Is Sungrow Power Supply Co., Ltd.'s (SZSE:300274) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Is Sungrow Power Supply Co., Ltd.'s (SZSE:300274) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Most readers would already be aware that Sungrow Power Supply's (SZSE:300274) stock increased significantly by 11% over the past month. Given that the market rewards strong financials in the long-term, we wonder if that is the case in this instance. Specifically, we decided to study Sungrow Power Supply's ROE in this article.
相信大多数读者已经注意到阳光电源(SZSE:300274)的股票在过去一个月中大幅增长了11%。考虑到市场对长期稳健财务业绩的奖励,我们想知道在这种情况下是否也适用。因此,我们特别决定在本文中研究阳光电源的roe。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率或roe是一项关键指标,用于评估公司管理层使用公司资本的效率。换句话说,它揭示了公司将股东的投资转化为利润的成功。
How To Calculate Return On Equity?
如何计算股东权益报酬率?
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 Sungrow Power Supply is:
因此,根据以上公式,阳光电源的roe为:
32% = CN¥10b ÷ CN¥32b (Based on the trailing twelve months to March 2024).
32% = CN¥100亿 ÷ CN¥320亿 (基于截至2024年3月的过去十二个月)。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.32 in profit.
“收益率”是税后过去十二个月所赚的金额。一种概念化的方法是,对于每一元股东资本,公司获利0.32元人民币。
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. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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对于公司未来收益的有效衡量工具。根据公司再投资或“留存”这些利润的程度及其有效性,我们随后可以评估公司的收益增长潜力。一般而言,其他条件相同的情况下,roe和利润留存率较高的公司比不具备这些属性的公司具有更高的增长率。
A Side By Side comparison of Sungrow Power Supply's Earnings Growth And 32% ROE
阳光电源的盈利增长和32%的ROE的并排比较
To begin with, Sungrow Power Supply has a pretty high ROE which is interesting. Secondly, even when compared to the industry average of 6.9% the company's ROE is quite impressive. So, the substantial 52% net income growth seen by Sungrow Power Supply over the past five years isn't overly surprising.
首先,阳光电源的ROE非常高,这很有趣。其次,即使与行业平均水平6.9%相比,公司的ROE也相当惊人。因此,过去五年中阳光电源所得的52%的净利润增长并不令人过于惊讶。
We then compared Sungrow Power Supply's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 12% in the same 5-year period.
然后,我们将阳光电源的净利润增长与行业进行了比较,很高兴地发现,相较于同期12%的行业增长率,该公司的增长率更高。
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Earnings growth is an important metric to consider when valuing a stock. 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 Sungrow Power Supply's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增长是考虑股票价值时需要考虑的重要指标。接下来投资者需要确定的是,预期收益增长或缺乏预期收益增长是否已经反映在股价中。这样做将有助于他们确定股票的未来前景是否光明或不利。如果您想了解更多有关阳光电源的估值信息,请查看它的市盈率与行业比较的数据。
Is Sungrow Power Supply Using Its Retained Earnings Effectively?
阳光电源是否有效地利用了留存收益?
Sungrow Power Supply's three-year median payout ratio to shareholders is 9.1%, which is quite low. This implies that the company is retaining 91% of its profits. This suggests that the management is reinvesting most of the profits to grow the business as evidenced by the growth seen by the company.
阳光电源向股东支付的三年中位数股息支付率为9.1%,相当低。这意味着公司保留了91%的利润。这表明管理层正在通过公司的增长表现来重新投资大部分利润。
Moreover, Sungrow Power Supply 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. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 15% over the next three years. Therefore, the expected rise in the payout ratio explains why the company's ROE is expected to decline to 23% over the same period.
此外,从阳光电源至少十年派发股息的历史来看,我们已经可以确信,该公司坚定地将利润分配给股东。从当前分析师共识数据来看,我们可以看到公司未来的派息比例预计将在未来三年内上升至15%。因此,派息比例的预期上升解释了为什么太阳能电源的roe也有望在同期下降至23%。
Conclusion
结论
In total, we are pretty happy with Sungrow Power Supply's performance. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. With that said, the latest industry analyst forecasts reveal that the company's earnings growth is expected to slow down. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
总的来说,我们对阳光电源的业绩非常满意。特别是,看到公司大量投资于业务,并以高回报率获得了可观的收益,这是很棒的。然而,最新的行业分析师预测显示,该公司的盈利增长预计将放缓。这些分析师的预期是基于行业的广泛预期呢?还是基于公司的基本面?点击此处,将您带到我们的分析师预测页面了解更多信息。
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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。
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。