅基于历史数据和分析师预测提供评论，使用公正的方法，我们的文章并非意在提供财务建议。这并不构成买入或卖出任何股票的建议，并且不考虑您的目标或财务状况。我们旨在为您带来基于基础数据驱动的长期聚焦分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St对提及的任何股票都没有持仓。