Declining Stock and Solid Fundamentals: Is The Market Wrong About Hainan Drinda New Energy Technology Co., Ltd. (SZSE:002865)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Hainan Drinda New Energy Technology Co., Ltd. (SZSE:002865)?
Hainan Drinda New Energy Technology (SZSE:002865) has had a rough three months with its share price down 39%. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Particularly, we will be paying attention to Hainan Drinda New Energy Technology's ROE today.
近三個月以來，鈞達股份(SZSE:002865)的股價下跌了39%。但是，更深入地了解其財務狀況可能會讓你重新考慮。鑑於基本面通常是推動長期市場走勢的因素，因此值得關注該公司。特別是今天我們將會關注鈞達股份的roe。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
淨資產收益率（ROE）是衡量公司增值和管理投資者資金有效性的測試。換句話說，它是一種盈利能力比率，用於衡量公司股東提供的資金回報率。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
The formula for return on equity is:
權益回報率的計算公式是：
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 Hainan Drinda New Energy Technology is:
那麼，根據上面的公式，鈞達股份的roe爲：
10% = CN¥481m ÷ CN¥4.7b (Based on the trailing twelve months to March 2024).
10% = CN¥481m ÷ CN¥4.7b(截至2024年3月的過去12個月基礎上)。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.10 in profit.
‘回報’是企業在過去一年中賺取的收入。另一種思考方式是，對於每1元的權益，該公司能夠賺取0.10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. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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.
我們已經確定，roe是一種有效的盈利增長衡量標準，用於評估公司未來盈利的能力，根據公司選擇重新投資或“保留”其利潤的數量，我們可以評估公司未來的盈利能力。假設其他一切不變，roe和利潤保留越高，與沒有這些特徵的公司相比，公司的增長速度就越高。
Hainan Drinda New Energy Technology's Earnings Growth And 10% ROE
鈞達股份的收益增長和10%的roe
At first glance, Hainan Drinda New Energy Technology's ROE doesn't look very promising. However, the fact that the its ROE is quite higher to the industry average of 5.8% doesn't go unnoticed by us. Particularly, the substantial 69% net income growth seen by Hainan Drinda New Energy Technology over the past five years is impressive . That being said, the company does have a slightly low ROE to begin with, just that it is higher than the industry average. 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.
乍一看，鈞達股份的roe看起來並不怎麼令人滿意。但是，它的roe明顯高於5.8%的行業平均值，這點被我們注意到了。特別是鈞達股份在過去五年中實現了龐大的69%的淨利潤增長，這是令人印象深刻的。也就是說，公司的roe雖然略低於行業平均值，但增長收益也可能是其他因素的結果。如公司的分紅比率較低或可能屬於高成長行業。
Next, on comparing with the industry net income growth, we found that Hainan Drinda New Energy Technology's growth is quite high when compared to the industry average growth of 20% in the same period, which is great to see.
接下來，與行業淨收入增長相比較，我們發現鈞達股份的增長幅度比同期行業平均增長20%要高，這是很好的表現。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Hainan Drinda New Energy Technology's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
對於一個公司的價值評估，很大程度上取決於其收益增長。投資者應該試圖確定預期的收益增長或下降，無論哪種情況，是否反映在股票價格中。這樣做將有助於他們確定股票的未來前景是光明還是不祥。如果你想了解鈞達股份的估值，請查看它的市盈率，以與所在行業進行比較。
Is Hainan Drinda New Energy Technology Using Its Retained Earnings Effectively?
鈞達股份是否有效地利用了保留收益？
Hainan Drinda New Energy Technology's ' three-year median payout ratio is on the lower side at 11% implying that it is retaining a higher percentage (89%) of its profits. So it looks like Hainan Drinda New Energy Technology is reinvesting profits heavily to grow its business, which shows in its earnings growth.
鈞達股份的三年中位數分紅比率較低，僅爲11%，意味着其留住了更高比例(89%)的利潤。因此，看起來鈞達股份正在大量重新投資利潤，以增加業務規模，這反映在其收益增長上。
Additionally, Hainan Drinda New Energy Technology has paid dividends over a period of seven years which means that the company is pretty serious about sharing its profits with shareholders.
此外，鈞達股份在過去七年中支付了股息，這意味着該公司非常重視與股東分享其利潤。
Summary
總的來說，我們對偉明環保的表現非常滿意。具體而言，我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然，這導致公司的收益大幅增長。但是，最新的行業分析師預測表明，該公司的收益預計將加速增長。
In total, we are pretty happy with Hainan Drinda New Energy Technology's performance. Specifically, we like that it has been reinvesting a high portion of its profits at a moderate rate of return, resulting in earnings expansion. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. 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.
總的來說，我們對鈞達股份的表現非常滿意。具體而言，我們喜歡它以適度的回報率重投了高比例的利潤，從而實現了收益擴張。即便如此，最新分析師預測的研究表明，該公司未來的收益增長預期將會放緩。想了解有關該公司未來收益增長預測的更多信息，請查看此免費報告上分析師對該公司的預測。
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對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。