Are Sichuan Qiaoyuan Gas Co.,Ltd.'s (SZSE:301286) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Are Sichuan Qiaoyuan Gas Co.,Ltd.'s (SZSE:301286) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
With its stock down 9.4% over the past three months, it is easy to disregard Sichuan Qiaoyuan GasLtd (SZSE:301286). However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Particularly, we will be paying attention to Sichuan Qiaoyuan GasLtd's ROE today.
过去三个月，四川侨源天然气股份有限公司(SZSE：301286)的股价下跌了9.4%，人们很容易忽视它。然而，股价通常是由公司的长期财务状况推动的，在这种情况下，财务状况看起来相当不错。今天我们特别关注四川侨源燃气股份有限公司的净资产收益率。
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 Sichuan Qiaoyuan GasLtd
查看我们对四川侨源燃气有限公司的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
ROE can be calculated by using the formula:
可使用以下公式计算净资产收益率：
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 Sichuan Qiaoyuan GasLtd is:
因此，根据上述公式，四川侨源燃气股份有限公司的净资产收益率为：
10% = CN¥163m ÷ CN¥1.6b (Based on the trailing twelve months to June 2023).
10%=CN元1.63亿×CN元16亿元(基于截至2023年6月的12个月)。
The 'return' is the yearly profit. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.10 in profit.
“回报”就是年度利润。一种概念化的方法是，公司每拥有1元人民币的股东资本，就会获得0.10元人民币的利润。
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. 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 all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
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。假设其他条件相同，与没有相同特征的公司相比，拥有更高股本回报率和更高利润保留率的公司通常会有更高的增长率。
Sichuan Qiaoyuan GasLtd's Earnings Growth And 10% ROE
四川侨源燃气有限公司盈利增长和10%的净资产收益率
When you first look at it, Sichuan Qiaoyuan GasLtd's ROE doesn't look that attractive. However, the fact that the its ROE is quite higher to the industry average of 7.4% doesn't go unnoticed by us. However, Sichuan Qiaoyuan GasLtd's five year net income decline rate was 17%. Bear in mind, the company does have a slightly low ROE. It is just that the industry ROE is lower. Hence, this goes some way in explaining the shrinking earnings.
当你第一眼看到它时，四川侨源天然气有限公司的净资产收益率看起来并不那么吸引人。然而，ITS的净资产收益率(ROE)相当高，高于7.4%的行业平均水平，这一事实并不是没有引起我们的注意。然而，四川侨源燃气有限公司的五年净收入降幅为17%。请记住，该公司的净资产收益率确实略低。只是行业的净资产收益率较低。因此，这在一定程度上解释了收益缩水的原因。
So, as a next step, we compared Sichuan Qiaoyuan GasLtd's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 14% over the last few years.
因此，作为下一步，我们将四川侨源燃气有限公司的表现与行业进行了比较，令人失望的是，尽管该公司的收益一直在缩水，但该行业在过去几年中以14%的速度增长。
Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. 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 Sichuan Qiaoyuan GasLtd 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。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。这样做将有助于他们确定该股的未来看起来是光明的还是不祥的。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，你可能想看看四川侨源天然气有限公司相对于其行业是高市盈率还是低市盈率。
Is Sichuan Qiaoyuan GasLtd Making Efficient Use Of Its Profits?
四川侨源燃气有限公司是否有效利用了利润？
Despite having a normal three-year median payout ratio of 27% (where it is retaining 73% of its profits), Sichuan Qiaoyuan GasLtd has seen a decline in earnings as we saw above. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
尽管四川侨源燃气有限公司正常的三年派息率中值为27%(该公司保留了73%的利润)，但正如我们上面看到的那样，它的收益出现了下降。看起来可能还有其他一些原因来解释这方面的缺乏。例如，这项业务可能正在衰落。
Conclusion
结论
Overall, we feel that Sichuan Qiaoyuan GasLtd certainly does have some positive factors to consider. Although, we are disappointed to see a lack of growth in earnings even in spite of a moderate ROE and and a high reinvestment rate. We believe that there might be some outside factors that could be having a negative impact on the business. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. To know the 1 risk we have identified for Sichuan Qiaoyuan GasLtd visit our risks dashboard for free.
总体而言，我们认为四川侨源燃气有限公司确实有一些积极的因素需要考虑。然而，我们失望地看到，尽管净资产收益率(ROE)和再投资率较高，但盈利增长乏力。我们认为，可能有一些外部因素可能正在对业务产生负面影响。虽然我们不会完全解雇这家公司，但我们要做的是努力确定这项业务在公司周围做出更明智的决定的风险有多大。要了解我们为四川侨源天然气有限公司确定的1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。