Could The Market Be Wrong About Shanghai Chlor-Alkali Chemical Co., Ltd. (SHSE:600618) Given Its Attractive Financial Prospects?
Could The Market Be Wrong About Shanghai Chlor-Alkali Chemical Co., Ltd. (SHSE:600618) Given Its Attractive Financial Prospects?
With its stock down 14% over the past three months, it is easy to disregard Shanghai Chlor-Alkali Chemical (SHSE:600618). However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. In this article, we decided to focus on Shanghai Chlor-Alkali Chemical's ROE.
在过去的三个月里,上海氯碱化工的股价下跌了14%,人们很容易忽视它(上海证交所代码:600618)。然而,股价通常是由一家公司的长期财务表现推动的,在这种情况下,这看起来相当有希望。在本文中,我们决定将重点放在上海氯碱化工的净资产收益率上。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。简而言之,它是用来评估一家公司相对于其权益资本的盈利能力。
See our latest analysis for Shanghai Chlor-Alkali Chemical
查看我们对上海氯碱化工的最新分析
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 Shanghai Chlor-Alkali Chemical is:
因此,根据上述公式,上海氯碱化工的净资产收益率为:
12% = CN¥1.1b ÷ CN¥8.5b (Based on the trailing twelve months to March 2023).
12%=CN元11亿×CN元85亿(以截至2023年3月的12个月为基础)。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.12 in profit.
“回报”指的是企业在过去一年中获得的收入。另一种说法是,公司每持有价值1元的股权,就能赚取0.12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. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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。根据公司选择再投资或“保留”多少利润,我们就能够评估一家公司未来产生利润的能力。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。
Shanghai Chlor-Alkali Chemical's Earnings Growth And 12% ROE
上海氯碱化工盈利增长及净资产收益率12%
At first glance, Shanghai Chlor-Alkali Chemical seems to have a decent ROE. Further, the company's ROE compares quite favorably to the industry average of 8.3%. Probably as a result of this, Shanghai Chlor-Alkali Chemical was able to see a decent growth of 11% over the last five years.
乍一看,上海氯碱化工似乎拥有不错的净资产收益率。此外,该公司的净资产收益率(ROE)与8.3%的行业平均水平相比相当有利。可能正因为如此,上海氯碱化工在过去五年中能够实现11%的可观增长。
As a next step, we compared Shanghai Chlor-Alkali Chemical's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 16% in the same period.
下一步,我们将上海氯碱化工的净收入增长与行业进行了比较,失望地看到该公司的增长低于同期16%的行业平均增长。
![past-earnings-growth](https://usnewsfile.moomoo.com/pic/0-984d9b882e84403954ca154e1a7f0e21-0-929158a69bd531a3baec6fec728500de.png/big)
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. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Shanghai Chlor-Alkali Chemical is trading on a high P/E or a low P/E, relative 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。衡量预期收益增长的一个很好的指标是市盈率,它根据一只股票的盈利前景决定市场愿意为其支付的价格。因此,你可能想看看上海氯碱化工的市盈率相对于行业是高市盈率还是低市盈率。
Is Shanghai Chlor-Alkali Chemical Making Efficient Use Of Its Profits?
上海氯碱化工是否有效利用了利润?
Shanghai Chlor-Alkali Chemical's three-year median payout ratio to shareholders is 23% (implying that it retains 77% of its income), which is on the lower side, so it seems like the management is reinvesting profits heavily to grow its business.
上海氯碱化工三年对股东的派息率中值为23%(这意味着它保留了77%的收入),这一比率处于较低水平,因此管理层似乎正在将利润进行大量再投资,以实现业务增长。
Moreover, Shanghai Chlor-Alkali Chemical is determined to keep sharing its profits with shareholders which we infer from its long history of nine years of paying a dividend.
此外,上海氯碱化工决心继续与股东分享利润,这是从其九年来支付股息的悠久历史中推断出来的。
Conclusion
结论
On the whole, we feel that Shanghai Chlor-Alkali Chemical's performance has been quite good. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. As a result, the decent growth in its earnings is not surprising. If the company continues to grow its earnings the way it has, that could have a positive impact on its share price given how earnings per share influence long-term share prices. Let's not forget, business risk is also one of the factors that affects the price of the stock. So this is also an important area that investors need to pay attention to before making a decision on any business. To know the 3 risks we have identified for Shanghai Chlor-Alkali Chemical visit our risks dashboard for free.
总体来说,我们觉得上海氯碱化工的表现是相当不错的。特别是,我们喜欢该公司对其业务进行大量再投资,并以高回报率进行投资。因此,其收益的可观增长并不令人意外。如果该公司继续以目前的方式增长收益,考虑到每股收益对长期股价的影响,这可能会对其股价产生积极影响。我们不要忘记,商业风险也是影响股票价格的因素之一。因此,这也是投资者在对任何业务做出决定之前需要关注的一个重要领域。要了解我们为上海氯碱化工确定的3个风险,请免费访问我们的风险仪表板。
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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。