Shanghai Haixin Group Co., Ltd.'s (SHSE:600851) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
Shanghai Haixin Group Co., Ltd.'s (SHSE:600851) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
With its stock down 6.6% over the past week, it is easy to disregard Shanghai Haixin Group (SHSE:600851). But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. In this article, we decided to focus on Shanghai Haixin Group's ROE.
過去一週,上海海信集團的股價下跌了6.6%,人們很容易忽視它(上海證券交易所代碼:600851)。但如果你密切關注,你可能會發現,該公司的關鍵財務指標看起來相當不錯,這可能意味著,鑑於市場通常會獎勵更具彈性的長期基本面因素,該股可能會在長期內上漲。在本文中,我們決定將重點放在上海海信集團的淨資產收益率上。
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.
股本回報率(ROE)是用來評估公司管理層利用公司資本效率的關鍵指標。簡而言之,它是用來評估一家公司相對於其權益資本的盈利能力。
See our latest analysis for Shanghai Haixin Group
查看我們對上海海信集團的最新分析
How Do You Calculate Return On Equity?
你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 Shanghai Haixin Group is:
因此,根據上述公式,上海海信集團的淨資產收益率為:
4.2% = CN¥173m ÷ CN¥4.2b (Based on the trailing twelve months to June 2023).
4.2%=CN元1.73億×CN元42億元(以截至2023年6月的12個月為基礎)。
The 'return' is the profit over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.04.
“收益”是過去12個月的利潤。因此,這意味著股東每投資1元人民幣,公司就會產生0.04元的利潤。
What Has ROE Got To Do With Earnings Growth?
淨資產收益率與盈利增長有什麼關係?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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。我們現在需要評估公司將多少利潤再投資或“保留”用於未來的增長,這就讓我們對公司的增長潛力有了一個瞭解。一般來說,在其他條件相同的情況下,股本回報率和利潤留存較高的公司比不具備這些特徵的公司有更高的增長率。
Shanghai Haixin Group's Earnings Growth And 4.2% ROE
上海海信集團盈利增長4.2%淨資產收益率
As you can see, Shanghai Haixin Group's ROE looks pretty weak. Even when compared to the industry average of 8.9%, the ROE figure is pretty disappointing. Although, we can see that Shanghai Haixin Group saw a modest net income growth of 5.4% over the past five years. We believe that there might be other aspects that are positively influencing the company's earnings growth. 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.
如你所見,上海海信集團的淨資產收益率(ROE)看起來相當疲軟。即使與8.9%的行業平均水準相比,淨資產收益率也是相當令人失望的。儘管如此,我們可以看到,上海海信集團在過去五年中淨收入溫和增長5.4%。我們認為,可能還有其他方面正在積極影響公司的收益增長。例如,公司管理層可能做出了一些良好的戰略決策,或者公司的派息率較低。
As a next step, we compared Shanghai Haixin Group's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 9.8% in the same period.
作為下一步,我們將上海海信集團的淨收入增長與行業進行了比較,失望地看到該公司的增長低於同期9.8%的行業平均增長。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231022/0-504b7aaebc8a701a1a89bb6bb4dbb8b8-0-83059216cc740ecac2a3536e920dfab6.png/big)
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. Is Shanghai Haixin Group fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增長是股票估值的一個重要因素。投資者下一步需要確定的是,預期的收益增長是否已經計入了股價。這有助於他們確定這只股票是為光明還是黯淡的未來做準備。與其他公司相比,上海海鑫集團的估值是否公平?這3個估值指標可能會幫助你做出決定。
Is Shanghai Haixin Group Making Efficient Use Of Its Profits?
上海海信集團是否在有效利用其利潤?
Shanghai Haixin Group has a healthy combination of a moderate three-year median payout ratio of 30% (or a retention ratio of 70%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.
正如我們上面看到的,上海海信集團擁有30%的適度三年中值派息率(或70%的留存比率)和可觀的收益增長的健康組合,這意味著該公司一直在有效利用其利潤。
Additionally, Shanghai Haixin Group has paid dividends over a period of eight years which means that the company is pretty serious about sharing its profits with shareholders.
此外,上海海信集團在八年內派發了股息,這意味著該公司對與股東分享利潤相當認真。
Conclusion
結論
In total, it does look like Shanghai Haixin Group has some positive aspects to its business. Namely, its respectable earnings growth, which it achieved due to it retaining most of its profits. However, given the low ROE, investors may not be benefitting from all that reinvestment after all. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. To know the 2 risks we have identified for Shanghai Haixin Group visit our risks dashboard for free.
總體而言,上海海信集團的業務確實有一些積極的方面。即其可觀的收益增長,這要歸功於它保留了大部分利潤。然而,鑑於淨資產收益率較低,投資者可能終究不會從所有這些再投資中受益。雖然我們不會完全解僱這家公司,但我們要做的是努力確定這項業務在公司周圍做出更明智的決定的風險有多大。要了解我們為上海海信集團確定的兩個風險,請免費訪問我們的風險儀錶板。
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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.