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Are Robust Financials Driving The Recent Rally In Shede Spirits Co., Ltd.'s (SHSE:600702) Stock?

Are Robust Financials Driving The Recent Rally In Shede Spirits Co., Ltd.'s (SHSE:600702) Stock?

强劲的财务状况推动了舍得酒业股份有限公司(SHSE:600702)股价的最近上涨吗?
Simply Wall St ·  2024/12/04 13:14

Most readers would already be aware that Shede Spirits' (SHSE:600702) stock increased significantly by 78% over the past three months. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. In this article, we decided to focus on Shede Spirits' ROE.

大多数读者可能已经意识到,舍得酒业(SHSE:600702)的股价在过去三个月内大幅上涨了78%。鉴于公司出色的表现,我们决定更仔细地研究其财务指标,因为公司长期的财务健康状况通常会决定市场结果。在本文中,我们决定关注舍得酒业的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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.

股本回报率或ROE是一项用于评估公司管理层如何利用公司资本的效率的关键指标。简而言之,它用于评估公司相对于其股本资本的盈利能力。

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(来自持续经营) ÷ 股东权益

So, based on the above formula, the ROE for Shede Spirits is:

因此,根据以上公式,舍得酒业的roe为:

15% = CN¥1.1b ÷ CN¥7.4b (Based on the trailing twelve months to September 2024).

15% = 中国元11亿 ÷ 中国元74亿(截至2024年9月的过去十二个月)。

The 'return' refers to a company's earnings over the last year. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.15.

'回报'指的是公司过去一年的盈利。这意味着对于股东每投资1元人民币,公司就能创造0.15元人民币的利润。

What Is The Relationship Between ROE And Earnings Growth?

What Is The Relationship Between ROE And Earnings Growth?

So far, we've learned that ROE is a measure of a company's profitability. 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. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.

到目前为止,我们已经了解到ROE是衡量公司盈利能力的指标。根据公司重新投资或“保留”的利润数量及其有效性,我们能够估计公司盈利增长潜力。假设其他一切保持不变,ROE和利润保留率越高,相对于不一定拥有这些特征的公司而言,公司的增长率就越高。

A Side By Side comparison of Shede Spirits' Earnings Growth And 15% ROE

A Side By Side comparison of Shede Spirits' Earnings Growth And 15% ROE

At first glance, Shede Spirits seems to have a decent ROE. And on comparing with the industry, we found that the the average industry ROE is similar at 16%. This certainly adds some context to Shede Spirits' exceptional 24% net income growth seen over the past five years. We reckon that there could also be other factors at play here. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.

At first glance, Shede Spirits seems to have a decent ROE. And on comparing with the industry, we found that the the average industry ROE is similar at 16%. This certainly adds some context to Shede Spirits' exceptional 24% net income growth seen over the past five years. We reckon that there could also be other factors at play here. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.

Next, on comparing with the industry net income growth, we found that Shede Spirits' growth is quite high when compared to the industry average growth of 15% in the same period, which is great to see.

Next, on comparing with the industry net income growth, we found that Shede Spirits' growth is quite high when compared to the industry average growth of 15% in the same period, which is great to see.

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SHSE:600702 Past Earnings Growth December 4th 2024
SHSE:600702 Past Earnings Growth December 4th 2024

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. Is Shede Spirits fairly valued compared to other companies? These 3 valuation measures might help you decide.

将价值附加到一家公司的基础很大程度上取决于其盈利增长。投资者应该尝试确定预期盈利增长或下降(无论哪种情况)是否已经定价。通过这样做,他们将了解股票是走向清澈蓝色水域还是等待泥泞水域。舍得酒业相比其他公司是否被公平估值?以下这3个估值指标可能会帮助您做出决定。

Is Shede Spirits Efficiently Re-investing Its Profits?

舍得酒业是否高效地再投资其利润?

Shede Spirits' three-year median payout ratio is a pretty moderate 28%, meaning the company retains 72% of its income. This suggests that its dividend is well covered, and given the high growth we discussed above, it looks like Shede Spirits is reinvesting its earnings efficiently.

舍得酒业的三年中位数派息比率非常适中,为28%,意味着公司留存了其收入的72%。这表明其股息得到了很好的覆盖,并且考虑到我们上面讨论的高增长,看起来舍得酒业正在高效地再投资其盈利。

Moreover, Shede Spirits 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. Based on the latest analysts' estimates, we found that the company's future payout ratio over the next three years is expected to hold steady at 23%. Accordingly, forecasts suggest that Shede Spirits' future ROE will be 13% which is again, similar to the current ROE.

此外,从至少连续十年支付股息的长期历史来看,舍得酒业决心与股东分享其利润。根据最新分析师的估计,我们发现未来三年公司的派息比率预计将保持在23%。因此,预测显示舍得酒业未来的roe将为13%,这与当前roe相似。

Summary

总结

In total, we are pretty happy with Shede Spirits' performance. 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. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.

总的来说,我们对舍得酒业的表现感到非常满意。具体来说,我们喜欢公司以高回报率将其利润的很大一部分再投资。当然,这导致公司的收益大幅增长。考虑到这一点,对最新分析师预测的研究显示,公司未来的收益增长预期将放缓。要了解更多关于该公司最新分析师预测的信息,请查看该公司的分析师预测可视化。

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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.

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Simply Wall St的这篇文章是一般性质的。我们仅基于历史数据和分析师预测提供评论,使用公正的方法,我们的文章并非意在提供财务建议。这并不构成买入或卖出任何股票的建议,并且不考虑您的目标或财务状况。我们旨在为您带来基于基础数据驱动的长期聚焦分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St对提及的任何股票都没有持仓。

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