Sichuan Qiaoyuan Gas Co.,Ltd.'s (SZSE:301286) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Sichuan Qiaoyuan Gas Co.,Ltd.'s (SZSE:301286) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Sichuan Qiaoyuan GasLtd (SZSE:301286) has had a rough three months with its share price down 5.3%. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. In this article, we decided to focus on Sichuan Qiaoyuan GasLtd's ROE.
四川侨源燃气股份有限公司(SZSE:301286)最近三个月股价下跌了5.3%。然而,公司的基本面看起来相当不错,而且长期财务状况通常与未来的市场价格走势保持一致。本文将重点关注四川侨源燃气股份有限公司的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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股东应考虑的重要因素是净资产收益率或roe,因为它告诉他们投资的资本如何被有效地再投资。简单来说,它用于评估公司与其股权资本相关的盈利能力。
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 Sichuan Qiaoyuan GasLtd is:
因此,根据上述公式,四川侨源燃气股份有限公司的roe为:
11% = CN¥183m ÷ CN¥1.7b (Based on the trailing twelve months to March 2024).
11% = CN¥18300万 ÷ CN¥17亿 (截至2024年3月的过去十二个月)
The 'return' is the yearly profit. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.11 in profit.
“回报”是每年的利润。另一种想法是,对于每CN¥1的股本,公司能够赚取CN¥0.11的利润。
Why Is ROE Important For Earnings Growth?
ROE为什么对净利润增长很重要?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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衡量了公司创造利润的效率。现在我们需要评估公司为未来增长“保留”的利润量,然后我们就能了解公司的增长潜力。如果一切都相等,那么ROE和利润保留都更高的公司通常比没有这些特征的公司增长率更高。
A Side By Side comparison of Sichuan Qiaoyuan GasLtd's Earnings Growth And 11% ROE
四川侨源燃气股份有限公司盈利增长率和11%roe的并列比较
When you first look at it, Sichuan Qiaoyuan GasLtd's ROE doesn't look that attractive. However, the fact that the company's ROE is higher than the average industry ROE of 6.3%, is definitely interesting. But then again, seeing that Sichuan Qiaoyuan GasLtd's net income shrunk at a rate of 11% in the past five years, makes us think again. Bear in mind, the company does have a slightly low ROE. It is just that the industry ROE is lower. Hence, this goes some way in explaining the shrinking earnings.
刚开始看,四川侨源燃气股份有限公司的roe看起来并不那么吸引人。然而,事实上,公司的roe高于行业平均roe6.3%,这确实很有趣。但再一次看到,过去五年中四川侨源燃气股份有限公司的净利润以11%的速度下降,使我们重新考虑。请记住,公司的roe略低。只是行业roe更低。因此,这在一定程度上解释了盈利下降。
That being said, we compared Sichuan Qiaoyuan GasLtd's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 7.5% in the same 5-year period.
也就是说,我们将四川侨源燃气股份有限公司的业绩与行业进行比较时,会有一些担忧,因为在过去5年中,尽管公司减少了盈利,行业的盈利却以7.5%的速度增长。
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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 Sichuan Qiaoyuan GasLtd'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中的一个重要因素。投资者需要判断的是,预期的盈利增长或其缺乏是否已经融入股价中。这样做将有助于他们确定该股票的未来前景是光明还是暗淡。如果你想了解四川侨源燃气股份有限公司的估值情况,可以查看其市盈率与行业的比较。
Is Sichuan Qiaoyuan GasLtd Efficiently Re-investing Its Profits?
四川侨源燃气股份有限公司是否有效地重新投资了其利润?
When we piece together Sichuan Qiaoyuan GasLtd's low three-year median payout ratio of 24% (where it is retaining 76% of its profits), calculated for the last three-year period, we are puzzled by the lack of growth. This typically shouldn't be the case when a company is retaining most of its earnings. So there could be some other explanations in that regard. For example, the company's business may be deteriorating.
当我们把四川侨源燃气股份有限公司低的三年中位数派息比率(保留76%的利润),以最近三年计算,与缺乏增长的状况相比,我们对缺乏增长感到困惑。当一家公司保留大部分利润时,通常情况下是不能出现这种情况的。因此,可能存在其他解释。例如,公司的业务可能正在恶化。
In addition, Sichuan Qiaoyuan GasLtd only recently started paying a dividend so the management probably decided the shareholders prefer dividends even though earnings have been shrinking.
此外,四川侨源燃气股份有限公司只最近开始支付股息,因此管理层可能决定股东更喜欢股息,即使盈利在萎缩。
Conclusion
结论
On the whole, we do feel that Sichuan Qiaoyuan GasLtd has some positive attributes. Yet, the low earnings growth is a bit concerning, especially given that the company has a respectable rate of return and is reinvesting a huge portion of its profits. By the looks of it, there could be some other factors, not necessarily in control of the business, that's preventing growth. 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 Sichuan Qiaoyuan GasLtd visit our risks dashboard for free.
总体而言,我们确实认为四川侨源燃气股份有限公司具有一些积极的特点。但盈利增长较低有点令人担忧,特别是考虑到该公司具有可观的回报率,并且正在将其利润的巨大部分重新投资。看起来可能还有其他因素,不一定在业务的控制范围内,阻止了增长。虽然我们不会完全拒绝该公司,但我们会尝试确定业务的风险状况,以做出更明智的决策。要了解我们识别出的四川侨源燃气股份有限公司的第一个风险,请免费访问我们的风险特斯拉-仪表。
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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。