Is The Market Rewarding Shanghai Aohua Photoelectricity Endoscope Co., Ltd. (SHSE:688212) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Is The Market Rewarding Shanghai Aohua Photoelectricity Endoscope Co., Ltd. (SHSE:688212) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
With its stock down 19% over the past three months, it is easy to disregard Shanghai Aohua Photoelectricity Endoscope (SHSE:688212). It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. Particularly, we will be paying attention to Shanghai Aohua Photoelectricity Endoscope's ROE today.
上海奧華光電內窺鏡(SHSE: 688212)的股票在過去三個月中下跌了19%,很容易被忽視。市場可能忽視了該公司不同的財務狀況,決定傾向於負面情緒。股票價格通常由公司的長期財務業績驅動,因此我們決定更多地關注公司的財務業績。特別是,我們今天將關注上海奧華光電內窺鏡的投資回報率。
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。簡而言之,投資回報率顯示了每美元從其股東投資中產生的利潤。
How Do You Calculate Return On Equity?
你如何計算股本回報率?
The formula for ROE is:
ROE 的公式是:
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 Shanghai Aohua Photoelectricity Endoscope is:
因此,根據上述公式,上海奧華光電內窺鏡的投資回報率爲:
3.3% = CN¥47m ÷ CN¥1.4b (Based on the trailing twelve months to March 2024).
3.3% = 4700萬元人民幣 ÷ 14元人民幣(基於截至2024年3月的過去十二個月)。
The 'return' is the yearly profit. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.03 in profit.
「回報」 是每年的利潤。將其概念化的一種方法是,公司每擁有1元人民幣的股東資本,公司就會獲得0.03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?
So far, we've learned that ROE is a measure of a company's profitability. 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. 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,投資回報率是衡量公司盈利能力的指標。根據公司選擇將多少利潤進行再投資或 「保留」,我們便能夠評估公司未來創造利潤的能力。一般而言,在其他條件相同的情況下,股本回報率和利潤留存率高的公司的增長率要高於不具有這些屬性的公司。
A Side By Side comparison of Shanghai Aohua Photoelectricity Endoscope's Earnings Growth And 3.3% ROE
上海奧華光電內窺鏡的收益增長和3.3%的投資回報率的並排比較
It is hard to argue that Shanghai Aohua Photoelectricity Endoscope's ROE is much good in and of itself. Not just that, even compared to the industry average of 7.4%, the company's ROE is entirely unremarkable. Thus, the low net income growth of 3.3% seen by Shanghai Aohua Photoelectricity Endoscope over the past five years could probably be the result of it having a lower ROE.
很難說上海奧華光電內窺鏡的投資回報率本身就非常好。不僅如此,即使與7.4%的行業平均水平相比,該公司的投資回報率也完全不引人注目。因此,上海奧華光電內窺鏡在過去五年中實現了3.3%的低淨收入增長,可能是其投資回報率較低的結果。
As a next step, we compared Shanghai Aohua Photoelectricity Endoscope's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 5.8% in the same period.
下一步,我們將上海奧華光電內窺鏡的淨收入增長與行業進行了比較,並失望地看到該公司的增長低於同期5.8%的行業平均增長。
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Earnings growth is a huge factor in stock valuation. 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. 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 Shanghai Aohua Photoelectricity Endoscope is trading on a high P/E or a low P/E, relative to its industry.
收益增長是股票估值的重要因素。無論如何,投資者應設法確定預期的收益增長或下降是否已計入其中。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。衡量預期收益增長的一個很好的指標是市盈率,它根據收益前景決定了市場願意爲股票支付的價格。因此,你可能需要檢查一下相對於同行業而言,上海奧華光電內窺鏡的市盈率是高還是低。
Is Shanghai Aohua Photoelectricity Endoscope Making Efficient Use Of Its Profits?
上海奧華光電內窺鏡能否有效利用其利潤?
Despite having a moderate three-year median payout ratio of 50% (implying that the company retains the remaining 50% of its income), Shanghai Aohua Photoelectricity Endoscope's earnings growth was quite low. So there could be some other explanation in that regard. For instance, the company's business may be deteriorating.
儘管上海奧華光電內窺鏡的三年派息率中位數爲50%(這意味着該公司保留了剩餘的50%的收入),但其收益增長還是相當低的。因此,在這方面可能還有其他解釋。例如,該公司的業務可能正在惡化。
Only recently, Shanghai Aohua Photoelectricity Endoscope started paying a dividend. This means that the management might have concluded that its shareholders prefer dividends over earnings growth. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 14% over the next three years. As a result, the expected drop in Shanghai Aohua Photoelectricity Endoscope's payout ratio explains the anticipated rise in the company's future ROE to 12%, over the same period.
就在最近,上海奧華光電內窺鏡才開始分紅。這意味着管理層可能已經得出結論,其股東更喜歡分紅而不是收益增長。在研究了分析師的最新共識數據後,我們發現該公司的未來派息率預計將在未來三年降至14%。因此,上海奧華光電內窺鏡派息率的預期下降解釋了該公司未來投資回報率同期上升至12%的預期原因。
Summary
摘要
In total, we're a bit ambivalent about Shanghai Aohua Photoelectricity Endoscope'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 the current analyst estimates, we found that the company's earnings are expected to gain momentum. 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,我們對上海奧華光電內窺鏡的表現有點矛盾。儘管該公司的利潤保留率確實很高,但其低迴報率可能會阻礙其收益增長。話雖如此,從分析師目前的估計來看,我們發現該公司的收益有望增強。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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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。