Are Robust Financials Driving The Recent Rally In Zhejiang Publishing & Media Co., Ltd.'s (SHSE:601921) Stock?
Are Robust Financials Driving The Recent Rally In Zhejiang Publishing & Media Co., Ltd.'s (SHSE:601921) Stock?
Zhejiang Publishing & Media's (SHSE:601921) stock is up by a considerable 19% over the past three months. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. In this article, we decided to focus on Zhejiang Publishing & Media's ROE.
浙江出版传媒(上海证券交易所代码:601921)的股票在过去三个月中大幅上涨了19%。鉴于公司的出色表现,我们决定更仔细地研究其财务指标,因为公司的长期财务状况通常决定市场业绩。在本文中,我们决定重点关注浙江出版传媒的投资回报率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
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指标。换句话说,它揭示了公司成功地将股东投资转化为利润。
How Is ROE Calculated?
ROE 是如何计算的?
Return on equity can be calculated by using the formula:
股本回报率可以使用以下公式计算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润(来自持续经营业务)÷ 股东权益
So, based on the above formula, the ROE for Zhejiang Publishing & Media is:
因此,根据上述公式,浙江出版传媒的投资回报率为:
12% = CN¥1.5b ÷ CN¥13b (Based on the trailing twelve months to September 2023).
12% = 人民币1.5亿元/13亿元人民币(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. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.12 in profit.
“回报” 是过去十二个月的税后收入。这意味着,公司每获得价值1元人民币的股东权益,就会产生0.12元人民币的利润。
What Is The Relationship Between ROE And Earnings Growth?
投资回报率与收益增长之间有什么关系?
So far, we've learned that ROE is a measure of a company's profitability. 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. 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.
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。现在,我们需要评估公司再投资或 “保留” 了多少利润以用于未来的增长,从而使我们对公司的增长潜力有所了解。假设其他条件都一样,与功能不相同的公司相比,具有更高股本回报率和更高利润保留率的公司通常具有更高的增长率。
A Side By Side comparison of Zhejiang Publishing & Media's Earnings Growth And 12% ROE
浙江出版传媒的收益增长和12%的投资回报率的并排比较
To start with, Zhejiang Publishing & Media's ROE looks acceptable. Especially when compared to the industry average of 6.1% the company's ROE looks pretty impressive. This probably laid the ground for Zhejiang Publishing & Media's moderate 7.4% net income growth seen over the past five years.
首先,浙江出版传媒的投资回报率似乎是可以接受的。特别是与6.1%的行业平均水平相比,该公司的投资回报率看起来相当可观。这可能为浙江出版传媒在过去五年中实现7.4%的温和净收入增长奠定了基础。
Next, on comparing with the industry net income growth, we found that Zhejiang Publishing & Media's growth is quite high when compared to the industry average growth of 2.2% in the same period, which is great to see.
接下来,与行业净收入增长相比,我们发现,与同期行业平均增长2.2%相比,浙江出版传媒的增长相当高,这真是太好了。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240416/0-6d7a4cd12125e75765aa0e0312b99963-0-11ab390b8db5fd6da979b48c57b1b4fd.png/big)
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. Is 601921 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
为公司附加价值的基础在很大程度上与其收益增长息息相关。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。这样做将帮助他们确定股票的未来是乐观还是不祥的。601921 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 Zhejiang Publishing & Media Efficiently Re-investing Its Profits?
浙江出版传媒是否有效地将利润再投资?
Zhejiang Publishing & Media has a significant three-year median payout ratio of 52%, meaning that it is left with only 48% to reinvest into its business. This implies that the company has been able to achieve decent earnings growth despite returning most of its profits to shareholders.
浙江出版传媒的三年派息率中位数相当可观,为52%,这意味着它只剩下48%可以再投资其业务。这意味着尽管将大部分利润返还给了股东,但该公司仍能够实现可观的收益增长。
Along with seeing a growth in earnings, Zhejiang Publishing & Media only recently started paying dividends. Its quite possible that the company was looking to impress its shareholders.
随着收益的增长,浙江出版传媒直到最近才开始派发股息。该公司很可能想给股东留下深刻的印象。
Summary
摘要
In total, we are pretty happy with Zhejiang Publishing & Media's performance. Especially the high ROE, Which has contributed to the impressive growth seen in earnings. Despite the company reinvesting only a small portion of its profits, it still has managed to grow its earnings so that is appreciable. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
总的来说,我们对浙江出版传媒的表现非常满意。尤其是高投资回报率,这为收益的惊人增长做出了贡献。尽管该公司仅将利润的一小部分再投资,但它仍然设法增加了收益,因此这是可观的。话虽如此,从分析师目前的估计来看,我们发现该公司的收益有望增强。要了解有关公司未来收益增长预测的更多信息,请查看这份关于分析师预测的免费报告,以了解更多信息。
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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根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。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,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。