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Declining Stock and Solid Fundamentals: Is The Market Wrong About Qingdao Hanhe Cable Co.,Ltd (SZSE:002498)?

Declining Stock and Solid Fundamentals: Is The Market Wrong About Qingdao Hanhe Cable Co.,Ltd (SZSE:002498)?

股票下跌和基本面穩健:市場對青島漢和電纜的看法錯了嗎, Ltd (深圳證券交易所:002498)?
Simply Wall St ·  2023/10/23 02:00

Qingdao Hanhe CableLtd (SZSE:002498) has had a rough three months with its share price down 9.3%. But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. In this article, we decided to focus on Qingdao Hanhe CableLtd's ROE.

青島瀚合電纜股份有限公司(SZSE:002498)經歷了艱難的三個月,其股價下跌了9.3%。但如果你仔細觀察,你可能會猜到,它強勁的財務狀況可能意味著,考慮到市場通常會獎勵財務狀況良好的公司,該股可能會在長期內增值。在本文中,我們決定將重點放在青島漢河電纜有限公司的淨資產收益率上。

Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.

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。換句話說,它揭示了該公司成功地將股東投資轉化為利潤。

See our latest analysis for Qingdao Hanhe CableLtd

查看我們對青島瀚合電纜有限公司的最新分析

How Do You Calculate Return On Equity?

你如何計算股本回報率?

ROE can be calculated by using the formula:

可使用以下公式計算淨資產收益率:

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 Qingdao Hanhe CableLtd is:

因此,根據上述公式,青島瀚河光纜有限公司的淨資產收益率為:

9.4% = CN¥702m ÷ CN¥7.4b (Based on the trailing twelve months to June 2023).

9.4%=7.02億元×74億元(基於截至2023年6月的12個月)。

The 'return' refers to a company's earnings over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.09 in profit.

“回報”指的是一家公司過去一年的收益。這意味著,股東權益每增加1元,公司就會產生0.09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?

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.

到目前為止,我們瞭解到淨資產收益率是衡量一家公司盈利能力的指標。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。

Qingdao Hanhe CableLtd's Earnings Growth And 9.4% ROE

青島瀚合電纜有限公司盈利增長9.4%淨資產收益率

On the face of it, Qingdao Hanhe CableLtd's ROE is not much to talk about. Although a closer study shows that the company's ROE is higher than the industry average of 7.6% which we definitely can't overlook. Especially when you consider Qingdao Hanhe CableLtd's exceptional 25% net income growth over the past five years. Bear in mind, the company does have a moderately low ROE. It is just that the industry ROE is lower. Therefore, the growth in earnings could also be the result of other factors. E.g the company has a low payout ratio or could belong to a high growth industry.

從表面上看,青島瀚合光纜有限公司的淨資產收益率(ROE)並沒有太多可談的內容。儘管更仔細的研究表明,該公司的淨資產收益率高於7.6%的行業平均水準,這一點我們絕對不能忽視。尤其是考慮到青島瀚合光纜有限公司在過去五年中實現了25%的非凡淨收入增長。請記住,該公司的淨資產收益率(ROE)確實較低。只是行業的淨資產收益率較低。因此,收益的增長也可能是其他因素的結果。例如,該公司的派息率較低,或者可能屬於高增長行業。

As a next step, we compared Qingdao Hanhe CableLtd's net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 14%.

下一步,我們將青島瀚合電纜有限公司的淨收入增長與行業進行了比較,令人欣喜的是,我們發現該公司看到的增長高於行業平均14%的增長。

past-earnings-growth
SZSE:002498 Past Earnings Growth October 23rd 2023
深圳證交所:過去002498的收益增長2023年10月23日

Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Qingdao Hanhe CableLtd is trading on a high P/E or a low P/E, relative to its industry.

盈利增長是評估一隻股票時需要考慮的一個重要指標。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。這樣做將有助於他們確定該股的未來看起來是光明的還是不祥的。衡量預期收益增長的一個很好的指標是本益比,它根據一隻股票的盈利前景決定市場願意為其支付的價格。因此,你可能想看看青島瀚合電纜有限公司的本益比相對於其行業是高本益比還是低本益比。

Is Qingdao Hanhe CableLtd Making Efficient Use Of Its Profits?

青島瀚合電纜有限公司是否有效利用了利潤?

Qingdao Hanhe CableLtd's ' three-year median payout ratio is on the lower side at 16% implying that it is retaining a higher percentage (84%) of its profits. So it seems like the management is reinvesting profits heavily to grow its business and this reflects in its earnings growth number.

青島瀚合光纜有限公司的三年中值派息率為16%,處於較低水準,這意味著該公司將保留較高的利潤比例(84%)。因此,管理層似乎正在對利潤進行大量再投資,以增長業務,這反映在其收益增長數位上。

Besides, Qingdao Hanhe CableLtd has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. 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 16%. Still, forecasts suggest that Qingdao Hanhe CableLtd's future ROE will rise to 12% even though the the company's payout ratio is not expected to change by much.

此外,青島瀚合電纜有限公司至少在十年或更長時間內一直在分紅。這表明該公司致力於與股東分享利潤。根據最新的分析師預估,我們發現該公司未來三年的派息比率預計將穩定在16%。儘管如此,預測顯示青島瀚合電纜有限公司未來的淨資產收益率將升至12%,儘管該公司的派息率預計不會有太大變化。

Summary

摘要

Overall, we are quite pleased with Qingdao Hanhe CableLtd's performance. In particular, it's great to see that the company has seen significant growth in its earnings backed by a respectable ROE and a high reinvestment rate. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.

總體而言,我們對青島瀚合電纜有限公司的表現感到滿意。特別是,看到該公司在可觀的淨資產收益率和高再投資率的支持下實現了顯著的收益增長,這一點令人欣慰。話雖如此,該公司的盈利增長預計將放緩,正如目前分析師預測的那樣。要了解更多有關該公司未來收益增長預測的資訊,請查看以下內容免費報告分析師對該公司的預測,以瞭解更多資訊.

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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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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.

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