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Concerns Surrounding Nanhua Instruments' (SZSE:300417) Performance

Concerns Surrounding Nanhua Instruments' (SZSE:300417) Performance

关于南华仪器(SZSE:300417)业绩的担忧
Simply Wall St ·  11/04 14:35

The recent earnings posted by Nanhua Instruments Co., Ltd. (SZSE:300417) were solid, but the stock didn't move as much as we expected. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.

南华仪器股份有限公司(SZSE:300417)最近公布的收益稳健,但股票的波动没有我们预期的那么大。然而,法定利润数字并不能完全反映全部情况,我们发现一些可能令股东担忧的因素。

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SZSE:300417 Earnings and Revenue History November 4th 2024
SZSE:300417收益和营业收入历史2024年11月4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。

To properly understand Nanhua Instruments' profit results, we need to consider the CN¥32m gain attributed to unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's as you'd expect, given these boosts are described as 'unusual'. We can see that Nanhua Instruments' positive unusual items were quite significant relative to its profit in the year to September 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.

为了正确理解南华仪器的利润结果,我们需要考虑归属于飞凡项目的3200万人民币收益。虽然盈利增加总是令人高兴的,但飞凡项目的大额贡献有时会抑制我们的热情。当我们分析全球绝大多数上市公司时,我们发现重大的飞凡项目往往不会重现。这也是可以预料的,因为这些增项被描述为“飞凡”。我们可以看到,南华仪器的正面飞凡项目相对于其2024年9月的利润来说相当显著。其他条件相同的情况下,这可能会导致法定利润不能很好地反映基础盈利能力。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Nanhua Instruments.

注意:我们始终建议投资者检查资产负债表的实力。单击此处查看南华仪器资产负债表分析。

Our Take On Nanhua Instruments' Profit Performance

我们对南华仪器的利润表现看法

As we discussed above, we think the significant positive unusual item makes Nanhua Instruments' earnings a poor guide to its underlying profitability. For this reason, we think that Nanhua Instruments' statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. The good news is that it earned a profit in the last twelve months, despite its previous loss. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. So while earnings quality is important, it's equally important to consider the risks facing Nanhua Instruments at this point in time. To help with this, we've discovered 4 warning signs (2 are a bit unpleasant!) that you ought to be aware of before buying any shares in Nanhua Instruments.

正如我们上面所讨论的,我们认为重要的正面不寻常项目使得南华仪器的盈利成为了其潜在盈利能力的不良指引。因此,我们认为南华仪器的法定利润可能不是其潜在盈利能力的良好指引,可能会给投资者对公司过分乐观的印象。好消息是,在过去十二个月里,尽管之前亏损,它还是盈利了。归根结底,如果您想正确了解公司,就必须考虑不仅仅以上述因素。因此,尽管盈利质量很重要,但在当前时刻考虑南华仪器面临的风险同样重要。为此,我们发现了4个警示信号(其中2个有点不愉快!),在买入南华仪器股票之前,您应该注意这些。

This note has only looked at a single factor that sheds light on the nature of Nanhua Instruments' 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.

这个笔记只关注了揭示南华仪器盈利性质的一个因素。但如果您能够将注意力集中在细微之处,总会有更多值得探索的地方。一些人认为高股权回报率是优质业务的良好迹象。因此,您可能希望查看这个免费的公司集锦,其中列出了股权回报率高的公司,或者查看拥有高内部股权的股票清单。

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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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