Declining Stock and Solid Fundamentals: Is The Market Wrong About Hainan Drinda New Energy Technology Co., Ltd. (SZSE:002865)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Hainan Drinda New Energy Technology Co., Ltd. (SZSE:002865)?
Hainan Drinda New Energy Technology (SZSE:002865) has had a rough three months with its share price down 39%. 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 Hainan Drinda New Energy Technology's ROE today.
近三个月以来，钧达股份(SZSE:002865)的股价下跌了39%。但是，更深入地了解其财务状况可能会让你重新考虑。鉴于基本面通常是推动长期市场走势的因素，因此值得关注该公司。特别是今天我们将会关注钧达股份的roe。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
净资产收益率（ROE）是衡量公司增值和管理投资者资金有效性的测试。换句话说，它是一种盈利能力比率，用于衡量公司股东提供的资金回报率。
How To Calculate Return On Equity?
如何计算股东权益报酬率？
The formula for return on equity is:
权益回报率的计算公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润（从持续经营中获得）÷ 股东权益
So, based on the above formula, the ROE for Hainan Drinda New Energy Technology is:
那么，根据上面的公式，钧达股份的roe为：
10% = CN¥481m ÷ CN¥4.7b (Based on the trailing twelve months to March 2024).
10% = CN¥481m ÷ CN¥4.7b(截至2024年3月的过去12个月基础上)。
The 'return' is the income the business earned over the last year. 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’是企业在过去一年中赚取的收入。另一种思考方式是，对于每1元的权益，该公司能够赚取0.10元的利润。
Why Is ROE Important For Earnings Growth?
ROE对于盈利增长的重要性是什么？
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.
我们已经确定，roe是一种有效的盈利增长衡量标准，用于评估公司未来盈利的能力，根据公司选择重新投资或“保留”其利润的数量，我们可以评估公司未来的盈利能力。假设其他一切不变，roe和利润保留越高，与没有这些特征的公司相比，公司的增长速度就越高。
Hainan Drinda New Energy Technology's Earnings Growth And 10% ROE
钧达股份的收益增长和10%的roe
At first glance, Hainan Drinda New Energy Technology's ROE doesn't look very promising. However, the fact that the its ROE is quite higher to the industry average of 5.8% doesn't go unnoticed by us. Particularly, the substantial 69% net income growth seen by Hainan Drinda New Energy Technology over the past five years is impressive . That being said, the company does have a slightly low ROE to begin with, just that it is higher than the industry average. Therefore, the growth in earnings could also be the result of other factors. E.g the company has a low payout ratio or could belong to a high growth industry.
乍一看，钧达股份的roe看起来并不怎么令人满意。但是，它的roe明显高于5.8%的行业平均值，这点被我们注意到了。特别是钧达股份在过去五年中实现了庞大的69%的净利润增长，这是令人印象深刻的。也就是说，公司的roe虽然略低于行业平均值，但增长收益也可能是其他因素的结果。如公司的分红比率较低或可能属于高成长行业。
Next, on comparing with the industry net income growth, we found that Hainan Drinda New Energy Technology's growth is quite high when compared to the industry average growth of 20% in the same period, which is great to see.
接下来，与行业净收入增长相比较，我们发现钧达股份的增长幅度比同期行业平均增长20%要高，这是很好的表现。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. If you're wondering about Hainan Drinda New Energy Technology's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
对于一个公司的价值评估，很大程度上取决于其收益增长。投资者应该试图确定预期的收益增长或下降，无论哪种情况，是否反映在股票价格中。这样做将有助于他们确定股票的未来前景是光明还是不祥。如果你想了解钧达股份的估值，请查看它的市盈率，以与所在行业进行比较。
Is Hainan Drinda New Energy Technology Using Its Retained Earnings Effectively?
钧达股份是否有效地利用了保留收益？
Hainan Drinda New Energy Technology's ' three-year median payout ratio is on the lower side at 11% implying that it is retaining a higher percentage (89%) of its profits. So it looks like Hainan Drinda New Energy Technology is reinvesting profits heavily to grow its business, which shows in its earnings growth.
钧达股份的三年中位数分红比率较低，仅为11%，意味着其留住了更高比例(89%)的利润。因此，看起来钧达股份正在大量重新投资利润，以增加业务规模，这反映在其收益增长上。
Additionally, Hainan Drinda New Energy Technology has paid dividends over a period of seven years which means that the company is pretty serious about sharing its profits with shareholders.
此外，钧达股份在过去七年中支付了股息，这意味着该公司非常重视与股东分享其利润。
Summary
总的来说，我们对伟明环保的表现非常满意。具体而言，我们喜欢公司以高回报率再投资了其利润的很大一部分。当然，这导致公司的收益大幅增长。但是，最新的行业分析师预测表明，该公司的收益预计将加速增长。
In total, we are pretty happy with Hainan Drinda New Energy Technology's performance. Specifically, we like that it has been reinvesting a high portion of its profits at a moderate rate of return, resulting in earnings expansion. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. 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，我们对钧达股份的表现非常满意。具体而言，我们喜欢它以适度的回报率重投了高比例的利润，从而实现了收益扩张。即便如此，最新分析师预测的研究表明，该公司未来的收益增长预期将会放缓。想了解有关该公司未来收益增长预测的更多信息，请查看此免费报告上分析师对该公司的预测。
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