Kweichow Moutai Co., Ltd.'s (SHSE:600519) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Kweichow Moutai Co., Ltd.'s (SHSE:600519) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
With its stock down 10% over the past three months, it is easy to disregard Kweichow Moutai (SHSE:600519). However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Particularly, we will be paying attention to Kweichow Moutai's ROE today.
由于贵州茅台股价在过去三个月中下跌了10%,很容易被忽视(上海证券交易所代码:600519)。但是,仔细观察其良好的财务状况可能会让你重新考虑。鉴于基本面通常会推动长期市场业绩,该公司值得关注。特别是,我们今天将关注贵州茅台的投资回报率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率或投资回报率是用于评估公司管理层利用公司资本效率的关键衡量标准。简而言之,它衡量公司相对于股东权益的盈利能力。
View our latest analysis for Kweichow Moutai
查看我们对贵州茅台酒的最新分析
How To Calculate Return On Equity?
如何计算股本回报率?
The formula for ROE is:
投资回报率的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润(来自持续经营)÷ 股东权益
So, based on the above formula, the ROE for Kweichow Moutai is:
因此,根据上述公式,贵州茅台酒的投资回报率为:
33% = CN¥74b ÷ CN¥225b (Based on the trailing twelve months to September 2023).
33% = CN¥74b ¥225b(基于截至 2023 年 9 月的过去十二个月)。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.33 in profit.
“申报表” 是过去十二个月的税后收入金额。另一种思考方式是,每持有价值人民币1元的股权,该公司就能赚取0.33元人民币的利润。
Why Is ROE Important For Earnings Growth?
为什么投资回报率对收益增长很重要?
So far, we've learned that ROE is a measure of a company's profitability. 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. 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,投资回报率是衡量公司盈利能力的指标。然后,根据公司对这些利润进行再投资或 “保留” 的金额及其有效性,我们就能评估公司的盈利增长潜力。一般而言,在其他条件相同的情况下,股本回报率和利润保留率高的公司比不具备这些属性的公司的增长率更高。
Kweichow Moutai's Earnings Growth And 33% ROE
贵州茅台的收益增长和33%的投资回报率
First thing first, we like that Kweichow Moutai has an impressive ROE. Additionally, the company's ROE is higher compared to the industry average of 18% which is quite remarkable. Probably as a result of this, Kweichow Moutai was able to see a decent net income growth of 14% over the last five years.
首先,我们喜欢贵州茅台酒的投资回报率令人印象深刻。此外,该公司的投资回报率高于行业平均水平的18%,这非常引人注目。可能是由于这个原因,贵州茅台在过去五年中得以实现14%的不错的净收入增长。
We then performed a comparison between Kweichow Moutai's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 18% in the same 5-year period.
然后,我们对贵州茅台酒的净收入增长与该行业进行了比较,结果显示该公司的增长与5年同期18%的行业平均增长率相似。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231101/0-9f7cac255dae1a278e674e63798315e5-0-7f382a4b811e5aec43da99cfa0f00354.png/big)
Earnings growth is an important metric to consider when valuing a stock. 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 600519 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
收益增长是对股票进行估值时要考虑的重要指标。投资者接下来需要确定的是,预期的收益增长或缺乏收益是否已经包含在股价中。然后,这可以帮助他们确定股票是面向光明还是暗淡的未来。600519 的估值是否合理?这张关于公司内在价值的信息图包含了你需要知道的一切。
Is Kweichow Moutai Efficiently Re-investing Its Profits?
贵州茅台是否有效地将其利润再投资?
Kweichow Moutai has a healthy combination of a moderate three-year median payout ratio of 49% (or a retention ratio of 51%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.
如上所述,贵州茅台酒的三年期中位派息率为49%(或留存率为51%)与可观的收益增长完美结合,这意味着该公司一直在有效利用其利润。
Additionally, Kweichow Moutai has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 52%. Therefore, the company's future ROE is also not expected to change by much with analysts predicting an ROE of 31%.
此外,贵州茅台已经在至少十年内派发了股息,这意味着该公司非常认真地与股东分享利润。我们的最新分析师数据显示,公司未来三年的派息率预计约为52%。因此,预计该公司未来的投资回报率也不会有太大变化,分析师预计投资回报率为31%。
Summary
摘要
In total, we are pretty happy with Kweichow Moutai's performance. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. The latest industry analyst forecasts show that the company is expected to maintain its current growth rate. 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.
总的来说,我们对贵州茅台酒的表现非常满意。具体而言,我们喜欢该公司以高回报率再投资其利润的很大一部分。当然,这导致该公司的收益大幅增长。最新的行业分析师预测显示,预计该公司将保持目前的增长率。这些分析师的预期是基于对该行业的广泛预期,还是基于公司的基本面?点击此处进入我们分析师对公司的预测页面。
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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。