Jianglong Shipbuilding Co., Ltd. (SZSE:300589) Stock Is Going Strong But Fundamentals Look Uncertain: What Lies Ahead ?
Jianglong Shipbuilding Co., Ltd. (SZSE:300589) Stock Is Going Strong But Fundamentals Look Uncertain: What Lies Ahead ?
Jianglong Shipbuilding (SZSE:300589) has had a great run on the share market with its stock up by a significant 10% 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. In this article, we decided to focus on Jianglong Shipbuilding's ROE.
江龍船艇(深圳證券交易所:300589)股價在上週顯著上漲了10%,但公司的關鍵財務指標似乎在各方面存在差異,這讓我們對公司當前的股票價格動能是否能夠持續產生懷疑。在本文中,我們決定關注江龍船艇的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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
對於股東來說,股東回報率(ROE)是一個重要的考慮因素,因爲它告訴股東他們的資本被有效地再投資了多少。換句話說,它是一個衡量公司股東提供的資本回報率的盈利能力比率。
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 Jianglong Shipbuilding is:
因此,根據上述公式,江龍船艇的roe爲:
6.5% = CN¥55m ÷ CN¥835m (Based on the trailing twelve months to March 2024).
6.5% = 人民幣5500萬元 ÷ 人民幣83500萬元(截至2024年3月的過去十二個月)。
The 'return' is the profit over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.07.
「回報」是過去十二個月的利潤。因此,這意味着對於每1元人民幣的股東投資,公司可以獲得0.07元人民幣的利潤。
Why Is ROE Important For Earnings Growth?
ROE爲什麼對淨利潤增長很重要?
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 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.
到目前爲止,我們已經了解到ROE衡量了公司創造利潤的效率。現在我們需要評估公司爲未來增長「保留」的利潤量,然後我們就能了解公司的增長潛力。如果一切都相等,那麼ROE和利潤保留都更高的公司通常比沒有這些特徵的公司增長率更高。
Jianglong Shipbuilding's Earnings Growth And 6.5% ROE
江龍船艇的收益增長和6.5%的roe
When you first look at it, Jianglong Shipbuilding's ROE doesn't look that attractive. However, given that the company's ROE is similar to the average industry ROE of 6.9%, we may spare it some thought. However, Jianglong Shipbuilding has seen a flattish net income growth over the past five years, which is not saying much. Bear in mind, the company's ROE is not very high. Hence, this provides some context to the flat earnings growth seen by the company.
一開始看起來,江龍船艇的roe並不那麼有吸引力。然而,考慮到該公司的roe與行業平均roe相似爲6.9%,我們可以考慮一下。但是,江龍船艇在過去五年中的淨收入增長相對平緩,並不意味着太多。請記住,公司的roe並不是很高。因此,這爲公司所看到的平穩收益增長提供了一些背景。
Next, on comparing with the industry net income growth, we found that the industry grew its earnings by 9.5% over the last few years.
接下來,與行業淨收入增長進行比較,我們發現該行業在過去幾年中將其收益增長了9.5%。
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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). Doing so will help them establish if the stock's future looks promising or ominous. 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 Jianglong Shipbuilding is trading on a high P/E or a low P/E, relative to its industry.
盈利增長是股票估值的一個重要因素。投資者知道市場是否已經將公司預期的盈利增長(或下降)價格化。這將有助於幫助他們確認股票的未來前景是光明還是黯淡。預期盈利增長的一個很好的指標是P / E比率,它根據其盈利前景確定市場願意爲股票支付的價格。因此,您可能想檢查江龍船艇是否以高P / E比率或低P / E比率交易,相對於其行業。
Is Jianglong Shipbuilding Efficiently Re-investing Its Profits?
江龍船艇是否有效地重新投資其利潤?
Jianglong Shipbuilding has a low three-year median payout ratio of 18% (or a retention ratio of 82%) but the negligible earnings growth number doesn't reflect this as high growth usually follows high profit retention.
江龍船艇的三年中位數派息比率爲18%(或保留比率爲82%),但微小的收益增長數字並未反映出這一點,因爲高利潤保留通常會跟隨高增長。
In addition, Jianglong Shipbuilding has been paying dividends over a period of seven years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth.
此外,江龍船艇已經分紅七年,這意味着即使以業務增長爲代價保持分紅支付對管理層來說也更爲重要。
Conclusion
結論
In total, we're a bit ambivalent about Jianglong Shipbuilding's performance. While the company does have a high rate of profit retention, its low rate of return is probably hampering its 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 latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總的來說,我們對江龍船艇的表現有點矛盾。雖然該公司具有高比率的利潤保留,但其低迴報率可能正在阻礙其盈利增長。話雖如此,考慮到當前分析師的估計,我們發現該公司的盈利增長率有望得到巨大改善。要了解有關該公司的最新分析師預測的更多信息,請查看此可視化分析師對該公司的預測。
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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。