Are Juewei Food Co., Ltd.'s (SHSE:603517) Mixed Financials Driving The Negative Sentiment?
Are Juewei Food Co., Ltd.'s (SHSE:603517) Mixed Financials Driving The Negative Sentiment?
It is hard to get excited after looking at Juewei Food's (SHSE:603517) recent performance, when its stock has declined 21% over the past three months. It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. Specifically, we decided to study Juewei Food's ROE in this article.
看了觉味食品(上海证券交易所代码:603517)最近的表现,很难感到兴奋,当时其股票在过去三个月中下跌了21%。市场可能忽视了该公司不同的财务状况,决定倾向于负面情绪。基本面通常决定市场结果,因此研究公司的财务状况是有意义的。具体而言,我们决定在本文中研究觉味食品的投资回报率。
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
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。简而言之,投资回报率显示了每美元从其股东投资中产生的利润。
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 Juewei Food is:
因此,根据上述公式,爵味食品的投资回报率为:
5.3% = CN¥377m ÷ CN¥7.1b (Based on the trailing twelve months to September 2023).
5.3% = 3.77亿元人民币 ÷ 71亿元人民币(基于截至2023年9月的过去十二个月)。
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¥0.05 in profit.
“回报” 是每年的利润。另一种看法是,每持有价值1元人民币的股权,公司就能获得0.05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?
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 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.
我们已经确定,投资回报率是衡量公司未来收益的有效盈利指标。根据公司选择将多少利润进行再投资或 “保留”,我们便能够评估公司未来创造利润的能力。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。
Juewei Food's Earnings Growth And 5.3% ROE
Juewei Food的收益增长和5.3%的投资回报率
On the face of it, Juewei Food's ROE is not much to talk about. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 9.3% either. Therefore, it might not be wrong to say that the five year net income decline of 10% seen by Juewei Food was probably the result of it having a lower ROE. However, there could also be other factors causing the earnings to decline. Such as - low earnings retention or poor allocation of capital.
从表面上看,觉味食品的投资回报率没什么好谈的。一项快速的进一步研究表明,该公司的投资回报率与行业平均水平的9.3%相比也并不理想。因此,说觉味食品五年净收入下降10%可能是其投资回报率下降的结果,这可能没有错。但是,也可能有其他因素导致收益下降。例如-收益保留率低或资本配置不佳。
However, when we compared Juewei Food's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 7.4% in the same period. This is quite worrisome.
但是,当我们将Juewei Food的增长与该行业的增长进行比较时,我们发现,尽管该公司的收益一直在萎缩,但该行业同期的收益增长了7.4%。这非常令人担忧。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240419/0-0cf4e88bdc1b9183cc8b461206814fc8-0-e9cd43bb5b3559c5d412292fe72cc01a.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. Doing so will help them establish if the stock's future looks promising or ominous. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Juewei Food is trading on a high P/E or a low P/E, relative to its industry.
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。这样做将帮助他们确定股票的未来是乐观还是不祥的。衡量预期收益增长的一个很好的指标是市盈率,它根据收益前景决定了市场愿意为股票支付的价格。因此,您可能需要检查Juewei Food相对于其行业是高市盈率还是低市盈率。
Is Juewei Food Making Efficient Use Of Its Profits?
Juewei Food 是否在有效利用其利润?
Looking at its three-year median payout ratio of 39% (or a retention ratio of 61%) which is pretty normal, Juewei Food's declining earnings is rather baffling as one would expect to see a fair bit of growth when a company is retaining a good portion of its profits. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
纵观其三年派息率中位数39%(或61%的留存率),这是很正常的,Juewei Food的收益下降相当令人困惑,因为当一家公司保留很大一部分利润时,人们预计会出现相当大的增长。因此,这里可能还有其他因素在起作用,这些因素可能会阻碍增长。例如,该业务面临一些阻力。
Additionally, Juewei Food has paid dividends over a period of seven years, which means that the company's management is rather focused on keeping up its dividend payments, regardless of the shrinking earnings. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 45% of its profits over the next three years. However, Juewei Food's ROE is predicted to rise to 13% despite there being no anticipated change in its payout ratio.
此外,Juewei Food已在七年内派发了股息,这意味着无论收益如何萎缩,该公司的管理层都相当专注于维持股息支付。在研究了分析师的最新共识数据后,我们发现该公司预计将在未来三年内继续支付约45%的利润。但是,尽管预期派息率没有变化,但聚味食品的投资回报率预计将升至13%。
Summary
摘要
Overall, we have mixed feelings about Juewei Food. 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. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. 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,我们对爵味食品有喜忧参半的感觉。尽管鉴于投资回报率低,它似乎保留了大部分利润,但投资者毕竟可能无法从所有这些再投资中受益。低收入增长表明我们的理论是正确的。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增长率预计将出现巨大改善。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。