Declining Stock and Solid Fundamentals: Is The Market Wrong About Fujian Funeng Co., Ltd. (SHSE:600483)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Fujian Funeng Co., Ltd. (SHSE:600483)?
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity Fujian Funeng (SHSE:600483) has had a rough month with its share price down 10%. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Specifically, we decided to study Fujian Funeng's ROE in this article.
福建福能（SHSE：600483）上个月股价下跌10％。然而，股价通常受到公司长期的财务表现推动，在本例中看起来非常有前途。具体来说，本文决定研究福建福能的roe。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股东权益回报率ROE是测试公司增值能力和管理股东投资的有效性的指标。更简单地说，它衡量公司在股东权益中的盈利能力。
How Is ROE Calculated?
净资产收益率怎么计算？
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 Fujian Funeng is:
因此，根据上述公式，福建福能的roe为:
11% = CN¥3.2b ÷ CN¥29b (Based on the trailing twelve months to March 2024).
11％= CN¥32亿 ÷ CN¥290亿（基于截至2024年3月的过去十二个月）。
The 'return' is the income the business earned over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.11 in profit.
“回报”是企业去年赚取的收入。 这意味着对于每1元股东权益，公司创造了0.11元的利润。
What Is The Relationship Between ROE And Earnings Growth?
ROE与盈利增长之间的关系是什么？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.
到目前为止，我们已经了解到ROE衡量了公司有效地利用其利润的能力。根据公司再投资或“保留”的利润量以及公司再投资利润的效果，我们就能评估公司的盈利增长潜力。一般来说，其他条件相同，ROE高和盈利保留公司的成长率比没有这些属性的公司更高。
Fujian Funeng's Earnings Growth And 11% ROE
福建福能的盈利增长和11％的roe
To start with, Fujian Funeng's ROE looks acceptable. Further, the company's ROE compares quite favorably to the industry average of 7.7%. Probably as a result of this, Fujian Funeng was able to see a decent growth of 19% over the last five years.
首先，福建福能的roe看起来可接受。此外，该公司的roe与7.7％的行业平均水平相比相当有优势。可能是因为这个原因，福建福能在过去五年中看到了19％的不错增长。
Next, on comparing with the industry net income growth, we found that Fujian Funeng's growth is quite high when compared to the industry average growth of 9.3% in the same period, which is great to see.
接下来，通过比较行业的净收入增长，我们发现与同期行业平均增长率9.3％相比，福建福能的增长相当高，这是非常好的。
Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. What is 600483 worth today? The intrinsic value infographic in our free research report helps visualize whether 600483 is currently mispriced by the market.
盈利增长是股票估值的一个巨大因素。对于投资者来说，知道市场是否将公司预期的盈利增长（或下降）定价是很重要的。通过这样做，他们会了解股票是否在前行或者会受阻。因此，600483今天的价值是多少？我们免费的研究报告中的内在价值信息图可帮助可视化了解600483是否被市场当前低估。
Is Fujian Funeng Making Efficient Use Of Its Profits?
福建福能是否有效利用其利润？
Fujian Funeng has a healthy combination of a moderate three-year median payout ratio of 29% (or a retention ratio of 71%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.
福建福能有一个健康的组合，即适度的三年中值支付比率为29％（或保留比率为71％）和相当可观的盈利增长，这意味着公司一直在有效利用其利润。
Additionally, Fujian Funeng has paid dividends over a period of nine years which means that the company is pretty serious about sharing its profits with shareholders.
此外，福建福能在九年内支付了股息，这意味着该公司非常重视与股东分享其利润。
Conclusion
结论
On the whole, we feel that Fujian Funeng's performance has been quite good. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial 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，我们认为福建福能的表现相当不错。具体来说，我们喜欢该公司以高回报率重新投资其大量利润的做法。当然，这导致公司的盈利出现了大幅增长。但是，最新的行业分析师预测显示，公司的盈利增长预计会放缓。这些分析师的预期是基于行业的整体预期，还是基于公司的基本面？单击此处转到我们的分析师预测页。
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