Are Qinghai Huzhu TianYouDe Highland Barley Spirit Co., Ltd.'s (SZSE:002646) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Are Qinghai Huzhu TianYouDe Highland Barley Spirit Co., Ltd.'s (SZSE:002646) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity With its stock down 12% over the past three months, it is easy to disregard Qinghai Huzhu TianYouDe Highland Barley Spirit (SZSE:002646). However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Specifically, we decided to study Qinghai Huzhu TianYouDe Highland Barley Spirit's ROE in this article.
近三个月股价暴跌12%，让很容易忽略天佑德酒(SZSE:002646)。然而股价通常是由公司的长期财务状况驱动的，在这种情况下，财务状况看起来相当可观。本文将重点研究天佑德酒的roe。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
对于股东来说，股东回报率（ROE）是一个重要的考虑因素，因为它告诉股东他们的资本被有效地再投资了多少。换句话说，它是一个衡量公司股东提供的资本回报率的盈利能力比率。
How Do You Calculate Return On Equity?
怎样计算ROE?
The formula for ROE is:
roe的公式是：
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 Qinghai Huzhu TianYouDe Highland Barley Spirit is:
因此，根据上述公式，天佑德酒的ROE为:
4.3% = CN¥124m ÷ CN¥2.9b (Based on the trailing twelve months to March 2024).
4.3％= CNY1.24亿 ÷ CNY2.9亿(基于最近十二个月至2024年3月)。
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.04.
“回报率”是过去十二个月税后收益。这意味着，对于每个股东投资的人民币1元，公司产生了人民币0.04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。
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
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。
Qinghai Huzhu TianYouDe Highland Barley Spirit's Earnings Growth And 4.3% ROE
天佑德酒的盈利增长和4.3％的ROE
As you can see, Qinghai Huzhu TianYouDe Highland Barley Spirit's ROE looks pretty weak. Even when compared to the industry average of 16%, the ROE figure is pretty disappointing. However, we we're pleasantly surprised to see that Qinghai Huzhu TianYouDe Highland Barley Spirit grew its net income at a significant rate of 32% in the last five years. We believe that there might be other aspects that are positively influencing the company's earnings growth. Such as - high earnings retention or an efficient management in place.
正如您所看到的，天佑德酒的roe看起来相当疲软。即使与行业平均水平16％的ROE相比，ROE数据也相当令人失望。但是，我们惊喜地发现，天佑德酒的净利润在过去五年中以32％的速度显着增长。我们认为，可能还有其他方面对公司的盈利增长产生积极影响。例如-高收益保留或有效的管理。
Next, on comparing with the industry net income growth, we found that Qinghai Huzhu TianYouDe Highland Barley Spirit's growth is quite high when compared to the industry average growth of 15% in the same period, which is great to see.
随后，与行业净利润增长进行比较，我们发现天佑德酒的增长相当高，而同期行业平均增长为15％，这是非常好的。
Earnings growth is an important metric to consider when valuing a stock. 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 Qinghai Huzhu TianYouDe Highland Barley Spirit's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增长是评估股票价值时必须考虑的重要指标。投资者应该尝试确定预期的增长或收益下降，无论哪种情况，都已定价。这样做将有助于他们建立股票的未来是否看起来有前途或不祥。如果您想了解天佑德酒的估值情况，请查看其市盈率与行业的比较。
Is Qinghai Huzhu TianYouDe Highland Barley Spirit Efficiently Re-investing Its Profits?
天佑德酒是否在有效地重新投资其利润?
Qinghai Huzhu TianYouDe Highland Barley Spirit has a three-year median payout ratio of 37% (where it is retaining 63% of its income) which is not too low or not too high. So it seems that Qinghai Huzhu TianYouDe Highland Barley Spirit is reinvesting efficiently in a way that it sees impressive growth in its earnings (discussed above) and pays a dividend that's well covered.
天佑德酒的三年中位数派息比为37％(保留63％的收益)，既不太低也不太高。因此，天佑德酒似乎以一种有效的方式重新投资资金，以实现其收益的显着增长(上文已讨论)，并支付完全覆盖的股息。
Moreover, Qinghai Huzhu TianYouDe Highland Barley Spirit is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to rise to 58% over the next three years. Still, forecasts suggest that Qinghai Huzhu TianYouDe Highland Barley Spirit's future ROE will rise to 7.0% even though the the company's payout ratio is expected to rise. We presume that there could some other characteristics of the business that could be driving the anticipated growth in the company's ROE.
此外，天佑德酒决心继续与股东分享利润。根据最新分析师共识数据，我们发现公司未来的派息比预计将在未来三年内上升到58%。即使公司的派息比预计将上升，预测仍表明天佑德酒的未来roe将上升至7.0%。我们推测，在驱动公司roe预期增长的其他业务特征中，可能存在某些特征。
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 feel that Qinghai Huzhu TianYouDe Highland Barley Spirit certainly does have some positive factors to consider. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. The latest industry analyst forecasts show that the company is expected to maintain its current 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.
总的来说，我们认为天佑德酒肯定有一些值得考虑的积极因素。尽管收益率较低，但公司将其利润的很大一部分高效地重新投资到其业务中，无疑促进了其高收益增长。最新的行业分析师预测显示，公司有望保持当前的增长率。欲了解有关公司未来盈利增长预测的更多信息，请参阅有关分析师预测的免费报告。
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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
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。
