Wuxi Zhenhua Auto PartsLtd's (SHSE:605319) Earnings Are Of Questionable Quality
Wuxi Zhenhua Auto PartsLtd's (SHSE:605319) Earnings Are Of Questionable Quality
Wuxi Zhenhua Auto Parts Co.,Ltd.'s (SHSE:605319) robust earnings report didn't manage to move the market for its stock. We did some digging, and we found some concerning factors in the details.
無錫振華汽車零部件有限公司, Ltd. 's（上海證券交易所代碼：605319）強勁的收益報告未能推動其股票的市場。我們進行了一些挖掘，在細節中發現了一些相關的因素。
In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. Wuxi Zhenhua Auto PartsLtd expanded the number of shares on issue by 5.5% over the last year. That means its earnings are split among a greater number of shares. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. Check out Wuxi Zhenhua Auto PartsLtd's historical EPS growth by clicking on this link.
爲了了解每股回報的可能性，必須考慮公司在多大程度上稀釋了股東。去年，無錫振華汽車零部件有限公司將已發行股票數量增加了5.5％。這意味着其收益將分配給更多的股票。在不注意每股收益的情況下談論淨收益，就是被大數字分散注意力，而忽略與之交談的較小數字 每股 價值。點擊此鏈接，查看無錫振華汽車零部件有限公司的歷史每股收益增長。
How Is Dilution Impacting Wuxi Zhenhua Auto PartsLtd's Earnings Per Share (EPS)?
稀釋如何影響無錫振華汽車零部件有限公司的每股收益（EPS）？
As you can see above, Wuxi Zhenhua Auto PartsLtd has been growing its net income over the last few years, with an annualized gain of 163% over three years. In comparison, earnings per share only gained 58% over the same period. And the 71% profit boost in the last year certainly seems impressive at first glance. On the other hand, earnings per share are only up 71% in that time. So you can see that the dilution has had a bit of an impact on shareholders.
如上所示，無錫振華汽車零部件有限公司在過去幾年中一直在增長其淨收入，三年內年化增長163％。相比之下，收益 每股 同期僅上漲了58％。乍一看，去年71％的利潤增長無疑令人印象深刻。另一方面，收益 每股 在那段時間內僅上漲了71％。因此，你可以看到稀釋對股東產生了一些影響。
In the long term, earnings per share growth should beget share price growth. So Wuxi Zhenhua Auto PartsLtd shareholders will want to see that EPS figure continue to increase. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
從長遠來看，收益 每股 增長應該帶來股價的增長。因此，無錫振華汽車零部件有限公司的股東將希望看到每股收益繼續增加。但是，如果其利潤增加而每股收益保持不變（甚至下降），那麼股東可能看不到太多好處。對於普通零售股東來說，每股收益是檢查您假設的公司利潤 “份額” 的好方法。
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.
這可能會讓你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根據他們的估計描繪未來盈利能力的交互式圖表。
Our Take On Wuxi Zhenhua Auto PartsLtd's Profit Performance
我們對無錫振華汽車零部件有限公司利潤表現的看法
Each Wuxi Zhenhua Auto PartsLtd share now gets a meaningfully smaller slice of its overall profit, due to dilution of existing shareholders. Therefore, it seems possible to us that Wuxi Zhenhua Auto PartsLtd's true underlying earnings power is actually less than its statutory profit. But at least holders can take some solace from the 58% per annum growth in EPS for the last three. 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. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. At Simply Wall St, we found 2 warning signs for Wuxi Zhenhua Auto PartsLtd and we think they deserve your attention.
由於現有股東的稀釋，無錫振華汽車零部件有限公司的每股股票現在在總利潤中所佔的份額明顯減少。因此，在我們看來，無錫振華汽車零部件有限公司的真正基礎盈利能力實際上可能低於其法定利潤。但是，至少持有人可以從過去三年的每股收益每年增長58％中得到一些安慰。歸根結底，如果你想正確地了解公司，必須考慮的不僅僅是上述因素。考慮到這一點，除非我們對風險有透徹的了解，否則我們不會考慮投資股票。在Simply Wall St，我們發現了無錫振華汽車零部件有限公司的兩個警告標誌，我們認爲它們值得你關注。
This note has only looked at a single factor that sheds light on the nature of Wuxi Zhenhua Auto PartsLtd'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 that insiders are buying.
這份報告只考慮了揭示無錫振華汽車零部件有限公司利潤性質的單一因素。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。有些人認爲高股本回報率是優質業務的好兆頭。因此，你可能希望看到這份免費收藏的擁有高股本回報率的公司，或者這份內部人士正在購買的股票清單。
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？直接聯繫我們。 或者，給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。
譯文內容由第三人軟體翻譯。