Ganzhou Tengyuan Cobalt New Material Co., Ltd.'s (SZSE:301219) Stock Is Soaring But Financials Seem Inconsistent: Will The Uptrend Continue?
Ganzhou Tengyuan Cobalt New Material Co., Ltd.'s (SZSE:301219) Stock Is Soaring But Financials Seem Inconsistent: Will The Uptrend Continue?
Ganzhou Tengyuan Cobalt New Material (SZSE:301219) has had a great run on the share market with its stock up by a significant 29% over the last three months. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Particularly, we will be paying attention to Ganzhou Tengyuan Cobalt New Material's ROE today.
贛州騰源鈷業新材料(深圳證券交易所代碼:301219)在股市上表現良好,其股票在過去三個月中大幅上漲了29%。但是該公司的關鍵財務指標似乎各不相同,這使我們質疑該公司目前的股價勢頭是否可以維持。特別是,我們今天將關注贛州騰源鈷業新材料的投資回報率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。換句話說,它揭示了公司成功地將股東投資轉化爲利潤。
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:
ROE 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(來自持續經營業務)÷ 股東權益
So, based on the above formula, the ROE for Ganzhou Tengyuan Cobalt New Material is:
因此,根據上述公式,贛州騰源鈷業新材料的投資回報率爲:
5.9% = CN¥514m ÷ CN¥8.7b (Based on the trailing twelve months to March 2024).
5.9% = 5.14億元人民幣 ÷ 87億元人民幣(基於截至2024年3月的過去十二個月)。
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¥0.06.
“回報” 是指公司去年的收益。因此,這意味着其股東每投資1元人民幣,公司就會產生0.06CN的利潤。
What Has ROE Got To Do With Earnings Growth?
投資回報率與收益增長有什麼關係?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
我們已經確定,投資回報率是衡量公司未來收益的有效盈利指標。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了解。假設其他條件都一樣,與功能不相同的公司相比,具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。
Ganzhou Tengyuan Cobalt New Material's Earnings Growth And 5.9% ROE
贛州騰源鈷業新材料的收益增長和5.9%的投資回報率
At first glance, Ganzhou Tengyuan Cobalt New Material's ROE doesn't look very promising. Yet, a closer study shows that the company's ROE is similar to the industry average of 6.7%. But then again, Ganzhou Tengyuan Cobalt New Material's five year net income shrunk at a rate of 18%. Bear in mind, the company does have a slightly low ROE. Hence, this goes some way in explaining the shrinking earnings.
乍一看,贛州騰源鈷業新材料的投資回報率看起來並不十分樂觀。然而,一項更仔細的研究表明,該公司的投資回報率與6.7%的行業平均水平相似。但話又說回來,贛州騰源鈷業新材料的五年淨收入以18%的速度萎縮。請記住,該公司的投資回報率確實略低。因此,這在某種程度上解釋了收益的萎縮。
That being said, we compared Ganzhou Tengyuan Cobalt New Material's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 11% in the same 5-year period.
話雖如此,我們將贛州騰源鈷業新材料的表現與行業進行了比較,當我們發現儘管該公司縮減了收益,但該行業在同期5年內以11%的速度增長了收益時,我們對此感到擔憂。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240425/0-e9b537cc4344c3171eba2ca42ee738b6-0-a07b9a62ca0ec0d495d18ea2306066c1.png/big)
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. 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 Ganzhou Tengyuan Cobalt New Material is trading on a high P/E or a low P/E, relative to its industry.
收益增長是對股票進行估值時要考慮的重要指標。對於投資者來說,重要的是要知道市場是否對公司的預期收益增長(或下降)進行了定價。通過這樣做,他們將知道股票是走向清澈的藍色海水,還是沼澤的水域在等着你。衡量預期收益增長的一個很好的指標是市盈率,它根據收益前景決定了市場願意爲股票支付的價格。因此,您可能需要檢查贛州騰源鈷業新材料相對於其行業的市盈率是高還是低。
Is Ganzhou Tengyuan Cobalt New Material Efficiently Re-investing Its Profits?
贛州騰源鈷業新材料是否有效地將利潤再投資?
Looking at its three-year median payout ratio of 44% (or a retention ratio of 56%) which is pretty normal, Ganzhou Tengyuan Cobalt New Material's declining earnings is rather baffling as one would expect to see a fair bit of growth when a company is retaining a good portion of its profits. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
從其三年中位數派息率44%(或56%的留存率)來看,這是很正常的,贛州騰源鈷業新材料的收益下降相當令人困惑,因爲當一家公司保留很大一部分利潤時,人們預計會出現相當大的增長。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。
In addition, Ganzhou Tengyuan Cobalt New Material only recently started paying a dividend so the management probably decided the shareholders prefer dividends even though earnings have been shrinking.
此外,贛州騰源鈷業新材料直到最近才開始派發股息,因此,儘管收益一直在萎縮,但管理層可能還是決定股東更喜歡分紅。
Conclusion
結論
On the whole, we feel that the performance shown by Ganzhou Tengyuan Cobalt New Material can be open to many interpretations. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. 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,我們認爲贛州騰源鈷業新材料所表現出的表現可以有多種解讀。儘管鑑於投資回報率低,它似乎保留了大部分利潤,但投資者畢竟可能無法從所有這些再投資中受益。低收入增長表明我們的理論是正確的。話雖如此,從分析師目前的估計來看,我們發現該公司的收益增長率預計將出現巨大改善。要了解有關公司未來收益增長預測的更多信息,請查看這份關於分析師預測的免費報告,以了解更多信息。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。