Jiangsu Xukuang Energy Co., Ltd.'s (SHSE:600925) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Jiangsu Xukuang Energy Co., Ltd.'s (SHSE:600925) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
With its stock down 11% over the past month, it is easy to disregard Jiangsu Xukuang Energy (SHSE:600925). But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. Particularly, we will be paying attention to Jiangsu Xukuang Energy's ROE today.
苏旭光能源(SHSE:600925)过去一个月下跌11%,很容易忽略。但是如果你仔细观察,可以发现其关键财务指标看起来相当不错,这意味着在市场通常回报更加弹性的长期基本面时,股票可能有潜力上涨。特别地,我们将关注今天的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 To Calculate Return On Equity?
如何计算股东权益报酬率?
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 Jiangsu Xukuang Energy is:
因此,根据上述公式,江苏旭光能源的ROE为:
12% = CN¥2.2b ÷ CN¥18b (Based on the trailing twelve months to March 2024).
12% = CN¥22亿 ÷ CN¥180亿(基于截至2024年3月的过去十二个月)。
The 'return' is the yearly profit. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.12.
“收益”是年利润。这意味着,对于每一元股东投资,该公司可以产生0.12元的利润。
What Has ROE Got To Do With Earnings Growth?
ROE与盈利增长有什么关系?
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 ROE 是衡量公司盈利能力的一种指标。现在,我们需要评估公司重新投资或“保留”的利润有多少,以此来衡量公司的成长潜力。其他因素相同的情况下,具有更高的股本回报率和更高的利润保留的公司通常比没有相同特征的公司具有更高的增长率。
Jiangsu Xukuang Energy's Earnings Growth And 12% ROE
江苏旭光能源的收益增长和12%的ROE
To start with, Jiangsu Xukuang Energy's ROE looks acceptable. Further, the company's ROE compares quite favorably to the industry average of 9.8%. Despite this, Jiangsu Xukuang Energy's five year net income growth was quite low averaging at only 4.8%. This is interesting as the high returns should mean that the company has the ability to generate high growth but for some reason, it hasn't been able to do so. We reckon that a low growth, when returns are quite high could be the result of certain circumstances like low earnings retention or poor allocation of capital.
首先,江苏旭光能源的ROE看起来可接受。此外,该公司的ROE与行业平均水平9.8%相比具有相当大的优势。尽管如此,江苏旭光能源的五年净利润增长率相当低,平均仅为4.8%。这很有趣,因为高收益应该意味着公司有能力进行高增长,但出于某些原因,它未能做到。我们认为,当回报率相当高时,低增长可能是某些情况的结果,如低收益保留或资本配置差。
We then compared Jiangsu Xukuang Energy's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 21% in the same 5-year period, which is a bit concerning.
然后我们将江苏旭光能源的净利润增长与行业进行比较,并发现该公司的增长率低于同一五年期内21%的行业平均增长率,这有点令人担忧。
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Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Has the market priced in the future outlook for 600925? You can find out in our latest intrinsic value infographic research report
盈利增长是股票估值的重要因素。投资者应尝试确定预期的盈利增长或下降(无论哪种情况)是否定价。这样做,他们就会知道该股票是否进入明朗的蓝色水域,或者是否等待沼泽水域。市场是否已经为600925未来的前景定价?您可以在我们的最新内在价值信息图研究报告中了解。
Is Jiangsu Xukuang Energy Using Its Retained Earnings Effectively?
江苏旭光能源是否有效地利用了保留收益?
With a high three-year median payout ratio of 60% (or a retention ratio of 40%), most of Jiangsu Xukuang Energy's profits are being paid to shareholders. This definitely contributes to the low earnings growth seen by the company.
由于高达60%的三年中位数派息比率(或40%的保留比率),江苏旭光能源的大部分利润正在支付给股东。这绝对有助于公司看到的低盈利增长。
Additionally, Jiangsu Xukuang Energy started paying a dividend only recently. So it looks like the management must have perceived that shareholders favor dividends over earnings growth.
此外,江苏旭光能源最近才开始支付股息。因此,看起来管理层必须认为股东更喜欢红利而不是盈利增长。
Conclusion
结论
Overall, we feel that Jiangsu Xukuang Energy certainly does have some positive factors to consider. Although, we are disappointed to see a lack of growth in earnings even in spite of a high ROE. Bear in mind, the company reinvests a small portion of its profits, which means that investors aren't reaping the benefits of the high rate of return. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. To know the 1 risk we have identified for Jiangsu Xukuang Energy visit our risks dashboard for free.
总体而言,我们认为江苏旭光能源确实有一些值得考虑的积极因素。尽管如此,即使ROE很高,我们仍然对盈利的缺乏增长感到失望。请记住,该公司重新投资了一小部分利润,这意味着投资者没有获得高回报率的好处。尽管我们不会完全忽视该公司,但我们会试图确定业务的风险,以便做出更明智的决定。想了解我们为江苏旭光能源确定的1项风险,请免费访问我们的风险仪表板。
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对本文有反馈?对内容感到担忧?请直接与我们联系。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?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。