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We Believe That Han's Laser Technology Industry Group's (SZSE:002008) Weak Earnings Are A Good Indicator Of Underlying Profitability

We Believe That Han's Laser Technology Industry Group's (SZSE:002008) Weak Earnings Are A Good Indicator Of Underlying Profitability

我们认为,大族激光科技产业集团(SZSE:002008)的疲软收益是潜在盈利能力的良好指标
Simply Wall St ·  04/24 20:11

Han's Laser Technology Industry Group Co., Ltd. (SZSE:002008) recently posted soft earnings but shareholders didn't react strongly. We did some analysis and found some concerning details beneath the statutory profit number.

大族激光科技工业集团有限公司(SZSE:002008)最近公布了疲软的收益,但股东反应不强。我们进行了一些分析,发现了法定利润数字下方的一些相关细节。

earnings-and-revenue-history
SZSE:002008 Earnings and Revenue History April 25th 2024
SZSE:002008 收益和收入历史记录 2024 年 4 月 25 日

How Do Unusual Items Influence Profit?

不寻常的物品如何影响利润?

For anyone who wants to understand Han's Laser Technology Industry Group's profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit gained from CN¥572m worth of unusual items. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. 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. Han's Laser Technology Industry Group had a rather significant contribution from unusual items relative to its profit to December 2023. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.

对于任何想了解大族激光科技工业集团在法定数字之外的利润的人来说,值得注意的是,在过去的十二个月中,从价值5.72亿元人民币的不寻常物品中获得了法定利润。虽然我们希望看到利润增加,但当不寻常的物品做出重大贡献时,我们往往会更加谨慎一些。当我们计算数千家上市公司的数字时,我们发现,特定年份中不寻常的项目所带来的提振通常不会在第二年重演。考虑到这个名字,这并不奇怪。截至2023年12月,大族激光科技产业集团从不寻常的项目中获得了相当大的利润。因此,我们可以推测,这些不寻常的物品使其法定利润明显高于原来的水平。

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.

这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。

An Unusual Tax Situation

不寻常的税收状况

Just as we noted the unusual items, we must inform you that Han's Laser Technology Industry Group received a tax benefit which contributed CN¥87m to the bottom line. This is of course a bit out of the ordinary, given it is more common for companies to be paying tax than receiving tax benefits! Of course, prima facie it's great to receive a tax benefit. However, our data indicates that tax benefits can temporarily boost statutory profit in the year it is booked, but subsequently profit may fall back. In the likely event the tax benefit is not repeated, we'd expect to see its statutory profit levels drop, at least in the absence of strong growth.

正如我们注意到这些不寻常的项目一样,我们必须通知您,大族激光技术产业集团获得了税收优惠,为利润贡献了8700万元人民币。这当然有点不寻常,因为公司纳税比获得税收优惠更为普遍!当然, 初步证实 能获得税收优惠真是太好了。但是,我们的数据表明,税收优惠可以暂时增加账面当年的法定利润,但随后利润可能会回落。如果税收优惠可能不重演,我们预计其法定利润水平将下降,至少在没有强劲增长的情况下是如此。

Our Take On Han's Laser Technology Industry Group's Profit Performance

我们对大族激光科技产业集团利润表现的看法

In its last report Han's Laser Technology Industry Group received a tax benefit which might make its profit look better than it really is on a underlying level. Furthermore, it also benefitted from a positive unusual item, which boosted the profit result even higher. Considering all this we'd argue Han's Laser Technology Industry Group's profits probably give an overly generous impression of its sustainable level of profitability. If you'd like to know more about Han's Laser Technology Industry Group as a business, it's important to be aware of any risks it's facing. While conducting our analysis, we found that Han's Laser Technology Industry Group has 2 warning signs and it would be unwise to ignore them.

在上一份报告中,大族激光技术产业集团获得了税收优惠,这可能会使其利润看起来比实际水平要好。此外,它还受益于一个积极的不寻常项目,这进一步推动了利润业绩。考虑到所有这些,我们认为大族激光技术产业集团的利润可能给人一种对其可持续盈利水平的过于宽松的印象。如果您想进一步了解大族激光科技产业集团作为一家企业,请务必了解其面临的任何风险。在进行分析时,我们发现大族激光科技产业集团有两个警告信号,忽视它们是不明智的。

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. 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.

在本文中,我们研究了许多可能削弱利润数字效用的因素,我们对此持谨慎态度。但是,如果你能够将注意力集中在细节上,总会有更多值得发现的地方。例如,许多人认为高股本回报率表明商业经济状况良好,而另一些人则喜欢 “追随资金”,寻找内部人士正在购买的股票。尽管可能需要代表你进行一些研究,但你可能会发现这份免费收集的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单很有用。

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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.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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