Is Weakness In Chengdu KSW Technologies Co.,Ltd. (SHSE:688283) Stock A Sign That The Market Could Be Wrong Given Its Strong Financial Prospects?
Is Weakness In Chengdu KSW Technologies Co.,Ltd. (SHSE:688283) Stock A Sign That The Market Could Be Wrong Given Its Strong Financial Prospects?
The formula for return on equity is: Chengdu KSW TechnologiesLtd (SHSE:688283) has had a rough three months with its share price down 14%. 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 Chengdu KSW TechnologiesLtd's ROE.
成都康辉科技股份有限公司(上交所代码：688283)经历了艰难的三个月，股价下跌了14%。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成都科威科技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. Put another way, it reveals the company's success at turning shareholder investments into profits.
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。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 Chengdu KSW TechnologiesLtd
查看我们对成都科威科技有限公司的最新分析
How Is ROE Calculated?
净资产收益率是如何计算的？
The formula for return on equity is:
这个股本回报率公式是：
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 Chengdu KSW TechnologiesLtd is:
因此，根据上述公式，成都科威科技有限公司的净资产收益率为：
10% = CN¥91m ÷ CN¥901m (Based on the trailing twelve months to June 2023).
10%=9100万元×9.01亿元(以截至2023年6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¥0.10 in profit.
“回报”就是年度利润。这意味着，每增加价值1元的股东权益，公司就会产生0.10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？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
我们已经证实，净资产收益率是一家公司未来收益的有效盈利指标。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。一般来说，在其他条件相同的情况下，股本回报率和利润留存较高的公司比不具备这些特征的公司有更高的增长率。
Chengdu KSW TechnologiesLtd's Earnings Growth And 10% ROE
成都KSW科技有限公司盈利增长和10%的净资产收益率
At first glance, Chengdu KSW TechnologiesLtd's ROE doesn't look very promising. Although a closer study shows that the company's ROE is higher than the industry average of 7.1% which we definitely can't overlook. Especially when you consider Chengdu KSW TechnologiesLtd's exceptional 35% net income growth over the past five years. Bear in mind, the company does have a moderately low ROE. It is just that the industry ROE is lower. So, there might well be other reasons for the earnings to grow. 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，成都科威科技股份有限公司的净资产收益率看起来并不是很有希望。尽管更仔细的研究表明，该公司的净资产收益率高于7.1%的行业平均水平，但我们绝对不能忽视这一点。尤其是考虑到成都科威科技有限公司在过去五年中35%的净收入增长。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，盈利增长很可能还有其他原因。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。
Next, on comparing with the industry net income growth, we found that Chengdu KSW TechnologiesLtd's growth is quite high when compared to the industry average growth of 16% in the same period, which is great to see.
接下来，通过与行业净收入增长的对比，我们发现，与同期16%的行业平均增长相比，成都KSW科技有限公司的增长相当高，这是令人欣喜的。
Earnings growth is an important metric to consider when valuing a stock. 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 Chengdu KSW TechnologiesLtd is trading on a high P/E or a low P/E, relative to its industry.
盈利增长是评估一只股票时需要考虑的一个重要指标。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，你可能想看看成都科威科技有限公司的市盈率相对于其行业是高市盈率还是低市盈率。
Is Chengdu KSW TechnologiesLtd Using Its Retained Earnings Effectively?
成都康辉科技有限公司是否有效地利用了其留存收益？
Chengdu KSW TechnologiesLtd has a really low three-year median payout ratio of 9.0%, meaning that it has the remaining 91% left over to reinvest into its business. So it looks like Chengdu KSW TechnologiesLtd is reinvesting profits heavily to grow its business, which shows in its earnings growth.
成都光辉科技有限公司的三年中值派息率非常低，为9.0%，这意味着它有剩余的91%用于再投资于其业务。因此，成都KSW科技有限公司似乎正在大举投资利润以增长业务，这从其收益增长中可见一斑。
Along with seeing a growth in earnings, Chengdu KSW TechnologiesLtd only recently started paying dividends. Its quite possible that the company was looking to impress its shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 4.8% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 16%, over the same period.
在看到收益增长的同时，成都KSW科技有限公司最近才开始分红。该公司很可能希望给股东留下深刻印象。我们最新的分析师数据显示，该公司未来三年的派息率预计将降至4.8%。因此，派息率的预期下降解释了公司同期净资产收益率预期上升至16%的原因。
Conclusion
结论
In total, we are pretty happy with Chengdu KSW TechnologiesLtd'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. The latest industry analyst forecasts show that the company is expected to maintain its current growth rate. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总体而言，我们对成都科威科技有限公司的表现相当满意。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。最新的行业分析师预测显示，该公司有望保持目前的增长速度。要了解更多分析师对该公司的最新预测，请查看分析师对该公司预测的可视化。
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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。