Is The Market Rewarding Shenzhen FRD Science & Technology Co., Ltd. (SZSE:300602) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Is The Market Rewarding Shenzhen FRD Science & Technology Co., Ltd. (SZSE:300602) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
It is hard to get excited after looking at Shenzhen FRD Science & Technology's (SZSE:300602) recent performance, when its stock has declined 16% over the past three months. 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. In this article, we decided to focus on Shenzhen FRD Science & Technology's ROE.
近三個月,深圳市富源達科技股份有限公司 (SZSE:300602) 的股票下跌了16%,因此很難因其表現而感到興奮。可能市場忽視了公司不同的財務狀況,選擇了負面情緒。股票價格通常受公司長期的財務表現推動,因此我們決定更多地關注該公司的財務表現。在本文中,我們將重點關注深圳市富源達科技股份有限公司的 ROE。
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.
股東要考慮的關鍵因素之一是淨資產收益率或roe,因爲它告訴他們公司如何有效地重新投資他們的資本。簡單點說,它衡量了公司與股東權益相關的盈利能力。
How To Calculate Return On Equity?
如何計算股東權益報酬率?
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤(從持續經營中獲得)÷ 股東權益
So, based on the above formula, the ROE for Shenzhen FRD Science & Technology is:
因此,根據上述公式,深圳市富源達科技股份有限公司的 ROE 爲:
3.2% = CN¥123m ÷ CN¥3.8b (Based on the trailing twelve months to March 2024).
3.2%= CN¥12300萬 ÷ CN¥38億(截至2024年3月的過去十二個月)。
The 'return' is the yearly profit. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.03 in profit.
“回報”是每年的利潤。從一個角度來看,它的意思是針對每1元股東資本,公司創造了0.03元的利潤。
Why Is ROE Important For Earnings Growth?
ROE對於盈利增長的重要性是什麼?
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.
我們已經確認roe是一個有效的盈利指標,用於衡量公司未來的盈利能力。現在我們需要評估公司爲未來增長重新投資或“保留”的利潤有多少,這將給我們提供有關公司增長潛力的想法。假設其他一切相等,具有更高回報率和更高盈利保留的公司通常比沒有同樣特點的公司具有更高的增長率。
Shenzhen FRD Science & Technology's Earnings Growth And 3.2% ROE
深圳市富源達科技股份有限公司的盈利增長和3.2%的ROE
As you can see, Shenzhen FRD Science & Technology's ROE looks pretty weak. Even compared to the average industry ROE of 6.9%, the company's ROE is quite dismal. Given the circumstances, the significant decline in net income by 30% seen by Shenzhen FRD Science & Technology over the last five years is not surprising. However, there could also be other factors causing the earnings to decline. Such as - low earnings retention or poor allocation of capital.
正如您所看到的,深圳市富源達科技股份有限公司的 ROE 看起來相當疲軟。即使與平均行業 ROE 相比較,該公司的 ROE 也相當低迷。鑑於深圳市富源達科技股份有限公司在過去五年中淨收入大幅下降30%,這種情況並不令人意外。但是,還可能有其他原因導致收益下降,比如低收益保留率或資金分配不善。
So, as a next step, we compared Shenzhen FRD Science & Technology'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 12% over the last few years.
因此,作爲下一步,我們將深圳市富源達科技股份有限公司的表現與該行業進行了比較,並失望地發現,在公司收縮收益的同時,該行業在過去幾年中的收益增長速度爲12%。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240611/0-275c26296dcba7c043520bd05eed84f1-0-a3a590eb60d45e7761c22dce4bfd7009.png/big)
Earnings growth is an important metric to consider when valuing a stock. 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. If you're wondering about Shenzhen FRD Science & Technology's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增長是考慮估價股票的重要指標。投資者應該嘗試確定預期的收益增長或下降(或無變化)是否已計價。這有助於他們判斷股票的未來前景是光明還是黯淡。如果您想了解深圳市富源達科技股份有限公司的估值,請查看它與行業相比的市盈率表,了解更多信息。
Is Shenzhen FRD Science & Technology Making Efficient Use Of Its Profits?
深圳市富源達科技股份有限公司是否有效地利用了其利潤?
When we piece together Shenzhen FRD Science & Technology's low three-year median payout ratio of 13% (where it is retaining 87% of its profits), calculated for the last three-year period, we are puzzled by the lack of growth. This typically shouldn't be the case when a company is retaining most of its earnings. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
當我們將深圳市富源達科技股份有限公司過去三年的 13% 的低中位數派息率(其保留了 87% 的利潤)計算之後,我們對其缺乏增長感到困惑。當公司保留大部分收益時,通常不應該出現這種情況。看起來可能有其他原因可以解釋這種缺乏。例如,業務可能正在下滑。
Moreover, Shenzhen FRD Science & Technology has been paying dividends for seven 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,深圳市富源達科技股份有限公司已經連續七年派發股息,這是相當長的時間,這意味着管理層必須認爲股東傾向於持續派發股息,即使收益已經在下降。
Conclusion
結論
In total, we're a bit ambivalent about Shenzhen FRD Science & Technology's performance. 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. 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,我們對深圳市富源達科技股份有限公司的表現感到有些矛盾。雖然該公司具有高的再投資率,但低的ROE意味着所有的再投資沒有爲其投資者帶來任何利益,而且其對收益增長產生了負面影響。話雖如此,從當前的分析師預測來看,我們發現該公司的盈利增長率預計將有很大的改善。要了解有關該公司未來盈利增長預測的更多信息,請查看這份關於分析師對該公司的預測的免費報告。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。