Guangdong Dowstone Technology Co., Ltd. (SZSE:300409) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
Guangdong Dowstone Technology Co., Ltd. (SZSE:300409) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
Guangdong Dowstone Technology's (SZSE:300409) stock is up by a considerable 9.5% over the past week. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Specifically, we decided to study Guangdong Dowstone Technology's ROE in this article.
广东道氏技术(SZSE:300409)的股票在过去一周中上涨了可观的9.5%。但是该公司的关键财务指标似乎在全面展示差异,这使我们对该公司目前股价的势头是否可以持续感到怀疑。具体地说,我们决定在本文中研究广东道氏技术的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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
净资产收益率(roe)是衡量公司经营管理层如何有效利用公司资本的关键指标。换言之,它是一种利润率,衡量由公司股东提供的资本的回报率。
How To Calculate Return On Equity?
如何计算股东权益报酬率?
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 Guangdong Dowstone Technology is:
因此,根据上述公式,广东道氏技术的roe为:
2.6% = CN¥178m ÷ CN¥6.9b (Based on the trailing twelve months to June 2024).
2.6% = CN¥17800万 ÷ CN¥69亿(基于截至2024年6月的过去十二个月)。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.03 in profit.
“回报”是指公司在过去一年中的收益。 另一种思考方式是,对于每一元人民币的股本,公司能够获得0.03元人民币的利润。
What Has ROE Got To Do With Earnings Growth?
roe与盈利增长有何关系?
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. 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.
我们已经确定ROE作为评估公司未来收益的有效指标。现在我们需要评估公司为未来增长所保留的利润量,从而给我们一个关于公司增长潜力的想法。假设其他条件都相同,既具有较高ROE又具有较高利润保留的公司通常是增长率更高的公司,相比之下没有这些特点的公司会更低。
A Side By Side comparison of Guangdong Dowstone Technology's Earnings Growth And 2.6% ROE
广东道氏技术的盈利增长和2.6% ROE垂直比较
It is hard to argue that Guangdong Dowstone Technology's ROE is much good in and of itself. Even when compared to the industry average of 6.5%, the ROE figure is pretty disappointing. For this reason, Guangdong Dowstone Technology's five year net income decline of 6.3% is not surprising given its lower ROE. We reckon that there could also be other factors at play here. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.
很难说广东道氏技术的ROE本身很好。 即使与6.5%的行业平均水平相比,ROE的数据也相当令人失望。 因此,鉴于ROE较低,广东道氏技术五年净利润下降了6.3%。我们认为这里可能还有其他因素。 例如,企业资本分配问题严重,或者公司的股息派发比率非常高。
So, as a next step, we compared Guangdong Dowstone Technology's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 6.8% over the last few years.
所以,作为下一步,我们将广东道氏技术的业绩与行业进行了比较,令人失望的是,尽管公司的收益在缩减,但行业过去几年的收益增长率为6.8%。
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The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. If you're wondering about Guangdong Dowstone Technology's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
对一家公司进行估值的基础很大程度上取决于其盈利增长。投资者应该试图确定预期的盈利增长或减少是否已经计入了股价。通过这样做,他们就会知道股票是朝着明朗的未来前进,还是即将面临困难。如果你想了解广东道氏技术的估值,可以查看其市盈率的表现,与其所在的行业相比。
Is Guangdong Dowstone Technology Efficiently Re-investing Its Profits?
广东道氏技术是否有效地重新投资利润?
Guangdong Dowstone Technology's low three-year median payout ratio of 5.0% (or a retention ratio of 95%) over the last three years should mean that the company is retaining most of its earnings to fuel its growth but the company's earnings have actually shrunk. The low payout should mean that the company is retaining most of its earnings and consequently, should see some growth. So there might be other factors at play here which could potentially be hampering growth. For instance, the business has faced some headwinds.
广东道氏技术过去三年的低中位数5.0%股利支付比率(或保留比率95%)应该意味着公司正在保留大部分利润用于推动其增长,但该公司的盈利实际上已经收缩。低股利支付比率应该意味着公司正在保留大部分利润,因此应该有一定的增长。因此,这里可能还存在其他可能阻碍增长的因素。例如,业务遇到了一些困难。
In addition, Guangdong Dowstone Technology has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth.
此外,广东道氏技术至少十年来一直支付股息,这表明即使以牺牲业务增长为代价,保持支付股息对管理层来说更为重要。
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 have mixed feelings about Guangdong Dowstone Technology. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. Wrapping up, we would proceed with caution with this company and one way of doing that would be to look at the risk profile of the business. You can see the 2 risks we have identified for Guangdong Dowstone Technology by visiting our risks dashboard for free on our platform here.
总体而言,我们对广东道氏技术持有一种矛盾的感觉。 尽管该公司保留利润率很高,但其回报率低可能阻碍了其盈利增长。 总结一下,我们对这家公司采取谨慎的态度,其中一种方式是查看业务的风险概况。 您可以免费在我们的平台上查看我们为广东道氏技术确定的两个风险,请访问此处的风险仪表板。
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