Declining Stock and Decent Financials: Is The Market Wrong About Wankai New Materials Co., Ltd. (SZSE:301216)?
Declining Stock and Decent Financials: Is The Market Wrong About Wankai New Materials Co., Ltd. (SZSE:301216)?
It is hard to get excited after looking at Wankai New Materials' (SZSE:301216) recent performance, when its stock has declined 18% over the past three months. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. In this article, we decided to focus on Wankai New Materials' ROE.
看了萬開新材(深圳證券交易所代碼:301216)最近的表現,很難感到興奮,當時其股票在過去三個月中下跌了18%。但是,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的市場價格走勢一致。在這篇文章中,我們決定重點關注萬凱新材料的投資回報率。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
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。換句話說,它是衡量公司股東提供的資本回報率的盈利比率。
How Do You Calculate Return On Equity?
你如何計算股本回報率?
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 Wankai New Materials is:
因此,根據上述公式,萬凱新材的投資回報率爲:
4.8% = CN¥278m ÷ CN¥5.7b (Based on the trailing twelve months to March 2024).
4.8% = 27800萬元人民幣 ÷ 57元人民幣(基於截至2024年3月的過去十二個月)。
The 'return' is the amount earned after tax over the last twelve months. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.05 in profit.
「回報」 是過去十二個月的稅後收入。這意味着,每持有價值1元人民幣的股權,公司就會產生0.05元人民幣的利潤。
What Is The Relationship Between ROE And Earnings Growth?
投資回報率與收益增長之間有什麼關係?
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。
Wankai New Materials' Earnings Growth And 4.8% ROE
萬凱新材的收益增長和4.8%的投資回報率
It is hard to argue that Wankai New Materials' ROE is much good in and of itself. Not just that, even compared to the industry average of 6.4%, the company's ROE is entirely unremarkable. Although, we can see that Wankai New Materials saw a modest net income growth of 17% over the past five years. We believe that there might be other aspects that are positively influencing the company's earnings growth. For instance, the company has a low payout ratio or is being managed efficiently.
很難說萬凱新材料的投資回報率本身就非常好。不僅如此,即使與6.4%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。但是,我們可以看到,萬開新材在過去五年中淨收入略有增長17%。我們認爲,可能還有其他方面對公司的收益增長產生積極影響。例如,該公司的派息率很低或管理得很高效。
As a next step, we compared Wankai New Materials' net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 7.9%.
下一步,我們將萬凱新材的淨收入增長與該行業進行了比較,令人高興的是,我們發現該公司的增長高於行業平均增長7.9%。
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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. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Wankai New Materials''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
爲公司附加價值的基礎在很大程度上與其收益增長息息相關。無論情況如何,投資者都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。如果你想知道萬凱新材的估值,可以看看這個衡量其與行業相比的市盈率指標。
Is Wankai New Materials Efficiently Re-investing Its Profits?
萬凱新材能否高效地將利潤再投資?
Wankai New Materials has a low three-year median payout ratio of 12%, meaning that the company retains the remaining 88% of its profits. This suggests that the management is reinvesting most of the profits to grow the business.
萬開新材的三年派息率中位數較低,爲12%,這意味着該公司保留了剩餘的88%的利潤。這表明管理層正在將大部分利潤再投資以發展業務。
While Wankai New Materials has seen growth in its earnings, it only recently started to pay a dividend. It is most likely that the company decided to impress new and existing shareholders with a dividend.
儘管萬凱新材料的收益有所增長,但直到最近才開始派發股息。該公司很可能決定通過分紅給新老股東留下深刻的印象。
Conclusion
結論
In total, it does look like Wankai New Materials has some positive aspects to its business. Even in spite of the low rate of return, the company has posted impressive earnings growth as a result of reinvesting heavily into its business. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. 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,看來萬凱新材料的業務確實有一些積極的方面。儘管回報率很低,但由於對業務進行了大量再投資,該公司的收益增長令人印象深刻。既然如此,分析師的最新預測顯示,該公司的收益將繼續增長。要詳細了解分析師對公司的最新預測,請查看該公司的分析師預測的可視化。
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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。