Declining Stock and Solid Fundamentals: Is The Market Wrong About Yindu Kitchen Equipment Co., Ltd (SHSE:603277)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Yindu Kitchen Equipment Co., Ltd (SHSE:603277)?
Yindu Kitchen Equipment (SHSE:603277) has had a rough month with its share price down 12%. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Particularly, we will be paying attention to Yindu Kitchen Equipment's ROE today.
銀都廚房設備（上海證券交易所代碼：603277）經歷了艱難的一個月，其股價下跌了12％。但是，股票價格通常由公司的長期財務業績驅動，在這種情況下，這看起來很有希望。特別是，我們今天將關注銀都廚房設備的投資回報率。
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.
股本回報率或投資回報率是股東需要考慮的重要因素，因爲它可以告訴他們資本再投資的有效性。簡而言之，它衡量公司相對於股東權益的盈利能力。
How Is ROE Calculated?
ROE 是如何計算的？
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算：
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 Yindu Kitchen Equipment is:
因此，根據上述公式，銀都廚房設備的投資回報率爲：
20% = CN¥578m ÷ CN¥3.0b (Based on the trailing twelve months to March 2024).
20% = 57800萬元人民幣 ÷ 30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. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.20 in profit.
“回報” 是指公司去年的收益。這意味着，每獲得價值1元人民幣的股東權益，該公司就會產生0.20元人民幣的利潤。
Why Is ROE Important For Earnings Growth?
爲什麼投資回報率對收益增長很重要？
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. 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.
到目前爲止，我們已經了解到，投資回報率衡量的是公司創造利潤的效率。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。假設其他一切保持不變，那麼與不一定具有這些特徵的公司相比，投資回報率和利潤保留率越高，公司的增長率就越高。
Yindu Kitchen Equipment's Earnings Growth And 20% ROE
銀都廚房設備的收益增長和20％的投資回報率
To start with, Yindu Kitchen Equipment's ROE looks acceptable. On comparing with the average industry ROE of 6.9% the company's ROE looks pretty remarkable. This probably laid the ground for Yindu Kitchen Equipment's moderate 15% net income growth seen over the past five years.
首先，銀都廚房設備的投資回報率似乎可以接受。與6.9％的行業平均投資回報率相比，該公司的投資回報率看起來相當可觀。這可能爲銀都廚房設備在過去五年中實現15％的溫和淨收入增長奠定了基礎。
We then compared Yindu Kitchen Equipment's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 9.5% in the same 5-year period.
然後，我們將銀都廚房設備的淨收入增長與該行業進行了比較，我們很高興地看到，與同期同期9.5％的行業相比，該公司的增長數字更高。
Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Is Yindu Kitchen Equipment fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增長是股票估值的重要因素。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。然後，這可以幫助他們確定股票是爲光明還是暗淡的未來而佈局。與其他公司相比，銀都廚房設備的估值是否合理？這3種估值指標可能會幫助您做出決定。
Is Yindu Kitchen Equipment Efficiently Re-investing Its Profits?
銀都廚房設備是否有效地將利潤再投資？
Yindu Kitchen Equipment has a significant three-year median payout ratio of 82%, meaning that it is left with only 18% to reinvest into its business. This implies that the company has been able to achieve decent earnings growth despite returning most of its profits to shareholders.
銀都廚房設備的三年中位數派息率很高，爲82％，這意味着它只剩下18％可以再投資其業務。這意味着儘管將大部分利潤返還給了股東，但該公司仍能夠實現可觀的收益增長。
Moreover, Yindu Kitchen Equipment is determined to keep sharing its profits with shareholders which we infer from its long history of six years of paying a dividend.
此外，銀都廚房設備決心繼續與股東分享利潤，這是我們從其六年支付股息的長期歷史中推斷出來的。
Summary
摘要
Overall, we are quite pleased with Yindu Kitchen Equipment's performance. Especially the high ROE, Which has contributed to the impressive growth seen in earnings. Despite the company reinvesting only a small portion of its profits, it still has managed to grow its earnings so that is appreciable. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. 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，我們對銀都廚房設備的表現非常滿意。尤其是高投資回報率，這爲收益的驚人增長做出了貢獻。儘管該公司僅將利潤的一小部分再投資，但它仍然設法增加了收益，因此這是可觀的。話雖如此，最新的行業分析師預測顯示，該公司的收益有望加速。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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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.
對這篇文章有反饋嗎？對內容感到擔憂嗎？請直接聯繫我們。或者，也可以發送電子郵件至編輯團隊 (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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