Wondershare Technology Group Co., Ltd.'s (SZSE:300624) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
Wondershare Technology Group Co., Ltd.'s (SZSE:300624) Stock Has Shown Weakness Lately But Financial Prospects Look Decent: Is The Market Wrong?
Wondershare Technology Group (SZSE:300624) has had a rough three months with its share price down 26%. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Particularly, we will be paying attention to Wondershare Technology Group's ROE today.
萬興科技集團(SZSE:300624)在過去的三個月中,其股價下跌了26%。然而,該公司的基本面看起來相當不錯,長期財務狀況通常與未來市場價格運動保持一致。今天,我們特別將關注萬興科技集團的roe。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. 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)是衡量公司經營管理層如何有效利用公司資本的關鍵指標。換言之,它是一種利潤率,衡量由公司股東提供的資本的回報率。
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 Wondershare Technology Group is:
所以,根據上述公式,萬興科技集團的roe爲:
7.8% = CN¥111m ÷ CN¥1.4b (Based on the trailing twelve months to March 2024).
7.8% = CN¥11100萬 ÷ CN¥14億(基於截至2024年3月的過去十二個月)。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.08 in profit.
「回報」是業務在過去一年中獲得的收入。其中一種概念化的方法是,對於每CN ¥1的股東資本,公司獲利CN ¥0.08。
Why Is ROE Important For Earnings Growth?
ROE爲什麼對淨利潤增長很重要?
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作爲一個高效的盈利規模可以評估公司未來的收益。根據公司選擇再投資或保留多少利潤,我們可以評估公司未來盈利的能力。假設其他所有條件均保持不變,ROE和利潤留存率越高,相對於沒有這些特點的公司,公司的增長率就越高。
A Side By Side comparison of Wondershare Technology Group's Earnings Growth And 7.8% ROE
萬興科技集團盈利增長和7.8%的roe的並列比較
When you first look at it, Wondershare Technology Group's ROE doesn't look that attractive. However, the fact that the its ROE is quite higher to the industry average of 4.2% doesn't go unnoticed by us. But seeing Wondershare Technology Group's five year net income decline of 13% over the past five years, we might rethink that. Bear in mind, the company does have a slightly low ROE. It is just that the industry ROE is lower. Hence, this goes some way in explaining the shrinking earnings.
起初,萬興科技集團的roe看起來並不那麼吸引人。然而,它的roe相當高於行業平均水平4.2%,這一點我們沒有忽視。但是,考慮到過去五年萬興科技集團的淨利潤下降了13%,我們可能需要重新考慮。請記住,該公司的roe略低。只是行業的roe更低。這在一定程度上有助於解釋收縮的收益。
As a next step, we compared Wondershare Technology Group's performance with the industry and found thatWondershare Technology Group's performance is depressing even when compared with the industry, which has shrunk its earnings at a rate of 3.6% in the same period, which is a slower than the company.
作爲下一步,我們將萬興科技集團的表現與行業進行了比較,發現即使與收縮了3.6%收益的行業相比,萬興科技集團的表現令人沮喪,而且其增長速度還要慢些。
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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. This then helps them determine if the stock is placed for a bright or bleak future. Is Wondershare Technology Group fairly valued compared to other companies? These 3 valuation measures might help you decide.
賦予公司價值的基礎很大程度上與其盈利增長相關。投資者應該設法確定預期的盈利增長或下降是否已經定價。然後,這有助於他們判斷這支股票是否前景光明還是黯淡無光。與其他公司相比,萬興科技集團是否定價合理?這3個估值指標可能會幫助您決定。
Is Wondershare Technology Group Making Efficient Use Of Its Profits?
萬興科技集團是否有效利用其利潤?
When we piece together Wondershare Technology Group's low three-year median payout ratio of 21% (where it is retaining 79% of its profits), calculated for the last three-year period, we are puzzled by the lack of growth. The low payout should mean that the company is retaining most of its earnings and consequently, should see some growth. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
當我們結合萬興科技集團過去三年的中位數低達21%的股利支付比率(保留了其79%的利潤),針對過去三年的計算,我們對缺乏增長感到困惑。低支付比率應該意味着公司保留了大部分利潤,因此應該看到一些增長。看起來可能有一些其他原因可以解釋缺乏增長,例如業務可能正在下滑。
Additionally, Wondershare Technology Group has paid dividends over a period of six years, which means that the company's management is rather focused on keeping up its dividend payments, regardless of the shrinking earnings. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 10% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 11%, over the same period.
此外,萬興科技集團已經連續六年支付股息,這意味着公司管理層專注於保持其股息支付,而不管收益的萎縮。在研究最新的分析師共識數據時,我們發現,在未來三年中,該公司的股息支付比率預計將下降到10%。因此,預計股息支付比率的下降說明了相同期間該公司roe的預期增加到11%。
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。
On the whole, we do feel that Wondershare Technology Group has some positive attributes. Yet, the low earnings growth is a bit concerning, especially given that the company has a respectable rate of return and is reinvesting a huge portion of its profits. By the looks of it, there could be some other factors, not necessarily in control of the business, that's preventing 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,我們確實認爲萬興科技集團具有一些積極的特徵,但收益增長較低令人有些擔憂,尤其是考慮到該公司具有可觀的回報率,並將其利潤的大部分再投資於業務中。看起來,可能有一些其他因素,不一定在業務的控制之內,阻礙了增長。但是,看着目前的分析師預測,我們發現該公司的盈利增長率預計會出現巨大的改善。要了解有關該公司的最新分析師預測的更多信息,請查看此分析師預測的可視化報告。
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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。