Shaanxi Zhongtian Rocket Technology Co., Ltd (SZSE:003009) Stock Is Going Strong But Fundamentals Look Uncertain: What Lies Ahead ?
Shaanxi Zhongtian Rocket Technology Co., Ltd (SZSE:003009) Stock Is Going Strong But Fundamentals Look Uncertain: What Lies Ahead ?
Shaanxi Zhongtian Rocket Technology (SZSE:003009) has had a great run on the share market with its stock up by a significant 6.5% over the last week. 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. Specifically, we decided to study Shaanxi Zhongtian Rocket Technology's ROE in this article.
中天火箭(SZSE:003009)在股市上的表現不錯,上週股價顯著上漲6.5%。然而,該公司的關鍵財務指標似乎有所不同,這讓我們質疑該公司當前的股價勢頭能否得以保持。具體來說,在本文中,我們決定研究中天火箭的roe。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
roe指股東權益回報率,是一種有用的工具,用於評估公司如何有效地從股東獲得的投資中產生回報。簡單來說,這衡量了一家公司相對於股東權益的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算?
The formula for ROE is:
roe的公式是:
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 Shaanxi Zhongtian Rocket Technology is:
因此,基於上述公式,中天火箭的roe爲:
4.7% = CN¥76m ÷ CN¥1.6b (Based on the trailing twelve months to March 2024).
4.7% = CN¥7600萬 ÷ CN¥16億(截至2024年3月的過去十二個月)。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.05 in profit.
“回報”就是過去十二個月的利潤。理解這個概念的一種方法是,對於每個股東的 1 元資本,該公司賺了 0.05 元的利潤。
What Has ROE Got To Do With Earnings Growth?
roe與盈利增長有何關係?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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.
到目前爲止,我們已經了解到ROE衡量了公司有效地利用其利潤的能力。根據公司再投資或“保留”的利潤量以及公司再投資利潤的效果,我們就能評估公司的盈利增長潛力。一般來說,其他條件相同,ROE高和盈利保留公司的成長率比沒有這些屬性的公司更高。
A Side By Side comparison of Shaanxi Zhongtian Rocket Technology's Earnings Growth And 4.7% ROE
對比中天火箭的收益增長和4.7%的roe
It is quite clear that Shaanxi Zhongtian Rocket Technology's ROE is rather low. An industry comparison shows that the company's ROE is not much different from the industry average of 5.0% either. Given the low ROE Shaanxi Zhongtian Rocket Technology's five year net income decline of 6.0% is not surprising.
很明顯,中天火箭的roe相當低。行業對比顯示,該公司的roe與5.0%的行業平均水平幾乎沒有什麼區別。鑑於roe低,中天火箭過去五年的淨收益下降了6.0%,這並不令人驚訝。
So, as a next step, we compared Shaanxi Zhongtian Rocket 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 10% over the last few years.
因此,作爲下一步,我們將中天火箭的表現與行業進行了比較,並發現儘管該公司在縮減收益,行業在過去幾年中的收益增長率卻一直保持在10%左右。
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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. This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Shaanxi Zhongtian Rocket Technology's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
收益增長是評估股票價值時需要考慮的重要指標。投資者需要判斷的下一步是,預期的收益增長或其缺乏已經反映在股價中,這將有助於他們判斷股票是否面臨明亮或暗淡的未來。如果您想了解中天火箭的估值,請查看其市盈率與行業的對比。
Is Shaanxi Zhongtian Rocket Technology Making Efficient Use Of Its Profits?
中天火箭是否有效利用其利潤?
Shaanxi Zhongtian Rocket Technology's low three-year median payout ratio of 10% (implying that it retains the remaining 90% of its profits) comes as a surprise when you pair it with the shrinking earnings. 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.
中天火箭三年的平均派息比率僅爲10%,這意味着它保留了其餘90%的利潤,這與收益持續下降並不一致。當一家公司保留大部分利潤時,通常情況下不會出現這種情況。看起來可能有一些其他原因來解釋這種缺乏,例如企業可能處於下降趨勢之中。
In addition, Shaanxi Zhongtian Rocket Technology has been paying dividends over a period of three years suggesting that keeping up dividend payments is preferred by the management even though earnings have been in decline.
此外,中天火箭一直在支付股息,雖然收益一直在下降。
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。
Overall, we have mixed feelings about Shaanxi Zhongtian Rocket Technology. 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. Wrapping up, we would proceed with caution with this company and one way of doing that would be to look at the risk profile of the business. To know the 2 risks we have identified for Shaanxi Zhongtian Rocket Technology visit our risks dashboard for free.
總體而言,我們對中天火箭有着複雜的感受。儘管它似乎保留了大部分利潤,但鑑於低roe,投資者可能並沒有從所有的再投資中受益。低收益增長表明了我們的理論是正確的。綜上所述,我們應該謹慎對待這家公司,並且了解該企業的風險概況是一個了解風險的好方法。要了解中天火箭的兩個風險,請免費訪問我們的風險儀表盤。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。