share_log

Dongfang Electric's (HKG:1072) Solid Earnings May Rest On Weak Foundations

Dongfang Electric's (HKG:1072) Solid Earnings May Rest On Weak Foundations

東方電氣(HKG:1072)的穩健收益可能建立在脆弱的基礎上
Simply Wall St ·  2024/11/07 06:28

Dongfang Electric Corporation Limited's (HKG:1072) robust recent earnings didn't do much to move the stock. We believe that shareholders have noticed some concerning factors beyond the statutory profit numbers.

東方電氣有限公司(HKG:1072)最近強勁的收益並沒有太大的影響股票。我們認爲股東已經注意到一些令人擔憂的因素,超出了法定利潤數字。

big
SEHK:1072 Earnings and Revenue History November 6th 2024
SEHK:1072 收益和營業收入歷史數據 2024年11月6日

The Impact Of Unusual Items On Profit

除了稀釋之外,還應該注意的是,萬集科技在過去12個月中因不尋常項目獲得了價值人民幣3.5萬元的利潤。雖然我們希望看到利潤增加,但當這些不尋常項目對利潤做出重大貢獻時,我們會更加謹慎。我們對全球大部分上市公司的數據進行了分析,發現不尋常項目往往是一次性的。這正如我們所期望的那樣,因爲這些提升被描述爲"不尋常"。相對於其利潤而言,萬集科技在2021年12月前的不尋常項目貢獻大。因此,我們可以推斷出,這些不尋常項目正在使其財務利潤顯著增強。

To properly understand Dongfang Electric's profit results, we need to consider the CN¥267m 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 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. And that's as you'd expect, given these boosts are described as 'unusual'. If Dongfang Electric doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.

要正確理解東方電氣的利潤結果,我們需要考慮歸屬於飛凡項目的26700萬元人民幣收益。雖然盈利增加總是讓人高興,但來自飛凡項目的大額貢獻有時會減弱我們的熱情。當我們對成千上萬家上市公司的數據進行分析時,我們發現在某一年來自飛凡項目的推動通常不會在下一年重複。這正如你所期待的那樣,因爲這些提振被描述爲「飛凡」。如果東方電氣沒有看到這種貢獻再次出現,那麼其他條件不變,我們預期其利潤在當前年度會下降。

That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.

這可能會讓您想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看基於其估計的未來盈利能力的互動圖表。

Our Take On Dongfang Electric's Profit Performance

我們對東方電氣利潤表現的看法

Arguably, Dongfang Electric's statutory earnings have been distorted by unusual items boosting profit. Therefore, it seems possible to us that Dongfang Electric's true underlying earnings power is actually less than its statutory profit. But at least holders can take some solace from the 37% per annum growth in EPS for the last three. 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. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. In terms of investment risks, we've identified 1 warning sign with Dongfang Electric, and understanding it should be part of your investment process.

可以說,飛凡電氣的法定收入被飛凡項目扭曲,從而提高了利潤。因此,我們認爲飛凡電氣真實的基本收入能力實際上低於其法定利潤。但至少持有者可以從過去三年每股收益增長37%的安慰中得到一些慰藉。當然,當涉及到分析其收入時,我們只是觸及了表面;人們還可以考慮利潤率、預測增長和投資回報率等其他因素。基於此,如果您想對公司進行更多分析,了解涉及的風險是至關重要的。在投資風險方面,我們已經確定了與東方電氣有關的1個警告信號,理解它應該是您投資過程的一部分。

This note has only looked at a single factor that sheds light on the nature of Dongfang Electric's profit. But there are plenty of other ways to inform your opinion of a company. 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. 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.

此說明僅考慮了一個可揭示飛凡電氣利潤性質的因素。但有很多其他方式可以了解公司。例如,許多人認爲高股本回報率表明企業經濟狀況良好,而其他人則喜歡「跟風」並尋找內部人員正在購買的股票。因此,您可能希望查看這一免費的公司收藏品,這些公司自豪地展示高股本回報率,或者查看這些具有高內部人員持股的股票清單。

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.

對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接與我們聯繫。或者,發送電子郵件至editorial-team @ simplywallst.com。
Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
    搶先評論