Shenzhen Cereals Holdings Co.,Ltd's (SZSE:000019) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
Shenzhen Cereals Holdings Co.,Ltd's (SZSE:000019) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
The formula for ROE is: Most readers would already be aware that Shenzhen Cereals HoldingsLtd's (SZSE:000019) stock increased significantly by 9.8% over the past month. However, we decided to pay close attention to its weak financials as we are doubtful that the current momentum will keep up, given the scenario. In this article, we decided to focus on Shenzhen Cereals HoldingsLtd's ROE.
大多數讀者應該已經知道，深圳穀物控股有限公司(SZSE：000019)的股票在過去一個月裡大幅上漲了9.8%。然而，我們決定密切關注其疲軟的財務狀況，因為考慮到這種情況，我們懷疑目前的勢頭能否保持下去。在這篇文章中，我們決定把重點放在深圳穀物控股有限公司的淨資產收益率上。
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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率或淨資產收益率是股東要考慮的一個重要因素，因為它告訴他們他們的資本再投資的效率。簡而言之，它衡量的是一家公司相對於股東權益的盈利能力。
Check out our latest analysis for Shenzhen Cereals HoldingsLtd
查看我們對深圳穀物控股有限公司的最新分析
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for ROE is:
這個淨資產收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for Shenzhen Cereals HoldingsLtd is:
因此，根據上述公式，深圳穀物控股有限公司的淨資產收益率為：
7.8% = CN¥387m ÷ CN¥4.9b (Based on the trailing twelve months to March 2023).
7.8%=3.87億元×49億元(基於截至2023年3月的12個月)。
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¥0.08.
“回報”指的是一家公司過去一年的收益。因此，這意味著股東每投資1元人民幣，公司就會產生0.08元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
淨資產收益率與盈利增長之間有什麼關係？
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. 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.
到目前為止，我們已經瞭解到淨資產收益率衡量的是一家公司創造利潤的效率。根據公司將這些利潤再投資或“保留”多少，以及這樣做的效率如何，我們就能夠評估一家公司的收益增長潛力。假設其他條件不變，淨資產收益率和利潤保留率越高，與不一定具有這些特徵的公司相比，公司的增長率就越高。
Shenzhen Cereals HoldingsLtd's Earnings Growth And 7.8% ROE
深圳糧食控股有限公司盈利增長7.8%淨資產收益率
When you first look at it, Shenzhen Cereals HoldingsLtd's ROE doesn't look that attractive. However, given that the company's ROE is similar to the average industry ROE of 8.1%, we may spare it some thought. Having said that, Shenzhen Cereals HoldingsLtd's net income growth over the past five years is more or less flat. Bear in mind, the company's ROE is not very high. So that could also be one of the reasons behind the company's flat growth in earnings.
當你第一次看到它時，深圳穀物控股有限公司的淨資產收益率看起來並不那麼吸引人。然而，鑑於該公司的淨資產收益率(ROE)與8.1%的行業平均ROE相似，我們或許可以省去一些思考。話雖如此，深圳穀物控股有限公司過去五年的淨收入增長基本持平。請記住，該公司的淨資產收益率並不是很高。因此，這也可能是該公司盈利增長持平的原因之一。
As a next step, we compared Shenzhen Cereals HoldingsLtd's net income growth with the industry and discovered that the industry saw an average growth of 3.3% in the same period.
下一步，我們將深圳糧食控股有限公司的淨收入增長與行業進行了比較，發現同期該行業的平均增長為3.3%。
Earnings growth is a huge factor in stock valuation. 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 Shenzhen Cereals HoldingsLtd's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增長是股票估值的一個重要因素。投資者應該嘗試確定預期的收益增長或下降是否已計入價格，無論是哪種情況。通過這樣做，他們將知道股票是將進入清澈的藍色水域，還是等待沼澤水域。如果你想知道深圳穀物控股有限公司的估值，看看這個衡量其本益比的指標，與其行業相比。
Is Shenzhen Cereals HoldingsLtd Using Its Retained Earnings Effectively?
深圳糧食控股有限公司是否有效地利用了其留存收益？
Shenzhen Cereals HoldingsLtd has a high three-year median payout ratio of 67% (or a retention ratio of 33%), meaning that the company is paying most of its profits as dividends to its shareholders. This does go some way in explaining why there's been no growth in its earnings.
深圳穀物控股有限公司的三年派息率中值為67%(或留存率為33%)，這意味著該公司將大部分利潤作為股息支付給股東。這確實在一定程度上解釋了為什麼它的收益沒有增長。
Moreover, Shenzhen Cereals HoldingsLtd has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.
此外，深圳穀物控股有限公司至少在十年或更長時間內一直在分紅，這表明管理層肯定已經意識到，股東更喜歡分紅，而不是收益增長。
Summary
摘要
In total, we would have a hard think before deciding on any investment action concerning Shenzhen Cereals HoldingsLtd. As a result of its low ROE and lack of much reinvestment into the business, the company has seen a disappointing earnings growth rate. Until now, we have only just grazed the surface of the company's past performance by looking at the company's fundamentals. To gain further insights into Shenzhen Cereals HoldingsLtd's past profit growth, check out this visualization of past earnings, revenue and cash flows.
總而言之，我們在決定對深圳穀物控股有限公司的任何投資行動之前都會三思而後行。由於淨資產收益率較低，對該業務的再投資不足，該公司的收益增長率令人失望。到目前為止，我們只是通過觀察公司的基本面來了解公司過去的業績。為了更深入地瞭解深圳穀物控股有限公司過去的利潤增長，請查看這張過去收益、收入和現金流的可視化圖表。
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本文由Simply Wall St.撰寫，具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.
