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Guangdong Cellwise Microelectronics (SHSE:688325) Is Posting Solid Earnings, But It Is Not All Good News

Guangdong Cellwise Microelectronics (SHSE:688325) Is Posting Solid Earnings, But It Is Not All Good News

廣東賽威微電子(上海證券交易所代碼:688325)公佈了穩健的收益,但這並不全是好消息
Simply Wall St ·  04/26 06:45

Solid profit numbers didn't seem to be enough to please Guangdong Cellwise Microelectronics Co., Ltd.'s (SHSE:688325) shareholders. Our analysis suggests they may be concerned about some underlying details.

穩健的利潤數字似乎不足以取悅廣東賽威微電子有限公司。”s (SHSE: 688325) 股東。我們的分析表明,他們可能會擔心一些潛在的細節。

earnings-and-revenue-history
SHSE:688325 Earnings and Revenue History April 25th 2024
SHSE: 688325 2024 年 4 月 25 日的收益和收入歷史記錄

The Impact Of Unusual Items On Profit

不尋常物品對利潤的影響

Importantly, our data indicates that Guangdong Cellwise Microelectronics' profit received a boost of CN¥5.8m 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. 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. Which is hardly surprising, given the name. We can see that Guangdong Cellwise Microelectronics' positive unusual items were quite significant relative to its profit in the year to December 2023. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.

重要的是,我們的數據表明,去年廣東賽威微電子的不尋常項目利潤增加了580萬元人民幣。雖然獲得更高的利潤總是件好事,但來自不尋常物品的巨額捐款有時會抑制我們的熱情。當我們計算數千家上市公司的數字時,我們發現,特定年份中不尋常的項目所帶來的提振通常不會在第二年重演。考慮到這個名字,這並不奇怪。我們可以看到,截至2023年12月的一年中,廣東賽威微電子的積極不尋常項目相對於其利潤相當可觀。在其他條件相同的情況下,這可能會使法定利潤成爲衡量潛在盈利能力的不良指導。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Guangdong Cellwise Microelectronics.

注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對廣東賽威微電子的資產負債表分析。

An Unusual Tax Situation

不尋常的稅收狀況

Just as we noted the unusual items, we must inform you that Guangdong Cellwise Microelectronics received a tax benefit which contributed CN¥4.7m to the bottom line. This is meaningful because companies usually pay tax rather than receive tax benefits. We're sure the company was pleased with its tax benefit. However, the devil in the detail is that these kind of benefits only impact in the year they are booked, and are often one-off in nature. Assuming the tax benefit is not repeated every year, we could see its profitability drop noticeably, all else being equal. While we think it's good that the company has booked a tax benefit, it does mean that there's every chance the statutory profit will come in a lot higher than it would be if the income was adjusted for one-off factors.

正如我們注意到這些不尋常的項目一樣,我們必須通知您,廣東賽威微電子獲得了稅收優惠,爲利潤貢獻了470萬元人民幣。這是有意義的,因爲公司通常納稅而不是獲得稅收優惠。我們確信該公司對其稅收優惠感到滿意。但是,細節上的問題在於,此類福利僅在預訂當年有影響,而且本質上通常是一次性的。假設每年都不重複享受稅收優惠,在其他條件相同的情況下,我們可能會看到其盈利能力明顯下降。儘管我們認爲公司獲得稅收優惠是件好事,但這確實意味着法定利潤很有可能遠高於根據一次性因素調整收入時的法定利潤。

Our Take On Guangdong Cellwise Microelectronics' Profit Performance

我們對廣東賽爾威微電子利潤表現的看法

In the last year Guangdong Cellwise Microelectronics received a tax benefit, which boosted its profit in a way that might not be much more sustainable than turning prime farmland into gas fields. Furthermore, it also benefitted from a positive unusual item, which boosted the profit result even higher. For the reasons mentioned above, we think that a perfunctory glance at Guangdong Cellwise Microelectronics' statutory profits might make it look better than it really is on an underlying level. So while earnings quality is important, it's equally important to consider the risks facing Guangdong Cellwise Microelectronics at this point in time. For instance, we've identified 2 warning signs for Guangdong Cellwise Microelectronics (1 can't be ignored) you should be familiar with.

去年,廣東賽威微電子獲得了稅收優惠,這增加了其利潤,其可持續性可能不如將優質農田變成氣田更具可持續性。此外,它還受益於一個積極的不尋常項目,這進一步提高了利潤結果。出於上述原因,我們認爲,敷衍地看一眼廣東賽威微電子的法定利潤可能會使其看起來比實際水平要好。因此,儘管收益質量很重要,但考慮廣東賽威微電子目前面臨的風險同樣重要。例如,我們已經確定了你應該熟悉的廣東賽威微電子的兩個警告標誌(其中一個不容忽視)。

In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. But there is always more to discover if you are capable of focussing your mind on minutiae. 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 that insiders are buying.

在本文中,我們研究了許多可能削弱利潤數字效用的因素,我們對此持謹慎態度。但是,如果你能夠將注意力集中在細節上,總會有更多值得發現的地方。例如,許多人認爲高股本回報率表明商業經濟狀況良好,而另一些人則喜歡 “追隨資金”,尋找內部人士正在購買的股票。因此,你可能希望看到這批擁有高股本回報率的免費公司,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。


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