Shenzhen Cereals Holdings Co.,Ltd's (SZSE:000019) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
Shenzhen Cereals Holdings Co.,Ltd's (SZSE:000019) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
The formula for ROE is: Most readers would already be aware that Shenzhen Cereals HoldingsLtd's (SZSE:000019) stock increased significantly by 9.8% over the past month. However, we decided to pay close attention to its weak financials as we are doubtful that the current momentum will keep up, given the scenario. In this article, we decided to focus on Shenzhen Cereals HoldingsLtd's ROE.
大多数读者应该已经知道，深圳谷物控股有限公司(SZSE：000019)的股票在过去一个月里大幅上涨了9.8%。然而，我们决定密切关注其疲软的财务状况，因为考虑到这种情况，我们怀疑目前的势头能否保持下去。在这篇文章中，我们决定把重点放在深圳谷物控股有限公司的净资产收益率上。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率或净资产收益率是股东要考虑的一个重要因素，因为它告诉他们他们的资本再投资的效率。简而言之，它衡量的是一家公司相对于股东权益的盈利能力。
Check out our latest analysis for Shenzhen Cereals HoldingsLtd
查看我们对深圳谷物控股有限公司的最新分析
How To Calculate Return On Equity?
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 Shenzhen Cereals HoldingsLtd is:
因此，根据上述公式，深圳谷物控股有限公司的净资产收益率为：
7.8% = CN¥387m ÷ CN¥4.9b (Based on the trailing twelve months to March 2023).
7.8%=3.87亿元×49亿元(基于截至2023年3月的12个月)。
The 'return' refers to a company's earnings over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.08.
“回报”指的是一家公司过去一年的收益。因此，这意味着股东每投资1元人民币，公司就会产生0.08元的利润。
What Is The Relationship Between ROE And Earnings Growth?
净资产收益率与盈利增长之间有什么关系？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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。根据公司将这些利润再投资或“保留”多少，以及这样做的效率如何，我们就能够评估一家公司的收益增长潜力。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。
Shenzhen Cereals HoldingsLtd's Earnings Growth And 7.8% ROE
深圳粮食控股有限公司盈利增长7.8%净资产收益率
When you first look at it, Shenzhen Cereals HoldingsLtd's ROE doesn't look that attractive. However, given that the company's ROE is similar to the average industry ROE of 8.1%, we may spare it some thought. Having said that, Shenzhen Cereals HoldingsLtd's net income growth over the past five years is more or less flat. Bear in mind, the company's ROE is not very high. So that could also be one of the reasons behind the company's flat growth in earnings.
当你第一次看到它时，深圳谷物控股有限公司的净资产收益率看起来并不那么吸引人。然而，鉴于该公司的净资产收益率(ROE)与8.1%的行业平均ROE相似，我们或许可以省去一些思考。话虽如此，深圳谷物控股有限公司过去五年的净收入增长基本持平。请记住，该公司的净资产收益率并不是很高。因此，这也可能是该公司盈利增长持平的原因之一。
As a next step, we compared Shenzhen Cereals HoldingsLtd's net income growth with the industry and discovered that the industry saw an average growth of 3.3% in the same period.
下一步，我们将深圳粮食控股有限公司的净收入增长与行业进行了比较，发现同期该行业的平均增长为3.3%。
Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. 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 Shenzhen Cereals HoldingsLtd'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。投资者应该尝试确定预期的收益增长或下降是否已计入价格，无论是哪种情况。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。如果你想知道深圳谷物控股有限公司的估值，看看这个衡量其市盈率的指标，与其行业相比。
Is Shenzhen Cereals HoldingsLtd Using Its Retained Earnings Effectively?
深圳粮食控股有限公司是否有效地利用了其留存收益？
Shenzhen Cereals HoldingsLtd has a high three-year median payout ratio of 67% (or a retention ratio of 33%), meaning that the company is paying most of its profits as dividends to its shareholders. This does go some way in explaining why there's been no growth in its earnings.
深圳谷物控股有限公司的三年派息率中值为67%(或留存率为33%)，这意味着该公司将大部分利润作为股息支付给股东。这确实在一定程度上解释了为什么它的收益没有增长。
Moreover, Shenzhen Cereals HoldingsLtd has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.
此外，深圳谷物控股有限公司至少在十年或更长时间内一直在分红，这表明管理层肯定已经意识到，股东更喜欢分红，而不是收益增长。
Summary
摘要
In total, we would have a hard think before deciding on any investment action concerning Shenzhen Cereals HoldingsLtd. As a result of its low ROE and lack of much reinvestment into the business, the company has seen a disappointing earnings growth rate. Until now, we have only just grazed the surface of the company's past performance by looking at the company's fundamentals. To gain further insights into Shenzhen Cereals HoldingsLtd's past profit growth, check out this visualization of past earnings, revenue and cash flows.
总而言之，我们在决定对深圳谷物控股有限公司的任何投资行动之前都会三思而后行。由于净资产收益率较低，对该业务的再投资不足，该公司的收益增长率令人失望。到目前为止，我们只是通过观察公司的基本面来了解公司过去的业绩。为了更深入地了解深圳谷物控股有限公司过去的利润增长，请查看这张过去收益、收入和现金流的可视化图表。
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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。
