Is Jiangxi Guoguang Commercial Chains Co., Ltd.'s (SHSE:605188) Stock Price Struggling As A Result Of Its Mixed Financials?
Is Jiangxi Guoguang Commercial Chains Co., Ltd.'s (SHSE:605188) Stock Price Struggling As A Result Of Its Mixed Financials?
It is hard to get excited after looking at Jiangxi Guoguang Commercial Chains' (SHSE:605188) recent performance, when its stock has declined 19% over the past three months. It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Long-term fundamentals are usually what drive market outcomes, so it's worth paying close attention. Specifically, we decided to study Jiangxi Guoguang Commercial Chains' ROE in this article.
看到江西国光商业连锁店(上海证券交易所股票代码:605188)最近的表现,很难感到兴奋,其股价在过去三个月里下跌了19%。市场似乎完全忽视了该公司基本面的积极方面,而决定更多地关注负面方面。长期基本面通常是推动市场结果的因素,因此值得密切关注。具体地说,我们决定在本文中研究江西国光商业连锁企业的净资产收益率。
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。
View our latest analysis for Jiangxi Guoguang Commercial Chains
查看我们对江西国光商业连锁的最新分析
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 Jiangxi Guoguang Commercial Chains is:
因此,根据上述公式,江西国光商业连锁企业的净资产收益率为:
2.2% = CN¥25m ÷ CN¥1.1b (Based on the trailing twelve months to June 2023).
2.2%=2500万元×11亿元(以截至2023年6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¥0.02 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0.02元的利润。
What Has ROE Got To Do With Earnings Growth?
净资产收益率与盈利增长有什么关系?
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。
Jiangxi Guoguang Commercial Chains' Earnings Growth And 2.2% ROE
江西国光商业连锁盈利增长2.2%净资产收益率
As you can see, Jiangxi Guoguang Commercial Chains' ROE looks pretty weak. Even when compared to the industry average of 6.6%, the ROE figure is pretty disappointing. Therefore, it might not be wrong to say that the five year net income decline of 45% seen by Jiangxi Guoguang Commercial Chains was possibly a result of it having a lower ROE. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
如你所见,江西国光商业连锁企业的净资产收益率看起来相当疲软。即使与6.6%的行业平均水平相比,净资产收益率数字也相当令人失望。因此,说江西国光商业连锁五年净利润下降45%可能是因为其净资产收益率较低,这可能是没有错的。我们认为,可能还有其他方面对公司的收益前景产生负面影响。例如,该公司的派息率非常高,或者面临竞争压力。
That being said, we compared Jiangxi Guoguang Commercial Chains' performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 14% in the same 5-year period.
话虽如此,我们将江西国光商业连锁店的业绩与行业进行了比较,当我们发现在该公司盈利缩水的同时,该行业在相同的5年内以14%的速度增长了盈利,这让我们感到担忧。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231021/0-a44865cfe82f64719c5742f0f0863445-0-f88efbc319e7c5089435e8d5aaad75ac.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). Doing so will help them establish if the stock's future looks promising or ominous. Is Jiangxi Guoguang Commercial Chains fairly valued compared to other companies? These 3 valuation measures might help you decide.
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)。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。与其他公司相比,江西国光商业连锁的价值是否公平?这3个估值指标可能会帮助你做出决定。
Is Jiangxi Guoguang Commercial Chains Efficiently Re-investing Its Profits?
江西国光商业连锁是否有效地将利润进行了再投资?
Jiangxi Guoguang Commercial Chains has a high three-year median payout ratio of 50% (that is, it is retaining 50% of its profits). This suggests that the company is paying most of its profits as dividends to its shareholders. This goes some way in explaining why its earnings have been shrinking. With only very little left to reinvest into the business, growth in earnings is far from likely. Our risks dashboard should have the 3 risks we have identified for Jiangxi Guoguang Commercial Chains.
江西国光商业连锁的三年派息率中值高达50%(即保留50%的利润)。这表明该公司正在将大部分利润作为股息支付给股东。这在一定程度上解释了为什么它的收益一直在缩水。由于可再投资于该业务的资金所剩无几,盈利增长的可能性很小。我们的风险仪表板应该有我们为江西国光商业连锁确定的3个风险。
Additionally, Jiangxi Guoguang Commercial Chains has paid dividends over a period of three years, which means that the company's management is rather focused on keeping up its dividend payments, regardless of the shrinking earnings.
此外,江西国光商业连锁店在三年内支付了股息,这意味着公司管理层更专注于保持股息支付,而不是考虑收益的缩水。
Conclusion
结论
Overall, we have mixed feelings about Jiangxi Guoguang Commercial Chains. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. Up till now, we've only made a short study of the company's growth data. You can do your own research on Jiangxi Guoguang Commercial Chains and see how it has performed in the past by looking at this FREE detailed graph of past earnings, revenue and cash flows.
总体而言,我们对江西国光商业连锁有复杂的感受。尽管它似乎保留了大部分利润,但鉴于净资产收益率较低,投资者可能终究不会从所有这些再投资中受益。低收益增长率表明我们的理论是正确的。到目前为止,我们只对该公司的增长数据进行了简短的研究。你可以自己研究江西国光商业连锁,看看它过去的表现如何,通过查看这个免费的详细图表过去的收益、收入和现金流。
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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。