Shenzhen Sunline Tech Co., Ltd. (SZSE:300348) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
Shenzhen Sunline Tech Co., Ltd. (SZSE:300348) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
Shenzhen Sunline Tech's (SZSE:300348) stock is up by a considerable 16% over the past week. However, we wonder if the company's inconsistent financials would have any adverse impact on the current share price momentum. In this article, we decided to focus on Shenzhen Sunline Tech's ROE.
深圳长亮科技（SZSE：300348）的股价在过去一周中上涨了相当大的16％。然而，我们想知道该公司不一致的财务状况是否对当前股价势头造成任何不利影响。在本文中，我们决定关注深圳长亮科技的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. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE或股东权益报酬率是一种有用的工具，用于评估一家公司能否有效地利用来自股东的投资产生回报。换句话说，它揭示了公司将股东的投资变成利润的成功程度。
How Is ROE Calculated?
净资产收益率怎么计算？
Return on equity can be calculated by using the formula:
股东权益报酬率可以使用以下公式计算：
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 Shenzhen Sunline Tech is:
因此，根据上述公式，深圳长亮科技的roe为：
2.2% = CN¥34m ÷ CN¥1.6b (Based on the trailing twelve months to March 2024).
2.2％=CN¥3400万÷CN¥16亿（截至2024年3月的过去十二个月）。
The 'return' refers to a company's earnings 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¥0.02 in profit.
“回报”是指公司去年的收益。另一种思考方法是，对于每1元的股权，公司能够获得0.02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。
So far, we've learned that ROE is a measure of a company's profitability. 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，我们已经了解到ROE是一家公司盈利能力的衡量标准。基于公司选择重新投资或“保留”的利润的数量，我们随后能够评估公司未来产生利润的能力。假设其他所有条件不变，ROE和利润保留越高，增长率就相对较高，与那些可能不具备这些特征的公司相比，增长更快。
Shenzhen Sunline Tech's Earnings Growth And 2.2% ROE
深圳长亮科技的收益增长和2.2％的roe
As you can see, Shenzhen Sunline Tech's ROE looks pretty weak. Even when compared to the industry average of 5.2%, the ROE figure is pretty disappointing. For this reason, Shenzhen Sunline Tech's five year net income decline of 18% is not surprising given its lower ROE. However, there could also be other factors causing the earnings to decline. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
正如您所见，深圳长亮科技的roe看起来相当薄弱。即使与5.2％的行业平均水平相比，roe的数字也相当令人失望。因此，考虑到其较低的roe，深圳长亮科技五年的净收入下降18％并不令人意外。但是，还可能存在导致收益下降的其他因素。例如，公司的派息比率非常高，或面临竞争压力。
However, when we compared Shenzhen Sunline Tech's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 3.7% in the same period. This is quite worrisome.
然而，当我们将深圳长亮科技的增长与行业进行比较时，我们发现虽然公司的收益一直在缩水，但同期行业的收益增长了3.7％。这令人相当担忧。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Has the market priced in the future outlook for 300348? You can find out in our latest intrinsic value infographic research report.
赋予公司价值的基础在很大程度上与其收益增长密切相关。投资者了解市场是否已经定价了公司预期的收益增长（或下降）很重要。然后，这有助于他们判断股票是面临光明还是黯淡的未来。市场是否已经为300348的未来前景定价？您可以在我们的最新内在价值信息图研究报告中了解。
Is Shenzhen Sunline Tech Efficiently Re-investing Its Profits?
深圳长亮科技有效地再投资其利润吗？
When we piece together Shenzhen Sunline Tech's low three-year median payout ratio of 21% (where it is retaining 79% of its profits), calculated for the last three-year period, we are puzzled by the lack of growth. The low payout should mean that the company is retaining most of its earnings and consequently, should see some growth. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
当我们综合考虑深圳长亮科技过去三年的中位派息比率为21％（三年期间计算，其保留了其利润的79％）时，我们对其缺乏增长感到困惑。低派息意味着公司保留了大部分收益，因此应该看到一些增长。看起来可能有一些其他原因可以解释缺乏这方面的增长。例如，业务可能正在下降。
Moreover, Shenzhen Sunline Tech has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth. Based on the latest analysts' estimates, we found that the company's future payout ratio over the next three years is expected to hold steady at 23%. However, Shenzhen Sunline Tech's ROE is predicted to rise to 10% despite there being no anticipated change in its payout ratio.
此外，深圳长亮科技已经连续十年或更长时间支付股息，这表明管理层必须认为股东更喜欢股息而不是收益增长。根据最新的分析师估计，我们发现公司未来三年的派息比率预计将稳定在23％。但是，尽管没有预期派息比率的变化，深圳长亮科技的roe预计将上升至10％。
Conclusion
结论
Overall, we have mixed feelings about Shenzhen Sunline Tech. 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. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. 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.
总体而言，我们对深圳长亮科技持有矛盾的看法。尽管公司具有高比率的再投资率，但低roe意味着所有这些再投资并没有给其投资者带来任何利益，并且其对收益增长产生了负面影响。即便如此，最新的行业分析师预测显示，分析师预计该公司的收益增长率将有很大的改善。要了解公司未来收益增长预测的更多信息，请查看此关于公司分析师预测的免费报告。
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