Shanghai Haixin Group Co., Ltd.'s (SHSE:600851) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
Shanghai Haixin Group Co., Ltd.'s (SHSE:600851) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
With its stock down 6.6% over the past week, it is easy to disregard Shanghai Haixin Group (SHSE:600851). But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. In this article, we decided to focus on Shanghai Haixin Group's ROE.
过去一周,上海海信集团的股价下跌了6.6%,人们很容易忽视它(上海证券交易所代码:600851)。但如果你密切关注,你可能会发现,该公司的关键财务指标看起来相当不错,这可能意味着,鉴于市场通常会奖励更具弹性的长期基本面因素,该股可能会在长期内上涨。在本文中,我们决定将重点放在上海海信集团的净资产收益率上。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。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 Haixin Group
查看我们对上海海信集团的最新分析
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 Haixin Group is:
因此,根据上述公式,上海海信集团的净资产收益率为:
4.2% = CN¥173m ÷ CN¥4.2b (Based on the trailing twelve months to June 2023).
4.2%=CN元1.73亿×CN元42亿元(以截至2023年6月的12个月为基础)。
The 'return' is the profit over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.04.
“收益”是过去12个月的利润。因此,这意味着股东每投资1元人民币,公司就会产生0.04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?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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.
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。我们现在需要评估公司将多少利润再投资或“保留”用于未来的增长,这就让我们对公司的增长潜力有了一个了解。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。
Shanghai Haixin Group's Earnings Growth And 4.2% ROE
上海海信集团盈利增长4.2%净资产收益率
As you can see, Shanghai Haixin Group's ROE looks pretty weak. Even when compared to the industry average of 8.9%, the ROE figure is pretty disappointing. Although, we can see that Shanghai Haixin Group saw a modest net income growth of 5.4% over the past five years. We believe that there might be other aspects that are positively influencing the company's earnings growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
如你所见,上海海信集团的净资产收益率(ROE)看起来相当疲软。即使与8.9%的行业平均水平相比,净资产收益率也是相当令人失望的。尽管如此,我们可以看到,上海海信集团在过去五年中净收入温和增长5.4%。我们认为,可能还有其他方面正在积极影响公司的收益增长。例如,公司管理层可能做出了一些良好的战略决策,或者公司的派息率较低。
As a next step, we compared Shanghai Haixin Group'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 9.8% in the same period.
作为下一步,我们将上海海信集团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9.8%的行业平均增长。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231022/0-504b7aaebc8a701a1a89bb6bb4dbb8b8-0-83059216cc740ecac2a3536e920dfab6.png/big)
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. Is Shanghai Haixin Group 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。投资者下一步需要确定的是,预期的收益增长是否已经计入了股价。这有助于他们确定这只股票是为光明还是黯淡的未来做准备。与其他公司相比,上海海鑫集团的估值是否公平?这3个估值指标可能会帮助你做出决定。
Is Shanghai Haixin Group Making Efficient Use Of Its Profits?
上海海信集团是否在有效利用其利润?
Shanghai Haixin Group has a healthy combination of a moderate three-year median payout ratio of 30% (or a retention ratio of 70%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.
正如我们上面看到的,上海海信集团拥有30%的适度三年中值派息率(或70%的留存比率)和可观的收益增长的健康组合,这意味着该公司一直在有效利用其利润。
Additionally, Shanghai Haixin Group has paid dividends over a period of eight years which means that the company is pretty serious about sharing its profits with shareholders.
此外,上海海信集团在八年内派发了股息,这意味着该公司对与股东分享利润相当认真。
Conclusion
结论
In total, it does look like Shanghai Haixin Group has some positive aspects to its business. Namely, its respectable earnings growth, which it achieved due to it retaining most of its profits. However, given the low ROE, investors may not be benefitting from all that reinvestment after all. 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 2 risks we have identified for Shanghai Haixin Group visit our risks dashboard for free.
总体而言,上海海信集团的业务确实有一些积极的方面。即其可观的收益增长,这要归功于它保留了大部分利润。然而,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。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。要了解我们为上海海信集团确定的两个风险,请免费访问我们的风险仪表板。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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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。