Changchun Engley Automobile IndustryLtd's (SHSE:601279) Solid Profits Have Weak Fundamentals
Changchun Engley Automobile IndustryLtd's (SHSE:601279) Solid Profits Have Weak Fundamentals
Despite posting some strong earnings, the market for Changchun Engley Automobile Industry Co.,Ltd.'s (SHSE:601279) stock hasn't moved much. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
儘管公佈了一些強勁的收益，但長春英利汽車工業有限公司的市場依然表現良好, Ltd. 's（上海證券交易所代碼：601279）的股票漲幅不大。我們的分析表明，這可能是因爲股東已經注意到了一些相關的潛在因素。
One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. As it happens, Changchun Engley Automobile IndustryLtd issued 6.1% more new shares over the last year. Therefore, each share now receives a smaller portion of profit. To celebrate net income while ignoring dilution is like rejoicing because you have a single slice of a larger pizza, but ignoring the fact that the pizza is now cut into many more slices. You can see a chart of Changchun Engley Automobile IndustryLtd's EPS by clicking here.
評估收益質量的一個重要方面是研究一家公司在多大程度上稀釋了股東。碰巧的是，長春英利汽車工業有限公司發行的新股比去年增加了6.1％。因此，每股現在獲得的利潤比例較小。在慶祝淨收入的同時忽略稀釋就像歡欣鼓舞，因爲你只有一片更大的披薩，但卻忽略了披薩現在被切成更多片的事實。您可以點擊此處查看長春英利汽車工業有限公司的每股收益圖表。
A Look At The Impact Of Changchun Engley Automobile IndustryLtd's Dilution On Its Earnings Per Share (EPS)
看看長春英利汽車工業有限公司的稀釋對其每股收益（EPS）的影響
Unfortunately, Changchun Engley Automobile IndustryLtd's profit is down 45% per year over three years. On the bright side, in the last twelve months it grew profit by 93%. On the other hand, earnings per share are only up 95% over the same period. Therefore, the dilution is having a noteworthy influence on shareholder returns.
不幸的是，長春英利汽車工業有限公司的利潤在三年內每年下降45％。好的一面是，在過去的十二個月中，它的利潤增長了93％。另一方面，收入 每股 同期僅上漲了95％。因此，稀釋對股東回報產生了顯著影響。
Changes in the share price do tend to reflect changes in earnings per share, in the long run. So it will certainly be a positive for shareholders if Changchun Engley Automobile IndustryLtd can grow EPS persistently. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.
從長遠來看，股價的變化往往會反映每股收益的變化。因此，如果長春英利汽車工業有限公司能夠持續增長每股收益，對股東來說肯定是利好的。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。出於這個原因，你可以說從長遠來看，每股收益比淨收入更重要，前提是目標是評估公司的股價是否可能上漲。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Changchun Engley Automobile IndustryLtd.
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長春英利汽車工業有限公司的資產負債表分析
Our Take On Changchun Engley Automobile IndustryLtd's Profit Performance
我們對長春英利汽車工業有限公司盈利表現的看法
Each Changchun Engley Automobile IndustryLtd share now gets a meaningfully smaller slice of its overall profit, due to dilution of existing shareholders. Because of this, we think that it may be that Changchun Engley Automobile IndustryLtd's statutory profits are better than its underlying earnings power. But the happy news is that, while acknowledging we have to look beyond the statutory numbers, those numbers are still improving, with EPS growing at a very high rate over the last year. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. When we did our research, we found 2 warning signs for Changchun Engley Automobile IndustryLtd (1 makes us a bit uncomfortable!) that we believe deserve your full attention.
由於現有股東的稀釋，長春英利汽車工業有限公司的每股股票現在在總利潤中所佔的份額都要小得多。因此，我們認爲可能是長春英利汽車工業有限公司的法定利潤好於其基礎盈利能力。但令人高興的消息是，儘管承認我們必須將目光投向法定數字之外，但這些數字仍在改善，去年每股收益以非常高的速度增長。本文的目標是評估我們在多大程度上可以依靠法定收益來反映公司的潛力，但還有很多需要考慮的地方。請記住，在分析股票時，值得注意所涉及的風險。當我們進行研究時，我們發現長春英利汽車工業有限公司有 2 個警告標誌（1 個讓我們有點不舒服！）我們認爲值得你全神貫注。
This note has only looked at a single factor that sheds light on the nature of Changchun Engley Automobile IndustryLtd's profit. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying to be useful.
這份報告只考慮了揭示長春英利汽車工業有限公司利潤性質的單一因素。但是，還有很多其他方法可以讓你對公司的看法。有些人認爲高股本回報率是優質業務的好兆頭。雖然可能需要你進行一些研究，但你可能會發現這份免費收集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很有用。
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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。