Does The Market Have A Low Tolerance For SINOMACH HEAVY EQUIPMENT GROUP CO.,LTD's (SHSE:601399) Mixed Fundamentals?
Does The Market Have A Low Tolerance For SINOMACH HEAVY EQUIPMENT GROUP CO.,LTD's (SHSE:601399) Mixed Fundamentals?
SINOMACH HEAVY EQUIPMENT GROUPLTD (SHSE:601399) has had a rough month with its share price down 9.2%. 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 SINOMACH HEAVY EQUIPMENT GROUPLTD's ROE in this article.
中机重工股份有限公司 (SHSE:601399) 最近一个月股价下跌了9.2%。不过我们决定研究公司的财务情况,以确定与此价格下跌有无关联。股票价格通常会受到公司长期的财务表现的影响,因此我们决定更关注公司的财务表现。具体而言,我们决定在本文中研究中机重工股份有限公司的ROE。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
roe,即净资产收益率,是一种评估公司如何有效地从股东手中获取投资回报的有用工具。换句话说,它是一种盈利能力比率,衡量公司股东提供的资本的回报率。
How Is ROE Calculated?
净资产收益率怎么计算?
ROE can be calculated by using the formula:
净资产收益率可以使用以下公式进行计算:
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 SINOMACH HEAVY EQUIPMENT GROUPLTD is:
因此,根据上述公式,中机重工股份有限公司的ROE为:
3.2% = CN¥472m ÷ CN¥15b (Based on the trailing twelve months to March 2024).
3.2% = CN¥47200万 ÷ CN¥150亿(基于截至2024年3月的过去12个月)。
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¥0.03 in profit.
“回报”是企业过去一年赚取的收入。换句话说,对于每1元股权,公司能够获得0.03元的利润。
What Is The Relationship Between ROE And Earnings Growth?
既然我们已经确定ROE是一种有效的利润生成标准,用于评估公司未来的盈利能力,我们现在需要评估公司“保留”为未来增长而重新投资的利润多少,这使我们对公司的增长潜力有了一个了解。一般而言,在其他条件相等的情况下,ROE和利润留存高的公司,增长率比没有这些属性的公司要高。
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.
到目前为止,我们了解到ROE是衡量一家公司如何高效地产生利润的指标。 根据公司选择重新投资或“保留”的利润的比例,我们能够评估公司未来产生利润的能力。 假设其他所有内容保持不变,则ROE和盈利保留比越高,公司的增长速度就越高,这与那些不一定具备这些特征的公司相比。
SINOMACH HEAVY EQUIPMENT GROUPLTD's Earnings Growth And 3.2% ROE
中机重工股份有限公司的盈利增长和3.2%的ROE
As you can see, SINOMACH HEAVY EQUIPMENT GROUPLTD's ROE looks pretty weak. Even when compared to the industry average of 6.9%, the ROE figure is pretty disappointing. Given the circumstances, the significant decline in net income by 5.3% seen by SINOMACH HEAVY EQUIPMENT GROUPLTD over the last five years is not surprising. However, there could also be other factors causing the earnings to decline. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.
可以看出,中机重工股份有限公司的ROE表现相当弱。即使与行业平均水平6.9%相比,ROE数据也令人失望。考虑到情况,中机重工股份有限公司的净利润在过去五年里出现了5.3%的显著下滑也就不足为奇了。但是,也可能存在其他因素导致收益下降,例如企业 capital allocation 不佳或公司的股息派发率非常高等。
So, as a next step, we compared SINOMACH HEAVY EQUIPMENT GROUPLTD'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 9.5% over the last few years.
因此,作为下一步行动,我们将中机重工股份有限公司的表现与整个行业进行了对比,并失望地发现,虽然公司收益正在萎缩,但该行业在过去几年中的收益增长率却高达9.5%。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-c9457bd9cebeddfa1d66134a51652b8c-0-66cb4c36357fd8913d8d3e4863db99aa.png/big)
Earnings growth is a huge factor in stock valuation. 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. If you're wondering about SINOMACH HEAVY EQUIPMENT GROUPLTD's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增长是股票估值的一个重要因素。投资者需要确定的下一步是,预期的盈利增长或缺乏预期已经反映在股价中,以帮助他们确定该股票的未来前景是看好还是看淡。如果您想了解中机重工股份有限公司的估值,请查看其市盈率的比较情况,与行业相比。
Is SINOMACH HEAVY EQUIPMENT GROUPLTD Efficiently Re-investing Its Profits?
中机重工股份有限公司是否有效地再投资其利润?
SINOMACH HEAVY EQUIPMENT GROUPLTD doesn't pay any regular dividends, meaning that the company is keeping all of its profits, which makes us wonder why it is retaining its earnings if it can't use them to grow its business. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
中机重工股份有限公司不支付任何定期股息,这意味着该公司将所有利润保留下来,这使我们纳闷为什么它在保留盈利但无法用于业务增长时还要保留其收益。看起来可能存在其他原因来解释这种情况,例如企业可能处于衰退状态等等。
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。
Overall, we have mixed feelings about SINOMACH HEAVY EQUIPMENT GROUPLTD. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth.
总体而言,我们对中机重工股份有限公司的感觉很复杂。虽然公司具有高比例的再投资率,但低ROE意味着所有再投资都没有给投资者带来任何好处,而且对收益增长产生了负面影响。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者,发送电子邮件至editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者发送电子邮件至editorial-team@simplywallst.com。