Why Shanghai Haixin Group's (SHSE:600851) Earnings Are Better Than They Seem
Why Shanghai Haixin Group's (SHSE:600851) Earnings Are Better Than They Seem
Shanghai Haixin Group Co., Ltd.'s (SHSE:600851) healthy profit numbers didn't contain any surprises for investors. We believe that shareholders have noticed some concerning factors beyond the statutory profit numbers.
上海海信集團有限公司(上交所:600851)健康的利潤數據不會給投資者帶來任何意外。我們相信,股東已經注意到了法定利潤數字以外的一些令人擔憂的因素。
See our latest analysis for Shanghai Haixin Group
查看我們對上海海信集團的最新分析
The Power Of Non-Operating Revenue
非經營性收入的力量
At most companies, some revenue streams, such as government grants, are accounted for as non-operating revenue, while the core business is said to produce operating revenue. Oftentimes, non-operating revenue spikes are not repeated, so it makes sense to be cautious where non-operating revenue has made a very large contribution to total profit. Importantly, the non-operating revenue often comes without associated ongoing costs, so it can boost profit by letting it fall straight to the bottom line, making the operating business seem better than it really is. Notably, Shanghai Haixin Group had a significant increase in non-operating revenue over the last year. Indeed, its non-operating revenue rose from CN¥80.8m last year to CN¥308.2m this year. If that non-operating revenue fails to manifest in the current year, then there's a real risk the bottom line profit result will be impacted negatively. In order to better understand a company's profit result, it can sometimes help to consider whether the result would be very different without a sudden increase in non-operating revenue.
在大多數公司,一些收入來源,如政府撥款,被計入非營業收入,而核心業務據説產生營業收入。通常,營業外收入的激增不會重複,因此,在營業外收入對總利潤的貢獻非常大的情況下,謹慎行事是有意義的。重要的是,非營業收入通常沒有相關的持續成本,所以它可以通過讓利潤直接下降到底線來提高利潤,使經營業務看起來比實際情況要好。值得注意的是,上海海信集團去年的營業外收入大幅增長。事實上,其營業外收入從去年的8080萬加元增至今年的3.082億加元。如果非營業收入未能在本年度顯現,那麼底線利潤結果將受到負面影響的風險是真實存在的。為了更好地瞭解一家公司的利潤結果,有時可以考慮一下,如果沒有營業外收入的突然增加,結果是否會有很大不同。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Shanghai Haixin Group.
注:我們總是建議投資者檢查資產負債表的實力。點擊此處查看我們對上海海鑫集團的資產負債表分析。
How Do Unusual Items Influence Profit?
不尋常的項目如何影響利潤?
Alongside that spike in non-operating revenue, it's also important to note that Shanghai Haixin Group'sprofit suffered from unusual items, which reduced profit by CN¥51m in the last twelve months. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. In the twelve months to December 2021, Shanghai Haixin Group had a big unusual items expense. All else being equal, this would likely have the effect of making the statutory profit look worse than its underlying earnings power.
除了營業外收入的激增,還需要注意的是,上海海信集團的利潤受到了不尋常項目的影響,在過去12個月裏利潤減少了5100萬元人民幣。雖然最初由於不尋常的項目而扣除的金額令人失望,但也有一線希望。我們查看了數千家上市公司,發現不尋常的項目往往是一次性的。考慮到這些項目被認為是不尋常的,這並不令人驚訝。在截至2021年12月的12個月裏,上海海信集團有一大筆不尋常的項目支出。在其他條件不變的情況下,這很可能會導致法定利潤看起來比潛在的盈利能力更糟糕。
Our Take On Shanghai Haixin Group's Profit Performance
我們對上海海信集團盈利表現的看法
In the last year Shanghai Haixin Group's non-operating revenue really gave it a boost, but not in a way that is necessarily going to be sustained. But on the other hand, it also saw an unusual item depress its profit, suggesting the statutory profit number will actually improve next year, if the unusual expenses are not repeated, and all else stays equal. Given the contrasting considerations, we don't have a strong view as to whether Shanghai Haixin Group's profits are an apt reflection of its underlying potential for profit. 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 3 warning signs with Shanghai Haixin Group, and understanding these should be part of your investment process.
去年,上海海信集團的營業外收入確實給它帶來了提振,但並不是以一種必然會持續下去的方式。但另一方面,該公司也看到一個不尋常的項目壓低了其利潤,這表明,如果不重複不尋常的支出,在其他條件保持不變的情況下,明年的法定利潤數字實際上會有所改善。考慮到這些不同的考慮因素,我們對上海海信集團的利潤是否恰當地反映了其潛在的盈利潛力並沒有太大的看法。有鑑於此,如果你想對公司做更多的分析,瞭解其中的風險是至關重要的。在投資風險方面,我們已經與上海海信集團確定了三個警示信號,瞭解這些信號應該是您投資過程的一部分。
Our examination of Shanghai Haixin Group has focussed on certain factors that can make its earnings look better than they are. 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.
我們對上海海信集團的調查集中在某些因素上,這些因素可能會讓它的收益看起來比實際情況更好。但如果你有能力將注意力集中在細枝末節上,總會有更多的東西需要發現。一些人認為,高股本回報率是高質量企業的良好標誌。所以你可能想看看這個免費擁有高股本回報率的公司的集合,或內部人士正在購買的這份股票清單。
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這篇由《華爾街日報》撰寫的文章本質上是籠統的。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。簡單地説,華爾街在提到的任何股票中都沒有頭寸。
譯文內容由第三人軟體翻譯。