Is Jiahe Foods Industry Co., Ltd.'s (SHSE:605300) Recent Price Movement Underpinned By Its Weak Fundamentals?
Is Jiahe Foods Industry Co., Ltd.'s (SHSE:605300) Recent Price Movement Underpinned By Its Weak Fundamentals?
Jiahe Foods Industry (SHSE:605300) has had a rough three months with its share price down 24%. We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. Specifically, we decided to study Jiahe Foods Industry's ROE in this article.
嘉禾食品(上海证券交易所代码:605300)经历了艰难的三个月,股价下跌了24%。然而,我们决定研究该公司的财务状况,以确定它们是否与价格下跌有关。股票价格通常是由公司的长期财务表现推动的,因此我们决定更多地关注公司的财务表现。具体地说,我们决定在本文中研究嘉禾食品工业的净资产收益率。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
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,它是用来评估一家公司相对于其权益资本的盈利能力。
View our latest analysis for Jiahe Foods Industry
查看我们对嘉禾食品行业的最新分析
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 Jiahe Foods Industry is:
因此,根据上述公式,嘉禾食品行业的净资产收益率为:
10% = CN¥218m ÷ CN¥2.1b (Based on the trailing twelve months to June 2023).
10%=CN元2.18亿×CN元21亿元(基于截至2023年6月的12个月)。
The 'return' is the yearly profit. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.10 in profit.
“回报”就是年度利润。另一种说法是,公司每持有价值1元的股权,就能赚取0.10元的利润。
Why Is ROE Important For Earnings Growth?
为什么净资产收益率对收益增长很重要?
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. 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.
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。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。
Jiahe Foods Industry's Earnings Growth And 10% ROE
嘉禾食品的盈利增长和10%的净资产收益率
When you first look at it, Jiahe Foods Industry's ROE doesn't look that attractive. However, its ROE is similar to the industry average of 8.9%, so we won't completely dismiss the company. Having said that, Jiahe Foods Industry's five year net income decline rate was 10%. Remember, the company's ROE is a bit low to begin with. So that's what might be causing earnings growth to shrink.
乍一看,嘉禾食品工业的净资产收益率看起来并没有那么诱人。不过,其净资产收益率接近8.9%的行业平均水平,因此我们不会完全对该公司不屑一顾。话虽如此,嘉禾食品工业五年净利润降幅为10%。请记住,该公司的净资产收益率从一开始就有点低。因此,这可能是导致收益增长放缓的原因。
So, as a next step, we compared Jiahe Foods Industry'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 5.0% over the last few years.
因此,作为下一步,我们将嘉禾食品工业的表现与行业进行了比较,并失望地发现,尽管该公司的收益一直在缩水,但该行业在过去几年一直以5.0%的速度增长。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231024/0-5a7d3ecd1c80afcfd64a1240d85ad8b8-0-2a376e54120debe4c567e60e4622ab5f.png/big)
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. Doing so will help them establish if the stock's future looks promising or ominous. Is Jiahe Foods Industry 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。与其他公司相比,嘉禾食品的估值是否公平?这3个估值指标可能会帮助你做出决定。
Is Jiahe Foods Industry Efficiently Re-investing Its Profits?
嘉禾食品能否有效地对利润进行再投资?
In spite of a normal three-year median payout ratio of 31% (that is, a retention ratio of 69%), the fact that Jiahe Foods Industry's earnings have shrunk is quite puzzling. So there could be some other explanations in that regard. For instance, the company's business may be deteriorating.
尽管正常的三年中值派息率为31%(即留存率为69%),但嘉禾食品工业的收益缩水的事实相当令人费解。因此,在这方面可能会有其他一些解释。例如,该公司的业务可能正在恶化。
Only recently, Jiahe Foods Industry stated paying a dividend. This likely means that the management might have concluded that its shareholders have a strong preference for dividends.
就在最近,嘉禾食品表示将派发股息。这可能意味着,管理层可能已经得出结论,其股东对股息有强烈的偏好。
Conclusion
结论
Overall, we have mixed feelings about Jiahe Foods Industry. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
总体而言,我们对嘉禾食品工业的看法复杂。虽然该公司的利润留存率确实很高,但其低回报率可能正在阻碍其收益增长。话虽如此,看看目前分析师的预估,我们发现该公司的盈利增长率预计将出现巨大改善。这些分析师的预期是基于对该行业的广泛预期,还是基于该公司的基本面?点击此处进入我们分析师对该公司的预测页面。
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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。