Guangdong Dowstone Technology Co., Ltd. (SZSE:300409) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
Guangdong Dowstone Technology Co., Ltd. (SZSE:300409) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
Guangdong Dowstone Technology's (SZSE:300409) stock is up by a considerable 9.5% over the past 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. Specifically, we decided to study Guangdong Dowstone Technology's ROE in this article.
廣東道氏技術(SZSE:300409)的股票在過去一週中上漲了可觀的9.5%。但是該公司的關鍵財務指標似乎在全面展示差異,這使我們對該公司目前股價的勢頭是否可以持續感到懷疑。具體地說,我們決定在本文中研究廣東道氏技術的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 To Calculate Return On Equity?
如何計算股東權益報酬率?
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 Guangdong Dowstone Technology is:
因此,根據上述公式,廣東道氏技術的roe爲:
2.6% = CN¥178m ÷ CN¥6.9b (Based on the trailing twelve months to June 2024).
2.6% = CN¥17800萬 ÷ CN¥69億(基於截至2024年6月的過去十二個月)。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.03 in profit.
「回報」是指公司在過去一年中的收益。 另一種思考方式是,對於每一元人民幣的股本,公司能夠獲得0.03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?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.
我們已經確定ROE作爲評估公司未來收益的有效指標。現在我們需要評估公司爲未來增長所保留的利潤量,從而給我們一個關於公司增長潛力的想法。假設其他條件都相同,既具有較高ROE又具有較高利潤保留的公司通常是增長率更高的公司,相比之下沒有這些特點的公司會更低。
A Side By Side comparison of Guangdong Dowstone Technology's Earnings Growth And 2.6% ROE
廣東道氏技術的盈利增長和2.6% ROE垂直比較
It is hard to argue that Guangdong Dowstone Technology's ROE is much good in and of itself. Even when compared to the industry average of 6.5%, the ROE figure is pretty disappointing. For this reason, Guangdong Dowstone Technology's five year net income decline of 6.3% is not surprising given its lower ROE. We reckon that there could also be other factors at play here. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.
很難說廣東道氏技術的ROE本身很好。 即使與6.5%的行業平均水平相比,ROE的數據也相當令人失望。 因此,鑑於ROE較低,廣東道氏技術五年淨利潤下降了6.3%。我們認爲這裏可能還有其他因素。 例如,企業資本分配問題嚴重,或者公司的股息派發比率非常高。
So, as a next step, we compared Guangdong Dowstone Technology's performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 6.8% over the last few years.
所以,作爲下一步,我們將廣東道氏技術的業績與行業進行了比較,令人失望的是,儘管公司的收益在縮減,但行業過去幾年的收益增長率爲6.8%。
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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. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about Guangdong Dowstone Technology's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
對一家公司進行估值的基礎很大程度上取決於其盈利增長。投資者應該試圖確定預期的盈利增長或減少是否已經計入了股價。通過這樣做,他們就會知道股票是朝着明朗的未來前進,還是即將面臨困難。如果你想了解廣東道氏技術的估值,可以查看其市盈率的表現,與其所在的行業相比。
Is Guangdong Dowstone Technology Efficiently Re-investing Its Profits?
廣東道氏技術是否有效地重新投資利潤?
Guangdong Dowstone Technology's low three-year median payout ratio of 5.0% (or a retention ratio of 95%) over the last three years should mean that the company is retaining most of its earnings to fuel its growth but the company's earnings have actually shrunk. The low payout should mean that the company is retaining most of its earnings and consequently, should see some growth. So there might be other factors at play here which could potentially be hampering growth. For instance, the business has faced some headwinds.
廣東道氏技術過去三年的低中位數5.0%股利支付比率(或保留比率95%)應該意味着公司正在保留大部分利潤用於推動其增長,但該公司的盈利實際上已經收縮。低股利支付比率應該意味着公司正在保留大部分利潤,因此應該有一定的增長。因此,這裏可能還存在其他可能阻礙增長的因素。例如,業務遇到了一些困難。
In addition, Guangdong Dowstone Technology has been paying dividends over a period of at least ten 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,廣東道氏技術至少十年來一直支付股息,這表明即使以犧牲業務增長爲代價,保持支付股息對管理層來說更爲重要。
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。
Overall, we have mixed feelings about Guangdong Dowstone Technology. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. Wrapping up, we would proceed with caution with this company and one way of doing that would be to look at the risk profile of the business. You can see the 2 risks we have identified for Guangdong Dowstone Technology by visiting our risks dashboard for free on our platform here.
總體而言,我們對廣東道氏技術持有一種矛盾的感覺。 儘管該公司保留利潤率很高,但其回報率低可能阻礙了其盈利增長。 總結一下,我們對這家公司採取謹慎的態度,其中一種方式是查看業務的風險概況。 您可以免費在我們的平台上查看我們爲廣東道氏技術確定的兩個風險,請訪問此處的風險儀表板。
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