Declining Stock and Solid Fundamentals: Is The Market Wrong About Shenzhen Inovance Technology Co.,Ltd (SZSE:300124)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Shenzhen Inovance Technology Co.,Ltd (SZSE:300124)?
With its stock down 31% over the past three months, it is easy to disregard Shenzhen Inovance TechnologyLtd (SZSE:300124). However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. In this article, we decided to focus on Shenzhen Inovance TechnologyLtd's ROE.
在過去三個月中,深圳市英威騰科技股份有限公司(SZSE:300124)的股票下跌了31%。但是,股票價格通常是由公司長期的財務績效推動的,在這種情況下,前景是相當有希望的。本文決定聚焦於深圳市英威騰科技股份有限公司的roe。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. 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)是衡量公司增值和管理投資者資金有效性的測試。換句話說,它是一種盈利能力比率,用於衡量公司股東提供的資金回報率。
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 Shenzhen Inovance TechnologyLtd is:
因此,基於上述公式,深圳市英威騰科技股份有限公司的roe爲:
19% = CN¥4.8b ÷ CN¥26b (Based on the trailing twelve months to March 2024).
19%= CN¥48億 ÷ CN¥260億(以截至2024年3月的過去十二個月爲基礎)。
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¥0.19 in profit.
『回報率』即每年的利潤,可以這樣理解,即每1元人民幣的股東資本中,公司獲得了0.19元人民幣的利潤。
What Has ROE Got To Do With Earnings Growth?
roe與盈利增長有何關係?
So far, we've learned that ROE is a measure of a company's profitability. 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. 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是公司盈利能力的一種度量方法。根據公司再投資或「留存」利潤的程度以及其有效性,我們隨後能夠評估公司的盈利增長潛力。假設其他所有因素相同,則具有更高淨資產收益率和更高利潤保留的公司通常比沒有相同功能的公司增長率更高。
Shenzhen Inovance TechnologyLtd's Earnings Growth And 19% ROE
深圳市英威騰科技股份有限公司的淨利潤增長和19%的roe
To begin with, Shenzhen Inovance TechnologyLtd seems to have a respectable ROE. On comparing with the average industry ROE of 6.9% the company's ROE looks pretty remarkable. This probably laid the ground for Shenzhen Inovance TechnologyLtd's significant 31% net income growth seen over the past five years. We reckon that there could also be other factors at play here. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
首先,深圳市英威騰科技股份有限公司的roe看起來很好。與行業平均roe 6.9%相比,該公司的roe相當顯著。這可能爲深圳市英威騰科技股份有限公司過去五年所見的顯着31%的淨利潤增長奠定了基礎。我們認爲這裏也可能有其他因素在起作用。例如,該公司的管理層有可能做出了一些良好的戰略決策,或者該公司有很低的派息比率。
We then compared Shenzhen Inovance TechnologyLtd's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 9.6% in the same 5-year period.
接下來,我們將深圳市英威騰科技股份有限公司的淨利潤增長與行業進行了比較,我們很高興地看到,在同樣的5年期內,深圳市英威騰科技股份有限公司的增長數字高於行業的增長率9.6%。
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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. What is 300124 worth today? The intrinsic value infographic in our free research report helps visualize whether 300124 is currently mispriced by the market.
盈利增長是考慮股票估值時需要考慮的一個重要指標。投資者需要確定的下一個問題是預期的盈利增長已經反映在股票價格中,或者還沒有反映在股票價格中。這有助於他們判斷股票的未來前景是明亮還是暗淡。今天的300124的內在價值有多少?我們免費的研究報告中的內在價值信息圖表可以幫助你了解300124是否被市場當前錯價。
Is Shenzhen Inovance TechnologyLtd Using Its Retained Earnings Effectively?
深圳市英威騰科技股份有限公司是否有效地利用了其保留盈利?
Shenzhen Inovance TechnologyLtd has a really low three-year median payout ratio of 22%, meaning that it has the remaining 78% left over to reinvest into its business. So it seems like the management is reinvesting profits heavily to grow its business and this reflects in its earnings growth number.
深圳市英威騰科技股份有限公司的三年中位數派息比率非常低,爲22%,這意味着它剩下的78%可以重新投資到業務中。因此,看起來管理層正在密集地重投利潤以擴大業務,這體現在其淨利潤增長數字中。
Moreover, Shenzhen Inovance TechnologyLtd is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 27% over the next three years. Despite the higher expected payout ratio, the company's ROE is not expected to change by much.
此外,深圳市英威騰科技股份有限公司決心與股東分享利潤,這可以從其至少十年支付股息的歷史中推斷。查看當前的分析師共識數據,我們可以看到該公司未來派息比率預計將在未來三年上升到27%。儘管派息比率預計更高,但公司的roe預計不會有太大變化。
Conclusion
結論
On the whole, we feel that Shenzhen Inovance TechnologyLtd's performance has been quite good. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. With that said, the latest industry analyst forecasts reveal that the company's earnings growth is expected to slow down. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總體而言,我們認爲深圳市英威騰科技股份有限公司的業績相當不錯。具體來說,我們喜歡這家公司高比率投資高回報率。當然,這導致了公司盈利實現了實質性的增長。話雖如此,最新的行業分析師預測顯示,該公司的盈利增長預計將放緩。要了解更多關於該公司的最新分析師預測,請查看該公司的分析師預測可視化展示。
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