Are Robust Financials Driving The Recent Rally In Jilin Expressway Co., Ltd.'s (SHSE:601518) Stock?
Are Robust Financials Driving The Recent Rally In Jilin Expressway Co., Ltd.'s (SHSE:601518) Stock?
The formula for ROE is: Jilin Expressway (SHSE:601518) has had a great run on the share market with its stock up by a significant 22% over the last three months. Since the market usually pay for a company's long-term fundamentals, we decided to study the company's key performance indicators to see if they could be influencing the market. Particularly, we will be paying attention to Jilin Expressway's ROE today.
吉林高速公路(上海证券交易所代码：601518)的股票在过去三个月里大幅上涨了22%。由于市场通常为公司的长期基本面买单，我们决定研究公司的关键业绩指标，看看它们是否会影响市场。今天我们特别关注吉林高速公路的净资产收益率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。换句话说，它揭示了该公司成功地将股东投资转化为利润。
Check out our latest analysis for Jilin Expressway
查看我们对吉林高速公路的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
The formula for ROE is:
这个净资产收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Jilin Expressway is:
因此，根据上述公式，吉林省高速公路的净资产收益率为：
9.5% = CN¥467m ÷ CN¥4.9b (Based on the trailing twelve months to March 2023).
9.5%=4.67亿元×49亿元(以截至2023年3月的12个月为基础)。
The 'return' is the yearly profit. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.09 in profit.
“回报”就是年度利润。这意味着，股东权益每增加1元，公司就会产生0.09元的利润。
Why Is ROE Important For Earnings Growth?
为什么净资产收益率对收益增长很重要？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
到目前为止，我们已经了解到净资产收益率衡量的是一家公司创造利润的效率。我们现在需要评估公司将多少利润再投资或“保留”用于未来的增长，这就让我们对公司的增长潜力有了一个了解。假设其他条件不变，净资产收益率和利润保留率越高，与不一定具有这些特征的公司相比，公司的增长率就越高。
A Side By Side comparison of Jilin Expressway's Earnings Growth And 9.5% ROE
吉林高速公路盈利增长与9.5%净资产收益率的并列比较
At first glance, Jilin Expressway's ROE doesn't look very promising. However, the fact that the company's ROE is higher than the average industry ROE of 5.4%, is definitely interesting. Consequently, this likely laid the ground for the decent growth of 13% seen over the past five years by Jilin Expressway. Bear in mind, the company does have a moderately low ROE. It is just that the industry ROE is lower. Therefore, the growth in earnings could also be the result of other factors. For example, it is possible that the broader industry is going through a high growth phase, or that the company has a low payout ratio.
乍一看，吉林高速公路的净资产收益率看起来并不是很有希望。然而，该公司的净资产收益率高于行业平均5.4%的净资产收益率，这绝对是有趣的。因此，这可能为吉林高速公路在过去五年中实现13%的体面增长奠定了基础。请记住，该公司的净资产收益率(ROE)确实较低。只是行业的净资产收益率较低。因此，收益的增长也可能是其他因素的结果。例如，更广泛的行业可能正在经历高增长阶段，或者公司的派息率较低。
We then compared Jilin Expressway's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 4.1% in the same period.
然后，我们将吉林高速公路的净收入增长与行业进行了比较，我们很高兴地看到，与同期4.1%的行业增长率相比，该公司的增长数字更高。
Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about Jilin Expressway's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增长是股票估值的一个重要因素。对于投资者来说，重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。通过这样做，他们将知道股票是将进入清澈的蓝色水域，还是等待沼泽水域。如果你想知道吉林高速公路的估值，看看这个衡量其市盈率的指标，与其行业相比。
Is Jilin Expressway Making Efficient Use Of Its Profits?
吉林高速公路是否在高效利用其利润？
While the company did pay out a portion of its dividend in the past, it currently doesn't pay a dividend. We infer that the company has been reinvesting all of its profits to grow its business.
虽然该公司过去确实支付了一部分股息，但目前不支付股息。我们推断，该公司一直在将所有利润进行再投资，以发展业务。
Summary
摘要
Overall, we are quite pleased with Jilin Expressway's performance. In particular, it's great to see that the company has seen significant growth in its earnings backed by a respectable ROE and a high reinvestment rate.
总体而言，我们对吉林高速公路的表现相当满意。特别是，看到该公司在可观的净资产收益率和高再投资率的支持下实现了显著的收益增长，这一点令人欣慰。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
