Are Nanjing Hanrui Cobalt Co.,Ltd.'s (SZSE:300618) Mixed Financials The Reason For Its Gloomy Performance on The Stock Market?
Are Nanjing Hanrui Cobalt Co.,Ltd.'s (SZSE:300618) Mixed Financials The Reason For Its Gloomy Performance on The Stock Market?
Nanjing Hanrui CobaltLtd (SZSE:300618) has had a rough three months with its share price down 22%. It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. Specifically, we decided to study Nanjing Hanrui CobaltLtd's ROE in this article.
南京漢瑞鈷業有限公司(深交所代碼:300618)經歷了艱難的三個月,其股價下跌了22%。市場可能忽視了該公司不同的財務狀況,決定聽從負面情緒。從長遠來看,股票價格通常由公司的財務表現驅動,因此我們決定更多地關注公司的財務業績。具體而言,我們決定在本文中研究南京漢瑞CobaltLtd的投資回報率。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。簡而言之,它衡量公司相對於股東權益的盈利能力。
View our latest analysis for Nanjing Hanrui CobaltLtd
查看我們對南京漢瑞鈷業有限公司的最新分析
How To Calculate Return On Equity?
如何計算股本回報率?
ROE can be calculated by using the formula:
投資回報率可以通過以下公式計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤(來自持續經營)≥ 股東權益
So, based on the above formula, the ROE for Nanjing Hanrui CobaltLtd is:
因此,根據上述公式,南京漢瑞鈷業有限公司的投資回報率爲:
1.2% = CN¥58m ÷ CN¥5.0b (Based on the trailing twelve months to March 2023).
1.2% = 5800萬人民幣 ÷ 50億元人民幣(基於截至2023年3月的過去十二個月)。
The 'return' is the profit over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.01 in profit.
“回報” 是過去十二個月的利潤。另一種思考方式是,公司每擁有價值1元人民幣的股權,就能獲得0.01元的利潤。
What Has ROE Got To Do With Earnings Growth?
投資回報率與收益增長有甚麼關係?
So far, we've learned that ROE is a measure of a company's profitability. 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. 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.
到目前爲止,我們已經瞭解到,投資回報率是衡量公司盈利能力的指標。現在,我們需要評估公司再投資或 “保留” 了多少利潤以用於未來的增長,從而使我們對公司的增長潛力有所瞭解。一般而言,在其他條件相同的情況下,股本回報率和利潤留存率高的公司的增長率要高於不具有這些屬性的公司。
A Side By Side comparison of Nanjing Hanrui CobaltLtd's Earnings Growth And 1.2% ROE
南京漢瑞CobaltLtd的收益增長和1.2%的投資回報率的並排比較
It is hard to argue that Nanjing Hanrui CobaltLtd's ROE is much good in and of itself. Even when compared to the industry average of 8.2%, the ROE figure is pretty disappointing. Therefore, it might not be wrong to say that the five year net income decline of 6.6% seen by Nanjing Hanrui CobaltLtd was possibly a result of it having a lower ROE. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
很難說南京漢瑞CobaltLtd的投資回報率本身就非常好。即使與行業平均水平8.2%相比,投資回報率也相當令人失望。因此,說南京漢瑞鈷業有限公司五年淨收入下降6.6%可能是其投資回報率較低的結果,這可能沒有錯。我們認爲,可能還有其他方面對公司的收益前景產生負面影響。例如,該公司的派息率非常高,或者面臨競爭壓力。
So, as a next step, we compared Nanjing Hanrui CobaltLtd'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 17% in the same period.
因此,下一步我們將南京漢瑞CobaltLtd的業績與行業進行了比較,我們失望地發現,儘管該公司一直在縮減收益,但同期該行業的收益卻以17%的速度增長。
![past-earnings-growth](https://usnewsfile.moomoo.com/pic/0-25404e66302e51fc509e7877d78e32c2-0-498596177d967b30dbe39e00d085ee75.png/big)
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. This then helps them determine if the stock is placed for a bright or bleak future. Is Nanjing Hanrui CobaltLtd fairly valued compared to other companies? These 3 valuation measures might help you decide.
賦予公司價值的基礎在很大程度上與其收益增長息息相關。無論如何,投資者應努力確定預期的收益增長或下降是否已計入其中。然後,這可以幫助他們確定股票是爲光明的還是暗淡的未來準備的。與其他公司相比,南京漢瑞鈷業有限公司的估值是否公平?這三種估值衡量標準可能會幫助您做出決定。
Is Nanjing Hanrui CobaltLtd Using Its Retained Earnings Effectively?
南京漢瑞鈷業有限公司是否在有效使用其留存收益?
Nanjing Hanrui CobaltLtd's low three-year median payout ratio of 18% (implying that it retains the remaining 82% of its profits) comes as a surprise when you pair it with the shrinking earnings. 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.
南京漢瑞CobaltLtd三年來最低的派息率中位數爲18%(這意味着它保留了剩餘的82%的利潤),當你將其與萎縮的收益相結合時,這真是令人驚訝。低派息應該意味着該公司保留了大部分收益,因此應該會有所增長。因此,這裏可能還有其他因素在起作用,這些因素可能會阻礙增長。例如,該業務面臨一些阻力。
Moreover, Nanjing Hanrui CobaltLtd has been paying dividends for five years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer consistent dividends even though earnings have been shrinking.
此外,南京漢瑞鈷業有限公司已經派發股息五年了,這是相當長的一段時間,這表明管理層一定已經意識到,儘管收益一直在萎縮,但股東更喜歡持續的分紅。
Summary
摘要
On the whole, we feel that the performance shown by Nanjing Hanrui CobaltLtd can be open to many interpretations. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. 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.
總的來說,我們覺得南京漢瑞CobaltLtd所展現的表現可以有多種解讀。儘管該公司的再投資率確實很高,但低的投資回報率意味着所有這些再投資都沒有給投資者帶來任何好處,而且,它對收益增長產生了負面影響。話雖如此,從目前的分析師估計來看,我們發現該公司的收益增長率有望得到巨大改善。這些分析師的預期是基於對該行業的廣泛預期,還是基於公司的基本面?點擊此處進入我們的分析師對公司的預測頁面。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎?對內容感到擔憂? 取得聯繫 直接和我們聯繫。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St 的這篇文章本質上是一般性的。 我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章無意提供財務建議。 它不構成買入或賣出任何股票的建議,也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意,我們的分析可能未將最新的價格敏感型公司公告或定性材料考慮在內。簡而言之,華爾街對上述任何股票都沒有頭寸。